New Bank Owned Deals in San Leandro and Hayward

Coming to market soon:

Bank owned, 4,100 square foot new retail building in shell condition on major thoroughfare in San Leandro. Perfect owner user or investor building with multiple doors for various tenant spaces. Good parking with two street entrances. $649,000.

Bank owned, 10 acre parcel in the Hayward hills for 18 home subdivision new home development. Outstanding area amidst other high end home developments. Views from some of the lot locations. Call me for an update on the tentative map approval process which is underway. Price depending on an as-is purchase or after map approval.

Real Estate Services in Silicon Valley and Throughout California

Mario Pinedo & The MPIRES group has been working the real estate marketplace in Silicon Valley since 1991. We help you with residential, commercial and investment real estate. We work within the Keller Williams Cupertino market center. For all of your real estate needs please give us a call and we will put all our resources to your disposal.

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Chase Bank single tenant NNN for sale in Chicago suburb

I rarely post investment deals outside of California these days but this one looks very attractive. Lincoln Park is one of the most expensive suburbs outside of Chicago. Home prices average $1M+ and household income in the area is over $139,000. Chase is one of the winners in the banking world and this corner location on the main thoroughfare is a great location. Cap rate is 7.03%, $2,125,000 price with $149,336 net operating income. This is a sold 1031 exchange option or straight investment purchase. Call me for details on this quite popular investment opportunity.

Update on Apartment Loans for Bay Area Real Estate Investments

Kari Noomen of Chase Commercial lending spoke to the Bay Area Apartment Brokers Forum last week. Her update included the following rates for apartment loans that she is facilitating through Chase Bank. For an average "B" quality building, the best rates are 5 year fixed at 4.97% with 75% loan to value and qualifying at that rate to a 1.15 DCR (debt coverage ratio). For years in this area, the LTV of 75% was a non-issue since the DCR would cap the amount of loan to a building to 50-60% of the purchase price. Now Kari is actually doing 75% LTV loans because the interest rates are so low. This is a very good time to get solid financing on great apartment assets in the San Jose / Silicon Valley area.

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Bank Owned Santana Row Catwalk Loft Condo for Sale

This is it - a bank owned A-3 model loft condo in the DeForest Building facing Santana Row!
1,250 square feet, 1 bedroom, 1 den, 1.5 bath unit with maple colored cabinets and stained concrete floors. Just hit the market as a Chase Bank owned property. $510,000.

Call Mario at 415-269-6249 to set a showing today.

Call us today to view this property which will sell very fast at this price. This is the condo loft unit you have been waiting for in Santana Row.

Duplex Fourplex Trustee Sales San Jose & Silicon Valley

We are tracking 87 imminent Trustee Sales for duplexes and fourplexes in Santa Clara County. Of these, NONE have Trustee Sales prices that make them attractive for investors. 85 of the 87 are 1st position loans, the other two are 2nds behind large 1sts. Based on our value assessments, none of the 87 are worth considering.
Of the 87, many will have their trustee sales postponed for a variety of reasons (processing a short sale, bankruptcy, loan modification, etc).
Those that do go for auction, will revert back to the bank - unless there are some foolish investors at the auction paying over market rate.
Then we will see these as bank owned properties for sale within the next month or two.
For great guidance in investment properties in San Jose and Silicon Valley, call us today 415-269-6249.

Apartment Investment Update for San Jose and Silicon Valley

San Jose fourplex investments - short sales, REOs or regular sales?

We just toured 7 fourplexes in west San Jose and Campbell - short sales, bank owned and regular sales. The highlights?

1. Best price - $799,000 for 3,984 square feet on a 10,000 square foot lot. Awesome old growth tree landscaping in lieu of tacky patio area.
2. Best location - $770,000 for 2,986 square feet in west San Jose. Corner lot, private access to parking area and a garage for the owner's unit.
3. Worst price - the short sale in Campbell that had the best attributes. Why ask a lofty, over- market price on a short sale that needs to move?
4. Worst comparison - the regular sale identical building $68,000 under the short sale across the street.
5. Best after tour meal - La Pizzeria in downtown Campbell - 4 solid stars on Yelp.

Call us for great deals in the duplex - fourplex market. In San Jose, where there has been sub-prime, low down or no down lending, there is opportunity of short sales and bank owned property.

Santana Row Condos for Sale Update - Bank & Short Sales

Wow - there are condo homes to choose from on Santana Row! Amazingly there are homes on the market in an area where there has not been much to choose from in the last couple years. Both the De Forest and Margo buildings have units for sale - studios, one bedroom lofts and a couple larger units. If you want to own a pied-a-terre on the Row, an investment property or a principle residence, call us today to see the rare homes that are now on the market in Santana Row.

Bay Area Investment Real Estate - Mario Pinedo, CCIM Investment Update O...

Investment Property update for Silicon Valley. Single family home sales and commercial investment opportunities from www.MPIRES.com and Intero Real Estate.

