November 10, 2012

“Home Prices Near Highs in Some Cities”

It’s been an emotional week, so let’s end on an upbeat, high note!

Home Prices Near Highs in Some Cities

By AMIR EFRATI

As housing prices nationwide start to recover from their depths, home prices in Silicon Valley are close to an all-time high.

Many Silicon Valley cities have come nearly all the way back from the real-estate bust of just a few years ago, in terms of how much buyers are willing to pay per square foot for existing single-family homes.

Driven by technology employees looking to buy and a constrained housing supply, Los Altos, Palo Alto and Burlingame have registered the strongest comebacks. During the third quarter of this year, home prices in those cities were just several percentage points away from peak levels in 2008, according to new data from research firm DataQuick

[snip]

20121108a

WOOT!

Congratulations Bay Area. We are officially back and on track.

This weekend, go out and put a bid on every house. I predict that 2013 will be the year that the starting price of every home will be $1,000,888!

If we all pull together, I know we can do it.

Nothing can stop us now!

Comments (10) -- Posted by: burbed @ 5:28 am

10 Responses to ““Home Prices Near Highs in Some Cities””

  1. waiting_for_the_fall Says:

    I check Zillow and Redfin for homes in Newark under $400k.
    On Zillow, there are 140 homes total, most are blue (shadow inventory). On Redfin, there are 4 homes listed.
    I’ll continue waiting for the fall.

  2. nomadic Says:

    What is blue? Make me move?

  3. waiting_for_the_fall Says:

    To see the shadow inventory on zillow, you need to create an account. Use the filter option to view pre-foreclosures (blue).

  4. Robert Says:

    A house listed for under a million in Saratoga? Yeah, right. I’ll bet the WSJ is just trying to spread doom and gloom after the election.

  5. Jb Says:

    Just got back from seeing a house near RBA and when I ran the comps the sq foot value comes back $199,000 lower than list price (and I am being generous with my comps). Only here would we (hubby and I) still consider offering over asking…..if you really want to see some ugliness you must go to foreclosure radar. It’s got all kinds of spooky information….like a house I ran across (near RBA on the 680 corridor) that was valued at $650, and total debt had moved past the 2 million mark…..alas, you do need a credit card for your free trial….

  6. madhaus Says:

    Jb, that’s what screen shots are for: so you can share this fail with everyone on Burbed.

    Let me remind you that the 680 corridor is nowhere near the RBA. Did you mean the LLRBABI (Looks Like RBA But Isn’t)? Or do you have a different definition of “near” than I do (under 1000 feet)? I know that 680 and 280 are contiguous at one point, but that point isn’t in the RBA either.

  7. Real Estater Says:

    I think he’s referring to Mission District of Fremont.

  8. cardinal2007 Says:

    Smaller houses on large lots, specially in RBA tend to have very high price per sqft compared to comps, whereas large houses for the lots tend to have lower price per sqft. One other thing is the kitchens and bathrooms, specially if they have high end finishes tend to increase value a lot more than large carpeted rooms per sqft. So if your buying a small 1000 sqft house with 2 bathrooms next to 2500sqft houses, ans the house was recently remodeled you will find yourself paying a lot more per sqft. Granted if your comps only take houses on the same style then I guess they are probably a little wishful thinking, I think Fremont, even Mission San Jose, has had their prices drop a lot more than Silicon Valley as a percentage.

  9. SEA Says:

    #8- “The value is in the land.”

  10. SiO2 Says:

    This is the Saratoga house for $930k
    18451 MCCOY AVE, Saratoga

    this is the far east of Saratoga, not Saratoga or Cupertino schools. While not a bad looking neighborhood, nothing super special either. Kind of like west san jose but w/o cupertino schools.

    so, I can see why it was “cheap”.


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