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).
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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!
The Los Gatos real estate market has fared better than many other parts of Silicon Valley in recent months, but prices are declining, days on the market area increasing and inventory is climing.
The median sales (sold) price of homes is down about 26% year over year in Los Gatos (95030 and 95032). List prices appear to be flat (see graph below, which is from Altos Research, a subscription I have) but in many price points, homes are being reduced multiple times prior to selling.
The higher priced homes seem to be hurting more than the entry level homes. This is interesting because most of the “correction” we have been seeing is due to the mortgage mess, and a large portion of the very high end homes (more than 3 mil) are not terribly dependant on loans. Many of them are bought “all cash”.
What about our east Los Gatos enclave of Surmont, Belgatos and Belwood? We, too, have rising inventories. At the moment, there are six homes for sale in these three Los Gatos neighborhoods. I can comment a little on these and perhaps it will seem less gloomy when I do.
Two of the six are tenant occupied and difficult to see. They are not being actively marketed except on the MLS (no signs, no ads, no open houses – only the MLS and related web advertising). When homes are hard to see, they are hard to sell. One of them desperately needs a coat of paint and for someone to water the front yard, which has dead grass in it.
Another of the six homes is really large and at the high end of the scale for neighborhood pricing.
That leaves us with three other homes on the market. Every home has some kind of issue, and these three do too, but they are nice enough that they should procure an offer, even if not close to list price.
Having homes on the MLS that don’t sell tends to really hurt the ones that DO want to sell. Bad makes worse.
It’s hard to say. This morning at the Los Gatos – Saratoga Realtors board meeting, one lender said that it hasn’t been this bad since 1981. So it’s a challenging time for sure!
It’s a good time to buy, but buyers need to carefully handle their loan papers to avoid glitches. Selling is doable, but sellers must realize that it’s a price war and a beauty contest. Homes that aren’t in top condition and priced aggressively are going to have a tough time selling.
Please call me or email me if you would like a confidential meeting to discuss your real estate wants and needs. I’m happy to help!
PS Please see also my Live in Los Gatos blog – I do market updates about once a week there.
408 204 7673
Things have been hopping in east Los Gatos.
Over the weekend, the Belwood of Los Gatos community participated in the “Community Yard Sale” that was happening throughout the town of Los Gatos. The cabaña was a busy place with folks selling their wares at what seemed like a good clip. Additionally, neighbors held yard sales in their own driveways and front yards too, as was the case all over this part of Silicon Valley.
The pool is open and swimmers are happy as the heat has been bearing down on us. To see about scheduling a party there (if you are a cabana member), see the Belwood Community’s website.
Real estate update
The real estate market is busy in Belwood, Belgatos, and Surmont too. There are now seven active listings and two pending sales in these three areas. As with other parts of town, not all homes are selling – only the ones perceived as being “the best value” for the money are getting offers and going to closing.
(For more information on the housing market, please click on the Real Estate button above.)
If you’d like information related to your particular Los Gatos or Silicicon Valley home, please email or phone me! I’d be happy to meet with you, view your home and discuss your wants and needs as relating to buying or selling a home.
mary (at) popehandy.com
Homes in Belwood are selling at the same slow pace as most of the rest of Los Gatos.
Homes that are in top condition and priced well with no “issues” are selling decently. Others are sitting. At the moment (3/19) there is only one home available, two which are sales pending, and two more poised to come on the market in the next month or so.
Did you know that you can see the current list of available homes in the Surmont, Belgatos, and Belwood areas of Los Gatos on this website? Additionally, information on the expired listings and the sold and closed listings are here too. Just click on the “Homes Info” tab to stay current.
For weeks, there have been four homes for sale in the Belwood, Belgatos, and Surmont area of Los Gatos. Recently, one of the homes on Westhill went under contract or “sale pending”. It is a contingent sale, subject to the sale of another home – so not ideal by any stretch, but it is a sale.
When a home is sold contingent on the buyer’s selling a house or condo or other real estate, what does that mean?
Often, the listing agent will allow a set timeframe for the buyer to sell his or her property. Also, the Realtor working with the seller will usually include a “release clause” or “kickout clause” to that if a better (non-contingent) offer comes along, the sellers can effectively boot the first buyer out of contract – with some stipulations. Usually it’s a matter of time, like 72 hours to remove the contingency or to sell the home.
Sometimes homes that are “status 2” or contingent sales do go to closing, and sometimes they don’t. In a hot sellers market, homeowners will not ordinarily take a contingent offer. But in a market like the one we have today, sellers will consider any reasonable offer if their home’s been for sale a long time with no other offer.
