Home Buying in 94513>Question Details

Ronsky, Both Buyer and Seller in San Jose, CA

Is buying a brand new home in Brentwood, CA 94513 for $465,000 (3,100 sq ft/ 11,000 sq ft lot) a good deal?

Asked by Ronsky, San Jose, CA Fri Jun 27, 2008

It's one of the last homes left in a new community . I don't know if prices will still drop in the coming months but we're considering of pushing through with this builder. Any opinion will be greatly appreciated.

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Answers

7
Ronsky,

Prices will most likely continue to drop in Brentwood for a bit longer, however, interest rates are going up. Waiting for the bottom of the market usually doesn't pay off for anyone who isn't an all cash buyer. That said, if your new home isn't scheduled to close for a while, your rates can still change. You may want to consider looking at getting something done with resale where you can lock your rate as soon as you are in contract. Just a thought...

As for REOs, there are definitely a lot of them out here. Buying an REO has it's own set of special risks and challenges. Make sure if you go that route that you work with an experienced agent who will take the time to go throught the Bank Addendums carefully and explaing the risks to you on the properties you have an interest in.

Warmly,
Janice Spencer
For more information on the REO market, visit our educational website at learn2ownit.com
Web Reference: http://www.learn2ownit.com
1 vote Thank Flag Link Sat Jun 28, 2008
Sounds like you are getting some good advice from local area real estate professionals.

In my view, new is always better. No one elses "stuff" to deal with. It has been my experience that the age of a home is important for re-sale all things being equal. If the developer is reputable the development wil have a good reputation.

If this is one of the few homes left in the development, find out the selling price of the other homes with the same floor plan. This will give you an idea of the value. Also, the builder is probably looking to close out the project and might be more willing to negotiate on the price.

Keep in mind that the market will "recover" over the long haul. Buy the castle you want to come home to.

All the best!

Good luck!
1 vote Thank Flag Link Fri Jun 27, 2008
Greetings. For a new home that sounds reasonable, especially if you are getting additional credits towards your closing costs or incentives like additional builder options included in the home. There are other homes out there that are bank owned properties, but most need some rehabilitation to make them comparable to purchasing a new home. In addition, you will be getting the added benefit of a 1 year home warranty and support from their customer service if you need assistance. Most people feel that we are very near, or at bottom in this area. Sales are strong again, but pricing will not recover anytime soon. If it is truly the home you are looking for than it is a good deal for you. A home like that 2 years ago was twice that in this area. I think it will be a great starting point for the next up-cycle in this area.

Let us know how things work out.
1 vote Thank Flag Link Fri Jun 27, 2008
Hi Ronsky,

Looking over this thread, just wanted to advise you to be careful as different agents seem to be referring to different Brentwoods! There is the Brentwood you're referring to in Northern CA... and there is a Brentwood in the LA Area. The pricing seems to be vastly different!

Speak with an agent in your area to discuss pricing and recent sales comps. Looks like you have some excellent agents (those from the correct Brentwood!) who have responded here, and there are other lists of agents on Trulia too.

Good luck,

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Mon Apr 5, 2010
Yes! This is an amazing deal for Brentwood! If it is in your price range, and you have seen the house and you like it, I would make claim it quickly before it's taken!

The prices are not dropping, real estate has been booming since January, and there is no sign of it going down, especially in the West LA area, home of the most desirable locations, Brentwood being one of them.

Hope this helps you, if you have any other questions or you are in need of a real estate agent in Brentwood, don't hesitate to call Anna Solomon or David Solomon at 310-979-3798.
Web Reference: http://www.LAREALTOR4U.com
0 votes Thank Flag Link Mon Apr 5, 2010
house prices Housing
StatisticsYear home was builtHousehold incomeTravel time to workCommunity Median Affordability

linksMedian Household Income: $69,168.00 $296,159.28
State Average: $47,493

Median Family Income: $75,753.00 $324,354.53
State Average: $53,025

Per-Capita Income: $24,909.00
State Average: $22,711

Median Value of Owner-Occupied Housing Units: $252,500.00
State Average: $211,500

Median Price Asked for Housing Units: $334,700.00
State Average: $151,900



Area: Brentwood, CA

Foreclosure Market: Hard Hit

Price Levels: Depressed, Falling

Area Life style: Favorable

Demographics: Median Lower. Blue Collar

Transition: Changing, New Development

Index Variances: Caution, Suspicious

Comments: Unless you have cash and are buying cheap. Now, I am starting to like it. New stores, business, lots of house and cheap. Won' stay that way. I rate Brentwood, CA one of the top REO markets (Western USA) to bounce back. Really!

Keep your eye on Brentwood, CA but be mindful of your price per SF. Also, if you want to write us about a lender abuse, please do so. This market is measured like any other by many things including demographics, economic profile and median averages. You guys come up as one of the highest rated "Biased" or "Controlled" markets meaning "suspicious" lender builder City, permits, Other, behavior.

It’s all modeled and we will share with you our findings. This matter will come in play with a "class" filing and that information will only be available through a legal professional http://www.borrowerhotline.com

Foreclosure capital of the US. (Next to Stockton; ) Rated: Avoid short term

Longer term: Heavy Buy side Rating.



http://www.borrwerhotline.com
0 votes Thank Flag Link Sat Aug 2, 2008
Ronsky,
Have you fully explored the REO community out in Brentwood. There is a huge number of over 400 foreclosed homes in Brentwood and it is about to grow signifcantly now that kids just got out of school and there is a huge number of short sales that are turning into foreclosures. Have you considered something along the the lines of 1804 Giotto Drive that just came on as an REO today? 3163 sq ft, 10,095 sq ft lot and a pool, wonderful built ins, granite, stainless, etc, priced at 487,900. A solid offer right around where you are buying new may solidify something like that, or you might want to consider Shadow Lakes or Deer Ridge. If you are looking for no issues and like the smell of a new home, maybe your way is the way. If you are looking to propect more against the future you should have an agent put you on a REO alert system and watch the deals come through. Let me know if I can help in any other way.
Thanks,
AJ Cohen
ajcohen@apr.com
925.819.2747
0 votes Thank Flag Link Fri Jun 27, 2008
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