Whether you’re a long-term renter, temporary renter looking for a furnished rental, or a landlord, you’re probably wondering how the Silicon Valley’s apartment rental market is today and where it’s heading. Most real estate agents in this area do not deal with rentals, so rental housing is not typically something we track super closely. That being said, the same things that affect the residential resale market frequently effect the apartment rental market as well. So, without the help from my usual sources, such as the MLS (Multiple Listing Services), let’s look at what people are saying about the current trends.
Silicon Valley’s apartment rental market in the news
This February, bizjournals.com published three helpful articles, all written by Janice Bitters on the Silicon Valley’s apartment rental market. In these, she provides insight to investors with predictions for the market with some reflection on current and past trends. What to these articles express? That there has been high demand and rising rents for years, similar to the housing market. What she gleans from industry trends is that builders and landlords have been working very hard to fulfill the demand for luxury apartments, and that new developments in the high-end sector have begun to meet demand. With demand in the higher price point diminishing, she says, builders and landlords no longer have the same incentive to create rentals in this sector, and investors do not want to pursue the mid- to low-end rental market. Despite there still being a clear demand in lower-cost apartments, developers are unlikely to pursue that sector right now due to the high cost of land and construction.
To attract renters to the luxury units, landlords are offering concessions such as free month to rent. This suggests that, in the higher price point of the rental market, it’s cooled down and has swung towards the favor of renters after being hot for a long time. In housing terms, we would call this a shift from a seller’s market (the market is in the seller’s favor) to a buyer’s market (the market is in the buyer’s favor). It’s true that with residential home sales, it’s also cooler in the luxury tier (over $3 million) than more moderately priced homes for sale. Here are the articles where you can learn much more about the rental market:
(Check out the graph in this last article!)
Unfortunately, after a cool and wet winter market, rent growth rates exceeded last year this summer, making it a continued, hot market for landlords. According to Apartment List (an excellent resource for tracking the rental market by city), San Jose rent is up 2% from last year and up 0.5% from last month, with the median rent for a one bedroom at $2,060, and at $2,580 for a two bed unit. Comparatively, Apartment List states that San Francisco is the highest cost California city for rentals with the median price for a two bedroom at $3,060, which has remained stable since last year. They also compare the median two bed rental across other major cities in the lower 48 states, which show that San Jose in both growth and median price is higher than New York city. Needless to say, on their Renter Confidence Survey, San Jose rated F for Affordability (meanwhile garnering and A and an A- in jobs and weather respectively).
Sunnyvale rentals, like the purchase market, is higher than San Jose by a few hundred dollars (Apartment List states the medians as $2,230 for 1 bed and $2,800 for a two bed unit), and are up 3.1% since last year. A Santa Clara apartment will cost you more than San Jose (the whole city, there are higher and lower rent areas), but less than Sunnyvale. Campbell may be your best bet for a reasonable rent, decreasing 1.3% since last year, and the only one with a median rent under $2,000. Mountain View has seen huge yearly rent growth at a current 4.9%. Compare that to the national average of 2.9% and the California average of 4.2%. Despite the yearly growth, rentals are slightly more affordable here than in Santa Clara (the median is only about $30 less).
Apartment List does not analyze every city and town, nor do they study the difference between neighborhoods, such as comparing South San Jose with Willow Glen, but where they do give insight helps to show the major trends happening around the bay area. Check out Apartment List for more detailed analysis, and the most up-to-date information on the market. Also check out their Rentonomics page with more articles on renting.
Is there a solution to the lack of low-cost apartment rentals?
Analysts all believe there will be some market turnaround in the not too far future, but there are a few answers to where it may come from. CNBC published an article on the housing shortage dealing with high tech companies. Large industry leaders such as Google, Facebook, and Twitter continue to hire, bringing people into the area more quickly than developers are building, and forcing up the prices in both housing and rental markets. Employees have asked these companies to help, and some are responding. Google and Facebook have both come up with plans to construct affordable housing.
For years, California law has stated that a certain amount of affordable housing must be available in each community. Unfortunately, many communities are ignoring both the law and the need for such developments. If every community were to develop what the law required, the market would be much more balanced. Yet again, it’s the investors that are controlling the development, and it will not likely happen soon.
How hard could relocating from San Francisco to Silicon Valley be? It’s the same time zone, the same “San Francisco Bay Area” region, and depending on which part of Silicon Valley you target, the drive time could be all of 20 minutes – or perhaps well over an hour.