Essentially, then, there are still four homes that are available to purchase. Two are in Belwood of Los Gatos (one on Belvue, the other on Belhaven) and two into the Begatos/Surmont side, both on Westhill.
And two more homes will be on the market in the next 2-4 weeks. Both of these are larger houses and will have higher price tags. One is in Belwood, and one is very close to Belgatos Park.
If you’re thinking of buying here in east Los Gatos, give me a call or drop me an email and we can talk about the market and the current opportunities afforded by it.
Mary Pope-Handy, Realtor, CRS, ABR, e-PRO, SRES, ASP, RECS, CNHS, ACRE
Helping Nice Folks to Buy & Sell Homes Since 1993
Co-Author: “Get The Best Deal When Selling Your Home In Silicon Valley”
877 397-5391 (Direct/Toll-Free/Fax); 408 204-7673 (Cell)
Are homes in Belwood, Belgatos and Surmont selling as well as in other parts of Los Gatos?
For years, I have had a subscription to a numbers-crunching service and provide to my clients a newsletter with the monthly real estate data, trends and statistics for Santa Clara County (San Jose, Saratoga, Los Gatos – and all the towns/cities/districts in the Santa Clara Valley). This is the Real Estate Report and it’s really invaluable.
But it doesn’t break the numbers down by zip code. Recently I began another service, in addition to the Real Estate Report, and this one is through Altos Research. With this service, I can break down the data by zip code, by quartile (price point, 4 ranges), by all kinds of factors.
A couple of days ago, I picked apart the numbers in the Los Gatos real estate market by zip code and quartile by using these new tools. The information is nothing short of amazing. I published my findings in my “Live In Los Gatos” blog under a post titled, Understanding the Los Gatos Real Estate Market Trends.
Here in Belwood-Belgatos-Surmont, we have four homes that are “just sitting”. Some have received price reductions, others not. What is going on?
It usually comes down to a few factors:
- the price is too high (5% or more off)
- the marketing is poor (it’s not on the MLS, there aren’t enough photos, there are no open houses, no internet marketing etc.)
- the access is too restricted (too hard to see the home, by appointment only, through listing agent only , etc.)
- the condition of the home is not acceptable for the price (either the floorplan is dysfunctional, the home is dirty, has odors, is too dated for the list price, etc.)
In Silicon Valley, prices in many areas are declining. In some areas, though (in and near Palo Alto), pricing are rising.
Los Gatos has both the buyer’s market and the seller’s market occurring simultaneously. How can that be?
Simply put, the 95032 zip code is in a buyer’s market, and prices are FALLING, while the 95030 zip code is in a seller’s market, and prices are RISING.
If you want to buy or sell a home or real estate in Los Gatos (or Saratoga, Monte Sereno, Almaden Valley etc.), it is extremely important to understand your immediate market. It is crucial to price it right, stage it right, and market it right to get it sold.
Have a look at my Live in Los Gatos post on the market. It will explain to you, and show you visually, why homes in this highly desireable neighborhood are sitting and not selling. Or call or email me for more information on your price point in all of this!
Thinking of selling your Belwood of Los Gatos (or Surmont or Belgatos) house? Please call me. Or email me. Set up an appointment. Get the true picture of the market so your home can sell and not just be listed.
(This is not intended as a solicitation of any home already listed with a real estate broker.)
It’s mid-October and inventory is shrinking a bit. A week ago there was one home to buy and one to rent in Belwood – and none in the Surmont or Belgatos areas of the ‘hood. The available ones have been scooped up.
So right now, if someone wants to live in our pretty corner of east Los Gatos, they’ll just have to wait.
Many sellers are hoping that spring will bring better sales prices. If it does, that’s great for people either downsizing or leaving the area.
But for move-up buyers, now might be a better time to sell one home and buy a more expensive one.
Why? Prices are a bit soft now. The listing on Belblossom at $799,000 makes it clear that prices aren’t what they used to be. Buying up, the soft prices make the jump from one home to the other easier – even if you sell the current home for less. The reason is because you save more on the move-up home than you lose on the sale of the current home. The net puts you ahead of waiting ’til it’s a hot market all around.
Call me if you’d like to get a current sense of value for your home.
Intero does have a special “Holiday Marketing Program” that involves no sign, no open houses etc. during the slower days of December. You get far less traffic but it’s all by appointment so only serious buyers come through. It’s a great way to get the jump on the January market. Please call me on my cell at 408 204-7673 to learn more about it.