August 24th, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · No Comments
According to MLS Listings Inc. data there currently are 95 single family homes for sale in Los Altos. 55 homes are active listings, the remaining 37 homes are under contract. Only 8 homes priced above 2 million are under contract. The most expensive property under contract has a list price of just slightly above four million, but it has been sale pending for over 4 months. In my experience, the longer the escrow the higher the probability that the deal will blow up.
40 single family homes closed escrow in Los Altos in the month of July. Note: According to our MLS, 36 homes sold is the 13 year average of single family homes sold in Los Altos in the month of July.
Lastly, at least 15 properties had multiple offers and sold at or above their asking price. Properties priced around 1.3 million and between 1.6 million and 1.8 million received the most buyer activity.
Click Los Altos Real Estate Market Update – July 2010 for a detailed 24-month history of home sales activity in Los Altos. Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.
August 22nd, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · No Comments
Friday’s Broker tour had one of the most unique and potentially stunning homes ever to hit the Los Altos real estate market. The home, located at 1504 Country Club Drive (in the country club area of Los Altos), is known as the “Castle.”
Listed at $6,950,000. by Judy Bogard and Sherri Hughes of Alain Pinel, the home is truely one-of -a-kind. According to the seller, the home is approximately 7,585 square feet on a 81,457 square foot lot. The house has a pool, a multiple car garage and separate guest quarters. The stunning view is of the western foothills and the home overlooks the 11th hole of the Los Altos Golf and Country Club .
Although its tough to call a 7 million dollar home a “fixer,” this home definitely is in need of some repairs and remodeling. However, if one has deep pockets, this is an opportunity for you. The right buyer with the right vision will be justly rewarded with a fabulous grand estate.
August 12th, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · 2 Comments
There has been a lot of discussion recently in Los Altos about it’s sign ordinance, part of which covers the placement of real estate open house signs. An article in the Los Altos Town Crier highlights some of the issues as does this editorial. There is even an editorial alleging that the biggest abuser of Los Altos’ sign ordinance is one of the committee members. Do we have a fox guarding the hen house scenario?
The reality is that real estate agents are the biggest violators of the current sign ordinance. Most agents place a few signs directing consumers towards their open house. The signs are put up just before the open house and removed just after it’s completion. The problem is that many are placed in areas that aren’t allowed.
Although not addressed in the current ordinance , the number of signs allowed to be used by any agent needs to be addressed.
Several years ago there was a sole practitioner who became famous for his excessive use of open house signs. Whenever he had an open house, he would place signs on every major intersection in town to make it appear that his real estate company was doing more business than it actually was.
Unfortunately, this practice continues. There are a few mega violators who are frequently placing a dozen or more signs (or hiring people to place the signs for them) throughout town directing consumers all over town. The open house signs are illegally placed in the median, in the sidewalk right of way and are left out over night. The signs aren’t used to direct would-be home shoppers to an open house (three or four signs would do that) but rather they are used to promote the agent. They are used as a prospecting tool for the agent.
I suggest that the new sign ordinance limit the amount of open house signs to four. I also recommend that Los Altos adopt a policy similar to that of Los Gatos and Saratoga and allow only directional arrow signs. These signs do not have the name or contact information of the agent. The arrow signs direct home shoppers toward the open house, which reduces the need for the agent to illegally place up to 15 signs on the street.
July 26th, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · No Comments
A recent New York Times article entitled “Biggest Defaulters on Mortgages Are the Rich” caught my attention because it implied that Los Altos residents were walking away from their high value mortgages en mass. While I can appreciate the author’s desire to write about an increase in high end mortgage default levels (which there is), Los Altos is a poor example. Let’s get some local perspective.
As proof of the “huge” default rate of high end mortgages in Los Altos, the author writes “In Los Altos, Los Altos Hills and the most expensive neighborhood in adjoining Mountain View, defaults in the first five months of this year edged up to 16, from 15 in the same period in 2009 and four in 2008.”
Additional “proof” comes in the form of an increase of the number of legal notices posted in the local newspaper (from 1 to 5). Holy cow Batman! Given this explosion of local high value defaults, I’m suprised that our local real estate market hasn’t imploded. Here is why it hasn’t.
Slightly more than 400 homes sell each year (according to our local MLS – data taken over the last 12 years). There are over 10,000 homes in Los Altos, Los Altos Hills and the most expensive neighborhood of Mountain View. A couple dozen defaults in any given year doesn’t describe a huge default problem, especially when many of these are cured and/or the property is sold before the property goes through foreclosure proceedings. If my math is correct, defaults are less than 4% of the 12 year average of homes sold in a year and less than 1/10th of one percent of all housing inventory available. Give me a break!
