Gloom to Bloom in 12 Days

This is one of the most exciting aspects of my profession — working on a tight 12-day renovation deadline to transform a worn-out home into a beautifully staged and photographed home just in time to go on market. This Mountain View listing located in the heart Silicon Valley brought together a lot of the expertise I’ve gained over the years, so we documented the entire process to show how I took the home from “gloom to bloom.”

Phase One

With a flea infestation and near dilapidated conditions, we hit the ground running on day one. First things first, we had to rid the home of the mountains of trash that had accumulated over time. The hauling helped us remove everything from the home so that we could get to work on renovations.

Multiple truckloads of junk were removed from the home with the help of our hauling crew.

The only way to tackle this much trash is with a shovel, and that's exactly what we did.

Phase Two

The second phase was undoubtedly the busiest, starting with flea bombing the entire property. From there, the landscapers and painters got to work while my assistant, Kris, and I went over the property with the handyman to ensure all repairs would be completed on time.

The landscaping crew rids the front yard of unsightly junipers to enhance its curb appeal.

Kris and I go over kitchen repairs with the handyman.

You'd be surprised how far a fresh coat of paint goes when it comes to making a property pop.

This phase was a blur of activity, and we made significant strides as a team in preparing the home for sale. See all of the action in the video clip below.

Phase Three

By phase three, the home had come to life. All that was left was to stage it so that prospective buyers could envision what it would be like to live there. Once the furnishings were in place, it was time to go over every last detail to ensure the home was ready for showing, and ultimately, move in. We also brought in a team of inspectors to prepare pre-sale inspections. After three days of hard work, this home was ready to hit the market.

The professional stagers put the finishing touches on the home.

To ensure the renovation was successful, I personally go over every aspect of the home.

A pre-sale property inspection helps to make sure there aren't any surprises during the sales process.

While the home’s initial conditions didn’t shock me, the final reveal did. The home turned out even better than I could have imaged. I went into the open houses with confidence, knowing that the work would pay off for my sellers. Check out the clip below to get a full look at phase three and see the finished product.

Securing the Sale

Preparing a home for market means nothing if an agent can’t deliver on the sale. Within a week of concluding the renovation process, I had received three offers. Ultimately, the sale was finalized in just nine days with an all-cash offer above asking price. All in all, it was a great experience for everyone involved, myself included.

When a client entrusts me with the sale of his home, he can be sure that I will take care of every aspect of the sale from start to finish.

If you have questions about selling your Silicon Valley home, let’s talk.

To see the full process from start to finish, check out the video below!

Classics at Station 361 Available Homes

Update 12/3/12: Classics at Station 361 announced last week that Phase I featuring 29 beautifully-appointed homes is sold out.  With sales starting at the end of June, the sales absorption rate was just under 1.5 homes per week.  Homebuyers started moving into their new homes in September, so Classics at Station 361 is starting to look like a neighborhood with residents enjoying the community amenities.  Look for announcements regarding Phase 2 in the New Year.  The 36 homes in Phase 2 are sure to be as popular with homebuyers as Phase 1.  Be sure not to miss this great opportunity to own a new home close to downtown Mountain View.

Update 10/4/12: Of the 65 29 phase 1 homes that were made available at Classics at Station 361 only four properties are remaining on market as of October 4, 2012. You can view our Station 361 review on 1SiliconValley.com. Keep reading to learn more about each of the available remaining homes:

Single Family Home # 19 – Plan A Model Home - $50,000+ in Upgrades 2 Bedrooms + Den / 2 Bathrooms (view the floor plan) Approx. 1,074 sq. ft. Price: $910,900

Single Family Home # 23 – Plan B 4 Bedrooms / 3.5 Bathrooms (view the floor plan) Approx. 1,764 sq. ft. Price: $1,099,900

Single Family Home # 12 – Plan D Model Home - $60,000+ in Upgrades 3 Bedrooms / 3.5 Bathrooms (view the floor plan) Approx. 1,748 sq. ft. Price: $1,200,900

Single Family Home # 17 – Plan C Wrap-around balcony and parkside location 4 Bedrooms / 4 Bathrooms (view the floor plan) Approx. 1,744 sq. ft. Price: $1,249,900

Contact Alex H. Wang if you'd like more information and/or to set-up and showing.

New Construction Review: Classics at Station 361, Mountain View

Classics at Station 361 is the latest new home community in Mountain View. With models open for only two months and 13 of its 65 homes sold in just three sales releases, Classics at Station 361 has become an instant hit with homebuyers.

