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Town of Los Gatos 7 Day Public Review of the Draft Revised 6th Cycle Housing Element

Town of Los Gatos 7 Day Public Review of the Draft Revised 6th Cycle Housing Element

Los Gatos Seven-Day Public Review of the Draft Revised 6th Cycle Housing Element - person inspecting documentsThe Los Gatos Planning Department sent out the information below on the public review of the housing element draft, which I received in an email today. They’ve given permission for me to repost it here. This is relevant to everyone in town who has any concerns about the California building laws and their impact on new developments, particular as they relate to the Builder’s Remedy.

Public review of the Housing Element Draft info from the Planning Department

On September 22, 2023, the Town posted online the Draft Revised 2023-2031 Housing Element with modifications in response to the California Department of Housing and Community Development’s (HCD) Findings/Comment Letter received by the Town on May 30, 2023.

The Draft Revised 2023-2031 Housing Element is available to the public for a seven-day review period prior to HCD re-submittal.  The seven-day public review period runs until 5:00 p.m. on September 29, 2023.  The following items can be viewed on the Town’s Housing Element Update website at: https://www.losgatosca.gov/1735/General-Plan—Housing-Element.

  • Draft Revised 2023-2031 Housing Element – Clean Copy
  • Draft Revised 2023-2031 Housing Element – Track Changes Copy
  • Response Memorandum to HCD’s Findings and Comment Letter

Written comments (including name, affiliation, telephone number, and contact information) can be submitted through September 29, 2023, by 5:00 p.m., by email to HEUpdate@losgatosca.gov or by mail to:

Town of Los Gatos
Community Development Department
110 E. Main Street
Los Gatos, CA 95030

Additionally, the Housing Element Advisory Board (HEAB) will be meeting on September 28, 2023, at 7:00 p.m. to review and discuss the Town’s Draft Revised Housing Element addressing HCD’s findings/comment letter received by the Town on May 30, 2023.  The agenda and staff report is now available on the Town’s agenda center webpage.

 

 

 

The Monte Sereno real estate market

The Monte Sereno real estate market

Monte Sereno Stained Glass Click Here
The City of Monte Sereno is a popular community bordering Los Gatos, Saratoga, and the Santa Cruz mountains. It’s also quite small, with just about 3,500 residents, so tracking the real estate market trends for the area can be tricky.

Info at a glance (details further below):

  • This city is currently in a slight seller’s market with low inventory, just 8 available homes at the end of August.
  • Pending and closed sales are up compared to this time last year, but relatively stable month-over-month.
  • As of today, September 20, 2023, there are 8 available Monte Sereno homes for sale (1 of them is “members only”), 2 pending sales, 0 contingent sales, and 2 closed sales so far this month in Monte Sereno.

The number of houses sold in any given month will always be extremely small and the data will jump around. Checking the Los Gatos market will also help, but the best pulse on the market will come from particular sales in particular neighborhoods.

Houses make up most of Monte Sereno – there are no commercial buildings, just a post office, city hall, some churches or religious grounds, and an elementary school. There are also extremely few residential properties that are not detached single family homes. We don’t track the condo or townhomes in this area as we do in other communities because there just wouldn’t be enough (if any) data for it!

First up for the market analysis is the Altos Research weekly profile for Monte Sereno (uses list prices, not sales). This is updated automatically, so feel free to check this article weekly to see what’s happening now with list prices.

 

 

 

Below is the Monte Sereno Real Estate Report (click to view the complete Real Estate Report).

Trends at a Glance from the RE Report:

 

The number of home sales is very small in Monte Sereno. In fact, there were no closed sales throughout the month of May! The same is true with August 2022, as you can see in the chart below. But even when there are sales, one or two outstanding properties could cause major waves in the data, so take this summary with a grain of salt.

August: 3 Sales

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $3,450,000 (-2.3%) $3,532,500 $0 (N/A)
Average Price $4,083,330 (+15.6%) $3,532,500 $0 (N/A)
No. of Sales (+50.0%) 2 (N/A)
Pending (-33.3%) 3 (+100.0%)
Active (+100.0%) 4 (+700.0%)
Sale vs. List Price 110.9% (+17.1%) 94.7% 0.0% (N/A)
Days on Market 17 (-67.6%) 53 (N/A)
Days of Inventory 80 (+33.3%) 60 (N/A)

 

While the lack of sales and listings can make sales data (like price and days on market) swing wildly, we can see that the closed sales, pendings, and active inventory are all up from last year when the market was cooling.  When inventory and sales are this low it’s crucial to track the neighboring Los Gatos market as well, to gain a bit more insight.

