Realtor, ePro, SRES
Coldwell Banker, Los Altos
www.dsoldit.com
Six out of twenty-one homes in Los Altos that have closed escrow in the past month have closed over their asking price. Twelve out of thirty-two homes in Mountain View that have closed escrow in the past month have closed over their asking price.
When we hear news on TV about real estate it's mostly for the entire bay area, state, or even nation. Real estate is extremely localized and only local real estate news can tell you what's happening in your area.
For approximately three months now, we have been in a very active, multiple offer market. Approximately one-third of all primary residences are being purchased with 100% cash. Approximately one-fourth of all second homes are being purchased 100% cash. Usually, when the cash buyers are out in force is when the "investors" believe the bottom of the market has been reached.
Thirty-one homes from Sartoga to Atherton have closed escrow over four million dollars. Those are the ones actually reported on the MLS. Some (like Yuri Milner's Los Altos Hills property rumored to have sold for $100 million) have closed without ever being reported to the MLS. For a long time the high-end market was completely dormant. Since February of this year that market has woken up.
It is my opinion that when the high end market starts up and is active, it is an indication that company leaders are confident in the economy and should, in-turn, be an indicator of hiring in the near future.
It is my opinion that when the high end market starts up and is active, it is an indication that company leaders are confident in the economy and should, in-turn, be an indicator of hiring in the near future.
So we have a great start to Spring of 2011 as far as Silicon Valley real estate goes. Let's hope the ball keeps on rolling!
