Deniece
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Smith
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Los Altos, Los Altos
Hills, Mountain View, Palo Alto, Portola Valley, Sunnyvale Updated
March 30, 2009
by Deniece Watkins Smith
|
A
Buyers'
market in Silicon Valley does not come without a little
pain. After attending a legal update today with guest attorneys
from four main local brokerages, it seems that litigation abounds
and tensions are high as Buyers take advantage of this great
opportunity to have more choices than they have in the recent past,
better prices than in a long time, and cheaper interest rates than in
the last 30 to 40 years.
Yes, potential Buyers, you do have all of
those choices and opportunities, but you must read the documentation,
understand what you are getting into, and always keep in mind that if a
Seller doesn't want what you offer, they do not have to take it.
After all, a house is only worth what a Seller is willing to take and
what a Buyer is willing to offer. Once the banks get involved, it
gets even uglier! Be super prepared to do homework in a
short-sale or REO (bank owned) property purchase.
My advice..
To Sellers:
Be serious when you are ready to sell. Do your homework. Know
your competition. Hire no Realtor other than the VERY competent and
VERY experienced to help you in this market.
To Buyers: Do
your homework. Understand the paperwork. Read it all yourselves,
as well as talk it over with your Realtor. Keep in good communication
with your lender and all of the variables they need to make your loan
work. Know what you are willing to pay and when you are willing
to walk away.
To both Buyers and Sellers: Know your LOCAL markets'
CURRENT trends. Be patient...it's different now.
|
|
2008 |
Change
since |
|
|
| Los
Altos |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
108 |
18 |
$ 699,000
|
$ 6,500,000
|
| Pending
Show |
2 |
-5 |
$ 1,399,000 |
$ 1,448,000
|
| Pending
Release |
1 |
0 |
$ 1,600,000 |
$ 1,349,950
|
| Pending |
7 |
2 |
$ 1,075,000 |
$ 4,298,000
|
| Total
Pending |
10 |
-3 |
|
|
| Total
Listings |
118 |
15 |
|
|
| Percent
Pending |
8% |
|
0 REOs |
1 Short Sale |
| |
|
Change since |
|
|
| Los
Altos
Hills |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
54 |
4 |
$ 1,399,900 |
$ 38,000,000
|
| Pending
Show |
2 |
0 |
$ 1,498,000 |
$ 3,975,000
|
| Pending
Release |
2 |
1 |
$ 2,175,000 |
$ 2,450,000
|
| Pending |
3 |
3 |
$ 2,995,000 |
$ 6,995,000
|
| Total
Pending |
7 |
4 |
|
|
| Total
Listings |
61 |
8 |
|
|
| Percent
Pending |
11% |
|
0 REOs |
3 Short Sales |
| |
|
Change since |
|
|
| Menlo
Park |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
137 |
17 |
$ 229,000
|
$ 4,495,000
|
| Pending
Show |
11 |
4 |
$ 229,900
|
$ 3,265,000
|
| Pending
Release |
1 |
0 |
$ 250,000
|
|
| Pending |
11 |
0 |
$ 250,000
|
$ 1,895,000
|
| Total
Pending |
23 |
4 |
|
|
| Total
Listings |
160 |
21 |
|
|
| Percent
Pending |
14% |
|
5 REO's |
21 Short Sales |
| |
|
Change since |
|
|
| Mtn
View |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
73 |
-14 |
$ 475,000
|
$ 2,100,000
|
| Pending
Show |
16 |
5 |
$ 399,950
|
$ 2,199,000
|
| Pending
Release |
0 |
0 |
|
|
| Pending |
13 |
-1 |
$ 770,000
|
$ 3,298,000
|
| Total
Pending |
29 |
4 |
|
|
| Total
Listings |
102 |
-10 |
|
|
| Percent
Pending |
28% |
|
1 REOs |
6 Short Sales |
| |
|
Change since |
|
|
| MV
Townhomes |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
76 |
1 |
$ 250,000
|
$ 1,149,000
|
| Pending
Show |
13 |
3 |
$ 298,000
|
$
629,000 |
| Pending
Release |
3 |
-1 |
$ 399,000
|
$
598,000 |
| Pending |
11 |
0 |
$ 249,900
|
$
629,900 |
| Total
Pending |
27 |
2 |
|
|
| Total
Listings |
103 |
3 |
|
|
| Percent
Pending |
26% |
|
9 REOs |
16 Short Sales |
| |
|
Change since |
|
|
| Palo
Alto |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
113 |
-12 |
$ 895,990
|
$ 7,850,000
|
| Pending
Show |
15 |
5 |
$ 888,000
|
$ 2,689,000
|
| Pending
Release |
1 |
1 |
$ 1,399,950 |
|
| Pending |
14 |
-2 |
$ 875,000
|
$ 4,098,000
|
| Total
Pending |
30 |
4 |
|
|
| Total
Listings |
143 |
-8 |
|
|
| Percent
Pending |
21% |
|
0 REOs |
1 Short Sale |
| |
|
Change since |
|
|
| Portola
Valley |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
23 |
3 |
$ 989,000
|
$ 7,895,000
|
| Pending
Show |
3 |
2 |
$ 1,495,000 |
$ 2,195,000
|
| Pending
Release |
2 |
0 |
$ 1,025,000 |
$ 1,295,000
|
| Pending |
1 |
0 |
$ 1,879,000 |
|
| Total
Pending |
6 |
2 |
|
|
| Total
Listings |
29 |
5 |
|
|
| Percent
Pending |
21% |
|
0 REOs |
0 Short Sales |
| |
|
Change since |
|
|
| Sunnyvale |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
115 |
-29 |
$ 3,399,000 |
$ 1,999,000
|
| Pending
Show |
30 |
7 |
$ 309,000
|
$ 1,398,000
|
| Pending
Release |
8 |
-3 |
$ 390,000
|
$
799,000 |
| Pending |
30 |
0 |
$ 339,900
|
$ 1,100,000
|
| Total
Pending |
68 |
4 |
|
|
| Total
Listings |
183 |
-25 |
|
|
| Percent
Pending |
37% |
|
28 REOs |
51 Short Sales |
| |
|
Change since |
|
|
| SV
Townhomes |
3/30/2009 |
3/16/2009 |
Lowest Price |
Highest Price |
| Active |
45 |
1 |
$ 268,000
|
$
799,885 |
| Pending
Show |
13 |
0 |
$ 280,000
|
$
649,198 |
| Pending
Release |
6 |
2 |
$ 319,000
|
$
499,000 |
| Pending |
12 |
-4 |
$ 416,900
|
$
675,848 |
| Total
Pending |
31 |
-2 |
|
|
| Total
Listings |
76 |
-1 |
|
|
| Percent
Pending |
41% |
|
10 REOs |
20 Short Sales |
|
|
|
|
|
