A 4th Quarter 2009 Real Estate Rebound

Here’s our summary of the 2009 Palo Alto and Los Altos residential real estate market. In it we explain how the 4th quater saved the year from being a complete disaster.

It only took a slight improvement in consumer confidence to bring back multiple offers and over-bidding in the under-$1.5m market. The $1.5m to $2.5m started to thaw, too. Over $2.5m? Buyers are still tentative.

Home for Sale in Los Altos: 693 Arboleda Drive, Los Altos, CA

Lowest Priced Four Bedroom With Los Altos Schools!

A beautiful, tree-lined setting and an open floor plan with tall windows make this a delightful home.  The availability of highly rated Los Altos schools completes the value of this offering.

The 1,985+/- sq. ft. residence includes four spacious bedrooms, two full baths, inside laundry area, and attached two-car garage.  A center-island kitchen is open to the living area and views mature landscaping in the rear yard.   Gleaming hardwood floors, fresh paint, new carpet, and recent landscaping provide for immediate living enjoyment. 

The home is situated on a 10,000+/- sq. ft. lot with mature landscaping, and offers highly rated Los Altos schools including Springer Elementary, Blach Intermediate, and Los Altos High. 

Offered at $1,299,000.

935 Berry Avenue, Los Altos, CA

New Listing in Central Los Altos Open 1/23 and 24!

New Listing-935 Berry Avenue, Los Altos

The semi-circular drive, flagstone walk, shady front porch, and country-charming exterior are an invitation to make this your next home!  The many recent upgrades allow you to move in and enjoy!

 The 2,708+/- square foot floor plan includes 4 bedrooms, 3 full baths, family room kitchen, and separate dining room. 

Finished with crisp white tile and hardwood flooring, the large kitchen offers ample cabinetry and spacious informal eating area. 

The master suite is very large and includes custom storage cabinetry including media space, cathedral ceiling with two banks of bright windows, walk-in closet, and spa-like bath with dual sink vanity and large shower.  

 Offered at $1,500,000.

Annual Sales Snapshot – Very Strong Start in 2010!

A strong 4th quarter of 2009 saved the year from being a truly dismal one for home sellers.

By the end of the first half of ’09, the number of homes on the market had increased by 40% from the same period a year earlier while sales volume was down by 20%. Median sales prices had dropped by 15-20% from the previous year and were falling.

But, by the beginning of the 4th quarter the trend reversed.

Another Great Los Altos Shop!

European Cobblery at State and First Streets

                                                                                                                                         Supporting Village merchants is usually enjoyable, and such is the case at European Cobblery.  The charming little store has a talented staff that does a great job with shoe maintenance. 

As a Realtor I am particularly hard on the heels and soles of my shoes, so needless to say I go there often.  The shoes are repaired quickly and returned in immaculate, shined shape. 

The shop is well stocked with shoe supplies as well as shoes, sandals, etc.  Give ‘em a try sometime!

Have you had a good experience with a Los Altos or Palo Alto merchant?  Let us know!

165 Sylvian Way, Los Altos

North Los Altos Close to the Heart of Village Life!

This charming home, priced at $1,598,000,  is located on a beautiful, tree-lined street just a few short blocks from the center of Village Life.  The 2,289+/- square foot floor plan offers high ceilings.

The floor plan includes four spacious bedrooms, two full baths, and separate living, dining, family, and inside laundry rooms.

Enjoy cooking in the spacious kitchen which opens to the family room and offers abundant maple cabinetry, Subzero refrigerator, Thermador double oven, Fisher & Paykal dishwasher, 4-burner gas range, hardwood flooring, and bright skylight.

A large family room with wood-beamed ceiling features a warm fireplace, and rear yard access, which is an “entertainer’s delight” with mature landscaping and large patio.

CLICK HERE for more details about this wonderful home and to schedule a private tour.

Where Have All the Los Altos Homes for Sale Gone?

There were 34 homes for sale in all of Los Altos as of Monday 1/4/10.  At one time during 2009 there were over 140!

Is this the start of an unusual new trend or just the seasonal time of the year?

At the beginning of 2009 there were 50 homes for sale in Los Altos so the inventory is lower this January.  However, the 10 year average of year ending inventory is about 25-30 homes. In “hot market” years, year-end inventory is lower than 25-30, and in “slow market” years it is higher.  Conclusion- no indication of a new trend.

So What is Our Forecast for 2010?

The last 3 years have seen a below normal number new listings (@400-430 versus @500-550 in earlier years)come to market.  Therefore, we expect this year to be at or above the normal range.

Our Recommendations

If you are selling a home in Los Altos we recommend you do it sooner than later this year.  If you are buying a home in Los Altos and are

Palo Alto-Los Altos Homes- Landscape Watering Rules Start Soon!

State Law Requires Reduced Water Consumption

All cities are required to enact new regulations by Sunday to reduce water consumption or follow a new state law.   Will large, green lawns become a luxury of a bygone era?

Palo Alto has proposed a new ordinance requiring any new commercial property with 1,500 sf or more or new residential home with 2,500 sf or more of “watering area” to get a building license or landscape permit.

How Will Requiring Permits Reduce Water Consumption?

It is unclear how cities will limit potential landscape water consumption when issuing permits(or do they just want more revenue?!). Palo Alto is proposing limited watering hours to between 6 pm and 10 am, as well as banning lawns on substantially sloped lots.

496 E. Edith Avenue, Los Altos- Hot new home for sale

“Bullseye” Location Very Near Downtown!

East Edith Front View

This is the location any North Los Altos buyer should be looking for.  The home is located very close to the heart of downtown life as well as the local elementary school.

With its design of classic elegance and stunning rear oasis, this superb property feels like a luxurious private resort. The one-level floor plan combines California comfort with timeless architectural appeal for an ambiance that is both warm and inviting yet sophisticated and stylish.

Rear Yard Tropical Oasis

Outside, the gardens and glorious setting take center stage. Stepping stone paths weave through manicured perfection overflowing with color and fragrance while the sun-swept pool and elevated spa with “Tahoe Blue” finish blend in harmony with the verdant palette. A stone terrace and pergola-shaded dining area plus small‘cabana’ with pass-through to the pool beckons endless hours of entertaining and relaxation.

Want to know more?

For more details and a virtual tour go to www.JeffAndSteve.com.  To schedule an appointment to see this great property call Jeff at 650.823.8057.

Market Heating Up In Palo Alto & Los Altos

Over the past several weeks,  multiple offers have been occurring with increasing frequency in the $1.5m and below housing market. For example, a home in the Green Gables area of Palo Alto was listed for $1.34m two weeks ago and sold with six offers for $200k over the asking price (all cash). A home in South Los Altos was listed last week for $1.2m sold significantly over asking price with 18 offers!