How Is the Condo and Townhouse Market in Los Gatos Now?
Please see Mary Pope-Handy's Real Estate Report for Los Gatos condos and townhomes at www.popehandy.rereport.com - then navigate to view the condos and townhomes in Los Gatos. Here are the numbers for sales closed in oct 2014:
Trends at a Glance
OCT 2014
PREVIOUS MONTH
YEAR-OVER YEAR
Median Home Price
-14.3%
$730,000
$852,000
+0.7%
$725,000
Average Sales Price
-1.1%
$858,400
$867,591
+18.4%
$725,000
No. of Homes Sold
+36.4%
15
11
+1,400.0%
1
Pending Properties
-20.0%
4
5
+300.0%
1
Foreclosures Sold
N/A
0
0
N/A
0
Short Sales Sold
N/A
0
0
N/A
0
Active Listings
+83.3%
11
6
+83.3%
6
Active Foreclosures
N/A
1
0
N/A
0
Active Short Sales
N/A
0
0
N/A
0
Sales Price vs. List Price
+1.2%
101.5%
100.3%
-2.7%
104.3%
Average Days on Market
-8.4%
22
24
+145.2%
9
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.
And for more information on the Los Gatos real estate market, please visit the NEW home for the Live in Los Gatos blog:
http://www.LiveInLosGatosBlog.com