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…)

One of the mental traps I see that can foul up real estate expectations across Silicon Valley is the over emphasis placed on “price per square foot“. Here’s where the internet can seriously mislead people into thinking they understand home values more than they do, resulting in botched negotiations, frustration and disappointment. So let’s talk about it.

As one factor among many, it’s completely fair to include the price per SF when trying to determine what a home’s probable market value ought to be. (Remember, too, that a house, condo or townhouse isn’t worth one exact number, but a range – because the terms involved also impact the sales price.)  Although price per square foot is one way of finding approximate value, often is not the best, especially if you use it alone, because there are other factors besides the square footage of the house.  Here are some of the other factors that can mess up that valuation based on price per SF alone:

• precise location (view, proximity to something undesireable)
• lot size
• lot shape & access (flag lots may sell for less than homes directly on the street)
• whether the house is below or above grade/street level (most people don’t prefer being down from the street)
• back yard size
• amount of remodeling (and how recently it happened, whether with permits/finals)
• care for the home
• additons vs original square footage (more…)

The Oaktree Park neighborhood in San Jose is a scenic residential community with wide appeal to home buyers due to good Almaden schools, close proximity to large parks and is one of only a few areas in Almaden Valley which includes a cabaña and swim team.  Additionally, this area is very convenient as it’s  close to schools, shops and commute routes to downtown San Jose and much of Silicon Valley. It is a fairly intimate neighborhood with 156 homes.

Where is the Oaktree Park neighborhood?

The Oaktree Park subdivision is within the boundaries of Meridian Avenue, Redmond Avenue and Mcabbe Road on three sides and the Jeffrey Fontana Park on the north side.

The census bureau (and perhaps also the city of San Jose) has attributed names to some parts of Almaden and this neighborhood falls into the Crossgates section.  I do not believe that most residents refer to this area that way, though.  Perhaps more likely they’d call it part of the greater Fontana Park neighborhood.

Oaktree Park Neighborhood in San Jose (Almaden Valley area of SJ) - click on image above to go to live Google Map

What schools serve the Oaktree Park neighborhood in San Jose?

The public schools for Oaktree Park are within the San Jose Unified School District:

Los Alamitos Elementary School (API 916 in 2010)
Castillero Middle School (API 806 in 2010)
Pioneer High School (API 823 in 2010)

Los Alamitos Elementary and Holy Spirit Elementary (Catholic) are both just a couple of blocks from Oaktree Park.  Additonally there are 2 preschools really close too:  Precious Preschool and Shepherd of the Valley Lutheran Preschool.

For more information and links for schools, school districts, API scores and maps of boundaries lines for schools in the Almaden area of San Jose, please also read:

Schools, API Scores & Maps of School Boundaries in San Jose’s Almaden Valley

What are homes like in Oaktree Park?

Homes in Oaktree Park are single family dwellings – all detached houses (no townhouses or condominiums).  These are primarily ranch style or two story ranch style houses, built in the early 1970s  on lots of about 8000 to 9000 square feet, though a few are more than that.  Interior size runs between about 1600 square feet to about 3000 square feet (if added on). Prices may be in the mid 600s for a smaller home, needing work and a less desirable location (such as on a busy road or immediately adjacent to the high voltage power lines that run through the park) to perhaps a little over a million dollars for a beautifully updated or rebuilt larger home in an ideal location within the neighborhood.

Oaktree Park Neighborhood Home for Sale: 6064 Ostenberg Drive

This week I put a fabulously remodeled and expanded Oaktree Park neighborhood home on the market!  This exquisite house has an awesomely open floorplan with an amazing kitchen – a gourmet’s delight!  Have a look at the details! Open Sat/Sun, April 21-22, 2012 1-4pm. (more…)

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…)

Even if your home isn’t a “view property”, things can be done to enhance the attractiveness of windows and their views. Recently I was showing a San Jose home for sale to my buyers.  I was struck by the window in one of the bedrooms.  Have a look – what do you think?  Would you want to look out at this wall every day? It is not a cheerful and welcoming environment.

There are places in San Francisco, and probably other cities around the country, where homes are crammed in so tightly together that windows function only for light and air – not aesthetics.  But in Silicon Valley, that’s not usually the case.  What was the builder of this home thinking, to have a bedroom window look out only onto a wall?

This next photo is of a window which is very close to a fence. But please notice how different the whole look and feel is.

Although a fence is close by, plantings on both sides of it provide some pleasant scenery.  Additionally, the window itself is given two treatments: both shades and curtains.  The color in the drapes helps to improve the scene too.

Admittedly, it’s a bigger challenge if the window’s view is of a wall which is 6 or 8 feet away and more so if it’s a 2nd story window. But what could be done to make this more attractive?

Here are some thoughts:

(1) If possible, plant something that will provide color – ideally a flowering vine or tree.  Some are not too wide and would provide a pleasant vista.

(2) Consider hanging a bird feeder, planter box or yard ornament outside of the window

(3) Stained glass window hangings could cheer up this gloomy space tremendously

(4) Instead of bland drapes, provide something with color

(5) Translucent blinds, in the closed position, would be more attractive but still let light in

Many homes don’t have challenges as big as this example, above, but could be better staged in terms of the window view.  If you want to put your home on the market and get top dollar, walk through your property and take in what a visitor sees from each window.  Ideally, you’d like to have the shades or blinds open and provide something pleasant to see.  Sometimes that’s not possible.  See what can be done to mitigate an unpleasant view while keeping the curtains open.

