There are several new homes in the $2.5M to $3.5M range that have come on in the last week particularly the two homes on Riverside Drive. These are both new homes just recently completed. What I'm seeing in the market are several homes in good locations with good floor plans, good lot sizes, and large enough for a big family. Most homes that are coming on are selling relatively quickly with 2-4 offers, mostly cash or all cash, and no contingencies.
The foot traffic at open houses in the area has been strong. I've spoken with several agents who see 30-40 people through their open houses in recent weeks on each day. Contrary to the media, the market is strong in Los Altos because we have very little inventory (only 37 SFR homes in Los Altos as of today).
Will It Finally Sell?
One home that has been on the market a while is on Estate Drive. This home has received four previous offers that have fallen out of contract. Hopefully this time, the fifth, will be the real deal.
Unfortunately, I have to report that my run for the Los Altos Planning Commission was unsuccessful. The position went to Mike Abram. I wasn't surprised but a bit disappointed. That said, there's always next time.
Downtown Real Estate
Yves de Lorme is not moving down the street to the former Los Altos Camera location. Their corporate headquarters decided that such a move, in the current economic climate, was unwarranted.
Easter In Los Altos and Other Downtown Stuff
As many of you know, we have two big Easter events in Los Altos. The egg hunt by the Chamber of Commerce and the egg hunt and craft event by the Los Altos Village Association (LAVA). New this year will be the addition of a ride to LAVA event, sponsored by local businesses.
The final line-up of movies has been selected for this years Movie Night series downtown. The collection includes a lot of recent box-office blockbusters and Disney/Pixar flicks from 2007. If you haven't been to Movie Night, you should. The downtown area really comes alive.