Cupertino, Sunnyvale, Saratoga, Los Altos still stong

By
Real Estate Agent with Coldwell Banker

As the 2007 real estate market begins to wind down for the year, we are still seeing multiple offer market for the cities with the high-end publc schools.  While, overbids are not as crazy as in previous years, we are still seeing that it takes a good price with little or no contingency and solid financing to "win" a median priced single family home in these areas.  In Cupertino, we are still seeing some properties receiving 20 offers the first week they hit the market.  I recently sold a townhome in Cupertino in a week for over asking price with no contingency.  In contrast, I have a nice newer home for sale in the Willow Glen where the schools are average, and it has been sitting on the market for over 3 months.  Even in Sunnyvale, we are seeing a split market with the west side doing very well but the east side with the more affordable properties being very stagnant.

The principles for a solid real estate market in this area are pretty straightforward

1. Limited number of new homes being built ( less speculators/lower inventory) 

2. Elite public schools

3. Good job market with high paying jobs

4. Desirable place to live with good weather

I expect to see the split market to continue through next year.

Comments (3)

Ulises Romo
Realty One Group - Phoenix, AZ
Wow, sold in a week. Great. I wish that happens here soon.
Oct 22, 2007 04:14 PM
Ken Realivent
Realivent - San Francisco, CA
Brian, congratulations on the quick sale!  I've always seen the Cupertino market as a market that has its own dynamics and in no way tracks what the overall real estate market does.  Do you see any slowdown in Cupertino in 2008 ?
Oct 22, 2007 06:40 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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Jun 08, 2018 08:56 AM