Cupertino is not an old city. Cupertino incorporated as a city in 1955.
By old I mean old housing stock - like much of the San Fernando Valley, homes built in the 50s and 60s. Very limited inventory with so many prop 13 sr citizens - same story in towns like Los Gatos and Los Altos and Palo Alto. Throw out any comparative rankings for MV and Uni - Bay area public high school high achievers are coveted by all major colleges. I have volunteered in the past for USC recruiting events and they would hold a huge session at a hotel for the whole Bay area, then a separate weeknight college fair for the Cupertino area high schools (Fremont Union HS District - Homestead, MV, Cupertino, Lynbrook, Fremont (in Sunnyvale)). I guarantee USC awarded more Trustee and Presidential scholarships and even admisison slots just at MV High compared to all of IUSD. I have a friend with 2 kids there that ultimately pulled them out and sent them to Middle College High at DeAnza JC as it's less pressure packed.
PS has slowed down quite a bit, compared to EW and OH, for example. Quite a few homes in PS have been on the market more than 30 days.
Not just PS, everywhere else too. EW has quiet few SFH on market for a while. No one is buying and sellers are not willing to lower the price. It’s the game of chicken.
.But the market HAS slowed down. I listed my house late July. It's been on the market for 40 days.Not just PS, everywhere else too. EW has quiet few SFH on market for a while. No one is buying and sellers are not willing to lower the price. It’s the game of chicken.
Like I said, if you want to see when market is slowing down, just wait for Calbear listing his house
Any offer or at least lowball offer?
No offers so far. Traffic has been slow as well. There was only one interested party, but we're out of their budget range.
1.1m for a condo is insane despite all this inflation. That's not even factoring in MR and HOA. I would honestly rent than pay 1.1m for a condo. Take the extra in savings and dump it in the S&P500.
Wasn't really thinking of buying even a few months ago. But that changed when I noticed the Irvine Company townhomes similar to what we rent right now is being advertised at 13% higher ($4500 vs $5300). My gut feeling is that if we do not want to be priced out of the Irvine rental market we have to buy soon. We like the area and the school, wife has work and family in Irvine and really wants to stay long term. PITI for a 1.1m condo for us will probably be around $8300, but at least we can lock it in for 30 years (and refinance down the line) and still will have some money left to put into S&P or NVDA
$8300 for a condo?!?! Props to you dude for being able to do that and justify it.Wasn't really thinking of buying even a few months ago. But that changed when I noticed the Irvine Company townhomes similar to what we rent right now is being advertised at 13% higher ($4500 vs $5300). My gut feeling is that if we do not want to be priced out of the Irvine rental market we have to buy soon. We like the area and the school, wife has work and family in Irvine and really wants to stay long term. PITI for a 1.1m condo for us will probably be around $8300, but at least we can lock it in for 30 years (and refinance down the line) and still will have some money left to put into S&P or NVDA
I know.. these interest rates man..
That is coming down, but price is sticky.
No, I'm not reducing price. The other Bluffs 2 (smaller lot and a lot less upgrades) listed $100k below mine and it didn't get any offer either, so reducing price won't do anything. Funny thing is that they raised their listing price to match mine after almost a month and then removed listing. One Highland home also raised their listing price.
