Sunnyvale in Top 10 "Rich Cities"

Money Magazine's annual report on mid-sized cities is out again. In this year's Best Places to Live study, Sunnyvale placed number 7 in the "Rich and Single" category, with an annual median household income of $110,226 and a 30 percent single rate. Newport Beach came out #1 in this group, but there were several other local areas in the top 10: Mountain View, Milpitas and Santa Clara...with San Jose not far behind in the #15 spot. With all the single engineers around, these figures are not too surprising.
I also checked out their list of priciest homes, and Palo Alto came out highest in the country. Sunnyvale and Mountain View were also in the top 25.
Well, at least I'm single. I'll work a little harder at the "rich" part.

Some Thoughts on the Market

This afternoon I talked to a neighbor about the real estate market and the changing dynamics of our townhouse community. The buyers here are mostly young families attracted by the ideal location, beautiful landscaping, and good schools, and the majority of sellers have been seniors who are no longer able to handle two-story living (or even independent living at all.)
Later in the day, I read an online article that went into the economic side of this equation. Many of us in the Baby Boom Generation had much of our paper wealth erased when the stock market crashed in 2008, and retirement dates were delayed. But now, with the slightly rocky rebound in both the stock and real estate markets, we are starting to regain our confidence. In the next couple of years, we should see more seniors selling, and either relocating, or buying smaller, more manageable places to live.

House Logic

Jeff Bell, the president of the Silicon Valley Association of Realtors and a friend in my office, wrote an article that appeared in today's Mercury News. It was mostly about the advantages of owning a home, and the current all-time lows in interest rates for buyers, but he also mentioned an exciting website for new and long-time homeowners...HouseLogic.com. I had a chance to explore the site this morning, and it includes everything from an article on how to request a property tax reduction, to a whole section of do-it-yourself tips. Check it out!

The World Cup and Real Estate

We presented the offers on the townhouse listing on Wednesday night, and we are in contract. My clients are from Holland and they are almost more excited about being in the World Cup finals than in selling their house!
Their son Olaf sat in on the presentation, wearing an orange soccer jersey, and his birthday party yesterday had a soccer theme and a cake frosted in bright orange. If they beat Spain on Sunday, this will be their first championship since 1974.

It Pays to Work on a Holiday

Despite the loss of the first time buyers' credit, and the threat of "shadow inventory," (a sudden dump of foreclosed homes on the market) we continue to see low inventories and strong sales in the Sunnyvale/Cupertino markets.
I held open houses over the Holiday Weekend at my three bedroom townhouse listing in Sunset Oaks, and they were extremely busy. I had hoped that since there were fewer properties being held open on the 3rd and 4th of July, mine would attract a good turnout, and I was right.
This contemporary model was featured in a virtual tour, and the signs and advertising also brought in potential buyers.
Now we expect at least four offers tomorrow.

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.