Of the homes first listed for sale in the Belwood of Los Gatos, Belgatos, or Surmont subdivisions in 2015 so far, only one did not selll (it was pulled off after a month, which is about the time when a price reduction would likely be getting discussed). One other is currently under contract (contingencies are in place) and five homes have been sold and closed.
Overall, houses in this neighborhood have gone pending fairly quickly, with the average days on market being a brisk 9 for the five closed sales. Homes sold so far are all selling over list price, and the average amount over is about 3% ($38,000).
(There was one other closing on Bacigalupi in January from a sale in December that I did not include since I was looking for sales that were ratified in 2015, but that home had 2448 SF and closed at $1,525,000 fyi.)
The odds are good that you could sell a home in this area without too much trouble in most cases. In every market, though, there are some homes that don’t sell or do not sell quickly. To learn more about that situation, please visit my Valley of Heart’s Delight blog and read this article:
Today I’m working on an article for another blog of mine on the topic of saving for a down payment and residential real estate appreciation in Silicon Valley. Long story short, right now, home buyers cannot save as fast as the home prices are going up. For some, the saving effort is to get to 20% down or more. For others, the goal is to buy all cash. In both cases, though, the danger is getting priced out of the market while the would-be home owner is putting away money. For people who wanted to buy 2 years ago but decided to wait and save, that now means either not buying at all or buying in less nice home or area than they were targeting.
This is certainly true for home buyers wanting to get into Belwood of Los Gatos and nearby. Let’s look at our corner of Los Gatos and take a sampling of what has happened since 2000 (a “boom year”) for a typical 2400 square foot house on a typical 9,000 to appx 10,000 square foot lot (in Belwood, Belgatos or Surmont). For this, we will consider homes sold in 2000 and homes sold within the last 12 months. I ran the numbers this afternoon on MLS Listings, our local multiple listing service provider.
1-1-2000 through 12-31-2000: a home of about 2400 SF on a 9,000 – 10,000 SF lot averaged a sale price of $860,000 (prices ranging from a low of $750,000 to a high of $950,000). A 25% down payment would have been $215,000 and the loan amount would have been $645,000, using that average number. Many buyers would have purchased with 20% down, and some with 30% or more, though.
Fast forward to today and the last 12 months leading up to today – approximately 15 years later.
6-9-2014 through 6-9-2015: same sized home and lot averaged a sale price of $1,512,000 (prices ranging from a low of $1,350,000 to a high of $1,660,000). This does not include pending sales, of course – just those which have closed escrow.
Home prices have almost doubled in that time. Continue reading
This afternoon I ran the recent listings and sales in the Belwood of Los Gatos, Belgatos, Surmont and nearby areas. These contiguous east Los Gatos neighborhoods have extremely low turnover, so not surprisingly, there are few sales!!
It should be noted that larger homes on larger lots usually sell for far less on a price per square foot basis – so it’s not really fair to compare a house on an acre with one sitting on a 10,000 sf lot. Additionally, homes in the $2 million plus range are a very different creature than those closer to $1 million in terms of multiple offers and the sale price to list price ratio. In some cases, though, even these higher end homes get multiple offers and sell for more than the asking price.
Finally, the type in the image below is a little small, but if you click on it, you will get a larger, more readable version.
Real estate sales this year in the east Los Gatos areas including Surmont, Belgatos, Belwood of Los Gatos and homes close to Harwood but within the Los Gatos town boundaries have been small in number due to the extraordinarily tight inventory levels. Below are the closed and pending sales as reported in the MLS for this calendar year so far.
Of the nine closed sales, 5 sold for more than list price – most or all of these were multiple offer situations. The other four had a variety of situations: one was bank owned, one needed several hundred thousand in finishing work (there was no kitchen, there were no bathrooms, etc.). The one on Alerche sold “off market” and “off mls”.
Interested in buying or selling a home in or near this pretty corner of Los Gatos? Please give me a call or send me an email today!
Home sales in our corner of east Los Gatos have been fairly brisk overall. Homes under $2 million and on quiet, interior roads pretty much fly off the market. Properties on streets with a lot of traffic or properties offered at more than $2 million are much, much harder to sell here. Here’s a look at the 2013 year to date home sales in our area so far. The one on Alerche was my listing. (Please click on the image below to see larger version.)
Interested in knowing what your home’s probable market value is with today’s market? Please give me a call or write me an email and I’ll be very happy to preview your home and provide you that information with no obligation: 408 204-7673 mary (at) popehandy.com. I’m a 20 year real estate veteran in Los Gatos, a top producer, and a Belwood resident since 1999.
Houses in the Belwood, Belgatos, Surmont and nearby areas priced under $1,500,000 are selling at a very healthy rate, many with multiple offers and significant overbids. In the last year or so, there have been 18 sales of single family homes in this area (see map at right). Of those, 16 were on the open market of of those 16, 13 sold for more than list price.
