Steve-o, Home Buyer in South San Jose, San...

Anyone know about the Villa Cortona Way Houses and why they dropped so much?

Asked by Steve-o, South San Jose, San Jose, CA Thu Feb 17, 2011

Is there litigation? Does anyone know how the schools there are rated?

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Answers

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You can ask the HOA or any of the listing agents about litigation. New construction generally drops in value, as do new cars, unless the market is especially strong and housing choices limited. Instead, we've seen several distressed properties come on the market and in general, prices drop 10-30% when that happens, especially when there are more than one distressed home.
0 votes Thank Flag Link Thu Mar 17, 2011
Villa Cortona dropped a lot from when they were first built, like many condos in today's market. But the prices have changed a bit in the last 6 months, ranging from 1482 sq. ft. active at $340,000 up to 1963 sq. ft. pending at a list price of $475,000. The prices dropped due to many short sales and bank owned. The complex is not FHA approved so that would require a buyer to put 20% down, unless they could find a private mortgage insurance company willing to make up 10% of that 20% down. In order for that to happen the HOA would have to qualify. I don't see that it is in litigation but that doesn't mean it is not. Also, the owner occupancy would need to be 51% or more owners and HOA Due delinquencies would need to be less than 15%. I suspect that the HOA may have some deficiencies as one condo which sold for $312,000 stated CASH only.

With the exception of the one cash sale, the others which closed stated conventional financing. It may be possible, but a buyer could be required to put 20% or more down. Currently there are 2 active, 4 pending, 4 sold in the last 6 months and of the total 10, 8 were either short sale or bank owned
Web Reference: http://terrivellios.com
0 votes Thank Flag Link Mon Mar 14, 2011
which Villa Cortona Way house? There are 7 on the market for sale 5 of them are pending only one is still available.
Elementary Middle High
Canoas ES
880 Wren Drive
San Jose, CA 95125
(408) 535-6391
Willow Glen MS
2105 Cottle Avenue
San Jose, CA 95125
(408) 535-6277
Willow Glen HS
2001 Cottle Avenue
San Jose, CA 95125
(408) 535-6330
0 votes Thank Flag Link Tue Mar 8, 2011
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