Cypress Hotel Cupertino Fall Open House

Thursday, October 2, 2008 from 5:30-8:00pm, the Cypress Hotel in Cupertino will host a Fall Bridal Open House. Slated are booths and tables of local vendors. My good friend Tiffany Chiang will be promoting her stunning make-up services. Web site is www.beautyexperttiffany.com - for some reason my link is not working well today!

This hotel is a great place to stay adjacent to Symantec and down the street from the Apple Computer campus. The hotel is one of the Kimpton Group hotels - all of which are phenomenal.

Well worth visiting this Thursday if you are planning a wedding anytime soon. I hear the food tasting will be....hmmm...tasty.

Santa Clara County Bank Owned Single Family Homes

List Price/Street Address/City/Bldg SqFt
1658888/15535 LOMA VISTA AV/Los Gatos/3087
1250000/1287 ECHO VALLEY DR/San Jose/3045
1175000/14550 BLOSSOM HILL RD/Los Gatos/2784
968900/2860 OLD OAK LN/Morgan Hill/4559
959900/399 S 14TH ST/San Jose/2856
929900/847 PORTSWOOD CI/San Jose/2216
865000/708 JENNY CT/San Jose/2530
854900/7108 LAHINCH DR/Gilroy/3964
835900/15760 CASINO REAL/Morgan Hill/3171
835500/1150 SHERRY LN/San Martin/2360
824900/3010 DAVID AV/San Jose/2344
819900/3463 STORY RD/San Jose/3754
819900/1110 OLYMPIC CT/Gilroy/3379
799900/5976 VIA MADERO DR/San Jose/1866
799900/10620 LA CORTE LN/Gilroy/1766
770000/14274 MULBERRY DR/Los Gatos/1248
760000/15100 SEYMOUR AV/San Martin/1975
745900/533 SEQUOIA DR/Sunnyvale/1489
745000/688 CARDIFF PL/Milpitas/2690
731405/70 PARK SHARON DR/San Jose/2922
707900/18350 DEL MONTE AV/Morgan Hill/2808
699000/3621 NORWOOD AV/San Jose/2070
690000/6208 FLOWERING PLUM RD/San Jose/1789
659900/312 KEELER CT/San Jose/2347
659900/15940 BUCHER DR/Morgan Hill/2463
649900/927 CAPE POINT PL/San Jose/2922
649900/695 HIGH GLEN DR/San Jose/2124
649900/3061 HARDING AV/Santa Clara/1732
644900/1297 EDSEL DR/Milpitas/2001
639900/3756 EVANGELHO CI/San Jose/1820
639900/645 SPRING AV/Morgan Hill/2962
629900/69 CYCLAMEN CT/San Jose/2176
629900/2696 SCOTTSDALE DR/San Jose/1824
625000/2581 GLEN HAIG WY/San Jose/2533
625000/14240 ESTHER DR/San Jose/1482
624900/7116 CERRO CREST DR/San Jose/1843
619900/321 MAPLEWOOD AV/San Jose/1290
614200/709 MINNESOTA AV/San Jose/1684
609000/6351 RASPBERRY CT/Gilroy/3002
599900/492 MAYELLEN AV/San Jose/1748
589900/1965 WOODY CT/San Jose/1772
589900/1794 PLAZA CASITAS/San Jose/2090
584900/1170 RANDOL AV/San Jose/1288
584900/2478 ARAM AV/San Jose/1481
576900/1867 CLAY ST/Santa Clara/1486
575000/775 ENRIGHT AV/Santa Clara/1558
568000/253 DOLLAR MOUNTAIN DR/San Jose/2277
554900/2042 DANDERHALL WY/San Jose/1677
551905/16610 SAN BENITO PL/Morgan Hill/2011
550900/17835 ELAINE CT/Morgan Hill/1886
550000/3630 EASTRIDGE DR/San Jose/1762
549900/16905 GALLOP DR/Morgan Hill/2160
544900/811 LORI AV/Sunnyvale/1000
536900/72 CALLE DE GUADALUPE/San Jose/1152
525000/716 SAN VICENTE DR/Morgan Hill/1649
524900/6227 BLOSSOM AV/San Jose/1232
520000/16485 DEL MONTE AV/Morgan Hill/1839
519900/1965 HIKIDO DR/San Jose/1785
517410/2420 RINCONADA DR/San Jose/1270
512373/3651 MERIDIAN AV/San Jose/1290
509900/5503 STARCREST DR/San Jose/1910
509000/329 NORWICH AV/Milpitas/1556
499900/2350 ELKINS WY/San Jose/1400
499900/795 AMANDA DR/San Jose/1812
494900/153 HAYES AV/San Jose/1862
489900.2297 FLINT AV/San Jose/1495
489900/463 RIDGEFARM DR/San Jose/1409
489000/2545 NORTHWOOD DR/San Jose/1165
487900/993 LAURIE AV/Santa Clara/1314
484900/4873 RUE LE MANS/San Jose/1793
479900/5389 ARMONK CT/San Jose/1546
475000/5738 HILLBRIGHT CI/San Jose/1409
475000/2212 NEWHALL ST/San Jose/1092
474900/461 TAYLOR DR/Milpitas/1358
474900/31 S TERRACE CT/San Jose/1521
474900/1871 CANTON DR/Milpitas/1422
471000/1196 GAINSVILLE AV/San Jose/1432
469900/840 LAS PALMAS WY/San Jose/1566
465000/1872 WALNUT GROVE AV/San Jose/1092
465000/3047 MILLBROOK DR/San Jose/1320
462900/93 SOUTHGATE CT/San Jose/1474
460000/268 SUNNYSLOPE AV/San Jose/1932
459900/1821 S CAPITOL AV/San Jose/1353
459900/1997 LOCH NESS WY/San Jose/993
455900/7816 DICKENS WY/Gilroy/1568
454900/95 AVENIDA ESPANA/San Jose/1286
450000/654 ALAMO DR/San Jose/1347
449900/2717 FLORY DR/San Jose/1660
449900/35 CANTERBURY PL/Gilroy/1813
449900/2532 BORAX DR/Santa Clara/1144
449900/9175 JACARANDA WY/Gilroy/1790
445500/71 AVENIDA ESPANA/San Jose/1360
442500/670 TATUM AV/Gilroy/2295
439000/2722 CROFT DR/San Jose/892
435000/29 CLAREVIEW AV/San Jose/1578
434900/1518 MOUNT LASSEN DR/San Jose/1659
434900/3170 GAWAIN DR/San Jose/1509
431900/4127 ROSS AV/San Jose/1100
430900/3089 MARKINGDON AV/San Jose/1579
430000/244 LEWIS RD/San Jose/1507
429900/647 N WHITE RD/San Jose/1488
429900/27 PLEASANT RIDGE AV/San Jose/1656
424900/1102 PANOCHE CT/San Jose/1548
420000/2497 BRITT WY/San Jose/1278
419900/35 S CLAREMONT AV/San Jose/1332
419900/860 TOYON AV/San Jose/1489
419000/1878 CLARICE DR/San Jose/1383
415900/2605 Ophelia Av/San Jose/1615
415000/5287 GARRISON CI/San Jose/1207
414900/910 PERRELLI ST/Gilroy/2851
411540/3115 DURANT AV/San Jose/1241
