Saratoga CA Real Estate Market Update

Orchard and Hills in Saratoga, California - photo for article on the Saratoga CA real estate market

Orchard and Hills in Saratoga, California

The Saratoga CA real estate market is a strengthening sellers’ market.

  • the average and median home prices are up year over year – by double digits (it’s down monthly) – just like the month prior
  • inventory of Saratoga houses for sale is rising, but still far lower than normal – just like September
  • the sale to list price ratio is 101.3%, indicating a good seller’s market, but not as hot as September

Here’s a quick overview from the RE Report details below or please view the full data here.

How’s the Saratoga CA real estate market?

Saratoga has a diverse real estate market due to a wide range of home prices, square footage, lot sizes, school districts, and more. The luxury tier, generally $4 million and up (but in Saratoga, that’s really still just a house in an expensive zip code) normally moves slower than other price points. Saratoga’s entry level housing is usually the strongest. If the numbers swing wildly at any given month, it could be that more or fewer homes in a particular school district and pricing tier.

To really understand the Saratoga CA real estate market, you’ll need to get hyper local data for that home’s pricing tier, school district, and any other impactful data points.

Trends at a Glance for the Saratoga CA Real Estate Market

Data below for the Saratoga CA real estate market is from the ReReport.

Prices are up annually but down monthly – however, that is with just 13 sales, which may be too few to really indicate what’s happening. The sale to list price ratio and the short days on market tell us that it is a hot market.

Trends At a Glance Oct 2023 Previous Month Year-over-Year
Median Price $3,944,000 (-8.3%) $4,300,000 $3,125,000 (+26.2%)
Average Price $4,351,650 (-4.2%) $4,542,270 $3,272,330 (+33.0%)
No. of Sales 13 (+18.2%) 11 12 (+8.3%)
Pending 22 (+37.5%) 16 (+175.0%)
Active 26 (+18.2%) 22 25 (+4.0%)
Sale vs. List Price 101.3% (-4.4%) 106.0% 96.6% (+4.9%)
Days on Market 38 (+162.8%) 15 58 (-33.8%)
Days of Inventory 60 (+3.4%) 58 63 (-4.0%)

 

And the month before:
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What Is the Difference Between CID Ownership in a Condo, Townhouse or PUD?

Could this be a condo? Or a PUD? Or neither?There’s quite a bit of confusion around the difference between common interest developments (CID) , condominiums, and planned unit developments (PUD). What do these labels mean, and how does anyone know which one is which? Where do townhomes fall in this list? And more importantly, why do they matter?

CID, PUD, and Condo: Ownerships Explained

Part of the confusion stems from the fact that there are two things to consider: the architecture of the buildings and the type of ownership.

  1. What is a condominium or condo?  A condominium is a type of ownership of the real estate, not an architectural style.  Condo ownership means that the purchaser has 100% rights to the unit and a percentage of ownership in the common lands (fractional ownership in common areas). Buyers of a condo are buying the space between the walls (and a fraction of ownership elsewhere).
    • Condos can architecturally be a unit that resembles an apartment (what we colloquially refer to as a condo), a townhouse, or even a house.
  2. What is a townhouse (or townhome)?  A townhouse is a type of building or architectural style, not the type of ownership involved. A townhouse could be a planned unit development (PUD) or it could be a condominium.
    • Townhouses are often 2 stories and attached on at least one side, but they don’t have to be. They could be one story and they could be detached.
    • A townhouse that’s a condo can look exactly the same as a townhouse that’s a PUD.
  3. What is a PUD?  A planned unit development is architecturally either a townhouse or a house in which 100% of the unit plus the land under it is owned and the ownership of the unit also provides for a membership in the homeowner’s association or HOA.  The HOA in turn owns all the common elements (such as private roads and amenities such as a pool, tennis court, parking lots, etc.). With a PUD, homeowners have an easement and rights to use the common area through their HOA membership.
  4. What is a CID?  A common interest development, or CID, is a general term meaning the ownership of property in which there are “common areas” such as private roads, a pool, parking, tennis courts, utility rooms etc. These could be condo complexes or home owners associations with houses, townhouses, or other types of homes.

Local examples: In Los Gatos we have some freestanding houses (or properties with the only common wall being at the garage) which are in condo ownership on Ohlone Court.  Same with the beautiful Villas of Almaden community. Both have “common areas” and mandatory membership in the home owner’s association.

 

 

How can you tell if the townhouse is in a PUD or Condo CID?

Sometimes the info is right in a property profile, which is very easy for most real estate agents to obtain through their preferred title company.  More often, though, to be certain of the ownership type it’s necessary to review the preliminary title report.

