Short Sales Don't Solve All Credit Score Problems!

I spoke to a seller of a home yesterday. She had not paid her mortgage in TWO years! (Actually this is not that unheard of) Interestingly enough, the bank has not wanted to foreclose on the property - think "shadow inventory" here. She decides to move back in to the home to offer it for sale as a short sale in order to "save her credit". Ummm... hello... a short sale will not save your credit if you haven't been making payments for 2 years - I imagine the credit is devastated at this point. The difference between the points hit on a short sale and a foreclosure for this client are minimal. For someone who just missed his first payment on a mortgage and is concerned to limit credit score hit - then a short sale would be preferable over a foreclosure. Keep in mind, the right kind of short sale is what we strive to achieve. The right kind would be a non-deficiency statement from the lender which states that no further collection will happen and the bank is satisfied with the short sale proceeds. Each case is different and each is worth taking the time to review with an attorney, CPA and an experienced foreclosure alternative Realtor.

Commercial Office Property Condo Mountain View Short Sale - Non Performing Note Sale

We have an exclusive opportunity to purchase a non performing note on a commercial office condo in a great park in Mountain View. Approximately 3,650 square feet, 5 year old property, well built out 100% office space, great value in the mid $100s per foot. Great deal for an owner-user in a park that is convenient to 237, the mid Peninsula and south to Silicon Valley.

Short Sale Duplex San Jose under $200 per foot!

Very good deal in San Jose for a short sale duplex. Large 1,936 square feet on a 7,000 square foot lot offered at $380,000. One 3 bedroom unit and one 2 bedroom unit. Central gas heating, building is only 40 years old - comparatively to most duplexes in the Valley which are 50-60 years old. Good roof, fenced patios, strong rental area of south San Jose. This is a very good deal to own.

Santana Row Bank Owned Condo for Sale

Just listed yesterday a Wells Fargo owned condo loft that faces Santana Row. Sitting on the 3rd floor of the DeForest building is a A-1 model, 1099 square feet, no large red "X" structural support in the living room, blond kitchen cabinets with granite counter,washer, dryer, fridge all in the unit. And get this - FOUR parking spaces! Somebody went overboard with parking purchases! Unit is directly over Cocolat and Straits. Offered at $424,900. This unit will sell very, very fast.

Blossom Valley San Jose Large Bank Owned Duplex for Sale

$539,900 for a duplex on a great street in Blossom Valley near Westfield Oakridge Mall. Over 2,100 square feet, 3 bedroom & 2 bath unit and 2 bedroom and 1 bath unit. Large lot, newer roof, open floorplans. The unit would do well with upgrades to the dated kitchen and baths. Perfect investor unit or owner occupant.

San Jose Commercial Property for Sale - Willow Glen $699,900

Excellent owner user building in an excellent area of Willow Glen. Space has high ceilings and roll up doors. Full usable basement. Large lot with very flexible zoning area for redevelopment potential. Possible medical, dental use. Motivated seller - make an offer!

Stunning Santana Row Villa for Sale

Only 21 of these exist and this very well may be the best unit of the lot. Facing directly at the Hotel Valencia's VBar is the main covered balcony of this home. There are 3 other balconies/patios for this unit also! 3 master suites, a spacious living room, dining room and kitchen. All upgraded to the highest standards. If you love the lifestyle and the energy of Santana Row, then you must view this home. Offered at just under $1.9M for 2,288 square feet of luxurious living.

Santana Row Luxury Rental Available

There are only two of these units at Santana Row for lease. Both are amazing 2,900 square foot flats in the heart of Santana Row. They were designed and built to be ultra-luxurious apartments for an amazing lifestyle. One of these flats will be available for move in within the next 2 weeks. Asking rent is $13,000 per month. Definitely a steep rent until you see what you get for the money. Anybody would be impressed. Perfect views of both the pool and Santana Row. A stunning kitchen, living room, family room and balcony. Impressive master suite plus 3 more bedrooms. A private elevator opens directly into the unit. 3 car private garage parking and a 4th space on the pool deck. If urban, luxury living is your thing, then call us for an appointment to view this flat as soon as possible.

Santana Row Short Sale New Listing

2 bedrooms, 2.5 baths, 1,513 square feet on two levels in the DeForest Building. Two parking spaces. $599,000 short sale price subject to bank approval. Currently rented for $2,500 per month. This unit has an outdoor balcony facing West. Great unit and an excellent price. Call to tour.

Bank owned commercial office condos

If you are looking to own office space for business use, this is a very good time to be shopping. As was the perfect storm for residential condos that were built in the last 5 years, the same is true of the commercial office condos that were built at the same time. A lot of new product came on line in the last few years - essentially commercial developers created a new type of office building, parceled out to sell as condos. This was a great concept to provide new office space in small sizes so that businesses could buy their own space. The problem was timing. Some of these developments hit the market at $400-$500 per foot. Now developments in Santa Clara county are selling for the $100-$200 per foot range. We are tracking very good deals in Fremont, San Jose, Sunnyvale and Mountain View to name a few.

