Active Listings in Pruneyard Dry Creek Neighborhood at Campbell CA

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innexussis
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Retrospective: Pruneyard Sold Price Analysis 2012

19 April 2013: A look back in time is an effective means of looking ahead at a micro-market like Pruneyard Dry Creek at Campbell CA. Can you spot the irregularity between actual sales prices and current expectations? I can. Apparently, the zeal to get a FOR SALE  sign on the owner's front lawn is more important than representing sellers' best interests with sensible list prices. List prices must make sense to appraisers, lenders, and more importantly astute buyers.   What follows is objective data, subject to interpretation. I see a huge opportunity to sell a properly priced home in the neighborhood rather quickly, most likely for a premium when left to the market to decide the extent of the value proposition. In a sellers' market, buyers decide price, not listing agents and sellers.
It may seem counter-intuitive, but it's true- price right, let the market decide.
Works every time.

PRUNEYARD DRY CREEK  (0-120 days 2013).

Tabular Information Compiled from MLS Data

Pruneyard Dry Creek House Values 2009-2012 (inforgraphics)

18 April 2013: four-year trend for residential real estate market activity in Pruneyard Dry Creek neighborhood at Campbell CA. (Graphics sourced from MLS Listings market data)

Sales volume and settlement prices up, days on market down, at year-end for 2012

House Value Stability

Adjacent Willow Glen neighborhood (Leigh to Meridian b/w Hamilton to Dry Creek) compares favorably to Pruneyard Dry Creek through 2012. Sales up, days-on-market down.

Best House Value For Buyer Earns Top Dollar For Seller in Pruneyard Dry Creek at Campbell CA

    14 April 2013: If the house is priced correctly to the market, from an appraisal perspective that underwriters rely on to assess borrowers' credit risk, and the value of underlying security, the market will decide actual selling price. The listing agent merely figures out which among several offers can clear appraisal and underwriting hurdles best. works every time. 
    Of course, a high cash offer with no contingencies is only as good as getting the cash into escrow; in which case, get those disclosures filled out completely beforehand and have buyers acknowledge all disclosures from the jump. 
    Experts suggest making your house sparkle and making sure your house is staged well for buyers, and taking care to ensure the optimal curb appeal of your home. More importantly, secure and disclose cleared pest control and house inspection reports before actively marketing your home to buyers. 
    C.A.R. contracts are "as-is" contracts by default; specifically, the Residential Purchase Agreement (RPA) suggests "as-is" is what you make of "as-is." To wit, entertain only those offers received accompanied by all disclosures- signed, sealed, and delivered- at the same time to minimize contingency triggers used by buyers to back out or renegotiate price and terms while under contract. If something is a material fact, disclose that something upfront and early. When in doubt about the materiality of something, disclose that something anyway. 
     With respect to how this affects transactions between buyers and sellers in the Pruneyard Dry Creek neighborhood at Campbell, the market makers who represent principals should know that this neighborhood is stable, of very low turnover, and replete with a heightened sense of being a tight knit family-friendly local community. Of the 945 houses or so in Pruneyard Dry Creek, all are custom houses of similar age, and roughly 30-35 houses change hands each year. Thus, roughly 4% of the houses change hands in any given year, which is not unusual for a Silicon Valley neighborhood. What is unusual is the fact that no two market makers have listed houses for sale in any of the last three years, save one who had two listings in close proximity to one another in a very short time period. 
    There is no one neighborhood expert with a lock on a significant market maker presence in this neighborhood. Apparently, the choice of market maker is as unique as the choice of a house in a neighborhood of custom houses, wherein few, if any, are identical to another- at least not in terms of being built by any one builder of "ticky-tacky houses all in a row."    

   There is, however, a neighborhood expert who knows this neighborhood as well as anyone among market makers. This neighborhood expert purchased a small house on a big lot in 2012 for about $500/sf. In and of itself, this is not an unusual occurrence. What is unusual is that this house was razed, a larger house was constructed in its place and sold in the same year for $400/sf or so. 
    In the opinion of a retired builder (with 40-years of residential construction experience within the Greater SF Bay Area under his belt and currently a Keller Williams Realtor), one who lives and works in this neighborhood, the feat accomplished by that neighborhood expert is not so unusual. This author is not that builder, though this author recognizes that a property can be purchased for $500/sf and resell within one year for $400/sf at a handsome profit.
    In general, the smaller the house, the higher the price per square foot of living space. One thing this author can reasonably assert with confidence, price per square foot is a significant pricing factor in Pruneyard Dry Creek. The average price per square foot of houses sold in this neighborhood for 2012 hovered around the mid to high $400s/sf range.  As of 14 April 2013, three of six houses remaining unsold after at least two weeks on the market are in the $569-$686/sf range (details). 
    One particular rental house on the market for ten days has an asking price revised lower $100,000 because it is not selling fast enough for the absentee owner's taste, apparently. What was initially offered at $795,000 is now offered at $695,000, which is a 12.5% price cut. What is now $393/sf was $449/sf ten days ago.  Another as yet unsold house on the same street was listed one day earlier at $399.50/sf, which other house has more square footage of living space than the one lowered $100k (details). 

