Home Buyers Workshop

It's that time again, our Intero Mortgage team will be hosting the Home Buyers Workshop on Thursday June 19th. They will be going over different topics such as home purchase process step by step, title and escrow process, and many others. You don't want to miss out!! If you have additional questions or would like to R.S.V.P. please contact myself at mario@interorealestate.com or my assistant Krasmussen@interorealestate.com.

What to do with a zero equity home in a divorce?

Sad reality these days when a separating couple must decide how to deal with their home when it has negative equity. In better years, one spouse may buy the other out with a refinance or cash payment for their share of the equity. Now, if the home was purchased or cash-out refinanced recently and the home went down in value, the spouses are in a very different situation. With a negative equity position, one spouse may have to offer the other money to get out of the situation. The other spouse may very well not want to keep the house too. But what if both don't want the burden of the home? The solutions are difficult - bring money to the closing to pay off the lenders, attempt a short sale (low likelihood of success) or let the home slip into foreclosure - with all the negative affects associated with that. Keeping the house may or may not be possible depending on the loan that exists. Will it readjust? Will the single income earner be able to keep up with the payments? Will the exiting spouse still have liability if the loan is not kept current? Probably. Can a refinance even be possible? These are all very complicated questions - more so influenced by how well the two parties communicate now and in the future. There is a price for freedom to be sure. Any magical solutions greatly appreciated!

PENINSULA INVESTMENT FORUM MARKETING MEETING

This month, please come join Jeff Eliason, Managing Director of Highland Realty Capital. Highland Realty Capital is one of California’s leading commercial real estate finance firms, working with all property types, including office, multifamily, residential subdivisions, retail, industrial and hospitality. Jeff will provide us with an insider’s perspective on what has happened in the credit markets and why, what the ramifications to industry participants are, and how to go forward from here.

Guest Speaker: Jeffrey K. Eliason, Managing Director

Moderator: Jack Turturici
SPERRY VAN NESS TURTURICI PROPERTIES

DATE: June 24, 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:
Janine McCaffery-First American Title (650) 569-2517
Mary Kay Kennedy-First American Exchange (800) 833-4343
Neil Santiago-Bridge Bank (650) 462-8522

US Bank Economic Forecast June 2008

As paraphrased by my best contact at US Bank, Kit Ng, Client Manager of the Northern California Business Banking Group: Keith Hembre, Chief Economist for US Bank says:

First, he does not believe that inflation will become problematic enough for the Federal Reserve to reverse direction and begin to increase its fed funds rate this year. If he is correct, interest rates in general should be relatively stable in 2008. Second, he believes that the S&P 500 Index, valued at 15.8x our 2008 earnings forecast, is now fairly valued by historical P/E standards. How we arrived at a fair valuation is a painful story, with S&P 500 index down 4.5% since May 1st (the S&P financial index down 16.7% during that period).

If you want the full 17 page June outlook, please email me for a copy.

Palo Alto Office Building For Sale 6.1% Cap Rate

This is a great opportunity to own your own office building in Palo Alto. The building is fully occupied by one tenant who then subleases about half of the property to another tenant. Great location on San Antonio within striking distance of Google, Yahoo or your favorite medical device customer. Offered at a 6.11% cap rate for Palo Alto is an outstanding return. Then when the leases expire, this could be a great re-rent or owner user building. Very impressive exterior and signage too. Call us to set up a tour or for a fully financing look at this property. Offered at $4,728,000 for 8,758 square feet on a 19,046 lot.

4 Unit Garden Style Apartment Building Listed for $1,275,000

This very unique four unit garden style apartment building consists of a two-story building totaling approximately 3,776 square feet is now on the market. All the units are spacious two-bedroom/one bath, and the current owner has maintained the interiors very well. The apartments are just walking distance from downtown Mountain View with all the dining and cultural amenities this city has to offer. There are many newly renovated and recently upgraded buildings in the neighborhood, and conveniently located in a close proximity to many of the Bay Area's largest employers including Google, Yahoo and Linked In (some of my favorites) and many other technology companies that will provide many new jobs in the immediate area and a need for housing. With it's great proximity to Castro Street and all the employers in the area, this would be a great Tenant in Common investment (TIC) or for four enterprising people to buy their own condo-like units for a fraction of the going Mountain View price. Let's talk about this when you have time to sit down. Very great way of getting into this market.