Relocating from San Francisco to Silicon Valley can be a little bit of a culture shock, which is surprising given the close proximity of the two areas. What’s so different?
(1) Most noticeably, the scenery is different.
You won’t be seeing the Golden Gate Bridge, facing frighteningly steep hills, or catching a view of the Pacific Ocean from the Cliff House when you’re in Silicon Valley. Nob Hill, the Wharf, Ghirardelli Square, Union Square, Market Street, Mission Dolores, the SOMA district and so many other colorful parts of the city will be places you visit on weekends rather than drop in on some evening for supper. The scenic beauty of San Francisco may be the thing you will miss the most if you move out of that fabled city.
Beauty isn’t absent from Silicon Valley, though! There are views of the San Francisco Bay in many places (Foster City and Redwood Shores especially). Scenic vistas of the beautiful Santa Cruz Mountains can be enjoyed from many locations in the South Bay, especially Los Altos, Cupertino, Saratoga, Los Gatos, and the Almaden Valley in San Jose. Part of Silicon Valley reaches into North San Jose, Milpitas, and Fremont, where views of the eastern foothills can be quite lovely, too. Some of these communities have a high elevation and can see the bay as well as the valley.If you are relocating from San Francisco to Silicon Valley, you’ll want to be outdoors more and enjoy the many open spaces available to you. Parks and hiking areas abound on the Peninsula and in Santa Clara County. For example, you’ve probably driven past Crystal Springs Reservoir many times- but did you know that you can hike there? Santa Clara County has a network of trails following various creeks. The Los Gatos Creek Trail (with some adjacent percolation ponds) runs from Lexington Reservoir down into the valley, stopping at Meridian Avenue. There are also trails around parts of the bay – and eventually trails should ring the whole SF Bay Area, but that may take quite awhile.
At Vasona Lake County Park in Los Gatos you can rent a paddle boat and roam the lake in style! Or how about sauntering on horseback in the low foothills of Saratoga at Garrod’s? A day at Filoli in Woodside is always good for the soul – lovely places to walk around both outdoors and in. (Really spectacular during the holidays, too.)
Got wine? You’ll get great views if you take in some wine tasting in Saratoga (several spots, also at Cooper-Garrod’s if you want to sip wine after riding horses) or Cupertino at Ridge Vineyards, too. There are dozens of wineries in Silicon Valley, including J Lohr near the San Jose airport.
Lovely sights are bountiful in The Valley. Continue reading
Shared housing is a way that many Silicon Valley employees work around the high cost of renting a home here. A bonus is that if you’re relocating to the San Jose – Cupertino – Palo Alto area or nearby, it’s that much easier to meet people in a communal living situation. For many, that means renting a house with a number of other people. In some cases, it translates renting a bedroom in a house where the only other residents are members of the same family. Either way, it helps to beat the high real estate costs, and may enable those who choose to live in a group setting to save faster to buy their own home.
To many, shared housing seems like a new concept, but I remember doing it when I was just out of college and teaching in the Los Angeles area, where rents seemed sky high to me at the time. When I returned to grad school, I did it again. Both experiences, though, convinced me that a longer commute and living along OR a shorter commute and living in a smaller space (a studio apartment) was a good trade off. Of course, this was in the 1980s, and we did not have web tools to help us to screen and find like minded roommates or house mates. I suspect it’s a lot better now.
Not having used any of these shared housing services, I cannot endorse any, but there are a number of sites to find house mates or communal living, and there are some companies which specialize in matching people to openings. If any of my readers can endorse a company or site, please let me know by email and I’ll update this article with that information. My word of caution, though: never send money by wire to someone you don’t know for an apartment or home you have not seen. There is a very serious problem with wire fraud, and you do not want to put your hard earned money at risk. Be safe out there!
Read more on the Silicon Valley real estate market:
Read about the various real estate markets by area within Silicon Valley: http://sanjoserealestatelosgatoshomes.com/
Get market stats for San Mateo County, Santa Clara County, and Santa Cruz County: http://popehandy.rereport.com
This website, Move2SiliconValley.com, provides an overview for people thinking of or planning to move to Silicon Valley. If you want to dig deeper and learn about individual Silicon Valley neighborhoods, I want to suggest that you visit some of my other websites and blogs for Silicon Valley real estate resources. Please have a look:
popehandy.com is my flagship site for Silicon Valley real estate – it includes area or neighborhood profiles for all the Silicon Valley communities (in all 4 counties) as well as information for Silicon Valley home sellers and more. Visit popehandy.com and click on “Communities” for a drop down menu listing the 4 counties and learn about the cities, towns, and areas that comprise the Silicon Valley area. (I run several sites and have many articles on them, and this is the one which covers the broadest territory.)
