The Future of Sunnyvale Sustainable Office Space: Proposed 777,000 sq. ft. Office Space on 18-acre Campus near Central & Wolfe

Silicon Valley Reimagined.

Landbank is redeveloping an 18-acre site at Central Expressway and Wolfe Road in Sunnyvale into a a creative and innovative campus for leading Silicon Valley leading-edge tech companies. Led by world class architects HOK Architects, this project is reimagining what a technology campus can be.

Some of the interesting facts about this proposed development:

• LEED Platinum campus
• Majority of water to be reclaimed water
• Possible to reach net-zero energy standard
• Surface parking eliminated through use of under-building podium parking therefore preserving 53% of land's open space
• optional 208,000 sf rooftop garden with over a mile of walking trails
• central quad with 500+ person amphitheater
• 1.4 miles from downtown Sunnyvale and two CalTrain stations

Information Open House

Thursday April 17, 2016

9am - 10:30am; 6pm - 7:30pm

Central & Wolfe 222 N. Wolfe Road, Sunnyvale, California

Download an information brochure here. Any other questions about this development, contact me.

New Construction Review: The Estates at Sunnyvale by Toll Brothers [updated 12/13/2012]

[Updated 12/13/2012] The Estates at Sunnyvale by Toll Brothers has opened its Sales Center and model homes. Located at 700 Timberpine Avenue in Sunnyvale, the Sales Center is open Thursday through Monday from 11am to 6pm.  Model photographs are now up on the Toll Brothers website if you would like to preview them from the comfort of your home. Homes are priced from the $1.3 million.

Sunnyvale has long been known to offer homebuyers the best value for their money in the Bay Area. It is now seeing a renewal by way of several new home communities under construction. The Estates atSunnyvale by Toll Brothers will join this renaissance when the new home community opens its doors soon.

Located at the intersection of Lily and Timberpine avenues just west of Lawrence Expressway, The Estates at Sunnyvale is located in the Ponderosa Park area of Sunnyvale. This part of Sunnyvale is conveniently located near Lawrence Expressway, and highways 101 and 237. Additionally, the population of the Ponderosa Park neighborhood is largely Asian which explains why Toll Brothers interestingly offers a community brochure in Chinese.

The Estates at Sunnyvale will offer homebuyers 51 elegantly-appointed new homes ranging in size from approximately 3,071 to 3,102 square feet on homesites averaging approximately 6, 000 square feet. All three home designs feature four bedrooms and 2.5 baths plus an option to add an additional downstairs bedroom and bathroom perfect for guests and multi-generational families. Prices are anticipated to start from the low $1,000,000s.

We will be updating this post as The Estates of Sunnyvale opens its doors and starts selling. Check back soon for more information.

Sunnyvale Housing Market – Fourth Quarter 2010 Update

The winter months are rolling through the fourth quarter of 2010, and home sales have sunk along with the median sales price and average days on market. This is no surprise and remains a truth that there are seasons in real estate, and we can expect it to stiffen as we enter the first quarter of 2011.

Comparing the fourth quarter of 2010 to the same period in 2008 (closed sales, 90; average days on market, 47; median sales price, $656,500) and in 2009 (closed sales, 141; average days on market, 52; median sales price, $760,000), Sunnyvale is wavering but not falling into a double dip market that bearish experts are predicting.

Sunnyvale Housing Market – Third Quarter 2010 Update

Sunnyvale has gone through another quarter without any major hiccups, showing improvements from a year ago. The median sales price has been steadily increasing from its recovery in early 2009, and is equivalent to 2006 prices. Average days on market have also dropped to 41 days, down from 77 days in the first quarter of 2009, though it has yet to reach the unusually low 23 days that occurred in the second quarter of 2006.

Lastly, the sales price to listing price ratio is hovering around 100%, meaning sellers are pricing homes at prices buyers expect to pay -- neither a strong seller's market as in 2007, nor a buyer's market as in 2009.

Sunnyvale Housing Market – Second Quarter 2010 Update

Sunnyvale is one of two cities in our comparison that has turned into a seller’s market the past two quarters. Perhaps it is the urgency of the buyers to find an entry-level house (Sunnyvale has the lowest median sales price of our four comparison cities) before the effects of the housing crisis completely recede that is driving demand.

The median sales price jumped 12.7% compared to last quarter, to $851,000. Average days on market remained the same as last quarter, while number of homes sold was just higher than the same period in 2008, at 177. Sales price to list price ratio is 100.95%, meaning most sellers are encountering multiple offers over listing price.

Although the median sales price and total sales volume are still lagging compared to 2008 numbers, Sunnyvale is reporting strong numbers in other areas this quarter, showing that the city has pushed out of its slump.

