The jokes we used to make to each other when I started in the business in 2001 was that soon every 3 bedroom 2 baths would cost a $1 Million dollars and we would all be out of business, because no one would buy homes.  It was supposed to be ironic.    The good thing is we are not all out of business.  Most of the colleagues with whom I started in the business are still here and doing well, thank goodness.   The not so good and not so ironic news is that yes, the typical 3/2 house has hit a $ 1 MILLION DOLLARS!   Hard to believe, isn't it?  But it is true, here in the north western corner of Silicon Valley better known as Cupertino.    I've been writing in this blog about the crazy activities involving multiple offers for homes in the area under the category of heard on the street (stor... 04/05/2007

Centrally located in Cupertino on Civic Park Lane, the Silverstone Communities Villagio is less than one mile from Symantec world headquarters and less than two miles from Apple's world headquarters and Hewlett-Packard's massive Cupertino complex. The eight-building complex targets high-tech workers with standard connectivity pre-wired.  Cable TV outlets and four telephone lines are wired into every room.  Each unit also comes standard with gigabit-capable CAT-5e ethernet vs. the slower CAT-5.  It's a nod to us techies out there that they knew the difference. Available configurations include the 1,433 square foot Magnolia town home with 2 bedrooms, 2.5 baths, and a private two-car garage with additional storage, located in the complex sub-level.  The Lotus condominium hosts 3 bedrooms a... 03/20/2007

 In light of yesterday's proclamation by San Jose Mercury that Santa Clara County's sales were down but prices were up, I bring forth another story involving typical house here in Silicon Valley to demonstrate how the market is doing right now.  This house is located in the city of Santa Clara; what makes this house stand out is that it falls in the famous Cupertino School District.  The house itself is in almost original condition but maintained well and kept clean, a 54 year old home.  It is a typical house for the area:  3 beds 2.5 baths with 1435 sq ft of space on an extra large lot 9,147 sq ft lot.  It is located on a semi-busy street called Rodonovan.  The house was on the market for only 3 days, before taking offers.  The FOR SALE sign wasn't even delivered yet from the sign comp... 03/16/2007

The Metropolitan is a brand new community of townhomes and condominiums located in central Cupertino just steps away from Cupertino Square (formerly Vallco).  This modern complex is a high-tech worker's dream, only minutes away from Apple's world headquarters and HP Cupertino, among other tech campuses. When I visited, I noticed that folks should have no trouble getting to and from other destinations with its stone's throw proximity to 280, 880, and 17 and short distance from 101 and 85. And if you have kids, you already know about Cupertino schools. This video quick tour highlights the Metropolitan’s Tribeca floorplan with 3 bedrooms, 2 bathrooms and amenities described below. Sorry about the quality of the video — I’m still learning the ropes — but the video is much better than the th... 02/27/2007

What is an escrow?  Who pays for what during closing?  How should you hold title?  What type of repairs would be good to do before putting a home on the market?  How much unsold inventory is in the marketplace?Real Estate transactions are complex and can overwhelm even the professionals.  You may be ready to put your house on the market and have questions that you want answered before you contact a Realtor, so that you can have a roadmap in your hands.  Or perhaps you are months away not quite ready to buy or sell yet, but have general questions that you would like answered for your edification.There is a safe and comfortable place where you can go and browse for these and other answers to questions you may have.   Information is vital in your decision making process, so go ahead and ta... 02/20/2007

According to the Cupertino Courier, the former Vallco (which is going to be renovated and renamed Cupertino Square) is getting a brand new high-end bowling alley, to be named "Strike." Mall general manager Mike Rohde uses the words "progressive" and "modern-looking" to describe the 38000 sqaure foot addition.  The renovation's centerpiece the new AMC movie theater which Rohde says will be open in April. 02/18/2007

If you are like most people, you read today in the San Jose Mercury an article called Is end near for housing slump?  The article discusses data which points to the number of homes sold in Santa Clara falling below what sold during the same time last year, yet the prices in the county having gone up slightly, blah, blah, blah.....   Nothing really fascinating or new, if you've been following my blog or have been on my website.       In the same issue there was in the business section was an article called Reports predict job growth in Valley.  In my opinion, this is more important and explains better what is causing the housing market to continue to rise in price although the sales volume is dropping.  Human beings tend to be risk adverse by nature.  We do things primarily to avoid pain... 02/16/2007