ValleyOfHeartsDelight.com is where I showcase my listings, and it’s the site for general real estate info in Santa Clara County and Santa Clara Valley, once known as the Valley Of Heart’s Delight. Most of Silicon Valley is in this area.
SanJoseRealEstateLosGatosHomes.com covers real estate in the town of Los Gatos and the nearby areas of San Jose, Campbell, Saratoga and more. I think it’s the best part of the Santa Clara Valley or Santa Clara County, but perhaps I’m biased. There are MANY posts with local market trends & statistics, updated monthly, for these areas plus Cupertino, Sunnyvale, Mountain View, Almaden Valley, Blossom Valley, Willow Glen, and so on – areas within Santa Clara County. (Google “real estate market” plus the city or area you’re interested in, and you likely will find an article on this site for your desired corner of the region.) Additionally, there are special research postings on the absorption rate in Los Gatos and Saratoga. Also you’ll find Silicon Valley neighborhoods described in depth, often at the subdivision level for areas such as Cambrian and Almaden. Check it out, it is a wealth of information!
LiveInLosGatosBlog.com focuses on the town of Los Gatos, its neighborhoods, areas, districts, as well as events, parks, real estate for sale, the arts, schools, businesses, restaurants, and much more. A little more community and a little less real estate, but the BEST site for Los Gatos neighborhoods you’ll find anywhere. Los Gatos was once known as the “gem city” and is still a very beloved corner of Silicon Valley today, with historic neighborhoods and homes, gorgeous architecture, and a vibrant downtown. Before deciding where to live, be sure to investigate this scenic town snuggled at the base of the Santa Cruz Mountains – the gateway to the valley.
popehandy.ReReport.com is all about the statistics for Silicon Valley, including San Mateo County, Santa Clara County, and Santa Cruz County. Overall, it is very comprehensive. It features a way for you to track listings and sales near your own home, or one of interest, too.
Silicon Valley neighborhoods where I focus my real estate sales:
Obviously, 4 counties is a lot of ground to cover, and most Realtors don’t work that huge of an area in urban communities like ours. I have sold in all 4 counties, but the vast majority of my business is in Santa Clara County, where I live and where my office is located.
In general, I avoid taking on buyers in counties outside of Santa Clara County as it’s far with today’s traffic and with buyer clients it’s important to be super responsive and see new listings as soon as they are available. For that reason, I’d be happy to introduce you to a great buyer’s agent in those areas if that’s where you’d like to purchase a home. With listings it’s far fewer trips and I have more control of my time, so I’m happy to assist sellers in all of these counties.
How is the Silicon Valley real estate market? It’s more of the same this month, with worsening, too-low levels of available inventory of homes for sale in Silicon Valley. At this point, the low inventory is a problem for everyone. Home buyers in the county or on the Peninsula have little or nothing to purchase, and sellers feel trapped – they cannot sell their current home as there are bad odds that they would be able to purchase something else if they did sell. Unless they expect to leave the metro area, they are going to hold on tight in most cases.
Have a look at the inventory of houses on the market from 2003 (the earliest year I can pull from the MLS) to today in Santa Clara County – August is in bold to make it easy to find
The Silicon Valley real estate market – a look at inventory of available homes for sale:
The numbers really say it all. Even if you are new to the San Francisco Bay Area, you cannot help but notice the relative scarcity of homes for sale this month as opposed to last month or any other dating back to 2003. Therefore, it’s no surprise that solid homes here that are not in the luxury tier for their area (and are aggressively priced, beautifully staged, professionally photographed, and easy to view) are getting loads of multiple offers, high overbids, and selling with no contingencies for inspection, loan, or appraisal. It’s nearly impossible for anyone trying to purchase with less than 20% down in multiple offer situations. My advice for them is to try to target properties that have been on the market for awhile, as often the only thing “wrong” with them is a too-high price.
A couple of weeks ago, I had a sale in the Cambrian district of San Jose with San Jose Unified schools. That property received 12 offers, 8 of them with no contingencies of any kind, and more than half with more than 20% down (highest two were at 50% and 55% down). Sobering, isn’t it? Great if you are a seller, impossible feeling if you are a buyer.
How about the various parts of the county? The Silicon Valley real estate market varies from one area, price point, and school district to the next. The hottest of the hot markets are in the heart of the tech centers in prices under $2 million.
Mountain View continues to have the highest sale price to list price average, with a staggering 113%, and Sunnyvale is just behind at 111%. Only Los Altos Hills is coming in at under 100% for the sale price to list price ratio (it is a very high end community with 1 acre minimum parcels and often featuring extremely large houses). Saratoga and Los Gatos, also pricier, are on the softer end of the spectrum at less than 103%. That said, homes in the lowest price points in all those areas are still a hot item! Here’s a look at a glance at the Silicon Valley real estate market by area – more details are on the printable PDF newsletter:
Home buyers looking to purchase over $3 million (at least in most areas) will find it a good market for them to purchase. Selling under $2 million – again, in most areas – is fantastic for most properties. Who’s got it made? The move up luxury home buyer!
To get more details on the real estate market in Santa Clara County , San Mateo County, or Santa Cruz County, please visit http://popehandy.
If you are house hunting in Silicon Valley and new to the area, you may wonder when the usual open house times are. Unfortunately, open house times are not perfectly predictable as there is variation both from one brokerage or agent to the next and one region of the counties that comprise Silicon Valley to the next as well. As an example, in the Blossom Valley area of San Jose, condos or houses are frequently available for viewing between 1:30 and 4:30, but it’s not a rule – some listings may have a totally different schedule!
In general, most open houses will be available between 2 and 4 on weekend days if advertised as open (sometimes Saturday, sometimes Sunday, sometimes both. Open houses can run from 12-5, 2-4, 1-4, 1:30 – 4:30, 2-5 etc. If you arrive between 2 and 4 (not “at” 4), you are likely to find it open if it’s advertised as such. Some real estate agents may hold it open sooner or later, though. If a Realtor has a couple of properties that need to be held open for the public, one could be from 11-1 and the other from 3-5 or some such schedule.
The broker open house is usually not intended for the public, but for agents to show listings to other agents who are looking for their clients. Occasionally (more frequently now than before), the home is open to the public to view. Broker open home tours take place on weekday mornings, typically Wednesday, between approximately 9:30am and 12:30pm. If non real estate professionals (the public) are welcome, it will be advertised on our MLS, so check online or with your agent.
It is always best to check online at www.MLSListings.com for the most accurate schedule for open houses, which may be during weekday mornings, twilight tours, or weekend afternoons or mornings.
Finally, do not count on all properties listed for sale in Santa Clara or San Mateo Counties to necessarily be available for viewing at an open house. Some listing agents and some sellers prefer NO open houses, believing that any qualified buyer who’s serious will be working with a buyer’s agent and can make an appointment to see it privately. (This is yet another reason why every buyer should have his or her own real estate agent rather than planning to work with the listing agent when buying their next home.)
The Silicon Valley and San Jose areas are seeing a resurgence in the popularity of “urban living” neighborhoods. If you are looking to rent or buy a home in one of these areas, you may wonder where you can find them.
For those not familiar with the “urban living” name, it refers to areas where homes and shops are close together, so that residents are not so dependent upon cars. Some sites refer to them as “walk to town,” though that phrase is used less now to be inclusive of non-ambulatory citizens.
Here’s a quick list of areas to consider if you want the urban living experience:
(1) Downtown San Jose
In the downtown district of San Jose, you will find both new high rise condos (several were built all at once), ranging from nice to extremely upscale & elegant. Additionally, there are some neighborhood in or near downtown with houses full of character and architectural charm as they were built in about the 1920s. Once such neighborhood is Japan Town, where many of the homes are Spanish or Mediterranean style, and there’s a little “downtown” area (apart from the more congested, sky scraper area) with wonderful shops and restaurants. San Jose’s Japantown, by the way, is one of only 3 in the country – all of which are in California. The others are in Los Angeles and San Francisco.
Read more about San Jose’s Japantown in my blog through the link.
Find my San Jose Real Estate Market Update through the link.
(2) The Willow Glen area of San Jose
Willow Glen was once its own town but has been incorporated with San Jose for nearly a hundred years. Downtown Willow Glen is found along Lincoln Avenue between Bird and Minnesota. The area is old (some homes are Victorian and date back to the late 1800s) and many of the houses there are from the early part of the 20th century. There are some newer places, though, including apartments, condos and townhouses.
Find my Willow Glen Real Estate Market Update through the link.
