SubscribeTales From The Front, My World of Real Estate, November 8, 2009
November 8, 2009
75 Coronado Avenue, Los Altos $,188,000
I had the pleasure of hanging out here again this Sunday. It’s a 6 bedroom, 4.5 bathroom home in Los Altos, brand new construction, for the low, low price of $4,188,000.
Currently, there are only 11 homes in Los Altos for sale priced over $3,000,000, so this isn’t exactly your run of the mill property. As you can see from the Virtual Tour, it has everything you need, including two laundry rooms, media room, office, nice master suite and an outdoor kitchen, all nicely packaged in about 6700 square feet. If you have an extra $4 million that you would like to put into real estate and you would like to see it, let me know.
What continues to surprise me is the number of people looking for a home in this price range. The couple today who work at Google (him) and Facebook (her) are obviously planning a big stock sale, now that the market has picked back up.
If we look at the top quartile of the Los Altos market, it definitely falls into the Buyer’s Market category,as the median price of the top quartile has dropped from a high of $3.5M a year ago to about $3.2M today.
Los Altos Top Quartile Price
Looking at North Los Altos (94022) we see that the drop in the median price of the top quartile has dropped more significantly from almost $4.75M a year ago to a bit over $3.5M today.
94022 Median Price of Top Quartile
Meanwhile the inventory of these high-end homes has dropped over the last
few months from a high of 34 in July to 25 today.
Inventory of Top Quartile Homes in Los Altos
In North Los Altos, only two of these high end homes have sold or come off the market, even though about a third of the inventory is in 94022.
Inventory of Top Quartile in 94022
What does it all mean? Well, like with everything for sale right now, cash is king, and if you have the means and are interested in purchasing something, especially something expensive, there are some great opportunities out there. Be it luxury goods, cars or houses, sellers are feeling the effects of the downturn and lack of big stock and bonus payouts.
If you want more specifics, let me know.
Thanks for reading….
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[...] more quickly, too. My friend (and former Alain Pinel Realtors colleague) Kevin Boer writes in his blogthat there’s still a good selection in the over-$3m market for those that [...]