Two properties sold “off market”, or not on the multiple listing service with a real estate professional involved. One of them was a sale from a landlord to tenants already in the property. The other was an off market short sale.
As of this writing, there are 2 pending sales in the neighborhood, both between $1.2 million and $1.5 million.
Additionally, there are 3 properties available for purchase. They range in price from $2.4 million and $2.8 million, and all have been on the market for more than a month.
Below, please have a look at what has sold – street names rather than precise addresses are used to provide privacy to the owners.
Interested in selling your east Los Gatos home? Please call or email me for a confidential, no obligation consultation today.
Mary Pope-Handy firstname.lastname@example.org 408 204-7673
How’s the real estate market for the Belwood of Los Gatos, Belgatos and Surmont neighborhoods of Los Gatos? Today I present some detailed views of the state of the real estate market in 2012, viewed from several angles. This is a lengthy article, but one I hope my neighbors and would-be neighbors will find very helpful.
Inventory was low across all of Los Gatos and Silicon Valley, and turnover in this corner of east Los Gatos 9part of the 95032 zip code) is never high, so it’s not surprising to learn that a mere 13 houses sold over the last year. Most home owners would like to know whether values are rising or falling, how tough it is to sell a house, and whether or not homes are selling over the asking price. We’ll have a look at these questions, and more, using graphs I created from our local real estate multiple listings provider, MLSListings.com.
There were 13 closed sales in Belwood, Belgatos and Surmont plus 4 houses that did not sell in 2012
There were 13 sales of houses in 2013 – not too many for a neighborhood with more than 300 houses! There were four others which did not sell, however. One is currently for sale, and 3 more are cancelled, expired, or withdrawn. In every market, no matter how “hot”, some homes do not sell. This is important to remember. Too many home owners get euphoric about the sales prices and multiple offers which they hear about. What’s usually not considered is the “market rejection” that other properties get. It is a sobering balance to the multiple offer frenzy stories which one hears.
This first graph displays the closed numbers of sales by price point. This is helpful not just for sellers, but home buyers interested in purchasing here. Last week I got an email from a resident of Santa Clara County indicating a desire to see properties here with 2200 square feet or more available at under $1,000,000. Is that possible? Let’s see.
In the graph above, we find that three properties sold here between $800,000 and $1 million. We do not yet know from the data anything more about the houses, whether they were small, big, regular sales or distressed properties. A quick look at the MLS just now shows that all of the sold houses were regular sales except one, a short sale on Belwood Gateway which was in that lowest pricing tier (and which took about 2/3 of a year to sell).
Days on market or average days to sell in Belwood, Belgatos and Surmont area
Next, the average days to sell (meaning to have an accepted purchase offer or contract) for the houses on the market that did sell – not all of those offered in 2012 were purchased! (In every market, there are homes that do not sell. Most of the time it is because they are overpriced.)
From the time the house is showing on the MLS as active or available, how long until there was a ratified contract? In most cases, not long at all. For the lowest price group, the average days to sell is badly skewed by the short sale on Belwood Gateway – that one took 213 days to sell due to transactions falling through and the difficulties of getting a distressed property closed. When I eliminate the short sale from the mix, the average days on market for the other 12 properties was a very fast 17. The longest was 66 and the shortest was 2. The graph below shows the days on market of all sold houses by price point. Although it appears that the least expensive homes are the hardest to sell, that’s not really the case. The short sale tilts the average.
Average list prices of Surmont, Belgatos and Belwood homes that sold in 2012
What about home values and pricing? Below, please find the average list price of properties by month. For most of 2012, the majority of houses for sale ranged between one million and $1.4 million. There are higher and lower priced properties, of course, but this range gives home buyers a general sense of area values for typical homes. Newer one, view lots, extra large homes or custom built properties will cost more. Houses on Blossom Hill Road, older homes, properties needing extensive renovation etc. will sell for less. Have a look: Continue reading
How’s the real estate market in the Belwood, Belgatos and Surmont areas? Below, please find a list of properties which are currently available or sold (there are NO pendings at the moment) in these parts of Los Gatos this year.
Homes for sale:
As you can see below, most properties are priced at over $1 million unless located on (busy) Blossom Hill Road.
Since January 1st, only 3 homes in the area have sold for under $1 million, and one of them was a short sale that was directly across from the cabana. Please note that overall, homes in the Surmont, Belgatos and Belwood neighborhoods are selling over list price – in fact, by $13,437 or almost 1% over list price. Although the one short sale took over 200 days from listing to closing, most homes in the area sold far faster – 9 of the 12 sold within 2 weeks! That is a nice, strong sellers’ market.
Even so, it’s imperative not to overprice. Just because it’s a sellers’ market does not mean that buyers will pay just any price for a home. They are wary after the market’s downturn!
Want to discuss your home’s value? Please call or email me today and we can meet, go through your house together, and discuss probable market value and pricing strategies.
The market is pretty hot in our pocket of Los Gatos! Here’s what has gone under contract in Belwood, Belgatos, Surmont and very nearby since January 1, 2012. (DOM = “Days on Market”. REO = “Real Estate Owned (by the bank)” or bank owned home.)
|Sale type||Status||Street||List Price||Sales Price||Square Ft||Lot Size||DOM||Sale Date|
|Reglar||Pending||BELWOOD GY||$ 949,000.00||1730||11385||8||4/20/2012|
|Regular||Pending||OLD ORCHARD DR||$1,275,000.00||2736||10209||51||3/27/2012|
|Short Sale||Pending||BELWOOD GY||$ 925,000.00||2251||10240||213||3/30/2012|
|Regular||Pending||BELCREST DR||$ 895,000.00||2448||9875||7||4/4/2012|
|Reglar||Sold & Closed||HARWOOD RD||$1,099,999.00||$1,098,000.00||2804||11036||252||1/5/2012|
|Regular||Sold & Closed||ALMOND BLOSSOM CT||$1,199,950.00||$1,140,000.00||2923||10018||59||3/2/2012|
The home on Belvale had 6 or 7 offers – I know because I placed one of the bids on it for my buyers! There were also multiple offers on the Bacigalupi house as well. Both are said to have sold over list price. Most homes are selling pretty fast now, and at very good prices.
The real estate market across Silicon Valley has really zoomed into a strong seller’s market over the last 3 to 4 weeks. I have been involved with MANY offers, both on the seller side and the buyer side, and almost every single one was a multiple offer situation with sales getting pushed much higher than list price. (This last Monday, for example, I sold a small Santa Clara condo that was not strategically underpriced but it got 20 offers, 8 of them “all cash” and sold about 8% over list price. This is happening all over.)
Want to see more photos and a map? My Los Gatos Real Estate Report can display listings, pendings and sold properties anywhere in Santa Clara County. Click on this link to see what’s happening near our part of town. (It loads a little slowly so please be patient.)
If you’d like to buy or sell a home in the Surmont, Belgatos, or Belwood of Los Gatos areas , please call me! I’m a resident (since 1999) and a Realtor here in Los Gatos with Sereno Group and know the area like only a local does.
mary (at) popehandy (dot) com
What’s happening in the real estate market in the Belwood, Belgatos and Surmont areas of east Los Gatos? Today I did some research on the MLS for 2011 year to date in this part of 95032.
In the image below, after I completed my work I realized that one of the “actives” is actually on the San Jose side of Blossom Hill Road (the low price home at just under $500,000 – it is a short sale by the way). The numbers tell us that in general a 4 bed, 2 bath home in average condition (that is, partially updated but not “fully remodeled”) is worth just about $1,000,000.
I find the “sum” number to be unhelpful but the minimum, maximum and average sales prices (including the cost per square foot) to be extremely useful.
Let’s stop a moment and just look at what’s closed so far in 2011 – 10 homes – about 1 home per month on average (very, very low turnover).
|sold & closed||BELHAVEN DRIVE||$1,199,000||59||6||3||2,448||10,000|
|sold & closed||BELHAVEN DRIVE||$1,175,000||123||4||2||2,500||10,625|
|sold & closed||BELWOOD GATEWAY||$1,050,000||29||6||3||2,448||10,530|
|sold & closed||BELCREST DRIVE||$999,000||7||4||2||2,131||10,000|
|sold & closed||OLD ORCHARD DRIVE||$975,000||10||4||2.5||2,159||11,934|
|sold & closed||BACIGALUPI DRIVE||$960,000||8||4||2||1,748||10,000|
|sold & closed||WESTHILL DRIVE||$949,950||7||4||2.5||2,076||10,998|
|sold & closed||BELBLOSSOM WAY||$900,000||7||4||2||2,259||10,000|
|sold & closed||BELCREST DRIVE||$899,000||17||4||2||1,960||10,769|
|sold & closed||BELBLOSSOM WAY||$875,000||25||4||2||1,748||9,877|
Next – how long does it take to sell these Los Gatos homes?
As you can see, often there are far more homes available (or listed for sale on the MLS) than are selling. This is typical for all of Silicon Valley but of course to differing ratios. It’s a red hot seller’s market when homes are selling as fast as they’re listed. In most markets, though, some percentage of homes never does sell – it’s a bit like the “bell curve” applied to home selling. Some sell fast and for top dollar, some sell in a month or two, and some either sell only after a prolonged marketing time or not at all.
With extremely low inventory and low turnover, it’s almost a crap shoot as to how fast a home in these east Los Gatos areas will sell. If there’s no other competition and the property is (1) fully remodeled and (2) priced aggressively, it will sell fast. If not, it’s anyone’s guess – but definitely worse if more homes are for sale.
Want to sell your Surmont, Belgatos or Belwood home? Please contact me – I live here too and will do my best to get you the best price for your property!