Sunday, April 27, 2008

Sunnyvale Bank REO Condo for $380,000!!!!

There is another great opportunity in Sunnyvale. This ground floor condo needs some TLC and has great potential if it gets it. A 2 bedroom, 2 bath condo, nice floorplan - get this: two ground floor fenced patios - one is really a back yard. Very convenient location off of Central Expressway and Fair Oaks. Great price for Sunnyvale.

Bank REO Campbell Townhouse - Very Nice

We are tracking a very well-located and in great condition townhouse in Campbell at a blow-out price. This is a townhouse style condo - two stories with underground gated parking in a pristine complex near Cosentino's market. Two bedrooms, 2.5 baths, nice kitchen, two decks, spa in complex, washer, dryer, refrigerator included and low HOA dues of $265 per month. Offered at $439,000. Let me show you this great bank opportunity and the other deals out there too.

Friday, April 25, 2008

Trulia and Zillow on WebbyAwards.com

It's a heated, head to head battle of the best real estate websites for the coveted Webby award to be announced May 6, 2008. I just voted for my favorite and it was a no-brainer - Trulia trumps Zillow. Sorry Zillow. Please help Trulia get over the top at the Webby voting site. Have a great weekend! Go Sharks!!!!

Thursday, April 24, 2008

NNN Leased in Newark (Fremont Area)

We are tracking a very solid investment in the booming city of Newark, CA. This is a single tenant NN leased auto body and repair facility which was built in 2000. Offered at $2,175,000, at a 6 cap, 10,160 square foot building on a 34,900 square foot lot. 4.5% rent bumps per year. Leased through Dec. 2012 with one 5 year option to extend at fair market value.

Monday, April 21, 2008

Mexico Fly and Buy Trip for Intero Real Estate

For those of you who want to have a little permanent fun in the sun, consider going on May 2nd - May 5th to Puerto Vallarta with Intero Real Estate. This is a wonderfully coordinated trip to view the fantastic beach town and tour the many condo and home developments that are being built. Owning is very easy and straight-forward now, including US style title insurance from Stewart Title. Lending is also very easy. Email me for more details so you can sign up. From what I heard - $1,200 pays for everything - including food, hotel and airfare. Tempted...? BTW - I sadly:-( cannot go because I committed to attending a very good friend of mine's wedding. So bring me back a bottle of tequila or a sombrero.

Peninsula Investment Forum Tomorrow

John Rayden of West Valley Properties will be speaking tomorrow about the state of shopping centers and retail investments. His company manages over $200 million in equity over 22 properties of which 85% is neighborhood retail centers. He will also discuss the changes in financing and cap rates in this fluctuating economy.
April 22, 2008
First American Title
555 Marshall Street
Redwood City, CA

7:45am networking
8:15am speaker begins

Wednesday, April 16, 2008

First Time Home Buyer Workshop Tomorrow

Intero Mortgage is hosting a first time home buyer workshop tomorrow night from 6:30-8:00pm at our Cupertino offices.
There have been many changes in financing homes in the last few months.
The host, Tony Guaraldi, is a wonderful educator on this subject. The following topics will be covered:

California State 1st Time Buyer Program
100% Financing to $729,750 Purchase Price
All Fixed Interest Rates
Down Payment & Closing Cost Assistance
City & Non-Profit Assistance Programs
Credit Scores Down to 620
Credit Reports and How They Score You
Role of the Realtor
Title & Escrow Process
Tax Benefits of Home Ownership

Please RSVP by sending me an email with your contact info to mario@interorealestate.com

Friday, April 4, 2008

Good Commercial Deals in California

I wish there were some! Well, that's not exactly a fair answer. Let me explain, break down the question and dissect. If you are an apartment building owner in Silicon Valley - rents are up, vacancies are down and you are very happy AND unmotivated to sell. If you own a strip shopping center in the Silicon Valley - same thing. Those are the two product types that I deal with most often. Less robust, yet still strong is the retail strip market throughout the rest of the state. Apartments though - quite a different story. If you have units in the Central Valley - it's getting very ugly out there. Think of your competition. A slew of single family homes, most only a few years old, that are vacant and looking for tenants. Why would a prospective tenant move into a 30 year old walk-up building in Fresno, when they can have their choice of a mini-mansion down the street? I have to ask though - is this the "good deal" you want - buying an apartment building in the central valley? I think that market is way too soft to consider at this point. Let's look next year and re-assess. There are good deals out there though - let's talk so I can show you what, where and when.

Thursday, April 3, 2008

Why Pay PITI for Rent Backs?

PITI - principal, interest, taxes and insurance - is typically prorated if a buyer is renting from a seller, or if a seller is renting from the new owner during, before or after a close of escrow. This is rent. Why should it be the amount of what a seller is currently paying in PITI or the amount it will cost a buyer to own the property on a daily basis? It shouldn't be this number at all. A better number to use would be what the fair market value is of the home as a rental and then prorated to a daily basis. So, why use PITI? Because it is easy and nobody will argue that number. Some people like easy. Although easy is not always fair. Depends on what side you're on.

Wednesday, April 2, 2008

Market is Strengthening in Santa Clara County

The home market is definitely getting stronger in parts of Silicon Valley. Tonight at the office, there were over 10 offers on a well-located, obviously well-priced home in the west valley. Also, it seems as if the buyers are calling and there is good activity - activity not seen like this for maybe 6 months. I think a lot of people put their buying decisions on pause since late in the summer last year. Now, there is a higher conforming rate, interest rates are down (maybe not on the 30) and policy changes will affect this R-word time in a positive manner. I keep saying, those who buy in 2008 will do great - only 9 more months to go!