The City of Cupertino, often considered the heart of Silicon Valley, offers shorter commutes, strong public schools, abundant parks and open space, an active community center, and more. This city is home to both small and large tech companies, both startups and Apple Inc. It attracts professionals and entrepreneurs from around the world. All of this, in turn, creates a competitive real estate landscape.
This city is vibrant and offers fabulous restaurants and shops. These are sometimes not mentioned as they are overshadowed by the fame of the schools and the job centers, but are noteworthy as they contribute to a high quality of life for everyone there.
The public schools in Cupertino are outstanding, often at the top of the list in state rankings for test scores, 4 year college admissions, and notable academic awards earned by students here. Off campus, there are private schools that teach other languages, dance, art, religion, and culture on off hours or weekends.
Within the districts, some schools are more sought after than others. Monta Vista High and Lynbrook High are often the most desired by home buyers. But not all. Some parents prefer good schools that are not as competitive as these two may be. Each family should research the offerings and see what is the best fit for them and their needs.
What does it cost to buy a home with really good schools in Silicon Valley? Los Gatos, Saratoga, Cupertino and Palo Alto are all areas with highly regarding public schools and high home prices. These aren’t the only areas with good schools but they are popular “west valley” areas that people may consider if working for Apple, Google, Microsoft, Facebook or any number of high tech employers.
Los Gatos and Saratoga both have multiple school districts, running from good to very good or excellent. The cost of housing tends to follow the popularity of the district, so for those areas I’m showing the breakdown not just for the whole town of Los Gatos but also by the high school district (Los Gatos-Saratoga or Campbell Union High School District). Same with Saratoga. (The Monte Sereno real estate market is very similar to Los Gatos, but slightly more expensive. Most of Monte Sereno has Los Gatos schools, but a small number of homes are in the Campbell area.)
Cost Comparison: 4 West Valley Communities with Good Schools
Here are the average numbers for single family homes sold in the last 60 days ranging from 1,500 – 2,500 square feet, on a lot between 5,000 and 10,000 SF, with 3-5 bedrooms and 2-3 bathrooms to give a sense of what it would cost to purchase a typical house in these areas. Please note that right now it’s a strong seller’s market, so many (if not most or all) homes are selling for more than the list price. DOM stands for days on the market.
If you are new to Santa Clara County, you may be wondering if this is correct. The cost to buy a home in these areas is what?
Los Gatos: approximately $2,000,000 to $2,600,000 depending on the school district and size of the home and condition (more on that below)
Saratoga: more on this below, but approximately $2,800,000 to about $3,500,000 depending on the schools, condition, etc.
Cupertino: approx $2,600,000 – $3,200,000 (some areas will bring in higher prices and others lower)
Palo Alto: approx $2,700,000 – $3,900,000 and any home over 2,000 SqFt (except for one fixer) sold at or over $3.7M
Remember, these prices do not mean that the houses being sold are perfect. Because it is a strong seller’s market, many properties are being sold which need new roofing, extensive pest work, remodeling, perhaps updating of electrical or plumbing systems or more. Many home buyers will need to spend 1-2% on things like termite fumigation, dry rot or roof repairs, carpets, paint, windows and more, and usually this will be done before they move in. So whatever the budget is, buffer it a little bit for both money and time to make it turnkey.
Silicon Valley housing is among the most expensive not just in the U.S., but in the world. Areas with better schools are more costly still. So what happens when we see a big increase in a highly paid industry concentrate its efforts in a small corridor?
What is happening with hospitals along the Los Gatos border?
First, let’s have a look at what we see taking place with hospitals and related facilities along the northern end of Los Gatos and into San Jose and Campbell.
Good Samaritan Hospital (in San Jose 95124 along the Los Gatos border) and El Camino Hospital of Los Gatos (“Los Gatos Community Hospital” before 2008) are just about one and a half miles apart as the bird flies, and there’s been a tremendous influx of new medical facilities between them – especially near Good Sam. Perhaps the most notable is the Stanford Hospital Cancer Center, which can be seen from Highway 85. A drive through Cambrian, Campbell, or Los Gatos in this west valley area and you’ll also find signs of the Palo Alto Medical Foundation, Kaiser Hospital medical offices and other more remote entities with a local presence. This is smart business on their part and can eliminate fighting commute traffic for patients.
But what is it doing, and more to the point, what will it do to our already sky-high housing prices?
These are just my casual observations and of course there are many other medical office areas not shown – but they are the areas which appear to me to be the most densely populated with cancer treatment centers, physical theraphy sites, surgical centers, rehab facilities, doctors’ practices, etc.
Because many of the adjoining areas are zoned as residential, it’s unlikely that neighborhoods full of homes would suddenly become a doctor’s office, pharmacy, or medical supply stores. (more…)
San Jose’s Cambrian Park district is a west valley community which primarily consists of the 95124 zip code region and the 95118 zip area with a sliver of 95008 thrown in. Cambrian was once a very broad area including part of what we now consider Campbell and Willow Glen. The heart of it was “Cambrian Village”, which can be found at Camden and Union Avenues.
Want to buy a Cambrian house? The 95118 area is a little more affordable than the 95124 – you tend to get a bit more house for your money and/or a little newer house for the budget. (Please also see Cambrian Park Houses for Sale in 95124.)
