by astrid follow (0)
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Watching the similar areas as SP only more towards the south, west of 85 from Los Altos down to Almaden, more into the slightly more rural pockets.
Los Gatos (95032) has seen a lot more properties sitting on the market. Reduction is not big, and pricing is all over the place. A couple of houses (2000-3000 sf) with an acre ask for roughly 1.6M while some pieces of shit hastily put together with no land ask for 1.8M. Houses outside of the Los Gatos/Saragoa Union district are dropping much faster, about 8-10% off from the peak. Monte Sereno (95030) actually seems to have some higher asking price compared to last year, just that nothing is moving.
Almaden is dropping much faster compared to LG, Saratoga, Cupertino and Los Altos, probably the fastest dropping community west of 85 from Palo Alto to Santa Teresa. Price has generally come down at least 15% for properties priced around 1M.
Land price is dropping faster than houses, just as I expected. However, due to the lack of available land in these communities, we have yet to see developers spewing out land options like they do elsewhere, and I doubt if this will happen on a large scale. But I am starting to see land that I consider attractive, just waiting for the price to get attractive as well :-)
I just checked the rental market for my parents' zipcode and prices really shot up! They'd have to pay at least $250 more per month for their rental today than 6 months ago. It looks like people are really waking up in Montgomery county. I think prices will flatten or go down eventually, but it's nice that my parents have a 3 year lease locked up in the mean time.
Noe Valley is pretty much flat and has been flat since the beginning of the year. Prices aren't going up or down, homes are selling at about the same clip (11 SFH last month) but inventory is climbing. Overbids are uncommon but most places are going for asking.
I have seen quite a few "price reduced" signs. The average 3/2 1300 sq ft recently remodled Victorian is still selling for right around $1M. Some friends of ours just down the block sold the lower half of their two unit building as a TIC for $750k which was $40k over asking. I was kind of surprised at the price, since they only paid $1.2M for the whole thing two years ago. But it is large (1500 sq ft) and nice and this neighborhood continues to gentrify.
I am actually sad to see all the funky old pizzerias and greasy spoon diners replaced by white table restaurants, but I guess it is good for my investment in property here.
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What kind of percentage drops are you seeing in your neck of the woods? Where do you see the most weakening and where do you see the least weakening? Please give any favored examples of the housing bubble collapse in progress.
#housing