San Jose Mercury News – In Silicon Valley, real estate market has two faces
In the area comprising Cupertino, Mountain View and Sunnyvale, it would take 27 days to sell out the houses on the market this week – a bit less than the 36 days worth of supply from a year earlier, according to data compiled from the local multiple listing service database by Richard Calhoun, owner of Creekside Realty in San Jose.Calhoun collected the data based on groupings of cities or neighborhoods that tend to be priced similarly and “for the most part are geographically contiguous with one another.” His data measures how long it would take to sell all the listed houses given sales pace during the preceding 35 days. Condos and townhouses were not included in the data.
Martine Schepers and her husband, Wim Verhaert, put their four-bedroom Sunnyvale house on the market March 15, priced at $928,000, which they knew was a bit low compared with recent sales. “We hoped we would get $950,000,” Schepers said.
Five days later, their agent, Dave Clark of Coldwell Banker, showed them a stack of 14 offers. A few were for more than $1 million. “We were looking at each other like `this can’t be happening,'” said Schepers, who is hoping to move back to Belgium, where she and her husband were raised. “We kind of heard it was hot, that the market was pretty good,” she said. “We did expect offers to come quickly, just not so many and not this much overbidding.”
Undeterred by national news of turmoil in the subprime mortgage sector or the stock market, buyers are competing for some homes in these communities, especially those in the most sought-after school districts, such as Cupertino, Los Altos and Los Gatos. Job growth is also bolstering the market, and many house-hunters are seeking short commutes to tech company jobs.
Demand for homes in these areas is such that some sellers are specifying the date upon which they’ll review offers – just like during the boom years from 2003 to mid-2005 – and insisting on “as-is” sales.
“I’m sorry for the buyers, to be frank with you,” said Coldwell Banker agent Stacy Chung as she toured a newly listed Cupertino home Thursday. Other agents agreed that the four-bedroom home – perfectly staged, with granite kitchen counters, stainless steel appliances and immaculate wood floors – would sell for more than its $928,000 list price. Chung told of a recent attempt by one of her clients to buy a Saratoga house priced at about $1.4 million. “We put in $120,000 more and didn’t get it.”
HAH! TAKE THAT EVERYONE!
The Bay Area continues to go strong with multi-million dollar houses!
Palo Alto, Sunnyvale, Mountain View, Cupertino – 1 word: UNSTOPPABLE!
Oh yeah! We rock. We so rock. Better start bidding 35% over if you want to be a player!
You are so priced out forever.