Trulia and Zillow on WebbyAwards.com

It's a heated, head to head battle of the best real estate websites for the coveted Webby award to be announced May 6, 2008. I just voted for my favorite and it was a no-brainer - Trulia trumps Zillow. Sorry Zillow. Please help Trulia get over the top at the Webby voting site. Have a great weekend! Go Sharks!!!!

NNN Leased in Newark (Fremont Area)

We are tracking a very solid investment in the booming city of Newark, CA. This is a single tenant NN leased auto body and repair facility which was built in 2000. Offered at $2,175,000, at a 6 cap, 10,160 square foot building on a 34,900 square foot lot. 4.5% rent bumps per year. Leased through Dec. 2012 with one 5 year option to extend at fair market value.

Mexico Fly and Buy Trip for Intero Real Estate

For those of you who want to have a little permanent fun in the sun, consider going on May 2nd - May 5th to Puerto Vallarta with Intero Real Estate. This is a wonderfully coordinated trip to view the fantastic beach town and tour the many condo and home developments that are being built. Owning is very easy and straight-forward now, including US style title insurance from Stewart Title. Lending is also very easy. Email me for more details so you can sign up. From what I heard - $1,200 pays for everything - including food, hotel and airfare. Tempted...? BTW - I sadly:-( cannot go because I committed to attending a very good friend of mine's wedding. So bring me back a bottle of tequila or a sombrero.

Peninsula Investment Forum Tomorrow

John Rayden of West Valley Properties will be speaking tomorrow about the state of shopping centers and retail investments. His company manages over $200 million in equity over 22 properties of which 85% is neighborhood retail centers. He will also discuss the changes in financing and cap rates in this fluctuating economy.
April 22, 2008
First American Title
555 Marshall Street
Redwood City, CA

7:45am networking
8:15am speaker begins

First Time Home Buyer Workshop Tomorrow

Intero Mortgage is hosting a first time home buyer workshop tomorrow night from 6:30-8:00pm at our Cupertino offices.
There have been many changes in financing homes in the last few months.
The host, Tony Guaraldi, is a wonderful educator on this subject. The following topics will be covered:

California State 1st Time Buyer Program
100% Financing to $729,750 Purchase Price
All Fixed Interest Rates
Down Payment & Closing Cost Assistance
City & Non-Profit Assistance Programs
Credit Scores Down to 620
Credit Reports and How They Score You
Role of the Realtor
Title & Escrow Process
Tax Benefits of Home Ownership

Please RSVP by sending me an email with your contact info to mario@interorealestate.com

New FOR SALE, still also for LEASE

Call me for information on this great opportunity at 415-269-6249

Good Commercial Deals in California

I wish there were some! Well, that's not exactly a fair answer. Let me explain, break down the question and dissect. If you are an apartment building owner in Silicon Valley - rents are up, vacancies are down and you are very happy AND unmotivated to sell. If you own a strip shopping center in the Silicon Valley - same thing. Those are the two product types that I deal with most often. Less robust, yet still strong is the retail strip market throughout the rest of the state. Apartments though - quite a different story. If you have units in the Central Valley - it's getting very ugly out there. Think of your competition. A slew of single family homes, most only a few years old, that are vacant and looking for tenants. Why would a prospective tenant move into a 30 year old walk-up building in Fresno, when they can have their choice of a mini-mansion down the street? I have to ask though - is this the "good deal" you want - buying an apartment building in the central valley? I think that market is way too soft to consider at this point. Let's look next year and re-assess. There are good deals out there though - let's talk so I can show you what, where and when.

Why Pay PITI for Rent Backs?

PITI - principal, interest, taxes and insurance - is typically prorated if a buyer is renting from a seller, or if a seller is renting from the new owner during, before or after a close of escrow. This is rent. Why should it be the amount of what a seller is currently paying in PITI or the amount it will cost a buyer to own the property on a daily basis? It shouldn't be this number at all. A better number to use would be what the fair market value is of the home as a rental and then prorated to a daily basis. So, why use PITI? Because it is easy and nobody will argue that number. Some people like easy. Although easy is not always fair. Depends on what side you're on.

Market is Strengthening in Santa Clara County

The home market is definitely getting stronger in parts of Silicon Valley. Tonight at the office, there were over 10 offers on a well-located, obviously well-priced home in the west valley. Also, it seems as if the buyers are calling and there is good activity - activity not seen like this for maybe 6 months. I think a lot of people put their buying decisions on pause since late in the summer last year. Now, there is a higher conforming rate, interest rates are down (maybe not on the 30) and policy changes will affect this R-word time in a positive manner. I keep saying, those who buy in 2008 will do great - only 9 more months to go!

Short Sale Strategies

Nice 4 bedroom, 2 bath home on great street in Santa Clara - short sale situation - listed for 3 months with no offer activity. Now with a trustee sale date just days away, the listing agent got serious and reduced the price to generate huge interest. 3 offers in on the first weekend and hopes of stalling the trustee sale. If you want to get a home sold, especially with the unattractive situation of a short sale, it must be priced to compensate for the headaches and perhaps to fire up the buyer pool. There are many buyers out there and they jump at the great deals.

03/20/2008 Active 06/14/2008 asking $430,000 - 3 and maybe more excited buyers
02/21/2008 Active 06/14/2008 asking $629,000 - no offers
01/10/2008 Active 06/14/2008 asking $714,900 - no offers

Let me know if you want to get your home sold right away. There are solutions available to you.

