Perhaps even more than before, wide area statistics can not accurately portray a neighborhood or even a city. Currently cities near strong companies or numerous employers are showing significantly greater home price appreciation. The average price of a home in San Jose grew from about $340K in 1998 to about $780K in Q1 2014, an increase to about 230%. The average price of a home in Palo Alto grew from about $620K to about $2.5M, an increase to about 400%. (The average home size in Palo Alto grew about 30% while the increase was only about 6% in San Jose)
A quick approximate view of San Francisco Bay Area real estate price trends can be obtained by looking at the San Mateo County real estate statistics and Santa Clara County real estate statistics. The highest ever average price for San Mateo County single family homes was just reached in Q2 of 2014: approximately $1.5M ($740 per sf). The previous high of $1.27M ($650 per sf) was reached in Q3 of 2007. A weaker city such as San Bruno just reached its highest average price of about $800K ($520 per sf) in Q2 of 2014 versus the previous very similar high of just over $800K ($550 per sf) in mid 2007.
Santa Clara County price also show strong differences between cities. County wide the highest average price of about$1.21M ($625 per sf) was just reached in Q2 of 2014. The previous peak of about $1.10M ($570 per sf) was reached in Q2 of 2007. However look at a city having strong growth such as Palo Alto. The high average price of about $2.75M ($1300 per sf) was reached Q1 of 2014 while the previous high of about $2.0M ($920 per sf) was reached Q1 2007.
2014 has seen a good number of areas whose average price was at or a little below $800K at their peak in 2007 reach similar values. The lower priced areas have been lagging but many are showing better growth in 2014.
Thank you for handling the selling of our family home and the purchase of our new home. The price you negotiated
for our new home was 2% below any offer we would have chanced to make
I think there are a lot of misconceptions of what makes good realtor. IMO the realtor should be judged on "core
competencies" and "nice to have" qualities. Three qualities define core competency of a good realtor
(in case of buying a house)
- Understands your needs
- Knows market
- Can get you the house you want
Juliana scores very highly on all three. She also does well on "nice to have" part - but that is almost
She specializes in Palo Alto and the surrounding San Francisco Bay Area market, is extremely successful, and pretty much knows everyone. What I
learned is that agents want to work with other good agents. This may mean that, if you are represented by someone well
known, you will often get a chance for a second bid or will have preference if bids are equal. The logic is that successful
agents know what they are doing and have higher chance to close the transaction. In the competitive market, such as PA,
with multiple offers on properties, the difference between being represented by someone top notch vs average can be the
difference between getting or not getting the house you want. In other markets where competition is not strong - the
difference is likely not as pronounced.
We are now about to close on a house in downtown Palo Alto which we never thought we could have bought. I think a huge
part of us getting it was Juliana's strategy and that people preferred to work with her.
I highly recommend her to anyone who wants RESULTS. And remember that real estate is a referral business. One only gets
to the top if people keep referring you!
Knowing that I can make a difference in people's lives is very strong motivation. I've posted
letters of recommendation from people
whom I've helped to buy and sell real estate.
A Little About Who Juliana Lee Is
I was recently (Jan 2012) asked to provide a short inspirational speech to a local association of
realtors. My speech covered early events in my life which highlighted my motivation to excel as a realtor. It was well received and hopefully
provided encouragement to others.
Have you been searching real estate listings and homes for sale ads without success? Building a new home
might be an option if you are certain you know what you want.
People have many different reasons for building a new Palo Alto home. I want to live near down town,
have an effective home office, and have a country feel to my home. A few years ago I saw an opportunity
which could fulfill all of these goals. If you've thought of building a new home you may find
my diary of building a new Palo Alto home both interesting and useful.
For home buyers and home sellers who want to be well informed, I provide current detailed sales history and real estate statistics for many cities. The city real estate statistics are calculated for quarters, months, and years. They currently reflect home sales through Jan 31, 2016.
The local multiple listing service made changes in December 2014 in several property categories. Data used to be available by MLS city which was slightly different from the postal city. An example is Redwood Shores which is not a city but part of Redwood City. Most of my values are now reported by postal city rather than by MLS city. Another change is there used to be two classes of property: 1 single family residence and 2 condos, townhouses, etc. I now separate my home values into three categories: 1. houses; 2. townhouses; and 3. condos. The separation isn't perfect because it relies on the original listing data having been entered correctly.