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Campbell’s most affordable homes for sale

Campbell's most affordable homes - image of a house with the words Home Sweet HomeHunting for more Campbell’s most affordable homes for sale? It can be argued that nothing is either inexpensive or affordable, however we want to consider the Campbell real estate options relative to other Silicon Valley communities and their prices. There are always higher and lower priced properties.

Campbell’s most affordable homes: beware the price mirage

Sometimes the lowest listing price of a home on the market is not actually going to be the lowest selling price. It could just be bait. Some sellers and their listing agents vastly underprice  houses, townhouses, and condos on the market in order to get an avalanche of offers. I refer to that as a price mirage – it looks good but isn’t real.

Don’t be fooled be an artificially low list price. Often a quick check of the property on Realtor.com can provide some decent pricing input. The pages for listings usually include a RealEstimate section that features up to 3 auto comp values. These automatic valuations aren’t foolproof, but if a house is listed for $900,000 and the Realtor.com page suggests a value of $1.6 to $1.8, you are put on notice that it may be grossly underpriced.  You can check the other large portals, too, as a reality check on values.

Elements that create opportunity to get more home for your money

Every city, town, and community has more and less affordable pockets and properties. Campbell’s most affordable homes for sale may have one of these elements at play.

The pricing variation often has to do with a few major areas:
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Doesn’t the listing agent have to show it to me?

Telephone Photo with dialogue between a caller and listing agent - Doesn't the listing agent have to show it to meIf a buyer wants to view a property, does the listing agent have to show it to him or her outside of regular open houses? The answer might surprise you!  Here’s a quick overview:

  • The listing agent and seller decide about showings that the listing agent is expected to do. Does the listing agent have to show it privately, or during open houses, or only on one weekend before offers are reviewed?
  • The listing agent will make showings possible for buyer’s agents with instructions on scheduling in the comments that members of the MLS can read.
  • In many cases, the real estate licensee working with the home seller will hold the property open for the public on the weekend and sometimes mid-week as well. It may or may not be the listing agent holding it open.
    • For safety reasons, many listing agents will not have private showings with buyers whom they don’t know and who aren’t clients of theirs. Realtors are harmed every year in the line of duty.
    • For agency reasons, a listing agent who plans to only represent the seller may not want to have an appointment with a buyer who plans to write the offer with someone else.
    • There are many other reasons why the listing agent will not personally show the home for sale outside of open house times, but may be able to arrange for the buyers to see it with another agent.

When does the listing agent have to show it?

The most important thing for buyers to understand is that the accessibility of the home for viewings depends upon the agreement, verbally or in writing, between the owner of the property and the agent/brokerage hired to market, negotiate, and sell the real estate as to whether or not the seller’s agent is obligated to show it privately.

It’s not an “on demand” situation where an interested buyer can insist on seeing the property as desired. To make an absurd point, no one would say “doesn’t the listing agent have to show it to me at 10 p.m.?” Without any thought, we know that’s unreasonable.
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Cambrian Park Condo & Townhouse Real Estate Market Update

Cambrian Park Real Estate Market graphicHow’s Cambrian Park condo & townhouse market? Normally we answer this question in brief with regular monthly updates over on the Cambrian Park Real Estate Market Update. Here we will provide some more depth  with condominium and townhome data.

Before we dive in the the statistics for sold properties last month, let’s see what’s selling now in the Cambrian Park condo & townhouse  segment of the market.

Cambrian Park Condo & Townhouse market

Just now (as of November 14, 2022), I looked into the MLS to see the condo and townhome sales in Cambrian over the last month. Inventory is painfully low, and therefore, so are the sales.

  • There are 8 units listed for sale as “active” (not pending or under contract)
    • 6 are listed as condos (1 is “agent only” status, do not show)
    •  2 are listed as townhouses (both are “agent only” status)
  • 0 homes are under contract with one or more contingencies
  • 0 homes are pending with no contingencies
  • 7 condos / townhomes have sold and closed escrow in the last 30 days (4 condos, 3 townhomes)
    • They sold with an average of 14 days on market (condos 17 days, townhomes 9)
    • Average sale price to list price ratio was 101% (range 97% – 112%, condominiums averaged 99%, townhouses 104%)

Home prices appear to be down about 10% from the peak generally. It could be more or less in any given micro market.

