Cupertino, CA

An overview of Cupertino’s Single Family Real Estate market of April 2008 compared to April 2009 shows some interesting economic changes: 1.) The Cupertino homes inventory rose to 137 this year from last year’s 95. The sold homes are a little less then last year. Last April sold 27 homes 27 and this April is 26. 2.) The averageCupertino homes price is still on the down turn. This year’s sold price is $1,095,319 vs last years’ $1,278,179. The median sales on Cupertino homes has dropped also from $1,199,000 to this year $955,000. 3.) It takes shorter this April to sell a Cupertino home as 26 days vs 27 days. With all the numbers we can tell there are more Cupertino homes for sale and less of them actually sold. The average and median price for Cupertino homes dropped about 10% from last April to this April. The above data information came from the www.reil.com and the graph information came from the http://www.clarusresource.com/ If you are planning to buy or sell homes in Silicon Valley, I offer a free 45 min. consultation to cover a complete he current real estate market. You can email me GraceKeng1@gmail.com If you or someone you know is thinking of buying or selling property in Santa Clara County ( sunnyvale, Cupertino, Saratoga, Moutain View, San jose..), California please contact Grace Keng, REALTOR® 408 799-8887 or email GraceKeng1@gmail.com

The city of Cupertino where the home town of Apple computer and HP. It is famous for the great school systems and expansive homes. The city of Cupertino is updating the housing element of its General Plan. By rezoning land that could accormmodate an additional 1,170 residential units from them there are 813 units are affordable housing through 2014.

The city council has sceduled to review the updated on May 5 2009. The State law requires all California cities to have an adopted General Plan with a housing element that is updated every 5 years. Each city and county receives an allocation of houseing units, broken down by the income categories.The housing department even address the housing according the cliimate change.

According to a Cupertino city staff report, meeting existing and projected housing needs is the most important and controversial requirement in any housing updates. You may read more about it from the www.cupertino.org/housingelement. The above photo is credit http://en.wikipedia.org/wiki/Cupertino,_California

Cupertino real estate trend March 2009Look at the left graph you can see March 2009 is the right most bar and the 1st from the left bar was the Cupertino homes for sale in March 2008. An overview of Cupertino’s Single Family Real Estate market of March 2008 compared to March 2009 shows some interesting economic changes: 1.) The Cupertino homes inventory rose to 127 this year from last year’s 65.The sold homes are lower from 23 last March to 9 this year. 2.) The average price of Cupertino homes this year has lowered to $1,170,465 from last years’ $1,311,979. The median price on Cupertino homes has dropped from $1,185,000$ to $1,050,000. 3.) It takes average 28 days to a Cupertino home, but last March was 24 days. With all the numbers that show we have more Cupertino homes for sale and less of them actually sold. The average and median price for Cupertino homes dropped about 9- 10% from last March to this March.

Is the Lynbrook High Homes, Cupertino High Homes & Monta Vista High Homes Market Heating Up?

By Michelle C. Carr-Crowe, ABR, ALHS, ASP, CDPE*, PME, RECS, SRES

Everyone, or at least most potential buyers, want to know when the market will "hit bottom" so they can snap up a bargain before prices go back up. In examining pending sales activity in the Cupertino Schools of Lynbrook High, Cupertino High and Monta Vista High throughout Saratoga 95070, San Jose 95129, Cupertino 95014 and Santa Clara 95051, we've recently seen an accelerated rate of pending sales since 4/15/09 (the last six days) as compared to the previous 15 days of 4/1/09-4/15/09.

Specifically, 29 new pending sales in the past 6 days as compared to 32 pending sales in the prior 15 days. Most tellingly, the overwhelming majority of sales are of homes that have been continuously on the market for considerably longer than 30 days-in fact, several have been on the market over 100 days .

The clearing out of older inventory - especially thru pending sales rather than withdrawns or expired--That's an important signal for buyers to pay attention to when deciding whether to wait or act now.

Especially when you realize the 100+ days on market is commanding an increasingly larger market share now. For example, 31 percent (9 properties of 29) that were 100+ DOM went pending in the past six days as compared to 6 of 32, or 19 percent, were 100+ DOM in the prior 15 day period.

In the newest pending sales, average continuous days on market (DOM) is 73 days, vs. 83 days for the prior time period. That indicates more of the older DOM properties are starting to move. Also, although the part of the market moving fastest is the lower-priced homes (under $1 million and especially under $900K), 6 of the 61 recent sales (~10 percent) are homes OVER $1.5M, 5 (~8 percent) between $1.250 & $1.499M, and 10 between $1M and $1.249M (~16 percent).

I am personally seeing more "churning in the water" in the market - buyers who are asking more questions, reading and reviewing disclosure packages, requesting packages sent to them and/or downloading from the Internet, as well as agents asking for packages and both asking about specific items - which means buyers are investing time to learn more about properties so they can make a good choice.

I'm curious - what's your opinion? What are YOU seeing happening right now in the market? Just Call ... (408) 252-8900 or send me an email at info@michellejudycarr.com. And thanks for reading.

P.S. To receive the data charts in excel, just send me an email request to hot@michellejudycarr.com.

The Cupertino Square mall is on the news again. The only three leveled shopping mall in Cupertino of California which is the home of the Cupertino AMC 16, Strike, JC Penny, Sears, Macy...In year 2005 a local group of the investors purchased this mall. It went through a few major renovation since then. In year 2006 Cupertino residents voted against rezoning part of the Vallco property to condominiums. The mall encountered the financial problems due to loss of this expected revenue. Those investors sold the mall to the Orbit Resources, Inc.

The Orbit Resources has visions of infusing Cupertino Square with some elements of a lifestyle center and a focus on entertainment, it is in Chapter 11 bankruptcy from September 2008. According today's San Jose Mercury News that If the U. S. Bankruptcy Court judge approves the plan to re-organize the mall in the hearings on March 16 and April 23 2009, then the Cupertino Square will emerge from Chapter 11 bankruptcy. In this plan, the Orbit Resources, Inc, the mall owner, stuck a deal with the Gramercy and the United Commercial Bank which loaned to the mall $195 million of the renovation in 2006 and is still owed $113.8 millions. A shell company, Newco which is under the Orbit's control, will buy the mall from the Gramercy, UCB and Orbit's investors. The opening offer would be 108.6 million and it would be subject to overbids.

The hot retailer Steve & Barry's and Munich's beloved beer hall are in the Cupertino Square also. There are coupons at the Cupertino Square e-maginzine also.I knew the mall is working very hard to fill the empty especially at this economic down turns.As the long time Cupertino realtor I really like to see the Cupertino Square runs well. The local residents have another place to eat, shop and hang out.

Grace Keng, Silicon Valley real estate agent, (408) 799-8887 creator of www.GraceKeng.com , member of the Silicon Valley Association of Realtors (SILVAR) and memberships in the National Association of Realtors, (NAR),
the California Association of Realtors, (CAR) and PhD of Realtor - Certified Residential Specialist (CRS).