Trends in Silicon Valley Real Estate

Hard to Find and Buy - High-End Foreclosure Properties

2012-01-23T12:59:00.000-08:00

Just 3.7% of all public sales over $1.5mil in Santa Clara County in 2010 were either bank-owned or short sales (830 total sales, 31 distressed, of those 11 REO and 20 SS). In 2011 the number was even lower with just 2.7% of distressed high-end inventory (880 total sales, 24 distressed of those 8 REO and 16 SS). As of January 23, 2012 only 10 high-end distressed homes are offered for sale.
(Data from MLSListings Inc. as of January 23, 2012)

Additionally, the current "pipeline" for potential future distressed offerings is slim with only 86 properties in either pre-foreclosure or auction state with an estimated value of $1.5mil or higher at the date of this posting.
(Data from Foreclosure Radar)

Many of those "pipeline" properties will never be offered for sale and never go to auction as borrowers manage to workout deals with the banks successfully.

In conclusion, the impact on the high-end property market has been and likely will remain negligible in Santa Clara County. For price and sales trends in Santa Clara County also visit my Web Newsstand.

If you are targeting a high-end distressed home, ensure to work with a reputable real estate professional who only represents your interests.Distressed properties worth $1.5mil and more are a rare find in Santa Clara County. Deal seekers in particular need to understand the local facts. The chance of making a distressed multi-million deal in Silicon Valley, while possible, is rare. However, I can attest to such successes by closing two high-end sales in 2011 representing the buyers. Both were purchases well over $2mil in Los Altos Hills and Saratoga.

Strong Silicon Valley Real Estate

2012-01-19T11:41:00.000-08:00

Silicon Valley Homebuilder Finds A Profitable Niche | KQED

www.kqed.org

Exercising caution and investing conservatively results in success for a Palo Alto businessman.

I heard this report on the news this morning. It goes to show how many areas of Silicon Valley Real Estate are doing very well. Those with top schools have been rather immune to the downturn in other parts of the country. Listen to this report about Palo Alto for example.

Do you know your neighbors? The Internet does.

2012-01-19T10:44:00.000-08:00

Powerful Tool

Try this on the Neighbors White Pages: Enter your address, and up comes a map of your area...and a list of all neighbors and their phone numbers! White Pages - for your neighborhood.
This is truly amazing...and VERY USEFUL when researching property for purchase as well.

To all my clients and friends, this is a site you want to bookmark!

2012-01-12T16:59:00.000-08:00

More photos

OPEN HOUSE - Sunday, 1/15 1:30-4:30
Los Altos Hills Estate on 2.5 Acres Double Lot

NEW PRICE! 2.5 acre, 2 parcel lot with 5500 sq. ft. home, adjacent to the Arastradero Preserve. Four bedrooms plus a library, 3.5 bathrooms all on one level. Other features include: fully equipped 1 bedroom, 1 bath guest cottage, tennis court, pool and spa. Attached 3 car garage. Incredible opportunity, short distance to Hwy280, yet fabulously private. Located in the acclaimed Palo Alto School district.

Properties Sold in Select Silicon Valley Markets

2012-01-12T16:41:00.000-08:00

2011 Sales - Photos, Features, Prices - View the Details of Individual Sales

Feature details, photos, and sales prices.
Menlo Park

Palo Alto

Los Altos Hills and Palo Alto Hills

Los Altos

Saratoga and Monte Sereno

Rosegarden

Interested in other areas? Let me know what town you would like to see.

Silicon Valley Market Update & Deal Alerts

2012-01-10T09:13:00.000-08:00

In this Newsletter:

Market Review and Trends
Thinking of Selling? - Inventories are Low Now
2011 Business - Thank You!
Deal Alerts - Properties with Investment Potential

Looking back, 2011 was a wild rollercoaster ride for the nation's housing market, the economy, the financial markets and geopolitical events. Volatility is the new normal. Through all this, there is reason for hope that the real estate sector could see better days very soon. Read more

Unexpected Appraisal Shortfall

2011-09-01T11:03:00.001-07:00

Frankly, it is rare in the areas with great schools. But it happened to one of my buyers in Los Altos this week! A brand-new construction home just didn't appraise, not even near price. It just goes to remind everybody, that even a new house, with two recent close comps will not guarantee the value to be the same in the eyes of the appraiser. Be prepared!

How to Remodel Your Kitchen on a Budget

2011-07-06T10:12:00.000-07:00

Every once in a while I come across ideas for home improvement projects that add value to a home. Almost every time the list includes upgrading or improving your kitchen as being one of the biggest things that improve your home’s value.

