We just put 151 Brahms Way (a Sunnyvale Townhouse) on the market so I’ll be hosting open house this weekend if you want to stop by and chat about the market. 56 new listings just for the Friday tour alone so as you can see, the nice weather is finally bringing out some sellers. The raise in interest rates might have some buyers jumping into action so it will be interesting. I have seen so many new apartment complexes under construction these last couple years finally now coming available, so that may keep a damper on rental rates (supply/demand). I am seeing some softness in single family home rental rates, should see if that makes buyers complacent for a while or if they realize it’s just plain more affordable to own!
Solid activity continues to be the trend as our Spring selling season gets underway. All the Sunnyvale Eichlers that flooded the market around Remington and Hollenbeck are now Pending. The others sold well over list price and, as predicted, the totally tricked out Edmonton listing set a new record for Sunnyvale, going over $2.6m! It’s also quite a surprise (and annoying) that we do not have any Highlands Eichler’s yet to come on the market this year! Some have sold off-market so we cannot say that nothing has sold, but I feel demand is building. We’re only a couple months away from the Eichler Home Tour (May 6 and 7) showcasing this incredible community. Eichler Homes Realty is proud to be a sponsor of this event. The Highlands neighborhood of San Mateo has the largest contiguous collection of Eichler homes in the nation. The Home Tour is a fabulous opportunity to preview ten Eichler homes. In fact, I will be hosting one of these homes. Tickets are on sale now at www.eichlerhometour.org Hurry – this event is expected to sell out. All proceeds from this event go to the San Mateo Highlands Elementary PTA.
Since I get so many questions at open houses and in the days following, I decided to post a comment about our recent open house weekend at 619 W Remington. The weather was terrible, but that did not discourage people from coming out to see this home. At least 50 groups through each day even in the rain. It was a unique opportunity for buyers because they got to see 585 W Remington, a complete fixer at $1.348m that needs to be gutted and rebuilt, and compare it to our Remington all done at $1.528m. Yes, there are now 4 Active Eichler listings on Remington — who could have predicted!? So, buyers have choices for the first time in a long time. Each of these homes represent a different price/condition offering. But it’s hard to argue that both of these are the best options for an entry level Eichler in Sunnyvale. Most people were first time buyers, attracted to the Eichler aesthetic, schools, and price. But I have to tell you, of all the questions and comments I had, there was one person who asked if it was easy to take out the big glass windows and just fill it with solid wall. Uh… -Mark
It’s finally Spring! Well that’s what we believe here as our Bay Area Spring starts right after the Super Bowl. 34 new listings on market for the Friday tour is the highest this year so there is your proof! Interesting to note is that several of the new listings this week are re-lists of homes that did not sell last year — that’s right, there are many homes in Palo Alto and Los Altos Hills that did not sell last year.
This week we saw the Friday tour (Mountain View, Los Altos, Palo Alto) offer only a handful of new listings, mainly due to the impending Super Bowl Sunday — yes, that’s right. Our local real estate spring market officially starts right after the Super Bowl! We launched our Mossbrook Eichler on the market this week and response has been very strong! If you saw the “before” photos you might notice we only did some color changes to get a very dramatic difference. Come see us at this weekend’s open house! Also, I’m delighted to share with you that I was featured in a blog article for SFGate: “Eichlers Are The Classic Cars of Modern Homes – With a Collector’s Premium to Match“. I was interviewed by a journalist who asked some questions about how Eichler buyers see the market and how they differ from non-Eichler buyers. Hope you think it’s an interesting read.
No new Eichlers on the market this week. However, there are signs that the market is beginning a slow awakening from the winter hibernation. Last week on the Friday tour (Mountain View, Los Altos, Palo Alto) there were 22 new listings. This week there are 29 new listings. I believe the endless rain, Trump inauguration, and rising interest rates may be playing into another slow week. After all, who wants to be hosting a Broker Tour or Open House in a torrential downpour? Several very attractive tear-down lots have also come on in Palo Alto so will be very interesting to see where those go.
I’ve been having an interesting discussion with several clients since posting my comments on the terrible Chickadee flip so maybe it’s a good subject for a quick post. Why does something so tragic like this happen, how is it allowed to happen? An original Eichler was sold to someone who has no taste and shows no consideration for the neighbors or for Eichler design. I would argue it’s because there is no accountability on the part of agents and sellers. If nobody asks the question “what are your plans for my house?” when offers are presented, and both seller and agents are only looking at highest terms, this is what you get. Yes, we live in a free market economy and I would never want to change that. I’m just asking for a little accountability, for without it we may continue to lose Eichlers in this way. I would love to hear your thoughts on this issue. -Mark