410500/2120 RADIO AV/San Jose/738
410000/1035 PALM ST/San Jose/1506
410000/3302 POMEROY CT/San Jose/1522
402900/1646 ALDRICH WY/San Jose/1246
402500/3176 HAGA DR/San Jose/1672
400000/363 RAYMOND AV/San Jose/1693
400000/3260 CURLING CT/San Jose/1326
399900/2518 GALAHAD CT/San Jose/1220
399900/1618 SUNDOWN LN/San Jose/1228
399900/404 RODEO DR/San Jose/1241
399900/511 LEIGH AV/San Jose/1056
399900/2007 EDGEBANK DR/San Jose/1790
399900/5347 GARRISON CI/San Jose/1207
394900/2224 FREYA DR/San Jose/1061
394900/566 GUERRA DR/San Jose/1496
394900/424 HEATH ST/Milpitas/1379
390900/927 HELLYER AV/San Jose/1462
389900/1674 ENESCO AV/San Jose/1114
389900/870 LOCUST ST/San Jose/1260
389900/735 ADAGIO WY/San Jose/1600
389500/8940 TAOS WY/Gilroy/1886
384500/7685 WREN AV/Gilroy/1839
382500/2051 MABEL AV/San Jose/1711
382500/268 DOLLAR MOUNTAIN DR/San Jose/1281
379900/777 RAMONA WY/Gilroy/1924
379900/2143 BAYHAVEN DR/San Jose/1393
379900/878 COTTON TAIL AV/San Jose/1120
379900/441 RODEO DR/San Jose/1062
379900/569 BASIN CT/San Jose/2020
379845/1930 WAVERLY AV/San Jose/1040
377000/965 ORTEGA CI/Gilroy/1944
375250/2736 TANGLEWOOD DR/San Jose/1228
374900/1629 HONEYSUCKLE DR/San Jose/2087
373900/1590 N MCGINNESS AV/San Jose/1120
370405/195 MOORE DR/San Jose/1275
369900/3335 MOUNT LOGAN DR/San Jose/1130
369900/10337 SINGLETON RD/San Jose/1417
369900/641 SERENADE WY/San Jose/1265
369900/2381 BARLOW AV/San Jose/1073
369900/1482 E CALAVERAS BL/Milpitas/960
369000/228 DALE DR/San Jose/1046
368000/1915 DECATUR DR/San Jose/960
364900/283 E SAINT JAMES ST/San Jose/1399
361000/1182 HERALD AV/San Jose/1303
359900/388 WHIRLAWAY DR/San Jose/1440
359900/421 N 20TH ST/San Jose/1148
359900/3877 EZIE ST/San Jose/1123
359900/3601 KERWOOD WY/San Jose/1387
357900/4883 SNOW DR/San Jose/990
357100/3833 KAUAI DR/San Jose/1200
349900/135 N 9TH ST/San Jose/984
349900/4430 LULLABY LN/San Jose/1137
347900/1707 CRUCERO DR/San Jose/1214
347500/3189 BOURGEOIS WY/San Jose/1062
345000/2571 BRENFORD DR/San Jose/1220
344000/3003 MARKINGDON AV/San Jose/1188
342900/584 COYOTE RD/San Jose/1137
340755/1723 VISTA GLEN CT/San Jose/1094
340000/156 S 34TH ST/San Jose/1324
339900/2098 NEWTON AV/San Jose/1575
339000/3193 BOURGEOIS WY/San Jose/1176
336226/881 MOSS DR/San Jose/1300
333900/4822 SNOW DR/San Jose/1056
330000/1207 TURTLEROCK DR/San Jose/1061
329900/2140 PACHECO PASS HW/Gilroy/720
329900/1310 GAINSVILLE AV/San Jose/1228
329900/324 N 20TH ST/San Jose/948
329000/10321 MEADOW LN/San Jose/992
328900/388 RODEO CT/San Jose/1241
328900/82 SUNSET CT/San Jose/1036
325000/2744 SUSSEX DR/San Jose/1015
325000/2272 BARLOW AV/San Jose/1378
324900/3468 MOUNT SAINT HELENA DR/San Jose/1650
324900/3421 BAYOU DR/San Jose/1566
324900/8477 WESTWOOD DR/Gilroy/1572
321900/80 WRIGHT AV/Morgan Hill/932
319900/2659 BRAHMS AV/San Jose/1120
319900/1828 BISCAYNE WY/San Jose/1280
318250/2453 STORY RD/San Jose/1242
314900/2101 PALM BEACH WY/San Jose/1020
314900/1601 HAVANA DR/San Jose/1040
314800/1714 LAVONNE AV/San Jose/1350
314500/195 N 34TH ST/San Jose/1172
314495/7060 ROSANNA ST/Gilroy/1350
312900/4195 SANTA RITA WY/San Jose/1123
311363/429 WILLIS AV/San Jose/1442
310500/14461 BUCKNER DR/San Jose/960
310000/358 MEADOW LNSan Jose/680
309900/504 SKALL DR/San Jose/1113
309900/1685 MARSH ST/San Jose/1670
305900/1536 BAHAMA WY/San Jose/1040
305000/10265 RYAN ST/San Jose/1163
304900/4571 RHAPSODY WY/San Jose/907
304475/10284 CHRISLAND CT/San Jose/1212
304000/5094 SNOW DR/San Jose/1104
299950/2162 INMAN WY/San Jose/960
299900/773 COTTON TAIL AV/San Jose/1200
299900/1788 TERILYN AV/San Jose/1306
299900/157 N 24TH ST/San Jose/960
299900/1307 HOPKINS DR/San Jose/1363
299900/10292 MURTHA DR/San Jose/1154
294900/187 ROTHROCK DR/San Jose/933
294900/2744 OTHELLO AV/San Jose/1043
294500/1262 SUNDOWN LN/San Jose/1041
289900/2090 INMAN WY/San Jose/960
289900/1334 WOODALE CT/San Jose/1040
289900/5289 DISCOVERY AV/San Jose/1295
289900/20 S 20TH ST/San Jose/1247
289900/171 UNION ST/San Jose/912
289900/1886 DARWIN WY/San Jose/960
284950/3510 PITCAIRN WY/San Jose/1106
284900/1239 TURTLEROCK DR/San Jose/1061
284900/1689 CRUCERO DR/San Jose/1404
280000/10151 MEADOW LN/San Jose/960
279900/1889 SARASOTA WY/San Jose/1380
279900/2045 KILCHOAN WY/San Jose/1329
275000/349 WOOSTER AV/San Jose/1042
274900/1451 TERILYN AV/San Jose/1178
274900/1590 WHITTON AV/San Jose/1088
274900/962 SINBAD AV/San Jose/1242
274500/1409 GLENA CT/San Jose/1061
270750/7430 ROGERS LN/Gilroy/1204
265900/180 ROTHROCK DR/San Jose/1054
264900/10036 KENILWORTH WY/San Jose/840
261250/10351 ATHENE DR/San Jose/1009
261250/10090 ENDFIELD WY/San Jose/840
259900/224 W VIRGINIA ST/San Jose/872
259900/316 WILLOW ST/San Jose/1242
254900/10286 EARLANDER ST/San Jose/992
250000/1751 TERILYN AV/San Jose/960
249000/1628 CHRISTOPHER ST/San Jose/960
239900/459 HADLEY CT/Gilroy/1091
229900/1475 BAL HARBOR WY/San Jose/910
219900/7151 ROSANNA ST/Gilroy/1058
219000/870 STATE ST/San Jose/996
195500/1027 N 12TH ST/San Jose/600
189900/806 GILCHRIST WW #3/San Jose/903

