Another opportunity and I’m sure there will be more but you have to jump on this as I am sure many buyers will. This particular unit is the standard 1 bedroom plus den floor plan and does not feature a catwalk. The unit although not facing Santana Row still features some nice views of the east hills. Santana Row still commands good rents and there is plenty of demand.
If you are interested you need to act fast, this property will likely be sold within a week.
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Recipe for a good deal:
Find a development that was completed 4 or 5 years ago. A majority of the properties in the development will be underwater, where values are below mortgages. You can expect that there will be defaults in some cases these complexes have higher rates of default than other complexes. This will cause the supply of listings or distressed properties to be higher and bring down prices futher.
One example of this is the Encanto development in San Jose, near the University of Santa Clara. Currently there are a number of properties available. Some of the properties are still owned by the developer and are close outs. Others like the 4 listed below are distrissed sales, and judging from the number of defaults in the complex there will likely be more coming on the market.
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333 Santana Row #310
Condominium
Status: Active
MLS#: 80957799
List Date: 12/21/09
Price: $421,950
Original List Price: $435,000
Location: 333 SANTANA RW #310
City: San Jose, CA 95128
Bedrooms: 1
Bathrooms Full: 1
Bathrooms Half: 1
Approx. Sq. Ft.: 1099
Approx. Lot Size: 435.sf
Approx age: 8
With the rental market still strong and Santana Row still the hottest place around this is sure to be a good investment. Recently a 65,000 sqft. office structure has just been completed and ready for occupancy. Once leased, expect business in Santana Row to increase and perhaps demand for the units there will increase as well. If you can get this unit at this price it is a bargain.
Tags: santana row bank owned
4464 HEADEN WAY, SANTA CLARA – RIVERMARK
Bank Owned Rivermark Townhome
Type: Townhouse
Status: Active
List Date: 11/03/09
Price: $633,900
Last Modification Date: 11/03/09
Location: 4464 HEADEN WY, Santa Clara, CA 95054 (map)
Bedrooms: 3
Bathrooms: 2.5
Approx. Sq. Ft.: 1716
Approx. Lot Size: 1,306.sf
Approx age: 6
MLS#: 80952017
This is the latest REO or bankowned property for sale in Rivermark, Santa Clara. There are a number of these Park town homes currently in default and will likely end up as more bank owned listings. The difference now is that they are likely to be snatched up by the increased buyer activity that has been mounting in past weeks. I don’t expect this town home to make it a full week on the market with out multiple offers.
For those of you shopping for bank owned homes and expecting deals, understand that Bank Owned or REO properties sell at market prices. That isn’t to say that because of their state or poor showing condition they are likely to sell lower than a conventional sale, I still feel Bank Owned homes and still a good deal. If you have all cash now they are especially good as many lenders are taking lower priced all cash offers over higher financed offers.
Tags: bank owned homes
333 Santana Row #214, Sold for $515K. 1 Bedroom 1.5 Bath loft with catwalk, popout, large back patio, and 2 parking spots, great deal.
This short sale transaction just closed last week. For those of you who who are considering buying a short sale understand that the most important figures in the transaction are the negotiators, the listing agent, and the buyers agent, and the most important quality they must all poses is diligence.
Short sales are all about paperwork whether the paper work is the short sale package, lender addenda they need to be completed correctly or to the negotiators satisfaction and they need to be submitted in a timely fashion. Its my contention that a short sale can close quickly in 6 weeks, as long as the agents and negotiator are diligently meeting the negotiators request and submitting the paperwork in a timely fashion.
This particular short sale had two loans which made the agent’s diligence even more important and crucial. You have to satisfy the paperwork for two loans, but the complex issue is that the 2nd loan approval cannot be granted until the first is granted. Once the first loan has short sale approval they will offer funds to the second, the agent must find out from the 2nd loan what amount they will request in order to release their lien, and do that before the 1st loan approval expires.
With all the confusion and uncertainty its incredible that these transactions even close, but they do and its my impression that they are not that bad, and do close. The only frustration I feel is the uncertainty and the possibility of being thrown out of contract by a higher offer from another buyer. This can easily happen, be sure to read your addenda and understand the nature of your contract.
In the end because of the buyer’s patience, she got a great deal on this loft. It was really a great property, and I really enjoyed the feeling of being in this property.