Sunnyvale Housing Market – First Quarter 2010 Update

The Sunnyvale housing market was one of the Bay Area cities that were hit harder by the recent real estate crisis.

Before the crisis hit in the first quarter of 2008,the median sales price for the 121 single-family homes that sold was $976,000 (including three short sales). The following year, the number of single-family homes sold during the first quarter dropped to 100(including 23 foreclosures and 18 short sales)andthe median sales price fell 46 percent, to $530,000.

The north region of Sunnyvale was most affected by the housing crisis, includingthe 94085 and 94089 area codes. Homes in the 94086 area code were slightly affected; and the homes that weathered the best, with sales in the million plus range, werein the 94087 area code.

This past quarter, 97 homes (including 12 foreclosures) sold for a median price of $820,000. Average days on market was 42 days, down from 85 days in 2009. The price range of home sales starts at $371,000, for a foreclosure home, all the way up to $1.45 million.

Sunnyvale is recovering quickly even though the crisis has had a more dramatic effect on the area compared to some of its neighbors,such as Los Altos and Mountain View.Because Sunnyvale is home to tech companies likeYahoo!, Palm, Inc., and AMD, and has some strong schools, including Cumberland Elementary and Cherry Chase, home prices are expected to return as the market stabilizes.

Homebuyers right now are taking advantage of this time to find good-valued homes beforesales abovelist price become common again, as in the first quarter of 2008, when the average listing price was $964,996 but the average sales price was $979,941. It wasn’t uncommon at that time to find a home selling $100,000 over list price, which was unheard of in 2009when most homes over a million did not sell at all.In 2010, as in the following example, we are seeing homes selling at those competitive levels again.

What sold for $820,000

A 1,210 square foot, three-bedroom and two-bath house was listed at $750,000 but sold for $820,000 this past quarter. The house was built in 1955 and sits on a 6,600-square-foot lot in Arlington Court. The home featured remodeled kitchen and bathrooms.

High Density Developments in the Bay Area

High density developments are becoming the wave of the future.  Perhaps the most prominent "high density" development in the Bay Area is Santana Row with trendy shops & exclusive restaurants, and contemporary residential lofts tantalizing the progressive bay area resident to be a part of this movement.  

This has become desirable for many bay area residents that want to have entertainment, shopping and a social outlet waiting just outside their front door.  Many downtown businesses sense the high demand of residential-retail zoning, which is alluring many business districts to take advantage of this commercial high density epidemic.

The public concern for high density zoning is that it will bring unmanageable traffic and cars and high taxes and noise to the community.  On the flip side, some residents have voiced excitement and acceptance that it will bring money to the city, restaurants and better quality entertainment.  Moreover, it will lead to higher economic activity and productivity, save tax dollars, and increase property value.  As worrisome or exciting as it may be to the community, there is hardly an area untouched by this new wave of high density development; San Jose, Santa Clara, Sunnyvale, Palo Alto, Campbell, Los Gatos and even Willow Glen are all conforming to this new way of life.

An example of high density development that has majority of public acceptance is Sunnyvale Town Center's new urban development project.  It has been underway for some time but the ultimate outcome will be 991,000 square feet of retail space, 315,000 square feet of office space and 292 ownership housing units.  There will be a 14-screen movie theater and a 200 room hotel located at Murphy and McKinley Avenues.  The 184-acres project encompasses a large block bounded by Mathilda, Washington, Sunnyvale and Iowa Avenues, known as the Town Center Mall.  The shops are planned to start opening in early 2009.  The vision of this new development is for a lively people-friendly place for shopping, working, living and entertainment. 

Sunnyvale residents are actually quite pleased with the new development, as it will bring in revenue for the city, increase visibility to the area, bring in restaurants, and retail and ultimately boost their home values.  Some residents of other neighborhoods are not quite as pleased.

Voices from Willow Glen

I have heard public outcries from the Willow Glen Neighborhood Association (WGNA) when they recently heard the news of the latest high-density development proposal.  The plan is to create a Community Benefit Improvement District (CBID), with "?mixed-used' buildings along Lincoln Avenue with housing above retail; the project is said to attract better businesses on the avenue, and promote affordable housing. 

There has not been a very positive reception to the idea that the "?beloved' Lincoln Avenue will potentially lose the charm and character that it has preserved over the years.  The majority of the public is outraged that big developers will come in and modify the old-fashioned downtown area and bring in retail chains and large department stores and push out the "?mom and pop' businesses, thus destroying the neighborhood.  Another obvious concern of is the excess of cars and traffic that will result.

Lincoln Avenue is the centerpiece for a lot of residents in Willow Glen and to lose the small downtown feel would be tragic for some.  When comparing other high-density developments, the one key element that say Santana Row, Sunnyvale, Campbell and downtown San Jose have is several blocks to develop; Lincoln Avenue is only one long street with single family houses surrounding.  It will be interesting to see what the final outcome will be when business property owners in Willow Glen vote this month for the CBID initiative.