Campbell's Soup - Biggest % Gainer Today

Sad and Ironic:

Today's Biggest Losers:

Wachovia - down 82%
Sovereign Bancorp - down 72%
National City Corp - down 63%
Fifth Third Bancorp - down 43%
Regions Financial Corp - down 41%

Today's Biggest Gainer:

Campbell Soup Company - up 0.3%

I'm curious to see if the cardboard box companies did well today too...

Ok, I'm a bit sarcastic today. But..."When life gives you Lehmans..."

What's Happening In Cupertino?

This is what's happening!! A great 1 bedroom 1 bathroom bank owned condo just went on the market this past week. Perfect place for a first time home buyer! This complex is very well maintained, the unit is a second floor unit which is in very good condition. The complex has a community pool and is very nicely landscaped. Please contact me for more information on bank owned homes,condos, and even investment opportunities.

Excellent Duplex Investment Opportunity in Campbell

Totally remodeled duplex with all new kitchen including maple cabinets, and granite counters. The bathrooms have double sinks with maple and granite, new lighting, hardwood/title floors, double pane windows, plantation blinds, new doors, new furnace and water heater, new copper pluming, new garage doors, large private yards that have been newly redone. This is an excellent investment opportunity in a great location. Both units are vacant and ready for new owner/tenant. List Price $859,000. For more information or tour please contact my assistant krasmussen@interorealestate.com.

West Valley Bank Owned REOs Condos, Townhouses and Single Family Homes

Call me if you want to tour any of these great opportunities:

15535 LOMA VISTA AV
Detached Single Family (Class 1)
4 bed(s) /4+ bath(s)
Los Gatos (Los Gatos)
$1,658,888


14550 BLOSSOM HILL RD
Detached Single Family (Class 1)
6+ bed(s) /4+ bath(s)
Los Gatos (Los Gatos)
$1,175,000

3010 DAVID AV
Detached Single Family (Class 1)
5 bed(s) /3 bath(s)
Campbell (San Jose)
$824,900

14274 MULBERRY DR
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
Los Gatos (Los Gatos)
$770,000

533 SEQUOIA DR
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
Sunnyvale (Sunnyvale)
$745,900

2409 FORDHAM DR
Detached Single Family (Class 1)
3 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$649,000

1183 TOPAZ AV
Detached Single Family (Class 1)
4 bed(s) /2 1/2 bath(s)
San Jose (San Jose)
$639,000

14240 ESTHER DR
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
San Jose (San Jose)
$625,000

321 MAPLEWOOD AV
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
San Jose (San Jose)
$619,900

2478 ARAM AV
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
San Jose (San Jose)
$584,900

1867 CLAY ST
Detached Single Family (Class 1)
3 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$576,900

775 ENRIGHT AV
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$575,000

3234 RIDDLE RD
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
San Jose (San Jose)
$560,000

5058 JARVIS AV
Detached Single Family (Class 1)
3 bed(s) /2 bath(s)
San Jose (San Jose)
$554,900

811 LORI AV
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
Sunnyvale (Sunnyvale)
$544,900

3651 MERIDIAN AV
Detached Single Family (Class 1)
3 bed(s) /2 bath(s)
San Jose (San Jose)
$533,500

5755 WALTRIP LN
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
San Jose (San Jose)
$499,900

993 LAURIE AV
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$487,900

5104 WESTMONT AV #17
Townhouse (Class 2)
2 bed(s) /2 1/2 bath(s)
San Jose (San Jose)
$470,000

1872 WALNUT GROVE AV
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
San Jose (San Jose)
$465,000

2533 BORAX DR
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
Santa Clara (Santa Clara)
$459,000

2200 AGNEW RD #105
Condominium (Class 2)
2 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$445,000

4127 ROSS AV
Detached Single Family (Class 1)
3 bed(s) /1 1/2 bath(s)
San Jose (San Jose)
$431,900

3323 BENTON ST
Condominium (Class 2)
4 bed(s) /2 1/2 bath(s)
Santa Clara (Santa Clara)
$415,000

870 FREMONT ST #105
Condominium (Class 2)
2 bed(s) /2 1/2 bath(s)
Santa Clara (Santa Clara)
$399,000

3588 PAYNE AV #14
Condominium (Class 2)
3 bed(s) /2 bath(s)
San Jose (San Jose)
$320,000

946 KIELY BL #E
Condominium (Class 2)
2 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$314,900

4908 CALLE DE ESCUELA
Townhouse (Class 2)
2 bed(s) /1 1/2 bath(s)
Santa Clara (Santa Clara)
$314,900

4685 ALBANY CI #121
Condominium (Class 2)
1 bed(s) /1 bath(s)
San Jose (San Jose)
$314,900

3598 PAYNE AV #00009
Condominium (Class 2)
3 bed(s) /2 bath(s)
San Jose (San Jose)
$289,900

Medical/Dental Office Building For Sale

4533 Mattos Drive

Fremont, CA

$100,000 PRICE REDUCTION

Features:

• Offered at $1,650,000
• 5,000 Sf available
• Situated on large 15,500+ SF parcel
• 21 Reserved parking spaces
• Surrounded by professional office, medical and dental buildings
• Recent upgrades on reverse

Recent upgrades include

• Interior paint
• Carpeting
• Dishwasher
• Water heater
• Lower windows (sliders) on exterior of building
• Data and phone wiring to cubicales
• Built-in cabinets in reception area, work area and break room

For more information please contact mario@interorealestat.com

Multi-Tenant Office Building- FOR SALE

1155 North First Street

San Jose, CA

Premier Downtown location with an excellent tenant profile. Office building is just seconds away from San Jose Airport, and very close to highway 880,280,101, and 87. This location is walking distance to many restaurants and is a historically strong business area. The building is beautifully landscaped with tall redwood trees. V.T.A. light rail is located directly in front of building.

• Offering Price: $7,500,000
• Building Square Footage: 30,720
• Parcel Size: 1.65 Acres
• Parking Spaces: 115+ 4 disabled
• Parking Ratio: 3.74/1000 sq ft
• Year Built: 1981
• Cap Rate: 5.70%
• Price/Bldg Sq Ft: $244.14
• Price/ Rentable Sq Ft: $254.24
• Gross Income (Actual 2007): $634,116
• Expenses (Actual 2007): $206,426
• N.O.I. (Actual 2007): $427,690

For further information please contact

Mario@interorealestate.com

Ph: 408-342-3155

Active Single Family Homes in Santa Clara County

Please click the above spreadsheet to view active single family home/townhomes/condo's in Santa Clara County. For further questions please contact mario@interorealestate.com.

Evergreen, Alum Rock, Berryessa, Central San Jose, South San Jose, Blossom Valley - all have had dramatic increases in inventory over the last year and a half. This is of course where a bulk of the short sales and foreclosures are. This is also where the deals are if you can ride out the storm.

Principle Residence Exclusion

Updated: Amendment to §121 May Affect §1031 Exchange Planning
NORTHERN CALIFORNIA REGION

Author: Ron Ricard, CES®, Asst. Vice President, Sales Manager

The housing Assistance Tax Act of 2008, signed by President Bush on July 30, 2008, includes a modification to the Section121 exclusion of gain on the sale of a primary residence.This modification may affect taxpayers who exchange into a residential property, and then later convert the property to a personal residence, as explained below.

Under Code Section 121, a taxpayer can exclude up to $250,000 ($500,000 for married couples filing jointly) of gain realized on the sale of a principal (primary) residence if they have owned and occupied the residence for two years during the five year period preceding the date of sale. Gain related to depreciation deductions taken on the property since May 6, 1997 is
not eligible for exclusion.

Effective January 1, 2009, the exclusion will not apply to gain from the sale of the residence that is allocatable to periods of “non qualified use.” Non qualified use refers to periods that the property is not used as the taxpayer’s principal residence. This change applies to use as a second home as well as a rental.

How does this affect 1031 planning? Suppose the taxpayer exchanged into the residence and rented it for four years, and then moved into it and lived in it for two years. The taxpayer
then sold the residence and realized $300,000 of gain. Under prior law, the taxpayer would be eligible for the full $250,000 exclusion and would pay tax on $50,000. Under the new law, the
exclusion would have to be prorated as follows (the example does not take into account deprecation taken after May, 1997, which is taxable anyway).

Four-sixths (4 out of 6 years) of the gain, or $200,000, would be ineligible for the $250,000 exclusion.