 

What does it cost to live in Monte Sereno? With an average sale price of roughly $3 – $4 million, you may wonder if anything sells that’s not in the stratosphere – can you buy an entry-level Silicon Valley home in Monte Sereno? The short answer is this: it’s not easy to find anything for under $2.5 million in Monte Sereno. Even a “fixer” often goes well above that. It can happen, although it’s rare, and the home will certainly be priced that way for a reason.

We also keep track of this market over at the Valley of Heart’s Delight blog, in addition to many other communities around Silicon Valley.

Other pricing consideration: what about schools?

Something else to be aware of is that most Monte Sereno houses are in the Los Gatos Union School District, but a small pocket of properties lies within the Campbell School District. Those with Campbell schools usually sell for a little less. Additionally, most of this city is within the 95030 zip code, but again, there’s a small pocket which is in the 95032 area.

Next, what kind of home is available to purchase in Monte Sereno now?

Click here to view Monte Sereno Homes for Sale

 

  • List View
  • Map View
  • Grid View

See all Monte Sereno, CA Homes for Sale & Recently Sold.
(all data current as of 9/25/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

 

 

 

 

 

 

Los Gatos real estate market trends and statistics

Los Gatos real estate market trends and statistics

Los Gatos real estate market graphic with home near downtownAs of today, Sept 13, 2023, the Los Gatos real estate market in 95030 & 95032 has gained some inventory, but pending and closed sales are both strong, and the sale to list price ratio is up. The homes that are nicely remodeled and priced aggressively are selling quickly.

Numbers for today (pulled from the MLS), going back 30 days from yesterday:

  • 47 houses for sale
  • 24 are contingent or sale pending
  • 17 have closed in the last 30 days
    • average home size 2,687 SF
    • average lot size 21,467
    • average days on market = 37
    • average sale price $3,246,294
    • median sale price $2,680,000
    • average sale to list price ratio 102%

Trends at a Glance from the RE Report

The numbers below analyze data gathered during the first week of each month and cover real estate statistics from the month prior in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full RE Report here.

These numbers never line up exactly with the MLS figures, but the data trends line up:

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $3,200,000 (+13.2%) $2,828,000 $2,675,000 (+19.6%)
Average Price $3,386,360 (-1.0%) $3,422,090 $2,835,440 (+19.4%)
No. of Sales 25 (+47.1%) 17 36 (-30.6%)
Pending 21 (-16.0%) 25 45 (-53.3%)
Active 41 (+57.7%) 26 46 (-10.9%)
Sale vs. List Price 102.4% (+0.5%) 101.9% 98.4% (+4.1%)
Days on Market 32 (+0.1%) 32 37 (-14.8%)
Days of Inventory 49 (+7.2%) 46 38 (+28.3%)

Similar charts for the Los Gatos Mountains and the condo market are further down in this article.

Los Gatos real estate market statistics: multi year data by month

Here is some Los Gatos real estate market data that I pulled directly from the MLS today.

Inventory of available homes for sale in Los Gatos 95030 and Los Gatos 95032

A quick glance at the last few years suggests that this inventory remains low by a wide margin.

 

Inventory of Los Gatos homes for sale - single family

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Los Gatos luxury homes

Los Gatos luxury homes

Los Gatos luxury homes - high end house with poolLos Gatos luxury homes provide a serene retreat for those seeking the perfect blend of natural beauty and urban convenience. From state-of-the-art home theaters and private wine cellars to expansive outdoor entertaining spaces, marvelous elements present themselves for both entertaining and rejuvenating.  These luxury homes in Los Gatos are sure to captivate your heart, just as the town itself will!

By the way, many Los Gatos luxury homes are understated and are surprisingly modest looking from the front. While there are some mega mansions here, or estate level properties with a dramatic presence from the street, often these high end properties simply look like normal, attractive ranch or historic style houses from the curb. Get inside, though, and surprises await!

In this article, we’ll review the basics in the Los Gatos luxury homes market and will provide gorgeous listings to browse near the end.

 

Why Los Gatos is a prime location for luxury real estate: setting, dining, shopping, things to do

With its picturesque location nestled at the base of the Santa Cruz Mountains and its scenic and historic downtown, the town has inspired the imaginations of writers, film makers, and artists for over a century. Many high end properties enjoy views of some sort, either of the Santa Cruz Mountains or of the town or the Santa Clara Valley. The setting can’t be beat!

Downtown Los Gatos is vibrant and includes a wide array of restaurants, coffee shops, bars, brew pubs, ice cream and other specialty shops. It’s easy to find foods of every kind, including Mexican, Indian, Chinese, Japanese, Thai, Italian, New Orleans – Cajun, Vietnamese, Greek, French, plus those specializing in fish, steak, vegetarian fare, or many other types of food.