New Santana Row Rentals in 2011

Ground has already started moving in a massive way behind the Margo building at Santana Row. A fleet of dirt removing trucks parades in and out of Santana Row excavating what will be the underground parking garage for the new 108 unit building. 10 townhouses will be built plus the normal assortment of flats. The rarity of the for sale units at Margo and DeForest will now be increased with rentals being 65% of the housing stock. Owning a unit at Santana Row may only be possible in the 220+ units that Federal Realty Trust released in 2005-2006.

Update on in-house deals

Office Deals: Berryessa large home, short sale preapproved at $600K, goes on market this Friday.
Townhouse style condo Rose Garden, short sale, $325,000, newer, great location.
Local shopping center - $4.2M, 9.0% cap rate, bank directed short sale - no on market.
2 gas stations - San Jose & Gilroy - both distressed fixers - great traffic locations

Please Dine at Armadillo Willy's to Benefit the Intero Foundation

Short Sale Single Family Home Deliverable in Santa Clara

We have a great opportunity to sell a small single family Kaiser built home near Winchester and Hedding in San Jose at the Santa Clara border. Just over 1,000 sqft, 3 bed, 1 bath on a 6,000 sqft lot. Home was recently remodeled. Sellers are selling short. The deal may be done at approx $470,000 with CMA values in the $515,000 range. This is a great buy and a home that will rent easily. Hold this property forever or sell in 3-5 years for a quick profit. Great neighborhood, easy management, perfect asset to own. Let me show you why you want to own this home.

Bay Area Real Estate Guru Speaks on Wednesday

Carole Rodoni has an amazing insight into the Bay Area real estate marketplace. She is former President of Alain Pinel and CEO of Fox & Carskadon. She now runs Bamboo Consulting. You will want to hear her thoughts if you are a buyer, seller, investor or Realtor. It is truly an honor to have her speak to us.

Wednesday, April 14th from 5:30-7:30pm at the Intero Santana Row office.

Please RSVP to mario@interorealestate.com

Santa Clara County Real Estate Sales Statistics March 2010 Update

Sales Statistics for Santa Clara County
Realist's most recent sale date for this county is 03/19/2010

Single Family Residence

Time Period Number of Sales Median Sale Price

Feb 2010 709 $525,000
Feb 2009 651 $450,000
Jan 2010 676 $510,000
Jan 2009 655 $450,000
2010 YTD 1,461 $519,000
2009 12,637 $520,000

Condominium

Time Period Number of Sales Median Sale Price

Feb 2010 335 $400,000
Feb 2009 258 $400,000
Jan 2010 325 $370,000
Jan 2009 229 $315,000
2010 YTD 695 $383,000
2009 5,276 $377,000

Yulin Lee, Financial Planner & Author to Hold Lecture Series @ Intero Santana Row for Women

Yulin Lee, a local financial planner, is hosting a 4 part series titled: The Life of Francesca at the Intero Real Estate office at Santana Row starting this Saturday morning. Please email me at mario@interorealestate.com to RSVP.

Mixed Use New Construction Cupertino Home

Brand new mixed use construction, single family home plus separate address professional office suite available for sale in Monta Vista area of Cupertino. Gorgeous property of approximately 1,270 square feet single family home, plus a 500 square foot basement and a 400 square foot separate address office suite. Perfect situation for someone who wants great schools and a highly-professional office space. Offered at $899,900.

Apartment or Condo Land for Sale San Jose

Outstanding land for apartment or condo development in San Jose. 18,775 square foot lot with an existing house of over 1,800 square feet - asking $799,995. Very good Santana Row proximity, amidst other apartment buildings and some newer condo developments. House is currently rented for $3,200 per month. This makes a very good investment hold until the for sale condo market returns. $42 per foot for land is very well priced plus the additional house and income in place. Don't wait on this!

Wells Fargo Wachovia Short Sales San Jose & Beyond

Everybody's favorite and most innovative short sale bank has been Wachovia - now under ownership of Wells Fargo. Wachovia realized that they had a large amount of bad loans in their portfolio and they decided to be proactive about heading off the financial crisis within their bank. While most banks were begrudgingly processing short sales - some as long as 4-6 months - Wachovia put into place a single decision maker per region - Sandra Villalpando is our representative in Silicon Valley - to make decisions within 5-7 business days! The real estate industry loves this - it makes the sale of a Wachovia short sale almost as easy as a "normal" sale. Wachovia short sales then started selling at a very rapid pace. The leaders of Wells Fargo now are adopting the Wachovia model and will roll out their quick short sale approval process - and actually using the Wachovia teams to handle the larger workload. Good job Wells Fargo and brilliant job Wachovia!