Archive for the ‘Santa Clara County’ Category
June 30, 2008
Cupertino, located in the foothills of the Santa Cruz Mountains, is home to the large Apple Computer campus and approximately 54,000 residents. With good schools, freeway access, and temperate climate, this suburb is composed primarily of larger homes sitting on the sites of former orchards. Although not really known for its McMansions, the price tag to live in this city can be a bit steep. Currently, with 82 homes for sale, only 26 are listed under $1mil, with the majority (46) in the $1-2mil range, and 10 properties over the $2mil mark. Today’s featured property is located at 22332 Regnart Road, almost at the end of the road.
Driving up through the gated entrance, you’ll encounter a quarter-century old, single-story contemporary home. With its wood exterior and mid-mod influence, it fits well onto the two-acre wooded property, which backs to the Fremont-Older Open Space, offering residents additional privacy.
The home itself is 4,730 square feet with a total of 5 bedrooms and 4 baths. Walking in, there is a large formal entry, branching off into access to the living room, the dining room, updated eat-in kitchen (which opens to a family room), and the hallway to bedrooms. All rooms face the expansive wood deck, with most having a view of the pool and spa, as well as a spectacular view of the valley all the way to the Bay.
The home, on the market 69 days, is priced at $3,295,000 ($697/sf). There are few recent comparables, but in February a similar-sized home on the same street sold for $2,587,500 or $625/sf. Located at 22245 Regnart, this two-story Mediterranean home built in 1984 is a 4/3.5 of 4,072 square feet sitting on 2.5 acres.
Recent Sweet Digs Posts:
Happy 100 Ross!
City of Alameda: Recent Sales
Monterey County Comes to Redfin
Price Cuts in the Creek
Marin Agents Looking for Luck
A Stroll, A Wander, A Saunter, A Hike, A Promenade
Can’t Afford a Real Home? Buy Property in Second Life and Build Your Own
Bay Area: Do You Really Belong Here?
Portola Valley: There’s a New Market in Town
June 27, 2008
Forget your psychic friend and magic 8 ball. CurbedSF has it that today’s savvy home hunters leave it to programmers to come up with a way to tell them, via scientific survey, whether a neighborhood is a good fit or not. Indeed, Hoodeo is the “neighborhood match maker,” your online connector of human to ‘hood.
So I gave it a spin- God knows I am having a hard time finding a place I can afford in SF; maybe Hoodeo knows something I don’t. Among its questions, the survey asks me if I wanted to stay in this city or if I would go anywhere. Since my job and friends and life are here, I actually do want to stay here, but just for fun, I chose “will go anywhere.” Hoodeo also smartly inquires how much I make and how much I “want to spend” on my next home, as well as how big I want it, cleverly reminding me that those square feet I desire will also have to be cleaned (I picked 1000 square feet, and since I had the option, 2 beds and at least 1.5 baths since I share with a man whom occasionally disgusts me). I decided the fair amount to pay, based on what we make, and that we would like to have money left over to travel and buy beer and such, would be 400 to 450K.
I should be, according to Hoodeo, living in Philidelphia. Wait, but you didn’t ask if I like sub-zero winters! I don’t!
Back to Hoodeo then, this time insisting on staying in the Bay Area. If I am to spend what I want to spend, I will need to think about Pacifica, San Bruno, South San Francisco, or– if I want the city proper– Bayview. Wait, you didn’t ask if I like gunfire in my front yard. I don’t!
Needless to say, Hoodeo has left some poignant questions off the list in determining if a ‘hood will fit you. For instance, nowhere am I asked what I think of On Deadline’s report that
Members of the Presidential Memorial Commission tell the San Francisco Chronicle that they’ve already collected 8,500 signatures on a petition to put the proposal before voters this November. If it passes, the Oceanside Water Pollution Control Plant would be renamed [the “George W. Bush Sewage Plant.]
To which I say: I am home.
