Real Estate In Mountain View
The real estate market in Mountain View is heavily influenced by the local tech companies. Some of the companies within Mountain View are Google, Intuit, LinkedIn, Mozilla, Symantec, 23andMe and Siemens Medical Solutions. Though, not all headquartered in Mountain View, they hold significant presences and have hundreds of employees. At the “Googleplex” there are approximately 23,000 Google employees. Although spread throughout the Bay Area, as far as where they live. It is a very large number of employees to sustain. It has increased the property values and median rents in Mountain View at a breakneck pace.
Mountain View’s Future
The city of Mountain View borders with Palo Alto and Los Altos to the west and Sunnyvale to the southeast. With its superb location and easy access to transit, Mountain View is one of the hubs on the Peninsula. Downtown Mountain View enjoys a vibrant restaurant scene and nightlife, along with very highly rated schools. The future of Mountain View seems like it couldn’t get any more bright. The city is consistently and positively growing in leaps and bounds. There is however, more to the story!
Development at Moffett Field Site
Moffett Field was once an important air base located in the heart of Silicon Valley. Although still being used from time to time, it has become for the most part a huge, rarely used piece of land. This is currently under a process to start transforming very rapidly. Plans accepted by the city and County are allowing a 2,100 unit apartment development to begin its construction phase. The first 400 units have broken ground and will be followed by the remaining 1,700 units over the course of the next 15+ years.
The site is 46.5 acres of prime Bay Area real estate and the project has a projected price tag of ~$750 million. The developer (Clark Realty Capital) has set aside 10% of the planned apartments to be allocated for low income tenants. Additionally, 100,000 square feet of retail will be interspersed into the development. Creating a mixed use area for work, recreation and for living.
Along with the new development comes new schools, improvements to infrastructure and a host of other planned projects. The influx of new residents, the new jobs created and increase in investment have positioned Mountain View extremely well. As far as property values are concerned, Mountain View will continue to see robust growth well into the next decade.
Mountain View Real Estate Market Trends
The city of Mountain View is a very strong “sellers market”. The median list price is currently at $2,175,000. Price per square foot has remained high at $1,277. Days on market has seesawed up and down during shelter in place. A single-family home will sit for on average, for 72 days before selling. Inventory has steadily risen up to 41 units. The median rent for the city is $4,000 per month. Right now the most expensive home listed in Mountain View is for sale at $4,800,000. The least expensive home is for sale at $995,000.