A few landscaping changes in your own yard (if you have a house or townhouse) can make a huge difference, often for a small cost.  Consider adding color.  Yards that are all green are not bad, but they don’t tend to warm hearts the way that a splash of color can.

Sometimes the 2 way blinds – the ones that can go down from the top or up from the bottom – can solve a lot of visual problems, such as ugly RVs, old cars, or messy yards on the lower part of the window or power lines or tall buildings on the higher end.

Still not sure what to do? Hire a great home stager to help you to make your home attractive, and make sure that you’re considering not just what’s inside of the home, but what visitors see when they look out through your windows and doors too.

How common are “all cash” transactions for Silicon Valley real estate right now?  Throughout Santa Clara County, they were 25% of all sales, up from 20% in October 2011,  among houses, duet homes, condominiums and townhouses (class 1 and class 2, does not include mobile homes, 2-4plex or apartment buildings or raw land).   What’s trending? Lots, including more cash offers.

Some areas and some types of sales are more frequently all cash than others.  Here are a few quick stats for the last month (last 30 days from today – numbers from MLSListings, crunched by me – disclaimer on good intentions but no guarantee). Also, please note that this is for CLOSED SALES. As of this writing, we are seeing a huge uptick in multiple offers in all price ranges in many parts of the valley, and it seems that many are all cash or very large cash downpayments.

• Santa Clara County: 25% all cash
• San Jose (entire city): 27% all cash
• San Jose short sales: 27% all cash (down from 33% in Oct 2011)
• San Jose bank owned or REO sales: 39% all cash (38% Oct 2011)
• Short sales & REOs were 52% of all sales in San Jose in last 30 days (was 48% Oct 2011)
• Of SJ homes listed at $300,000 or less: 44% all cash (was 48% Oct 2011)
• Of SJ homes listed at/under $500,000: 33% were all cash (didn’t track in October 2011)
• Los Gatos: 9% all cash
• Saratoga: 8% all cash
• Almaden Valley area of San Jose: 10% all cash

Some of these sales will have no financing and the new owners will occupy the home.  Particularly in lower priced homes, though, these are investor buyers who will be renting out the property.  This is often the case with the lower price distressed properties in particular.  In higher priced homes, some new owners will put financing on the property after close of escrow.

With the crazy new demands that keep coming at us from banks and new requirements being imposed on appraisers, now more than ever, cash is king.  That doesn’t mean that the cash buyer will get a deep discount, but there will be a slight one in most cases and certainly preferential treatment that will create a great advantage in multiple offer situations.

Learn more about buying and selling Silicon Valley real estate with cash offers:

Cash offers: what do you need to know if buying “all cash”?

Q & A: Making an Offer

What’s My Silicon Valley Home Worth? Estimating the Probable Buyer’s Value  (financing impacts market value)

San Jose’s Rose Garden neighborhood (part of the 95126 zip code) includes a treasure of a place: the Rosicrucian Egyptian Museum. Located at the corner of Park and Naglee Avenues, it’s a quick trip from the San Jose airport, Santa Clara University, and downtown San Jose in the heart of Silicon Valley.

Oddly, it has its own unique zip code, which can be confusing if you have a sense of what belongs where in Silicon Valley. Surrounded by the central San Jose zip of 95126, for some reason, this block of land has its own distinct zip code: 95191. Don’t let it fool you – it’s still part of the Rose Garden district.

As a child who attended St. Leo’s Elementary School  just up the road off Race Street, it seemed that we would visit this museum annually. What struck me when I was young were the replica of a tomb and the mummies.  Later it was the jewelry and amulets.  Each time, something different stood out – and that is true for me today, also.

Enjoying the outdoors or doing a local museum day

The grounds seem much nicer today than they were in the 60s and 70s; my sense is that it’s always improving.  One of many nice features on this campus is the peace garden – open to the public and a very pleasant place in which to spend a little time. There’s a game to be played, fountains to view and walkways to wander.

In fact, if you were to want to spend even more time out doors, it would be very worthwhile to see also the San Jose Municipal Rose Garden – just a few blocks away on Naglee Avenue .  (A Starbucks at Naglee and Park, just across the street, offers food and beverages should you find that you stayed out too long.)  Want to make it an all museum day? About 1-2 miles up the road is the De Sassait Museum on the campus of Santa Clara University – and it’s free! Or a couple of miles in the opposite direction and you can take in the San Jose Museum of Art.

The few mummies on display were always a highlight – both intriguing and disgusting.  The museum includes human and animal mummies.  Today I see them and think that they really ought to be returned to their ancestral lands for burial rather than stand out as an artifact to be viewed in a museum. (I am not sure why the forces that be in Egypt don’t make a compelling case for their return.)

This museum is not for the under age 5 set, but it is great for kids in grade school and older.  Just last week I took my 21 year old daughter there again, as she’s taking a class on ancient Egypt in college and wanted to revisit the museum where she’d been several times before.

1660 Park Avenue
San Jose CA 95191

http://www.egyptianmuseum.org/