Silicon Valley Real Estate Market Hot Spots
 
Good news has been slow coming to the Silicon Valley real estate market since fall of last year. However there are “hot spots” emerging in the market, particularly in the more affordable lower end, but also up peninsula in the upper price ranges; this later observation is significant to real estate on the west side of the south bay, as recovery in 650 area code generally leads recovery in 408 area code.This sampling from agent’s intra-office emails is the sort of thing that is not likely to be reported in the newspaper:”Wrote 4 offers this week and was outbid on all of them:
- offer price $440,000 downtown San Jose – 3 offers
- offer price $485,000 Santa Theresa – 8 offers
- offer price $525,000 Morgan Hill – 3 offers
- offer price $800,000 Morgan Hill – 2 offers”
“These offer were for 4 different buyers and we were out bid on all of them. In the lower price range the market is HOT. Two of the above properties were REO and two were regular sales. Two other buyers have written 4 offers in the last month and were outbid on all of them too.” Liz Williams
“3 offers on Keith in Campbell Wednesday.” Anita Hunter
“I had 14 offers on my Milpitas listing last night! The price was $560K. Crazy, if you ask me!” – Steve Coan
“In last 2 weeks, my client lost on 2 houses in Almaden area. One received 8 offers and the other got 3 offers. The first one we offered $25k more than asking.” – Prakash Desai
“The Los Altos Alain Pinel office seems to feel like we have bottomed out and are headed back up. Last week in Los Altos, two properties in the low $2M’s sold with multiple offers, Solana and Pine. The week prior to that, two listings in Los Altos Hills in the $4M’s went with multiple offers. None were REOs or short sales.” – Connie Miller
I was telling one of my buyer clients this morning that not only was there some good news from Ben Bernanke this week, and lower than expected increases in unemployment (to which the stock market responded positively), but many homebuyers are deciding that we are close to the bottom of the market. There is very likely pent-up demand from buyers who have been holding back. I believe that now is the time to buy.
Jeanne Rajabzadeh, a Coldwell Banker Realtor agent commented to me today on Facebook, “If someone does not buy now, and they are qualified, then they are not really “buyers”. Real buyers BUY a home, not drive you crazy looking at a million web sites and 100+ homes. Lots of wonderful homes in all areas and price ranges. Something for everyone! Step up and get what you want.”
Rick Bonetti, Alain Pinel Realtors 408-857-8800