June 24, 2008
In my recent post, “Seeing the Big Picture in Santa Clara County,” I noted that during April and May of this year, Palo Alto was the only city in the county to have an average final sold price that was higher than list price; meaning that people are still overbidding for homes in Palo Alto. Gotta be one in every crowd, huh? But this is a very popular town, given its central location to both Silicon Valley and San Francisco, easy access to 101, 280, 85, and the Dumbarton Bridge to the East Bay, county bus transit, and CalTrain options. It also has one of the highest rated school systems in the Bay Area, a great downtown (not to mention California Avenue and Mid-town), good weather, and proximity to Stanford University.
Right now there are 99 homes for sale in Palo Alto, ranging in price from $449,000 for a 693 square foot 1/1 condo to a $29,850,000 estate. Surprisingly, 26 of those homes are under $1,000,000, making them “affordable” by Palo Alto standards. Twenty of the 26 are condos or townhouses, leaving only 6 single-family homes available at present. Three of these are located along the CalTrain corridor, on either Alma or Park Blvd, two are in Midtown, and one is in Barrron Park. Here are the offerings:
678 Los Robles Avenue, 1/1, 780 sf, 2964 sf lot, $718,000 DOM: 54
Small cottage on substandard lot in Barron Park. Originally listed at $739,000. Open this Sunday 1:30-4:30. (photo at right)
111 Alma Street, 2/1, 936 sf, 5600 sf lot, $879,000 DOM: 49
1920s bungalow located in the prestigious Professorville neighborhood, close to downtown. Considered a fixer-upper, it is located on a busy street near the Embarcadero intersection.
3949 Park Blvd, 3/1, 1228 sf, 10,000 sf lot, $899,000 DOM: 13
Charming mid-century modern home with wood-paneled interior on large tree-lined lot.
4269 Park Blvd., 3/1, 1100 sf, 6098 sf lot, $899,000 DOM: 42
Mid-century Eichler with updated kitchen and bath. Last sold in 2003 for $585,000.
3209 Waverly, 2/1, 1154 sf, 6700 sf lot, $925,000 DOM: 20
Mid-century Eichler located between Alma Street and Middlefield, off Loma Verde. Must move quickly on this one, as it appears to be a probate sale and offers are being considered by attorney on June 26th. No court confirmation required.
730 San Carlos Court, 3/2, 1259 sf, 2990 sf lot, $995,000 DOM: 47
Very nice 2/1 home, plus studio guest cottage with bath and kitchen, located in Midtown. Originally priced at $1,099,000, the price has dropped 9.5%. My gold-star award for best staged home on this list.
June 24, 2008
Last week I reported on all the data crunching that Redfin did for San Mateo County, and this week the southern Bay Area county gets its due, with an analysis of how the market is faring. All the data I reviewed came from MLS records for April and May of this year. It encompasses sales in 17 cities, starting in Palo Alto and Los Altos and moving down to Morgan Hill and Gilroy.
Not surprisingly, San Jose led the pack with the most sales in that two-month period with 637. While you may think that is a huge number, and it is in comparison to neighboring cities, you have to remember just how many homes are on the market in San Jose. How many you ask? Approximately 4,758 homes are for sale as of 6/23/08. That breaks down to 544 Under $300,000, another 1783 listed between $300-500,000, 2052 in the $501,000 – $1,000,000 range, and 379 over $1mil. At an average sale rate of 319 per month, it will take 15 months to sell the current inventory.
Other cities that garnered a larger number of sales were Sunnyvale with 118, Mountain View with 89, Palo Alto with 80, Santa Clara with 79, and Cupertino with 77. The backlog of inventory isn’t anywhere near as severe in these towns. At the going rate, Cupertino has 2.3 months of inventory, Palo Alto 2.5, Mountain View 3.2, Sunnyvale 4.7, and Santa Clara with 8.5.
