Los Altos Property Values Up Yr/Yr

Posted on July 3, 2011 by  
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Once again, just like the last economic recovery, Los Altos leads the County in real estate assessed values going up year over year.  The latest data, complied by the County Assessor office, highlights the strength of the local market.  While other nearby communities have seen a continued loss in property values.  Los Altos was up 3.6%.

The modest increase in value for the Los Altos community, continues the upward trained we wrote about in a earlier post.  The good news, is that we have strong demand for homes that come to market for sale.  The bad news, is that the current inventory of available homes for sale, in Los Altos, is 50% below last year.

Basically, well priced homes are being snapped up within days after the traditional broker tour.  While homes priced just above market are seeing good foot traffic of interested buyer, just not a similarly quick sale.  Buyers are still looking for value.

A variety of papers have been highlighting the recent uptick in both real estate activity, as well as sale prices.  One reporter, Diana Samuels (Daily Post) wrote an recent article about local property values rebounding.  Below, is an slightly edited version.  Enjoy …

Santa Clara County’s assessor says property values are starting to rebound, and it’s mostly thanks to Los Altos and Los Altos Hills.

Assessor Larry Stone announced Thursday that the county’s 2011-12 assessment roll, which provides a snapshot of the value of all properties in the county as of Jan. 1, 2011, grew from $296 billion last year to $299 billion, or an increase of 0.88 percent.

“We’re seeing some movement in a positive direction,” Stone said. “Even though it’s a modest increase in property assessments, the trend is encouraging. I think I can say without hesitation that we’ve finally hit bottom.”

Los Altos and Los Altos Hills were the two cities in the county that saw the highest growth. Los Altos’ property values grew by 3.59 percent, and Los Altos Hills’ by 3.81 percent.

Stone said the northern part of the county tends to recover first in a bad economy.

“The higher-end areas … were not hit as hard by the collapse of the residential market,” Stone said. “The bloodbath was in South County — Gilroy, Morgan Hill, East San Jose and Milpitas for the most part.”

In addition to a more stable residential market, the northern part of the county continues to attract major technology companies and new startups, which are expanding as the economy recovers, Stone said.

Los Altos remains a desirable community to both buy a home, and raise a family.

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