The High End Continues to Move Up In the Valley

Improving consumer sentiment, along with the deadline for the homebuyer tax credit, played a key role in the spike in recent home sales, including in the Previews luxury segment of the housing market. While the push for meeting the deadline of the federal tax credit created a swell of activity for first-time buyers, the sense of urgency spread to higher priced markets. Sales activity in the move-up market was definitely stronger.
According to our own Coldwell Banker Residential Brokerage luxury report, million-dollar home sales in Silicon Valley jumped nearly 70 percent in May from a year ago as the region’s high-end market continued to recover from last year’s lows. 251 homes sold for more than $1 million in Santa Clara County, up from 148 sales in May 2009.
Sellers of luxury properties are also getting a higher percentage of their asking price...99 percent in Silicon Valley, according to local MLS statistics. The next few months should give us a good indication of how strong the housing market recovery will be without the benefit of government stimulus.
The week after Memorial Day was quiet in our Cupertino office. The market is feeling more active again, but definitely not the crazy pace of April and May.

What's New in Sunnyvale

This has been an exciting week for Sunnyvale. On Wednesday, the new Sprouts Market opened on El Camino, and put 100 local residents to work.
I stopped in briefly on opening day, picked up my green shopping bag, and made a quick sightseeing tour.
Over 4000 locals showed up for the opening, and I knew that was not the time to shop.
Instead, I woke up at 6:00am on Friday, and arrived at the nearly empty store at its 7:00 O'clock opening time. On this visit, there was plenty of opportunity to shop, and the staff was proud to show me the products in the new store. The produce was beautiful, and specials like four large mangoes for a dollar will keep me coming back. Meats were all-natural...no hormone additives... and there was really fresh seafood, plus dozens of bins containing grains, nuts, dried fruits, and all kinds of granola and sweets.
The other addition to the city was the "new" Murphy Avenue, which opened just in time for the Art and Wine Festival this weekend. I dropped by this morning and was impressed by the expanded sidewalk seating and welcoming sign.