    In summary, market makers have an inherent responsibility and obligation to represent material facts correctly concerning the market, in the best interest of their respective principals- buyers and sellers. Sellers have an inherent responsibility and obligation to the market that includes full disclosure of material facts concerning the property itself. Buyers have an inherent responsibility and obligation to themselves to perform their own due diligence when making a house purchase decision.

In a word, innexussis.

13 April 2013: Let the Market Decide

     For the moment, the house that becomes a pending sale within ten days is subject to market consensus. Within one week, the seller receives multiple offers. Subsequently, the MLS listing for the house should publish a pending sale by the tenth day on market. In most cases, the time it takes escrow to close the transaction between buyer and seller is relatively short for a cash sale and 30-40 days long for a transaction involving a mortgage.
     Sellers like cash sales accompanied by few, if any, buyer contingencies as well as short escrow periods. Buyers like a bargain on a property with little or none of their hard earned cash used to fix issues the seller should have had the presence of mind to resolve long before going to market with the house.
     Sellers convert equity into liquidity, buyers convert liquidity into equity. On average, the conversion process costs sellers up to 7.5% and costs buyers up to 3.5%.  Invariably, parasitic loss accompanies the conversion of such capital. The real estate transaction process requires competent management of risks to principals' capital. Market makers bring principals together, representing the best interests of respective principals.
     Market makers thrive on parasitic loss to principals. Market makers function in the ether of perceptible realities. Market equilibrium decreases the parasitic loss involved in the transactional process of capital conversion. Market imbalance increases such parasitic loss. 
     Houses for sale in Pruneyard Dry Creek exhibit the challenging symptoms of a chaotic real estate market imbalance. For 2012, houses in this neighborhood sold for less than $500/sf. Current market offerings are $600-700/sf. However, the market decided that houses on the market more than ten days without offers meeting or exceeding the projected estimate of Pruneyard Dry Creek house values is incorrect.
     Two weeks ago, a particular house came on market that insinuated a nicer house on the same street was only worth $4,000 more for so much more. Both are rental properties offered by absentee owners, which is relevant to the context at hand. Neither rental property has sold within a week, which is a death knell for a listing subject to this current market dynamic.
    Ever so facetiously framed as a commentary on the reliability and validity of parasitic loss to incumbent principals, the house with the perceived value proposition- the one projecting a perceived savings of $4,000 for astute buyers- got a new price tag just in time for the weekend rush of panicked buyers with too much cash to burn. The price is no longer $795,000, but $695,000. Oh, what a bargain. Imagine the shock and awe of homeowners in this neighborhood when they hear the good news of a bargain in the making. Imagine the conversation between competent listing agents and their well-informed sellers when they discuss the discount affecting their own perceptible realities. 
     To my neighbors contemplating the idea of putting your family home on the market, choose a real estate professional who prices market offerings correctly and facilitates real estate transactions effectively and efficiently, without the smoke and mirrors. To my future neighbors contemplating the idea of making the Pruneyard Dry Creek neighborhood your hearth and home, seek out a real estate professional who will represent your best interests by informing, educating, edifying, and inspiring you to do so rationally. 

In a word, innexussis.

  
    
     

12 April 2013: Homes For Sale in Pruneyard Dry Creek Neighborhood

Go HERE to see ALL homes for sale this weekend in Pruneyard Dry Creek at Campbell CA.

My top pick for this week is 1300 Arroyo Seco Drive. Due to unforeseen circumstances, this house is now available for purchase. As a retired builder myself, I recommend taking a look for yourself. The craftsmanship is excellent and the attention to detail is significant. For all intents and purposes, this house is essentially three years old.

To schedule a private viewing this weekend, contact Richard Hebert Jr at 408-412-1583 or rhebert@kwsv.com (your local KW neighborhood expert).

11 April 2013: Is this a good time to sell my home in Pruneyard Dry Creek?

The Big If: Is this really a good time to sell my home, one may ask?

According to a study conducted by Redfin: the vast majority of real estate agents suggest 2013 is a better year to sell a home than 2012. Interestingly enough, a lesser majority of real estate agents thought 2012 was a better time to buy a home than 2013. What gives?

Taking a snapshot of the Silicon Valley real estate market: Inventory of homes for sale is way down in early 2013. Buyer demand is strong, as evidenced by multiple offers for appropriately priced houses. Lender spigots are wide open for well-qualified buyers. In general, investors express a willingness to purchase residential real estate at a premium. Purchasing power is at an all-time high for most people in the market for a home these days, more so because of historically low interest rates.

Fewer than 40 of houses in the Pruneyard Dry Creek neighborhood change hands for each of the past three years; and 2013 may follow suit. List price per square foot is up considerably for 2013. From January 1 through April 11, 2013, the Pruneyard Cry Creek neighborhood shows six active listings, four pending sales, and five sold houses, according to MLS Listings.

See 2013 market activity here.

To find out what your home in Pruneyard is worth today, go here.

A comparative market analysis of your home will be in your hand within 24 hours.

A comprehensive market valuation of your home requires a complementary, no obligation, in-home consultation with your local Keller Williams neighborhood expert.

Redfin images courtesy of Dr. Housing Bubble.