But put the dollars aside for a moment. Not only can it increase the monetary value of a home, it probably will increase the livability of your home as well. By the way, did you ever notice that it doesn’t matter how nicely you setup your living room or dining room, people always end up in the kitchen? It’s the central part of any home no matter how big or small.
Here is the full 7-part Coldwell Banker YouTube Series on Kitchen Upgrades on a Budget. They are suggesting so many affordable things that can be done to enhance one of the most used rooms in our houses.
Enjoy!

RARE - Two Large Lots in Los Altos

2011-04-19T09:21:00.000-07:00

925 Covington
Subdividable .9 Acre

260 Eleanor
20,000sf Near Downtown

Market Picking up in Good School Districts

2011-03-29T10:22:00.001-07:00

Houses have started selling really fast in the good school districts. In Los Altos and Palo Alto lately the houses are flying off the market, many in less than 2 weeks. Stay tuned ...

2011-02-19T08:30:00.000-08:00

Coming to the Los Altos Market in early April

Want it all? This property has it!

Entertain, live, and work in this incredibly functional yet elegant home in the center of Los Altos

Do you love to entertain, do you work from home, do you want room for indoor and outdoor play in a safe environment? Do you enjoy inviting guests and entertaining in a multifunctional setting?

This property has it all! It is a meticulously updated and expanded single family residence in the heart of Los Altos situated on a fully fenced lot with four yards to enjoy. There is a front yard with paved basket ball court, a large sheltered side yard with a generous paved patio accessible from the family room and junior suite, flower beds and lawn, a back yard with master suite access to a beautiful lawn, and lastly, a side yard with room for a shed and other yard related items. You will hardly run into storage issues in this home with all this land, the attached 2-car garage, and ample closet space on the inside. The parcel has ideal south-north orientation and plenty of exposure to light. Choose a sunny or a shady outdoor spot any time of the day. The single level floorplan features a formal living and dining room, as well as a large eat-in kitchen with adjacent family room and outdoor patio access. Four bedrooms, two of them suites, allow options for larger families, or for owners who like to host guests, or for those who just need the extra rooms. A large office is situated adjacent to the master suite. And finally, this home comes with an open bonus space, presently set up as media room. This area could easily be reconfigured as a library, an open play area for children, a homework or study niche, or anything else your imagination might want to create.

COMING SOON

This home on Clark Ct is lovingly cared for by its owners and will surely capture your attention.

4BR/3.5BA, expanded and remodeled 11 years ago, office, bonus room, formal living and dining, family room, large open kitchen with eat-in area, 2-car attached garage. 2765sf living space, 10,472sf lot area. Transferrable Termite Warranty. High $1.7mil, exact figure TBD. Call now, if interested.

Don't be fooled to think it's a buyer's market. Multiple offers are happening!

2011-02-09T10:52:00.000-08:00

Buyer's or Seller's Market? It really depends on the property and the neighborhood. Multiple offer scenario yesterday - 4 offers, 3 over asking, the winner was more than $25k over. Sure, it's not the norm but happens more than one may think. Stats on prices have been stable for over 12months now in the desirable SF Bay Area communities with outstanding public schools. With national housing news not so upbeat, it's understandable that players in the market may assume everything is selling under asking by default. Real estate is local, one must remember.

2011-01-28T17:27:00.000-08:00

OPEN HOUSE - Sunday, 1/30 1:30-4:30

Newer Home on Large Lot in Center of Town

2011-01-14T10:04:00.000-08:00

OPEN HOUSE - Sunday, 1/16 1:30-4:30

View Property in Los Altos Hills

Get MLS on your phone with my mobile Website - Simply type this URL in your phone's browser.

2011-01-11T23:59:00.000-08:00

http://www.myrewebsite.com/mobile/?ID=7488

Market Statistics Year-End 2010

2011-01-11T23:31:00.000-08:00

Check out the reports for your city and for Santa Clara County at my Web library. Most cities are doing really well with flat or even slightly increasing prices over a 12+ months period.

Santa Clara County single family home sales.

Open publication

Target Your Real Estate Goals for 2011

2011-01-04T00:38:00.001-08:00

Buyer and Seller Services; Residential, Commercial, and Investment Properties; International & National Relocation; Foreclosure Properties; Off-Market Deals; Serving the Entire Silicon Valley

What Motivates You to Buy or Sell Real Estate in 2011?