The city of Campbell is south of San Jose and borders it. It enjoys a lovely and popular downtown area along Campbell Avenue, clo
se to the Los Gatos Creek trail, parks and a par course, and also within a short jaunt to the Pruneyard Shopping Center. This part of the valley has both older homes (again dating back to the Victorian home era) as well as newer, and an added bonus is that the metro area’s light rail comes right into Campbell.
Find my Campbell Real Estate Market Update through the link.
(4) Los Gatos
A bit closer to the hills from Campbell is the town of Los Gatos, snuggling up to the base of the foothills. I have written about Los Gatos extensively on my Live in Los Gatos blog, as this is where I live. The downtown area is extremely beautiful and vibrant – and costly! As with most “urban living” areas, it’s much less expensive the further out you get.
View a slideshow of Los Gatos (and links to more slideshows from there) courtesy of Mary Pope-Handy.
Find my Los Gatos Real Estate Market Update and the Market Trends by Price Point and High School District through the links.
A little north of Los Gatos, Saratoga is also up against the coastal range so is very scenic. Saratoga is smaller and quieter, and many would say also more upscale. The schools in Saratoga are fantastic so most people moving there today do so for the schools. Prices are extremely high by Silicon Valley standards, but those who live in Saratoga will insist it’s worth it! The downtown area is lovely and full of wonderful places to dine as well as three for wine tasting.
Enjoy a slideshow of downtown Saratoga Village (photos and show by Mary Pope-Handy, link will open in a new window)
Find my Saratoga Real Estate Market Trends by Price Point and High School District through the link.
(6) Mountain View
If you love to dine out, you will find your way to Mountain View sooner or later! Like Los Gatos, the downtown Mountain View area is very vibrant and not terribly small. It’s right along the Cal Train route too so is a fabulous commute location for anyone going up the peninsula or to San Francisco.
Find my Mountain View Real Estate Market Update through the link.
(7) Palo Alto
Adjacent to Mountain View, and immensely expensive, is the very impressive city of Palo Alto. Home to Stanford University and some of the best schools in the nation, the downtown area also boasts wonderful eateries, shops, a classic movie theater, and much more. Everyone loves Palo Alto. The only trick is affording it!
I don’t do regular market updates for Palo Alto, but occasionally I will compare it to other South Bay markets. See Comparing cost of housing in West Valley communities from Palo Alto to Los Gatos to Blossom Valley: what will a 4 bedroom home cost?
(8) Santa Clara’s Rivermark Area
The city of Santa Clara destroyed its original downtown many decades ago, so the main part of that fine city unfortunately has a “generic American” look to it now, though there are some lovely residential areas with beautiful older homes. A few years back, a new neighborhood was designed and built at the northern part of Santa Clara near the bay (on the land formerly housing the Agnews Developmental Center): Rivermark (just off River Oaks Parkway). The area includes a big retail area with a grocery store, banks, shops and restaurants, a park, several types of housing (apartments, condos, townhomes and houses). There is a private school in the neighborhood, too. (The local public schools are not noted for high scores.) Most of the homes in the area were built between 2005 and 2009, so the neighborhood is very popular with those who strongly desire to buy new construction.
Find my Santa Clara Real Estate Market Update through the link.
(9) Santana Row
Like Rivermark, Santana Row is a newer development but this one is in a well-established area at the intersection of Winchester Blvd and Stevens Creek Blvd, right where the cities of Santa Clara and San Jose meet. This is San Jose’s answer to Rodeo Drive – it’s where you’ll find the Gucci, Brooks Brothers, Coach and other similar stores. The complex is mixed use with shops below and apartments, townhouses and condos above. It’s young, it’s lavish, it’s European feeling – so as you might expect, this upscale area is not inexpensive! Whether you buy or rent a home there or just spend a weekend (there is a hotel) or an evening, it’s a great place to hang out, dine, stroll, shop and people watch. A grocery store is a mere block away and a movie theater tops off the attractions here, so this neighborhood truly seems to have it all.
A description of Santana Row with Slideshow (will open in a new window) by Mary Pope-Handy.
Find my San Jose Real Estate Market Update through the link.
One of the tools I use in my Silicon Valley real estate practice is Altos Research. My subscription, which generates reports on mls data of homes for sale weekly, covers all the zip codes of Santa Clara County. The market reports by zip code can be a real wealth of information for home buyers trying to figure out how much home they can get for their money as the report breaks down each zip code area listings by price quartiles and provides the average home and lot size, among other items, in each bracket.
