Potential Silicon Valley Homebuyers Camp Out For $1.2M Townhomes

Los Gatos CA

26 April, 2021

5:56 PM

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SANTA CLARA, CA — How dystopian is the housing market in Silicon Valley? Ask the dozens of people who camped out overnight on a sidewalk in Santa Clara over the weekend for the chance to purchase a $1.2 million townhome. NBC Bay Area first reported the makeshift campsite. The townhomes for sale were part of the Nuevo Homes development by SummerHill Homes, and they were so popular among eager homebuyers because they're being sold at a fixed rate, eliminating a potential bidding war. Those who camped out were "sick of bidding wars and losing homes they've had their hearts set on," according to KCBS Radio. #Update: People waiting overnight for a shot to buy townhomes at Nuevo in Santa Clara (opening tomorrow) .. are now going to sleep in tents. pic.twitter.com/EqKPVD5zsG— scott budman (@scottbudman) April 24, 2021 According to SummerHill's website, the cheapest townhomes start at $1.2 million. The homes for sale range between approximately 1,268 and 2,990 square feet and two to four bedrooms. More than 240 homes, or 70 percent of the units, have been sold as of Monday, according to the site. The median sales price of homes in Santa Clara is $1.4 million, according to Realtor.com, reflective of the sky-high housing market in the region and meaning the "cheap" townhomes could've been seen as quite the bargain. In fact, realtors were among those who camped out on the sidewalk adjacent to a Costco. They told NBC Bay Area that they were trying to claim a unit for their clients. The units went on sale Saturday morning, when more people joined the line. "My client just really, really wanted to be the first one, so I promised him. I said, 'Whatever I have to do to get you the first one, I'll do it,'" one realtor, Jeremy Naval, told the station. Never miss a beat of Silicon Valley news! Sign up for Patch alerts and our free daily newsletter here. The impromptu campout and fear of bidding wars also reflects the current housing shortage in the Bay Area, as Darrell Owens, a policy analyst for the housing advocacy organization California YIMBY, tweeted sarcastically. "I'm confused," Owens wrote. "Didn't these people get the memo? We have a housing surplus, too much market housing. What are you camping overnight to buy townhomes in Santa Clara for????"