2011-01-04T00:32:00.000-08:00

Open publication - More susanne bohl

2010 in Review and 2011 Real Estate Outlook

2011-01-01T16:40:00.001-08:00

Market trends for 2011

Tax credit. Historically low mortgage rates. Increased affordability of homes. Those were the factors that defined the housing marketing in 2010. But all of that leaves us wondering, what is next for real estate. Is the worst behind us? Are we finally on the road to recovery? Will sales bounce back? Will the luxury market recover sooner or later than the rest of the market? Our Reality Check writer recently sat down with Coldwell Banker Residential Brokerage President Rick Turley to answer these questions and more as they discussed the 2010 housing market and what we may expect in 2011. Continue to read the full article

Bay Area Real Estate Slowly Showing Signs of Recovery

2010-12-05T11:13:00.000-08:00

While the nation’s housing market has bounced back from the depths of the recession, the nascent recovery has been slow and sporadic in many parts of the country, including here in the Bay Area. The question on everyone’s mind is, “When will the market return to normal?” No one knows for sure when that will happen (the definition of “normal” is rather subjective - it seems today’s market is the “new normal”), but there are a number of signs out there that we should be watching for – economic indicators that will point to a more robust recovery in the market.

Since real estate is such a local business, our local market indicators will give us some clear signals. In addition to seeing overall sales rise in our local communities, we will be looking for inventory levels to fall, median prices to edge higher, the average days on market figure to drop, and the upper end of the market to heat up. Historically, it’s been the high-end market that comes out of a recession first because buyers have the means to take advantage of good values.

Locally, we’ve seen encouraging growth in luxury home sales. It’s widely believed that the so-called “smart money” – well-healed investor – is the first to jump back into the housing market, ultimately leading a sustainable recovery in the overall market. The Month’s Supply of Inventory of San Francisco homes over $3M dropped to 6 months in November, 18% improvement over November ’09 and 24% better than November ’08 when it was at 8 months supply. While San Mateo County’s number is quite a bit larger at 15 month’s supply of homes over $3M, it’s a remarkable 34% improvement over November ’09 when it was at 24 month’s supply. Sales of million-dollar homes in Silicon Valley and the median sale price edged higher in October, according to Coldwell Banker Residential Brokerage’s luxury home report. It was the eighth time in the past nine months that year-over-year sales in the luxury market increased. Luxury sales also edged higher in the East Bay. In Marin, although sales dipped slightly in October, the median price rose 7 percent.

The broader Bay Area housing market, however, is still working to move back to normalcy. Sales in October were off sharply from year ago levels. Analysts believe much of the drop had to do with the fact that 2010 home sales were “front-loaded” earlier in the year as buyers rushed to take advantage of the tax credit before it expired. But certainly tighter credit and concerns over jobs played a role.

So where does this all leave us as we head toward year-end? Our local housing market recovery – like those in many regions – has been slow and choppy at times. Yet we are seeing enough positive signs overall to believe better days are ahead of us as we move into the new year. For those looking to buy a home, the stars are in perfect alignment. Interest rates are at historic lows in the low-4% level in 30-year fixed-rate loans. Home prices are very attractive. And housing affordability is at the highest point in years. Buyers need to examine their own “personal economy” and decide if they’re in a position to invest in a home. If they are, there may never be a better time.

Sourced from: Coldwell Banker Weekly Market Watch

Negotiation

2010-12-05T11:02:00.000-08:00

I attended a fabulous 2-day negotiation training last week. Inspiring fresh techniques to fine-tune the old ways and keep improving results for my clients.

2010-11-16T21:37:00.000-08:00

OPEN HOUSE - Sunday, 11/21 1:30-4:30

Elegant Tuscan Villa in Los Altos Hills

11860 Francemont, Los Altos Hills

Coldwell Banker Offices Report on Bay Area Market Activity

2010-11-08T14:16:00.000-08:00

Silicon Valley – The Los Gatos market appears to be steady or even improving. We just went into contract on an $8.9 million dollar home, just closed a $4.3 million dollar home and had a $2.5 million dollar buyer walk in to an open house looking for an agent. Open houses are where the action is, according to our Cupertino manager. Lots of lookers, but fewer buyers. The manager reported 16 ratified offers, including several multiple offers, and 132 open homes. The Los Altos office, meanwhile, says the market is slowing due to the holidays approaching. There have been 26 ratified offers, about 20% of them multiple offers. Some of the deals have fallen through due to financing problems for the buyers. The local market is slow above $1.6 million and very slow above $2.5 million. In the San Jose Almaden area, inventory is decreasing but sales activity is steady with 18 ratified offers, six of which are multiple offers. Our San Jose Main office, meanwhile, says the market has picked up a little. Open houses are slow, perhaps due to Giants in the playoffs and now the World Series. Some of our listings are getting reduced in list price as well. Finally, Saratoga seems to be quieting down with our local office saying it seems as though we're entertaining the holiday slowdown a bit early.

