The Santa Teresa area within the City of San Jose

Silver Leaf Park in the Santa Teresa area of San Jose

Silver Leaf Park in the Santa Teresa area of San Jose

A scenic, more affordable part of San Jose with excellent freeway access is the Santa Teresa region, which is perhaps the southernmost part of the city. The east foothills and the Santa Teresa foothills create pleasant views and some areas are still rural. Price ranges have a wide gap between lowest and highest, with some luxury properties in some of the hilly eastern side. Most of the homes for sale, though, are less than the median or average for San Jose as a whole.

Where is the Santa Teresa area?

Per the MLS, the Santa Teresa district of San Jose spans a few zip codes (95119, 95138, 95139 and a little bit of 95123 north of 85 and the 95119 zip code). (The city of San Jose has a different map that includes far more of 95123.) An easier description might be the area close to where Highway 101 and Highway 85 intersect in South San Jose, or the area through which Santa Teresa Boulevard runs. It is north of the Coyote Valley, it  borders on Blossom Valley and the southern part of Evergreen, and is just over the hills from the Almaden Valley. It truly is South San Jose, and part of it even has Morgan Hill Schools, though most of the area is served by the Oak Grove School District.

The Santa Teresa foothills include gorgeous, large open space, the Santa Teresa County Park. It’s a wonderful place to walk or hike, and for suburban dwellers, easy access to rural or natural space, even within the city.

Some of the better known neighborhoods in Santa Teresa are these:

  • Avenida Espana (95119 zip, has Morgan Hill Schools – Bernal Road is the cutoff)
  • Chantilly (95119 zip, has Morgan Hill Schools)
  • Edenvale (kind of a sub-district)
  • Sunspring
  • Silver Leaf (near Silver Leaf Park, between Monterey Highway & Hwy 101 – 95138 zip code)
  • Basking Ridge (newer homes on a small hill just over 101 – one of the last subdivisions you see before hitting the open countryside, north of Metcalf Road – 95138 zip code)
  • Los Paseos (95119 zip, has Morgan Hill Schools)
  • California Maison
  • Burning Tree
  • Martinvale Vineyard
  • Rancho Santa Teresa
  • Oak Ridge
  • Makati
  • Anderson
  • Miner
  • Oak Grove
  • Deer Run
  • Great Oaks

(more…)

Santa Teresa Real Estate Market Update & The Impact of Short Sales and Bank Owned Properties on Home Values

The Santa Teresa area of San Jose is enjoying a hopping real estate market with the number of pending sales suddenly going through the roof! (Stat below care of Altos Research, to which I have a subscription. List prices are used.)

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Homes in this part of south San Jose are often selling over list price as inventory drops. The days on market appears slow, but a lot of homes that have been “just sitting” on the market are now selling.

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

The great rush in Santa Teresa is, of course, in response to the list prices, which have been falling steadily in most areas – and making for incredible bargains.

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Here are the August sales stats for our MLS “area 2”, Santa Teresa (per the REReport, also a subscription, which uses closed sales):

 

Trends At a GlanceAug 2009Previous MonthYear-over Year
Median Price$540,000$500,000 (+8.0%)$550,000 (-1.8%)
Average Price$509,007$506,200 (+0.6%)$565,476 (-10.0%)
No. of Sales1517 (-11.8%)25 (-40.0%)
Pending Properties7547 (+59.6%)35 (+114.3%)
Active1734 (-50.0%)138 (-87.7%)
Sale vs. List Price100.5%101.4% (-0.9%)99.0% (+1.5%)
Days on Market7360 (+21.6%)58 (+26.3%)

 

With more pending sales than active ones, you can see that most houses are now selling and the pace is quickening.  A major player in the market conditions of this part of San Jose is the situation with distressed properties: foreclosures, short sales or homes sold under pressure as they’ve got a notice of default on the property.

How big an impact does the REO or short sale label have on a home’s eventual sales price? How much more or less will a home sell for based on the situation as a “regular sale” or “bank owned” or “short sale”?
(more…)