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.