Blossom Valley is a hot bed of short sales. It is one of the neighborhoods in the Silicon Valley
that has not gone back to the values of 2007-2008. So many of the homes
for sale right now are being sold as short sales since the owners have
negative equity in their homes.
There are currently 196 pending homes listed as short sales.
There are 286 pending sales of all types.
The percentage of total pending sales which are short sales is 68%.
This is pretty impressive, but the big question is how did this happen?
I have a few theories.
Blossom
Valley had some remarkable levels of appreciation early in the century,
especially between 2005-2007. There are a number of reasons.
1. Easy money
2. Easy access to downtown San Jose which had ambitious plans for redevelopment
3.
Good schools. At one point there were sections of Blossom Valley where
you could get a home in a school district with a high API for less than
any other neighborhood in Silicon Valley.
4. High tech companies close by including IBM right in the neighborhood.
Then
the market crashed, credit tightened, San Jose gave up their
redevelopment plans, major employment areas kept moving north to
Mountain View, Palo Alto, and San Francisco, and Blossom Valley values
plummeted in 2008-2009.
We are on the way up again, but many
homeowners are still underwater. The inventory is now quite low. There
are only 61 homes for sale right now, and 13 are short sales, or 21%.
If
you are a seller, your home will sell, and quickly. If you are a buyer,
there is a lot of competition, but the values are there.
If you have any questions about buying or selling short sales in Santa Clara or San Mateo County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
Friday, August 24, 2012
Friday, August 17, 2012
Sunnyvale CA Town Home for Rent, Open Saturday 8/11 12-1:30pm
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Posted: Aug 3, 2012, 8:03am PDT
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Monday, August 6, 2012
Blossom Valley San Jose Ca Short Sale/Foreclosure Round Up
In Blossom Valley from Jan 1, 2012 until June 30, 2012 there were:
263 closed short sales
104 closed bank owned homes
Total sales during this time period were 626
Total % Short Sales: 42%
Total % REO Sales: 16.6%
Total Percentage Blossom Valley Distressed Properties: 58.6%
58.6% of all Blossom Valley sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, many homes will get multiple offers and the values should increase this year. It is interesting to see there are over two and half times as many short sales as bank owned sales which has also happened in other cities. This area is great for investors with a lot more activity than in some areas like East Palo Alto or Belle Haven.
If you have any questions about short sales or foreclosures in Santa Clar County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
263 closed short sales
104 closed bank owned homes
Total sales during this time period were 626
Total % Short Sales: 42%
Total % REO Sales: 16.6%
Total Percentage Blossom Valley Distressed Properties: 58.6%
58.6% of all Blossom Valley sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, many homes will get multiple offers and the values should increase this year. It is interesting to see there are over two and half times as many short sales as bank owned sales which has also happened in other cities. This area is great for investors with a lot more activity than in some areas like East Palo Alto or Belle Haven.
If you have any questions about short sales or foreclosures in Santa Clar County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Los Altos Ca Short Sale/Foreclosure Round Up
In Los Altos from Jan 1, 2012 until June 30, 2012 there were:
3 closed short sales
3 closed bank owned homes
Total sales during this time period were 192
Total % Short Sales: 1.5%
Total % REO Sales: 1.5 %
Total Percentage Los Altos Distressed Properties: 3%
Again, we have a high priced neighborhood and almost no distressed property sales. Values are appreciating and there are more pople trying to buy homes than there are homes available.
Additionally, there is very little new contruction before the crash, so there is not a big group of people who bought into a large development and are now underwater.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
3 closed short sales
3 closed bank owned homes
Total sales during this time period were 192
Total % Short Sales: 1.5%
Total % REO Sales: 1.5 %
Total Percentage Los Altos Distressed Properties: 3%
Again, we have a high priced neighborhood and almost no distressed property sales. Values are appreciating and there are more pople trying to buy homes than there are homes available.
Additionally, there is very little new contruction before the crash, so there is not a big group of people who bought into a large development and are now underwater.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Los Altos Hills Short Sale/Foreclosure Round Up
In Los Altos Hills from Jan 1, 2012 until June 30, 2012 there were:
1 closed short sales
0 closed bank owned homes
Total sales during this time period were 45
Total % Short Sales: 2.2%
Total % REO Sales: 0%
Total Percentage Los Altos Hills Distressed Properties: 2.2%
The low number of distressed property sales in Los Altos Hills is consistent with the other high prices neighborhoods in Silicon Valley. These areas are showing strong sales, good appreciation, and plenty of buyers with enough cash and income to purchase. Compared to the same time period in 2011 there were 2 closed short sales and 5 foreclosures with 52 sales for a total of 13.5% sales being distressed. 2012 is definitely different.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
1 closed short sales
0 closed bank owned homes
Total sales during this time period were 45
Total % Short Sales: 2.2%
Total % REO Sales: 0%
Total Percentage Los Altos Hills Distressed Properties: 2.2%
The low number of distressed property sales in Los Altos Hills is consistent with the other high prices neighborhoods in Silicon Valley. These areas are showing strong sales, good appreciation, and plenty of buyers with enough cash and income to purchase. Compared to the same time period in 2011 there were 2 closed short sales and 5 foreclosures with 52 sales for a total of 13.5% sales being distressed. 2012 is definitely different.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Friday, August 3, 2012
Beautiful, pet-friendly Sunnyvale rental open this Saturday, 1-3pm
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Wednesday, August 1, 2012
Woodside Ca Short Sale/Foreclosure Round Up
In Woodside from Jan 1, 2012 until June 30, 2012 there were:
3 closed short sales
4 closed bank owned homes
Total sales during this time period were 51
Total % Short Sales: 5.8%
Total % REO Sales: 7.8%
Total Percentage Woodside Distressed Properties: 13.6%
These numbers do not tell the whole story. 3 of the 4 foreslosures and 2 of the 3 short sales were in the Skyline area which is always a harder sell than closer to town, so given that information again, there are almost no distressed property sales in Woodside. There are currently 47 active listings in Woodside, about the same number as in Palo Alto, but without the incredible competition for homes like in the Palo Alto market. Maybe it is worth giving Woodside a look if you are having trouble finding what you want in Palo Alto.
If you have any questions about short sales or foreclosures in San Mateo County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
3 closed short sales
4 closed bank owned homes
Total sales during this time period were 51
Total % Short Sales: 5.8%
Total % REO Sales: 7.8%
Total Percentage Woodside Distressed Properties: 13.6%
These numbers do not tell the whole story. 3 of the 4 foreslosures and 2 of the 3 short sales were in the Skyline area which is always a harder sell than closer to town, so given that information again, there are almost no distressed property sales in Woodside. There are currently 47 active listings in Woodside, about the same number as in Palo Alto, but without the incredible competition for homes like in the Palo Alto market. Maybe it is worth giving Woodside a look if you are having trouble finding what you want in Palo Alto.
If you have any questions about short sales or foreclosures in San Mateo County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Portola Valley Ca Short Sale/Foreclosure Round Up
In Portola Valley from Jan 1, 2012 until June 30, 2012 there were:
0 closed short sales
1 closed bank owned homes
Total sales during this time period were 32
Total % Short Sales: 0%
Total % REO Sales: 3.2%
Total Percentage Portola Valley Distressed Properties: 3.2%
Obviously Portola Valley is not a hotbed of distressed property activity. The one foreclosure was on a small house on Aliso in Ladera which sold for $1,075,000, a great price for that neighborhood. It is however a fabulous place to look for a home if you want a large lot, an incredible community feel, and plenty of local services as well as recreational activities.
If you have any questions about short sales or foreclosures in San Mateo County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
0 closed short sales
1 closed bank owned homes
Total sales during this time period were 32
Total % Short Sales: 0%
Total % REO Sales: 3.2%
Total Percentage Portola Valley Distressed Properties: 3.2%
Obviously Portola Valley is not a hotbed of distressed property activity. The one foreclosure was on a small house on Aliso in Ladera which sold for $1,075,000, a great price for that neighborhood. It is however a fabulous place to look for a home if you want a large lot, an incredible community feel, and plenty of local services as well as recreational activities.
