Terri Vellios

It looks like you have done some of your research already. Pulte has been around for a while and I don't know much about Robson. I used to work for a developer and there are several things you will want to consider when purchasing a new home.

They have a buider addendum, home warranties (how many years?), possible special purchase contract, etc. You may be served well to have an agent work with you through the miriad of paper work to figure it out.

Email me and lets talk, I may be able to save you money. - Sat Jul 12 2008, 10:24

I looked at those condos. They are putting together a nice project. They have about a half dozen on San Carlos which could also be used for a small business, such as an office (not retail or store). The price is enticing for what you get. That area is transitional and with that there may be certain elements which may or may not affect your buying decission, foot and auto traffic, etc.

It is so close to shopping, restaurants, etc, and more people are looking at the cost of gas in their travels and deciding to purchase closer to conveniences and work.

Also, developers are offering great incentives. I used to work for a developer and they have a different mind set. If I may offer assistance to you when you are shopping for a NEW home community, or resale as well, email me. I may be able save you money. - Sat Jul 12 2008, 10:19

I live and work in Cambrian. One of the defining features are the huge lots. You just don't get large lots anymore. You can always add on and improve a home but you can't grow a larger lot.

In 1990 in a very depressed market, I purchased an 1100 sq. ft. home on a 9,000 sq. ft lot for $229,000 at an interest rate of about 7.8%. I thought that was very high and was happy to sell in 1995 for $243,000. That same house now would sell for between $680,000 and $725,000 (based on it's condition/improvements). Other homes in the area which have expanded, improved the lots, etc, are selling for over $1m.

We are in the slow market right now and the schools in Cambrian are desirable. Cambrian benefits as it is in the middle of Los Gatos, Campbell, Willow Glen and Almaden. Easy commute access also. We don't know what the next five years will produce, we can only look at right now, interest rates are lower, and buyers can negotiate. The availability and cost of funds are questionable for the furture. If you can find a home you like now, negotiate a price you can afford, get a favorable interest rate, and hang on for 5 to 7 years you should do alright. Especially if it has a large lot. - Sat Jul 12 2008, 10:11

Developers are making great deals right now. I used to work for a developer and I know how they think. If you would like some advice email me. - Sat Jul 12 2008, 09:58

I know and work the Campbell area. Campbell is a great area to purchase with good values right now. Things for your daughter to consider is how much she is putting down and how the purchase of a condo is rated in the lending industry. If she is putting down 20% or more she will not need PMI. If 10% or more PMI is required, if less than 10% on conventional financing she can not obtain PMI (Private Mortgage Insurace, which lenders require). Make sure the lender is familiar with the various loan programs, including FHA guidelines.

If she is a first time home buyer there are some great options, Acorn for one, depending on her income, may receive grant assistance.

Latimer, Gomes, Watson, N. 3rd, N. 2nd have a community of condos within walking distance to downtown. Prices start at $299,000 up to $380,000. Within driving distance there is Union, also Payne in the lower $300,000. - Sat Jul 12 2008, 09:54