Pc, Home Buyer in San Francisco, CA

How are new home sales in Mountain View?

Asked by Pc, San Francisco, CA Tue Dec 23, 2008

I've been in the market for a few months now and one of the areas I'm looking at is Mountain View (along with the peninsula).

I recently went to look at the new homes being built at Classic Communities in Mtn View. They've mostly have just model houses built with most of the community not started yet.

When I went to the sales office, they had a layout of the community showing sold and available homes which showed that over 50-70% of the homes are already sold despite not being built. Their first showing was only 4 weeks prior. Not only that, the homes were priced at a high point (at a pre-economic crashing point IMO).

I don't want to accuse anyone of dishonesty, but I do find it difficult to believe that homes are really selling this well in this economy. Is this the Google effect? Are new homes still selling well? The latest news says that existing homes sales are way down and that new home sales are way down too (although not as bad as existing).

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Pc, Try here...http://www.bhgrealestate.com/Views/Look/Default.aspx...You can break the info into neighborhoods and zip codes...you will be able to see existing and new sales ect..

Hope it helps, Dunes
0 votes Thank Flag Link Sat Dec 27, 2008
It is pretty easy to understand why Classic Communities is doing well in Mountain View. They are new, which is very desireable for many home buyers, they are in a great location, and many home builders are giving wonderful incentives to purchase homes. Five years ago there was a waiting list for new developments and builders rarely threw in upgrades. Today, there are more new home communities on the market than in recent memory and the builders are generous. The developments close to downtown areas and the train stations are doing the best. There is a real push right now for people to move to areas where there is good public transportation and ammenties close to your doorstep. Classic in Mountain View fits that mold. So while some homes languish on the market, some developments are still selling at a failry healthy pace. KB's Evelyn Glen in Sunnyvale, near downtown is another one that is doing well, and the best selling condos in San Jose are new buildings down town.

Good luck in your home search!

Marcy
marcy@marcymoyer.com
http://www.marcymoyer.com
0 votes Thank Flag Link Sat Dec 27, 2008
Pc,

I live near the Classic Communities development you mentioned, and they are selling. Relative to the surrounding +/- 50 year old 1200sf ranch homes, the new ones are priced well, and reflect what many buyers are looking for; open floorplans, stainless appliances, high ceilings, etc. Many buyers don't seem to mind small yards, or the cookie cutter feel and lack of landscaping, so new homes sell. They have a great location only a couple of blocks from Castro St. working in their favor as well.

The development on Dana and Calderon is selling as well.

The Google effect you mention is overrated. Goodle is currently trading at $298 a share, a price last seen in October 2005. So any options granted in the last 3 years are under water. That and only about 1000 Google employees live in Mountain View. By contrast, about 2000 live in San Francisco. The people in the sales office at the development you mention said that the vast majority of the buyers were from Mountain View, and are either currently renting, or upgrading from condos or smaller homes.

For more information on the market, with charts and statistics on prices and trends in Mountain View and the surrounding communities, visit http://www.REMarketReports.com. You can sign up to receive free reports delivered to your mailbox when you want.

Feel free to contact me directly for more information and answers to any other questions you may have.

Regards,
Chris

Chris@VentouxHomes.com
http://www.VentouxHomes.com
0 votes Thank Flag Link Tue Dec 23, 2008
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