Here’s one part of this week’s report for single family homes in 95032
This is a really helpful way to grasp qucikly how much it will likely cost to get you into a certain sized home. It also provides a sense whether your particular price point is near the bottom or top of the market – or if it’s possible at all. Want to buy a home here but the budget is $1 million or less? The data above reveals that this is unlikely in a house. But perhaps a condo or townhouse might work.
Next, please notice the days on market by pricing tier. It’s a lot hotter of a market in the lowest priced houses than it is in the highest.
It also helps home sellers to understand what part of their local market is hot or cold (if any).
There are many other elements included in the report. The main summary of “how’s the market?” is found in the upper right corner. Below is the example from the same Los Gatos 95032 report cited above:
The Altos data is strictly by town or zip code, so school districts won’t be covered – and here they are a major driver on home values. Even so, this is a great starting point and a way to get the big picture painlessly.
Please sign up and get the monthly newsletter, too!
The report is free to you – please sign up below to get the market reports by zip code emailed to you automatically each week. I’ll also add you (unless you request not to be added) to my monthly newsletter, which is based primarily on the RE Report and sold data as opposed to listing data. You can check out a sample here: Mary Pope-Handy’s monthly RE Report Newsletter As always, please feel free to email me to set up a time to chat about the market and your buying or selling here. I’d love to hear from you.
If you are moving to Silicon Valley, whether San Mateo or Santa Clara County, you should know that things are a little different in fall and winter than they are in spring and summer. Here are just a few areas that might not be intuitively obvious to the newcomers.
First, a word on appearance. In Santa Clara County, we have two primary sets of hills – one closer to the Pacific Ocean and Monterey Bay (west side), and one closer to central California (east side). Because our local weather is dominated in very large part by the Pacific Ocean, much of the weather blows in from the coast. A lot of the rain gets dumped in the coastal range, also known as the Santa Cruz Mountains. Less makes it all the way to Los Gatos, less still to downtown San Jose, and a much smaller amount to the east foothills and places such as Alum Rock Park. The coastal range (also called just “the hill” by locals) is green year round as it is full of redwoods and other trees which love the moisture. The east side, though, is more grassy, fewer trees, and gets far less rain. In winter the grasses are a lovely green. With drought or in summer, however, the grass turns brown or pale yellow.
For people coming from the east coast, the hills there are more likely green in summer and brown in winter. Here, though, it is the opposite. We don’t usually get rain in summer, so the grasses die and the hills go brown.
Rain, when we get normal patterns, usually begins in November and comes and goes between then and late April. In a typical year, San Jose gets 15-20″ of rain (Los Gatos more, the Los Gatos Mountains much much more). If we get an El Nino pattern year, temps will be warmer than usual and rain will be much more common than typical. It’s not much fun to have an El Nino year, but right now we desperately need the rain, so folks here are all hoping for it.
Second, a word on roads and travel. Silicon Valley enjoys a sub-tropical climate with mild temperatures and not too much rain, even in a normal year. With very little rain most of the time, our streets and highways can develop a dusty, oily film. Whenever we get rain after a dry spell, those highways and roads can be slicker than you might expect. It’s not that we need a ton of rain for the surfaces to become more slippery, either. A very small amount of precipitation can do the trick, so be careful!
If your destination requires going over “the hill”, be triply careful! Too many people, whether regular commuters or first time adventurers, either tailgate or drive too fast, and it can make it too easy for accidents to happen when a little weather is added into the mix. Continue reading
It’s a hot seller’s market in Silicon Valley, but it’s also a time of great job growth here! Each week I get calls or emails from people considering job offers in Cupertino, Palo Alto, Mountain View, Sunnyvale, Menlo Park, San Jose and nearby. Many of these recruits are interested in areas with superior public schools.
What’s the cost of buying a house of about 2,000 square feet with 3-5 bedrooms and great schools? A few communities with better education are these: Los Gatos, Saratoga, Cupertino, Palo Alto. We’ll consider these to provide a sense of prices in similar areas.
Here’s a quick look at what single family homes have been selling for over the last three months:
- Los Gatos: mostly $1,200,000 to $2,200,000 depending on the school district, averaging about $1,700,000
- Saratoga: mostly $1,400,000 to $2,300,000 depending on the school district, averaging about $1,900,000
- Cupertino: mostly $1,700,000 to $2,100,000 depending on the school district, averaging about $1,950,000
- Palo Alto: mostly $2,000,000 to $3,300,000 depending on the school district, averaging about $2,650,000
If you are new to Santa Clara County, you may be wondering if this is correct. It is…
Please continue reading here:
How do prices compare between Los Gatos, Saratoga, Cupertino and Palo Alto?