How much is my home worth?  Is it a good time to sell now, or should I wait?  Should I sell my house first, or buy first?  These are the type of questions people have and would like answers to.Please find out by visiting my website. http://www.stevemun.com/Free_Home_Evaluation/page_1762031.html Steve Mun, Silicon Valley Realtorhttp://www.stevemun.com/ 02/13/2007

Single FamilyThe differences between the last 12 months (ending with Jan 07) and the previous 12 months (ending Jan 06) were in the following areas:  1) slight increase of homes coming on the market; 2) sold/list ratio dropped from the previous year but performed much better than most in Santa Clara County; 3) it is taking only a few days longer to sell homes now then before; and 4) no surprise, prices are still going up.Homes that were available for sale in the past 12 months (2/06 - 1/07: 986) increased slightly compared to the previous year (2/05 - 1/06: 855) or an increase of 15% (compared to 65% in Campbell).   During the same period, the sold/list ratio dropped this past year (2/06 - 1/07: 61%) compared to the previous year (2/05 - 1/06: 88%).  There was some fluctuation in demand... 02/13/2007

On my last post, I mentioned about a house in the Lynbrook district of West San Jose that received 32 offers.  I'm sure those who read it were just as curious as I was to discover how much over the asking price the winning offer provided.   The answer is.......$112,000!  The winning offer was $1,000,000, with no contingencies and 7 days close.  Remember, the asking price was $888,000.  The property was on Olmo.  I knew the prices as of the writing of my last post, but the deal had not closed yet, so I could not divulge the details.  Do you still think the newspapers are correct in their assessment of the market place? Steve Mun, Silicon Valley Realtorwww.stevemun.com  02/09/2007

Newspapers still proclaim that there is a buyer's market out there.  But as I have stressed over and over again, Real Estate is locally driven.  You must look at activity from the grassroots level, it is only there that you can get a true picture of what is happening in your community.There is a property on in West San Jose.  It is nice house in mostly original condition, good bones, as we say in the business.  4 bedrooms 2 baths with approximately 1700 sq.ft and a list price of $888,000.   It falls within the highly desireable Fremont Union High School District, specifically, into Lynbrook High.  After only being on the market for 8 days, it sold with multiple offers: 32 offers to be exact!  With 32 offers, you can imagine it sold for well over asking price. This particular situation w... 02/06/2007

Is the Cupertino California Real Estate Market still a good investment? By Arpad Racz We all remember the recent days when the real estate market in the S.F. Bay Area was booming. No sooner did a house go on the market, and there were multiple offers and properties were regularly selling over asking price. In the start of 2006 the market was quite good, as housing inventory increased in May however, the market started slowing down considerably, and has affected the greater Bay Area market. Cupertino and some other cities have tended to withstand the slowdown better than other areas, due in most part to Cupertino’s unique draw. Cupertino’s draw includes in a large degree the great schools, technology focused workplaces, parks and recreational opportunities with the foothills nearby, and... 01/26/2007

How has Cupertino been performing in the past year?Here is a synopsis of how the popular city has been performing last year compared to the previous year.  The data below is from the MLS and has been compiled for the past 15 full months, as well as for the period of 15 months before that.   What is important is to focus on the trending in the market place to help guide us to what may lie ahead for us in 2007. VOLUMECompared to other areas of Santa Clara County, Cupertino area (includes West San Jose) did very well overall in 2006.  (For a comparison, see my Campbell Market Conditions Report).   Naturally, when compared to the previous year, the ratio of sold/for sale dropped, but the overall volume of activity did not drop significantly, certainly not much as people expected or hoped.  ... 01/25/2007

As a new member of the Active Rain community, I have been absorbing the wealth of knowledge and experience people freely share here. There is benefit for both consumers as well as real estate professionals. The post by Kristal Kraft on REALTOR Standards resonated with me and compelled comment: I agree 100% with you Kristal!! Here in California we have three levels of real estate licensing: Conditional Salesperson, Salesperson, and Broker. This 3-tier stratification and low barrier to entry contributes to some of the negative perception that real estate agents don’t know what they are doing. The Conditional Salesperson license provides the lowest entry point: Take one state mandated Real Estate Principles class and you are qualified to take the exam. Pass the exam and you can apply for a... 09/15/2006