Just received these comments from Doug Tobin, another local Realtor. I will add my opinions in parentheses.
Sunnyvale, Cupertino, Los Altos and Palo Alto are doing fairly well. (Better than "fairly". We are still seeing multiple offers in those areas, even though inventory is beginning to grow.)
South San Jose (down the 87 corridor and down Santa Teresa) is fairly weak.
Alum Rock Area/East San Jose is getting pummeled.(I strongly agree. A one bedroom condo owned by a client has gone down from $325,000 to $270,000, or less.)
Milpitas is not doing well.
Santa Clara, Willow Glen, Rose Garden, Almaden Valley and Campbell are chugging/limping along. (...with some exceptions in the best school districts.)
Los Gatos and Saratoga are flat…
Morgan Hill/Gilroy has a lot of inventory…great time to buy (if you're willing to hold your purchase for a while.)
Lots and lots of short sales and bank-owned deals in the weaker areas…almost none in the stronger areas. (Be prepared for a longer escrow period.)
The big banks are making the market worse than it needs to be because their short sale system is atrocious.
The Big REITs and Pension Funds, are absorbing some product, which is good.
Lots and lots of savvy investors started entering the market about 1 month ago.
The water-cooler mood has started to change (for the better) about 1 month ago.
If I had to guess, I would say Sunnyvale is the strongest market in the county. (Don't forget Cupertino!)
Quality is selling…buyers are in no mood for flawed product. (Fix up, pack up, and Stage.)
Los Altos and Los Altos Hills is selling most of the high-end product…3 mil plus. (Saratoga, too!)
1 comment:
Agree with your comments and insights. We're seeing the same
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