15070 MONTEBELLO RD – Listed by Jonathan Bunce, Broker

This is a wonderful opportunity to own a luxury home in Cupertino at distressed property prices

If you are interested you need to act fast, this property will likely be sold within a week.

334 SANTANA RW UNIT 322 MLS Num: 81009905 Status: Active City: San Jose County: SANTA CLARA COUNTY Zip: 95128 Bedrooms: 1 Bathrooms: 1.5 Square Feet: 1099 Lot Size: 0.010 acres Year Built: 2002 List Date: 2/16/2010 Org. List Price: $399,000 List Price: $399,000 Sold Date: – Sold Price: – Public Remarks LIVE THE SANTANA ROW LIFE! WALKING DISTANCE TO SHOPS & RESTAURANTS. TONS OF UPGRADES INCLUDING HARDWOOD FLOOR, KITCHEN FEATURING STAINLESS STEEL APPLIANCES & GRANITE COUNTER TOPS, INSIDE LAUNDRY, PRIVATE PARKING, AND MUCH MORE.

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.

1392 DAHLIA LP     MLS Num: 81005323 Status: Active City: San Jose County: SANTA CLARA COUNTY Zip: 95126 Bedrooms: 3 Bathrooms: 2.5 Square Feet: 1246 Lot Size: 0.040 acres Year Built: 2006 List Date: 2/5/2010 Org. List Price: $595,000 List Price: $550,000 Sold Date: – Sold Price: – Public Remarks Reduced from $595K. Now a short sale so will need lender’s approval. Close to HP Pavillion, Valley Fair Mall, Santana Row, San Jose Airport, Caltrain, freeways, and WALKING DISTANCE TO Santa Clara University. ? 1,246 SF SFR ? 3 BR/ 2.5 BA? Cathedral ceiling in living room. Attached 2 car garage? Encanto Tract built by Robson Homes, completed in 2007. Community Pool & Clubhouse for entertaining.

1317 DAHLIA LP     MLS Num: 81005801 Status: Active City: San Jose County: SANTA CLARA COUNTY Zip: 95126 Bedrooms: 3 Bathrooms: 3 Square Feet: 1475 Lot Size: 0.044 acres Year Built: 2005 List Date: 2/8/2010 Org. List Price: $585,000 List Price: $585,000 Sold Date: – Sold Price: – Public Remarks Amazing home available now! Spacious corner single family home at Encante. Desirable neighborhood near Santa Clara University with Low HOA dues and spacious 3 bedrooms, 3 baths and 2 car garage. Spanish style and open spacious floorplan. LOCATION! Don’t miss out!Shows like a model!

1190 CAMPBELL AVE     MLS Num: 81003183 Status: Active City: San Jose County: SANTA CLARA COUNTY Zip: 95126 Bedrooms: 3 Bathrooms: 2.5 Square Feet: 1977 Lot Size: 0.051 acres Year Built: 2006 List Date: 1/21/2010 Org. List Price: $725,000 List Price: $654,312 Sold Date: – Sold Price: – Public Remarks This beautiful 3 Bedroom, 2.5 Bathroom home is located near Santa Clara University. With close to 2000 sq. ft. of living space and 2 one car garages you will not want to miss this rare opportunity.

1082 ARBOL WAY     MLS Num: 81009027 Status: Active City: San Jose County: SANTA CLARA COUNTY Zip: 95126 Bedrooms: 3 Bathrooms: 2.5 Square Feet: 1371 Lot Size: 0.050 acres Year Built: 2008 List Date: 2/25/2010 Org. List Price: $688,000 List Price: $688,000 Sold Date: – Sold Price: – Public Remarks Almost new corner lot bungalow w/resort-like clubhouse & pool, within walking distance to SC Univ.Door opens into living,dining&kitchen, beaming with natural sunlight&refreshing view of orange trees.Unload groceries easily from 2-car garage.Private backyard, right off living room makes outdoor entertaining a breeze.3 BR together upstairs with walk-in closet & 2 separate vanity basins in master BR

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.

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.

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.

SACRAMENTO, Calif.—California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday.

The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.

But supporters acknowledge the California Foreclosure Prevention Act won’t stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.

The bill passed in February is similar to the Obama administration’s Making Home Affordable Program that began in March.

Both encourages lenders to cut interest rates or rewrite loans to affordable levels.

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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

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.

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.