Archive for the ‘San Jose’ Category

San Jose Makes Effort to Become Completely Energy Independent

By Theresa Wellman | September 8th, 2009 0 Comments

San Jose Councilman talks about San Jose’s plans for becoming energy independent.

Led by Mayor Chuck Reed, San Jose, CA is working toward a 15-year plan to Go Green and become energy independent with the design to also grow the local economy in the process. The unique plan is focused on three main elements: Clean Tech Innovation, Sustainability, and Green Mobility.

San Jose’s Green Vision includes:

1. increasing trail connectivity for alternate transportation

2. converting all public fleet vehicles to alternate fuel

3. planting 100,000 new trees

4. converting all street lights to zero-emission lighting

5. recycling or reusing 100% of our waste water.

6. getting 100% of it’s power from renewable sources

7. divert waste from our landfills

8. adopt a plan for sustainable development

One key challenge the mayor set forth, is for local solar companies to come up with creative financing so San Jose residents can install photovoltaic systems on their homes. The intention is obvious; to help the local businesses grow and decrease energy consumption in San Jose’s neighborhoods. The mayor even put solar cells on his own home just this past month.

Local students at Santa Clara University and California College of the Arts are creating excitement about green and sustainable building too by building their very own Refract House, a Zero-Energy Home. It is obvious this topic is on the top of the minds of tomorrow’s leaders, so it is great to see our local leadership today making goals and progress toward a green and more sustainable future as well.

Green is not just a fad, it’s a new way of living that we are seeing more and more apparent in the homes we sell in Silicon Valley. Energy consumption and sustainable materials are a concern for many of my clients and friends and family.

To learn more about green living in a home you are looking to buy or sell, talk to a certified EcoBroker.

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Shadow Inventory of Foreclosed Homes-Fact or Fiction?

By Russ Boyd | August 28th, 2009 0 Comments

You may have heard media stories of a so called “shadow inventory” of foreclosed homes that banks are holding off the market. According to a story in the San Francisco Chronicle, Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures said, “We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market.” He went on to say, “California probably represents 80,000 of those homes.”
The story suggests that there will soon be a torrent of bank owned homes flooding the market. I’m not here to second guess the data reported in the Chronicle article or the data compiled by RealtyTrac, however, I continually marvel at how media stories differ from everyday life experience. In the Bay Area, the inventory of homes for sale has been decreasing for many months and at the same time the number of sales has increased as has the median price.
According to bay area sales activity, in San Mateo County, the median price is up for the seventh month in a row, the number of homes for sale is down 25% from one year ago and the number of days on the market average down to its lowest point since September of ‘08.
In Santa Clara County, the median price is up for the sixth month in a row, the number of homes for sale is down 40% from one year ago and the number of days on the market average is down to its lowest point since March.
For Alameda County, the median price is trending up since the low in March, the number of homes for sale is down 49% from one year ago and the number of days on the market is down to its lowest point in a year.
In Contra Costa County, the median price is up for the sixth month in a row, the number of homes for sale is down 51% from one year ago and the number of days on the market is at its lowest point in a year.
A basic market fundamental is supply and demand. Keep in mind that a market in balance is considered a six month supply of homes for sale. For the four counties above, the highest is San Mateo County with 2.75 month of inventory and the low is Contra Costa County with 1.75%.
Shadow inventory or not, I can confidentially report that there is every indication that what we need in the Bay Area is more inventory. Multiple offers are common and, although qualifying for a loan takes, well, qualifications, there appear to be plenty of qualified buyers eager to buy in the Bay Area.

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Intero lists Sunset Magazine’s Dream Kitchen of the West home

By Teressa Francis | August 17th, 2009 2 Comments

dream-kitchen1Newly-built home in San Jose’s Rose Garden neighborhood showcases the best in Western and green living

We are excited to announced that Intero was chosen as the listing brokerage for Sunset magazine’s 2009 Dream Kitchen of the West home. The home, located in the Rose Garden neighborhood of San Jose, was built by DeMattei Construction, a leading builder of fine homes in Silicon Valley including five Sunset Magazine Idea Houses. The dream kitchen was designed by famous New York City and San Francisco designer/architect Cass Calder Smith.

The creation of the Dream Kitchen of the West was documented on a special section of the Sunset magazine website located at http://dreamkitchen.sunset.com. The completed kitchen will be featured in the October issue of Sunset Magazine.

“We list many extraordinary and unique properties in Silicon Valley, but it is a true privilege to bring this home to market,” said Gino Blefari, CEO of Intero Real Estate Services. “Exceeding the expectations of our clients is always first and foremost. Intero’s out of the box approach to marketing our listings adds to our level of sales success.”

The 3,200 square foot home features five bedrooms and four baths. Constructed with green building standards in mind, this home features: HEPA filtration, cathedralized insulation, bamboo counters, recycled glass tiles and Low-E Anderson windows throughout.

