Mountain View Voice Mountain View Voice: Home sales buck downward trend (November 28, 2008)
Home sales buck downward trend
Larger market turmoil fails to deter real estate buyers in Mountain View
by Daniel DeBolt
Stanford Terrace Inn
While the median price of a home has decreased in Mountain View over the last year, the number of home sales has gone up.
In October of last year there were 48 home sales. This October there were 53, four of which were foreclosures.
Strangely, the sales are happening in a very shaky market, says broker Nick French.
“Talk about uncertainty,” French said. “There’s job market uncertainty, economic uncertainty, stock market uncertainty.”
But it’s times like these that are the best time to buy, he says, when fewer people are looking. He added that he’s been buying up property himself. Others apparently have been, too.
French likes to quote the character Ricky Roma in the movie “Glengarry Glen Ross”: “I subscribe to the law of contrary public opinion. … If everyone thinks one thing, then I say, bet the other way.”
The public’s opinion may be reflected in Mountain View’s median home prices for October: $971,858 for single family homes and $646,803 for condos, compared to $1,037,654 for single family homes and $561,604 for condos during the same month last year.
If now isn’t an awesome time to buy in Mountain View, I don’t know what is. Real Bay Area at its best!
Check this out:
Historically, Mountain View housing prices don’t go down very much in a down market, French says. Many buyers have been able to justify the investment.
At the corner of Calderon and Dana streets, the new “Wild Orchid” development is evidence the housing market is still alive and kicking. After going on sale in May, 30 of the 39 town homes sold for over $900,000. Sales didn’t even slow in October.
It’s clear, the bottom has been reached in Mountain View. At this point, prices are set to soar in 2009. Buy now, and sit tight for the ride. Just think, in 40 years, you can post a comment just like this guy did:
Posted by Mr. Bernier, a resident of the Cuesta Park neighborhood, on Nov 27, 2008 at 7:37 pm
Every MV resident that has owned real estate in MV for over 20 years should be tax exempt from property taxes. I think this would be a nice little bonus for those of us that were here first.
Be a founder today! Buy buy buy!