Morgan Hill Real Estate: SFR under $400,000
Date: Thursday January 29, 2009Posted in: REO, real estate, Morgan Hill, bank-owned, investment property, first time buyer
There are currently 19 active listings of single family residences (SFR) located in Morgan Hill, CA on the Multiple Listing Service priced $400,000 and under. These prices were unheard of in 2005 and 2006, and, while those higher prices are long gone now, they will be back. Smart buyers are taking this opportunity to purchase their first home or an investment home. Many of these investment homes are cash-flowing positively due to the low interest rates currently available to investors.
A home in a nice east-side Morgan Hill neighborhood came on the market yesterday.
1420 Kelly Park Circle is a 3 bedroom/2 bathroom, 1299 sq.ft. home on a 5,227 sq.ft. lot. This is a bank-owned home (i.e. usually smoother transaction than a short sale.) The Kelly Park Circle community has an HOA pool/spa and the association fee covers many amenities for approximately $193/month. This neighborhood feeds into Nordstrom Elementary School.
Homes in the Kelly Park Circle neighborhood sold in the mid-$600,000s during the peak of 2005 and 2006. For more information on this home or other residences in our South County area, please contact me. I am also able to lead you through an investment analysis to determine if any property will suit your needs.
Tuesday Morgan Hill Intero Real Estate Tour
Date: Tuesday January 27, 2009Posted in: real estate, Morgan Hill, Gilroy, listings, interest rates, Intero Real Estate
Our weekly office meeting and new listing tour began with a few words about changes to RESPA (Real Estate Settlement and Procedures Act - I see your eyes blurring already), and a discussion of current mortgage rates as of that moment. The quoted rate for a 30 year fixed, $417k or less conforming loan is 4.875%/5.060 APR, for a 30 year fixed, $417k-$625,500 loan is 5.625%/5.798 APR and for a 30 year fixed, $625,500-$3M loan is 5.75%/5.878 APR. These are for loans with a 1 point discount fee paid at closing and that are owner occupied with a 20% down payment and a 720 credit score. Rates are fluctuating hourly and vary from vendor to vendor.
There were four new office listings on our tour this morning. A stand-out listing is a newly constructed, single story home near the corner of Edmundson and De Witt Avenues in Morgan Hill.
1025 W. Edmundson Avenue, Morgan Hill is a marvelously laid-out 5,600 sq.ft. home with five bedrooms and 6 1/2 bathrooms on a 4 acre lot. There is a feeling of roominess and comfort in this bright and open floorplan. The unique creekside setting adds a lot to the lovely setting. This home is priced at $2,495,000. There is an easement for the Santa Teresa Extension to be built nearby, but I predict this won’t be built for many years in the future, if at all.
Other office listings toured this morning were 1600 W. Edmundson Avenue, Morgan Hill ($1,899,250), 9215 Vista Del Monte Court, Gilroy ($1,350,000) and 17408 Blue Jay Drive, Morgan Hill ($799,999).
For information or a showing of these or any other listings, please contact me at GMerrick@InteroRealEstate.com or 408-892-9015.
South County Real Estate Sales Week of January 19 - 25, 2009
Date: Monday January 26, 2009Posted in: real estate, Santa Clara County, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales, list price
The number of residential sales held steady this week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 42 residences that went from active to pending status. Fourteen percent of the residential sales were listed below $200,000. Of all the sales last week, 32 were single family homes and 10 were townhouses/condominiums. This week and last week saw a large number of condo sales in our area.
Of these sales, the list price ranges were:
Below $200,000 = 6 sales (14% of total)
$200,000 - $500,000 = 22 sales (52% of total)
$500,000 - $800,000 = 8 sales (19% of total)
$800,000 - $1,200,000 = 4 sales (10% of total)
$1,200,000 - $2,000,000 = 2 sales (5% of total)
As of January 25, 2009, there are 576 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 251 pending residential listings. Therefore, 30% of the total listings are pending under contract as of this date. Many of the pendings are short sales and therefore take a long time to close. This could keep our pending percentage up artificially high.
Tune in next week for an update on the number of sales in South Santa Clara County!