The Intero listing agents are Leslie Heinrichs, Ian Humphries and Valerie Mein. More information on the Sunset Dream Kitchen of the West home can be found on their website.

Take a video tour of the completed Dream Kitchen of the West with builder Mark De Mattei.

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The Value of Fixer Uppers

By Steve Ricketts | August 5th, 2009 0 Comments

All home buyers are looking for value, and to most this means getting the largest home for the lowest price. For many buyers this translates into purchasing the renowned ‘fixer-upper’.

So what exactly qualifies a home as a ‘fixer-upper?’

There’s a wide range of subjective credentials, as some homes may only need new paint and carpet, while others may need more extensive repairs to their foundation, roof, plumbing, or electrical systems, etc.

While on your search for the right home, remember to be realistic on accomplishing the repairs – who will do it? Will it be you, or will you be hiring a contractor? Estimate how much the repairs will cost with, and without, professional help. Does it make your purchase worth it? If you have to hire an expensive outside contractor you may not see the potential value of buying the home in the first place.

If you choose to buy a home requiring repair it is especially important to work with a licensed REALTOR, due to so many potentially expensive issues you may be confronted with. Your agent will walk you through the details of the property and termite inspections, and help guide your decision-making process based on your own ability to repair the home.

Your REALTOR should also be able to recommend the best vendors in your area, based on their past experience and company recommendations, in case you need further help on your project, or even just some quality advice. Choosing the wrong people to help repair your home can be very costly in both time and money.

Once escrow has closed, and keys are in your hand the fun begins! With the economy as it stands today many home owners with fixer-uppers are turning to “sweat equity”, or do-it-yourself repairs, to enhance their home value.

You will find savvy home owners doing most of the work themselves with friends and family lending a hand. A method of making the project more pleasurable and less of a chore for your invited helpers is to make a party out of it! Offer pizza, drinks, music, etc. to motivate your crew. Offer out-of-town friends and relatives the chance to be your first few guests in your new home. Or, make this a great excuse to call old friends you haven’t seen in awhile. Make your home improvement projects a community effort.

You will be amazed when you are finished. Not only have you repaired and remodeled your new home, you will probably find that you have also built stronger relationships with family and friends.

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SHORT SALE vs. REO: Buyer “Thunderdome” Part 1

By William Chea | August 4th, 2009 0 Comments

For today’s buyer, the Short Sale and REO – real estate owned property – transactions are the market heavyweights.

Let’s go a few rounds weighing the pros and cons to see how they compare!

Round 1 – Pricing (REO comes out swings and lands a quick over-hand right – perhaps)

The biggest and most powerful draw the REO property has on buyers is typically lower pricing when compared to other homes on the market.  In San Jose lower prices have enticed so many buyers that, for the first time since 2005, there are more pending sales than active listings.  However, there is no Tyson-like knockout because with lower prices comes competitive bidding which drives the price up to where the deal is, in many cases, not so hot.   Case in point, we recently listed an REO on E. Duane Avenue in Sunnyvale and within 48 hours had 18 offers!

Round One goes to: The REO

Round 2 – Timeframe (Smelling blood, the REO goes for the knockout with a devastating left uppercut to the body!)

A huge complaint about the Short Sale is the uncertainty of outcome and the time frame – they take too long!  There are Pending Short Sales right now that have been waiting for lender approval for over 9 months!  The majority of REO offers can be ratified within 7 days and closed in 30 days.  This gives the REO a huge advantage. Short Sale’s knees are a little wobbly at this point but somehow manage to stay upright. Why? Thankfully many major lenders have finally recognized the value of the short sale and are beginning to streamline the approval process.  In the case of Wachovia Bank in Santa Clara County they are pioneering a program where the short sale approvals happen at the local level.  They have staff that actually discuss and assess the situation with the homeowner. Their approval turnaround time – from offer submission to final approval - can be as timely as 5 to 10 days. In general, private parties are typically more nimble in their ability to respond and make decisions related to the transaction – far less “bureaucracy” in this process. Short Sale survives REO’s early barrage and is saved by the bell!

Round Two goes to: The REO

Round 3 – Disclosures (The Short sale has its Balboa moment…queue the horns)

As an REO listing agent myself, it amazes me that buyers and/or their agents sometimes don’t get it – There are LIMITED SELLER disclosures in a REO transaction. The seller is an institution – they have never lived at the property.  They have never seen the property, much less know its history. Apart from the Natural Hazard Disclosures and a few mandatory disclosures, you have no idea what has happened to or around the home. This is where the Short Sale has a HUGE advantage. The seller most likely occupied the property and has a legal obligation to disclose everything they know to a potential buyer. Out of nowhere, Short Sale regains his legs and starts landing body punches to REO!