Eight of the cities have average sales prices under the $1mil mark, with the lowest averages being seen in Milpitas ($514,024), Campbell ($609,034) Gilroy ($609,880), San Jose ($626,968), Morgan Hill ($637,988), and Santa Clara ($633,730). On the other end of the spectrum were Portola Valley with a whopping $6,304,863 price average (based on only 4 sales), followed by Los Altos Hills at $2,662,968, Monte Sereno with $1,847,000 and Los Altos with $1,680,365. Most of these towns don’t even have a home listed for under $1,000,000, so there are no surprises there.
As for the final price paid vs. the listing price, there is only one city that had a percentage higher than 100%. Over in San Mateo County there was also only one, and that was Menlo Park. Oddly enough, Santa Clara County’s winner in this category is Menlo Park’s southern neighbor, Palo Alto with an average 102.23% over list. Back-to-back cities coming out on top; there must be something in the water. Just slightly under the 100% mark is Los Altos with 99.85%, Cupertino at 99.8%, and Mountain View at 99.75%. The cities with the most disappointed sellers were San Martin with 94.88%, Los Altos Hills at 95.41%, and Morgan Hill at 96.16%.
Comparing the two counties, it appears that people are paying closer to list in Santa Clara County, and doing more bargaining in San Mateo County. San Mateo also had more cities with lower average sales prices, in fact they had 8 cities with averages lower than $600,000, while Santa Clara County only had 1. In the high-end home range, 6 out of 24 cities (25%) in SM had high-end over $1mil average sales prices, while in SC there were 9 out of the 17 cities (53%).
June 23, 2008
Oops, almost skipped right by Monte Sereno, that quiet little town located between Los Gatos and Saratoga. Only 1.56 square miles, with a population of about 4000, its location at the base of the Santa Cruz mountains makes it feel more rural than
both its neighbors, but the homes are anything but shacks. In fact, 19 of the 27 homes currently on the market are listed for over $2,000,000, with the range starting at $1,199,000 and going up all the way to today’s mansion with a price tag of $6,575,000. (Note: There is a property listed for $6,950,000, but it contains only a mid-century 2/1 and is being sold for the land, not the abode.)
Today’s featured property on Greenwood Road sits on a 1.15 acre flag lot with a gated entrance, assuring your privacy. The home is a magnificent two-story Mediterranean built in 1913 that has been completely restored. Encompassing 5,920 square feet, you would get all the usual (living, dining, kitchen), along with library, breakfast room, butler’s pantry, plus extra space in both attic and basement. There are 5 bedrooms, and 4+ bathrooms, and if that is not enough, there is a guest house. You also have a pool and covered patio for relaxing on these terribly hot days. Originally listed 199 days ago at $6,779,000, the price has been reduced only once, just 3%.
BONUS: Just in case you were wondering who won the World’s Ugliest Dog Contest at the Sonoma-Marin Fair, mentioned here last Friday, you can view the video, courtesy of the Press Democrat. Gus, a three-legged, one-eyed, cancer-ridden dog has taken the cake, so to speak, and walked away with this year’s crown.
Recent Sweet Digs Posts
Enticing Price Reductions in Marin
Recent Home Sales in Cupertino
Sellers Listen Up!
Hitting the Nail on the Head: Mid-Pen Sellers Getting it Right
The Day I Made The Acquaintance Of A New Berkeley Neighborhood
Alameda County: Recent Sales Holding
Picking It Up in Marin
SF and Daly City: Life on the Beach
New Santa Clara County FSBOs
Something for Everyone in Belmont
June 21, 2008
FSBOs have been scarce for quite some time - but this week, several newer FSBOs appear to have cropped up on Craigs List. Perhaps they just migrated over from other FSBO sites, but they have the look and feel of new listings!
This little rancher in Santa Clara has a near ideal commute location; Santa Clara is perhaps the most centrally located city in Silicon Valley! At 1750 square feet with 3 beds and 2 baths, it does seem a bit pricey at $818K in this market. But it does have a newly remodeled kitchen with recessed lighting, two patios, a hot tub, RV parking and a two car garage. The homeowner is throwing in a one-year appliance warranty too.