Bank REO Santana Row Best Floorplan

The most sought-after A3 floorplan is available in Santana Row - facing the Row! - in the DeForest Building as an REO Bank owned property. 1,250 square feet which includes the "catwalk". A good location over Cocolat and Straits - although there will be noise from the nightly revelers at Straits. This is a good deal. Call me for a tour and to write an offer on this rare opportunity. 415-269-6249.

New Great Price on Milpitas Townhouse

315 Ethyl Drive - a very nice 2 bedroom, 1 bath, two story townhouse unit in Milpitas is now priced at $275,000! Just reduced from $309,000. Sellers are motivated to sell. This is a great bargain in this very solid location. The home features a private patio, 1 car garage, private entrance, nice condition and walking distance to the Great Mall and shopping on Calaveras Blvd. The community also has a very nice pool. Call me for a tour at 415-269-6249.

Bank Auctions vs Short Sales vs REOs

The banks are understanding how to get the best prices for their new inventory of homes. Advertise the hell out of a public auction, cram 5,000 people into the Cow Palace (or any other convention center of choice), provide easy financing to all who have a FICO score anywhere near 600 and price these homes at ridiculously low prices. Recent example: $550,000 value Belmont home, now REO, listed in brochure for $275,000 - what a deal! - 10 buyers bidding on this home and one "winner" happy to take the keys for $620,000! Good luck with that one. This makes sense why banks are more apt to let a property go to foreclosure than deal with a short sale.

Team in Training Fundraiser @ Xanh this Wednesday

Please come and have a great time at the new bar & lounge at Xanh in Mountain View this Wednesday March 19th. From 5:30-7:30pm, 25% of the bar sales will be donated to the Leukemia & Lymphoma Society. This is a great way to blow off some steam from work and raise money for a great cause. Address is 110 Castro Street. Bring amigos!

Best value townhome in Milpitas...

This is a very well priced 2 bedroom townhouse style unit in Milpitas. Access to 237,880 and 680. Located in a quiet section of the complex with a fenced patio. This unit has a 1 car garage plus parking on driveway for additional car. This home is a clean, bright, two story unit with hardwood floors through out and granite countertops in the kitchen. This is the best value for a town home in Milpitas today…
Come and See...

Call me for any of your Real Estate Needs...

Just Remodeled Home in Nice Neighborhood

Gorgeous remodel. New interior, exterior and landscaping. Huge master suite, new bathroom with spa tub. Was 4 bedroom original floor plan. Now is a 3 bedroom huge master bedroom suite with added den (not included in square feet). Double pane windows, tile roof, new interior paint, hardwood floors just refinished, new texturing and more. This home is stunning. Baker Elementary - A California Distinguished School is walking distance


-3 bedrooms and 2 full baths, built in 1960.
-Approximately 1,465 square feet of living space, 6090 lot size.
-A thorough and stunning renovation was just completed
-Huge master suite with office adjacent and two large closets with organizing systems in the dressing area.
-Master bath with new spa tub, new tile floors & tile surround, new double sink vanity and stone vanity top with new faucets & light fixtures.
-Kitchen with large island, granite counters, all new Kenmore stainless steel appliances (side by side refrigerator, dishwasher, trash compactor, microwave, wall oven & 5 burner gas island stove top), custom cabinets with roll out drawers, 6 glass display doors, new sink & Price Pfister integrated spray faucet and herb garden window above sink.
-Office addition permit work was started and not finished by a previous owner.
-Central gas forced air heating and central air conditioning
-New Kenmore washer & dryer in garage
-Wood burning fireplace with gas starter, new tile face & skirting
Skylights in both bathrooms, office and kitchen
-Dining area with custom built buffet, granite top & glass display doors
-All new sod, new trees, plants, sprinkler system front & back, tile front porch, painted rear patio and redwood bark ground cover.
-New six panel interior doors, new hardware throughout & new lighting
-Excellent Moreland Schools - Baker Elementary - a California Distinguished school, Moreland Middle & Prospect High School all nearby
-Nearby great shopping and dining at Westgate Mall and El Paseo de Saratoga shopping center

Commercial Brokerage Cooperation and Non-Cooperation

I understand commercial real estate agents and brokerages want to keep their listings to themselves. This will eventually make the company receive 100% of the commission on the sale. My big difficulty is - this under-exposes the listing and the seller gets a lower price due to it's poor exposure. I just ran across a listing that required an electronically signed statement by the buyer's agent for, get this, 0% commission! I gripe at the 1% fees offered out. I really gripe (and then blog about it) when I have to sign a document that gets me NOTHING! Does this help the seller? Can I effectively market the listing to my buyer? GRRRRR....

1st Time Buyer Seminar March 20th

Don’t miss the Peninsula Investment Forum Meeting on March 25, 2008. Details below...

Team In Training Happy Hour Fundraiser at Xanh March 12th

At Xanh I have set up a fundraiser perfect for all of us.

What we drink at the bar & lounge between 5:30-7:30 on Wed March 12th, 25% of your drinks tab will go to the Leukemia & Lymphoma Society via Team in Training.

So please make time, bring a friend or two and come have a drink next week.
110 Castro Street in Mt View.

Remember to mention Team in Training to the bartender or waitress.

This goes towards my goal of raising $5,000 for L&L while running the San Diego marathon on June 1st.

See you soon and let me know if you are coming so we can have a good head count,

Thanks!

- Mario