South Santa Clara County Real Estate: 2008 vs. 2007
Date: Friday January 23, 2009Posted in: real estate, Santa Clara County, Morgan Hill, San Martin, Gilroy, median price, statistics, listings, average price, days on market
Let’s look at the three south Santa Clara communities of Morgan Hill, San Martin and Gilroy and their respective real estate activity in 2008 as compared to 2007. We’ll go from north to south beginning with Morgan Hill:
MORGAN HILL REAL ESTATE STATISTICS:
New listings in 2008 = 890, down from 2007 = 957, (average annual new listings from 2000 to 2006 = 857)
Closed sales in 2008 = 290, down from 2007 = 349, (average annual closed sales from 2000 to 2006 = 482)
Average cumulative days on market (CDOM) in 2008 = 123, up from 2007 = 96, (average annual CDOM from 2000 to 2006 = 62)
Average sale price in 2008 = $743,303, down from 2007 = $901,582, (average annual sale price from 2000 to 2006 = $691,866)
Median sale price in 2008 = 682,500, down from 2007 = $842,500, (average median annual sale price from 2000 to 2006 = $637,819)
SAN MARTIN REAL ESTATE STATISTICS:
New listings in 2008 = 105, up from 2007 = 96, (average annual new listings from 2000 to 2006 = 46)
Closed sales in 2008 = 27, up from 2007 = 26, (average annual closed sales from 2000 to 2006 = 21)
Average CDOM in 2008 = 155, up from 2007 = 143, (average annual CDOM from 2000 to 2006 = 194)
Average sale price in 2008 = $1,002,518, down from 2007 = $1,342,275, (average sale price from 2000 to 2006 = $1,302,967)
Median sale price in 2008 = $905,000, down from 2007 = $1,160,031, (average median sale price from 2000 to 2006 = $1,160,214)
GILROY REAL ESTATE STATISTICS:
New listings in 2008 = 1284, up from 2007 = 1222, (average new listings from 2000 to 2006 = 907)
Closed sales in 2008 = 495, up from 2007 = 296, (average closed sales from 2000 to 2006 = 565)
Average CDOM in 2008 = 124, up from 2007 = 107, (average CDOM from 2000 to 2006 = 52)
Average sale price in 2008 = $513,913, down from 2007 = $796,676, (average sale price from 2000 to 2006 = $580,826)
Median sale price in 2008 = $453,000, down from 2007 = $706,250, (average median sale price from 2000 to 2006 = $529,207)
Looking at the years as a whole, the south county area real estate sales prices are roughly on par with the prices from the year 2004.
These statistics are compiled from MLSListings.com, our multiple listing service provider for five counties in the San Francisco and Monterey Bay Areas.
Beautifully Remodeled Home with Panoramic Views
Date: Tuesday January 20, 2009Posted in: real estate, Morgan Hill, listings, Morgan Hill Real Estate
Living at 16595 Rustling Oak Lane in Morgan Hill, CA is a daily pleasure. From the moment you approach the striking custom front door, you know you’ve come home to a special place. The first thing most visitors notice upon entering the home are the beautiful views of the valley and the mountains beyond. There are views from most windows and there are multiple decks strategically located to take advantage of these views as well.
This home has been lovingly remodeled with discriminating taste and comfort in mind. The gourmet kitchen features a large slab granite island, custom cherry cabinets and bamboo hardwood flooring. Appliances include a built-in Kitchenaid stainless steel refrigerator, a Thermador convection/conventional oven/microwave oven/warming drawer unit, a Thermador gas 5-burner cooktop, a wine refrigerator, an additional Kitchenaid oven in the island, and 2 Fisher and Paykel stainless steel dishwasher drawers. There are two Franke stainless steel sinks featuring large Grohe faucets and one sink has a drinking water faucet for reverse-osmosis treated water and also an instant hot water faucet. Both sinks also have counter-top push-button garbage disposal switches. Adjoining the kitchen is a beautiful, large built-in desk with additional storage.
The large living room adjacent to the kitchen is flanked by glass letting in lovely views of valley and mountains. There is a new EPA-certified woodburning fireplace with wiring for a flat screen tv above. There is built-in custom cabinetry adjacent to the fireplace for holding a/v equipment and additional storage. The bamboo flooring flows into the living room from the kitchen as well as the 9 1/2 foot ceiling. Both the living room and the kitchen have excellent lighting from the recessed canned lights and also a built-in sound system.
The huge master bedroom also boasts spectacular views from the windows and the sliding glass door which leads to one of the decks. There are two closets in the master bedroom. The master bathroom has a two-sink lavatory and a stall shower. There are two other good-sized bedrooms upstairs along with an attractive, large remodeled laundry room where performing that chore won’t seem so bad. The laundry room has a sink and lots of storage cabinets.
Most closets have been remodeled with closet organizers. All exterior doors and windows have been replaced and are dual-pane. And all interior doors have been replaced with very attractive solid wood doors.
An expansive family room is located downstairs and features a second wood-burning fireplace. This room could serve many purposes including a game room or multi-media room. There is a large 4th bedroom downstairs with a connected bathroom. Additional storage areas are available downstairs as well. The family room has a sliding glass door leading to a lower deck area and the backyard.
The home has a new composition roof and large brand new deck/patio off of the kitchen. The two-car garage has additional storage units which will remain.
This home is listed at the price of $899,000. It is located within the Jackson Oaks Homeowners Association where, with the very low association dues of $375 per year, homeowners have access to the huge association pool, the club house and admittance to the many social activities that take place through the association.
Tuesday Morgan Hill Intero Real Estate Tour
Date: Tuesday January 20, 2009Posted in: real estate, Morgan Hill, housing market, Intero Real Estate
Our regular office meeting/new office listings tour took place this morning. The meeting portion was very informative with a guest speaker discussing the current state of acquiring a loan modification. He claims to have a 90% success rate in obtaining a loan modification for those who pass his initial filtering criteria. A description of that criteria is to be forthcoming via an email from the speaker, and when I receive it, I will share it with you.
After our meeting we all toured the two new real estate listings featured this morning. The first new listing is located at 2420 Fountain Oaks Drive in Morgan Hill. This is a 1,382 sq.ft. 3 bedroom/2bathroom home on a 6,970 sq.ft. lot. This home is aggressively priced at $525,000.
This home has a lot of unique features to offer such as an artist’s studio in the backyard and a complete separate kitchen inside (the sellers were caterers). Both kitchens have granite countertops. All bathrooms have been remodeled.
The second home on tour, 16595 Rustling Oak Lane in Morgan Hill, is a listing of mine. This beautifully remodeled home is priced at $899,000 and is located in the Jackson Oaks Homeowners Association (annual dues = $375).
This is a 2700 sq.ft. home with 4 bedrooms and 3 bathrooms on a 16,117 sq.ft. lot. There are many unique, striking features to this home in a addition to a lovely remodeled kitchen and great room with gorgeous views of the valley and mountains beyond. I will write an additional post on this real estate listing soon.
South County Real Estate Sales Week of January 12 - 18, 2009
Date: Monday January 19, 2009Posted in: real estate, Santa Clara County, Morgan Hill, San Martin, Gilroy, statistics, listings, housing market, list price
The number of residential sales increased again this week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy, but 71% of the sales were for real estate priced below $500,000. Last week there were 41 residences that went from active to pending status. Of these, 33 were single family homes and 8 were townhouses/condominiums. This is the largest number of condo sales in one week in our area since I began writing this weekly post.
The large number of residential sales last week isn’t surprising considering that we currently have the trifecta of historically low mortgage interest rates for loans under $625,500, very low real estate prices for south county, and many active real estate listings for buyers to choose from.
Of these sales, the list price ranges were:
Below $200,000 = 2 sales (5% of total)
$200,000 - $500,000 = 29 sales (71% of total)
$500,000 - $800,000 = 9 sales (22% of total)
$800,000 - $1,200,000 = 0 sales
$1,200,000 - $2,000,000 = 1 sale (2% of total)
As of January 18, 2009, there are 595 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 227 pending residential listings. Therefore, 28% of the total listings are pending under contract as of this date. Many of the pendings are short sales and therefore take a long time to close. This could keep our pending percentage up artificially high.
Tune in next week for an update on the number of sales in South Santa Clara County!
South County Realtors Association Wednesday Meeting
Date: Wednesday January 14, 2009Posted in: real estate, Santa Clara County, Realtor, Morgan Hill, South Santa Clara County, listings, housing market
Our January 14, 2009 meeting of the south Santa Clara County Realtors in Morgan Hill included many new real estate listing announcements, several price reductions advertised and 17 sales for the week announced by the Realtors in attendance. I always try to attend these weekly meetings so that I can be informed on new listings that haven’t yet been submitted to the multiple listing service and to mix and mingle with the other Realtors. It is a benefit to my clients that I know so many of the local Realtors personally because it is a definite advantage when negotiating a contract with them.
One home was on tour this morning, 2193 Windemere Court in Morgan Hill. The list price is $3,150,000.
This gated estate is a total of 7,783 sq.ft. on a 2.47 flat acre lot located on the eastern edge of the valley. The main house has 6 bedrooms and 4 1/2 bathrooms and the attached guest house has 1 master bedroom, 3 bathrooms and a pool house below with a full, remodeled kitchen. The backyard looks wonderful for entertaining with a unique pool and outdoor kitchen. In addition there is a vineyard, wine cellar and 6-car garage.
I viewed this home when it was on the market in 2004 and it sold for $1,900,000 at that time. The current owners have greatly improved the condition since then and according to the listing agents, they have put in $500,000 worth of upgrades. However, I feel that the price needs to be more in the middle $2 million range in order to attract a buyer.
Rancho Canada Del Oro Open Space Preserve
Date: Wednesday January 14, 2009Posted in: Santa Clara County, Morgan Hill
Tucked into the foothills along the northwest border of Morgan Hill, Rancho Canada Del Oro Open Space Preserve is a little known county park with wonderful hiking trails. On Sunday, my husband and I hiked up the Bald Peaks Trail and picnicked at the top with views of the peninsula, San Francisco Bay, the east bay and Mt. Tamalpias off in the distance. Here is one of the photos from our hike:
South County Real Estate Sales Week of January 5 - 11, 2009
Date: Monday January 12, 2009Posted in: Santa Clara County, Morgan Hill, San Martin, Gilroy, listings, pending sales, housing inventory
Buyers came back in full force for the new year in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 33 residences that went from active to pending status. Of these, 30 were single family homes and 3 were townhouses/condominiums.
Of these sales, the list price ranges were:
Below $200,000 = 3 sales (9% of total)
$200,000 - $500,000 = 20 sales (61% of total)
$500,000 - $800,000 = 7 sales (21% of total)
$800,000 - $1,200,000 = 2 sales (6% of total)
$1,200,000 - $2,000,000 = 1 sale (3% of total)
As of January 11, 2009, there are 590 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 223 pending residential listings. Therefore, 27% of the total listings are pending under contract as of this date. Many of the pendings are short sales and therefore take a long time to close. This could keep our pending percentage up artificially high.
Tune in next week for an update on the number of sales in South Santa Clara County!
