Wednesday, June 24, 2009
Short Sale 4plexes are Gone
The market is improving all around. I cannot say this is our firm bottom by any means. Although, there are a lot of buyers and their agents chasing single family homes, townhouses and condos with multiple offers and going over asking prices. What I found interesting is that this wave has finally come over to the duplex - fourplex market. A few months ago, there were some outstanding short sale opportunities in west San Jose, specifically near Southwest Expressway and San Jose City College. Now those deals are all in escrow - some 3,500+ square foot fourplexes were listed at $650,000-$750,000. My client just bought a fourplex on Leigh Ave - very nice property - Pollack & Gambord style - for $700,000. If that property went on the market now, it would easily be worth $800,000+. We were in a short sale escrow for approximately 3 months and the market moved higher in that timeframe. There are still some deals that are not being chased, but they are becoming fewer. Has the market really turned...? Comments and thoughts please!