Author: Carol Burnett, Vice President and Manager of Alain Pinel Realtors Saratoga office.
Check it out: The most expensive home to hit the residential market is a 50-acre waterfront estate in Greenwich, Connecticut at a list price of $190 million. If you are looking for something to top that, take a look at the Monaco penthouse that is being completed (with a rooftop infinity pool!). It is anticipated to come on the market next year for £256 million (or around $390 million) – taking the title of “World’s Most Expensive.”
The good news – a lovely property in Saratoga, consistently named one of the premier luxury communities in Silicon Valley, can be purchased for much less! The bad news – I recently read a report that claimed San Jose and the Silicon Valley was the fastest moving market in the United States in April, where nearly two-thirds of new listings were under contract within two weeks.
Currently, the list price of single-family properties in Saratoga ranges from a low $1.1 million to a high of $14.8 million. Inventory, measured by “months of inventory” (the amount of time it will take to eliminate all current inventory in the market based on current sales), remains low. For the past 15 months, the “months of inventory” has ranged from a low of 1.1 months to a high of 3.9 months – and currently sits at 1.8 months.
There continues to be steady appreciation in Saratoga – a testament to how “sought-after” this area is. The median price has gone from $1.448 million in February 2012 to the current median price of $1.830 million.
As is common in a lot of Bay Area marketplaces right now, we continue to see multiple offers on most properties, with the exception of those at the highest price points (about $3 million and above here in Saratoga). Recently a property set against the Saratoga foothills and listed at just under $1.8 million – which received 7 offers – and sold nearly 30% over the list price to an all cash offer with a 3 day close of escrow!
Silicon Valley continues to be a place of distinction for both work and lifestyle. Take a look …
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Carol Burnett serves as Vice President and Manager of Alain Pinel Realtors Saratoga. Bringing more than 30 years of real estate experience to APR, Carol is widely recognized as one of the top 50 women in Silicon Valley business circles. She not only leads the day-to-day operations and marketing of one of APR’s largest and most profitable offices, she also orchestrates the Estates Tour of Saratoga, Los Gatos and Monte Sereno every spring that launches the primary home buying and selling season for luxury-class properties.