Silicon Valley Mansion for Sale (Only $29.8 million)

By Alicia Lanier, REALTOR

The homes of the rich and famous are always intriguing, so I thought you’d want to hear about the gorgeous 12.96-acre estate recently listed by Coldwell Banker in the Palo Alto Hills. Offered for purchase at $29,850,000,  it is currently the most expensive property for sale in Santa Clara County. 

This 7-bedroom/9.5-bath mansion on Arastradero Road has direct views of the San Francisco Bay, the lake and surrounding hills. Among its numerous exquisite features are an antique fountain in the front courtyard … dual stairways and rotunda dome with stained glass in the main entry hall … a library … a gourmet kitchen with Brazilian cherry wood cabinetry and flooring … a theatre with state of art projection equipment and surround sound … a family room and game room and upstairs lounge and wine cellar and exercise room …  guest cottage … 6-car garage … infinity pool.

Here’s an aerial view of the home …  

All this and the top-ranked Palo Alto schools, too, plus easy access to Stanford University. 

Want to hear more? Call me. I’d be happy to e-mail you a property brochure and/or make an appointment to show this estate if you have an interest in this fabulous property.

Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally  www.AliciaLanier.com  408-491-1634

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Remodeling? Save Energy By Going “Green”

By Alicia Lanier, REALTOR

Green building and remodeling was a huge topic at the 2007 Kitchen and Bath Show and one of the presenters was David Johnston, author of Green Remodeling: Changing the World One Room at a Time.

“The movement (toward green building) is really being driven by the consumer, as more and more of them are realizing it’s the right thing to do,” said Johnston in his presentation. Among the many statistics he cited:

• Construction of an average 2,085 sq. ft. home uses 1.5 acres of forest, and 95 percent of our old-growth forests already have been depleted, according to the Natural Resources Defense Council.
• 40% of children born today will develop allergies caused by construction materials in homes and schools that create poor air qulaity.

Johnston says that there are now more remodeling alternatives and techniques available than ever before. Among those he highly recommends:

• Heat recovery ventilators (HRVs) to improve ventilation while saving energy
• Low-VOC adhesives, caulks and paints, and water-based low-VOC sealers
• Natural stone or ceramic tile, concrete or linoleum for flooring
• Exterior grade plywood sealed with a no-VOC sealer for use as structural subfloors.

Ready to save money and live a “greener” lifestyle? Experts say it’s best to start simple.

Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally  www.AliciaLanier.com  408-491-1634

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What About Buying Silicon Valley Condos, Townhomes?

By Alicia Lanier, REALTOR

Traditionally, Silicon Valley home buyers have preferred having at least a bit of land with their homes. In other words, their dream home nearly always looked like a single-family home on a grassy plot of land (usually fenced) that offers privacy from neighbors.  

This vision began changing three decades or so ago. Today, with its pricey properties and diverse population of families from countries with higher-density homes, our Silicon Valley home buyer  frequently opts for a condomium or townhome instead of a single-single family home.

For many – like empty nesters, career couples, singles, or investors - the attraction of buying a condo is having someone else handle the landscaping, maintenance and perhaps the security.  Even with a monthly homeowner association fee, the savvy buyer tallies the services covered each year for the condo home and understands that maintaining a single-family home also would carry an annual price tag, usually at least one percent or more of a home’s fair market value. 

For other buyers, the condo or townhome is the smartest choice for personal finances … especially since the median selling price for a condo or townhome in Santa Clara County is well under that of a single-family home.

Does the Silicon Valley condo or townhome grow in market value at the same rate as a single-family home? Not usually.  And, as with a single-family home, home value appreciation still depends on a home’s location, age and condition. And … no surprise … the SV cities with more new construction tended to have higher appreciation in the past five years.

For the record, here are the median selling prices of condomium/townhomes in Santa Clara County cities for August, 2007, as compared with August, 2003:

Campbell: $420,000 median in 2003; $524,00 median in 2007 ($555,000 in 2006)

Cupertino: $452,500 in 2003; $775,000 in 2007 

Gilroy: $279,000 in 2003; $438,500 in 2007

Los Altos: $570,000 in 2003; $950,000 in 2007

Los Gatos: $459,000 in 2003; $852,500 in 2007

Milpitas: $326,250 in 2003; $552,500 in 2007

Morgan Hill: $378,750 in 2003; $475,00 in 2007 ($527,000 in 2006)

Mountain View: $399,000 in 2003; $659,750 in 2007

Palo Alto: $434,000 in 2003; $910,000 in 2007

San Jose: $339,000 in 2003; $482,500 in 2007

Santa Clara: $315,000 in 2003; $455,000 in 2007 ($470,000 in 2006)

Saratoga: $575,500 in 2003; $624,975 in 2007 ($650,000 in 2006)

Sunnyvale: $398,000 in 2003; $600,000 in 2007

Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally  www.AliciaLanier.com  408-491-1634

   

Silicon Valley Home Sales “Up” By Year’s End?

