Tale of two bank owned properties in Almaden Valley

Almaden Valley, the area that has the best schools that San Jose has to offer.   While out previewing properties recently a fellow Realtor and I stumbled upon two properties that were bank owned in this quiet community.

 The curb appeal of both was okay.  Anticipating that both were going to be equally as “okay” we were surprised by what we saw. 

 The first one was priced at one of the lowest list prices for the area so I was excited to see it.  The prior owners had removed doors, faucets, etc.  While this did not strike me as odd what did strike me as not very smart was the home was not even really cleaned up or prepped for sale.  Mound of dogs hairs were in the corners of the floor for instance. There was no spit-n-shine applied to this home.  I look to the real estate agents that list such a home as owing a responsibility not only to the lender/owner they represent but also to the community to try to prep it to garner a higher sales price.  That sales price will have an impact on the neighborhood. 

We arrive at home #2 – listed in the high $800K range.  Nice younger home from the exterior, nice location on a cul-de-sac BUT… The first thing we see is a gross dirty carpet in the living room and in the attached dining room were animal feces on the carpet. YIKES! Now that was pretty disgusting.  How much would it have cost to clean up the droppings and do a deep cleaning of the carpet?  A couple of hundred dollars?  Instead the neighborhood will be a proud recipient of low sale for the area. 

Tale of two bank owned properties in Almaden Valley – What do you think?

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Sunnyvale Real Estate Holding Even

The number of active single family homes in Sunnyvale is 78, pending sales in the last 30 days were 49 and closed sales in January were 32. Out of the 9 areas that I report on Sunnyvale is running about even in all areas. This is really good news.

The price range for the active homes ranged from $349,000-$1,299,000. The median list price is $759,800.

The listing price range for the pending sales is $299,000-$1,250,000.

The number of condos/townhomes on the market is 62, with pending sales for the last 30 days at 27 and closed sales in January were 26. In the area of pending and closed sales Sunnyvale has had stellar statistics.

As of January 31st, in Santa Clara County the inventory for active listings of single family homes was 2283 and condo/townhomes is 1113. Totaling 3396 for both. Although the inventory continued to reduce from mid-September, there is a 26% increase in single family homes on the market over last year and 49% more condo/townhomes. These differences year over year are improving though.

The number of homes and townhome/condos that went into contract over the last 30 days was 1640 (single family – 1124, condo/townhome – 516). These numbers are about 33% higher than last year which is great news. The area of the biggest improvement was the condo/townhome sales.

The number of closed sales in January were 839 (626 were single family homes and 213 were condo/townhomes). The closed sales of single family homes was up 10% and the condo/townhomes almost even with last year sales.

To see Real Estate Market conditions for all 9 areas that I report on – click http://realtytimes.com/rtmcrmember/patdulleck 

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Santa Clara Statistics – inventory rising

Paramount's Great America
Image by Brave Heartvia Flickr

The number of active single family homes in Santa Clara is 141, pending sales in the last 30 days were 66 and closed sales in October are 16 (as of 10/15). Santa Clara inventory is increasing with most other areas decreasing. Pending sales are staying high but closings are not.

The price range for the active homes ranged from $299,000-$1,450,000. The median list price is $600,000. Last year the median price was $630,000. The listing price range for the pending sales is $299,000-$1,099,000.

The Santa Clara Statistics for the number of townhomes/condos on the market is 94.  This is an 80% increase over last year figure.  The pending sales for the last 30 days are at 14. These sales are off about 50% over previous months. and closed sales in October are 3 (as of 10/15). The pending sales are continuing to drop and closed sales have followed as well.

As of October 15th, in Santa Clara County the inventory for active listings of single family homes was 3197 and condo/townhomesis 1385. Totaling 4582 for both. Although the inventory is starting to reduce, this is an 53% increase over last year. The condo listings have jumped 80% since last year while single family homes were only up 44%.

The number of homes and townhome/condos that went into contract over the last 30 days was 1879 (single family – 1403, condo/townhome – 476). This was an increase over last month. This figure is also about even to last year.

The number of closed sales in October (as of 10/15) is 392 (283 were single family homes and 109 were condo/townhomes).

For market conditions  in other areas – 

 Check out market conditions in other areas: http://realtytimes.com/rtmcrmember/patdulleck

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Wanting to snag a great deal? Be ready for it.

renovated house, late evening sun
Image by cafemama via Flickr

I dare say everyone wants a great deal.  That is not selfish, it’s smart!