Now let’s have a look at some of the numbers from our Real Estate Report:

Real Estate Report: Cambrian Park Condo & Townhouse Market – San Jose

Home prices are down from the peak here as they are throughout the valley. Please take the month over month and year over year sale price numbers with a big grain of salt. With so few transactions happening, there’s not enough data to be really accurate. What’s better is finding what else has sold for your home (or the one you’re interested in) recently. It should be within a mile, have the same school district, zip code, and similar location overall, and it should be within 10% of the home size of the comparable, or “comp”.

What we do know is that the days of inventory and the days on market are both longer than they were.  The market is jiggling up and down a little each month, and the general trend may be that we’ve hit the bottom of pricing for now.

 

Trends At a Glance Oct 2022 Previous Month Year-over-Year
Median Price $680,000 (-24.9%) $905,000 $901,250 (-24.5%)
Average Price $814,271 (-9.9%) $903,625 $945,883 (-13.9%)
No. of Sales (-12.5%) 8 18 (-61.1%)
Pending (+60.0%) 5 14 (-42.9%)
Active (+25.0%) 4 (-44.4%)
Sale vs. List Price 101.1% (+2.6%) 98.5% 102.1% (-1.0%)
Days on Market 17 (+30.6%) 13 16 (+8.3%)
Days of Inventory 21 (+47.8%) 15 15 (+42.9%)

Altos Research Live Charts

The market profiles are live, updating automatically once every week, with active inventory from MLS listings.

Most of Cambrian Park falls under the 95124 zip code.  Here’s a quick look at the main real estate market data points for Cambrian 95124 this week:

 

What’s making it strong when prices have fallen? Mostly it’s a lack of inventory couples with a healthy buyer demand.

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Vizcaya neighborhood

VizcayaOne of the prettiest townhome communities in Santa Clara County is Vizcaya, which features a Mediterranean style of architecture in a community that is extremely tidy and well maintained. Driving in, it feels like you’ve just arrived at a resort.

Where is Vizcaya?

The Vizacaya neighborhood is in San Jose just off S Bascom and Curtner Avenues, but is close to the Campbell border and confusingly, has a Campbell mailing address. The community’s streets are Vizcaya Circle, Vizcays Way, and Pescara Court. The location is very convenient, with easy access to shopping, bus lines, and major traffic routes.

What are the homes like at Vizcaya?

Built between 1990 and 1996, these 92 townhomes are younger feeling and tend to have fairly open floor plans and plenty of large windows. The home sizes range between 2396 SF and 2656 SF, but many are so nicely designed that they tend to feel like single family homes.  Lot sizes average around 4,100 SF (pretty big for a townhouse). The parcels range in size from  2480 SF to over 10,000 SF but most are 3000 – 5000 SF.

The homes in the Vizcaya community are condominiums with a townhouse architectural style. (Some townhouses are held in PUD ownership. In some locations, such as Almaden and Los Gatos, there are houses which are condos – or held in condo ownership.) There’s a small pool and spa at the center of the complex for residents to enjoy. The day I took the photos shown in the gallery, below, painting was ongoing next to the pool, so it isn’t shown.

 

 

What does it cost to buy a townhome in Vizcaya?

These upscale properties don’t come on the market too often, but if you are lucky enough to find one available to buy, chances are that it will cost over 1.6 million or a more (as of this writing in 2022).

Vizcaya homes for sale, pending, or sold in the last 12 months:

  • List View
  • Map View
  • Grid View

See all Vizcaya townhome community, California Real Estate.
(all data current as of 12/6/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

 

 

 

When a parent, spouse or loved one dies – what do you need to know or do about the house?

Death and Real Estate - Dealing with a Property after A Loved One DiesWhen a parent, spouse or loved one dies and he or she owned a home, there’s a lot for the survivors to do in addition to the very real and painful process of mourning. I have been through this with my own parents (and their house in Saratoga), a great aunt in Willow Glen, and many clients in San Jose, Los Gatos, Palo Alto, and elsewhere in Silicon Valley.

Death, Dying, & Real Estate: Where to begin?

In terms of settling the estate, it is wise to first speak with an attorney and tax professional about the property to find out what is required and adviseable.

You might recieve very different guidance depending on if there was a will, or how ownership was held. They will try to help you to legally minimize capital gains and estate taxes and can advise you on topics such as when might be the best time to sell vis a vis the tax liability. This is extremely important and it can be very expensive to not seek professional council on this point, so I strongly recommend that you or other beneficiaries discuss everything with the attorney or accountant prior to electing whether (or when) the home will be sold, rented etc., even in the short term.

Try not to wait too long before speaking to a tax or legal professional, as there may be a timeline or deadlines for you to consider in regards to settling the estate. I have some wonderful people I can suggest if you would like a referral.

First Steps, and how can a real estate professional help?