If you have a stance about this new high-density trend in your neighborhood, let your community know how you feel by participating in your local neighborhood association.  Feel empowered to take part in your community and get involved.  High-density building is part of the future; to better embrace this new wave of development, there is a lot of research available online to better educate yourself with this up-and-coming boom.

Recommended Reading:

• Creating a Better Standard of Living for Your Family
• Consumer Rights When Purchasing New Homes
• Considering One HOA vs. Another

New Home Builder Activities in North Sunnyvale

For the past several years, there has been a great deal of rezoning of property from commercial to residential in the 94089 zip code of North Sunnyvale.  Within this particular plot of land bordered by Tasman Drive on the North, Morse Avenue and Fair Oaks Avenue on the West and East, and Weddell Drive running along the South end, there's been a great land grab by various developers.

With the exception of the building pictured here, located on Fair Oaks currently leased to Paramount Tumbling and Gymnastics, various new developments have sprung up throughout the area such as City Park and Verona by luxury builder Toll Brothers, Parkside Villas, Tasman, and Crossman Place built by popular local builders Barry Swenson and Palo Alto based Classic Communities. 

One of the very first developers to stake claim to North Sunnyvale is also one of the nation's largest builders, Pulte Homes, who built their first development Danbury Place of 168 homes in 2004.  Since then, Pulte Homes has been actively buying more land within this small one block radius and since their 2004 debut, has built 30 homes in Danbury III in 2006, 43 homes in Danbury IV in 2007, and 36 homes in Danbury II in 2008 for a total of 277 homes.  

There has been previous negotiations with the owner of the Paramount Tumbler and Gymnastics building that had not resulted in the sale of the property in past.  It sounds like now, the "last man standing" is interested in re-opening talks with various builders including Pulte Homes.  Could we see a Danbury Place V on the horizon?

Pricing for Danbury I homes in 2004 ranged from $590,000 - $630,000.  Today, Danbury Place has only 10 homes (including model homes) remaining scheduled to all be complete by August 2008.  Prices ranging from $728,900 - $834,900.  

We keep our ears close to the ground for the latest real estate news to ensure our clients have the best representation.  After all, new home construction affects the entire real estate market for both buyers and sellers.  

Bordeaux Sunnyvale by KB Home

From our Geography lessons and possibly from our travels, we know that Bordeaux is a very well toured port city in the southwest of France with over 1 Million Bordelais inhabitants and is proud to be known as the world's wine industry capital. 

It is a diverse city with makeup of all different races and cultures of people and over the last decade has become an urban metropolis.  If you live here in the Bay Area you don't have to travel to France to visit the newest community named Bordeaux; it is located in the heart of Santa Clara County , in the urban setting of Sunnyvale.  Like Bordeaux France, Sunnyvale is known to be a diverse and culturally varied city with neighboring industry and a rich past of agricultural history.  Perhaps this is how the name of the newest KB Homes community was formed, because of this vague likeness shared with the city of the same name.

Like Bordeaux France and its rich grape vineyards and wine production, Sunnyvale has been known for its fruit orchards and has had a vital economy of agricultural richness, and for centuries has maintained a reputation for fruit production.  In the mid 1900s a lot of the fruit orchards in Sunnyvale were cleared to make way for new homes and industry in this wonderfully temperate city; new developments began popping up everywhere in the 1950s.  Just this past year, KB's Bordeaux development broke ground and the first phase of homes are now ready for occupancy.

Bordeaux Sunnyvale's Location 

The Bordeaux community is located near Reed Avenue and Lawrence Expressway, on Aster Avenue in Sunnyvale .  This area has been rezoned in the past years to Industrial-to-Residential/Planned Development.  Before construction started, this land was home to a many industrial companies that have recently picked up and moved.  The remaining close-by companies include a few other industrial businesses as well as a development of other new homes down the street.  It is an up-and-coming neighborhood has become a very sought after part of Sunnyvale . 

The stats on this new 80-home development include 6 unique floor plans, with prices starting around $565,000.  KB Homes catch phrase is known as "?built to order' which means that you find the location of your KB home, and essentially customize it to your personal taste and style.  There are many design features and upgrades available and your new home can be built to your own specifications, and is ready and operational on the day that you move in. 

Bordeaux's Grand Opening took place on March 15th and the response has been pretty positive.  So far, 5% of the homes are under contract with another 10% reserved.  The types of people interested in this community are 1st time home buyers, people upgrading from small condos, with the majority of these people being young urban professionals.  The most sought after floor plans are Plan 5 (2 bdrm/2 bth, 1238 square feet) and Plan 9 (3 bdrm/2.5 bth, 1924 square feet).  The least requested floor plan is the Plan 4, which is the smallest unit in the development, featuring only 1056 square feet of living space and a 2-car tandem garage.

