A Home In The Hills
Filed under Sold Properties · Tagged: Employee Relocation, Home Prices, Inventory, Los Altos Hills, Quality of Life
12460 HILLTOP DR, Los Altos Hills, CA 94024
Listed at $1,499,000 / Sold at $1,450,000
4 Beds / 2 Baths / Home: 1,966 sqft / Lot Size: 18,693 sqft
Single Family Detached
Represented: Buyer
Los Altos Property Values Up Yr/Yr
Filed under Blog · Tagged: Current Market, Daily News, Home Prices, Housing Choices, Inventory, Los Altos
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.
Year-over-year Home Sale Trends
Filed under Blog · Tagged: Home Prices, Los Altos, Market Trends
Los Altos is consistently ranked among the most desirable communities in the State. Great schools, awesome weather, quaint downtown, and of course those wonderful homes on 1/4 acres (or more) lots.
The Bay Area is a big place, both in area and population. Communities are as varied here as as any major metropolitan area. For background, there are over 1.8M people living in Santa Clara County, and almost 7M in the Bay Area.
However, per the 2010 census, there are only 29K people who actually live in Los Altos. The City covers just 6 square miles, has two zip codes (94022 & 94024), and is located in the heart of Silicon Valley. As a community, it’s in high demand.
So, it should come as no surprise that Los Altos has made yet another list. This time, it is listed among those communities that saw the greatest increase of year/year home sales over $1M. Below, is a slightly edited article written for the Silicon Valley Community Newspaper group. Enjoy …
The number of California homes that sold for $1 million or more in 2010 rose for the first time in five years, a sign that certain segments of the economy improved and high-end home shoppers went bargain hunting, a real estate information service reported.
Los Altos was among 25 communities that saw the highest gain of million-dollar homes sold last year.
Statewide, 22,529 homes sold for $1 million or more last year, up 21 percent from 2009 and the highest level since 2008, when 24,436 homes sold for $1 million-plus, according to the DataQuick report. Million-dollar sales peaked in 2005 at 54,773, after which they declined each year through 2009. The median-sized million-dollar home was 2,840 square feet, with four bedrooms and three bathrooms. Additionally, the median statewide price paid per square foot for all million-dollar homes in 2010 was $601, down from $605 in 2009.
For South Los Altos (94024), 243 homes sold in 2010, up from 211 homes, with the most expensive home sold at $4.75 million. For North Los Altos (94022), 218 homes sold in 2010, up from 174, with the most expensive home $6.15 million.
“It’s not surprising that the high-end market has remained strong in our Silicon Valley neighborhoods. People buying in these areas will typically have higher income and are willing to pay more for a prime location. Our excellent schools and higher education institutions, highly educated workforce, and a great mix of shopping and services make the region ideal,” said Gene Lentz, president of the Silicon Valley Association of Realtors.
Bay Area Home Sales
Much of the housing news this week focused on a new finding that the number of home sales may have been overstated for the past few years by the National Association of Realtors, which closely monitors sales data. I’m here to tell you that this is not the important story of the week for those of us living and working in the Bay Area.
No, the important housing story for us is actually pretty fair news: Bay Area home sales were up in January compared to the same month a year ago. According to the real estate monitoring service DataQuick, 4,966 homes sold in early 2011, which was lower than December numbers but higher than January last year.
January and February typically are slow months for housing, and DataQuick pointed out that this makes it difficult to use these months as trend predictors. But a year-over-year increase is a good thing and could mean we are indeed seeing the beginning of that slow recovery we’ve all been talking about for 2011.
The fact that a home in my neighborhood just sold in less than three weeks also contributes to my optimism.
What else is new as we dig through the first set of numbers for 2011 in the Bay Area?
- The median price for new and resale houses and condos decreased to $338,000 in January from $350,000 a year ago.
- Higher-cost homes seem to still be seeing the affects of the credit crisis, which made adjustable-rate mortgages and “jumbo” loans more difficult to get. Jumbo loans accounted for 60% of the Bay Area home loan market more than three years ago, and accounted for only 27.1% of the market in January of this year.
- Foreclosure activity remains high, but is below the peak levels reached two years ago, the report said.
Not stellar, but not a bad beginning to 2011.
As we work through the year, remember the importance of discovering the data in your local market. What’s being talked about at the national level in real estate very often has nothing to do with your home sale or purchase.
To find out more about the Los Altos area market, I recommend that you call David & Carol Casas.
