Great opportunity Bank -Owned 4-plex

With lots of potential this 4plex has 2bed/1bath units approx 800sqft per unit with separate laundry room for added income source.
Call me if you are interested in taking advantage of this income producing opportunity.

Trading Up or Downsizing - Strategies

I was having a conversation with a buyer today who owned a condo and wanted to trade up to a larger house. The difficulty was she needed to sell her condo first to buy the new home. Then of course she would have a very short window to buy a new home. This probably reduces her chances of finding a good deal or the perfect home. What's the solution? She can refinance out the downpayment of her condo, buy the new home and then sell the condo. She can also rent the condo after buying the house. Finally, she can buy the house as a rental for a while and then move into the house in a few years when her income will better support it. There are always good solutions if you do some brainstorming.

Fourplex San Jose for Sale

We are tracking a fourplex in San Jose that is a good value. It is offered at $695,000 for two 2 bedroom units and two 1 bedroom units with $52,000 in annual rental income. Total loans on the property are over $800,000 so obviously this is a short sale. The neighborhood is a bit rough and will require an experienced owner or a good property management company. If interested, give me a call right away.

Palo Alto Real Estate Still On Fire

I just toured all 6 single family homes for sale in Palo Alto under $1,100,000. It did not take long... all were small 1,000 square foot homes with 2 or possibly 3 bedrooms and 1 bath - on average. All were on the market less than 7 days - which means everything in that price range is selling after the first open house weekend. Palo Alto has not missed a beat - while the east valley is having a major coronary event - two very different worlds.

Gorgeous Silver Creek Valley Country Club Home for Sale

5230 Birkdale Way in the fabulous Silver Creek Valley Country Club just went on the market. 3,114 square feet, 4 bedrooms plus a den, 3.5 baths, huge vaulted ceilings, pool, jacuzzi, valley views, large kitchen, great living room and dining room. Offered at $1,349,950. This is a very good value.

Cupertino Short Sale Home on Market

There is a 1,500+ square foot, 3 bedroom, 2 bath home on the market with a Cupertino address and Cupertino schools that may be a short sale situation. The home is listed for $915,000 and is very possibly a good deal in this strong Cupertino market. Let me know if you want to tour.

50 Short Sales in Campbell, West San Jose, Sunnyvale

I am tracking 50 single family home listings in the western part of Santa Clara County that are currently available for sale in a short sale situation. These are just the single family homes in that area. There are many more condos and townhouses available too. If you are interested in working with us on buying a good deal, please contact me as soon as possible.

Short Sale Consumer Protection Laws

There is a California state law that limits investor purchases of short sale homes. The limitation affects those sales when the home is owner-occupied and the investor does not intend to live in the home he purchases. The exclusions from this situation would be if the home is vacant, tenant occupied or if the purchaser intends to use the property as his principal residence. There are teeth in this law too. Realtors can be held financially and criminally liable as well as the investor.

Fourplex Stats Santa Clara County - Dismal

Courtesy of TIC expert John Reyes of Welton Street Investments comes startling data on the fourplex market for the month of September 2007.
In Santa Clara County (excluding Los Altos and Palo Alto) there are:
Active Listings 137
Average Days on Market 88
4plexes In Escrow 10
Months of Inventory 13.7
Closings !!!!2!!!!

The values below are not just for September as only 2 closings skews the averages:

Average sales price: $980,000
Average price per unit: $246,000
Average price per square foot: $275
Average GRM: 17.5

I'll just let you think about the closing number - I hope it goes up next month...

Writing Multiple Offers

A Trulia Voices question that came up today was whether a buyer can make multiple offers on different homes at the same time. Of course they can. This is a good strategy in a seller's market as well as in a buyer's market. It give better chances to a buyer when normally the seller is holding all the cards - or information. Normally a buyer will receive counter offers from all his bids. Then the buyer can weigh the best value vs. the different amenities and locations of each house. At this stage the buyer is closer to knowing that each seller's true motivation is in reference to the price they are willing to sell.

Outstanding Short Sale Property in San Jose's Evergreen Area

I just spent the weekend researching the Evergreen area of San Jose for a great listing I have coming up next week. What I found was a fantastic short sale opportunity that is ripe for the picking. It's a home that has been listed at $739,000 for 1,960 square feet, 4 bedroom, 2.5 bath home on a large 8,500 sqft lot in a great neighborhood. This is not the listing I was working on. It is a property that is currently on the market begging for a buyer to step in. The sellers are selling at a price less than what they owe. Most cases like this are in an effort to not have the property foreclosed upon and save their credit. If you want some info on this fleeting opportunity, let me know as soon as possible.

Reverse Mortgages

Corey Matelli of The Reverse Mortgage company just spoke at my BNI networking meeting this morning about reverse mortgages. One interesting thing I learned was reverse mortgages can be refinanced. A client of his who took out a reverse mortgage two years ago, recently refinanced out another $180,000. Her house had appreciated in the last two years and she had also aged another 2 years. Both of these criteria allowed the bank to put a new loan in place and she walked with a large sum of money. There is definitely a misconception about the permanence of reverse mortgages. If you are 62 years of age or older, this very well may be a great solution for you. Corey's website is very helpful - check it out.

San Francisco Real Estate - South Park

The South Park neighborhood is wonderful - no Cartman to be found. This tucked away street encircling a wonderful little park is predominantly commercial space with a few apartments scattered around. If you are looking for the hub of the architectural firms in San Francisco - go to South Park. There is a 2,000 square foot space for lease perfect for a great neighborhood restaurant. We spent a couple hours today at a charming French restaurant snacking on pate and tasty sourdough bread. No crowds, wonderful weather and a vibrant little street - that is what makes so many of San Francisco's neighborhoods so desirable.

Foreclosures San Mateo County

I just got a call from an investor friend of mine who was at this morning's San Mateo County home auction. The auction was delayed because the crowd became too big. The police had to be called to do crowd control! My thoughts - way too many people being "educated" at investor seminars on how to benefit from the foreclosures and to get rich quick. When everybody is doing it...
There are still real estate market segment where you can get very good returns, safely and not have to be fighting with mobs as if Loehman's was having a year end sale! BTW - I buy all my 100% cotton dress shirts there - 15 neck, 32/33 - in case you feel generous:-)