West Valley Bank Owned REOs Condos, Townhouses and Single Family Homes

Call me if you want to tour any of these great opportunities:

15535 LOMA VISTA AV
Detached Single Family (Class 1)
4 bed(s) /4+ bath(s)
Los Gatos (Los Gatos)
$1,658,888


14550 BLOSSOM HILL RD
Detached Single Family (Class 1)
6+ bed(s) /4+ bath(s)
Los Gatos (Los Gatos)
$1,175,000

3010 DAVID AV
Detached Single Family (Class 1)
5 bed(s) /3 bath(s)
Campbell (San Jose)
$824,900

14274 MULBERRY DR
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
Los Gatos (Los Gatos)
$770,000

533 SEQUOIA DR
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
Sunnyvale (Sunnyvale)
$745,900

2409 FORDHAM DR
Detached Single Family (Class 1)
3 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$649,000

1183 TOPAZ AV
Detached Single Family (Class 1)
4 bed(s) /2 1/2 bath(s)
San Jose (San Jose)
$639,000

14240 ESTHER DR
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
San Jose (San Jose)
$625,000

321 MAPLEWOOD AV
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
San Jose (San Jose)
$619,900

2478 ARAM AV
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
San Jose (San Jose)
$584,900

1867 CLAY ST
Detached Single Family (Class 1)
3 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$576,900

775 ENRIGHT AV
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$575,000

3234 RIDDLE RD
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
San Jose (San Jose)
$560,000

5058 JARVIS AV
Detached Single Family (Class 1)
3 bed(s) /2 bath(s)
San Jose (San Jose)
$554,900

811 LORI AV
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
Sunnyvale (Sunnyvale)
$544,900

3651 MERIDIAN AV
Detached Single Family (Class 1)
3 bed(s) /2 bath(s)
San Jose (San Jose)
$533,500

5755 WALTRIP LN
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
San Jose (San Jose)
$499,900

993 LAURIE AV
Detached Single Family (Class 1)
4 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$487,900

5104 WESTMONT AV #17
Townhouse (Class 2)
2 bed(s) /2 1/2 bath(s)
San Jose (San Jose)
$470,000

1872 WALNUT GROVE AV
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
San Jose (San Jose)
$465,000

2533 BORAX DR
Detached Single Family (Class 1)
3 bed(s) /1 bath(s)
Santa Clara (Santa Clara)
$459,000

2200 AGNEW RD #105
Condominium (Class 2)
2 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$445,000

4127 ROSS AV
Detached Single Family (Class 1)
3 bed(s) /1 1/2 bath(s)
San Jose (San Jose)
$431,900

3323 BENTON ST
Condominium (Class 2)
4 bed(s) /2 1/2 bath(s)
Santa Clara (Santa Clara)
$415,000

870 FREMONT ST #105
Condominium (Class 2)
2 bed(s) /2 1/2 bath(s)
Santa Clara (Santa Clara)
$399,000

3588 PAYNE AV #14
Condominium (Class 2)
3 bed(s) /2 bath(s)
San Jose (San Jose)
$320,000

946 KIELY BL #E
Condominium (Class 2)
2 bed(s) /2 bath(s)
Santa Clara (Santa Clara)
$314,900

4908 CALLE DE ESCUELA
Townhouse (Class 2)
2 bed(s) /1 1/2 bath(s)
Santa Clara (Santa Clara)
$314,900

4685 ALBANY CI #121
Condominium (Class 2)
1 bed(s) /1 bath(s)
San Jose (San Jose)
$314,900

3598 PAYNE AV #00009
Condominium (Class 2)
3 bed(s) /2 bath(s)
San Jose (San Jose)
$289,900

Medical/Dental Office Building For Sale

4533 Mattos Drive

Fremont, CA

$100,000 PRICE REDUCTION

Features:

• Offered at $1,650,000
• 5,000 Sf available
• Situated on large 15,500+ SF parcel
• 21 Reserved parking spaces
• Surrounded by professional office, medical and dental buildings
• Recent upgrades on reverse

Recent upgrades include

• Interior paint
• Carpeting
• Dishwasher
• Water heater
• Lower windows (sliders) on exterior of building
• Data and phone wiring to cubicales
• Built-in cabinets in reception area, work area and break room

For more information please contact mario@interorealestat.com

Multi-Tenant Office Building- FOR SALE

1155 North First Street

San Jose, CA

Premier Downtown location with an excellent tenant profile. Office building is just seconds away from San Jose Airport, and very close to highway 880,280,101, and 87. This location is walking distance to many restaurants and is a historically strong business area. The building is beautifully landscaped with tall redwood trees. V.T.A. light rail is located directly in front of building.

