The life span of a typical short sale listing in Los Altos/Los Altos Hills goes as follows:

• The property is originally listed at a price very close to the debt on the property plus the transaction costs and maybe a little profit
• The property sits on the market for quite a looong time with no activity
• The Seller realizes that they are financially bleeding from every Orifice
• The property is re-listed at a below market value in an effort to induce offers
• The Seller receives multiple offers which are reviewed and submitted to the bank/investor(s)
• Everyone waits to see if a deal can be worked out.  Some are, but many aren’t

Below is a graph of short sale properties that are currently or have recently been on the market in Los Altos/Los Altos Hills.  I have included the original list price, current approximate debt and list price when the property ratified a purchase offer with the seller.

The actual numbers are below.

Sellers, a home’s value is not based on its loan balance.  Price it to the market and try to move on.

If you are thinking of buying a short sale property, check out the amount of debt on it and the number of lenders involved.  It may make sense to pass on it if there is too much debt or more than two lenders.

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.

These homes are:

13119 Estralita Place, Los Altos Hills

15411 Vista Serena, Los Altos Hills

Check back tomorrow as I will attempt to twitter my initial thoughts about some of these homes as I view them.

The house I thought most interesting was the property located at 1464 Fairway Drive in the Country Club area of Los Altos.  The listing agent is Jay Gertridge of Kerwin & Associates.  It is a 4 bedroom, 4.5 bath home listed price is $2,495,000.

What intrigued me about this property is what could be done with it.  It is on a large lot 26K+ and the house has a large partly unfinished attic/second story.  The home had been for sale in May 2007 and not much has changed except they added a second stairway to access the upstairs.  Prior to that, the only access to the upstairs was through the Master bedroom.  Its worth a look.

The other home I liked was 420 Valley View Drive.  It is listed by Dominic Nicoli of Intero Real Estate Services.  Overall, It’s a nice 4 bedroom, 2 bath home with a pool, listed at $2,395,000.

From Interstate 280 in Santa Clara County, exit #16 El Monte/Moody Road and drive west on Moody Road. Go straight through the stoplight at Foothill College, and at a stop sign at about 0.6 mile, turn left to remain on Moody. Drive about 0.5 mile more on Moody, then turn left onto Rhus Ridge Road. Drive about 0.2 mile on this narrow road, then bear right into the parking lot.

This trailhead has parking for about 12 cars; no parking on Rhus Ridge Road. No entrance or parking fees. No toilet facilities or drinking water. No designated handicapped parking, and trails are poorly suited to wheelchairs. Maps available at information signboard.

The following is a link that describes the hike:

Mile:
0.0: Begin at the gated entrance to Rhus Ridge Trail.
0.5: Path departs on the left. Continue straight on Rhus Ridge Trail.
0.9: Crest and junction. Turn right onto Black Mountain Trail.
1.6: Junction with path to Hidden Villa. Continue straight on Black Mountain Trail.
1.8: Second junction with path to Hidden Villa, on the right. Continue straight on Black Mountain Trail.
3.4: Near a high-tension power line, the narrow path widens to a fire road and begins a steep, relentless climb.
4.5: Gate.
4.5: Junction. Turn right.
4.6: Junction. Turn left onto Monte Bello Road.
4.7: Hilltop. Turn right onto an unsigned path, and head a few feet to a rocky viewpoint.
4.7: Turn-around point.
9.4: Back at the trailhead.

Sorry I couldn’t respond directly, I was on another call.

Instead of just placing a chair on the curb or a blanket (or tarp) on the ground, a recent strategy has been to “block off” a location with duck tape or street chalk.  It’s cheaper and one can “reserve” larger plots of curbage with minimal effort.  Just remember to include your name somewhere on the ground or it may be taken.  Once people marked their coveted spots, they returned between 5:00 -6:00 and officially set up. 

Several businesses that occupy second floor offices opened their offices for friends and family to view the parade from above.  I imagine the view might be good, but one can’t get the true essence of the parade without being immersed in the crowds.  Its like going to a hockey game and sitting in a luxury suite.  You can’t feel the excitement of the crowd or the sound of a body crumpling against the glass after a huge body check when you’re sitting in a luxury suite miles from the action. 

Securing a great viewing position for the parade is only half the job.  Enjoying the parade is what its about and Los Altans have been doing this for 30 years.  When I walked around I saw people enjoying themselves and the evening.

The following is a list of items that many parade goers shared in common:

• Pizza (picked up from one of the local pizza parlors)
• Picnic baskets full of various food products
• Blankets (although last night was one of the milder evenings)
• Warm beverages (hot chocolate, coffee, and various adult beverages)
• Cold beverages (wine appeared to be the cold beverage of choice)
• Strollers (for the little ones to sleep in)
• Popcorn (don’t know why, but it was there) and of course
• Folding chairs

If you are in town next year, plan to “reserve” your spot early and plan on having a great time.

Since no one really knew of the existance of the law in the first place, the change in the law didn’t create much hoopla.   I’m not sure whether the well financed gaming industry lobbyists were involved, but its good to see our local lawmakers taking a stand and correcting an error from our past.   Please note that those of you who grew up on Play Station, you should ask someone older to tell you about the joys of becoming a Pinball Wizard.