By Alicia Lanier, REALTOR

Real estate economist and broker Gary Watts spoke to several hundred Coldwell Banker real estate agents this morning and, by the end of his presentation, most of these Silicon Valley real estate professionals left the hall with huge grins on their faces and plenty of optimism in their voices. 

His key message? Expect more and more home buyers to be showing up and producing a ”recovery” in the Bay Area housing market very soon, probably within the next couple of months.  And, oh by the way, he continued, there’s a significant possibility that home loan rates will be hovering the mid- to high-five percentage range in early 2008.

Southern Californian Watts, who has a pretty good record of accurately forecasting the direction of California real estate, said the Fed’s recent 1/2 percent cut in the benchmark interest rate and the calming of the financial markets  soon will cause money to begin flowing back into mortgage securities. He pointed out: 

“We are in the 24th month of the current housing downturn. Historically, housing downturns average 27 months so we may be near the end. Although there has been a significant decline in sales volume, (most of the 9-county) Bay Area’s home prices have continued to show small amounts of appreciation.”

Watts, who made his case with a bookload of statistics, told the gathering that living and working in Northern California offers a real estate investment advantage like no other because of our area’s strong economy and jobs picture.

He explained that the San Jose-San Francisco Bay Area is home to over 20% of California’s entire diversified work force serving the Pacific Rim through trade, a growing service sector, and expanding electronics and manufacturing.  Add high-tech, the financial sector, bio-tech, construction, tourism, agriculture and government – and it’s easy to see why the area is a magnet for highly productive jobs. Plus …

• Employment is growing at about 1.8% yearly, adding about 50,800 jobs
• Most area companies employ fewer than 50 people. Today’s technology enables companies to become highly productive with fewer people, ending the boom-bust cycle and its massive layoffs
• Silicon Valley continues to rank #1 for venture capital
• Both our state and area are among the wealthiest in the world. Of California’s top 10 counties for household income, 6 counties are in the Bay Area
• Currently San Francisco ranks #2 in the nation as the most improved retail market, while Oakland ranks #4 and San Jose comes in at #14
• 79% of Bay Area homeowners in default on home loans are successfully avoiding foreclosure
•  Although home sales are down, median home prices in the Bay Area overall and in Santa Clara County specifically have continued to set records 

 TIP for Buyers: What does Watts’ prediction mean to potential home buyers and investors? From now to the end of the year, there’s a window of opportunity you don’t want to miss! Currently we have a plethora of homes for sale in many Silicon Valley neighborhoods, sellers hungry enough to negotiate, and interest rates still near historic lows … there truly has not been a better ”buyers’ market” in years! Get going! Remember, in the past year we have been in a fairly “normal” market compared to other areas, not in a ”deep downturn” … so take advantage of your purchasing power while you can. 

TIP for SELLERS: You get ready, too, Mr. or Ms. Home Seller … clear out the clutter, freshen that paint, start looking for a new home, etc., etc., so you will be ready to move when the market does.

Let me know if you would like to receive a copy of Gary Watts’ full presentation.

Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally  www.AliciaLanier.com  408-491-1634

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Good News Today for Silicon Valley Home Buyers

By Alicia Lanier, REALTOR

After weeks of gloomy mortgage crisis headlines, there was good news to cheer about today.

First, home buyers in high-priced housing markets like our Silicon Valley received a poisitive signal that the limits on Federal Housing Administration (FHA)-insured homes may finally be raised from $362,000. In an area where the median selling price is upwards of half a million dollars, this is unfair to our homebuyers. So I’m delighted to see that an increase in the FHA-insured home loan limit to $500,000 was included in a measure passed in Congress today that also would allow the FHA to back re-financing of loans for the tens of thousands of homeowners. These are the ones who are delinquent on payments because their loans are resetting to sharply higher rates from low initial “teaser” levels.