Round goes to: The Short Sale

This match is just heating up! Come back for Part 2 and see who will win.

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If There Ever Was a Time to Buy, This Is It!

By Russ Boyd | July 25th, 2009 0 Comments

Five Reasons Why Now is the Perfect Time to Buy-

  1. Low Mortgage rates – Bankrate.com recently reported, that mortgage rates are at their lowest point ever in their survey taking history. They have been conducting rate surveys since September 1985. The national average for a 30-year fixed rate mortgage is very near 5%. This is great news for buyers.  If you read or listen to the news, you will see that refinancing has increased dramatically.  Why do you think this is? Any further rate drops are likely to be minimal.  One thing that you can count on, when rates begin to rise, they go up much faster then they go down.  The current interest rates alone, is a really good reason to consider purchasing a home.
  2. Housing Prices –  Everyone knows that housing prices are down in most regions.  Do you think prices are going to continue to decline?  Perhaps, but most of the decrease is now reflected in today’s prices.  The number of sales and median prices have been rising steadily in the Bay Area since the first of the year. Multiple offers have become very common in the lower price range.  See for yourself at BayAreaMarketMetrics.com.  Now you have two good reasons to buy.
  3. Seller Motivation –  Due to the current market conditions, it is pretty easy to identify motivated sellers.  In many instances, you can easily find a motivated seller by looking at the property description. Look for keywords such as: “motivated seller,” “make an offer,” or “must sell.”  Be sure your agent is on the lookout for consistent price reductions. If you like the property and the seller is motivated, then you should seriously consider making an offer.  If you don’t, chances are someone else will and you will have missed your opportunity.  Don’t let that happen to you.
  4. Tax Advantages –  Current tax law allows homeowners to deduct interest paid on mortgages and the amount of paid property taxes. If you are paying rent, you do not qualify for these deductions. The Federal and California State governments are also offering incentives.  The most widely publicized are the Federal $8,000 first time home buyer tax credit and the California $10,000 tax credit for a new home purchase. This makes a great opportunity even more incredible.  For find out if you qualify for one or both of these home buyer tax credits, check with your Realtor®.
  5. Timing – You must have heard the expression “buy low and sell high,” right? It might even be your mantra. As with any investment, it is ideal to purchase when prices are low rather than at their peak. However, if you are waiting to purchase a home because you believe prices will continue to drop, you will likely miss out of an ideal opportunity. The time to “buy low” is right now. Once everyone comes to the realization that prices may already be at their lowest point, then you can rest assured that buyers will jump in and start buying. In the lower price range multiple offers are becoming more common.  Remember, the best deals will be the first target.

Now you know, this is a great time to buy a house.  There is plenty of inventory, interest rates are low, house prices are down, sellers are motivated, you can take a tax deduction and you may qualify for up to  $18,000 in tax credits. The timing is perfect. You have nothing to lose and so much to gain.

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Great time to buy investment real estate? Depends.

By Mario Pinedo | July 22nd, 2009 0 Comments

In the single family home market, prices are down significantly. Interest rates are also at close to all-time lows.  So, yes, all indicators are pointing to a great buyers market.

The apartment market is different altogether. First time buyer financing is harder to get and also due to many foreclosures making homeowners into tenants, there are far more renters in the marketplace than normally would be. Therefore, rental rates are up and vacancies are down. Most apartment owners are happy and not very motivated to sell.  Read: no good deals here.

The one opportunity I see is in the duplex – fourplex market. Here there has been financial trouble because of the loose financing that occurred. Compare this to the financing of apartment buildings above 4 units, which has always been very conservative. There are short sales and bank owned foreclosures to be had in the duplex – fourplex market.

With rents healthy… yes, this is indeed a good time to buy a home.

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Intero becomes top real estate company in Silicon Valley

By Teressa Francis | June 24th, 2009 0 Comments

Intero Real Estate Services is now Silicon Valley’s top real estate company. RE Infolink, the Multiple Listing Service in the Silicon Valley area, shows that Intero has a 17 percent share of Santa Clara County single-family home and condominium sales. That’s five percentage points ahead of Coldwell Banker Northern California, which has 12 percent of the market.


Until January, Coldwell Banker Northern California had been the market leader in the area.


“This is more than just one brand versus another. It reflects a fundamental shift in the way real estate services are delivered,” Intero CEO Gino Blefari says. “It shows that our investments in technology, our commitment to innovation and vision for a new kind of real estate company have resonated with agents and consumers looking for a different – and better – experience.”


Blefari also notes that Intero continues to innovate and embrace change, even as other companies have cut services or reduced marketing budgets.


Just a few years ago, Intero moved ahead of Alain Pinel for second place in Santa Clara County.


Click here to read the full press release.

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