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.

Twitter, Google, Facebook, Real Time Search Engines

I love this valley:
And as mind-blowing as this is to read, that there could be yet another usurpation possible with yet another industry giant, it just goes to remind me that this always happens and always will. What is super cool is that we are in the midst of it all. Would you rather be in the heart of the steel industry, the center of the fishing industry, the core of the oil industry, or perhaps in the center of every connected facet of life...?

Tuesday, February 24, 2009

FNMA investment loans

FNMA has loans for investors with 10% down payments up to 4 unit properties. There are fourplexes in Santa Clara County that can be bought and nearing break even cash flow with such a low downpayment.
Mario Pinedo, CCIM
Intero Real Estate
Office 408-342-3155
Cell 415-269-6249

Monday, February 23, 2009

Buy as an investor sell to owner occupant

There are a lot of homes right now that are perfect mid term flips. Rents are strong, prices are down, especially on the short sale and bank REOs, the right combination for break even cash flow on houses and duplexes. Then in a couple years, take the right exit strategy and sell when the first time buyers are out in droves and move up home buyers are also fueling the market. The strategy is not so much to buy on numbers today, it is to focus on the type of home to buy based on what is easy to sell in the future to that buyer profile. Need help?

Tuesday, February 17, 2009

2 Bank Owned Duplexes Ripe for the Picking

Blossom Valley - over 2,200 square feet, great configuration of 3 bed, 2 bath and 2 bed, 1 bath units. Separate 1 car garages. Near Westfield Oakridge Mall. Sold for $770,000 in July 2005, now offered at $539,900.

San Jose City College area duplex - 1,680 square feet, 2 bedroom, 1 bath each unit with separate 1 car garages. Each unit has a separate den making it effectively a 3 bedroom on each side. Sold in May 2006 for $770,000 (coincidentally the same price as above). Now asking just under $500,000.

Both of these properties are on strong streets and good neighborhoods. Worthy rental investment properties that will produce income into the future. And... some good price appreciation when the market comes back.

Let me know if you want to see these great opportunities.

Friday, February 13, 2009

Great Development/Retirement Opportunity in Clear Lake

My partner Jinny Ahn and I just listed this wonderful opportunity in Clear Lake, CA. It is a home on 44 acres - custom built approximately 5,000 square feet. The land has already been subdivided into 24 lots ranging from 1 acre to 2+ acres. Asking price is $3,200,000 for the package. With good marketing of the lots over the next couple years - the ending cost of keeping the house would be very, very low. Here is an opportunity for a developer or land banker to fund her retirement and end up in a wonderful community. Website and virtual tour coming soon.

Thursday, February 12, 2009

Please Consider Giving to the Leukemia & Lymphoma Society

This year for the second year in a row, I am running the San Diego full marathon with Team in Training to both challenge myself and raise much needed funds for research on cancer treatments.

I understand that times are tough. All I ask is that you click on the link below and read why I am doing this. A donation of any amount is greatly appreciated and will go to very good use. The Leukemia & Lymphoma society, through Team in Training has funded research that has brought forth new and beneficial drugs. This has eased the pain and suffering of our loved ones.

Please do what you can and if there is anything that I can do in return, please ask.

Thank you!

Tuesday, February 10, 2009

Silicon Valley, Facebook and Real Estate

I'm not going to go into too deep of an analysis here.... I caught a clip of "Who Wants to be a Millionaire" today. One of the questions was: Which internet giant has a CEO who is 24 years old? A. My Space B. Facebook C. ______ and D. _____ (the last two I can't remember) Answer is B - Facebook - final answer.
Facebook is yet one more internet giant created in our backyard - well actually at Stanford - same difference! The vibrancy of this area continues and will continue for a very long time. Has this affected real estate values - definitely. In fact Palo Alto is UP this year something in the range of 5%.
Google waited forever to go public - a wait lengthened by the Dot Com bust. Facebook probably will do the same - for the better. And as more and more of my 40 year old friends finally fall to the lure of sharing their college and high school pictures with friends they haven't seen in decades, the more valuable will be the FB shares - and the homes in Palo Alto.... OK I know... it's late and I rambled again. Signing off.

(By the way, scroll down to my Facebook button and friend me)

Monday, February 9, 2009

Monte Sereno Los Gatos Stunning Bank REO

$2,144,000 price for 4,700+ square feet on a 73,000 square foot lot. Built in 1990 in a gorgeous area of Monte Sereno, tucked between Los Gatos and Saratoga. This is a wonderful opportunity to buy an estate home in this wonderful area. There are few bank owned REOs in the premier areas of the valley. Call me to tour.

Friday, February 6, 2009

Bank Owned 4plex Just Listed

Was achieving $4,300 per month in rents prior to the bank evicting tenants.
Offered at $541,000 or at 10.48 gross rent multiplier. One 3 bedroom, 2 bath unit and three 1 bedroom units. There is an Owners Association that maintains landscaping throughout the 4plex neighborhood. This is a very good deal for an operator who can manage a 4plex well. Call me for details.

Tuesday, February 3, 2009

Santa Clara County Home (REO) Stats

5,800 listings for sale on the MLS in Santa Clara County.
*** 48% of those are Bank Owned REO or short sales ***
2,200 homes are in "Pending" status
*** 78% of the Pending homes are Bank Owned REOs or short sales ***

The bank deals ARE the market. This is very clear. Some "normal" sellers will price according to what the banks are selling homes for or they will not attract buyers. Yes, this is not easy to accept, yet that is reality.

Monday, February 2, 2009

Case Study of Duplexes in San Jose

I'm representing a buyer on a very well-priced duplex purchase in San Jose. This little street of 7 properties which were built in the late 1950's rode the roller coaster of boom and bust. Three side-by-side duplexes all sold in mid-2006 between $770,000 - $795,000. Now two of those three units will sell between $500,000 - $530,000. One was a short sale which was in escrow for 4 months, the other a bank REO that should transact quickly. Of the 4 other owners on that street that did not play the real estate game in the last few years, they apparently have been sitting pretty, collecting rents and paying low Prop 13 property taxes. Go conservatives!