Another North Los Altos Listing

Posted on March 21, 2013 by  
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With a very competitive real estate market, and low inventory, we’re showcasing another North Los Altos properties we’ve just listed.  Please take a moment to preview the property, via the web site below, and then let us know if you have any questions. If you are interested in a private showing, please feel free to call us at 650-823-1434.

East Cost Home & West Coast Garden in North Los Altos …

A Gorgeous, traditional East Coast home in a highly sought after North Los Altos location.  1030 Estrellita Way is a 4 bedroom, 3 bath, 2875 +/-sf  home, located on an 18,000+/- sf lot.  Click here, or simply type 1030EstrellitaWay.com into your browser.

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Two New Listings In Los Altos

Posted on February 6, 2013 by  
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With a very competitive real estate market, and low inventory, we’re showcasing two new Los Altos properties we’ve just listed.  Please take a moment to preview the properties, via their web sites, and then let us know if you have any questions.  If you are interested in a private showing, please feel free to call us at 650-823-1434.

Elegant Living in North Los Altos

A Gorgeous, traditional home in a highly sought after North Los Altos location.  30 Maynard Way is a 4 bedroom, 3.5 bath, 3200+/-sf  home, located on a 11,000+/- sf lot.  Click here, or simply type 30Maynard.com into your browser.

Centrally Located With Large Lot

 

What an absolute find!  This traditional ranch style home is located centrally to all Los Altos has to offer.  525 Outlook Drive is a 3 bedroom, 2.5 bath, 2150+/-sf home, located on a 29,670 +/-sf lot.  Click here, or simply type 525Outlook.com into your browser.

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Los Altos #1 in average list price

Posted on January 15, 2013 by  
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U.S. home prices have begun to rebound in the past year. And in the most expensive markets, where the average home sells for well over $1 million, recoveries are among the strongest, increasing between 20% and 50% in most cases.

According to a recent analysis, there are at least 10 U.S. cities where the average listing price for a home in the first six months of this year exceeded $1.2 million.

The majority of these cities are on or near the California coast. For example, in Los Altos, homes sold in the first half of the year averaged a $1.7 million price tag.

These expensive markets are concentrated around the tech industry, which has remained strong throughout the recession. As a result, most of these cities and suburbs are near the heart of Silicon Valley.

Income in the expensive housing markets is among the highest in the country. According to U.S. Census Bureau data, median household income in these cities far exceeds the U.S. median income by at least $20,000. In Los Altos, the median income is nearly triple the U.S. figure of $51,914.

Two cities outside California are on the top 10 list, one of which isn’t even the continental U.S.

Based on the published data, 24/7 Wall St. identified the country’s most expensive cities for buying a home. Homes in these cities had the highest average listing price between January and June of this year. Markets with less than ten four-bedroom, two-bath homes were excluded from the survey.

And now, the Top 10 …


1. Los Altos, CA

Avg. listing price: $1,706,688
Median household income: $149,964
Pct. households $200,000+ income: 43.6%

In Los Altos, the average four-bedroom, two-bathroom home lists for nearly $50,000 more than any other city in the nation. For that price, a buyer could purchase 28 similar homes in Redford, Mich., the nation’s cheapest housing market. In Redford, the average home lists for just $60,490. Currently, asking prices in the San Jose metro area have risen 12.7% year-over-year. This is more than nearly every other metro area in the country.

Carol & I have two new Los Altos homes coming to market in the next week. We also have additional properties that we’ll bring to market in the coming months. If you are thinking about selling in 2013, let us help you get your home ready for market.

2. Newport Beach, CA

Avg. listing price: $1,658,000
Median household income: $107,007
Pct. households $200,000+ income: 37.6%

Located in Southern California, Newport Beach is the 2nd most expensive city to buy a home. Orange County as a whole has a vacancy rate of just 1.5%, among the ten lowest in the nation. Despite a 32.7% drop in home prices from peak to trough during the recession, Orange County’s median price per square foot is $265. This trails only the Honolulu, New York, San Francisco and San Jose metro areas.