Classics at Station 361 has the three L’s going for it – location, location, location. Station 361 is centrally-located in Mountain View which, according to BusinessInsider.com, is one of The 15 Hottest American Cities of the Future – Mountain View will continue to lead as a tech city. Home to such big tech names as Google and Microsoft, Mountain View is sure to stay on the cutting edge of technology for years to come.

Access to the rest of the Bay Area and beyond is a cinch with the Mountain View Transit Center conveniently located just across the street. The Mountain View Transit Center offers residents quick, easy access to anywhere in the Bay Area via the Tasman Corridor Light Rail line, CalTrain, VTA buses, and paratransit in a pedestrian-friendly atmosphere. If you prefer to drive your car, Station 361 offers easy access to highways 101, 85, Central Expressway, and El Camino Real.

Within walking distance of Station 361 is Castro Street in downtown Mountain View. Castro Street is a gathering spot for locals because of its many restaurants, pubs, and shops. The Mountain View Performing Arts Center can also be found on Castro Street. Located in the Caltrain station parking lot every Sunday, residents of Station 361 can walk to one of the Bay Area’s largest year-round farmer’s markets. There are also many outdoor recreation areas within walking distance including Pioneer Park, Mercy-Bush Park, and the Stevens Creek Trail & Bike Path.

There is no doubt that Station 361 has a smashing location; now let’s talk about the community and its beautiful homes. This community will offer 65 homes – 45 detached homes and 20 townhomes. The 20 townhomes are arranged in four, three-story buildings that front W. Evelyn Avenue, while the 45 detached homes form the community’s interior that is bounded by Del Real Avenue, Villa Street, and Calderon Avenue. Also located in the middle of the community is common open space which includes shade trees, seating, a barbecue area and a children’s tot lot.

The townhomes feature two floorplans, each offering 3 bedrooms and 3.5 baths with approximately 1,700 square feet. Both floorplans feature a first-floor bedroom with en suite bathroom perfect for extended family or a home office. Five floorplans are offered for the detached homes. They range in size from approximately 1,074 to 2,439 square feet, and feature 2-4 bedrooms and 2-4 bathrooms plus flex space such as a den or loft (per plan) in two- and three-stories.

When it comes to in-home amenities, the homes at Station 361 are designed with you in mind. The homes feature private outdoor living space, fine hardwood cabinetry, and interior laundry rooms or closets (per plan). The kitchens feature granite countertops, hardwood flooring, gas range/oven, and double stainless-steel sink with garbage disposal standard. The latest in energy-efficiency and media wiring can be found in the homes as well. As is fitting for homes located in a city that offers free city-wide Wi-Fi, all building systems have the ability to be controlled via iPad.

Mountain View Market Analysis – May 2010 to May 2012

An analysis of the charts below reveals that Mountain View, though it is more volatile than some of the more expensive markets in the area, is consistently considered a seller’s market. Mountain View is quickly absorbing all of its homes for sale and currently has one of the lowest month’s supply of inventory (MSI) in the Bay Area at .5 months. Only time will tell how long this astoundingly low inventory supply will affect the other key statistics though it can only be assumed that days on market (DOM) will decrease while sales absorption (SA) rates and median prices will increase given historical data.

Mountain-View-Market-May-2010-to-May-2012

The chart shown above graphs Mountain View’s MSI as well as the DOM.  Traditionally, DOM is cyclical in nature decreasing in the spring and summer, and increasing in the fall and winter, and the Mountain View market is no exception.  For the most part, the level of inventory has been decreasing since May 2010.  It is currently sitting at an astonishing low inventory level of .5 months.

Mountain-View-May-2012-Sales-Absorption

As you can see by the chart above, the sales absorption rate in Mountain View has been steadily increasing from May 2010 through May 2012.  In May 2012, the current sales absorption rate was 64.6% of properties under contract and 54.6% of properties sold.

Mountain-View-May-2012-Median-Price

Over the course of the last two years, Mountain View had a swing in median price of about $200,000 as shown in the above chart.  The solid line showing average median price  has been relatively stable with a slight dip in late 2011.  Since February 2012, Mountain View has seen a stable median price just over $750,000.

Bay Area Real Estate Analysis: Real Estate Terms Defined

There are several key statistics that are used to determine the health of any real estate market – average days on market, month’s supply of inventory, sales absorption rate, and the median sales price. Days on market (DOM) describes how long a home is active on the market before its status changes to pending.  The average days on market is determined by adding each listing’s days on market in a month, then dividing by the number of active listings for sale at the end of that month.