Sunnyvale is home to a lot of shops and restaurants and in my opinion has one of the best Farmer's Market in the Bay Area.  In addition, the major employers include Juniper Networks, Palm, AMD, Yahoo and Maxim.  There is a lot of character to Sunnyvale and if you find yourself driving around town you can see the old modern Eichler homes, a cute downtown with bars, shops and restaurants, the community center which is a wonderful place to bring a good book and people watch, and then there's Baylands Park which offers recreational pathways and picnic grounds.  There are golf parks and tennis centers "? it is a community filled with activities and lots of things to do.

If you are interested in this new development and would like to be represented by an area specialist of this community, please contact me.  In addition to helping buyers and sellers everyday with resale properties, I enjoy taking clients on tour to the new developments as well.  I cooperate with many local developers in the area, and have experience in the new home buying process.  I help to negotiate in the best interest of my client, and to make the home buying process as smooth and effortless as possible. 

Recommended Reading:

• Consumer Rights When Purchasing New Homes
• Hidden Factors When Calculating a Home's Value
• Reasons People Stop Renting and How to Get Started
• Emotions in Real Estate: From Feat to Elation

Evaluating Opportunities in Sunnyvale's Elementary Schools

For families interested in Sunnyvale schools, the numbers are 900 and 901.  Those were the API scores for Sunnyvale's Cherry Chase Elementary and Cumberland Elementary, the highest-rated schools in the Sunnyvale Elementary School District according to 2007's API growth report. Cumberland joined Silicon Valley's elite schools with 900 or above API scores this year with its 36 point increase.

As you might expect, homes in Sunnyvale that feed into Cumberland and Cherry Chase are more expensive than those that feed into Sunnyvale schools with lower test scores.

As you can see from the benchmark homes, Cherry Chase Elementary and its reputation have been built into real estate values.  Cumberland Elementary doesn't have that same premium because it has been on the rise, from 845 in 2003.

Another steadily improving school is Ellis Elementary, up from its 773 in 2005 (though slightly below last year's 822).  It could represent a good deal for young families who plan to upgrade after elementary or middle school.  And people not wanting to pay a premium for schools might consider the other representative homes.

But Sunnyvale Elementary isn't the only elementary school district in Sunnyvale.  Because of the complexity in the way school district border lines are drawn, students in a large part of Sunnyvale actually attend schools in the Cupertino Union School District.  How much opportunity is there in the overlap?

Sunnyvale Addresses with Cupertino Union and Santa Clara Unified Schools

It's important not to make assumptions about school locations and homes, particularly because school boundaries don't follow city lines.  Sunnyvale has three elementary school districts, and the following are 3 bedroom, 2 bath homes that don't use the namesake school system.  These homes were all closed in the past two months:

$952,000 - 1053 Gardenia Way 3br/2ba; 1631 sqft ($583 per) on 6200 sqft lot; 37 years old Santa Clara Unified School District Ponderosa (837) / Peterson (845) / Wilcox High (734)

$913,000 - 821 Duncardine Way 3br/2ba; 1328 sqft ($688 per) on 6534 sqft lot; 46 years old Cupertino Union School District Stocklmeir (945) / Cupertino Middle (899) / Fremont High (709)

$910,000 - 1679 Nightingale Ave. 3br/2ba; 1432 sqft ($635 per) on 6098 sqft lot; 49 years old Santa Clara Unified School District Laurelwood (883) / Peterson (845) / Wilcox High (734)

$902,500 - 532 Fern Ridge Ct. 3br/2ba; 1172 sqft ($770 per) on 5778 sqft lot; 39 years old Cupertino Union School District Nimitz (824) / Cupertino Middle (899) / Homestead High (838)

These homes are slightly newer than the ones in the first table and are comparables close enough for a rough comparison by square foot price.

Nightingale, with Santa Clara Unified's Laurelwood Elementary as its representative school, comes in at an 18% lower per square foot price than the home on Fern Ridge, in the elite Cupertino Union School District.  Test scores aren't the full picture of any school, but if the API number is important in your search, this difference is something to consider.

Very near the border of Cupertino and Sunnyvale is Duncardine, which feeds into Stocklmeir Elementary.  Stocklmeir's test scores are the highest of any elementary school Sunnyvale residents can currently attend, and this particular home is less expensive ($62,000 by absolute measurement and 10% per square foot) than Cherry Chase's Lynn in the first table --- even though it also has an arguably better middle school.

While the simple comparisons here based mostly on elementary schools and not other tangible or intangible factors that may give value to a home, being able to break out one axis of measurement is often helpful to my clients, especially given so many factors to consider when buying a home.