Gino Blefari, Intero CEO, wrote this blog post to share with MoveIntoLosAltos.com
Stunning Home in Campbell
Filed under Sold Properties · Tagged: Employee Relocation, Home Prices, Housing Choices, Inventory, Real Estate Marketing
1374 ROBNICK COURT, CAMPBELL, CA 95008
Listed at $1,299,000 / Sold at $1,275,000
5 Beds / 3.5 Baths / 4,004 sqft
Single Family Detached
Represented: Buyer
Good News & More Good News
Filed under Blog · Tagged: Closed Transactions, Employee Relocation, Home Prices, Housing Choices, Los Altos, Quality of Life, Real Estate Marketing
Good News #1 … 2010 is shaping up to be a banner year for real estate in Los Altos. Comparing the first six months of 2009 with the same time period for 2010, there were 58% more homes sold. Additionally, we saw an increase in the sales prices of comparative homes year-over-year.
Interestingly, however, the average “days on market” for a home has increased to 87 days. That is a significant increase for homes which last year were sold in less than 60 days. So, what gives?
Clearly, lenders are taking a slightly longer to work through the average transaction. But it’s still feasible to close a transaction in 30-45 days. Anticipating market demand, for any one home, is still an imperfect science. However, we have been seeing well priced homes snapped up without dely.
Good News #2 … our last two listing sold in less than a week, and we are confident we can achieve similar results for you. How did we do it? We put together an effective plan, executed on that plan in partnership with our clients, and developed an outreach campaign to attract the maximum number of agents and interested buyers.
In all, over 230 Real Estate Agents stop by these two homes on Broker Tour when they first came on the market, in sequential weeks. Buyer traffic through the properties was consistent from the time 465 Benvenue Ave & 595 Los Altos Ave hit the market. An average of 270 potential buyers visited each home through open house, while even more buyers came by via private showings.
So, the market remains strong, but inventory is relatively low. There are a number of buyers looking to move into Los Altos, but they are strategically examining the available options. With 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.
If you are looking to move into Los Altos, or simply move across town, we are confident that we can help you. Call us today at 650-823-1434. We would love the opportunity to earn your business.
Mediterranean Home Near County Club
Filed under Sold Properties · Tagged: Employee Relocation, Home Prices, Inventory, Real Estate Marketing
655 GREENVIEW PLACE, LOS ALTOS, CA 94024
Listed at $2,195,000 / Sold at $2,253,000
4 Beds / 3.5 Baths / 3190 sqft
Single Family Detached
Represented: Buyer
A Classic Colonial Property
Filed under Sold Properties · Tagged: Employee Relocation, Home Prices, Inventory, Real Estate Marketing
1723 MILTON STREET, REDWOOD CITY, CA 94061
Listed at $1,195,000 / Sold at $1,160,000
4 Beds / 2.5 Baths / 2460 sqft
Single Family Detached
Represented: Buyer
645 Palm Ave – In the “Heart of Town”
Filed under Sold Properties · Tagged: Home Prices, Housing Choices, Los Altos, Quality of Life
A single family home for under $1M in Los Altos! Really? Really! 645 Palm Avenue is a home you will want to visit this weekend during open house.
This wonderful two bedroom, 1 bath, home is perfectly located within the Old Los Altos neighborhood. This is a wonderful home, on a great street, with easy access to Downtown, Shopping, Parks and Schools. More importantly, it’s located in a fantastic neighborhood.
The home has a well-designed floor plan and a great backyard. With the splendid weather Los Altos realizes, this backyard is perfect for outdoor enjoyment. Additionally, you have vehicle access from both the front and the back of the property.
North Los Altos has always been a highly desirable place to live. Just blocks away from this home, you could stroll or bike to Redwood Grove, visit the Main Library, or even walk to dinner at a downtown restaurant. Whether you want fantastic schools, a great location, or a quiet tree lined street, this home offers it all.
If you are looking to move into Los Altos, or simply move across town, we are confident that we can help you. Call us today at 650-823-1434. We would love the opportunity to earn your business.
Incredible Home & Great Location
Filed under Sold Properties · Tagged: Employee Relocation, Home Prices, Inventory, Real Estate Marketing
20433 WALNUT, SARATOGA, CA 95070
Listed at $1,828,000 / Sold at $1,770,000
4 Beds / 3.5 Baths / 2430 sqft
Single Family Detached
Represented: Buyer
About Us
Moving into Los Altos? We can help! We have lived in Los Altos for the past 35 years and love helping people buy and sell homes in this great city! We bring experience, knowledge, skills and professionalism to each of our client relationships. Our clients will agree they would not have had the same positive experience, at each step of the way, if they had not had us represent them.
David Casas Cell: 650-823-8920 or Email
(DRE#01116954)
Carol Casas Cell: 650-823-1434 or Email
(DRE#01123855)
