8 Responses to “Mountain Lions who can’t afford their mortgages…”

1. madhaus Says:
   June 7th, 2008 at 11:23 am

   Better tell that Mountain Lion to find a way to make that payment or he’ll be Priced Out Forever and Live Cold In Winter!

   It’s Saturday! And that means, time to check out the ol’ SJMN/Dataquick chart for weekly sales, and see who’s dropping and who’s merely plopping. All % changes are compared to the same week last year. Again, we’ll look at which zips are up since then, which zips have increased sales volume, and which RBA zips are going down, down, down.

   Who’s Up (all SC/SM) Zips
   Community Zip Med Price % Chg* $/sf # Sold % Chg*
   Burlingame 94010 $1,819,000 23.3% $709 32 -34.7% And so close to the airport!
   Cupertino 95014 $1,145,500 12.5% $663 52 -40.2% after a few weeks of sagging prices, back up
   Los Gatos 95032 $1,350,000 36.0% $577 25 -28.6%other 2 LG zips are down
   Millbrae 94030 $1,126,500 56.5% $605 7 -72.0% Who wanted to buy there? Too late! You are now Priced Out Forever! ACtually with only 7 sales this doesn’t mean much.
   Palo Alto 94301 $2,250,000 23.3% $1,167 17 6.3% The other zip is down, but this supports discussion of crazier prices in PA. Even volume is up.
   Redwood City 94065 $1,040,000 13.0% $612 11 -57.7% Where the heck is ’65? This is not the RBA zip ’62.
   San Mateo 94402 $1,357,500 26.2% $712 22 4.8% Where is this, only zip in the city that’s up.
   San Jose 95138 $1,132,500 20.8% $387 16 -61.0% This is the only SJ zip that’s up. Is there a new high-end development? it’s also the highest median for any SJ zip.

   RBA Flat or Down
   Community Zip Med Price % Chg* $/sf # Sold % Chg*
   Atherton 94027 $2,400,000 -14.3% $964 5 -50.0%
   Belmont 94002 $750,000 -14.5% $527 19 -26.9% Not sure Belmont can be RBA for such a low median, even if it includes condos
   Los Altos 94022 $1,927,500 -0.7% $866 23 -28.1%
   Los Altos 94024 $1,599,000 0.3% $811 25 -7.4% For a while 22′s beein in freefall while ’24′s been rising. Now they are similar.
   Los Gatos 95030 $1,270,000 -11.8% $661 17 6.3%
   Los Gatos 95033 $939,500 -20.2% n/a 9 12.5% prices down, but volume up, a little
   Menlo Park 94025 $636,000 -44.0% $521 20 -53.5% Oh look, MP is no longer in the RBA either.
   Mountain View 94040 $737,750 -22.4% $550 31 -16.2% this zip must have some low-end sales that deflates the million dollar houses, it’s been like this last 4-5 weeks, Anyone know what zip Gable’s End is in?
   Mountain View 94041 $867,500 2.1% $497 6 -40.0%
   Mountain View 94043 $680,000 -1.4% $528 28 -17.6%
   Palo Alto 94306 $1,015,750 -15.4% $717 17 -45.2% Could not be more different than ’01. Ideas?
   Portola Valley 94028 $1,400,000 -26.6% $683 6 -33.3% Few sales and at a lower price than Burlingame. I vote to evict.
   Redwood City 94062 $1,172,500 -8.4% $576 19 -29.6% This is the “Woodside zip.” And sales are just that: zip.
   San Carlos 94070 $852,500 -10.7% $576 26 -49.0% I never wanted to let them in but you all insisted. And now they’re OUT.
   San Jose 95125 $765,000 -1.9% $485 55 -14.1% Willow Glen, you are no longer in the RBA
   San Jose 95129 $820,000 -1.2% $554 33 -5.7% SJ/CUSD, you’re out too
   Saratoga 95070 $1,468,000 -6.0% $617 40 -14.9% When do we take Saratoga off the RBA list?
   Sunnyvale 94087 $951,000 -6.8% $626 45 -13.5% And ’87 is gone as well. The prices are also down from last month where the median almost hit a mil.

   Looks like my predictions from a couple weeks ago are right in line as to who’s getting kicked out of the exclusive RBA club.

2. sonarrat Says:
   June 7th, 2008 at 11:50 am

   94065 is Redwood Shores dude. RBA all the way. And 94402 is the western San Mateo hills.

3. madhaus Says:
   June 7th, 2008 at 12:18 pm

   Thanks, sonarrat, on identifying the zips.

   There are several new SFHs for sale this weekend in 94087/CUSD, and 3 of them are under a million. I think they’re all Fremont High School, but still. Also several of the Homestead High SFHs are sitting without buyers for more than a month. Most of them are under the “$1.5 million — for SUNNYVALE!?!?” WTF point.

   More proof that ’87 is OUT of the RBA. Guess we are Priced In Forever.

4. madhaus Says:
   June 7th, 2008 at 3:20 pm

   Thanks, burbed. I just got a recorded call from the Sunnyvale Emergency Network that a mountain lion was spotted at Sleeper Park in Mountain View and headed to Stevens Creek. And that they hunt at dawn and dusk. Fortunately, that’s not when the Open Houses are taking place.

5. WillowGlenner Says:
   June 7th, 2008 at 4:22 pm

   Madhaus, those yearly median price increases aren’t going to work for a little while because we had a huge spike last summer (summer 07)- it drove one of my houses up 100K between Sep 06 through July 07. But if you look at the median price/sq ft, most of those areas are way up from 06. I think you really need to look a rolling price chart to see useful data about prices. The merc’s “yr/yr increase” registered giant gains from Dec 06-Dec 07, because Dec 06 was a bit of a trough- all kinds of anomalies happen.

6. Pralay Says:
   June 8th, 2008 at 12:34 am

   Are mountain lions subprime or Alt-A?

7. Pralay Says:
   June 8th, 2008 at 1:00 am

   Mountain View 94040 $737,750 -22.4% $550 31 -16.2% this zip must have some low-end sales that deflates the million dollar houses, it’s been like this last 4-5 weeks, Anyone know what zip Gable’s End is in?
   ————–

   I think it’s 94043.

8. madhaus Says:
   June 8th, 2008 at 4:08 pm

   WillowGlenner Says: Madhaus, those yearly median price increases aren’t going to work for a little while because we had a huge spike last summer (summer 07)- it drove one of my houses up 100K between Sep 06 through July 07. But if you look at the median price/sq ft, most of those areas are way up from 06. I think you really need to look a rolling price chart to see useful data about prices. The merc’s “yr/yr increase” registered giant gains from Dec 06-Dec 07, because Dec 06 was a bit of a trough- all kinds of anomalies happen.

   I think looking at the trends in these weekly y-o-y snippets does show quite a bit, and your notice of a July 07 peak in the better part of the market is consistent with the SF Case-Schiller tiered results (which don’t even include our county). The lower end started falling off in 2006 rather than 2007, just as the lower end zips started dropping then rather than now.

   Just as you pay attention to 94125, I have my eyeballs on 94087, and noticed that in March it was up over 10%, in April it slowed down to low single digits and peaked, and by May showed negative growth from the previous year. And unlike some other zips, there have been enough sales each week in both our zips that the numbers aren’t meaningless.

   The surprises for me this week are the renewed increases in Palo Alto 94301 and Cupertino, because all the other declines were pretty much expected. Let’s see if that’s a one-time blip or a trend.

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