One great thing about living in Santa Clara is that you get discounted power bills - making the purchase price a bit more palatable. But this home doesn’t have any air conditioning, and on a day like today, that is one feature that matters!
One more reasonably priced home is located on 2984 Fallwood Lane in San Jose. Offered at $608,888, it has 4 bedrooms, 2 baths, and a large office room (13′ x 20′), making it ideal for someone who runs a business out of their home. The photos show good use of the 1755 square feet of living space, and some very nice solid oak hardwood flooring. The backyard photos show shade trees, but quite a large amount of concrete also which can make the living space hotter than it would normally be. Central AC is NOT mentioned in the listing, which probably means that it is nonexistent (can you tell that it is hot outside while I am writing this?).
Another area of improvement this property appears to need is a new perimeter fence.
A third FSBO, listed without a photo, claims a $150K price reduction and is now offered at $499,999. This is a 3/2 with 1150 square feet and tenants paying $1850/month rent until November. The listing also tells us that the bathrooms have been completely redone, the roof and windows were recently replaced, and all appliances are new. It also has a shed in the backyard with a concrete floor for storing your lawn and gardening tools. Located in South San Jose, it is near highways 101, 85 and 87.
June 17, 2008
Almost exactly a year ago, we first mentioned Tiny Tumbleweed homes in a blog post “Small AND Beautiful?” Since then, I have been following along on designer/founder Jay Shafer’s journey as he promotes, sells, and encourages America to go small. How small? Well, you can build a house as small as 60 square feet and go right on up from there. Want it on wheels to take camping? No problem. Want to build an extra dwelling for the kids to come and stay? He’s got something that will work for you. Thinking about putting something on that vacant 10 acres you bought in the boondocks? Multiples to choose from. And if you are just thinking about downsizing, reducing your carbon footprint, going as green as possible (without living in a tent or teepee), then Jay probably has the answer for you. And fortunate for us, he is making his way down the West Coast on tour, to display his homes and offer workshops.
Starting in early July, Jay will be traveling from the Canadian border and heading south to Seattle, Olympia, Portland, Ashland, Mountain View, Santa Cruz, San Luis Obispo, Santa Barbara, Los Angeles and San Diego. He and Small House Society co-founder Greg Johnson will be pulling one of the Tumbleweed designs behind them, making use of it as shelter on each of these stops. In addition, they will hold Building and Design Workshops in Seattle, San Francisco and Los Angeles.
Here is the local schedule:
7/19 - Building Workshop in San Francisco @ 9:00 a - 5:00 p
7/20 - Design Workshop in San Francisco @ 9:00 a - 5:00 p
7/23 - Open House in Mountain View, CA @ 5:00 p - 7:00 p, location: Google
7/24 - Open House in Santa Cruz, CA @ 9:00 a - 11:00 a, location TBD ?
Full-day Building Workshops will be $275 and focus on how to build a tiny house from the foundation to the roof. Topics include: building basics, types of trailers, heaters, kitchen equipment, windows and more. Jay will talk about different building materials, and the advantages and disadvantages of each. The full-day Design Workshops will run $375 and will concentrate on how to design a small house of your own. The cost to attend both days is $500 and a friend can come along for $99. Go here for workshop signups.
Recent Sweet Digs Posts:
Top of the Line New Listings in Fremont
All Aboard the Foreclosure Bus
Berkeley Homes Get Price Cuts As City Discovers Its Inner Paris
June 16, 2008
Making our way north through Santa Clara County, today’s mansion is located in Campbell, a city located in the West Valley with 38,000 residents. While the town is generally considered affluent by American standards, with a mean annual household income of $93,109, the highest-priced home currently on the market here is listed for $2,999,800. The home, located at 867 Briarwood Way, is a whopping 9000 square feet and sits on .64 acres in a cul-de-sac.
The home is of contemporary design with an open floor plan, much of it with high ceilings open to the second story. There is a living/dining combo, gourmet kitchen/great room combo, plus home theatre, office, gym, and in-law suite, and a total of 5 bedrooms and 4 baths.
The front yard is nicely landscaped with stone driveway and plenty of parking (both inside and out). A large backyard is flat and comprised simply of lawn, but there is plenty of room to add a pool, patio, spa, play area, rose garden, you name it. For the full view, you can take a virtual tour here.
This home was purchased in 2003 and completely rebuilt into its current configuration and sold in 2005 for $2,500,000. This time around it originally listed in January for $3,695,000, dropping 19% in the intervening 5 months to its current price.
Recent Sweet Digs Posts:
Marinites Request Reassessment
SF and Daly City: Lotta House for Less than 600K?
Mill Valley & Sausalito Community Living for Under $400K
Oakland: Analyze This
What’s New in Santa Clara?
Where’s the Country’s Largest Solar-Powered Affordable Apartments?
June 14, 2008
Santa Clara, home to Intel, Rivermark, and Santana Row, is in the process of “gentrification” - or a dramatic improvement in its older neighborhoods and upcoming home values. Purchasing in Santa Clara during a down market makes sense, as the close proximity to Rivermark and Santana Row will make this a “hot spot” in the future - at least in my opinion.
This week, there are six new listings on Redfin in the city of Santa Clara. One is found at 2243 Lenox Place near Wilcox. This is a newer 3 bed 1 1/2 bath home with 2178 square feet of living space, listed as “barely lived in”. At $729,950, it is a bit higher than neighborhood comps at this time. If you are interested, I would wait for this one to fall in price.
A cozy 4 bed 2 bath rancher located on 2229 Brown Ave has been up for only one day, but is priced to sell at $498,888. Cozy is definitely the word for this one, as it has only 1158 square feet, but it appears to have been well-cared for from the photos.
It has some nice hardwood flooring and a cozy yet well-planned kitchen, but the back yard photo shows that the grass needs some serious work and watering.
The location near Monroe St. gives it a great cental location - which is wonderful for an easy commute.
Another new listing with a reasonable price can be found at 2341 Regina Ct - a 4/2 offered for $639,999. This home is close to Great America, which could be either a blessing or a curse - depending on how well you like amusement parks, or detest noise. It IS in a great commute location to the East Bay, due to its close proximity to highway 237, or to San Jose via highway 101. There are no pictures to assess how well it has been cared for, but this is a nice older neighborhood with many well-kept homes.
June 11, 2008
Today, I read a very intriguing post on the Square Feet blog - revolving around the changing role of the FHA and what it portends.
On Monday, FHA Commissioner Brian D Montgomery gave a presentation to the National Press Club in which he expressed some very serious concerns about the rise in applications for FHA backed loans, and the feeling by some that the FHA organization is being expected to shoulder the burden of the many foreclosures.
The blog goes on to state that Montgomery believes the proposal currently in Congress to refinance roughly $300B worth of questionable loans is very dangerous, and could overstretch the agency to the point where more stable buyers are hurt in the process.
From the FHA site, Montgomery is quoted as saying:
“Lately, the housing market has been as wild and woolly as those days of the Western frontier. Sometimes, as commissioner, I feel that it is “High Noon” and order and justice need to be restored.”
The full text of Montgomery’s speech points to the need for more fiscal conservativism - simple things like checking credit and bank references and making sure no part of the loan downpayment was borrowed need to be observed. He is also pushing for RESPA - or “Real Estate Settlement Procedures Act”, which requires full disclosures of fees, charges, interest rates, and loan terms - as another way of preventing foreclosures in the future. This makes sense, and I agree the fine print needs to be a thing of the past.
These things will certainly help us in the future - but here and now, we are faced with an overwhelming amount of mortgages in trouble who need help from a government agency. There is no doubt that the FHA is going to be overwhelmed by all the demand - and that their resources will be stretched. This agency has been a stalwart group helping American’s achieve the American dream for 74 years, we can only hope that Congress will hear their pleas for help and come up with a plan to help them, without turning them into another disaster relief agency or ”Mega-agency” hamstrung by bureaucracy.