Two-sixths (2 out of 6 years) of the gain, or $100,000, would be eligible for the exclusion.

Importantly, non qualified use prior to January 1, 2009 is not taken into account in the allocation for the non qualified use period (but is taken account for the ownership period). Thus, suppose the taxpayer had exchanged into the property in 2007, and rented for 3 years until 2010 prior to the conversion to a primary residence. If the taxpayer sold the residence in 2013 after
three years of primary residential use, only the 2009 rental period would be considered in the allocation for the non qualified use. Thus, only one-sixth (1 out of 6 years) of the gain would be ineligible for the exclusion.

In general, the allocation rules only apply to time periods prior to the conversion into a principal residence and not to time periods after the conversion out of personal residence use. Thus, if a
taxpayer converts a primary residence to a rental and never moves back in, and otherwise meets the two out of five year test under Section 121, the taxpayer is eligible for the full $250,000 exclusion when the rental is sold. This rule only applies to non qualified use periods within the 5 year look back period of Section 121(a) after the last date the property is used as a principal residence. Therefore, if the taxpayer used the property as a principal residence
in year one and year two, then rented the property for years three and four, and then used it as a principal residence in year five, the allocation rules would apply and only three-fifths (3 out of 5 years) of the gain would be eligible for the exclusion.

Peninsula Investment Forum Marketing Meeting

PENINSULA INVESTMENT FORUM
MARKETING MEETING
Guest Speaker: Michael Pierce, President, Prodesse
Michael Pierce is the co-founder and President of Prodesse Property Group. Prodesse was founded in 1993 to provide professional management services to the owners of income properties, and now manages over $250 million in real estate assets in San Mateo, Santa Clara and Santa Cruz counties. In 2005 the principals of Prodesse formed Prodesse Investments, which invests in B and C class apartment buildings and is currently looking for rehap opportunities. Michael will give us an update on the Silicon Valley apartment market and his
prognosis for 2009. He will also discuss his current investment strategy and acquisition criteria.
MODERATOR: JACK TURTURICI
SPERRY VAN NESS TURTURICI PROPERTIES
DATE: September 23, 2008 (fourth Tuesday of each month)
LOCATION: FIRST AMERICAN TITLE
***PLEASE NOTE NEW ADDRESS: 1700 South El Camino Real
San Mateo, CA
AGENDA: 7:45 A.M. NETWORKING
8:00 INTRODUCTIONS
8:10 PROPERTY PRESENTATIONS
8:15 GUEST SPEAKER
THE PENINSULA INVESTMENT FORUM provides the opportunity to market your exclusive for sale listings to professionals in the commercial investment real estate community. Please bring 40 copies of your package for presentation. Please also email Neil Santiago with your available properties for sale at neil.santiago@bridgebank.com. Minimum purchase price of $750,000.
Sponsored by:
Paul Monaco-First American Title (408) 451-7871
Mary Kay Kennedy-First American Exchange (800) 833-4343
Neil Santiago-Bridge Bank (650) 462-8522
Janine McCaffery-ABD Insurance (650) 678-6661

San Jose Rock & Roll Half Marathon

All you runners out there: time to sign up for this great event in San Jose. On a hopefully clear and cool Sunday morning 13 days from now on October 5, 2008, you and some 13,000 other runners will line up to cruise through 13.1 miles around downtown San Jose and the Rose Garden. Highlights of the course are: City Hall, Japan Town, the juvenile detention facility (kidding), San Pedro Square, a concert at HP Pavilion, University Avenue and a final run down The Alameda with a finish at Plaza de Cesar Chavez (where the snake statue is). The Rock & Roll 1/2 Marathon San Jose will be another great event for our town. Also keep in mind the Silicon Valley Leadership Group's Turkey Trot (their race site is not up yet) on Thanksgiving morning - a light 10k before stuffing yourself and watching football. If anyone wants to run with me, drop me a line. I will have a good group of runners for both events.

Palo Alto 6 unit Apartment Building

Phenomenal deal on Emerson in Palo Alto. 6 units, all large 2 and 3 bedroom units - in a great location - this would be a wonderful TIC for 6 enterprising buyers. Good sized building of 5,520 square feet - makes for decent sized units. Offered at $1,895,000.

When life gives you Lehmans....

Fantastic quote from super blogger Dave Pell of Davenetics in San Francisco. It's apropos to a lot of things going on these days in the financial world. Any definitions that you would suggest? Comments appreciated. Or let's just call it our own "moment of Zen".

Excellent Bank Owned Deals In Almaden Valley

Very nice 4 bedroom, 3 bathroom home in the desirable Almaden Valley neighborhood. This home has dramatic sweeping staircase, high ceilings, hardwood floors, fireplace, patio, and large yard. Bank Owned. Listing price $974,900

Gorgeous bank owned home in a very nice neighborhood. The kitchen has been newly remodeled with granite counter tops , hardwood floors, separate living room, formal dining room, family room with Brazilian Cherry wood floors, two fireplaces, spacious master suite, large attic, berber carpets, and much more to enjoy. This is a must see!!!List Price $1,099,900.

New Construction Townhomes near Santana Row

There are 4 very nice new townhomes for sale on Boynton between Saratoga Avenue and San Thomas Expressway. 2 homes over 2,000+ square feet, 4 bedrooms, 2.5 baths for $699,950 each. The other two homes are 1567 square feet, 3 bedrooms, 2.5 baths for $599,950 each. Very good pricing for the location and new construction. All have 2 car garage parking. Very nice granite counter tops, elegant kitchens. Great floorplans and convenient location. Call for a tour before these get snapped up!

