I have been closely watching the home prices on sale in 95124/95125. I see home are staying longer in market and having multiple weeks of open houses. I’m also seeing price reduction in home for sale. Is this seasonal market softness or due to the interest rate spike ? We are thinking about selling our home, but in current market it seems not a good idea. Is holding off till spring a good idea.
It is out of the ordinary. Looks closer to 2016 situation so far, but it is both because of the long bull run, high interest rates and so on combined.
Do you need to sell within a year or so?
Then, now or later won’t make much difference in my opinion.
My prediction on this area is flat with ±10% fluctuation (from current price, not crazy overbidding 2018 spring price) in the next couple of years.
Why don’t you rent it out and keep it until new Google Village opens?
Adobe is building a new building next to its headquarter.
Splunk leased new building (next to existing one) in Santana Row.
What is the progress on google village ? Is it up in the air or is it going to be reality. Based on my understanding they are not even breaking ground till 2025. If that become reality, I see property in this area will appreciate nicely in next 10 yers. Is 5% yoy in next 10 year span feasible based on what the current price is. it will put 3 bedroom home with 1500 sqft to 2M range in 10 years. That seems absurd.
I just read your posting in other thread.
My friend bought SFH in MV in 2010 at $700K (the same year you bought).
Zillow estimate on her house now is $2.4M.
That is what Google effect is.
(You are still luckier than me since I bought my first home in BA in 2014.)
As you said, there is always risk in Google Village bet.
However, in my opinion, your risk with your old home (positive cash flow!) is low enough to take.
Sold vs asked price was 110% in spring, now it is 104%. Marketing time has not changed much. In 95124 this month it is slow the first 12 days. Interest rate should have no measurable impact until it gets over 6%. It is now more normalized. Key is the listed price needs to be competitive since there are more homes on the market than 2017.
I have submitted plans for approximately 5K houses in the un incorporated area in cambrian for two of my properties and i’m very bullish on this area. There are many other houses getting torn down in this area because you can’t find over 10K lots anywhere else with good schools anywhere else for this price.
Almost all of these new builds over here have been bought by doctors probabaly because of proximity to Good Sam and all the private practices on Samaritan drive . That Trend will follow. I was also contacted by a Harker family who just wanted to be close to harker. The redevelopment of the Cambrian Park plaze would also add values to these properties.
By 5K house, do you mean 5K sqft home. Is this around the charmeran ave ? That area seems very popular for larger home. We are closer to willowglen/ Bagby school. I know lot of doctors who works at Good Sam and around lives in Los Gatos, I can see newer doctors living in cambrian area as Los Gatos home prices are too high. Are you bullish on this area because of local economy or due to the more construction permits around area and san jose downtown ?
I have one lot on Wyrick and another one on Cole.
The zoning of this area supports unlimited FAR as long as u can confirm to setbacks and that is why you see monster homes here . No where else in SV Would u have such relaxed Zoning laws the allow you to build all the way to setbacks.
This area is super special .
The house on 14630 Wyrick ave , San Jose is
Under construction now . Foundation poured.
This will be the biggest house ever built in Cambrian and Willow Glenn at 5600 sq feet
Did you consider the selling challenges & P/L projection?
High-end houses have challenges in selling as few people are eligible to buy that level.
High-end construction, now listed low to aggressively sell it after a many open houses and price changes.
You have good schools, that is a major plus point.
Agreed …There are lot of challenges in selling high end construction . This is discouraging many builders and decreasing the future supply of such home in a year’s time span. We will have to see