Archive for the ‘Santa Clara County’ Category

Newer Entries »

Great time to buy investment real estate? Depends.

By Mario Pinedo | July 22nd, 2009 0 Comments

In the single family home market, prices are down significantly. Interest rates are also at close to all-time lows.  So, yes, all indicators are pointing to a great buyers market.

The apartment market is different altogether. First time buyer financing is harder to get and also due to many foreclosures making homeowners into tenants, there are far more renters in the marketplace than normally would be. Therefore, rental rates are up and vacancies are down. Most apartment owners are happy and not very motivated to sell.  Read: no good deals here.

The one opportunity I see is in the duplex – fourplex market. Here there has been financial trouble because of the loose financing that occurred. Compare this to the financing of apartment buildings above 4 units, which has always been very conservative. There are short sales and bank owned foreclosures to be had in the duplex – fourplex market.

With rents healthy… yes, this is indeed a good time to buy a home.

  • Get new posts via email
  • Subscribe

Protect Your Investment & Pick Your Home Inspector Carefully

By Theresa Wellman | June 4th, 2009 1 Comment

house1Today with many of the homes available for sale being REOs and short sales, there is even more to watch out for. Typical REOs and short sale homes had owners who did not take care of their homes or worse yet, left damage. So choosing a thorough property inspector is an essential piece of a home purchase process.

Why Can’t You Do It Yourself?

I know, now that you are getting your own home, you want to care for it and desire to know its ins and outs. The inspection period when buying a home is not the time for this. Even the most experienced homeowner lacks the knowledge and expertise of a professional home inspector (Do you inspect 2-3 homes per day as your job?). An inspector is familiar with the elements of home construction, proper installation, maintenance, building codes and home safety. He or she knows how the home’s systems and components are intended to function together, as well as why they fail. Above all, most buyers find it difficult to remain completely objective and unemotional about the house they really want, and this may have an effect on their judgment. For accurate information, it is best to obtain an impartial, third-party opinion by a professional in the field of home inspection.

How Do You Choose a Home Inspector?

1. Work with your real estate agent’s recommendation.

a. Agents who have experience in the business can tell a thorough inspector from one who just breezes through a quick checklist. Agents do not get anything from recommending one inspector other than piece of mind that a professional is looking at the home. If a property inspector misses something, there could potentially be a lawsuit and no experienced agent wants to risk that.

2. Check your local ASHI (American Society of Home Inspectors) chapter for recommendations in your area. It is very important that your inspector be aware of the area and what is normal for local homes or what items to look out for. Be wise making one of the largest investments in your life and hire a qualified home inspector!

Any other recommendations on how to find a good inspector?

  • Get new posts via email
  • Subscribe

Has the Silicon Valley Real Estate Market Hit Bottom?

By Dawn Thomas | May 22nd, 2009 0 Comments

The Silicon Valley Real Estate Market continues to pick up momentum.  The question is, have we hit bottom and are we heading out of this or is this just a short upswing before the bottom really falls out?  I wish I had the answers to that question.  My suggestion right now would be that if you are considering a real estate purchase, jump in now.  You simply cannot go wrong.  If you are selling or need to sell—list now and price your home to move fast.  If this is a short upswing then you don’t want to miss your chance to sell now during an upswing.

 

How long of a window might we have?  Who knows???  I would guess that we might see a better market for at least the next 60-90 days.  The longer term problem could be increased interest rates or the increase in inventory of short-sale and foreclosed homes.  Any of these could have a negative impact on our local market.  My suggestion is don’t watch national trends, but focus mostly on what you see taking place in our community and listen to your Real Estate professional for the best perspective on what’s really going on.  Your Realtor® has his/her ear to the ground every day and knows the pulse of the local market.

Have you noticed that mass media has stopped talking about Real Estate since the drama is no longer left in the story and there’s no more “tragedy?” Take notice of this, my readers!

Let’s Talk Trends
For Silicon Valley Real Estate as a whole, check out these trends. Bottom line—if the trends continue, we will see a shortage of inventory in the not-so-distant future. The last time this happened was in 2005.

In Los Altos, Los Altos Hills, and Mountain View, we are seeing some upward momentum in certain areas and fairly regular activity in others (stats from April 2009):

Los Altos—New listings increased (118% of April 2008); Inventory is 203% of April 2008; Closed sales are 45% of April 2008.

Los Altos (comparing April ’09 to March ’09)—17 more new listings entered the market in April, making the current inventory of active homes 132. Closed sales were down a bit—11, which was 78.5% of March’s closings.

Los Altos Hills—New listings increased – 1.5 times more in April 2009 than in April 2008; Inventory is 159% of April 2008; Closed sales were right on point with April 2008.

Los Altos Hills (comparing April ’09 to March ’09)—27 more listings came on in April, making the current inventory of active homes 70. Closed sales were 6, which is the total of combined sales for all of Dec. ‘08 – Mar. ’09). This is an excellent trend for the higher-end!