Sunnyvale Walgreens Asking Price $10,240,000

Construction is Complete

Walgreens

Sunnyvale, CA

• Freestanding Walgreens
• Lease is 75 year NNN lease; 14,820 square feet with drive thru
• A rare 10% increase every 10 years
• Walgreens was ranked #1 among food & drugstores by Fortune Magazine Most Admired Corporations in America (2006)
• Strong neighboring tenants (Best Buy & PetSmart)
• Price $10,240,000 or a 5.5% CAP-$563,160 Annual Income, Year 11-$619,476 Annual or a 6.1% CAP

Excellent Reo Single Family Listing

Come take a look at this very nice newer Evergreen home. The list price is an excellent deal in this area for a 3 bedroom, 2.5 bathroom home. Perfect for everyone!! Serene backyard with no rear neighborhood and a shed for extra storage. Easy access to freeways, parks and much more. Bank owned/Reo. List price $499,900. Please contact me for further information.

Home Buyers Workshop

Santa Clara University Townhome Short Sale

If you are:

1. an investor

2. a proud SCU parent

3. a financially secure student

4. appreciative of the SCU area

5. respective of a good deal when you see one

Then quickly consider this 2 bedroom, 2 bath townhouse a few blocks from campus. 1,200 square feet with low HOA dues of $134!. Rents are always higher around dense campuses like SCU - I should know, I paid through the nose when I was going there. This home is offered at $365, 950 subject to bank approval of the short sale. Call me to tour and to write an offer.

Walk to Santana Row Short Sale Duplex

Well, don't walk in three inch heels... Nice location duplex, both sides 2 bedrooms and 1 bath. Offered at $629,000. One loan with Countrywide. 1,638 square feet on a 8,712 sqft lot. Garage parking. Very nice condition inside. This is a well-priced duplex deal in a great rental location. Good property to owner occupy too. Call me for a tour right away!

Bank REO home near Santana Row

Perfect home for a first time buyer near Santana Row. This home has 3 bedrooms and one bath with a nice sized two car garage. It sits on over 9,400 square foot lot! Perfect home for expansion. Walk to Valley Fair, Santana Row or the Century Theatres. Listing price $619,900. For more information about this listing or to get more information on bank owned/REO listings please contact mario@interorealestate.com.

Santa Clara County Inventory Trend by MLS

Santa Clara County Inventory Trend

Please click the spreadsheet to see a larger view

Mortgage Rate Update and Commentary

Thanks to the move by the US Treasury Department on Sunday to take over Fannie Mae and Freddie Mac mortgage rates got a great boost this week. Because the government is now backing the Fannie/Freddie bonds, this action created a tremendous surge in demand for them. High demand for bonds drives up bond prices, and the result is rates improved on Monday by 0.50% in rate for almost all conforming fixed rate products.

Since Tuesday rates have increased by about 0.125% in rate, but I believe this increase will be short lived and here’s why. Mortgage Bonds peaked after a fantastic run over the past four weeks. The bond market never moves in a straight line similar to the stock market. There are ups and downs, but it is somewhat predictable as to the general trend. So what’s happening is traders are taking some profits they’ve gained in the past several weeks and bond prices dropped in each of the past four days. This is illustrated by the graph of Mortgage Bond pricing below. The green days are positive for bond prices and mortgage rates, and the red days are negative for bond prices and rates.

There is no good reason for bond prices to get worse over the past four days, other then just being over bought. ALL the signs point to better pricing for mortgage bonds and lower interest rates. Here are the signs I’m seeing:

Price of Crude Oil is BELOW $100 / Barrel
Wholesale prices fell for the fist time this year
Producer prices dropped and was the sharpest decline in 2 years
Retail sales for Aug. was down
Consumer sentiment was higher than expectations
Unemployment is rising

All of this points to greener pastures ahead. We will see some ups and downs along the way, but the general trend should be for better rates over the next weeks and months if the current trend continues.

