Wednesday, February 25, 2009

557 Bank Owned Single Family Homes in San Jose Metro

There are now 557 single family homes on the market (not including those that are in escrow) from South San Jose to Milpitas to Sunnyvale. List prices are from $168,773 for a 1,500 square foot total fixer upper on a very small 1,891 square foot lot in downtown San Jose to $2,144,000 on Lucky Drive in Monte Sereno for 4,900 square feet on a 73,000 square foot lot and everything in between. Sellers of homes complain that the bank owned homes are dragging down the market in their neighborhoods. Reality is that the bank owned homes ARE the market. They are accounting for some 70% of closed transactions in the valley in the last few months. Great time to get a home here, period.

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