Real Estate in San Jose: Cambrian Park Houses for Sale & Listed on the MLS
Below please find houses for sale in Cambrian Park, San Jose, 95118. Feel free to browse, click through, scan the map and enjoy the photos of these listed properties. No registration required!
The condominium & townhouse market is improving dramatically now. It is evident both in looking at the stats countywide and in my recent experiences holding open my townhouse listings in Saratoga and Sunnyvale as well as recently participating in the sale of a townhome in Almaden Valley (representing a buyer) – all different areas and price points but all very active.
Here are the numbers for May sales of condos and townhomes for all of Santa Clara County:
Trends At a Glance
No. of Sales
Sale vs. List Price
Days on Market
As you can see, the days on market are shrinking and prices (both median and average) are rising. A few numbers cut back slightly in May: the sale to list price ratio retreated a little to 99.9% and the pending properties went down a little too. But the number of sales were up.
The “months of inventory” or absorption rate is a great way to know how much of a buyer’s or seller’s market it is in any given place. Six months is considered balanced, less is a seller’s market and more is a buyer’s market. Here are the months of inventory for selected communities in the “west valley” area of Silicon Valley – they are all “seller’s markets”, but some are strong and some are approaching balanced:
SC County (all)
Willow Glen (SJ)
Of course, this is still painting with a broad brush. The absorption rate for any of these areas may not be accurate for the various price points or school districts that might be found there. For instance, a large luxury townhouse in Los Gatos which is downtown might be a really different type of market than a small, entry level one bordering Campbell or Cambrian Park.
What everyone’s wondering is if this seller’s market for condominiums and townhouses will continue despite the end of the federal home buyer credit. To utilize that credit, homes had to be in contract by April 30th. Most of those should be closed now, or nearing that date at best. So we’ll really know more as we move into summer. My sense, though, is that what’s driving this market is much more the affordable prices of homes and of loans. The credits are a bonus, but many in Silicon Valley make too much money to be able to use them.
For information on your particular part of the Silicon Valley condo or townhome market, please give me a call or email me!
How’s the move-up real estate market in the west valley areas of Silicon Valley? Today we’ll have a glance at the segment of the realty market (for houses for sale, not condos or townhomes) with list prices between $800,000 and $1,200,000 in Almaden, Cambrian, Los Gatos/Monte Sereno, Saratoga, the LG Mountains, Cupertino and Campbell. (Monte Sereno has very few properties in this price range so it wasn’t helpful to break it out separately.)We will look at a few of the statistics for the area as a whole, but look at the absorption rate or months of inventory area by area.
Recent sales: In all of these areas combined, there were 146 houses or duet homes which have closed escrow (sold & closed) in the last 30 days. Only 4% total were short sales (2%) or bank owned property sales (another 2%). Bargain hunters trying to scoop up one of these be aware: it’s slim pickings!
Of the 146 houses sold, ten of them went “all cash”, all but one of the rest were “conventional” (could mean any range of down payments but a regular loan) and one was listed as “other” so it could have been owner financing. None, of course, were FHA backed financing – the limits are too high for that.
For all areas combined, the average list price to sales price was 99.68%. Lots of variation from one area to the next, though, just as with the absorption rate or MOI, which is covered below. Cupertino’s ratio was 102.34%, while in Campbell it was 95%.
Absorption rate or months of inventory: It varies on the school district, price point, home type and home sale type (distressed vs regular sale). For example, in Almaden Valley right now, overall it is a strong seller’s market – prices are rising, especially in the lower price points, and the months of inventory is a very brisk 1.8 (6 is said to be “balanced”, more than 6 is a buyer’s market and less than 6 is a seller’s market). Short sales are at 2.6 months of inventory overall. But look at homes selling between 1.2 mil and 2 million and it’s a different story: in that part of the market it’s 5.8 months of inventory – almost “balanced”.
Christie's International Real Estate Sereno, Los Gatos, CA 95030 408 204-7673 Mary@PopeHandy.com License# 01153805
Clair Handy, Realtor
Christie's International Real Estate Sereno 214 Los Gatos-Saratoga Rd Los Gatos, CA 95030 ClairHandy@sereno.com License# 02153633
Mary & Clair sell homes throughout Silicon Valley: Santa Clara County, San Mateo County, and Santa Cruz County. with a special focus on: San Jose, Los Gatos, Saratoga, Campbell, Almaden Valley, Cambrian Park.
Mary Pope-Handy, Realtor ABR, AHWD, CIPS, CRS, SRES Christie's International Real Estate Sereno DRE License #01153805 408-204-7673 firstname.lastname@example.org “Helping nice folks to buy and sell homes in Silicon Valley since 1993”
Clair Handy, Realtor, GREEN Christie's International Real Estate Sereno DRE License #02153633 408-721-6160 email@example.com “Helping nice folks to buy and sell homes in Silicon Valley”
This is the Valley of Heart's Delight blog , covering Silicon Valley real estate - Santa Clara County, San Jose, Los Gatos, Cupertino, and nearby communities in the South Bay Area and lower Peninsula. Find info on neighborhoods, disclosure issues, buyer and seller tips, and housing market conditions in the west valley and most of the county.Please also see my other websites and real estate market statistics site, which are listed in the sidebar, above.
Mary Pope-Handy, Realtor ABR, CIPS, CRS, SRES Sereno DRE License #01153805 408-204-7673 firstname.lastname@example.org
“Helping nice folks to buy and sell homes in Silicon Valley since 1993”
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