That said, I know a lady contractor working heavily in Saratoga that typically buys them land value, does a very high end job and usually sells them for $1.5M - and those are the Saratoga with Campbell schools.
This is Allyson, I can see by your latest answer you have been tracking this home and also the other areas.
I have investors and flippers but they are staying on the side lines on the high end areas right now they are working in the low to middle areas. One of the reasons given is that the high end market is softening right now as the lay offs at yahoo and other companys is putting alot of uncertainty in the market and it is making buyers hold off. If you were still in the market to buy, NOW is the time. With the holiday season real estate slows down so the people who have there homes on the market during it are usually VERY motivated to sell NOW and will entertain ANY reasonable offer. You will find your best bargains from now until the end of the year.
If you have any question feel free to contact me, I am always happy to help.
Thank you for your input. We don't flip and I have no intention to flip at anytime, but we are really interested in buying a home where we will stay for another 30-40 years. We've been shopping ever since late last year, was out-bidded in a number of offers that we put in. We also found that those who out-bid offers are trying to flip the properties (selling with a few months of closing escrow, and asking for at least $200K more, financing was zero down etc). Just wonder if these are what realtors saw in today's market, are these still common in Saratoga, Los Altos, Mountain View, Menlo Park, Palo Alto, Portola Valley area? Thank you very much in advance.
I agree with Michael on this one. Saratoga, Cupertino, Los Altos, and a few other cites in that area are holding steady right now. We live in a unique area of real estate, it has its own little micro-climate due to the Silicon Valley businesses. But even though all of this positive still exists, houses will sit longer on the market. So if you have to really watch your bottom line, I would really reconsider flipping for now. Unless you can financially afford to do it otherwise.
Good Luck to you, if you need help just shoot me an email. : )