Tags: Santa Clara county Short Sales, santana row short sale, Short Sales
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Single Family Res Type: Detached Single Family Status: Active List Date: 05/17/09 Price: $474,500 Last Modification Date: 05/18/09 Location: 2038 SAN RAFAEL CT, Santa Clara, CA 95051 (map) Area: 008 – Santa Clara Bedrooms: 3 Bathrooms Full: 2 Bathrooms Half: 1 Approx. Sq. Ft.: 1534 Approx. Lot Size: 5,795.sf Approx age: 51 MLS#: 80924264 Old MLS# (6 digit): 80924264 |
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This bank owned home is a great buy in Santa Clara. Its the popular 3 bedroom 2.5 bath Windsor floor plan in Darvon Park. The home is in move in condition. The kitchen was remodeled some years back, both bath rooms are very client and have new vanities with granite countertops. The back yard is very good sized, the home has expansion options which leave plenty of space in the back yard.
Downsides are that there has been some settling which is typical for these older homes, but this one has a bit more than typical. The roof needs replacement, the windows are old, and the back yard and front yard need some attention. Overall for a price of $475K, this is a good Santa Clara home at a very good price.
Tags: Add new tag, bank owned homes
| 154 S 33RD ST., SAN JOSE | ||
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| Status: Sold ML Number: 80903799 Parcel Number: 481-16-013 ZIP: 95116 Area: 4 Alum Rock City: San Jose City Limits: False County: SANTA CLARA COUNTY Thomas Br Map: pg. 834 (F4) Cross Street: E San Fernando Unincorporated: False Beds: 2 Baths: 2 Stories: 1 |
Class: Single Family Residential Type: Detached Single Family List Price: $237,900 Original Price: $244,900 List Date: 1/23/2009 DOM: 53 CDOM: 53 Lot Size (Acres): 0.123 Lot Size: 5360.00 SF SqFt (source): 924 (Assessor) Age: 84 Year Built: 1925 Zoning: R18 School District: San Jose Unified |
Remark:
Santana Row Loft for Sale. This is a unique loft in the trendy Santana for Deforest building. Only a dozen of these units exist with the large patios off the back. This particular unit features two parking spaces and a large patio.
Tags: santana row short sale
Most Foreclosures Not On The Market
The flood of new foreclosures might ebb for a while as major lenders GMAC, Bank of America and JP Morgan Chase suspend filings in 23 states due to sloppy procedures.
But like a finger in the hole of a broken dam, these actions — and any possible political reactions — are unlikely to stop the pressure foreclosures are putting on the housing recovery .
The mortgage and housing markets already are awash in repossessed and delinquent homes. And banks are only putting a fraction of their inventory up for sale. That slow-drip release helps prevent another big price drop, but it also means home values will be under pressure for years to come.
And it’s even more unlikely that foreclosures will filter out of the system anytime soon in light of the growing controversy over mishandled documents. The three big lenders have suspended foreclosures in 23 states where courts han dle filings. The Justice Department said Wednesday it would look into the issue after House Speaker Nancy Pelosi and other Democrats urged Attorney General Eric Holder to investigate.
Meanwhile, more properties are falling into trouble. The weak economy is pushing previously sound borrowers over the edge. Many owners with modified loans quickly redefault.
Loans in foreclosure made up about 4% of all mortgages in August vs. the 1995-2005 average of just 0.53%, according to LPS Applied Analytics, which tracks the mortgage market.
“This is unprecedented,” said Herb Blecher, senior vice president at LPS. “In the size and the scope of the problem we’re dealing with now, there is no historical comparison I’ve come across.”
When loans with at least one past due payment are added in, the combined percentage of problem loans rose to nearly 14% of the total outstanding in the second quarter, said the Mortgage Bankers Association.
Loans at least 90 days past due actually fell, indicating many were modified or reclassified as performing. But the rate of short-term missed payments rose. An MBA economist said that the reason was likely tied to a rise in first-time jobless claims and loan modifications that had soured again “because those borrowers, by definition, have weak credit.”
Only about 20% of the 1.2 million homes in the foreclosure process are on the market, says Rick Sharga, senior vice president of RealtyTrac. And of the 900,000 homes that banks have repossessed after auctions and other means came up empty, just 30% are for sale, he said. That means the other 600,000 bank-owned properties are in the “shadow inventory.”