According to a recent announcement, Coldwell Banker Residential Brokerage experienced significant growth as sales soared to nearly $6 billion in Silicon Valley in 2002, up by 51 percent from 2001.

Coldwell offices in Cupertino did especially well. The Stevens Creek Boulevard office hit $486 million in sales last year, up from $344 million in 2001, while another Cupertino branch on De Anza Boulevard reached $372 million, growing more than $70 million from 2001.

"Last year was a very strong year, especially the first half of the year," said Nina Yamaguchi, managing broker for Coldwell Banker's De Anza office. "In Cupertino, the real estate market never does poorly, no matter what economic condition we're in."

Coldwell Banker's main competitor in Cupertino is Alain Pinel Realtors, which also saw success in 2002, though the office choose not to give figures.

"Last year was a good year for real estate," said Betty Lin, a real estate agent for Alain Pinel. "The interest rate was good, and the high-end prices also came down."

"I don't believe in the 'buyer's market' and the 'seller's market,' " Lin continued. "I think in any market you're always going to sell when you have a great product that's priced right."

Besides low interest rates and reasonable prices, the main reason for the strong real estate market in Cupertino, according to Yamaguchi, is the top-ranking school system.

"People come to Cupertino for the good schools in this area. It's also a convenient location; we're close to everything," she said.

The best-selling price category, or the "bread and butter" price range according to Yamaguchi, is between $600,000 and $800,000.

High-end properties, such as the ones located in the foothills, did suffer in 2002, however.

"When it's $1.2 million or up, it becomes challenging to sell during tough times. Cupertino is relatively affordable, unlike Los Altos, which has larger and grander homes," Yamaguchi said.

According to Yamaguchi, as of January 2003, the average price for a single-family house in Cupertino was $718,000, compared to $632,000 in January 2002.

Yamaguchi predicts 2003 will be another successful year. She said, "There still seems to be a lot of pent-up demand out there. Similar to last year, 2003 will be a great year for great properties. I think things are going to really take off in 2004, when the economy recovers."

According to Betty Lin, since Jan. 1 a total of 139 single-family homes priced between $460,000 and $1.5 million have been sold in Cupertino.

Besides attracting buyers, the booming real estate market in the area has also attracted real estate service providers such as Intero Real Estate Services.

"Intero was formed in August 2002 by six former managers from Coldwell Banker," said Tom Tognoli, vice president and managing partner at Intero, which opened its corporate office in Cupertino on March 17. "Right now we are focusing on the South Bay, although we plan to expand in the future."

Tognoli sees Coldwell Banker and Alain Pinel as Intero's main competitors in the Cupertino area.

"I think competition is healthy; it creates a greater and healthier market," Tognoli said. "I think customer service is very important in this industry. With great customer service, our goal is to become an awesome real estate company and number one in the market."