Both issues were part of a bill passed handily today by the U.S. House of Representatives in a 348-72 vote. I wrote my Congressman Mike Honda asking for his support for this bill and, although I haven’t yet seen the roll call vote, I suspect that he gave it.

The Bush Administration is uncomfortable with the limits in the House bill, so expect to see some negotiating before the dust settles. The U.S. Senate will be reviewing a bill on Wednesday that would raise the limits on FHA-insured homes to $417,00.

Secondly, the stock market roared to a huge close today shortly after the Federal Reserve Bank slashed its benchmark interest rate by 1/2% in an effort to prevent the credit crisis from spilling over into the general economy. The Dow registered its largest one-day jump since Oct. 15, 2002, and its biggest percent rise since April 2, 2003. The  S&P 500 Index closed up 43.13 points, or 2.9%, at 1,519.78 and the Nasdaq was up 70 points, or 2.7%, at 2,651.66.

Here in the Silicon Valley – where high tech employees (and their bosses) routinely cash in stock options for a down payment on a home or other real estate - one can only imagine the enthusiastic high-fives and grins of optimism.   

If this isn’t a ”tipping point”, it is at least a signal that the housing gloomsayers may be shorter lived than some feared.

TIP: Be smart and explore how the Fed’s lower benchmark interest rate will impact your personal finances. U.S. News & World report has some great tips on how to cash in on the rate cut. 

Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally  www.AliciaLanier.com  408-491-1634

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What’s Your Personal Impact on Global Warming? Energy Tax Breaks Expire at End of 2007

By Alicia Lanier, REALTOR

Are you curious about how much your household contributes to global warming and wondering whether you can afford to do anything about such a huge issue anyway?

Former Vice President Al Gore’s wake-up call movie about global warming, An Inconvenient Truth, is now on DVD. I personally found it powerful enough to scare us all into learning how to be better stewards of our planet, and the film’s companion website helps us find our way.  

There you will learn the average American generates about 15,000 pounds of carbon dioxide every year from “personal transportation, home energy use, and energy used to produce the products and services” we use. It also has an easy tool that lets you calculate your personal impact on global warming.

TIP: Check into this quickly. Because, if you should be taking energy-saving actions for your home, you should act by the end of the year. That’s because the federal Energy Policy Act of 2005 gives you until then to qualify for IRS tax credits for energy-saving home improvements.  There are strict guidelines and maximums but tax savings are available on windows, exterior doors, metal roofs, insulation, central air conditioning, heat pumps, solar systems and more. 

Visit the Energy Star website for tax savings details. And also go to the PG&E website to learn about Northern California rebates and energy efficient product savings. 

Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally  www.AliciaLanier.com  408-491-1634

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Foreclosures Auction: Your Opportunity to “Buy Low”

By Alicia Lanier, REALTOR

Okay … so some homes in our sought-after areas are still attracting multiple offers. And median selling prices may be even inching up in many Silicon Valley cities. But the scales finally are tipping in favor of homebuyers – for the first time in several years.

If you’ve been thinking of investing or moving up, don’t be scared off by the ballyhoo about the subprime credit problems. “Buy low” is still the way to create wealth, whether it’s in real estate or the stock market or any investment.

And there’s never been a better time than now for Silicon Valley real estate. Currently we have about 20% more homes for sale inventory than this time last year, most are staying on the market 30 days or more, and prices are leveling off.  And, home loan interest rates have even begun dropping. That’s a golden opportunity in my book.

Then, this morning in our office meeting, our affiliated title company reps passed along the news that Cornerstone Title will be handling the escrows for foreclosure properties being sold at auction in three Northern California cities – and passed along some interesting details.

I suggest that you, Mr. or Ms. Buyer, definitely should check out the auction website for details and an online review of properties being sold … remember, when opportunity comes knocking, you should at least take time to look it over. All condos and single-family homes being auctioned in the Bay Area at the San Mateo Convention Center will be open for inspection from 10 a.m. to 5 p.m. on September 15, 22, and 23, 2007.

TIP:  Call a REALTOR to go with you to see and evaluate the properties … he/she has multiple resources to help you evaluate properties and the appreciation potential. This professional counsel is free to you, the buyer, because the agent’s fee has been negotiated with the lenders who are selling foreclosed properties.

Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally  www.AliciaLanier.com  408-491-1634

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“Who’s Who” of Electeds At Annual Democratic Dinner

Want to rub elbows with a virtual Who’s Who of elected officials in the Silicon Valley? Then you’ll want to grab a ticket to the annual Santa Clara County Democratic Party Dinner which will be Saturday night, September 8, at San Jose’s tres chic Fairmont Hotel in downtown.

Expect at the very least to spot the Hon. Mike Honda and Hon. Zoe Lofgren from the U.S. Congress as well as a slew of California State Senators and Assemblymembers plus county commissioners, and city council and school board members from around the Valley. Not to mention all the Unions’ and Democratic Clubs’ grassroots activists who comprise the campaign backbone here in the Valley.

Tickets at $125 are fairly reasonable for a political fund-raiser and there are still a few available. There’s usually a “surprise” guest speaker(s) and announcement of the Madge Overhouse Volunteer of the Year Award.

August ‘07 Home Sales Up in 9 of 15 Silicon Valley Cities

By Alicia Lanier, REALTOR

Despite the gloomy news reports about the sub-prime lending crisis, stats from our Multiple Listing Service REInfoLink show that most Silicon Valley cities registered healthy single-family home sales gains in August, 2007, over the same month last year. The number of closed sales and dollar volume were down overall in Santa Clara County, but 9 of its 15 cities reported higher sales volume - and the median sales price rose in 12 of the cities.

And, home buyers have something to cheer about. There are about 20% more single-family homes for sale right now than this time last year and the average continuous days a home stays on the market has risen from 43 to 57. So there’s more time to look and make a choice.

Although San Jose’s total volume of sales was down, the median sales price rose to $765,000 citywide, up from $720,000 last August. This median was fueled by increased sales of upscale homes in Almaden Valley, where the median sales price reached $1,085,000 (up from $1,015,000 in August 06); Evergreen, $852,423 (up from $823,000); Central San Jose, $670,000 (up from $639,000); and Willow Glen, $899,000 (up from $845,000).

Do you live in one of the following 12 cities? You will be glad to hear median sales prices rose in August over the same month last year:

Cupertino – $1,263,500 median sales price in August ‘07 ($1,083,800 in August ‘06)
Los Altos – $1,782,500 ($1,650,000)
Los Altos Hills – $2,592,500 ($2,290,000)
Los Gatos – $1,750,000 ($1,305,500)
Milpitas - $676,000 ($670,000)
Morgan Hill – $810,000 ($766,500)
Mountain View - $1,138,750 ($1,035,000)
Palo Alto – $1,658,000 ($1,405,000)
San Jose – $765,000 ($720,000)
Santa Clara – $774,500 ($705,000)
Saratoga - $1,848,500 ($1,600,000)
Sunnyvale - $930,000 ($865,500)

Total sales volume increased in Campbell, Cupertino, Gilroy, Los Altos Hills, Los Gatos, Mountain View, Palo Alto, Saratoga, and Sunnyvale.

The following table from Data Quick Information Systems shows August activity by county in the 9-county Bay Area.

All Homes	No Sold Aug-06	No Sold Aug-07	Percent Change	Median Aug-06	Median Aug-07	Percent Change
Alameda	1,988	1,501	-24.5%	$595,000	$619,000	4.0%
Marin	402	264	-34.3%	$800,000	$899,500	12.4%
Santa Clara	2,252	1,908	-15.3%	$672,000	$700,000	4.2%
San Mateo	871	731	-16.1%	$755,000	$788,000	4.4%
Sonoma	686	518	-24.5%	$550,000	$505,000	-8.2%

Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally  www.AliciaLanier.com  408-491-1634

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Assemblymember Jim Beall’s Community Pancake Breakfast Saturday, Sept 15

California Assemblyman Jim Beall, who now represents the 24th Assembly District after longtime service on the Santa Clara County Board of Commissioners, invites you to a free pancake breakfast. It should also be fun. Here’s his recent message about this event:

Community Pancake Breakfast

Saturday September 15
8:30 am to 10:30 am
Campbell Community Center (Orchard Hall)
1 West Campbell Avenue   Campbell, CA

State Assemblymember Jim Beall invites you to a community Pancake Breakfast on September 15, 2007. The breakfast provides an informal setting for you to meet and discuss issues and concerns with your elected State Assemblymember. It also provides an opportunity to build new and strengthen old relationships with your neighbors creating an overall healthier, happier and safer community. There is no cost for breakfast. RSVP (408) 282-8920 or   http://democrats.assembly.ca.gov/members/a24/.Your RSVP is appreciated.