Happy New Year's Eve!

This year has been....____________. Fill in the blank for your most relevant description. I am sure we are all very glad to wrap up 2008. Home prices have dropped dramatically, the economy is hurting, friends have been laid off, bailouts, bank closures, investment houses disappeared, etc. etc. etc. Yuck!

And then I look at the things that I cherish. My kids, Max & Vivienne, now 10 years old. My lovely "significant other" with a smile that won't quit. My mom, grandma and other family members. My friends, coworkers, and the far flung supporters of my life and our community (from local to global). These "assets" never lose their value. In fact, they become more precious every day. I hope you have wonderful people in your life too.

It's time to be thankful for what we have and to look forward to what 2009 will bring. I wish you all a wonderful evening to wrap up this year and an awesome new year. May it be the best you can hope for. Happy New Years:-)

New Milpitas Listing

Great low pricing for 5 bedroom/2.5 bath bank-owned property!This home is 5227 sq. ft. lot, 1bedroom/1bath on 1st level, hardwood & tile floors, high ceilings in family room, very spacious backyard, open floor plan. Great neighborhood, adjacent to Milpitas Montessori school yard. Close to shopping and Hwy. 680. List price $599,845

Bank Owned 4-plex Listings In Silicon Valley

Here is a short list of some interesting bank owned REO fourplexes in the South Bay. The 5+ unit apartment market is very healthy because financing was based on the building's net operating income. The fourplex market has had the same hits that the single family sub-prime market had. So, this is where the deals are:

$869,875 1850 SOUTHWEST EXPRESSWAY, San Jose, CA 95126, 4,339 square feet
$799,900 3829 UNDERWOOD DR, San Jose, CA 95117, 3,986 square feet
$708,100 1407 CALLE ORIENTE, Milpitas, CA 95035, 2,944 square feet
$650,000 188 GRAMERCY PLACE, San Jose, CA 95116, 3,206 square feet
$529,900 1352 CARNELIAN DRIVE, San Jose, CA 95122, 3,214 square feet

Let's take advantage of the great rental market and the softness in the 4plex market.

We are tracking over 40 fourplexes in the valley alone!

Bank Owned Almaden Valley Home

Very gorgeous Almaden Valley bank owned home that has been updated throughout with remodeled kitchen and baths with new appliances, cabinets, and granite vanities. The backyard has a beautiful large in ground pool, fire pit, boat and RV parking. Excellent schools and neighborhood. List price $799,900. Please contact krasmussen@interorealestate.com for more information.

Santa Clara County Market Trend Week Ending 12/29/08

Please click on the below spreadsheets to view larger pictures of the Santa Clara County weekly stats.

30 year fixed rate near 5%

Conforming rates for a 30 year fixed were at 5.375% with zero points on Friday. This is a payment of $5.60 per $1,000 borrowed. If you pay one point, then your rate is 4.875% or a payment of $5.29 per $1,000 borrowed. This is a great time to refinance into a historically low rate.

Need a Lender For Your Rental Properties

Many investors are not able to take advantage of this great rental investment market. The reason is an arbitrary new rule that many banks have imposed. Most lenders are not making new loans to borrowers that have 4 mortgages over their whole portfolio. Heck, I have some clients with 40+ mortgages. All of those loans were taken out before this credit clamp down. We have researched and have found a good lender who is willing to lend with no limit on the number of loans. Yes, they are strict as to cash flow, debt to income, FICO, etc. And for a strong investor, this lender is ready to step up.

The interest rates would be about 5.5% full adjusted. Please call or email me and I can set you up with our great loan broker who has access to this lender.

Beautiful Willow Glen Home

Beautiful 4 bedroom, 2.5 bath Willowglen home, with open floor plan, nice size kitchen with center island, great for entertaining. Cozy family room with fireplace. Private backyard, and great neighborhood. List price $749,000.

Great Bank Owned Deal!

Very nice bank owned Blossom Hill home with an in ground pool a new remodeled kitchen with granite counter tops. This home consists of 4 bedrooms 2.5 bathrooms, family room with fireplace, breakfast nook, living room and dining room. Very nice size home of 2096 sq ft, with a lot size of 5663 sq ft. List Price $682,500

Just On The Market Bank Owned Campbell Home

Very new listing, just went on the market today and what a great deal it is. A bank owned 3 bedroom 2 bathroom spacious single family home located in lovely Campbell. The kitchen has a separate range top with newer counter and cabinets. Fireplace in living room that has added comfort and coziness to the home. For more information please contact krasmussen@interorealestate.com.

Recently "REDUCED" Cambrian Home

Great 4 bedroom/2 bath home in a great neighborhood with good schools and a lot of home for the price. This home is a bank owned and originally listed for $639,900 and recently reduced to $574,900. Spacious updated kitchen and large separate family room with fireplace. Come see for yourself!!

1st Time Buyer Seminar Dec. 17th

Please come join us tonight for our monthly Home Buyers Workshop seminar. You may bring you client who benefit a great amount of information. We hope to see you there!!

Santa Clara County Market Trend Update

Please click the above spreadsheets to view larger pictures

Country Cottage-Style Bank Owned Home

Very gorgeous Cottage-style bank owned home with nice wood railing porch. Country french kitchen with granite counters, island, and double ovens; updated baths, hardwood floors, crown moldings, two fireplaces, front room bay window with plantation shutters, huge enclosed patio sun room, deck off master bedroom with spa/hot tub. List Price $630,000. San Jose, Ca. For more information contact my assistant krasmussen@interorealestate.com.