Shopping in town is varied, whether you’re looking to purchase a high end vehicle, art, or do everyday shopping along Los Gatos Boulevard.

The close proximity to Santa Cruz and the Pacific Coast make Los Gatos an easy getaway location for boating, fishing, or enjoying a day at the beach, but you don’t have to leave to have plenty to do. The town enjoys the La Rinconada Country Club, and there are several other golf courses nearby, including the highly regarded Pasatiempo Golf Club (which I walked several times with my grandparents, who were members there) just over the hill between Scotts Valley and Santa Cruz. There are a number of sports clubs, swim and racquet clubs, and even a squash club in town as well.

Some properties are built for the equestrian lifestyle. From Los Gatos it’s not hard to get to stables for boarding a horse (there are a few in town) or to rent a horse for an hour and enjoy a leisurely trail ride.

Opportunities for wine tasting abound in and near town, too, with the Los Gatos Mountains boasting a large number of wineries. (Also not to be missed: our South County area features a surprisingly large number of wineries, too.)  Or stay close to home and stop by one of the many venues in town, such as Testarossa.

Los Gatos boasts a large number of parks, from small neighborhood open spaces or playgrounds to larger settings with room to run. You might even spot a local celebrity out here or there, taking in the Los Gatos Creek Trail or exercising dogs some mild evening.

Types of luxury homes available in Los Gatos

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Los Gatos Luxury Home Market

Los Gatos Luxury Home Market

The Los Gatos luxury home market is faring surprisingly well now, given the strange real estate market that we are currently experiencing with ultra low inventory, interest rate hikes, and the stock market being off after Fitch’s downgrade.

Earlier this year it moved around with extremely low inventory in January and an easier time selling to a whopping 13 months of inventory in March.

Some of the bouncing around is a reflection of the very low inventory and accordingly, very lo numbers of home sales. It’s important to take it with a big grain of salt. The best homes, meaning that they are in good shape, don’t have location issues, and are well priced, continue to sell in 1 – 3 weeks.

For an in-depth article about the Los Gatos real estate market generally (not just the most expensive properties), please check our linked article, which is updated monthly!

Los Gatos luxury home market months of inventory – homes listed for sale at $4 million or more

The months of inventory is the single best gauge to use in deciding how hot or cool the market is. For July 2023 it fell to 2.2 months of inventory, which is a decently warm seller’s market.

Los Gatos luxury homes market data - 95030 95032 4 mil and up months of inventory

Most of the luxury properties in Los Gatos are under $8 million, and that upper level can be much cooler than the $4 – $6 million market.

I tried to pull the same info for the Los Gatos mountains 95033, but kept getting an error message from the MLS that there were too few sales to chart meaningfully.

Altos Charts for homes listed in the top 25% or top quartile for Los Gatos 95030, 95032 and 95033

These will be automatically updated, so check back often for a quick update on the Los Gatos real estate data for this upper tier!

Median list price

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Remodeled Glenridge Condo!

Remodeled Glenridge Condo!

Withdrawn from MLS as of3/28/23, still a valid listing, appointments possible for showings.

Beautifully remodeled Glenridge condo offering one bed, 1.5 bath and 864 square feet of living space is now available! Welcome home to 600 Pennsylvania Avenue #14, Los Gatos! This home is an end unit and it enjoys a good sized patio with views of the hills and the historic homes nearby.

600 Pennsylvania Av 14 back patio

 

Quick facts on the end unit Glenridge condo at 600 Pennsylvania Av # 14

1 bedroom
1.5 bathrooms
Living space 864 SF
Year built 1962
Open layout
Patio features a gate, ideal for entertaining!
Extensively remodeled in 2012
HOA dues $692 per month
Close to Bachman Park
Just 1/2 mile to downtown Los Gatos!
Los Gatos Union School District
Laundry shared with just one other unit & maintained by the HOA

Offered at $879,000

Glenridge condo at 600 Pennsylvania Av 14 - Kitchen

 

The 2012 remodel (by a previous owner) included a “down to the studs” renovation for most of the unit. That prior owner remodeled the kitchen, half bath, full bath, put in double pane windows, and upgraded the electrical system as well – all with permits and finals.

More recently the owners have replaced the refrigerator and both toilets and also repainted the interior.

 

Living room

 

 

Want more info? Please see all the details, images, floorplan, and photos at the virtual tour.

 

 

We're sorry, but we couldn't find MLS # ML81918664 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

 

 

Related Reading:

Glenridge and Bachman Park neighborhood

Fairview Plaza Historic District

Creffield Heights & San Benito area