Bay Area Investment Real Estate - Mario Pinedo, CCIM Investment Update

Foreclosures Halted - Bank of America and Wells Fargo in Review

The current issue of reviewing the legality of banks foreclosing on borrowers is going to be a very long mess to unravel. Bank of America halted their foreclosure activity until they can review their procedures. Wells Fargo Bank is also reviewing all its pending foreclosure properties and those that it recently acquired. Does this mean that Bank of America and Wells Fargo are the only banks with liabilities to review? Heck no! Every bank is scrambling on how to best manage this mega mess. The Title Companies are sweating this too. And the real estate attorneys are salivating.
This will have a major impact on the market because home buyers and investors will not have certainty on a large segment of the housing inventory. This segment - bank owned homes in California - accounted for over 43% of sales in the last year!
A winner in this mess will be new home developers and owners of homes that have not been foreclosed on. The short sellers will also benefit because the banks will give them more time since foreclosure is essentially off the table for now. Short sellers may be cautious too because they will be dealing with banks that have more on their mind than the short selling of one person's particular home.
And this too shall pass, but when, that is to be seen...
What do you think this will do?

Silicon Valley Apartments - is there an opportunity to invest?

Most Silicon Valley apartment owners are very happy these days - read: not motivated to sell - because their rents are stable or up and their vacancies are down. Why?

1. Banks have foreclosed on many home owners and this makes them new tenants.
2. Many young people who normally would be buying their first homes are still in the rental market because home financing is more difficult than before.
3. Apartment building financing over 4 units has always been based on the building's net cash flow (not on the owner's income). Therefore, most 5 unit building and above have required 40+% down payments which makes the investment properties very stable.
4. Low turn over in apartment building sales in Silicon Valley - so few buildings sold at the peak of prices a few years ago.

This is why we see so few apartment buildings on the market and especially so few good deals.

Ok - then where shall we invest?

1. duplex - fourplex market has had foreclosures and short sales because financing was loose and investors made uninformed decisions in the last 5 years.
2. Secondary markets to Silicon Valley: East Bay, Napa, Sonoma, Solano Counties - softness in the newer built single family homes has put pressure on rents in apartment buildings.
3. Non-performing note sales of buildings that were over-leveraged based on relationship lending. Many smaller banks lent on buildings outside of the traditional 5+ unit financing guidelines.

Where do you see opportunities in Silicon Valley apartment investments?

Should I sell now or next year?

A friend of mine just posed this question to me. Here is my reply:

That is a question that I cannot answer definitively without knowing more info. Aside from that, here are some things that I know:

1. Between Thanksgiving and NYE is the highest historical average sales price percentage of the year for a seller. (August is the lowest)

2. The market is slow in some areas and some price points and is hot in others. I would want to know what you have and where it is.

3. I am seeing a shift in the bank's strategies as to their defaulting home owners - some major banks are pushing more inventory to foreclosure sooner rather than "extend and pretend". This will start to have a negative impact in the 1st quarter of next year.

- the market cannot be defined in a generality. Each home, neighborhood, city, price point has a different selling strategy. More details helps me guide you to what is best for you, your home, your family and your finances. I hope this helps.

Cupertino Townhouse for Sale in Northpoint complex

See this gorgeous Cupertino townhouse for sale in the fabulous Northpoint complex.
1,060 square feet
End unit, 2 bedroom, 2 bath townhouse model.
2 car garage
Private patio & master bedroom balcony
Wonderful complex off Homestead and Blaney.
Cupertino elementary schools and Fremont High School in Sunnyvale.
Offered at $509,000!

Open house this weekend - call for details

Santana Row Condo New Listing - Hot Buy!

Wonderful one bedroom Santana Row condo for sale in the Margo building. If you are looking for a great deal on a 1 bedroom loft unit in Santana Row, this is it! $499,000 for a unit overlooking Santana Row, great quiet location above LB Steakhouse and facing Burberry. The newly constructed building at 300 Santana Row will most likely have a Spa as the anchor tenant. Perfect place to have a home and walk to your massage. Call for a tour.

Bank Owned Gas Station Coming Soon

We are bringing to market a very new, large, freeway exposure gas station & mini mart in the Pleasanton area. Bank owned facility. Fully operational. Excellent money producing asset. Stay tuned for details!

Just Listed! Bank Owned 4plex in Santa Clara $599,900

Very good deal from Bank of America just hit the market. All 2 bedroom, 1 bath units, 2,888 square feet building with 4 one-car garages. Offered at $599,900. Building is vacant now. Units were all most recently rented for $1,250 per month. It is common for banks that foreclose on rental properties to evict the tenants to eliminate the liability of management. Solid rental neighborhood in Santa Clara and the garages are a great amenity. This deal will go fast.

Non Performing Residential Notes in San Jose - Silicon Valley

Banks are far less apt to sell their residential non-performing or under-performing notes to investors. The world has shifted to hedge funds and other investment groups that are buying bulk notes from banks. These true investor oriented groups see value in parceling off some of their purchases. The arbitrage is won by the local investor who understands more clearly what final sale value a home will have. Typically the hedge fund is making a decision on a geographical area of which it is not familiar. The reliance is on a Broker Price Opinion which may or may not be very good. The typical BPO provider is paid $40 per report - not enough to stimulate precision and accuracy. So, if you can buy a residential non-performing note either at a discount or a par - if your asset's value is clear, then a rational investment decision can be made. Let us know if you are looking for this type of investment.