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Espana Oaks townhomes in Los Gatos

España Oaks townhomes in Los Gatos

Are there Los Gatos homes for sale under 1 million dollars?

With average and median single family home prices between $2 and $4 million, it can be hard to find Los Gatos homes for sale under 1 million dollars.  Look hard enough, though, and there’s often an opportunity – usually a condo, sometimes a townhouse. Maybe a fixer in a more remote location.

What are the best odds for finding Los Gatos homes for sale under 1 million?

There will be some strategy involved to find a lower priced home in Los Gatos 95030 or 95032. First, it’s important to understand the impact of  the proximity to downtown and the role of schools.  Find a home with Los Gatos High that’s in one of the official historic districts and you are likely to pay a premium for it!

Go further out, and away from pristine Victorian homes from 100 years ago. and the prices will soften.   Things will also improve if you consider smaller homes on smaller lots. But probably not enough to get a house in town.

A house, townhouse, or condo?

A quick check of the MLS just now revealed that all recent sales in Los Gatos under this price point were condos or townhomes in 95032 or 95030. Must have a house? Then you’ll be buying in 95033, the mountains area.

A townhouse in west LG with Westmont or east LG Leigh High may be in budget if it is small and needs remodeling and updating.

To improve the odds of success, you may want to concentrate on either condominiums or on properties in the 95032 zip code with Campbell Union High School District (Westmont or Leigh High).

Or improve the odds better and go beyond the town’s boundaries and consider the Los Gatos Mountains (zip code 95033).  With the latter, you’ll get much more home for your money.  The downside, of course, is that your commute will be longer and you may have issues from living in the mountains.

Senior housing at The Commons: Los Gatos Homes for Sale Under 1 million dollars

If you are over age 55 or if you aren’t planning on living there yourself – if it’s an investment property – you may want to think about buying a home in one of the seniors condo complexes.  The Los Gatos Commons is nicely situated in the central or downtown Los Gatos area and as of this writing, in 2022, units can be purchased for well under $1,000,000.

Villa Capri on the Campbell border will also be in budget. It’s a gated seniors community that’s close to Vasona Station.

Non senior options

There are non-senior condos on Lora Drive which will also be in budget as of this writing. The negative for that location is the proximity of the freeway, high voltage lines, and train track.

Other strategies

Another tactic to employ is to watch for homes that have been on the market a long time and are hovering at 10% or so above your target price point. In every real estate market, no matter how hot, there are some houses, townhouses, and condominiums which are simply over-priced.  I don’t suggest targeting more than about 10% over budget because “low-ball”offers usually serve to offend sellers and backfire on buyer’s good negotiating intentions.

Browse Los Gatos homes for sale under $1,000,000

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See all Los Gatos Homes $1 mil and under.
(all data current as of 12/9/2022)

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