3. Saratoga, CA

Avg. listing price: $1,582,434
Median household income: $145,023
Pct. households $200,000+ income: 43.1%

Though home prices in the nearby metro area fell by 25.1% peak-to-trough, Saratoga is yet another example of how the Silicon Valley housing market has recovered. Currently, the median price per square foot for homes in San Jose is $337, more than all housing markets except San Francisco and Honolulu. As of 2010, 43.1% of Saratoga households earned more than $200,000 per year, while 40.9% of adult residents had a graduate degree, versus 10.3% nationwide.

4. Menlo Park, CA

Avg. listing price: $1,506,909
Median household income: $107,860
Pct. households $200,000+ income: 34.9%

Menlo Park is one of just four cities where the average listing price for a four-bedroom home exceeds $1.5 million. As of 2010, the median income in the city was slightly below $108,000. However, the recent Facebook IPO has been a windfall to the area. In June, a real estate listing service reported that the “proportion of million-dollar listings” in Menlo Park — where Facebook is headquartered — rose by 87% between the company’s IPO filing and its first day as a public company.

5. Palo Alto, CA

Avg. listing price: $1,495,364
Median household income: $120,670
Pct. households $200,000+ income: 39.3%

In Palo Alto, 48.7% of adults have a graduate or professional degree — well more than four times the national rate of 10.3%. The city’s proximity to Stanford University, one of the top universities in the nation, may be partly the reason behind the city’s highly educated population. Among the companies headquartered in the city are Hewlett-Packard and Tesla Motors. The city is a large employer of highly skilled employees, as 25.3% of its workers are employed in professional, scientific and management occupations, well above the 10.4% of workers nationwide.

6. Los Gatos, CA

Avg. listing price: $1,444,214
Median household income: $120,971
Pct. households $200,000+ income: 37.5%

Los Gatos is one of several cities near the Los Altos on this list. Like these cities, Los Gatos likely benefits from the overall boom in the local real estate market, which currently has the lowest vacancy rate of all metro areas at just 1%. Currently, a number of unique properties are available in the city, including an 11,000 square feet property with an eight-stall horse barn and a garage that fits 12 cars listed at slightly under $13 million.

7. Rye, NY

Avg. listing price: $1,312,250
Median household income: $146,069
Pct. households $200,000+ income: 53.0%

The average listing price for a four-bedroom home in Rye is more than $1,300,000, or more-than $1 million above the U.S. average. Employees in the often high-paying finance and insurance industries accounted for a 27.8% of employed population in Rye in 2010, well above the 7% average rate nationwide. Among the properties available for sale is a five-bedroom, 7,446 square feet waterfront home for $12.9 million and a 34.2-acre plot of land for $19 million.

8. Kailua, HI

Avg. listing price: $1,238,208
Median household income: $91,082
Pct. households $200,000+ income: 14.7%

Kailua is one of just two cities on this list not located in California. The Oahu Island city is 12 miles northeast of Honolulu, which had a vacancy rate of 2.7% — better than most areas but considerably worse than the other areas on the list. As of October, the median price per square foot for a home in the Honolulu area was $398, more than in any other metro except for San Francisco. A 3/4-acre plot of land, which includes 128 feet of beachfront, is currently for sale for $16 million in Kailua.

9. Carmel-by-the-Sea, CA

Avg. listing price: $1,232,167
Median household income: $74,489
Pct. households $200,000+ income: 18.7%

Carmel-by-the-Sea, a small coastal city in California, is well known for its former mayor, actor Clint Eastwood. Currently, the average four-bedroom, two-bathroom home in the city lists for more than four times the nationwide average listing price of $292,152. One house, despite being not much larger than 2,000 square feet, is currently listed for nearly $4.5 million.