I also question the author’s definition of rich. I may be wrong, but I think he equates rich to the amount of debt one carries. I don’t think “rich” folks are those who leverage themselves to the hilt. Definitions like speculator, dreamer, or gambler come to mind, but not rich.
The truly rich are those who have a high net worth (assets minus liabilities). If I were to use Los Altos home buyers as a definition of rich, I would say that the rich are more prone to purchase real estate using a higher percentage of cash than the average home buyer. When they buy with higher percentages of cash down, they are more able to withstand a downturn in the market. Should they become unemployed, they are more likely to have enough equity to sell the property without the home going into foreclosure proceedings.
The author also writes:
“Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.”
and later:
“Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.”
Based on the above, one would logically conclude that the author provides solid data that supports this premise. I can’t speak for Orinda or the other areas mentioned in the article, but I have a pretty keen sense on what’s going on in my hometown. Let’s look at the five homes scheduled for the trustee’s sale (or at least the five that I think he is writing about).
Bought in 2001 – Bought the home for lot value and built a new home, lived in it for 6 years, put on market to sell in July 2009. Ratified two contracts, both fell apart. Property currently listed for sale as a short sale.
Bought in 2006 - as new construction - house is under contract as a short sale
Bought in 1999 – remodeled, house put on the market in February 2008 – house is under contract as a short sale.
Bought in 2005 – built large estate to sell. Property went into contract 3 times, but couldn’t close the transaction. There are rumors of litigation between the investors and builder. Home has been on and off market since October 2006. Currently an active listing.
Bought late 2006 – new construction. Now a short sale listing.
Three homes were bought as investments with the intent to build and sell. They timed the market wrong and lost. The other two were home buyers who bought and over-leveraged themselves. All are trying to sell the property. Some will be successful and others won’t. But are these people purposefully dumping their financially draining properties? I’m not convinced.
What about the other 400 plus home buyers who bought homes in Los Altos and it’s surrounding areas in the last year, last two years etc., who aren’t. They have huge mortgages, yet they aren’t walking away. Why not write about them?
The New York Times should be writing about how home buyers who live in relatively affluent areas like Los Altos or Orinda continue to pay their mortgage payments despite a decrease in property values. One would think that it doesn’t make financial sense, yet they continue to keep their mortgages payments current.
A few may not be able to handle their mortgage obligations, fall behind and are forced to sell. But are their numbers truly out of the ordinary. I think not. But I guess a local prospective doesn’t sell newspapers nationally.
By the way, in this week’s addition of the Los Altos Town Crier, there were only 2 notices of defaults advertised. I guess that means that defaults on high value mortgages in Los Altos are down substantially. Hooray, our market is strong again!
July 8th, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · No Comments
This weekend is the 31st Annual Los Altos Art and Wine Festival. If you’ve never been to this event, it is one of the largest and best run in Northern California. The event hours are from 10:00 am to 6:00 pm on both days.
The 2010 Los Altos Art and Wine Festival includes the work of hundreds of artists , three stages of music, street performers, a KIDZONE with TV entertainers and storybook characters, foods from around the world, great beer and wines from several Santa Cruz Mountain wineries. Attendance is expected to surpass 100,000 people for the weekend.
You must have a wrist band to partake in any of the refreshing adult beverages. No wristband, no beer or wine. When you purchase a wristband, you receive a commemorative wine glass or beer mug. Once you have the glass (wristband) you can visit any of the wine or beer booths and purchase a “pour” of your favorite beverage. The cost of each “pour” ranges from approximately $4.00 – $7.00.
Note: If you don’t have a wristband, you won’t be served. In prior years, patrons would bring old art and wine glasses in an attempt to buy a drink without paying for the glass (wristband). Patrons can bring old glasses, but unless they have purchased a wristband, they won’t be served.
Lastly, I can get pretty hot at the festival, so please leave your pets at home.
To all my past and current clients, please stop by the Kings Mountain Vineyards booth (Saturday between 3:00 – 6:00) and say hi. I’d love to see you and buy you a glass of wine to thank you for your continued support.
July 8th, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · No Comments
Animoto allows consumers to create, edit (to some extent) and publish professional videos quickly and inexpensively. All one needs to do is (1) download photos and/or a short video clip and (2) pick out a soundtrack. Animoto does the rest. It takes Animoto about 3-5 minutes to finalize your 30 second video and then it is ready to distribute to a variety of social networking sites.
30 second videos are free. For a reasonable fee, you can upgrade your account. This allows you to create longer videos and high definition videos as well as having more editing capabilities. For me, the 30 second basic option works fine.
