New or Resale? What a Campbell Townhome Price Actually Includes This Fall

On July 24, 2026, a 2,100-square-foot townhome at 124 Lottie Lane in Campbell's Madison Townhomes closed at $1,800,000. It was built in 2017. It has four bedrooms, owned solar, an HOA of $334 a month, and a balcony facing the Los Gatos Creek Trail.

At about the same time, Pulte's Monarch community off Llewellyn Avenue listed a brand-new Plan 4 of almost the same size, 2,094 square feet, at $1,724,376. That price had already been cut from $1,824,376. The nine-year-old home sold for more than the new one is now asking. That gap describes Campbell's attached-home market this fall. Resale townhomes are being priced up by competing buyers. New townhomes are being priced down through concessions. Neither asking price tells you what the home will cost to buy and to own.

Two homes, one size, different math

The Monarch HOA figure comes from the MLS listing for a neighboring Plan 4 at 286 Dreamland Way. That home was asking $1,631,740, which works out to about $779 a square foot, so even within one floor plan the asking prices vary by homesite. Pulte's base prices across Monarch's plans run from $1,234,990 for Plan 1 to $1,864,990 for Plan 5. Those are starting figures, not quotes for a particular lot.

The Lottie Lane price reflects more than square footage. A fourth bedroom, direct access to the creek trail, and a location the listing describes as close to Downtown Campbell and VTA light rail all went into that $1.8 million. A resale price bundles the location with the building. A new-build price bundles the building with whatever the builder is offering that month.

What sits behind Monarch's sticker price

The $100,000 reduction on Lot 06507 is only the visible part. Pulte's Monarch pages also advertise two offers that never show up in a sold-price comp:

• Up to $250K in "FLEX Cash" at select Bay Area communities, "now through October 31st," usable toward closing costs, design, structural options, lot premiums and more. The page prints no year and does not say the full amount applies to every home.
• A 4.99% / 5.892% APR 7/6 ARM on select quick move-in homes. The rate is fixed for seven years, then adjusts every six months.

Suppose the maximum flex amount applied to Lot 06507. The effective cost of a $1,724,376 home would then fall well below its listed price, and further still below the $1.8 million paid on Lottie Lane. That "if" matters, and the October 31 deadline falls a month from today. A buyer weighing Monarch should get the exact incentive amount for a specific homesite in writing, along with how it splits between price, closing costs and options. Incentives spent on design upgrades lower the out-of-pocket cost of finishing the home. They do not lower the price an appraiser or a future buyer sees.

The financing offer also belongs only to the builder's homes. A resale seller on Lottie Lane or Orchard Oak Circle does not offer a buyer a seven-year fixed rate as part of the sale. A buyer comparing monthly payments across the two kinds of homes is comparing different loan structures, not just different prices.

Monarch itself sits on a 5.56-acre site northwest of the Llewellyn Avenue and West Latimer Avenue intersection, east of San Tomas Expressway. The land was formerly a Pacific Clinics behavioral-health campus with office and therapy space. Campbell's City Council approved the project on July 16, 2024, as 90 townhome-style condominiums in 12 buildings plus 18 detached homes. San José Spotlight reported a two-phase buildout, with 70 condos and all 18 detached homes first and the remaining 20 condos second. A builder with a second phase still to sell has reasons to keep pricing flexible, and that flexibility shows up as incentives rather than as lower list prices.

What the resale side is doing at the same time

Campbell's resale townhomes moved quickly in late summer. The Santa Clara County Association of Realtors reported that Campbell condos and townhomes averaged 79 days on market in July 2026 and closed at 99% of list price. In August 2026, average days on market dropped to 17 and the share of list price received rose to 103%, with a median sale price of $1,106,188, or $736 a square foot. Those figures rest on only 7 and 8 closings, so they show pace rather than a durable price trend. They still point in the opposite direction from Monarch's markdowns.

Over the same two months, Campbell's single-family median fell from $2,407,500 in July 2026 to $1,995,000 in August, and average days on market rose from 19 to 25. In August, attached homes were the faster-moving segment in Campbell.

Individual sales show the same bidding. A 2004-built townhome at 865 Apricot Avenue was listed at $1,275,000 and closed at $1,342,000 on August 27, 2026. That is about $799 a square foot for 1,679 square feet, close to Monarch's per-foot asking price for a home that is more than 20 years older.

Where resale buyers pay later: the HOA line

The other half of the comparison shows up every month after closing. Here are four Campbell resale townhomes that sold this summer, with Monarch alongside:

The two oldest complexes, both with pools, charge close to $600 a month. The three newer properties fall between $300 and $351. On Duncanville Court, the difference against Monarch's dues is $242 a month, or about $2,900 a year, every year of ownership. That higher figure also buys real coverage, including the roof and exterior painting at Windsor. A buyer comparing an older complex with a new one should read the reserve study and recent meeting minutes as closely as the price. Those documents show whether today's dues are enough for the building's age.

The lower purchase prices at older complexes and the higher purchase prices at newer ones partly offset each other once dues are counted. A resale that looks $500,000 cheaper on the portal carries part of that difference back to the buyer every month.

The pipeline behind the builder's pricing

Monarch is not the only new attached housing coming to Campbell. The city approved City Ventures' 700 West Hamilton Avenue project on January 20, 2026: 173 condominiums in eight four-story townhome-style buildings and one five-story podium building. At 300 Redding Road, AlphaX RE Capital broke ground on March 6, 2026, on the six-home Mercury Lane Townhomes. KQED described it as believed to be the first construction in the state under SB 684, the Starter Home Revitalization Act, with completion expected in early 2027 and projected prices starting around $1.15 million.

Earlier approvals add more. A 20-townhome project at 90 E. Latimer Avenue cleared the Planning Commission in November 2024. Robson Homes' Gilman Avenue project was approved in May 2024 for 25 townhomes, 12 of them with JADUs, plus a 10-unit apartment building. In 2024, the Mercury News also reported a planned 40-townhome KB Home development at 320 Virginia Avenue. The research did not confirm the current construction status of these projects. Taken together, they mean that new-construction prices in Campbell will be set by builders competing with one another over the next few years, while resale prices continue to be set by buyers competing for individual listings.

FAQ

Does Monarch carry a Mello-Roos or special assessment?

No source reviewed for this post stated a Mello-Roos, community facilities district, or special assessment figure for Monarch. Ask the sales office for an estimated property tax bill on the specific homesite before comparing monthly costs.

Is the park inside Monarch open to the public?

According to Planning Commission minutes, the onsite park will not be open to the public, and the community is governed by CC&Rs.

Will Mercury Lane be a lower-cost alternative?

Its projected starting price is around $1.15 million, close to August's resale median. However, it is six homes with completion projected for early 2027, and its pricing is still a projection.

Is the October 31 incentive available on every Monarch home?

Pulte's page says "up to" $250K at "select" Bay Area communities and prints no year. Confirm the amount for a specific lot in writing.

If you are weighing a Monarch homesite against a resale on Apricot Avenue or Orchard Oak Circle, Renovato & Co. can help you set the builder's incentive sheet beside the HOA documents, reserve study and recent comps, so you compare the full cost of each home. Let's Begin.

This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.