Apartments For Sale

Apartments For Sale

9 Units In Great Central Coast Location

Aptos, California

Located on a quiet neighborhood setting in the desirable Seacliff Beach area, the property is just across Highway 1 from Cabrillo College and walking distance to some of the best beaches in Santa Cruz County. This building was built in approximately 1962 and the interior and exterior of the property has been well maintained.

• Asking Price $1,795,000
• Unit Description- The property consists of two-story building with a total of 9 units, 6-2 bedroom/1 ba, 2-1 bedroom/1 ba, & 1 studio
• Improvement Size- 5,578 sq ft
• Lot Size 8,189 sq ft
• Parking- 9 reserved covered spaces in a tuck-under carport

Please contact mario@interorealestate.com for more information.

Mervyn's Bankruptcy Leases Purchased by Kohl's & Forever 21

Good locations trump bad economic times.

I'm leading with the moral of the story. I know that is bass ackward. Although this market is somewhat that way too. So, it makes sense!

Have you seen a Forever 21 store? I have, they do not look like a company that would set up shop in a 80,000 square foot space recently occupied by Mervyn's. Maybe they will take a front corner section and install ice skating or a BMX park in the other 70,000 square feet. Now to be news worthy, F21 expects to widen their product line offerings and step up to a big box presence. I am NOT going to that new store with my daughter anytime soon.

Kohl's I understand. They were head to head competitors with Mervyn's. Although, may I ask, where was Target in this bidding?

The bankruptcy auction of these spaces yielded interesting results. F21 bid on some 70 Mervyn's locations. They walked away with 15. Other bidders were real estate investors. They undoubtedly won some spaces. Which probably will then be offered to the Kohl's and Forever 21 companies.

The auctions were oversubscribed because there was good value in the under- market leases that Mervyn's controlled. As in a previous posting, some of these spaces were at $.20 per foot! Bankruptcies gives us a good vantage point on real estate. Kmart went through the same process years ago. Some sites were swooped up (as in Kohl's first entry into the Bay Area) and other sites sit vacant in the middle of long stretches of highway from here to nowhere. Yes, that is why I like in-fill locations in strong metros. (Hmmm....is that the moral of the story?)

Great Investment 4 Unit Building In Campbell, Ca

Great investment opportunity just minutes away from Santana Row. This is a 4 unit bank owned building with lots of potential. The unit mix consists of 2 and 3 bedrooms units, and totaling in 3986 sq ft on a lot size of 6900 sq ft. List Price $799,900.

Wonderful Santana Row Unit for Sale

This unit has it all - 1 bedroom with den, loft unit, FACING Santana Row, the catwalk too, and no big red X earthquake support beam in the windows. Offered at a great price of $560,000. If you want a perfect location and amenity unit at a steal of a price, let me show you this today!

Excellent Deal in South San Jose

Lovely bank owned home on a quiet cul-de-sac. Great South San Jose location that's close to everything. This 4 bedroom, 2.5 bath is a large private lot with fruit trees, garden area, sparkling pool, covered deck, tool shed, extra parking, & lots more. Lots of interior upgrades & featuring dual pane windows, updated bathrooms, cozy wood burning fireplace, and an updated kitchen. You will love this home. List price $509,900. Please contact my assistant krasmussen@interorealestate.com for more details.

Santa Clara Weekly Stats 12/1/2008

Please click the above picture to view a larger version.

1st Time Buyer Seminar Dec. 17th - Changed the Date

Our monthly home buyer seminar that is usually on the 3rd Thursday of the month has been changed for the month of December. Please see the date below.

Sunnyvale Bank Owned Home

Beautifully remodeled and upgraded home in Sunnyvale. New upgrades include: kitchen cabinets, granite slab counters, kitchen appliances, carpet, bathroom vanity, front door, and many light/plumbing fixtures..More newer upgrades includes: roof, stucco, interior/exterior paint, double pane windows, tile floor, garage door, 6 panel interior doors. This property is bank owned and listed for $479,900. If you have further questions please contact my assistant krasmussen@interorealestate.com

For Sale Small Medical/Dental Building 3,533 Square Feet

Highlights

• $1,350,000
• 5 Units, 1 Vacant
• 4 Occupied Month-to-Month
• Value Added Opportunity
• Owner-User/Investor
• 100% MEDICAL FINANCING
• 0% Down MD, DDS, DO, DCLow 7, 10, 15 Year Fixed Rate15, 20, 25 YR Amortized3-2-1 Prepay PenaltyLoan includes improvements, equipment
  
• LAND: 12,632 SF (.29ac)
• SIZE: 3,533 Sq. Ft.
• BUILDING: Single Story, L Shaped
• PARKING: 24
• BUILT: 1954
• ZONE: R1-8 County

Please contact mario@interorealestate.com for more information

Bay Area Apartment Brokers Forum

Please come join

Group: Bay Area Apartment Brokers Forum - Established 1986 - (22 Years)
Guest Speaker: Robert Meyer, CCIM, MBA-Principal,Realty ExchangeSolutions
Topic: Tenant-In-Common Industry Overview2009
Date: Wednesday, December 10, 2008 - 8 AM
Place: First American Title Company, 1737 North First St., San Jose ---- 4th Floor
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
Jan. 14, 2009 Kari Nooman - Financing Multi-Housing Properties 2009
Feb. 11, 2009 Ric Russell - The Future of Multi-Housing Brokerage 2009
March 11, 2009 Larry Souza - Bay Area Multi-Housing Overview 2009