Silicon Valley Real Estate Info

Below are the real estate sales statistics for single family homes sold within the city of Los Altos going back to 1998.  These statistics go to prove that last year was a difficult year for local real estate.  Note:  all data was taken from our local MLS and is deemed accurate but not guaranteed.

62 percent of all single family home listings sold in 2009.  This is about seven percentage points lower than the 12 year average of 69%.  Only 2001 and 2008 had a lower percentage of listings sell.  Listings also continue to be off relative to prior years.

Not reflected in the above stats yet indicative that the market may be changing is the increase of sales towards the end of the year.   An article in today’s San Jose Mercury News discusses this uptick in 2nd half sales.   

Only 27 homes sold in the 1st quarter of 2009.  That number jumped to 75 in Q2, 87 in Q3 and 80 in Q4.  Rarely have we had a Q4 with sales so strong.  Only twice in the last 12 years has Q4 had such strong sales (2006 and 1998). 

Based on this data, it appears that were back to about 2004 values.

Property is still selling, albeit at a slower pace.  Homes in the lower price ranges are selling better than higher end homes.  Homes properly priced and presented to the market will sell.  Unfortunately, we’re still seeing a fair amount of over priced listings that will continue to ”chase” the market down (somewhat skewing the stats).  This isn’t the time to “test” the market.  If you wish to sell, do it right or it will cost you in the long run.

As always, if you have any real estate questions please contact me for a confidential discussion of your real estate options.

If you’re looking for a bargain, one can be found in the foreclosure market.  However, it takes plenty of patience and solid market knowledge.  Oh, did I mention that you also need cash and lots of it – no loans or I.O.U.’s accepted.

Yesterday I went down to 190 N. Market Street in San Jose to check on a property that was scheduled to be sold at a trustee’s sale. I came home with this video that shows how the process works.  The video is longer than I hoped for and won’t challenge Avatar for best picture, but I think it accurately details the trustee sale process.

Note: the house that I was checking out was postponed to another day. It was one of many properties where the trustee sale was either cancelled or postponed until another date.

I’ve had a few clients ask me what I thought was going to happen with Jumbo Mortgage Rates in the near future.  I found this video by Dan Green of the themortgagereports.com that explains it much better than I could.  Hint…they are going up!

According to a press release issued yesterday by the Metropolitan Transportation Commission, Los Altos was one of the top scoring cities in the nine-county greater Bay Area for its roadway conditions,

Los Altos city streets scored an average pavement condition of 83 out of 100, while the region overall averaged 66. The report graded the region’s 42,000 miles of roadway as “fair” overall, with many worn streets needing rehabilitation to prevent continued, rapid deterioration.

Click to read report:   Los Altos Pavement Condition

Among neighboring cities, Sunnyvale scored 74; Los Altos Hills, 76; Mountain View, 75; and Cupertino, 70. The worst score went to Unincorporated Sonoma County with an average of 44.

It’s good to know that with all this rain we are having that at least our roads are in fairly good shape.  

Is it me or does it seem that most of our traffic problems are centered around highway 280 in Los Altos Hills?

The Multiple Listing Service area 209 consists of housing tracts with names like Cuesta Park, Varsity Park, St. Francis Acres, and Gest Ranch.  Lots average about 6500 sf and homes average about 1400 sf.   Gest Ranch lots and houses are about 1/2 larger.  See neighborhood map at bottom of post.

Depending on neighborhood, elementary school aged children would attend schools in the Mountain View/Whisman School District or the Los Altos Elementary School District.  Note, there is a buyer’s premium for homes purchased within the Los Altos Elementary School District.  Real estate in all of area 209’s neighborhoods is always in high demand and short supply.

According to MLS Listings Inc. data, there currently are 6 active listings for sale in the Mountain View MLS area 209.  The most expensive home on the market (priced at $1,994,000) is a 5 bedroom 3+ bath new construction home in the Satake Estates development.  This home is yet to be built.

The least expensive home in area 209 is a 3 bedroom 2 bath home in Blossom Valley Estates .  It is priced at $1,098,000.   Currently there are eight homes under contract in area 209.  There prices range from $699,000 – $1,537,000.

Four homes closed escrow in December at an average of 97.5% of the list price.  The average days on the market for these homes was 60 days.  Note: one house took over 114 days to sell, so the average days on market is a little deceptive.

Click on the link below for a detailed real estate report for the Miramonte neighborhoods of Mountain View.

Mountain View real estate update for the Miramonte neighborhoods – December 2009

MLS Area 209 neighborhoods

Todays’ Los Altos – Mountain View Broker tour had 15 single family homes open for previewing.  Eleven homes were new listings and four were re-toured properties.  My top three homes were:

(1)  1851 Appletree Lane in Mountain View – Listed at $1,098,000. by Patrice Horvath of Alain Pinel Realtors.  This updated/remodeled home is on a great street one block from Springer Elementary School.  I would be surprised if it didn’t receive multiple offers.

(2)  1919 Helen Court in South Los Altos –  within the Cupertino Union School District.  Listed at $997,000. by Laura Reeves of Campi Properties.  This is a nice clean home near Grant Park.  The lot is listed at just under 7,000 s.f., but it looks much larger.  I also think this will sell quickly.