Month’s supply of inventory (MSI) is an estimation of how long it will take all the homes on the market to be sold.  It is based on the current number of homes for sale and the past absorption rate.  MSI is used to determine if the market is considered a seller’s market, a balanced market, or a buyer’s market.  Though opinions vary, 0-4 month’s supply of inventory is considered a seller’s market, 4-6 months is a balanced market, and anything over 6 months is considered a buyer’s market.

Sales absorption (SA) rate is a percentage rate that shows the ability of the real estate market to sell, or absorb, all the homes for sale (inventory) currently on the market.  It is calculated by dividing the number of homes sold in a month by the number of homes for sale at the end of that month.  A higher percentage rate means that the market is absorbing its inventory at a faster rate.

Median sales price is the middle price where half the homes were sold above this price and half were sold below this price.  The median sales price is considered less biased than average sales price since a small number of high priced homes won’t weigh as heavily on the outcome.  Since it is important to know specifics about the homes that make up this number (i.e. number of homes sold in a month, type of home sold), this number is just another piece of the formula.

Now that we have defined the key statistics, let us see how they relate specifically to the housing markets in Mountain View, Los Altos, Los Altos Hills, and Palo Alto.

Mountain View Market Analysis – May 2010 to May 2012 
Los Altos Market Analysis – May 2010 to May 2012
Los Altos Hills Market Analysis – May 2010 to May 2012
Palo Alto Market Analysis – May 2010 to May 2012 

Mountain View Housing Market – Fourth Quarter 2010 Update

Mountain View has been an example of what many buyers and sellers would hope to see in their local market after the housing bust. The city fell, but not as hard as its neighbors, and recovered immediately into a slow rise that continued throughout 2010.

Its weak points this quarter were in average days on market (still better compared to 2009, with 61 days) and a sales price to list price ratio that favors buyers. The median price rose in the fourth quarter, and aligns with the more popular spring and summer months, including besting the same period in 2009 by more than $10,000.

Mountain View Whisman School District Tour – Looking Deeper than API Scores

At the end of October, four of our real estate agents from Rainmaker Properties went on the Mountain View Whisman School District “Get on the bus tour” to learn more about what the local schools offer besides strong API (Academic Performance Index) scores. Homebuyers, along with real estate agents, tend to put a strong bias on high API scores, especially since good schools can translate into better priced homes. But in cities like Mountain View, where the majority of the school district is either at the state API goal of 800 or above, we can start to consider other factors in the makeup of a school to see if it is the best fit for a child.

Read on to find out what our agents discovered on the tour and some of their insights. At the end we have tables showing all the API scores from elementary to high school in Mountain View, including school ranking and subgroup scores.

Christine Ko on the tour and the Mountain View Education Foundation (MVEF)

The real estate agent tour was held by the MVEF, hosted by the new Superintendent, Craig Goldman, along with a tour of Crittenden Middle School by Principal Karen Robinson. Following a walk around Crittenden, the agents took a bus tour of all the elementary and middle schools in Mountain View.

A notable aspect of the MVEF is that they work with parents and the community to raise money for school programs that are no longer funded by the state. This includes funding in the arts, music, and sciences at the elementary level, and electives and after-school sports for middle school.

Christine mentioned that a highlight of the tour was finding out what unique programs each school had. We have a handout (the images below) that shows enrollment boundaries for the elementary schools, a quick description of special programs, and each school's 2010 API scores. Included are Benjamin Bubb, Mariano Castro, Edith Landels, Frank L. Huff, Stevenson, Monta Loma, and Theuerkauf elementary schools, and Graham and Crittenden middle schools.

Edmund Yue and James Yang on looking past API scores

The biggest point James took from the tour was that API scores should never be the only determining factor parents consider when choosing a school for their child.

API scores are restricted to academic performance, and does not do a complete job of comparing overall school quality. Some areas that parents should also look at are the school’s administration, community involvement, and existing programs that encourage both struggling and promising students.

Edmund added that Superintendent Craig Goldman mentioned one way parents could pull additional information about a school’s API score is to look at the subgroup scores and demographic information. (We have more about this in the API graphs below.) If you combine that information along with staff involvement with students and take into account unique schools programs, such as at Mariano Castro Elementary School, where the students go through a Spanish-English dual immersion program, parents can really get a good idea of what a school is about.

Kristine Suh, a parent, on deciding which school was right for her children

As a parent, Kristine experienced the process of deciding what school would be right for her children 10 years ago, and now has advice for parents in the same situation.