Beautiful Short Sale Home in Silver Creek Valley Country Club

This home won't be on the market long, it's the lowest priced 3 bedroom 2.5 bath in Silver Creek Country Club listed for $990,000. This is a once is a lifetime opportunity in an exclusive community that is privately gated. This home is bright with many windows, has an open floor plan, wood blinds, recessed lighting, private backyard, spacious office that can be used as a 4th bedroom, recently updated granite counter tops in kitchen and master bathroom. Please let me know if this home is of any interest to you, and if this home is out of your price range lets set up a time to chat and see what we can arrange to accommodate you. Remember this home won't last long so take the advantage now of living in the beautiful Silver Creek Valley Country Club.

Campbell Condo Bank REO $229,900

704 square foot one bedroom condo situated walking distance to the Pruneyard and downtown Campbell is now a bank owned REO at a very attractive price. Now offered at $229,900. The same unit sold for $340,000 in July 2006. Hurry before this deal goes away.

Santa Clara 8 Unit Apartment Building For Sale

Now for only $1,190,000 million you could own this beautiful 8 unit 1 bedroom 1 bath apartment complex. This well- maintained property consists of a one two-story building totaling approximately 4,312 square feet that is rentable and has a lot size of 7,800 square feet. Seven out of eight apartments have been upgraded with new appliances, new kitchen cabinets and granite counter tops along with Pergo floors. All eight units have updated bathrooms with new linoleum floors and new tub enclosures. For the convenience of the tenants, there is also an on-site laundry facility with owned machines, which is a excellent additional source of income. To take a tour or if you have additional questions, please contact me.

Stunning Apartment Complex For Sale $3,795,000

The Balboa Apartments are located in Sunnyvale, Ca within 1/2 mile from numerous shopping centers, gas stations, and about 20 miles from Stanford University which is considered one of California's most prestigious universities. The building consists of one continuous structure that is wood framed and built on perimeter foundation (wood exterior) surrounding a garden courtyard and swimming pool. This building has 18 units, (5) 2 bedroom/ 2 baths, (3) 2 bedroom/ 1 bath, and (10) 1 bedroom/ 1 baths on a lot size of 27,122 sq. ft. All units have medium size refrigerators, electric stove/oven and hood, Formica counter tops, linoleum floor coverings, all units are carpeted throughout, and the bathrooms have a tub/shower unit. The Balboa Apartments are now listed for $3,795,000 which has been recently reduced. If you are interested in taking a tour or would like more information please contact me and I would be happy to set something up.

Bay Area Apartment Brokers Forum

Group: Bay Area Apartment Brokers Forum - Established 1986 - (26 Years)
Guest Speaker: Changes Monthly
Topic: TBD
Date: 2nd Wednesday of the Month 8:00am
Place: First American Title Company, 1737 North First St., San Jose
Breakfast: Continental Breakfast - no charge - First American Title/Exchange
Chairman: Richard Domich - Broker
Vice Chairman: Keith Suddjian - Cornish & Carey
Membership: Kari Noomen - Chase
Sponsor: Mary Kay Kennedy - First American Exchange
Sponsor: First American Exchange

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

Past speakers & topics:

July 9, 2008 Kirby Sack - (topic to be determined)
Aug. 13, 2008 John Klimp - The Multi-Housing Due Diligence Process
Sept. 10, 2008 Puneet Singh - Nuisance Tenants 2008
Oct. 8, 2008 Ken Orvick - Apartment Management - Issues 2008

OPEN HOUSE IN SILVER CREEK

On Sunday June 8, 2008 I will be holding an open house between 1:30-4:00 for this beautiful home in Silver Creek. Remarkable home nestled in the hills of Silver Creek Country Club, 4 bedrooms 3.5 baths, maple floors, granite counters, huge master suite with marble bath, large living and dining rooms, chefs kitchen and separate family room with fireplace. This home is also in a gated court yard with fountain, gorgeous landscaping, and flagstone patios. The current listing price is $1,198,000, so don't miss out and come to the open house that I will be holding. Please contact me if you have any questions regarding this home or even if this home is out of your price range we can definitely sit down and see what works best for you.



When: Sunday June 8,2008

Where: 5892 Pistoia Way, San Jose

Time: 1:30-4:00

Active Single Family Homes/ Townhomes & Condo's

This is Santa Clara county's current inventory trend broken down by areas and cities. Click on the image to enlarge it for better viewing.