Property List For Week 9-11

Address/List Price
119 13TH (S), SAN JOSE;5/3;2463 $590,900

391 13TH ST (NORTH), SAN JOSE DUPLEX 4/2;2160 $439,900
484 14TH (N) STREET, SAN JOSE 3/2;924 $354,500
237 33RD (S) STREET, SAN JOSE 3/2;1148 $353,900
535 68TH AVENUE, OAKLAND 5/2/2107 $279,900
2268 80TH AVENUE, OAKLAND 4/2/1313219 $165,000
1463 81ST AVENUE, OAKLAND 3/1;900 $179,900
1746 96TH AVENUE, OAKLAND 3/1;1060 $141,466
812 105TH AVENUE, OAKLAND 2/1;884 $99,900
1820 105TH AVE., OAKLAND 3/1;1522 $259,900
1880 ANNE MARIE COURT, SAN JOSE 4/2;1434 $459,900
1728 BERRYWOOD DR, SAN JOSE 3/1;900 $279,900
14540 BLOSSOM HILL RD., LOS GATOS 4/2.5;2193 $999,999
2509 BORAX DRIVE, SAN JOSE3/2;1545 $546,000
426 CALIENTE DRIVE, SAN LEANDRO $239,900
437 CAMILLE CIRCLE #16, SAN JOSE 3/2.5;1307 $599,000
1012 CAMIELLIA DRIVE, ALAMEDA 3/2;1623 $659,900
2110 CORKTREE LANE, SAN JOSE 5/3;1772 $509,575
790 DIADEM DRIVE, SAN JOSE 3/1;1141 $285,000
1058 DURNESS PLACE, SAN JOSE 3/2;1238 $339,900
2802 EAST AVENUE, HAYWARD 5/3;3412 $525,000
2575 EASTON WAY #84 SAN JOSE $197,900
130-132 EASTWOOD COURT, SAN JOSE4/2;1493 $349,900
1401 EXCELSIOR AVENUE, OAKLAND; 3/1, 1200 $414,900
2466 GOLZIO COURT #4, SAN JOSE 2/1;798 $184,500
401 GRANT (S) STREET, SAN MATEO 3/1;1040 $664,900
2816 HIDDEN LANE, HAYWARD 3/2;1800 $519,900
3265 HILLS DRIVE (EAST), SAN JOSE 3/2;1496 $349,900
980 IROQUOIS AVENUE, LIVERMORE 3/2;1282 $299,900
6371 JOAQUIN MURIETA AVE #A, NEWARK 2/1.5;1132 $279,900
5510 JUDITH STREET, #1 SAN JOSE 2/1;810 $194,900
10090 KENILWORTH WAY, SAN JOSE 3/1;1024 $284,900
706 LAKEFAIR DRIVE, SUNNYVALE 3/2;1108 $459,900
3009 LA TERRACE CIR #70 SAN JOSE 2/1; 904 $314,900
3785 LAMOUREUX ST, SAN LEANDRO 3/2;1517 $379,900
4942 LEIGH AVENUE, SAN JOSE 3/2;1110 $498,900
2751 LONE BLUFF WAY, SAN JOSE 3/1.5;1075 $239,900
4536 LAS LOMITAS DRIVE, PLEASANTON 3/2;1249 $489,900
520 MACARTHUR AVENUE, REDWOOD CITY 2/1;1030 $399,900
1070 MARYANN DRIVE, SAN JOSE 3/1.5;1156 $545,000
19553 MEEKLAND AVENUE, HAYWARD 3/3;1332 $308,750
708 MINER ROAD, ORINDA 4/3.5;3557 $1,499,900
6223 MONADNOCK WAY, OAKLAND 2/1;957 $160,000
2861 MOUNT DIABLO STREET, CONCORD 3/2;1281 $239,900
1540 MOUNT SHASTA DRIVE, SAN JOSE 3/2;1198 $339,530
593 OLDBROOK COURT, SAN JOSE 4/2;1220 $299,900
ADDRESS LIST PRICE
1775 PANDA WAY #342, HAYWARD 2/2;900 $199,900
1260 PERMATA COURT, SAN JOSE 1/1;696 $164,900
3453 PISTACHIO DRIVE, SAN JOSE 3/1.5;1157 $174,900
30 POTEL TERRACE, FREMONT 3/2.5;1663 $513,900
75 RANCHO DRIVE, SAN JOSE 2/2;991 $199,900
2144 RIO GUACIMAL COURT, SAN JOSE 3/1.5;1180 $190,000
1625 SAN ANTONIO ST (EAST), SAN JOSE 2/1;625 $224,900
130 SAN FERNANDO (EAST) #402, SAN JOSE 2/2;1622 $543,200
2827 SAN JUAN BLVD., BELMONT 3/3;2380 $630,500
1617 SCOTTY STREET, SAN JOSE 3/1;960 $244,900
335 SENTER ROAD, SAN JOSE 3/2;1473 $427,500
125 SERRAVISTA AVENUE, DALY CITY 4/3/2080 $742,900
1196 SHORTRIDGE AVE., SAN JOSE; 2/1.25, 1672 $339,000
374 SPARLING DR, HAYWARD 3/2;1747 $259,900
5503 SPINNAKER DR #4 SAN JOSE 2/1; 798 $190,000
5054 SNOW DRIVE, SAN JOSE 3/1;1104 $274,900
260 SUNSET BLVD. #39, HAYWARD 2/1.5;1016 $164,900
1436 TAPER, SAN JOSE 4/2.5;1728 $399,900
1451 TERILYN AVE, SAN JOSE 3/2;1178 $319,900
5836 THORNTON AVENUE, NEWARK 4/2;1503 $429,900
1505 TURANDOT COURT, SAN JOSE 2/1.5;988 $227,900
2835 WILSON COMMON, FREMONT 3/2.5;1748 $469,900
646 WOODLAND TERRACE, SAN JOSE 4/3;2232 $599,900
2271 WOODRANCH ROAD, SAN JOSE 5/3;2449 $775,000

NCalCCIM Silicon Valley District Meeting

NCalCCIM Silicon Valley District Meeting

Silicon Valley Update, Sunnyvale becomes a developerThis meeting’s speakers will give you an excellent picture of what is going on in Sunnyvale and the Silicon Valley and will help you identify economic and commercial real estate trends.Connie Verceles – Sunnyvale Economic Development Director. Connie will give an update on the exciting changes going on within Sunnyvale. Some of the topics covered will be the new Sunnyvale Town Center mall with over 1 million square feet of retail, 275,000 sq feet of office and 292 residential units in a huge mixed use development. Other topics will include over 3 million sq feet of office development projects in Moffett Park and the closure of Onizuka Air Force station and possible uses for it.Kara LaPierre – Joint Venture Silicon Valley Executive Director of the Economic Development Alliance. Kara will speak about the region’s economy, what the economic development community is doing, and what it all might mean to the commercial real estate industry. Most South Bay cities are part of Joint Venture Silicon Valley and you will learn about the issues affecting the South Bay economy.Coffee will be served and the meeting is free of charge.

WHEN
Tuesday, September 23, 2008 8:30 AM - 10:30 AM

WHERE
UCSC Extension-Sunnyvale
1180 Bordeaux Drive
Sunnyvale, CA

View Event Summary

View Event Agenda

RSVP
Monday, September 22, 2008

Mario@interorealestate.com

Sharon Heights Condo Listing Price REDUCED

Recently just relisted and REDUCED IN PRICE is a beautiful 1860 square foot, 2 bedroom, 2 bath condo in prestigious Sharon Park complex in west Menlo Park. Drive through the fairways to reach your quiet, idyllic, serene home. Walk to the pool and spa. The home features a very large master bedroom suite with two walk in closets AND two additional closets. The master bath has two entrances - one for each of you. A private deck looks over the rolling hills and the golf course - at an appropriate distance of course. Large living room & dining room perfect for entertaining. Two parking spaces in the underground garage. This is a great value in the very hot Menlo Park market. Offered at $959,000. Please contact my assistant if you would like a tour krasmussen@interorealestate.com .

