What a difference timing makes in the real estate market!   Last fall 2009 the Saratoga real estate market was sluggish and now it fast and engaged.

Last week I reported the avalanche of positive market response to a Saratoga listing Moe Baniani and I have on Wolcot Way and how the Cupertino market is hot.  Today,  in an email to our Alain Pinel office, Alexis Lake, a new agent, gives more evidence as she reports her experience selling her personal home in Saratoga this past week vs. last fall:

“We just sold our house on Obrad in Saratoga with multiple offers to a highly qualified buyer who I’m very confident will perform. We had our Obrad house on the market 4 months ago for a short while and then withdrew it. The market certainly has shifted since September and a compelling statistic that supports this shift is the click thrus on the tour factory virtual tour.”

“In September, it felt like buyers were on Quaaludes, moving very slowly, with absolutely no sense of urgency. Worse, when they finally got in contract, I saw several transactions end up TFTing. (Slow and nervous)”

“Now, it is like buyers are on speed, have all their ducks in a row and are not only motivated and ready, but very likely to perform. (Fast and furious)”

“Take a look at these # of views from Tour Factory for the first 5 days on the market for 12320 Obrad Drive:

NOW                             THEN
1/25/10   1734     9/15/09     27
1/26/10  1,720    9/16/09    673
1/27/10     973     9/17/09    492
1/28/10     837     9/18/09    549
1/29/10     373     9/19/09    517
TOTAL    5,657                      2,258

“250% more views this time around – with the skew of the views towards the listing date vs. a somewhat even distribution of views in September.  Not sure how long this window of opportunity will last, but it sure looks like a good time to sell.”

Here is additional information from Alain Pinel agents Mark Wong and Carol Li:

Palo Alto
12 offers received Thursday on 3499 Greer Road. 4beds/2baths, 1,659sf, 8,591sf lot, original condition, Eichler house, listed at $969,000, sold over $1M.
Approx. 14 offers received Thursday on 842 Sycamore with 3beds/2baths,1363sf, listed at $949,000. Offers had no contingencies, as is, some with all cash offers.
Cupertino! (based on Mark Wong’s report)
1145 Hunterston Place with 3 bd 2ba, 1,190 sq ft in 6,400 sq ft lot listed at $918,000. With one open house attracted 17 offers and sold for $985,000. The buyers came in with NO contingencies and in AS-IS condition. Several were ALL CASH buyers.
“For the last 28 months, no property in Cupertino was sold over 2.6 million. Yes, there were quite a number of properties listed more than that and ended up with no sale and off the market. Suddenly there were 2 sales over 3 million in the last month. My take is that there are buyers (all cash) out there really see this once-a-lifetime opportunity to buy.”
“The climate in the high-end market, at least in Cupertino, is moving from a dormant to the active territory.The market has already hit the bottom, buyers are out trying to catch the last train. US dollar is still very weak. Oversea investors love bottom fishing and consider real estate in the United States very ‘cheap’.”
West San Jose(based on Mark Wong’s report)
“1212 Lynbrook Way was on the market for 6 days and attracted 21 offers. It is a 3/2 ranch house with 1,599 sq ft of living space. It was listed for $968,000 and sold with NO contingencies in AS-IS condition, about $100,000 over the listing price.”
“West San Jose 95129 with top Cupertino schools used to be the second choice for home buyers versus real Cupertino address 95014 with Monta Vista High. Not anymore…”
Foster City!
“Approx. 4+ offers received yesterday on 1121 Catamaran listed at $888,000,  4/2, 1900sf. It was on the market for about a week only.
East Palo Alto!
“5+ offers received on 128 Abelia way listed at $232,000. Those properties were sold at over $600K two years ago. Buyers are the investors and first time buyers.”

Palo Alto

  • “12 offers received Thursday on 3499 Greer Road. 4beds/2baths, 1,659sf, 8,591sf lot, original condition, Eichler house, listed at $969,000, sold over $1M.”
  • Approx. 14 offers received Thursday on 842 Sycamore with 3beds/2baths,1363sf, listed at $949,000. Offers had no contingencies, as is, some with all cash offers.

Cupertino

  • 1145 Hunterston Place with 3 bd 2ba, 1,190 sq ft in 6,400 sq ft lot listed at $918,000. With one open house attracted 17 offers and sold for $985,000. The buyers came in with NO contingencies and in AS-IS condition. Several were ALL CASH buyers.

“For the last 28 months, no property in Cupertino was sold over 2.6 million. Yes, there were quite a number of properties listed more than that and ended up with no sale and off the market. Suddenly there were 2 sales over 3 million in the last month. My take is that there are buyers (all cash) out there really see this once-a-lifetime opportunity to buy.”

“The climate in the high-end market, at least in Cupertino, is moving from a dormant to the active territory.The market has already hit the bottom, buyers are out trying to catch the last train. US dollar is still very weak. Oversea investors love bottom fishing and consider real estate in the United States very ‘cheap’.”

West San Jose

  • “1212 Lynbrook Way was on the market for 6 days and attracted 21 offers. It is a 3/2 ranch house with 1,599 sq ft of living space. It was listed for $968,000 and sold with NO contingencies in AS-IS condition, about $100,000 over the listing price.”

“West San Jose 95129 with top Cupertino schools used to be the second choice for home buyers versus real Cupertino address 95014 with Monta Vista High. Not anymore…”

Foster City

  • “Approx. 4+ offers received yesterday on 1121 Catamaran listed at $888,000,  4/2, 1900sf. It was on the market for about a week only.

East Palo Alto

  • “5+ offers received on 128 Abelia way listed at $232,000. Those properties were sold at over $600K two years ago. Buyers are the investors and first time buyers.”

For more up to date reports from the “home front” subscribe to SaratogaVoice blog or call me to find out how these trends apply to your individual situation.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE # 01237009