Market Conditions in 95054>Question Details

Sammy, Home Buyer in Santa Clara, CA

Do you think Rivermark prices will be affected by this recession and housing market falling.?

Asked by Sammy, Santa Clara, CA Sat Feb 23, 2008

Help the community by answering this question:

Answers

3
Make no mistake about it, the prices will be affected sooner or later, and this is no "down swing" or "trend". This is a true "market correction". And there is a big difference. You see, we must realize at some point that everything in this economy is enter-connected. The loss of jobs, free trade agreements, low interest rates and a weak dollar..... all affects the consumer which is the heart of this economy. What happens to the consumer in the South or the Mid West, will affect the lifestyles of those on the West Coast. And to think otherwise only exposes the lack of true understanding on behalf of that individual. The problem is grave, and no market is safe, and they all will eventually "CORRECT".

They will all correct the same way because they were all created the same way. Namely by speculators and easy credit, and not real buyers with real affordability. To put it simply, the market should not have been where it was, and now it is free falling back to where is was supposed to be. This is the reality of every market in this country. Rivermark will follow.

If you want to be safe, find another way to acquire your home. Don't buy from the big developers and educate yourself on not just the market, but how the players in the Real Estate business (i.e., brokers, developers, agents, lenders, etc.) get paid and what they actually do. This is very important! Knowing this can save you up to 45% up front on the cost of the home and hundreds of thousands on the duration of the mortgage.

You can email me at info@serapisdebtservices.com - and I will send you some free information. Good luck.

Khazeem Asadullah
1 vote Thank Flag Link Fri Mar 21, 2008
I currently live in Rivermark and have definitely seen prices soften a bit at the high end (single family homes). There are a lot more houses on the market for prices that are between 50 and 100K lower than their peak values. I am an original owner and personally LOVE the neighborhood, its proximity to Safeway, easy commute, and the fact that a neighborhood library just got approved.

It would also seem to me that the demographic of the homeowners do not really lend themselves to getting into financial trouble (professional jobs, hi tech hasn't really been hit) so you dont really see any shortsales and most folks are original owners and have so much equity that the loan mess wouldn't really have a huge impact. I cant imagine anyone being upside-down on their mortgage, given the appreciation over the past 5 years.
0 votes Thank Flag Link Thu Apr 3, 2008
Sammy,

I completed some stats on Rivermark for a client and over all, Rivermark has seen about a 1-3% drop in average sales price in the last year. A lot of it depends on unit size and location in the complex, but overall the prices have come down a little bit. How long the trend will continue? Who knows. In the last 3 months, 1 unit out of 3 units listed has reduced the price.

Rivermark is a very nice complex, convenient to many jobs within the tech industry. Many I have spoke to like living there and only move when they are ready for a larger, detached home.

http://en.wikipedia.org/wiki/Rivermark_of_Santa_Clara

Good luck,
CJ
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Fri Mar 21, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer