Doug P., Home Buyer in Los Gatos, CA

What are the pros and cons of purchasing 5076 redstone dr?

Asked by Doug P., Los Gatos, CA Sun Mar 10, 2013

It is larger than the surrounding houses and therefore one of the most expensive properties in the area.
My questions:
* It seems it may be harder to resell because of that?
* If one is paying that much for a property where the avg price seems to be around 700K is this still considered a value buy as cambrian park in general tends to be?
*Any guess on what this may actually end up selling for?

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Answers

7
Andrea Wince ~ Lic. 01439761’s answer
Beautiful home in a highly desirable area feeding to excellent schools. Nice pictures as well, although they are stretched to make rooms look larger. Here is the purchase history of this property:
2002 sold for $450k as a 5 beds / 2 baths 1641 sf
2003 sold for $568k as a 3 beds / 2 baths 1400 sf
2010 sold for $835k as a 3 beds / 2 baths 1924 sf
It is my opinion, in today's market, this home will sell for at least the listed price if not more and with multiple offers. By the way, offer deadline for this home is next Monday the 18th by 12pm.
This home has a lot of remodeling over the years. Who knows as to the quality of workmanship. I would recommend a potential buyer research the permit history prior to making an offer and then submitting any offers with a contingency to allow buyer at least 7 days to complete a thorough home inspection.
Andrea Wince - RE eBroker Inc. - 01439761
1 vote Thank Flag Link Mon Mar 11, 2013
BEST ANSWER
Thank you for your question Doug:

This neighborhood is on the border of Los Gatos. This neighborhood is often a desirable alternative for people who want to live in Los Gatos but are priced out of the Los Gatos Market.

Recent closed sales in the Los Gatos market, less than 1/4 mile away are in the range from a low of $1,285,000 to a high of $1,550,000 for houses that range in size from approximately 2,200 square feet of living area to approximately 2,600 square feet. The lot sizes are in the range of approximately 7,000 to 8,600 square feet.

A number of my clients have purchased homes in this neighborhood, when the Los Gatos prices were too much.

Given the proximity of this neighborhood to Los Gatos, your primary influence for this neighborhood is Los Gatos. Your primary competition for this neighborhood is Los Gatos. In this neighborhood your are at the lower end of the price range and the size and improvement range. For the purpose of resale value, that is a very good place to be.

The size of the home on 5076 Redstone Drive is a little less than the size of the Los Gatos homes, but at 1,924 square feet is still good sized. It also appears that the home at 5076 Redstone Drive has been very nicely remodeled with good quality materials and finish work.

With respect to resale, as long as this home is priced at Fair Market Value, a competent REALTOR will have no difficulty selling this home. There is a large amount of demand for this area precisely because it is on the Los Gatos border, yet the prices are substantially less than Los Gatos prices.

Given the enormous amount of demand for this neighborhood, I expect that this property will be bid up with multiple offers. I would expect a final sale price for 5076 Redstone to be approximately $950,000.

For more information you may reach me at my cell phone: (408)509-6218

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
1 vote Thank Flag Link Mon Mar 11, 2013
I initallly sold this property a few years back and even then it was the most exopensive propery. Look at what your getting. Location to schools, downtown Los Gatos and the upgrades inside. Curb appeal is attractive. Ok so he kitchen is small but manageable. Couple looking to downsize or family with young with elementary school children it's a home to very seriously consider. Value is in the eye of the buyer a property that is turn-key or a needs upgrades and attention. Check out the inspections and ask what they have done to the property since they purchased it in 2010.
1 vote Thank Flag Link Mon Mar 11, 2013
Hi Doug,

Thanks for you post. I agree with everything my esteemed colleague Charles Butterfield has already mentioned regarding this neighborhood. However, you should plan to discuss your specific concerns with your own Realtor.

Personally, I expect pricing in this area to exceed the $1 million mark especially given lower inventories and location. This home will also be on the market for two weekends, which can be a bad or a good thing...depending on how you view this.

So get yourself an agent to help you navigate this sale! Good luck!

Sincerely,
Grace Morioka
Allison James Estates and Homes
Buyer rebates and low cost listings.
Tel 408-426-1616
1 vote Thank Flag Link Mon Mar 11, 2013
Do you already have an agent? Or are you still deciding who you want to represent you?

There are 6000+ Realtors in Santa Clara County alone. As with any occupation, law, medicine, etc... all Realtors are not equal in experience, skills, training and effectiveness. Take the time to learn about a few Realtors and interview a couple. Hire the best. Why not?

resume http://stucarson.com/AboutTheTeam

references http://stucarson.com/testimonials

Stu Carson
408-209-0849
http://www.GetRealRealtor.com
http://www.JustMyProperties.com
1 vote Thank Flag Link Sun Mar 10, 2013
Looks like this home sold on 4/12/13: $1,010,000. In this market, inventory is low and buyers are willing to pay more even coming close to the amounts of the more expensive homes in a neighborhood.
Web Reference: http://www.bahiafear.com
0 votes Thank Flag Link Thu Jan 30, 2014
I also believe you have to look at Los Gatos sales to help value the property. Yes the name of the city and the name of the neighborhood can have a strong affect on prices but especially with this property if anyone looks at recent sales in a short radius around 5076 Redstone they are going to see higher prices very close.

Juliana Lee
650-857-1000
Top 2 agent nationwide at Keller Williams Realty

Over 30 years experience
Over 1,000 homes sold in Santa Clara and San Mateo counties
Web Reference: http://julianalee.com
0 votes Thank Flag Link Mon Apr 1, 2013
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