(3) 1727 Hawkins Drive in South Los Altos – This is a large 3/2 appears to have been remodeled extensively.  It didn’t sell last year and is back on this year for $70,000. less.  The home is situated mid-block on a cul-de-sac street.  Having grown up one block from this house, I know that you’ll get traffic noise from Highway 85 – especially from about 4:00 p.m. – 7:00 p.m.  The Mountain View High school marching band also plays most mornings in the nearby field.  It is listed by David Troyer of Intero Real Estate for $1,428,000.

If you have any questions about these or any other properties please contact me directly at 650 917-4250.

According to MLS Listings Inc. data, 25 single family homes closed escrow in December within the Los Altos zip codes of 94024 and 94022. This is up from 10 homes sales last year and 19 home sales in 2007.

The median list price of single family homes for December 2007 as compared to December 2009 dropped 13% from $2,150,000 to $1,869,000. The median sales price dropped 10% from $1,750,000 to $1,582,895.

Finally, the list price to sale price ratio for the month of December 2009 is 96.07%.

Our market continues to favor buyers, especially in the higher price points (half the homes that closed escrow in Los Altos in December sold at or below $1,500,000.).  Fortunately, prices are firming up a little and sales are up.

Could it be that we are starting to see a little real estate rebound locally? I think our real estate market is still slightly Bearish but the statistics indicate that the market does appear to be getting a little more active.

Click on the link below for a 20 page summary of Los Altos real estate market statistics for the month of December 2009 (information provided by Clarus MarketMetrics®).

Los Altos Real Estate Market Update for December 2009

Los Altos Cravery – Chicken chipotle meat pie

Originally uploaded by David Blockhus

One of my favorite lunch spots in downtown Los Altos is simply known as “The Cravery.” The Cravery is a meat pie shop that not only serves excellent meat pies, but also soups, salads, sandwiches and Gelato.

The place is clean, including restrooms, and has outside seating when the weather is warm.

A meat pie (with a little fruit salad) and soda will set you back about nine to ten dollars. The portion size is about right, not so large that you can’t eat it and not so small that your still hungry when your done. My personal favorite is the Chicken Chipotle (see photo above).

Having developed my taste for meat pies while living in Brisbane Australia, I wish they would serve sausage rolls as well.  Hint, hint! Enjoy!

The Cravery is located at 378 Main Street in Downtown Los Altos.

View The Cravery in downtown Los Altos in a larger map

The first Broker tour for Los Altos and Los Altos Hills was as like getting a flu shot, quick and painless.  There were nine new listings of single family homes and two re-toured properties.   Below are some of my thoughts.

I know it’s hard to believe, but my favorite house was also the most expensive.  It was 255 Lyell Street near downtown Los Altos.  Listed at $3,350,000 by Ivan Margaretich of Intero Real Estate, this home reminded me of an old English Estate, however slightly more compact and lacking a large yard.  The beautiful woodwork really stood out.

I also liked 846 Clinton Road.  This new construction home, built by Schiller Construction Inc., is Green Certified and sides up to McKenzie Park.  Listed at $2,995,000. by Scott Fleming of Pertria Real Estate Investment Group, the home flows well and the finishes look great.  I’m not sure the value is in the price.  We’ll just have to wait and see.

1557 Plateau Avenue, listed by Denise Welsh of Intero Real Estate, offers a lot of home for the money ($2,249,000).  This 4 bedroom, 4+ bathroom home packs in almost 3,600 square feet of comfortable living space on an almost 9,600 s.f. lot.  The only downside is a lack of yard space and some buyers think Plateau Avenue is an inconsistent street.

Two of the toured properties stunk, literally.  One smelled of a dog and the other of Chlorine – yes Chlorine!  It appears some brilliant builder thought it a good idea to build/enclose a house over a swimming pool.  Nothing better than the smell of fresh Chlorine greeting you when you wake up in the morning.  I love swimming, but I don’t understand the logic in it. 

Most of the other homes on tour were nice, but not super exciting.

If you have any questions about any of these (or other) properties, feel free to shoot me an e-mail or give me a call directly at 650 917-4250.

It’s the start of a new decade, a new year, and a new month.  It is also the start of the 2010 dating season between the managers of our local real estate companies and our local real estate agents!

Agents who had exemplary home sales in 2009 are being courted by competing brokerage houses.   Managers are looking to recruit agents who will make their office more profitable.  

The recruiting process is like dating and usually begins with a phone call or an e-mail.   The first “in-person” meeting is short and usually occurs at a public location like Peets, Starbucks, or the Main Street Cafe.  Note, a short casual meeting is preferred because if the agent doesn’t like the manager and/or the company, he/she can leave sooner! 

If the conversation is good and it appears that there might be some chemistry, the obvious next step is a private tour of the office. This gives the manager the opportunity to show off his office’s assets….the computers, the conference rooms, the support staff and lastly, the desk and/or private office the perspective agent will get.

Lastly, if the relationship is consummated, it is usually behind closed doors.  This is where commission splits, technology fees and transferring one’s real estate license are discussed.

I would venture to guess that 2009 was a down year for most agents so it will be interesting to see the results of this year’s dating season!