Something you’ll need for the lawyer and CPA or other tax professional is a valuation of the home as of the date of death, whether or not there is a surviving spouse or co-owner. You can obtain this by hiring a licensed residential real estate appraiser who will do an appraisal for you. Alternatively, you may be able to engage a real estate licensee (salesperson) to do a competitive market analysis or comparative market analysis (CMA), which would provide the probable buyer’s value for the property.      (more…)

Saratoga Oaks Townhouse Community Near Downtown Saratoga Village

View of street within Saratoga Oaks townhome community in Saratoga, CAThe exquisite Saratoga Oaks neighborhood is nestled between downtown Saratoga and the beautiful coastal foothills, close to the famed Hakone Gardens.  With both pools and tennis courts and a location just a block or so from tony Saratoga Village (click to see slide show), it is resort living in Silicon Valley at its finest. But this is not just a place for retirees who want to downsize, though they are also drawn here – families with kids also move to Saratoga Oaks to make use of the top rated schools.

Which public schools serve this neighborhood?

Saratoga Oaks is within the very highly regarded Saratoga Union School District. Although many other school districts in Santa Clara County assign children in homes to particular schools, Saratoga does not – it is an “open” school district. If there’s space and if the home is within the district, you may be able to chose which of the excellent Saratoga schools you wish for your student to attend. The nearest public school is Saratoga Elementary on Oak Street, but you may find enrollment instead at Foothill Elementary or Argonaut.  The higher level schools are Redwood Middle School and Saratoga High School.  California has transitioned to new school assessment, away from the old 2010 API scores, but you can check the new Saratoga Union School District “Report Cards” here. Additionally, there are two excellent private elementary schools nearby: Sacred Heart (Catholic) and St. Andrew’s (Episcopalian).

Where is Saratoga Oaks?

Saratoga Oaks Townhouse community in Saratoga, CA (map) - click on image to see live Google mapThe Saratoga Oaks community is within the city of Saratoga, California, and is a part of Silicon Valley and what’s locally referred to as “the south bay” area. It can be reached either via Springer Avenue, off of 4th Street in Saratoga or from Springer off of Big Basin Way (aka Hwy 9 or Congress Springs Road). This townhouse complex is literally where the town meets the hills – so it is not at all uncommon to find deer in the open spaces! Click on the map image to go to the live, interactive Google map. (more…)

Silicon Valley Homes for Sale Near Golf Courses in the Foothill Areas

With our 300 sunny days per year in Silicon Valley (at least most years!), golf is a sport enjoyed year round here in the San Jose area.  Living near a golf course, or having a golf course view, is highly desirable as it provides scenic open space as well as convenience for avid golfers.

Silicon Valley Golf Homes, Silicon Valley Golf Properties

There are beautiful courses throughout the South Bay Area and it’s possible to find small condos with views of them at fairly affordable prices (Sunnyvale’s Sunken Gardens area is one of them).  Today, though, I want to provide a list of homes for sale near golf courses in the foothill areas of Silicon Valley.  Many of these will also be luxury homes. So the MLS list of these houses on the market which you can browse includes these areas:

San Jose areas including Evergreen & Silver Creek, Santa Teresa, Blossom Valley and Almaden; Los Gatos, Monte Sereno, Saratoga, Cupertino, and Los Altos.

There are golf courses to be found in other parts of Santa Clara County too (Mountain View, Sunnyvale, Santa Clara and more) – let me know if you are interested in these parts and I can send you a link for searching them for similar residential real estate.

Here are a available or recently sold homes near to golf clubs:

 

 

 

 

Buying, Selling and Moving Homes with Kids in Silicon Valley

kids with shadesSelling and buying homes can be exhausting and emotional, even overwhelming.  This level of stress can rise when children are involved as parents also “run interference” to a degree to help make the transition smooth for their kids.  Another added stresser is relocation to a new community far away.

What can parents and their real estate agents do to help the youngest members of the family to move as peacefully and contentedly as possible?

Communication about the moving process is key

Few of us like surprises that come on a big scale and change the way our lives are lived on a day-to-day basis.  This is also true for our offspring, for whom routine can be a comfort.   Just as you wouldn’t begin a vacation without explaining to your three year old that it’s only a trip and that you will later return home, so too it helps to explain to your child that the family is staying together, the toys, furniture and pets are coming along, but that the house or condo will be “new”.  Providing a sense of security and reassurance first can enable the process to be possibly even fun. (Young kids will think that the furniture and toys go with the house so will likely vocalize their preference for a new place with the most fun stuff unless they understand that their toys will move with them.) (more…)