When this home was on the market in 2007 it took over 7 months to to sell and they ended up dropping the price about $400K. It sold for higher 2007 then currently is listed - and they too have made 5 price reductions down by $400K. The sellers don't know where the bottom will end - buyers offers can help with that.

High end homes are taking longer to sell due to financing issues. Buyers are more discriminating on what they want to spend for a home, the condition and location must fit. This home has lovely finish work and the lot is large for Los Gatos, especially the proximity to downtown and Vasona Park.

A home is worth what an able, qualified buyer is willing to pay. It sounds like you may have interest in this property with reservations about the price based on the location. My advice is to work with an agent you trust, view comparable properties, and then make an educated decision.

Dear Home Buyer,

thank you for your response. I try not to use cost per square feet to judge a value of a house because there are so many variables, age of the home, floorplan, lot size and amenties to mention a few. So i guess the question is what are you looking for?? It again seems like Monroe is not a good fit.

Here is my direct e-mail if you wanted to contact me

mmoresco@apr.com

Doing a rapid search its the 2nd lowest priced home in a .7 mile radius on that side of the freeway. The only home less expensive is 36 years old so compared to current actives doesn't look too far out of line. Only two homes in that same radius sold in the last 3 months. 18306 Saratoga is a little larger but older property and went for $1,690,000. Homes in Los gatos went for about 95% of final asking price in first half of the year, so that brings you down to about $1,800,000. They are probably in the right ball park. Its a dynamic market though so change can happen in a hurry.

Glen

Mike,

Dropping a property $400k is an indication they did not price home to sell in current market of listing or they bought the property during a higher market. I think if you look at the comps per square feet during the month purchased in 2007, the homes sold over $580 per square feet. If you look at comps now the price per square feet is much lower. The closeness to town isn't a selling feature for me and wouldn't sway me more than Ohlone....they are both walking distance and very much irrelevant in my purchase of this home. Don't get me wrong there are some streets I would buy into the neighborhood and closeness to town but this is not one for the sheer reason in a market like this one it would sit.

Dear Home Buyer,

it sounds as though 10 Monroe Ct is not a good fit for you, unless they are willing to lower their price even more. It is true the property has been on the market for awhile, but they have dropped the price over 400K since it first came on.

You pointed out a few less desirable aspects of the home that you did not like, but look how much closer it is to the downtown than homes on Ohlone. Also take a look at other 3100+ square feet homes that are newer, with Los Gatos schools and find one that is a better value than 10 Monroe.

You may be correct, or they have deep enough pockets that theyare wiling to ride out the market until things improve enough to get what they are asking. On the flip side, they are in "trouble" it may turn into a short sale.

To answer your question, a comprehensive CMA would be in order. Please let me know if this is what you seeking.

Jessica Dodge
Keller Williams Realty
408-838-1480