Some people show their smartness by doing the necessary actions and planning into the future.  Good deals can turn up at the least expected moments.  Continue reading

Cambrian Area Neighborhood Snapshot

RICHMOND, CA - JULY 23:  A sold sign is seen i...

The number of active single family homes in the Cambrian area is 62. There are 58 pending listings in the last 30 days and 72 sales closed in December. The list price range of the active homes is $325,000-$1,048,000. The median list price is $599,999. The list price range for the pending sales is $399,000-$1,095,000. The total listings from this time last year are down 64%, pending sales are up 33% and closed sales are up 88%!

The condos/townhomes for this area is 16 active, 10 pending sales in the last 30 days and 18 closed in December. The listings are down to about 1/3 of last years figures and closed sales are up over 3 times those of last year.

As of January 1,2010, in the Santa Clara County the inventory for active listings of single family homes was 1548 and condo/townhomes is 598. Totaling 2146 for both. The number of listings dropped by 60% from last year at this time!

The number of homes and townhome/condos that went into contract over the last 30 days was 1200. This figure is up 26% over last year.

The number of closed sales in December was 1272. This figure is up 41% over last year! The 1st time buyer program and investors in the market have had an impact on this a LOT.

Last year at this time there were 1246 short sale listings, 751 bank owned properties and 1729 traditional sellers. This year the numbers are 353, 162 and 923 respectively. The first two segments (short sellers and bank owned properties) dropped significantly. Last year only 15% of traditional sellers were in contract and this year it is 35.9%.

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Real Estate Sales are up 52% over last year!!!

Conditionally Sold!

As of November 30th, in the Santa Clara County the inventory for active listings of single family homes was 1850 and condo/townhomes is 666. Totaling 2516 for both. The number of listings dropped by 60% from last year at this time!

The number of homes and townhome/condos that went into contract over the last 30 days was 1542. This figure is up 38% over last year.

The number of closed sales in November was 1121. This figure is up 52% over last year! The 1st time buyer program and investors in the market have had an impact on this a LOT.

See how specific areas are doing – bit.ly/MarketConditions

How are sales in your area?

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Homebuyer Credit May Help Stimulate the Economy More

WE 08'1011kd - 685
Image by studio-d via Flickr

I am very pleased that existing homeowners might be able to benefit from the current credit plan signed into Law this week. 

There is a great article on this describing different scenarios for current homesowners – go to http://bit.ly/creditexplained. With low inventory in the Santa Clara County this might spur on the move-up buyers who have been frozen in their existing homes.  In turn leaving 1st time buyer to aquire their newly vacate property.  I have a number of clients who have had their family size increase while living often in their first home.  These home are now undersized.  The $6500 credit might be the answer to make the move to a larger home. 

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Homebuyer Taxes Credit Extended and Expanded

Picture of the "Gingerbread House" i...
Image via Wikipedia

Now this is good news.  The tax credit that gave the Silicon Valley steam in the real estate market has just been extended!

There are some great new features for those existing homeowners who have lived in their homes for 5 years – they can now get a $6500 tax credit if they buy another home. 

Get all the facts here

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Buyers coming out in droves!

In the last two weeks buyers have been coming back to the market place.   There had been pent up demand for housing over the last 2 years.  Buyers were concerned that the bottom was falling out of real estate and the stock market.  Now that stability is coming to the stock market and there are signs of improvement on the horizon, the buyers have jumped off the fence.

One buyer at an open house commented there are a lot of good deals in great areas.  He wanted to get a home now before interest rates go up and the inventory of good places is gone.   He was also a first time buyer so he wanted to take advantage of the first-time buyer tax credit of $8000.   More information on tax credit
Want to see market conditions in ten different areas that I track?  Market Conditions

Can you refinance your existing mortgage if you are under water?

Borrowers hoping to refinance who do not have at least 20 percent equity in their homes may qualify for the Obama administration’s “Making Home Affordable” program.  Through June 2010, borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac may be able to refinance for up to 105 percent of a home’s value.

Homeowners must be current on their mortgage payments and may qualify with credit scores as low as 620.  Borrowers who do not meet the criteria for the refinance program may be eligible for another Obama administration plan that focuses on loan modifications.  See www.makinghomeaffordable.gov.