South san jose real estate trends
Here is price per sqare-foot data for 5-year-old 2 br/2.5 ba townhomes located on "communication hill" in s. san jose. Horizontal axis is the date the sale was made. The two models included in the data are 1057- and 1104-sq-ft in size, and are typical mediterranean-stucco-on-foam style (representing Irvine, CA's most ubiquitous export...with the possible exception of crap mortgages). They are located on a small hill and offer sweeping views of beauuuu-tiful south san jose.
Note that one stand-up person did us the favor of distinctly marking the peak of the market (Hint: look for >$550/sq-ft). This was in mid-June of 2005. Price is trending lower since then. Is this merely a local maxima? Or will it mark a global peak?
Where will the Spring take us?
posted by Jim @ 11:58 AM
5 Comments:
Good stuff!
BTW, does it include data points from Tuscany Hills?
Thanks PeterP. I think it includes Tuscany Hills, though I am not 100% clear on the names of the various developments up there. I know some are lower on the hill compared to others, which certainly will add some price variation.
If it helps, all properties are on the following streets: Marble Arch, King George, Regency, White Chapel, Tower Hill, Casselino.
I plan to do similar charting for some of the 3br properties, which also have shown some sales below the summer peak prices. Currently, there are 17 props per sale there. If you want to see detailed info (for sale, pending, closed sales), you can check:
southsanjose.com/realty.php?Region=12
Scroll down to "Lancaster Gate" & you can click on "For Sale", "Pending", or "Sold". It is nice because it gives original price, current price, and final sale price (for closed sales). But there seems to be a trend I have noticed (the beginning of which coincided with the fall slowdown): some of the closed sales are lacking the final price data. Not sure why??? But then I've found that by googling the address number + street, I can usually find the final sale price.
Thanks for viewing!
Oh, I forgot to ask: Sounds like you've looked at the area...did you look to buy there ever?
I actually made an offer last April/May(yeah, bad timing, huh?)in an older complex just to the west, that also goes part way up the hill (It's called Elk Ridge something-or-another, built in mid-late '80's). I got outbid by 21.5K on 1Br (& I was 5K over list) so then I said "WTF???" and googled my way to patrick's blog, etc., etc., etc....
You might like to check out http://burbed.com to see some other examples of "fine" bay area housing.
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