San Francisco Peninsula — Our Burlingame office says that sales activity is steady while inventory has decreased. The terrible rain and wind put a damper on some open homes while others had groups of 20 or more. There are continued re-negotiations on properties already in contract due to needed repairs and lender requirements. In the Previews market, buyers are becoming active and bringing cash. There is a lot of money coming from overseas. This would indicate that investors are sensing the bottom of the market. Across the hills in Half Moon Bay, sellers are frustrated with the few showings across all price ranges. Buyers are looking but aren’t writing offers unless the home is perfect in all aspects. In Menlo Park, open houses were excellent this weekend despite the rain. A good omen, our local manager says. The Previews market is getting stronger - more confidence by buyers. They had a $7.5 mil sale on basically raw land in Atherton. The Palo Alto market has been steady to improving. Turnover is brisk on homes priced up to $2M, including multiple offers. However, volume of sales is low. Seems as though the holiday season is affecting the market sooner rather than later. Our Redwood City office reports the local market has been very slow. Our San Mateo manager says the hottest local markets are in that city with 42% of the total sales, Burlingame with 21% and Belmont with 16%. Open houses were well attended last week even with the rain.

(Source: Coldwell Banker Weekly Market Watch)

Buy or Sell Decision Based on Your "Personal Economy"

2010-11-01T23:15:00.000-07:00

Great article - it's more than the general economy we need to consider when making real estate buy or sell decisions.

The California Foreclosure Process

2010-10-23T12:35:00.000-07:00

courtesy ForeclosureRadar.com

Good introductory read about the foreclosure process! You can also search pre-foreclosure and foreclosure properties on the right-hand side of this blog and request property details.

Foreclosures Listings Menlo Park, Palo Alto, Los Altos & Hills, Mountain View

2010-10-18T11:30:00.000-07:00

Coldwell Banker Offices Report on Bay Area Market Activity

2010-10-18T09:23:00.000-07:00

Silicon Valley – Sales activity is on the rise and inventory is declining, according to our Cupertino office. If a home is really well priced, it gets a lot of attention. Otherwise it sits. Open house traffic was slower, but still respectable. Our Los Altos office says sales and inventory are decreasing. The Previews market is slow above $2M and get slower as the price increases. In Los Gatos, properties that are priced at or below market value continue to sell rapidly and in some cases with multiple offers, which seem to be increasing. Our San Jose offices report sales activity steady to declining. Our San Jose Main office says open house activity, however, is increasing, especially in the $500,000 to $800,000 range. Inventory seems to be leveling off and/or decreasing, which is typical this time of year. Low interest rates are keeping some buyers in the market currently. In Saratoga, agents are having numerous problems with unsure buyers and lenders not closing transactions on time.

San Francisco Peninsula — Activity on the coast is slow, according to our Half Moon Bay office. We have 1 years worth of inventory in all price ranges. The home must be in special condition, location and price to generate activity. In Menlo Park, the market has been fairly steady. We have had a very busy two weeks – it almost felt like the spring market. Buyers are stepping up. But even with multiple offers on our mid level prices, prices are generally not going over list. A few higher end properties are moving – price ranges in the $2 to 2.5 mil range are now moving a bit better. In Palo Alto, open houses still seem to be relatively strong up to the $3M mark. If priced well, there are multiple offers and very little inventory. Our Redwood City office reports that it has been very slow the last couple of weeks. Both sales and listings are down. Some buyers are moving very slowly, believing that the market will continue to decline. Our San Mateo office says that inventory is moving slower than normal at this time of year. The accumulation seems to be gradual, but it is slowly building toward the end of the year. In Woodside, the local market is alive and has had a clear renaissance. Four homes have sold in Woodside in the last 10 days all over $6 million – and three of them had multiple offers. This is a stunning development since we have had just four sales over $6 mil in the last 12 months. Big money is getting confident, our local manager says.

(Source: Coldwell Banker Weekly Market Watch by Rick Turley)

2010-10-15T16:18:00.000-07:00

OPEN HOUSE - Saturday, 10/15 1:30-4:30
Just reduced under $2mil - Outstanding value in the hills!

