How Is the Condo and Townhouse Market in Los Gatos Now?
The August stats reveal that condo & townhouse prices are slipping a little in Los Gatos from July, though still up from a year ago. Here are the quick statistics and real estate market trends for condominiums and townhomes in Los Gatos:
| Trends At a Glance |
Aug 2011 |
Previous Month |
Year-over Year |
| Median Price |
$657,000 |
$664,500 (-1.1%) |
$589,250 (+11.5%) |
| Average Price |
$550,984 |
$627,654 (-12.2%) |
$537,250 (+2.6%) |
| No. of Sales |
7 |
12 (-41.7%) |
6 (+16.7%) |
| Pending Properties |
20 |
13 (+53.8%) |
14 (+42.9%) |
| Active |
41 |
48 (-14.6%) |
48 (-14.6%) |
| Sale vs. List Price |
96.9% |
97.2% (-0.3%) |
97.5% (-0.6%) |
| Days on Market |
76 |
47 (+60.9%) |
52 (+45.6%) |
The Los Gatos condo market has been tough for the last few years, as mentioned (click on the link above for detailed real estate statistics for condominiums or townhomes in 95030 and 95032 on my Real Estate Report).
Three weeks ago I took a very close look at the sales of these multifamily homes in town by sales type and saw a big discrepancy on the odds of selling based on the seller's situation (regular vs distressed sales).
Most difficult to sell in the Los Gatos area are the regular sales. This is even more true in neighboring Saratoga, California, where it's even harder to sell a non-distressed condo. Here are the basic sales statistics for condominiums and townhouses in LG for July sales (we'll have the August numbers soon!) - it is much improved from a year ago, so we seem to be well past "the bottom of the market" now:
Advice for Buyers and Sellers of Condos and Townhomes in Los Gatos
Buyers, this is an excellent time to buy a condo or townhome in Los Gatos. One caveat: please be sure to check the HOA for the number or percentage of delinquencies. Home owners with financial difficulties will usually default on their monthly HOA dues before they default on their mortgage, and it is important for you to know how financially healthy the association is so that you don't later get saddled with a special assessment to help make up the difference!
Sellers, if you want or need to sell, it is important to realize that most condominiums and townhouses in Los Gatos are NOT SELLING and that the odds are very much against your being able to sell. How can you get your home to be the one that buyers pick? It has to be in the best condition and the best price out there. Be the "shiny penny" that they cannot resist. If it's not the best deal or best value on the market, it will get passed by.
Condominiums and Townhomes in Los Gatos: General Information on Pricing & HOA Dues
The landscape for Los Gatos condos and townhouses is varied and truly runs the gamut from simple shelter close to freeway walls, high voltage power lines and train tracks to newer or fully remodeled luxury homes with gorgeous views of Lake Vasona, the coastal mountains or Silicon Valley.
Disclaimers made, what's the spectrum of list prices? Prices range from possibly as low as $200,000 - $250,000 to well over $1,000,000. (In recent years, some newer places at the old Villa Felice location were much, much higher than that - over $1.5 mil!) At this writing, one townhome is being offered for just under $1.28 million. The average list price of a condominium or townhouse is about $500,000 to $600,000 for about 1400 to 1500 square feet of living area. HOA dues average $300 to $400 per month but can be as high as $875!
Some of these condominiums and townhomes are "in the schools", meaning in the Los Gatos Union School District. Others are in Campbell Schools (Rinconada Hills, Los Gatos Woods) or Union Schools (Los Gatos Village). Schools always factor heavily in home valuations.
The issue of location makes a huge difference in pricing and marketability. Whenever there's a "walk to town" or "walk to schools" type location (whether you bike, take a car or go on foot - the idea is close proximity), it adds great value that will matter to consumers no matter what the market. Likewise, some communities are built up directly against undesireable things like freeways, grocery stores, schools, or less desireable commercial properties, and those will always be an issue, but even more so in a buyers' market like we've been seeing since late 2007.
If you are looking to purchase a townhome or condominium in Los Gatos, here are a few of the communities you might consider in the 95030 and 95032 zip codes:
Rancho de Los Gatos - Overlook Road area (close to downtown)
Rinconada Hills - off Pollard near Quito (gated)
Espana Oaks - off Los Gatos Almaden near Los Gatos Blvd
Los Gatos Village - off Los Gatos Almaden Road & Camino del Cerro
Charter Oaks - off Lark, near Los Gatos Creek Trail
Courtside - off Winchester
Courtstyle - off Winchester
Los Gatos Woods - off Pollard
Los Gatos Estates - off Pollard
Pueblo de Los Gatos - seniors community, Alberto Way area off Hwy 9 near 17
Vasona Terrace - off Winchester
There are many smaller communities as well, including some a very short distance to schools (such as along Roberts Road).
Please call or email me for a confidential meeting to discuss your real estate wants and needs.
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