By Alicia Lanier, REALTOR
Have you been wondering just how much home prices have dropped recently in the Silicon Valley? Here’s one example: A single-family home on Luther Ave. sold in September for only $190,000 … however, although the home had two bedrooms, this bank-owned fixer did not qualify for residential financing. The value was definitely in the Central San Jose land.
Actually four single-family properties have sold for under $200,000 in the past year, with one of them in the Los Gatos Mountains on Laurel Drive selling for a mere $126,000. This one-bedroom home with 626 sq. ft. was also termed a fixer upper.
How many homebuyers were rewarded with bargain prices this past year? According to the Multiple Listing Service (MLS), there were 131 single-family residences – many of them bank-owned – that sold for under $300,000 and were located in San Jose, Gilroy, Morgan Hill, or the Los Gatos Mountains.
At the other other end of the Silicon Valley price spectrum, 14 homes sold over $5 million in the past year, the highest at $11 million was a Los Altos Hills mansion on Magdalena Road. Most recently, a new 4,956 sq. ft. Spanish Revival mansion sold in Old Palo Alto in September for a mere $5.2 million. And the new owners may consider this a bargain since this estate originally was listed at $7.3 million.
Ahhh … there’s plenty of drama in the Silicon Valley housing market these days!
Alicia Lanier is a REALTOR, e-PRO, and member of the Coldwell Banker Sterling Society which places her among the top 11% of agents internationally Contact her at Alicia.Lanier@cbnorcal.com or 408-491-1634
REALTOR Alicia Lanier's Hometown Silicon Valley 