Under a newly enacted California law, a home buyer may receive up to $10,000 in tax credits for purchasing a qualifying single-family residence in 2010.   The credit is claimed over the next three years (e.g. $3,333 for 2010, $3,333 for 2011, and $3,333 for 2012). 

There is a total of 100 million in tax credits available and once the credits are gone, they are gone.  The beauty of the program is that there are no income restrictions or maximum purchase price requirements.  The program is perfect for those wanting to buy their first home in Silicon Valley .

Note: In addition to the first time home buyer credit, there is a total of 100 million in tax credits set aside for new home buyers as well.

Further details of the program can be found by clicking here.

If you are think of buying your first home in Silicon Valley and you are a first time home buyer, please give me a call at 650 917-4250.

Satake Estates is one of Summerhill Homes newest developments.  Located in Mountain View on the old Satake Nursery site (at the end of Marilyn Drive), Satake Estates is a higher end development of 30 single family homes.Currently, prices range from $1,537,000 to over $2,013,000 plus options.  Home sizes range from approximately 2238 square feet up to approximately 3358 square feet (s.f.).  Lots range from approximately 6000 s.f. to slightly over 11,000 s.f., with the majority of the lots in the 6k+ s.f. range.  Click here for interactive community map.

When I previewed the homes last Friday, there were many things that I liked about the development; the quality of the construction, the high ceilings, the large bedrooms (so many times new home developements have teeny-weeny bedrooms) and many of the features (I’m sure the model homes included many optional upgrades).  I liked the emphasis on “green” construction, energy efficiency and that the homes were designed to be Greenpoint rated.  I liked the wide hallways, high countertops and general open feel to the floor-plans.  Lastly, I liked the two-story designs and large garage spaces.

There was only one negative; the bathroom sinks were good looking but not functional.  The small “bowl” sinks sat on top of the counters and all I can think about is water going all over the place and what a pain to clean.

The development is aggressivelly priced for the immediate neighborhood and even though the homes are located within the Los Altos School District (Springer Elementary, Blach Intermediate, Mountain View High), it might be hard to justify (financially) buying one of these homes and making it pencil out.

For example, one could buy a home in Los Altos, remodel and expand and be close to the asking price of the larger homes.  However, one would have a Los Altos address and Los Altos sized lots which command higher prices and still have ability for faster appreciation.

I try to advise my clients into rethink buying the highest priced home in any neighborhood.  Why?, one may ask!  Because the values of a lower priced neighborhood typically drive down the value of a higher priced home within that neighborhood.  This is the case with Satake Estates.  They are the highest priced homes in Mountain View and the surrounding neighborhood(s) are likely to have a downward pull on home values within the Satake Estate’s neighborhood.  The next closest neighborhood in price, schools etc. would be Gest Ranch and homes in this neighborhood have recently sold under $1,300,000.

All in all, I liked what I saw.  If one desires a “new” home with great schools, this may be the place for you.  As the Summerhill Homes marketing material states “We believe a great neighborhood starts with great schools and custom home features.”  This development certaining fits the bill.However, I think that the Satake Estates homes may be priced above what our current real estate market may bear.   Check them out for yourself, they are located at 1156 Marilyn Drive (enter via the Springer Road side of Marilyn).  OR

If you would like me to act as your buyer’s agent (not affiliated with the seller or builder) and/or arrange a personal tour for you, please contact me directly at 650 917-4250.