Home Buying in Mountain View>Question Details

Douglass Mcn…, Home Buyer in Palo Alto, CA

Did this home sell at a ridiculous price or what?

Asked by Douglass Mcneil, Palo Alto, CA Fri Nov 22, 2013

Just saw this...

http://www.redfin.com/CA/Mountain-View/961-Valencia-Ave-9404…

>$2.1M for this home? Are you kidding me?

Is this the most expensive home on a sub-5000 SF lot in the history of Mountain View? It's not even Los Altos Schools.

Good to know that the market hasn't died down yet...

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Answers

5
The market adjusts the prices for homes on smaller lots. It's fine if a buyer doesn't care for a backyard or he/she does not have any interest to expand the home at a later date...but one still needs to offer something close to market rate. $829/SF isn't unreasonable for Mountain View; but on a sub-5000 SF lot, it's out-of-whack.
0 votes Thank Flag Link Sat Nov 23, 2013
One of the things that makes large lots desirable is the ability to build a larger house. Probably people buying a large new house aren't thinking about making it bigger. The cluster of new homes in that area will make the area appealing.

Mountain View has been supportive of high density housing for decades. It seems like all of the new housing in Mountain View is either townhouses or rarely detached single family houses with small lots. I think the ABAG housing goals will push almost all cities further this direction.

The schools for 961 Valencia are
Los Altos High (895 api)
Graham Middle (866 api)
Bubb Elementary (919 api)

If you compare the cost per sq ft to Palo Alto or Los Altos, I think many buyers would consider living there.

Mountain View home values are shown at
http://julianalee.com/mountain-view/mountain-view-statistics.htm
other cities are easily seen from the menu at the side.

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650.857.1000
juliana@silicon-valley-homes-for-sale.com

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Fri Nov 22, 2013
The market is definitely surging into an uncharted territory...
Web Reference: http://talisrealestate.com
0 votes Thank Flag Link Fri Nov 22, 2013
Yes it is the highest price for a home on a sub 5K lot since 2001, the furthest back the MLS goes. I don't remember one selling for more than this in 2000 but I can not certify that nothing sold over 2.1 in 2000 when the market was crazy from dot com money.

Marcy Moyer
Keller Williams Realty Palo Alto
marcy@marcymoyer.com
Cal BRE 01191194
650-619-9285
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Fri Nov 22, 2013
The other home on Valencia also sold at 2 million. And in 2013 20 homes sold over $2mil. Yes, the market is hot.
0 votes Thank Flag Link Fri Nov 22, 2013
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