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Watkins
Smith
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Los Altos, Los Altos
Hills, Mountain View, Palo Alto, Portola Valley, Sunnyvale Updated
February 19, 2009
by Deniece Watkins Smith
|
This
week has been a week filled with movement. President Obama signed
the American Recovery and
Reinvestment Act of 2009 which included a $75 billion
mortgage relief plan. As of today, the California
State
Assembly
and Senate have passed California's budget, after
the longest state senate session in history, lasting
forth-five-and-one-half hours and after the budget was supposed to have
been passed fifteen weeks prior to it actually getting done.
With federal aid being focused on modifying loans for families with
jobs, current on their payments, but nearing trouble, the future
effects of the downward spiral should somewhat be curtailed.
We should see more cooperation across the board with incentives being
paid to all parties for these modifications. As reported by James
Liptak, 2009 President of the California Association of Realtors, "The
Homeowner Stability Initiative also will create incentives for
servicers, mortgage holders, and homeowners. Servicers would receive an
up-front fee of $1,000 for every eligible modification meeting the
initiative's guidelines. Guidelines are scheduled to be released by
March 4. Mortgage holders will receive an incentive payment of $1,500,
and servicers $500, for modifications made on loans that are current
but at risk of imminent default."
As is customary, we are beginning to see a seasonal uptick in listings
and sales as we head into Spring.
Here are the numbers for February 19, 2009:
|
|
2008 |
Change since |
|
|
| Los
Altos |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
78 |
7 |
$ 998,000
|
$ 3,995,000
|
| Pending
Show |
9 |
4 |
$ 1,100,000 |
$ 3,298,000
|
| Pending
Release |
2 |
-1 |
$ 1,299,000 |
$ 1,349,950
|
| Pending |
5 |
0 |
$ 1,298,000 |
$ 4,298,000
|
| Total
Pending |
16 |
3 |
|
|
| Total
Listings |
94 |
10 |
|
|
| Percent
Pending |
17% |
|
1 REO |
1 Short
Sale |
| |
|
Change
since |
|
|
| Los
Altos
Hills |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
43 |
4 |
$ 1,499,500 |
$ 38,000,000
|
| Pending
Show |
2 |
2 |
$ 1,498,000 |
$ 2,395,000
|
| Pending
Release |
0 |
-2 |
|
|
| Pending |
0 |
0 |
|
|
| Total
Pending |
2 |
0 |
|
|
| Total
Listings |
45 |
4 |
|
|
| Percent
Pending |
4% |
|
0 REOs |
2 Short
Sales |
| |
|
Change
since |
|
|
| Menlo
Park |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
85 |
-1 |
$ 270,000
|
$ 4,799,000
|
| Pending
Show |
15 |
4 |
$ 275,000
|
$ 2,195,000
|
| Pending
Release |
5 |
0 |
$ 250,000
|
$ 1,549,000
|
| Pending |
14 |
2 |
$ 250,000
|
$ 2,450,000
|
| Total
Pending |
34 |
6 |
|
|
| Total
Listings |
119 |
5 |
|
|
| Percent
Pending |
29% |
|
5 REO's |
19
Short Sales |
| |
|
Change
since |
|
|
| Mtn
View |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
77 |
7 |
$ 449,000
|
$ 2,199,000
|
| Pending
Show |
10 |
6 |
$ 500,000
|
$ 1,875,000
|
| Pending
Release |
1 |
0 |
$ 1,195,000 |
|
| Pending |
7 |
1 |
$ 863,000
|
$ 3,298,000
|
| Total
Pending |
18 |
7 |
|
|
| Total
Listings |
95 |
14 |
|
|
| Percent
Pending |
19% |
|
2 REOs |
7 Short
Sales |
| |
|
Change
since |
|
|
| MV
Townhomes |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
68 |
9 |
$ 260,000
|
$ 1,145,000
|
| Pending
Show |
11 |
-3 |
$ 325,000
|
$ 1,099,000
|
| Pending
Release |
2 |
-1 |
$ 399,000
|
$
465,000 |
| Pending |
9 |
-5 |
$ 249,900
|
$
799,000 |
| Total
Pending |
22 |
-9 |
|
|
| Total
Listings |
90 |
0 |
|
|
| Percent
Pending |
24% |
|
9 REOs |
14
Short Sales |
| |
|
Change
since |
|
|
| Palo
Alto |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
106 |
31 |
$ 799,000
|
$ 7,950,000
|
| Pending
Show |
7 |
-4 |
$ 888,000
|
$ 2,649,000
|
| Pending
Release |
1 |
1 |
$ 894,500
|
|
| Pending |
18 |
8 |
$ 849,000
|
$ 2,195,000
|
| Total
Pending |
26 |
5 |
|
|
| Total
Listings |
132 |
36 |
|
|
| Percent
Pending |
20% |
|
2 REOs |
2 Short
Sale |
| |
|
Change
since |
|
|
| Portola
Valley |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
22 |
-2 |
$ 990,000
|
$ 8,295,000
|
| Pending
Show |
2 |
0 |
$ 990,000
|
$ 1,797,000
|
| Pending
Release |
1 |
1 |
$ 2,695,000 |
|
| Pending |
0 |
0 |
|
|
| Total
Pending |
3 |
1 |
|
|
| Total
Listings |
25 |
-1 |
|
|
| Percent
Pending |
12% |
|
0 REOs |
0 Short
Sales |
| |
|
Change
since |
|
|
| Sunnyvale |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
145 |
-14 |
$ 309,000
|
$ 1,188,000
|
| Pending
Show |
25 |
7 |
$ 329,900
|
$ 1,100,000
|
| Pending
Release |
8 |
-1 |
$ 399,000
|
$
945,000 |
| Pending |
24 |
1 |
$ 339,900
|
$ 1,188,000
|
| Total
Pending |
57 |
7 |
|
|
| Total
Listings |
202 |
-7 |
|
|
| Percent
Pending |
28% |
|
27 REOs |
60
Short Sales |
| |
|
Change
since |
|
|
| SV
Townhomes |
2/19/2009 |
2/2/2009 |
Lowest Price |
Highest Price |
| Active |
41 |
n/a
|
$ 275,000
|
$
859,000 |
| Pending
Show |
11 |
n/a
|
$ 298,000
|
$
659,000 |
| Pending
Release |
3 |
n/a
|
$ 470,000
|
$
499,000 |
| Pending |
19 |
n/a
|
$ 300,000
|
$
749,000 |
| Total
Pending |
33 |
n/a
|
|
|
| Total
Listings |
74 |
n/a
|
|
|
| Percent
Pending |
45% |
|
11 REOs |
21
Short Sales |
Numbers
are
extrapolated
from www.reil.com and are deemed reliable, but not
guaranteed.
|
|
|
|
|
|
