cupertino real estate update

October 8, 2009 by · Leave a Comment
Filed under: California, Home Searches, United States 

CupertinoCupertino is known for its relatively upscale properties that host some of America’s best and brightest.  This attention has been garnered to Cupertino ever since the Apple Company became a world-renown leader in technology innovation.  Because of the associated prestige of living in Cupertino, real estate in Cupertino has traditionally stayed relatively stable through housing market shifts and outright declines.  However, with the worldwide recession affecting everyone around the world, Cupertino has not been able to stay above surrounding areas like it has in the past.

According to Eve Mitchell’s September 17, 2009 article in the Mercury News of Silicon Valley, Cupertino real estate is included in the statistics that found “the median price paid for all new and resale houses and condos in the nine-county Bay Area for August stood at $360,000, down 8.9 percent from July and 19.5 percent lower than a year ago.”  The article cites Mark Hanson, a principal of Field Check Group, a market research firm, as believing the decrease in home prices was a result of the market being controlled by the weakest market players – “the first-time home buyers and the investors.”

While Cupertino homes for sale felt some of the effects of the global recession and ensuring real estate market collapse, Pete Carey wrote on August 11, 2009, in the San Jose Mercury News that “Los Altos, Cupertino and Saratoga saw an erosion in home values of about 10 percent, about half San Jose’s one-year price decline.”  The article implies that Cupertino and a host of other places was partially saved from the devastating effects of the tightening of the housing sales market.

Sue McAllister also noted similar dips in home sales in the Silicon Valley and Cupertino specifically.  In her September 17, 2009 article in the Silicon Valley Mercury News, McAllister quoted realtor Quincy Virgilo who tried to explain the decrease.  He believed that “decreasing inventory, especially of bank-owned foreclosure homes, and longer escrow times are additional reasons August sales were significantly less robust than July’s. With new rules about home appraisals that went into effect in May, escrow times grew as summer progressed, also contributing to less sales.”  Still yet, it wasn’t unusual to receive over ten offers on reasonably priced foreclosed homes during the same period.