Her family had the opportunity to choose between Los Altos, Palo Alto, and Mountain View school districts, ultimately ending up in Los Altos.

She said that API scores were an important part of her initial search, but she has found that scores play only a small role in the child’s day-to-day education. On top of school research, if the parent has time, is why not meet with the potential school’s teachers and sit in a class. You may find that scores are not as important as what is the actual children’s relationship is with the teacher.

At the high school level, she said it is important to also consider the number of advanced placement classes available. One school might have a high API score but few options for AP classes. But, on the other hand, a school might have a medium API score, perhaps because of a large demographic and socioeconomic spread, but a breadth of AP classes.

Lastly, a good resource online to look at an endless stream of information on school, find parent reviews, and more is available at greatschools.org. If you are interested in talking with a representative in the Mountain View Whisman School District that can put you in contact with involved teachers and parents, feel free to contact us.

Mountain View Housing Market – Third Quarter 2010 Update

Part of the advantages of Silicon Valley is that the housing market ride for the past few years has been less bumpy than what the nation has experienced. A good example of this calm is in the city Mountain View.

Even examined against our other comparison cities, Mountain View has been the most stable, especially in regard to the median sales price. It bumped up to $1,148,440 during the boon in 2007, but unlike everybody else in 2009, it bumped up instead of sliding. Since then the city median has floated at $900,000 for single-family homes.

Average days on market bumped up and closed sales fell compared to last quarter, but some of that is due to market cycles. The sales price to listing price ratio is at a healthy 99.94%, meaning a fair market for both buyers and sellers.

Part of the stability in Mountain View is due to the reasonable prices compared to Los Altos and Palo Alto. There will always be buyer demand at just under a million, especially since it shares the benefits of being a neighbor to prestigious cities, has good schools, and an ideal location in the Silicon Valley.

Mountain View Housing Market – Second Quarter 2010 Update

Mountain View serves as a good example in our four comparison cities to see that the strongest competition after the housing crisis is for entry- and mid-range homes.

The standout numbers this quarter for Mountain View are 102 closed sales, 121.7% more than last quarter and 50% more than 2008; and $98.5 million in total sales volume, 136.3% more than last quarter and 35.3% more than 2008.

Median sales prices and average days on market are creeping towards 2008 levels. The sales price to list price ratio is just above 100%, meaning seller and buyer perceptions are balanced, though slightly in favor of the seller.

Mountain View Housing Market – First Quarter 2010 Update

As in the neighboring cities of Palo Alto and Los Altos, the Mountain View housing market in the first quarter of 2010 has rebounded from the previous year.

The characteristics of Mountain View – situated in Silicon Valley and home to tech companies such as Google, Symantec and Intuit; one of the stronger school districts in California; a friendly downtown area next to Caltrain; and a more affordable single-family home and condominium and townhouse market compared to its northern neighbors – means that homebuyers are returning to the area to take advantage of reduced home prices that have occurred since the real estate crisis a few years back.

In the first quarter of 2010, the median sales price for single-family homes in Mountain View was $875,000, a slight decline from $900,000 in 2009. Though the median sales price dipped, the turnaround for this past quarter was that 50 homes sold with an average days on market of 24 days, compared to 41 sold and 62 days in 2009 during the same time period.

Mountain View home sales and the number of days on market have returned to 2008 levels, before the crisis really showed its teeth, but the median sales price this past quarter is still 20 percent lower than in 2008, which was $1.095 million.

The price range of single-family homes sold in Mountain View this past quarter, from $560,000 to $1.575 million, reflects a more affordable market than Los Altos and Palo Alto.

A strong local condominium and townhouse market

There is a larger market for condos and townhomes in Mountain View compared to Palo Alto and Los Altos, which makes it great for first-time buyers right now, especially when considering the depreciated market and government incentives.

A total of 52 condos and townhomes sold in Mountain View this past quarter at a median sales price of $589,000. Most of them had two or three bedrooms and took up an average of 1,327 square feet. To compare, Palo Alto sold 26 for a median price of $725,000 and Los Altos only sold seven for a median price of $780,000. If we were to take out properties that are less than five years old (in order to compare resale values) there was still 50 properties that sold in Mountain View, 15 in Palo Alto that sold for a median price of $672,000, and just two sold in Los Altos.

What sold for $875,000

A 1,859 square foot, four-bedroom and three-bath house was listed for $875,000 and sold for the same price this past quarter. It is a 10-year-old house and sits on a 3,920-square-foot lot in a cul-de-sac on Plum Court.