Mountain View—New listings increased (115% of April 2008); Inventory is 200% of April 2008; Closed sales are 133% of April 2008—another great upward momentum indicator for our market!

Mountain View (comparing April ’09 to March ’09)—45 more listings came onto the market in April, completing month-end active inventory at 108. April’s closed sales exactly doubled March’s at 20!

So, I will ask you—have we hit bottom? I would love hear your comments!

 

 

  • Get new posts via email
  • Subscribe

So what is an Eichler?

By Marcy Moyer | April 21st, 2009 0 Comments

echlerPalo Alto is home to many Eichlers, mid-century single story homes with walls of windows, tar and gravel roofs, wood siding, radiant heat, and a concept of indoor/outdoor living. In the 50’s these homes were considered modern, quintessentially Californian, or fire traps called 7 minute Eichlers because they could burn to the ground in 7 minutes or less. The mahogany walls had no fire retardant properties so the homes burned quickly if there was a fire.

Joseph Eichler was a student of famed architect Frank Lloyd Wright and learned from Wright the beauty of clean lines, a wonderful use of light, and a contemporary feel. What Eichler did that was so influential was taking these lofty architectural concepts and mass producing them for the families of young GI’s after WWII. He built large tracts of affordable homes, many in south Palo Alto. While builders like Roger Kohler (father of well known Palo Alto Architect Roger Kohler), or Barret and Hilp were building the typical 3 bedroom 1 bath cottages for the new young families, Eichler figured out that by adding a 2 bath he could have a huge leg up over the competition as well as adding great value to his inexpensive homes. Eichler had some good and some bad copiers. Kaufman and Brown Stern, and Macay also built contemporary style homes in the bay area. These homes have many similar features and some features that are better (like central heat) and some worse (like a floor plan that does not flow as well or use the inside/outside feel as well).

I do not think that in 1952 Eichler believed his homes would be in their original condition in 2009. Having the plumbing and heating under a cement slab sitting on expansive soil has been a problem. The lack of insulation is a problem in our energy conscious society. Many of the homes have had the mahogany walls replaced with sheetrock which makes for a much more fire safe abode. However, the style of an Eichler is very pleasing to many modern buyers. The kitchen faces the living area and looks out to the back yard. This is the open great room style that is found in most new construction today. When updated, these can be wonderfully comfortable, energy efficient homes.

There is some debate as to whether an Eichler sells for less than a ranch style or cottage style home. It is not a simple question because many Eichler’s are in the flood zone in Palo Alto which will bring the price down. Also, some Palo Alto Eichler neighborhoods have voted in restrictions on building a second story in order to preserve the privacy that Eichler built into his developments. However, this restriction has a dampening effect on re-sale value.

Right now the contemporary, mid century style of an Eichler is in favor with many buyers. With modernization of the windows, heating system, roof, and finishes, these homes will probably last for many more years to come.

 

 

 


Real Estate Trifecta

By Dawn Thomas | April 1st, 2009 0 Comments

Lifestyle is what comes to mind when thinking about living in Los Altos and Los Altos Hills. As one of the most coveted areas in the Silicon Valley, real estate in Los Altos provides large lots, prestigious schools, and a way of life that most would consider extremely appealing. The Los Altos lifestyle does come with a price! The good news is that property prices are lower—even in Los Altos and Los Altos Hills. Our market is experiencing what I call a Real Estate “Trifecta.” According to Wikipedia, “trifecta” is a term used to describe any successful or favorable phenomenon or characteristic that comes in threes. The trifecta we have right now in the Silicon Valley real estate market is:

  1. low interest rates
  2. lower property values
  3. sellers willing to negotiate

Oh, and if you are a first-time home buyer, don’t forget the tax credit that is part of the Stimulus Package


Market Share

By Intero Real Estate | March 24th, 2009 0 Comments

Intero becomes top real estate company in Silicon Valley

Intero Real Estate Services is now Silicon Valley’s top real estate company.

RE Infolink, the Multiple Listing Service in the Silicon Valley area, shows that Intero has a 17 percent share of Santa Clara County single-family home and condominium sales. That’s five percentage points ahead of Coldwell Banker Northern California, which has 12 percent of the market.

Until January, Coldwell Banker Northern California had been the market leader in the area.

“This is more than just one brand versus another. It relects a fundamental shift in the way real estate services are delivered,” Intero CEO Gino Blefari says. “It shows that our investments in technology, our commitment to innovation and vision for a new kind of real estate company have resonated with agents and consumers looking for a different – and better – experience.”

Blefari also notes that Intero continues to innovate and embrace change, even as other companies have cut services or reduced marketing budgets.

Just a few years ago, Intero moved ahead of Alain Pinel for second place in Santa Clara County.

Click here to read the full press release.

See Also


Newer Entries »