What’s the Silicon Valley real estate market doing? Silicon Valley is composed of many micro markets, and they may all behave independently of one another, but we are seeing some general trends.We’ll have a look at them today.  Things have really, really changed from six months ago. It’s very dramatic.

First, a city by city comparison of the numbers for the county and Campbell, Cupertino, Los Gatos, Saratoga, San Jose (as a whole), Sunnyvale, etc. This first chart is for houses in the cities and towns of Santa Clara County. On the first line, which is for the entire county, please notice the sales price to list price ration – it is over 100%.  This is perhaps the best indicator of the market heat we see here.  Also note how low inventory is for the county – from a year ago, it’s off 29.2% (and that year was low also).

Santa Clara County residential real estate statistics by city for single family homes March 2012

Perhaps not surprisingly, the sales price to list price ratio is highest in Palo Alto, where it was nearly 109%. Mountain View came in at 103%, Cupertino and Los Altos at 102%, Los Gatos, San Jose and Sunnyvale at a little over 100%.  Some areas, such as Monte Sereno, have so few sales that their numbers fluctuate wildly (in the case of Monte Sereno, best to look to similar areas of Los Gatos for the best sense of pricing, usually, as they share schools, parks, police etc.).

Next, the same type of data but for condominiums and townhouses rather than houses & duet homes:

Santa Clara County residential real estate statistics by city for condos & townhomes March 2012

The condo market has been taking a beating for years, but at long last, the sales price to list price ratio is now very close to 100% (99.9% for the county) and many areas are more than 100%: Campbell, Cupertino, Los Altos, Milpitas, Mountain View, and Palo Alto. Most of the rest of the county is at 99% with just a couple of exceptions.  What’s happening? The inventory here tells the story: county wide, it’s down 74% from last year.  In Campbell and Los Altos it’s off 75%.

Inventory is at record lows, buyer demand is way up: we have a strong sellers’ market with multiple offers and overbids

First, there’s extremely low inventory. In February there were just 1389 single family homes for sale in Santa Clara County.  A balanced market is somewhere around 3000 homes – so this is quite severe!  In fact, it’s the lowest amount of inventory for any February going back 10 years.  Here’s what it has looked like in other Februarys, per my Santa Clara County Real Estate Report (you can see these numbers yourselves): (more…)

Each year, Inman News sponsors a “people’s choice” voting for the most influential person in real estate.  Inman nominates 100 strong candidates but voters may also write in someone not listed.  This week, I was very deeply honored to have been included on such a prestigious list of real estate leaders nationwide, and I’d be thrilled if you would consider voting for me.

Where to vote:  follow this link and the fields for entering your desired winner’s name and info will be about 20% of the way down (midway through the article and just after a large ad) – deadline is Dec 1, 2011:

http://www.inman.com/news/2011/11/2/2011-peoples-choice-real-estates-most-influential

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Some first time home buyers in the San Jose or Silicon Valley area get confused by the “assessed property value” of houses, condos, or townhouses: they mistakenly think that this number has some bearing on the real estate market value.  It doesn’t.  The assessed value is used only for determining the amount of property tax being paid.

Residential real estate in California is reassessed upon transfer of title, or change of ownership, in most cases (there are some exemptions). From there, the assessed value can only go up 2% per year at most (thanks to the passage of Proposition 13 in the 1970s).  When property values decline, as they have recently, owners of properties with higher than market value assessments can appeal and get a temporary rollback in valuation for the purposes of having property taxes lowered.  This is very very common (and even so, the assessed value is usually still off as it’s based loosely on the January values of that year – the values are often higher than market value for these petitioned properties).  The tax assessor’s office has a lot of latitude in determining the assessed values; it is nothing at all like an appraisal, which should use strict comparisons.

Let’s look at a few hypothetical examples, taking tract housing with the same square footage, layout etc:

1 – If a couple purchased a Cambrian Park house in 1960 to 1970 and paid $20,000 for that property, but today’s value is approximately $500,000, the property tax being paid will reflect the long term ownership and won’t be based on the current market value.  That couple might be paying $600 to $800 per year in property taxes with a corresponding “assessed value” of about $52,000. (more…)

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…)

Instead of writing about the news, today I am in the news, so contrary to my normal practice, I’m the focus of this post!

Today’s San Jose Mercury News has a pull out section, styled like a magazine, with its annual “best of” list – the “Best of Silicon Valley in 2011“.  I was deeply honored to find myself listed as the “Best real estate agent in Silicon Valley” (if you have the print edition, it’s at the top of page 33). The online edition isn’t yet published.

The results of the list come from voting by consumers.  I believe that my clients are the best on the planet (you may have noticed that on all of my sites and blogs, somewhere is the line “helping nice folks to buy and sell homes in Silicon Valley“) and their endorsement is usually apparent with their repeat business and referrals, but this is a wonderful acknowledgment that I deeply appreciate.

For those finding this who do not know me but who are searching for a good, knowledgeable, communicative and ethical Silicon Valley Realtor, I invite you to read about my background and see some comments by clients on my websites.

Info on Mary Pope-Handy on the popehandy.com website (testimonials here, gallery of sold homes here)

Info on Mary Pope-Handy on the Valley of Hearts Delight site (pull down menu for various aspects)

Many thanks to all who voted for me!

The scenic Strathmore neighborhood of Los Gatos lies close to the foothills, including both Blossom Hill and the coastal range rising behind it.  Homes here enjoy that very beautiful backdrop and access to the park and trails, but many other benefits too.

It’s a pedestrian friendly area with sidewalks and tree lined streets, so it is not uncommon to see people out enjoying a stroll, a jog, a bike ride or otherwise taking in the peaceful region.

Additionally, Strathmore residents share a community pool (or cabana) with a neighborhood swim team.   One of the biggest draws of all is that on top of these features, kids in Stratmore get to attend fabulous public schools too. The profile on this neighborhood is overwhelmingly positive!

Where is the Strathmore neighborhood?

Located in east Los Gatos, Strathmore is just off of both Blossom Hill Road and Union Avenue.  The main road through the neighborhood is Anne Way.

It’s a quick trip, less than a mile, to the on ramps at Highway 85 (and less than that to the nearest grocery store, Safeway on Union Avenue).  It’s about 2.5 miles to Vasona Lake County Park and just a little further to downtown Los Gatos.  So this is a wonderfully convenient location.

In those nearby hills, Belgatos Park and the Hines Open Space Preserve offer trails just a few blocks away.

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If you are looking for a new or newer home in Cambrian Park or Almaden Valley, look no furter!  This exquisite house features an amazing kitchen at the heart of the home.  It  has been updated with slab granite, stainless steel dishwasher & fridge, gas range, a sunny garden window & recessed lights.  It’s open to the breakfast nook and family room on one side and adjacent to the dining & living areas on the other.

You’ll love the open floorplan and the fact that there’s  1 bed and one bath downstairs. More wonderful plusses: inside laundry, AC, dual pane windows. Big master suite offers a walk in closet, soaking tub, separeate shower, big vanity and dual sinks.

Fabulous younger home in the Almaden Winery neighborhood!

• Four bedrooms, three bathrooms (one bed/bath downstairs)
• Living room features high ceilings, hardwood floors and elegant fireplace & is open to formal dining area
• Updated kitchen featuring slab granite & stainless steel
• Kitchen includes breakfast nook & is open to family room
• Family room enjoys fireplace & back yard access

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