Cambrian/San Jose Bank Owned Home

With a little TLC this is an excellent house and the price is just right. It is a bank owned home in the Cambrian/San Jose area, listing price $499,900. This home is a 3 bedroom 2 bathroom with a very nice front yard on an excellent street. For more information on bank owned homes or this specific property please contact krasmussen@interorealestate.com

Bay Area Apartment Brokers Forum: Guest Speaker - Puneet Singh, Nuisance Tenants

Group: Bay Area Apartment Brokers Forum - Established 1986 - (22 Years)
Guest Speaker: Puneet Singh - Managing Partner, Kimball, Tirey & St. John LLP
Topic: Nuisance Tenants 2008
Date: Wednesday, September 10, 2008 - 8 AM
Place: First American Title Company, 1737 North First St., San Jose
Breakfast: Continental Breakfast - no charge - First American Title/Exchange
Chairman: Richard Domich - CB Richard Ellis
Vice Chairman: Keith Suddjian - Cornish & Carey
Membership: Kari Noomen - Washington Mutual
Sponsor: Mary Kay Kennedy - First American Exchange
Sponsor: Joe Campi - First American Title
Sponsor: Paul Monaco - First American Title
Note: All present will have an opportunity to present their listings, buyer requirements, as well as their analysis of current events and market trends that directly effect the multi-housing (apartment) industry in Silicon Valley and greater Bay Area.
Adjournment: 9:30 AM
Oct. 8, 2008 Ken Orvick - Apartment Management Issues 2008
Nov. 12, 2008 Michael Thomas - How Technology is Changing Real Estate
Dec. 10, 2008 Robert Meyer - Tenant-In-Common Update - Proposed NAR Exemption

Fannie Mae & Freddie Mac

Interesting how two pseudo-government agencies, are now owned by the US Government. Seems as if they were guaranteed by the Fed, that it would suffice. Of course not. Guarantees were only for a small amount of loans - which was the assumed risk factor. The guarantee was never for a system that was about to implode due to wild speculation being generated from Wall Street (for the rationale and map of this statement - it was covered months ago). The FDIC too was formed to give confidence to bank depositors - that security as we all know now was like a carefully worded insurance policy with many limitations and outs for the insurer.
OK, enough Monday morning rambling - what does this mean for you and me? Interest rates will come down - confidence in the market has just improved. Lower interest rates will boost home sales. And more loan products will eventually enter the market. The loans that are highly anticipated are short term loans for people who lost their homes to foreclosures. This is always the case after a downturn in the market. When that happens, the market will again begin to percolate.

REO homes today

It is amazing what can be purchased in Milpitas, Berryessa, Evergreen, South San Jose and Blossom Valley now under $500,000. I just showed 11 homes this afternoon and all were well priced bank owned homes in decent locations and almost decent condition. Time to start taking advantage of a market that has been finally beaten up to deliver good deals.

Reo-Bank Owned Campbell Single Family Home

Lucky buyer will live in beautiful Campbell in a very desirable neighborhood. The home needs some work and updating but has great potential to fix up just how you like. This home is spacious with a separate family room, bright kitchen, with larger backyard and bedrooms. Reo-Bank owned property, Listing price $639,000

Top 10 Wealthiest Cities in America

Did you know Sunnyvale is one of the Top 10 Wealthiest Cities in America??

Quick Facts

Population: 140,516

Wealth index: 11.00 points

Note: Positive score indicates local wealth is higher than normal; negative score, lower than normal.

Wealth profile (Ranks in parentheses)

Per capita income: $38,058 (13th of 261)

Median Household income: $79,926 (11th o 261)

Incomes of $200,000 or more: 8.5% (12th of 261)

Upper 20% threshold for income: $148,437 (6th of 261)

Median home value: $708,700 (7th of 261)

Upper 25 threshold for home value: $900,700 (8th of 261)

Note: Study group includes 261 communities with populations above 100,000.

Save Mart Anchored Shopping Center in Fresno, CA

Figarden New Town

Fresno, Ca

• Purchase Price: $10,270,577
• Cap Rate: 7.25%
• Building Area: 36,461 SF
• Building $/PSF $261
• Year Built 2001
• Occupancy: 87%
• Anchored by newly renovated Save Mart supermarkets
• Tenant Mix includes Carl's Jr., Kragen, Starbucks, Subway, H&R Block, Advance America
• Offering includes Jiffy Lube ground lease
• Neighboring tenants include Walgreens, Ave Hardware, Golden One Credit Union
• Traffic Exposure on Figarden Drive: 55,144 cars per day
  

Bay Area Apartment Brokers Forum, Wednesday, September 10, 2008

Group: Bay Area Apartment Brokers Forum - Established 1986 - (22 Years)
Guest Speaker: Puneet Singh - Managing Partner, Kimball, Tirey & St. John LLP
Topic: Nuisance Tenants 2008
Date: Wednesday, September 10, 2008 - 8 AM
Place: First American Title Company, 1737 North First St., San Jose
Breakfast: Continental Breakfast - no charge - First American Title/Exchange
Chairman: Richard Domich - CB Richard Ellis
Vice Chairman: Keith Suddjian - Cornish & Carey
Membership: Kari Noomen - Washington Mutual
Sponsor: Mary Kay Kennedy - First American Exchange
Sponsor: Joe Campi - First American Title
Sponsor: Paul Monaco - First American Title
Note: All present will have an opportunity to present their listings, buyer requirements, as well as their analysis of current events and market trends that directly effect the multi-housing (apartment) industry in Silicon Valley and greater Bay Area.
Adjournment: 9:30 AM
Oct. 8, 2008 Ken Orvick - Apartment Management Issues 2008
Nov. 12, 2008 Michael Thomas - How Technology is Changing Real Estate
Dec. 10, 2008 Robert Meyer - Tenant-In-Common Update - Proposed NAR Exemption