10. San Carlos, CA

Avg. listing price: $1,230,880
Median household income: $110,929
Pct. households $200,000+ income: 30.3%

As of 2010, the median income of households in San Carlos was more than double the U.S. median of $51,914. Over 30% of households in San Carlos earned more than $200,000 per year, more than five times the national rate of 5.4%. Over a twelve-month period, ending in October, it had the nation’s highest median home price per square foot at $473 among all homes listed. In San Francisco, the median age of home inventory was just 45 days as of the third quarter of 2012, lower than in all but seven markets.

 

To get more information about 24/7 Wall St., the original article, or the data they analyzed … click here

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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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A Great Time To Buy Or Sell

Posted on November 26, 2009 by  
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To Sell or To BuyMost look at the Holiday’s as a slow time in the Real Estate market.  Historically, that’s been correct.  Our minds turn to family and friends, and the many celebrations of the season.  However, 2009 is a different market, and now is actually a great time to be in a position to either buy or sell a home.

For sellers, with housing inventory so low, and limited properties coming on the market, your home has the chance to stand out. If you are looking to sell in the next few months, there are three factors that favor quick action: 1) Inventory is at its lowest point of the year; 2) Buyers actively looking, during this time of the year, are seriously interested in purchasing a well-priced home; and 3) Rates are at historic lows, which allows buyers to buy a higher priced home (when rates go up, affordability goes down).

As a seller, if you are looking to potentially sell your home in early spring, feel free to contact us for a list of items you can begin working on, to ready your home for market.  Having time to prepare your home, if necessary, allows you to manage the process over months, rather than weeks. We will walk you through our recommendations, and even manage the entire process for you, if you prefer.

How to prepareFor buyers who are actively investigating housing options during this time of the year, you are in a great position to secure a great home for a good price. As we mentioned above, rates are at historic lows. Interest rates began dropping last November, when the Federal Reserve began spending $1.25 trillion to buy up mortgage-backed securities in an effort to lower rates, loosen credit availability and bolster the long-suffering housing market.

This week, average rates for 30-year fixed mortgages had fallen to 4.78, matching a record low set last spring. However, per the conversations we are having with lending institutions, rates will likely increase, probably within the next 12 months to 6.0 or 6.5 percent.

Now is the time to act. Delaying may cost you the opportunity to buy the home of your dreams. There are still ~ 80 homes on the market in Los Altos. Some of those homes have been for sale for a while, and have seen their list price adjusted downward. Others homes have lasted only a few days, or weeks, on the market as they were snapped up quickly as a result of being priced and positioned for today’s market.

As spring rolls around, there will be additional inventory coming on the market. However, you will be competing with a larger pool of buyers for those homes. Over the past few months, we have seen a continued trend of multiple offers for well-priced homes. We fully anticipate that this will be the case next year.

Keys to successWith a strong real estate team in place, a seller or buyer could have a tactical advantage, if they utilize the right tools for today’s market. Carol & I would be happy to sit down with you and share our strategy which is designed to position you for success. If you are looking to move into Los Altos, or simply across town, we are confident that we can help you. Simply contact us today at 650-823-1434 for an appointment.

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2009 Housing Trends for Los Altos & nearby cities

Posted on June 8, 2009 by  
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As we examine the most recent statistics regarding year-over-year trends, the market is beginning to strike a decent balance, at least for May 2009. There are opportunities still out there for buyers, and yet properties are selling at a good clip for the sellers that are not unrealistic about pricing. In short, we have a good equilibrium occurring, without a clear advantage for either buyers and or sellers in the current overall environment.

Below, we have included four charts that highlight: 1) Recent Inventory; 2) Pending Sales; 3) Closed Transactions for May; and finally, 4) A comparison of year-to-date, through May 2009, of homes that have closed escrow.

As of May 2009, overall Closings were up 25% and Sales were up 70% for the west side of Santa Clara County compared to May of 2008. After a slow start to the New Year, Los Altos continues to see a ramping up of homes going into contract; however, we remain roughly 50% behind our 2008 YTD volume. The good news is that we have sufficient inventory of available homes, as we head into the summer months.

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