August 11, 2009

Silicon Valley real estate market: The bidding war is back – San Jose Mercury News

Silicon Valley real estate market: The bidding war is back – San Jose Mercury News
The affordable end of Silicon Valley’s housing market has taken off, with homes often attracting dozens of bids in a repeat of the overheated days of the dot-com boom and the housing bubble.

But despite prices that are in some cases half of what they were at the peak of the market, first-time buyers are being shut out, outbid by investors willing to pay cash for houses they think will bring a good return on their money as rentals, and eventually appreciate in value.

During the dot-com era, the frenzy was for high-priced homes. This time, the homes that are selling briskly are lower-priced bank-owned foreclosures or sales by distressed borrowers. Those homes are sometimes fetching 50 bids or more. But even homes in more expensive areas such as Willow Glen and Cupertino are getting multiple offers, agents say.

Bill Powers, a broker with Coldwell Banker, said he represented a buyer who made an offer on a home on Willowbrook Drive in the Cambrian area of San Jose that received 73 other offers.

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“The very low end is so attractive for investors,” Bracamontes said. “You get a $220,000 to $250,000 home, and you’re able to rent it for $2,000 or $2,100 a month, and you’re getting 8 percent on your money, after expenses.”

Thanks to Burbed reader Ev (and others) for sending this my way.

This is most excellent and fantastic news. It’s true! The good times are back!

And with a vengeance! $220,000 homes are now renting for $2000 a month!

Can you believe that? My god! Every aspect of real estate is on fire – from home sales to rent! The long awaited Summer Soar has finally arrived!

Next up… Fall Frenzy, followed by Winter Winners, then Spring Bounce, with the cycle restarting again.

Wow!

$2200,000 homes are renting for $2000 a month! Shocking! But if a realtor said it, it must be true!

Comments (19) -- Posted by: burbed @ 5:23 am






February 17, 2009

$1.5 million dollar house becomes a $848,000 house

Many many moons ago…

$1.5 million dollar house rents for $3975 a month | SF Bay Area Home Price and Mortgage Insanity Blog – Burbed.com
July 11, 2007
$1.5 million dollar house rents for $3975 a month

Burbed reader E.V. spotted this:

Huge 6bed/5 1/2 bath Executive Home in EAGLE RIDGE COUNTRY CLUB
$3975 / 6br – Huge 6bed/5 1/2 bath Executive Home in EAGLE RIDGE COUNTRY CLUB (gilroy)
Reply to: hous-370156683@craigslist.org
Date: 2007-07-09, 2:28PM PDT

THIS HOME HAS IT ALL…Only 6 years old, it is loaded with two balconies, one that looks over a Pond on the 5th. tee.

Professional Kitchen with cherry wood cabinets throughout, Viking 6 burner stove, Sub-Zero refridgerator, with no home on the back or side yard.

Brand new swimming pool, tennis courts, elementry school, 8 1/2″ crown moulding and wainscoteing everyware.

Hardwood floors granite kitchen and each bedroom has its own private bathroom.

Beautiful views of every room in the home.

This home would sell for $1,500,000 but we have decided to keep it for the young children when they become adults. AVAILABLE AUGUST 1st.

Call for a private showing at 408/210-7740 and ask for Pierce.

2420 muirfield way, gilroy, ca 95020 at club drive at santa thersa ave google map yahoo map

Since then, a lot has changed. Gilroy is no longer in the Real Bay Area. Strawberry and Garlic pickers are no longer being offered $700k mortgages.

Long time Burbed reader E.V. recently notified me of this listing:

461978652_2420

Egads! Sorry Gilroy – it looks like your readmittance for Real Bay Area status is not likely for 2009. Perhaps 2010?

Comments (86) -- Posted by: burbed @ 5:20 am