I think Animoto is great in that it provides a quick and cost effective solution that allows me to bring a little life to my listings. Check out this 30 second video I created for 317 Coty Way in San Jose. Note: it took about 5 minutes to create.
If you would like to further information about this and other methods to expose your home to the market, call me directly at 650 917-4250.
944 Sladky Avenue is a 3 bedroom, 2 bathroom home that is located just around the corner from the neighborhood park (Varsity Park). It is also just a few blocks from an excellent shopping center (Blossom Valley Shopping Center ) that is home to Safeway, Starbucks, the post office, CVC Pharmacy as well as many other stores and restaurants. It also is just a few blocks to one of the best elementary schools in the area (Springer Elementary – 963 API). Children would also attend Blach Intermediate School (944 – API) and Mountain View High School (865 – API). The list price is $1,098,000.
This home has been beautifully remodeled and expanded. It has a flexible floor plan that includes a remodeled kitchen that opens to the sun lit family room, a separate dining area, a spacious living room, and two large bathrooms. There are nine skylights that provide an abundance of natural light. Lastly, there is an over-sized one-car garage with built in storage. See photos and virtual tour of the property below.
The front and back yards where designed to be attractive and edible. The property features many drought tolerant and native species of plants as well as edible herbs (Sage, Thyme, Rosemary, and Oregano). There are also many prolific fruit trees (Apple, Plum, Orange, Guava, and Lemon). The property is on an automated sprinkler and drip watering system.
I will be holding this home open June 26th and 27th from 1:30 – 4:30 p.m. Please stop by!
June 25th, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · No Comments
I just put on the market this great home in a nice Blossom Valley neighborhood in San Jose. It’s a 3 bedroom, 2 bathroom home that is located just around the corner from the community pool (WGHOA Encore pool), Parkview #1 park and Parkview Elementary. The list price is $458,000.
This freshly painted home has an excellent floor plan and features a spacious living room with vaulted ceiling, large family kitchen with island, 3 spacious bedrooms, 2 bathrooms (one completely remodeled) and a 2-car attached garage. See photos and virtual tour below.
Children would attend Parkview Elementary school (API score of 824), Davis Intermediate School (API score of 744) and Andrew Hill High School (API score of 683).
Lastly, this home is not a short sale property or owned by a bank, so any potential buyer can be confident that all offers will be responded to within a reasonable time frame.
The home will be held open this weekend (June 26th and 27th) from 1:30 – 4:30 p.m.. Please stop by. You might be surprised by this great value.
June 23rd, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · No Comments
According to MLS Listings Inc. data there currently are 94 single family homes for sale in Mountain View. 52 homes are active listings, the remaining 42 homes are under contract. 5 homes priced above 1.5 million received an offer and are under contract. The highest property under contract had a list price of just slightly above 2.0 million.
33 single family homes closed escrow in Mountain View in the month of May. Note: On average, we see 40 homes close escrow in the month of May. 5 homes closed escrow above 1.5 million, with the highest selling at 2,475,000 million. Interesting fact about this property; a developer originally bought the property and partially built out four homes before having financial problems. These homes sat partially constructed and exposed to the elements for a significant time. The new buyer will no doubt finish the construction and sell the homes.
33 single family homes closed escrow in Mountain View in the month of May. Note: 33 homes sold is the 12 year average of single family homes sold in Mountain View in the month of May.
Lastly, at least 12 properties had multiple offers and sold at or above their asking price. The highest over bid came in at 9.2% above the asking price.
Click Mountain View Real Estate Market Update – May 2010 for a detailed 24-month history of single family home sales activity in Mountain View. Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.
For a more detailed look at the Miramonte or Grant neighborhoods of Mountain View, click on the below links:
June 22nd, 2010-- by Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker · No Comments
According to MLS Listings Inc. data there currently are 137 single family homes for sale in Los Altos. 84 homes are active and available to purchase. The remaining 53 homes are under contract.
The higher end of the market is still tough. Five homes priced above 2.5 million are under contract with the highest coming in at almost 4.2 million. Only four homes closed escrow above 2 million in May, with the highest selling at 2.75 million.
Thirty single family homes closed escrow in the month of May. Note: On average, we see 40 homes close escrow in the month of May.
Lastly, twelve properties had multiple offers and sold above their asking price.
Click Los Altos Real Estate Market Update – May 2010 for a detailed 24-month history of home sales activity in Los Altos. Note: all data was taken from our local MLS and is deemed accurate but not guaranteed. For a more detailed look at your neighborhood, click on the below links:
