San Jose’s Cambrian, or Cambrian Park, area is a very hot seller’s market.  Multiple offers are not uncommon, especially in the Union School District, where schools are trending upward.  My Cambrian Park Real Estate Report has just been published with the updated numbers from the closed sales in April. Please click on the link to see much more information there.

Prices are up nicely year over year! Inventory is crazy low – just 35 homes for sale in April compared to 57 in March and 84 in April 2011. Days on market is far lower too. All around, it is a deepening seller’s market.

Even stronger is the Cambrian condo market, which is skyrocketing!!!  Please see the Cambrian Condominium & Townhouse Real Estate Report for all of the numbers, but I’ll include a quick summary below.

Here again, notice the ratio of active to pending homes, the sale vs list price (over 100%), and most of all, the tremendous rise in both the average and median sales price.  Few homes closed escrow in February, so it is possible that these numbers are a little exaggerated.  We will know more in a month – if it’s a trend or if this is a fluke.

Now let’s work with Altos Research’s graphs and get a feel for the Cambrian realty market in “real time”.  These use list prices, whereas my REReport uses sold data.

First, the statistics by quartile for houses in San Jose 95118:

Next, the stats and trends by price quartile for houses in San Jose 95124: (more…)

How’s the Saratoga California real estate market?

Today we’ll look at the monthly sales numbers for Saratoga, CA 95070 and also view live charts reflecting homes listed for sale on the MLS. Both houses and condos/townhomes will be considered as will varying price quartiles via the live charts.

Monthly Real Estate Update for Saratoga – prices of houses rising:

As with much of the “west valley”, the Saratoga, CA real estate market is a seller’s market, but it does not appear quite so overheated as neighboring – and far more affordable – Cupertino right now. Unlike many other areas, though, inventory is a little looser and is up month over month (which is seasonally expected) and year over year (not a seasonal issue, of course). 

Here are the real estate sales statistics for closed sales in March 2012 among houses in the 95070 zip code (click on link to read the full Saratoga Real Estate Report for houses):

And February

The median sales price, which is the number indicating that half of the homes sold for more and half less than this number, has risen almost 8% from a year ago.  This implies that more expensive homes are selling – and possibly that home values are rising too. The average is also up about the same amount year over year.

Next, please find the basic statistics for closed sales in February 2012 among townhouses & condominiums in the 95070 zip code (see the Saratoga Real Estate Report for condos & townhomes):

And February

How’s the real estate market in the Willow Glen area of San Jose?  Like the greater Silicon Valley region, Willow Glen is comprised of many smaller micro-markets.  It will be different in north Willow Glen, Palm Haven or in a walk-to-town area than it will be in the Dry Creek area or St. Francis Woods neighborhood – let alone differences for school districts, price point, sale type (regular versus short sale or bank owned), zip code and home type!  It’s a patchwork of all these smaller markets, in other words.  What’s happening in one segment might be very different than in another.

Today’s post will be the broad view of Willow Glen and comments may not apply to your specific property – for info on your neighborhood, call or email me!

Disclaimers aside, overall it is a seller’s market in Willow Glen right now, but it’s cooler than other areas with better schools such as Almaden, Cambrian and Cupertino and not everything is selling (and certainly not getting the prices that many sellers want).  The best homes (best condition, pricing, marketing and regular sale) are selling in 1-3 weeks.

Below are the basic numbers, stats and trends from the closed sales of houses in March

and in February:

And next, of Willow Glen condos, where it’s been a cold buyer’s market but recently heated up:

Next, February…

  (more…)

Cinnabar winery sign (Big Basin Way, Saratoga)

In many communities such as Saratoga, Los Gatos, Los Altos, Willow Glen, Campbell and Palo Alto, there is a high premium placed on homes which are close to the downtown area.  Many real estate agents advertise these as “walk to town” but the idea is simple: it’s nearby, you can stroll, skate, ride or bike, wheel yourself and forget the car.

Downtown Saratoga, also called Saratoga Village, welcomes residents and visitors to a charming, scenic area with fabulous shops, spas, wine tasting venues, restaurants and more.  This part of the city boasts top scoring schools as well as lovely older and historic buildings and a gorgeous park alongside Saratoga Creek. Whether you spend an afternoon or a lifetime in Saratoga, this part of town will call you back again and again!

What do you need to know about buying a house, townhouse or condo in downtown Saratoga?

There are a few points which you are well served to know when purchasing residential real estate in this upscale community. We’ll touch on a few of them here: historic homes, traffic & noise, natural hazards, parking, and special issues with condos, townhouses and PUDs (planned unit developments).

First, this downtown Saratoga Village zone is historic; while not every property is deemed historic, many are and that means that there will be restrictions on remodeling and expansion of single family homes or houses. For instance, original glass in windows may need to remain if you’ve got a Victorian house dating from the 1890s, and expansions may need to be off the back of the home so that the facade keeps its initial look and feel (just examples).  This can be frustrating if you buy a luxury home that “needs work” and you are surprised later. If the house was built before 1950 or so, double check the rules! (more…)

Should you market your home for sale through the holidays?  It’s now mid November, and if your property has been listed for sale but not gotten an acceptable purchase offer, you may be thinking of taking your house or condo off the market until sometime in the new year. Is that a good idea?  Below, please find some considerations for you as you decide what to do. We’ll

Pricing: will the home sell for more now, or in the new year or spring?

No one can tell you whether prices will be better or worse in the first quarter of 2012 than they are now.  I just returned from the annual conference for the National Association of Realtors (of which I am a member), and quite honestly, I got conflicting information.  Some reports indicate that prices will be lower in the spring, others that they will be higher – or interest rates may be higher, which puts pressure on pricing since affordability is strained when that happens.   Pricing is local, though – so no matter what’s happening nationwide, it could be different in Silicon Valley, in Almaden, Cambrian, or Los Gatos, or in your subdivision or school area.  But bottom line: we really don’t know what pricing will do, we only know the probable buyer’s value – a range of likely sales prices – right now.

Being disturbed during the holidays

Many home owners really don’t want a lot of traffic coming through the home from Thanksgiving through the New Year due to visiting relatives, events planned such as parties at the home, the presence of gifts and concerns over theft, etc.  They may also be worried about rainy weather and carpets getting soiled.

At the same time, though, during the holidays many of us make our homes warm, bright and inviting, particularly if we decorate for Christmas, Thanksgiving, Hanukkah, etc.  Even the smells can do wonders: gingerbread cookies, Christmas trees, hot mulled wine…. With family and friends coming to visit, we tend to “deck the halls” and make our houses really feel like homes.  For many condos, townhouses and houses, during the holidays these homes really show at their best. (more…)

How’s the market for condos and townhouses in Los Gatos and Saratoga?  This morning I ran the numbers for “area 16″ (the Los Gatos and Monte Sereno areas, which includes a tiny bit of San Jose also) and “area 17″ (the Saratoga area, also includes borderline areas of San Jose and Cupertino) in our multiple listing service.

Hottest are the distressed condominium or townhome sales – short sales and bank owned or REO properties in Los Gatos and Saratoga.  Coldest (hardest to sell) are the “regular sales”.  Buyers are going after the bargain pricing that the pre-foreclosure and foreclosure listings offer.  Have a look:

The months of inventory are longest in Saratoga, with 9 months of inventory for town houses and condos.  The ratio of pending sales to active listings is lowest there, too, a mere 11%.

The months of inventory for Los Gatos short sales is a fast paced one month and the pendings outnumber the actives four to one!

Home buyers: if you are attempting to purchase a distressed condo in either of these high-end west valley areas, be prepared to act fast and present a strong offer.  Your odds will be better with a regular sale!

Home sellers: if you are selling a non-distressed condominium or townhouse in Saratoga or Los Gatos, especially if it’s a luxury property, be prepared to make your home the best value to attract a good buyer.  As has been said elsewhere, for this segment of the real estate market “it’s a price war and a beauty contest”.  Everything has to be just right for you to enjoy a successful sale now.

Update:  SALE PENDING!

You’re invited to see this stunning young urban living condominium in Campbell close to everything featuring two bedrooms plus loft, 2 bathrooms and approximately 1610 square feet. All of this can be found in an elegant resort-like setting! New listing, open this weekend from 2-4 (Aug 13-14) so please stop by!

Urban Living in Campbell

This sleek condo, the Sapphire Penthouse floorplan (see below), is located just steps from the light rail and Los Gatos Creek Trail, shopping at Whole Foods and many other shops across Bascom, the Pruneyard a block or so away and downtown Campbell just around the corner!  A myriad of restaurants lie within a tenth of a mile.  One of my sellers told me that she had only put 1500 miles on her car in the year living there.  Imagine simply not needing your auto much at all!!  (The building does include two spots in the underground garage for your vehicle, should you still want one while living there!)

Resort Living, Contemporary Setting

Built by Pinn Brothers with great attention to detail, the Onyx offers tremendous features both in the condo itself and in the many fabulous shared areas.

Interior features include:

• open floor plan with high ceilings and dark floors
• elegant kitchen with mostly Bosch appliances (fridge is Fisher & Paykel), tremendous counter space with slab quartz countertops, recessed lights and contemporary dark cabinetry
• an abundance of natural light, loads of windows and recessed lighting
• spacious bedrooms (the master is really large!) and bathrooms
• Master bath features two sinks, large soaking tub and separate stall shower
• comfortable balcony

Community features include: (more…)