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The top priority for buyers in Silicon Valley is location and schools in contrast to the results of an American Community Survey showing more Americans are seeking walkable neighborhoods in close-in suburbs and cities to avoid the prospect of lengthening commutes.
The 2004 survey, sponsored by the National Association of Realtors and Smart Growth America, showed a commute time of 45 minutes or less is the top priority in deciding where to live for 79 percent of Americans. Other top priorities include easy access to highways (75 percent) and having sidewalks and places to walk (72 percent). Having a large house on more than one acre of land is important to 57 percent of Americans.
Among people planning to buy a home in the next three years, 87 percent place a high importance on a shorter commute as their top priority. Asked to choose between two communities, six in 10 prospective homebuyers chose a neighborhood that offered a shorter commute, sidewalks and amenities like shops, restaurants, libraries, schools and public transportation within walking distance over a sprawling community with larger lots, limited options for walking and a longer commute. Those who are in the market to buy a home are also more likely to say they want to be in or near a city as opposed to living in a farther out suburb or rural area.
But in Silicon Valley the location of the home and the quality of schools for family buyers is the primary factor in buyer selection, said Steve Bellumori of Coldwell Banker.
"Locations in high energy downtown facilities are also popular, especially for single individuals. Neighborhoods are always key to the decision process," Bellumori said. "We are beginning to see more and more requests for single-level homes and/or single-level condominiums due to the demographics of the aging baby boom generation. The corollary with this will be proximity to shopping and possibly public transportation."
While commute time has been an issue for most of the clients Realtor Toby Vanderbeek of Intero Real Estate has helped, he believes people are willing to trade their time for a nicer neighborhood, the house they really want and better schools for the kids.
"Commute time was one of my highest priorities in selecting my own home so I ended up paying a lot more for a house in town and near great schools. Having a house on more than one acre of land may be important to some Americans, but unless they are looking in Los Altos Hills and have a good amount of money, they may not be able to find an acre of land," Vanderbeek said.
"Land is important to most people but I'd say it's more about how the lot feels rather than the actual number. The same goes for square footage of the house. Someone may look at the square footage of a lot or house and think it's too big or small but it may feel a different way," he said.
As a contrast to the national survey showing that Americans prefer a walkable neighborhood, Vanderbeek believes it isn't such an issue in Silicon Valley. "There are many neighborhoods which don't have sidewalks that are considered great places to live," Vanderbeek said. "The Bay Area is so unique and different than the rest of the country. While we may be represented in the study as part of a general snapshot of the entire country, it doesn't match what my buyers want."
Broker/owner Mary Prochnow of Prochnow Realtors, Inc. believes almost 70 percent of the population in California wants to live within an hour of the coast so an acre of land is out of the question for most people.
"I believe that the quality of the local schools is still close to the top if not the No. 1 priority for buyers. Walkable neighborhoods that feel safe, towns that feel as though they have a community identity and then commute time are the priorities most often expressed," said Prochnow, who also acknowledged weather as another important priority for many buyers.
Realtor Andy Wong of Alain Pinel Realtors agrees that the quality of the school district continues to be among the top priority for his clients with children.
"In addition, people like to be able to take walks in their neighborhood and enjoy living in a community where people know each other. Being close to a suburban main street is desirable as well, but it's usually considered nice to have as opposed to a must have," Wong said. "People generally love the house and neighborhood and consider the close proximity to the downtown area a plus. The downtown is like the cherry on top of the sundae."
For the national survey purposes, a smart growth community was described as a mix of apartments, condos, townhouses and single-family detached houses on various sized lots with sidewalks and places to shop, eat, read and go to school within walking distance. It was also described as community where public transportation is nearby and a one-way commute is less than 45 minutes.
A sprawling community was described as one in which there are only single-family detached houses on one-acre lots, there are no sidewalks and places to shop, eat, read and go to school are within a few miles by car. Public transportation such as train, bus or light rail is distant or unavailable and a one-way commute is 45 minutes or more.
Americans who placed a high value on limiting their commute times are more likely to see improved public transportation and changing patterns of housing development as the solutions to longer commutes. Half of all Americans chose improving public transportation as the best option to solving long-term traffic problems. The survey found that approximately one-third believe that developing communities where people do not have to drive long distances is the best answer while less than two in 10 believe the answer is to build new roads.
In Silicon Valley, where space is at a premium, affordability may be an even bigger issue as people often must choose a longer commute time in communities where they can afford to buy.
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