I recently sat down with a potential relocation buyer. He was thinking about moving north and wanted to get an idea about our local real estate market. Coming from San Diego, he was familiar with the steady and sometimes huge years of appreciation. He was weary of a downturn similar to the one that has affected the San Diego real estate market. He wanted me to give him some options on neighborhoods and prices. Being that he was a techie, he wanted real numbers and real statistics. He claimed that after the sale of his home, he would have a good sized down payment and therefore was probably looking at a home in the $1.6 million range. Since he is married with two children and one on the way, schools were very important. His wife had read that Los Altos Schools were good.
We talked about neighborhoods in South Los Altos, east of Fremont Avenue. These neighborhoods tend to be the most affordable while still being within the Los Altos School district. Problem: the typical home in his price range is a 3 bedroom, 2 bath, 1800 sf home on a 10k lot. Everything fit his parameters except the homes were too small. Moving up to a 4 bedroom would push him over his budget. Solution: The Gest Ranch neighborhood in Mountain View.
Built between 1963 and 1966, Gest Ranch is a series of four subdivisions located off of Miramonte Avenue. Totalling almost 200 homes, Gest Ranch home’s average 2200 sf on approximately 8500 sf lots. The majority of Gest Ranch homes have three bedrooms, but approximately one quarter of them have 4 bedrooms. A few 5 bedroom homes were built.
There are several reasons buyers flock to the Gest Ranch neighborhood:
The problem with buying in Gest Ranch is that not many come up for sale. In 2007, a total of 6 homes were listed and sold in all four of the Gest Ranch tracts. See below for sales figures.
Good news: Last week a home came up for sale in the Gest Ranch neighborhood.
Bad news: Relocating client may not relocate after all. He got a great offer to stay.