If you have any questions about short sales or foreclosures in San Mateo County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Palo Alto Ca Short Sale/Bank Owned Round Up
In Palo Alto from Jan 1, 2012 until June 30, 2012 there were:
1 closed short sales
3 closed bank owned homes
Total sales during this time period were 284
Total % Short Sales: .3%
Total % REO Sales: .9%
Total Percentage Palo Alto Distressed Properties: 1.2%
1.2% of all Palo Alto sales being distressed properties is not enough to even comment on. The price of homes have in Palo Alto is now up to pre 2008 prices in the $2,500,000 price range and the homes over $2,500,000 usually do not have loans that are a very high percentage of their value so anyone who is having financial problems can generally sell and be made whole. So if you are looking for a bargain, look outside of Palo Alto.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
1 closed short sales
3 closed bank owned homes
Total sales during this time period were 284
Total % Short Sales: .3%
Total % REO Sales: .9%
Total Percentage Palo Alto Distressed Properties: 1.2%
1.2% of all Palo Alto sales being distressed properties is not enough to even comment on. The price of homes have in Palo Alto is now up to pre 2008 prices in the $2,500,000 price range and the homes over $2,500,000 usually do not have loans that are a very high percentage of their value so anyone who is having financial problems can generally sell and be made whole. So if you are looking for a bargain, look outside of Palo Alto.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Another Example of Why You Need a Realtor When Buying A New Home
Just read this article about a disaster for a Silicon Valley home buyer who signed a contract with a new home builder and lost $98,000 when
things went sour.
I have written about this many times but this case is much more powerful than just me saying don't go into the new development without a realtor.
For those of you who have not read my previous posts about this topic here is the executive summary.
If you go to a new development in Santa Clara or San Mateo County with out a Silicon Valley realtor on your first visit you will not be able to to have a realtor represent you if you decide to buy a home in that development.
The contracts are complicated and are in the builders' best interests, not the buyers'.
The only contingency you have is for financing.
Not all financing contingencies are created equal. You need an expert to help you understand what the contingency is.
If you order upgrades you will need to pay upfront for all or a portion of the upgrades. You need to understand under what conditions you will get your deposit back for the upgrades if the transaction falls through.
The builder needs to complete the home in a specified time period. What happens if they don't? What happens if the market tanks during that time period? Do you understand those parts of the contract?
I could go on, but you get the drift. Most Silicon Valley Home Buyers will not lose $100,000 on a deal that goes bad, but having a realtor to help you may be the difference between winning and losing, and I don't mean the lottery, to get one of these new homes.
If you have any questions about buying or selling a home in Santa Clara or San Mateo county please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
I have written about this many times but this case is much more powerful than just me saying don't go into the new development without a realtor.
For those of you who have not read my previous posts about this topic here is the executive summary.
If you go to a new development in Santa Clara or San Mateo County with out a Silicon Valley realtor on your first visit you will not be able to to have a realtor represent you if you decide to buy a home in that development.
The contracts are complicated and are in the builders' best interests, not the buyers'.
The only contingency you have is for financing.
Not all financing contingencies are created equal. You need an expert to help you understand what the contingency is.
If you order upgrades you will need to pay upfront for all or a portion of the upgrades. You need to understand under what conditions you will get your deposit back for the upgrades if the transaction falls through.
The builder needs to complete the home in a specified time period. What happens if they don't? What happens if the market tanks during that time period? Do you understand those parts of the contract?
I could go on, but you get the drift. Most Silicon Valley Home Buyers will not lose $100,000 on a deal that goes bad, but having a realtor to help you may be the difference between winning and losing, and I don't mean the lottery, to get one of these new homes.
If you have any questions about buying or selling a home in Santa Clara or San Mateo county please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194