• Offering Price: $7,500,000
• Building Square Footage: 30,720
• Parcel Size: 1.65 Acres
• Parking Spaces: 115+ 4 disabled
• Parking Ratio: 3.74/1000 sq ft
• Year Built: 1981
• Cap Rate: 5.70%
• Price/Bldg Sq Ft: $244.14
• Price/ Rentable Sq Ft: $254.24
• Gross Income (Actual 2007): $634,116
• Expenses (Actual 2007): $206,426
• N.O.I. (Actual 2007): $427,690

For further information please contact

Mario@interorealestate.com

Ph: 408-342-3155

Active Single Family Homes in Santa Clara County

Please click the above spreadsheet to view active single family home/townhomes/condo's in Santa Clara County. For further questions please contact mario@interorealestate.com.

Evergreen, Alum Rock, Berryessa, Central San Jose, South San Jose, Blossom Valley - all have had dramatic increases in inventory over the last year and a half. This is of course where a bulk of the short sales and foreclosures are. This is also where the deals are if you can ride out the storm.

Principle Residence Exclusion

Updated: Amendment to §121 May Affect §1031 Exchange Planning
NORTHERN CALIFORNIA REGION

Author: Ron Ricard, CES®, Asst. Vice President, Sales Manager

The housing Assistance Tax Act of 2008, signed by President Bush on July 30, 2008, includes a modification to the Section121 exclusion of gain on the sale of a primary residence.This modification may affect taxpayers who exchange into a residential property, and then later convert the property to a personal residence, as explained below.

Under Code Section 121, a taxpayer can exclude up to $250,000 ($500,000 for married couples filing jointly) of gain realized on the sale of a principal (primary) residence if they have owned and occupied the residence for two years during the five year period preceding the date of sale. Gain related to depreciation deductions taken on the property since May 6, 1997 is
not eligible for exclusion.

Effective January 1, 2009, the exclusion will not apply to gain from the sale of the residence that is allocatable to periods of “non qualified use.” Non qualified use refers to periods that the property is not used as the taxpayer’s principal residence. This change applies to use as a second home as well as a rental.

How does this affect 1031 planning? Suppose the taxpayer exchanged into the residence and rented it for four years, and then moved into it and lived in it for two years. The taxpayer
then sold the residence and realized $300,000 of gain. Under prior law, the taxpayer would be eligible for the full $250,000 exclusion and would pay tax on $50,000. Under the new law, the
exclusion would have to be prorated as follows (the example does not take into account deprecation taken after May, 1997, which is taxable anyway).

Four-sixths (4 out of 6 years) of the gain, or $200,000, would be ineligible for the $250,000 exclusion.

Two-sixths (2 out of 6 years) of the gain, or $100,000, would be eligible for the exclusion.

Importantly, non qualified use prior to January 1, 2009 is not taken into account in the allocation for the non qualified use period (but is taken account for the ownership period). Thus, suppose the taxpayer had exchanged into the property in 2007, and rented for 3 years until 2010 prior to the conversion to a primary residence. If the taxpayer sold the residence in 2013 after
three years of primary residential use, only the 2009 rental period would be considered in the allocation for the non qualified use. Thus, only one-sixth (1 out of 6 years) of the gain would be ineligible for the exclusion.

In general, the allocation rules only apply to time periods prior to the conversion into a principal residence and not to time periods after the conversion out of personal residence use. Thus, if a
taxpayer converts a primary residence to a rental and never moves back in, and otherwise meets the two out of five year test under Section 121, the taxpayer is eligible for the full $250,000 exclusion when the rental is sold. This rule only applies to non qualified use periods within the 5 year look back period of Section 121(a) after the last date the property is used as a principal residence. Therefore, if the taxpayer used the property as a principal residence
in year one and year two, then rented the property for years three and four, and then used it as a principal residence in year five, the allocation rules would apply and only three-fifths (3 out of 5 years) of the gain would be eligible for the exclusion.

Peninsula Investment Forum Marketing Meeting

PENINSULA INVESTMENT FORUM
MARKETING MEETING
Guest Speaker: Michael Pierce, President, Prodesse
Michael Pierce is the co-founder and President of Prodesse Property Group. Prodesse was founded in 1993 to provide professional management services to the owners of income properties, and now manages over $250 million in real estate assets in San Mateo, Santa Clara and Santa Cruz counties. In 2005 the principals of Prodesse formed Prodesse Investments, which invests in B and C class apartment buildings and is currently looking for rehap opportunities. Michael will give us an update on the Silicon Valley apartment market and his
prognosis for 2009. He will also discuss his current investment strategy and acquisition criteria.
MODERATOR: JACK TURTURICI
SPERRY VAN NESS TURTURICI PROPERTIES
DATE: September 23, 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:
Paul Monaco-First American Title (408) 451-7871
Mary Kay Kennedy-First American Exchange (800) 833-4343
Neil Santiago-Bridge Bank (650) 462-8522
Janine McCaffery-ABD Insurance (650) 678-6661

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