Small Business Administration Loans SBA

The Small Business Administration guaranteed loan programs are a great way for businesses to purchase real estate that they need. The most attractive aspect of the SBA is the low 10% down payment required. Also, the SBA loans are tied to the prime rate which right now is approaching historical lows. Banks are very willing to lend on SBA loans because their risk exposure is far less due to the guarantee provided by the SBA. Let me know if you want a great recommendation to an SBA loan agent.

Short Sale, Reo/ Bank Owned Duplex Deals in Santa Clara County

We are tracking four duplex properties located in the valley with exceptionally great values that are short sales, reo/bank owned or just motivated normal sellers. These homes are all located in very nice neighborhoods, and is also a great investment opportunity you don't want to miss. This property above is located in San Jose/Campbell area which is a high rent demand area. There is a nearby elementary school and just minutes away from Santana Row and Valley Fair Mall. Very cozy place to live, one unit has 3 bedrooms, 2 baths, tile floors and carpet in bedrooms. The other side has 2 bedrooms, 1.5 baths, hardwood floors throughout and both sides have indoor laundry, garage and own backyard.

Bright and clean and lots of upgrades that you will love, with a great location close to Baker Elementary. First unit is 3 bedrooms, with 2 bathrooms, and the other is a 2 bedroom 1 bathroom unit. Each unit has it's own laundry hook up, shared three car garage and covered car ports. This duplex is a short sale and listed for $749,000.
Located in a wonderful area near the University of Santa Clara, Valley Fair Mall and Santana Row is a duplex listed for $695,000. These are 2 bedrooms and 1 bathroom units with single car garages.

Finally we have one more duplex listed for $739,000, located in San Jose/Campbell area which has been remodeled just over a year ago. The units are in very good condition, first unit is a 3 bedroom 2 bath, and the other unit is 2 bedroom 2 bath. This is a short sale opportunity, so if you are looking for a great deal, in a great location, this is the one. If you have additional questions or would like more information or a tour please let me know, and I will be happy to help.

Evergreen Bank Owned Home

We are now tracking a bank owned REO home in the Evergreen area of San Jose, listed for $669,500. This is a great home and in a nice neighborhood, 4 bedrooms, 2 baths, separate family room with fireplace, living room/dining room combo, possible RV access, and also a storage shed. This lot is about 7,840 sq ft in size and 1824 sq ft home. It is priced to sell quickly, if you have additional questions or would like a tour please contact me and I would be happy to help.

Stunning Bel Aire Luxury Estate in Silver Creek Valley

This home has it all..Views Views Views, beautiful grand formal entry way, 5 bedrooms, 4.5 baths, huge lot .60 acre, landscaped beautifully with park like setting, custom BBQ area under gazebo and deck with amazing views of the city and located near Smith Elementary, Chaboya Middle School, and Silver Creek High. This home is listed for $1,665,000, so come take a tour and check out the awesome views of this home.

San Diego Rock and Roll Marathon Tomorrow

Bags are packed, running shoes are ready, mind is set, last chiropractor session yesterday, 10 Gu gels and hot shot blocks purchased.... now what? I don't like anticipation in these final hours before a race. The cattle call of a Southwest flight, the bus transfer, hotel check in - can't I do a video conference? I keep looking at the image of me finishing the race in my mind, then work backwards to the starting line. That keeps me going. Also, feeling me say that I finished a marathon, gives me proof that I can do it. Interesting year 40 mid life crisis symptom - better than a red Ferrari. Running shoes much more affordable than Ferrari "shoes" too. Any suggestions for the 2nd half of this year? Who wants to run the Las Vegas Marathon with me on December 7th, 2008? Definitely the San Jose Rock and Roll Half Marathon on October 5th, 2008. And if you want to donate on the final day of my training to the Leukemia & Lymphoma Society, please go to my fundraising page. Thanks!

Beautiful Santana Row Loft Condo Just Listed

Summertime is here and you don't want to miss out on this stunning Santana Row loft condo. This is a must see!! Two master suites upstairs with a den downstairs. Two baths upstairs plus a very large 1/2 bath downstairs. This is a very private unit on the back end of Santana Row with a spacious balcony and a view of the mountains and downtown city lights. This won't last long, very unique unit, great for entertaining and socializing. You don't want to pass this up, come take a look.

Bank Reo Condo Located in Downtown San Jose

Fantastic downtown location is a tri-level condo now going for $593,900. This 3 bedroom 3 bath has a very modern kitchen/living room, dining area with a deck view, hi ceilings,laundry with a separate entry. This is also a bank owned deal in an excellent area, very close to shopping and entertainment. If you are interested or have more questions please contact us to take a tour.