Great Bank Owned Deal located in Downtown Campbell

Come take a look at this beautiful downtown Campbell DUPLEX. This a bank owned, with a deal you just can't beat. The front unit is a 2bdr, 1 bath and the back unit is 3bdr, 2 bath. This property is under remodeling and not yet completed, it would be a great opportunity to come put your finishing touches on this almost completed project. This duplex is a great location, located near Campbell Union Elementary, Campbell Union High and also down the street from shopping, restaurants and fun entertainment. If you would like a tour please contact me at (415) 269-6249

Details of a Short Sale Transaction

We are dealing with one of the largest sub-prime lenders on a short sale transaction. This lender - to remain anonymous - let's just call it Lender "C" - has a submitted offer from a buyer to purchase the very upside down home. The borrower is in dire straits and needs relief. The reply we got was that within 30 days, a "workout specialist" would be assigned to the borrower. We were asked to wait 30 days before calling back. What may I ask, is the point of this lack of haste??? Doesn't Lender C want to solve their problem situations? Isn't there a workout specialist available to talk to now? Can't we just keep pressing the 0 button on the voicemail system to talk to one? This, my friends, is the hell of buying a short sale. Granted, it is still a good deal, and you have to ask, is it worth the wait and the brain damage? Give me a conduit loan any day instead!

3 Tenant Starbucks Shopping Center Meza, AZ

There is a Starbucks anchored center in the Phoenix Metro available in a great location. Three tenant brand new building. Offered at $2,750,000. One space vacant with good leasing activity on it already. Very near the new 464 bed hospital in Mesa. Perfect deal for a 1031 exchange or a cash buy.

Los Gatos Bank REO Condo $289,900!!!

yes - this one needs work - unless you like green, 1970s, textured carpeting and brown as brown can be kitchens with yellow appliances. Then again, look at the price for a 2 bedroom with a bonus room condo in a nice location off of Hwy 85 and Winchester. The bank owns this one and will move it - try finding a 2 bedroom even in Campbell or West San Jose at that price. A little love and this condo will be stunning.

CCIM Silicon Valley Chapter Commercial Marketing Meeting

The 2nd inaugural meeting of the new CCIM Silicon Valley Chapter will be Tuesday May 27th in Cupertino. Meeting starts promptly at 9am at the UCSC Extension on Bubb Road in Cupertino. There will be a panel of guests discussing commercial property trends in the South Bay. Meeting lasts approximately 90 minutes. If you have a commercial property you are searching for or a property you would like to have presented, please bring packages for 40+ people. Any agents and their clients are welcome.

Sunnyvale Bank REO Condo for $380,000!!!!

There is another great opportunity in Sunnyvale. This ground floor condo needs some TLC and has great potential if it gets it. A 2 bedroom, 2 bath condo, nice floorplan - get this: two ground floor fenced patios - one is really a back yard. Very convenient location off of Central Expressway and Fair Oaks. Great price for Sunnyvale.

Bank REO Campbell Townhouse - Very Nice

We are tracking a very well-located and in great condition townhouse in Campbell at a blow-out price. This is a townhouse style condo - two stories with underground gated parking in a pristine complex near Cosentino's market. Two bedrooms, 2.5 baths, nice kitchen, two decks, spa in complex, washer, dryer, refrigerator included and low HOA dues of $265 per month. Offered at $439,000. Let me show you this great bank opportunity and the other deals out there too.

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.