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Market Conditions in Los Altos : Real Estate Advice

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  • Home Buying29
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Activity 6
Mon Jun 13, 2016
Buyer Los Altos asked:
Wondering if there are any suitable markets in the peninsula or south bay. Many perceive risk at the higher price points. Also, there is a slow down in tech valuations and many cos are having…
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Thu Jun 12, 2014
Jim & Jimmy Nappo answered:
In a rising tide such as we have had over the past 18 months, it floats all boats. The country club area is not for everyone because it is part of the county and has different rules and regulations for building. They are much more flexible regarding what can be built. This means that you can have larger homes on smaller lots. This is good and bad. Good for those who just want to maximize the size of their structure. Bad in that there is more bulk and density in that area. Buying a home in Los Altos in general is a good place to put your money. Even during the downturn from 2008 - 2012, Los Altos was hit much less hard than outlying areas and the rest of the country. Bottom line is that Los Altos is a growing market and a good place to invest you hard earned money. ... more
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Thu Aug 26, 2010
Bryan Robertson answered:
I'm a little late to this party but have to chime in with an answer. Los Altos has NOT declined this year and is trending up slightly as I predicted at the beginning of the year. In Q2 2010 the median home price was flat at $1.5M versus Q2 2009. The average price was actually up in same period 2.2%. We're well into Q3 and prices are still trending flat to up. Inventory is down significantly and will likely remain low.

These are solid figures based on MLS data. I debunked the report that the New York Times published as mostly false using actual data from county records and the MLS. While Corelogic might seem to know what they're doing, the projections don't align to real data.

I make projections based on past trends and historical patterns. That said, I think we'll see Los Altos show an average price increase of 3% for the year. Since Los Altos was one of the last places to get hit (Saratoga was sooner and hit much harder), we've been one of the first to recover.

There are a lot of great deals in Los Altos. While the rapid growth has gone away, buying a home here will remain a good long-term investment.
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Sat Feb 27, 2010
Bay_area_ll answered:
In my humble opinion I do NOT expect to see any significant declines in areas like Los Altos.

I dont have any affiliation with Los Altos other than working there. My job happens to be situated in a really nice part near downtown so Im familiar with the area. I know that it's highly desireable and for every person who can't afford to keep their house I'd imagine there are plenty more lined up ready to take their place.

Completely different dynamic than say East San Jose.
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Mon Aug 10, 2009
Tony answered:
Optimizedprime has pointed out several key points for Los Altos that so far don't make much logical sense according to the current real estate market.

P/R (price-to-rent) ratio is completely ridiculous at Los Altos. For the current high price to buy a home or condo, it would definitely much cheaper to rent right now in Los Altos. For example, a 1-million dollars home here will rent out for at most $3500-$4000/month, which couldn't even cover the 1-mil dollars mortgage monthly.

During the real estate boom, home prices in Los Altos has significantly increased just like other places during that time in CA. However, during the burst, other places dropped by 40%-50%, yet Los Altos has not dropped at comparable percentage. Will it drop down to 40%-50% and when? Impossible to know.

The average income of the people in this town doesn't support the high home prices. I came to a conclusion that homes in Los Altos majority owned by people who have been living here for a long long time (pre-Silicon Valley time) when prices were still cheap, and those who gained a lot of money from stock options and cash it out before the Tech era burst. And because it is a small town, there are not a lot of homes for sales, the down trend of prices will no doubt occur, but at much slower pace and for a long time. This factor depends on the number of home for sales in Los Altos in the future.

I myself will refuse to pay at such a high price for Los Altos. I continue to rent here, while maybe looking else where to buy if opportunity arises.
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Fri Apr 17, 2009
David Blockhus answered:
Karin,

Now, but the maximum loan to value for loans between 4625,500. to $729,750 is 80%.
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