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Sunnyvale and up north still have to correct. RIght now they are slightly less than the peak prices - which is not very much decline.
patience & waiting is the name of the game.
me : extended my lease agreement till end of this year :-)
This house has the worst schools(ellis, fremont high) and they have priced it like its in the best of the school dist. I think 94086 is in for rude awakening like 94089.
Pay $500-$550K for this house in Sunnyvale? Hmmm, if we follow Patrick's 15 times the amount of annual rent, then a similar house for rent would be about $2777-$3055 per month. A quick look at Craigslist shows rents in Sunnyvale for a 3 bedroom houses are about $1750-$2590. More like pay $315-$466K.
But, hey this is the Bay Area right? That's why you can open up the local newspaper and find 5-7 foreclosures a week in Sunnyvale. And, when you look at the outstanding balance on the Notice of Trustee Sale, you see balances like $650,000 and $750,000.
That sort of brings us to another rare and fleeting entity...the $200K/yr working couple. One wonders how many of these actually existed before Santa Clara county (Sunnyvale is in this county) before 11.5% unemployment.
thats about the same price it sold for 2004. I would say its still too high, but thats just me.
Oct 21, 2004 Sold (Public Records) $665,000 9.3%/yr Public Records
http://www.redfin.com/CA/Sunnyvale/1035-Sitka-Ter-94086/home/665301
 Jul 10, 2009
Public Records
Agreed that the price is below the last sale of 750 back in april 2008, but it is nowhere near 2000 levels as some would suggest given the housing crash. Also there are reports that market was down 30 % in Santa Clara, so is Sunnyvale different. I would think a more reasonable price for this small lot house is around 500 to 550K.
What do you think ?
-CM
#housing