25725 Altamont Rd, Los Altos Hills, CA

2010-10-15T15:48:00.000-07:00

DEAL ALERT $1.595mil Los Altos Hills one acre bay view property
4BR/3BA 2400sf single story view property with large balcony toward bay and spacious flat front lot. Top Los Altos schools. Just $200k reduced.

13038 Vista Del Valle, Los Altos Hills

2010-10-11T21:39:00.000-07:00

Got Title Insurance?

Buyers of foreclosed properties are likely going to face increased difficulties purchasing title insurance. With recent worries that lenders might have wrongfully foreclosed in some cases, title insurers are now becoming selective in when to issue a policy. Already some companies have decided not to insure recently foreclosed homes. Others have only tightened their guidelines for now.

Bought a Foreclosure? Have Title Insurance? (SF Chronicle)

This can potentially become an issue for bank-owned properties as well as for houses that were purchased by investors at the foreclosure auction. Buyers who need a loan could potentially be excluded from the purchase of any such recently foreclosed properties. Cash buyers are not required to purchase title insurance, but many are likely still going to want that coverage against future title claims.

Generally, a property will be considered insurable again after 12 months from the foreclosure date.

Related articles:
After Foreclosure, A Focus on Title Insurance (NY Times)
Old Republic to Stop Writing Policies For Some Foreclosures (USA Today)

2010-10-10T17:19:00.000-07:00

DEAL ALERT!

New Construction $2.995mil - Cannot build new at this price

12369 Gigli Ct, Los Altos Hills, CA 94022

2010-10-10T16:20:00.000-07:00

Welcome to Observations and Trends in Silicon Valley Real Estate. These are exciting times - no day is the same in our local market. Some areas are still declining side by side with improving segments. There are plenty of opportunities for buyers of real property whether one is buying for personal use or for investment purposes. Patience is the key to success when pursuing your next real estate acquisition or sale. Take the time to research recent sales, and study the property in mind diligently. When selling do not overprice the listing, this will only delay offers. Be open minded and willing to negotiate with bidders even if the terms are not agreeable initially. When buying the same advice applies. It may take several attempts to get buyer and seller into contract successfully.

Trends in Silicon Valley Real Estate

Hard to Find and Buy - High-End Foreclosure Properties

Strong Silicon Valley Real Estate

Do you know your neighbors? The Internet does.

Try this on the Neighbors White Pages: Enter your address, and up comes a map of your area...and a list of all neighbors and their phone numbers! White Pages - for your neighborhood. This is truly amazing...and VERY USEFUL when researching property for purchase as well.

To all my clients and friends, this is a site you want to bookmark!

Properties Sold in Select Silicon Valley Markets

Silicon Valley Market Update & Deal Alerts

Unexpected Appraisal Shortfall

How to Remodel Your Kitchen on a Budget

RARE - Two Large Lots in Los Altos

Market Picking up in Good School Districts

This home on Clark Ct is lovingly cared for by its owners and will surely capture your attention.

4BR/3.5BA, expanded and remodeled 11 years ago, office, bonus room, formal living and dining, family room, large open kitchen with eat-in area, 2-car attached garage. 2765sf living space, 10,472sf lot area. Transferrable Termite Warranty. High $1.7mil, exact figure TBD. Call now, if interested.

Don't be fooled to think it's a buyer's market. Multiple offers are happening!

Newer Home on Large Lot in Center of Town ﻿﻿﻿﻿﻿﻿

View Property in Los Altos Hills﻿﻿﻿﻿﻿﻿﻿

Get MLS on your phone with my mobile Website - Simply type this URL in your phone's browser.

Market Statistics Year-End 2010

Target Your Real Estate Goals for 2011

What Motivates You to Buy or Sell Real Estate in 2011?

2010 in Review and 2011 Real Estate Outlook

Bay Area Real Estate Slowly Showing Signs of Recovery

Negotiation

Elegant Tuscan Villa in Los Altos Hills

Coldwell Banker Offices Report on Bay Area Market Activity

Buy or Sell Decision Based on Your "Personal Economy"

The California Foreclosure Process

Foreclosures Listings Menlo Park, Palo Alto, Los Altos & Hills, Mountain View

Coldwell Banker Offices Report on Bay Area Market Activity

Try this on the Neighbors White Pages: Enter your address, and up comes a map of your area...and a list of all neighbors and their phone numbers! White Pages - for your neighborhood.
This is truly amazing...and VERY USEFUL when researching property for purchase as well.

Newer Home on Large Lot in Center of Town

View Property in Los Altos Hills