Sierra Village townhomes in San Jose 95132 (near intersection of Sierra & Morrill). Good place to live? Investment potential? Fair market price?

Asked by Sk, San Jose, CA Tue Aug 9, 2011

We saw a 2 bed, 2.5 bath townhome here recently listed for 418k. The unit & layout was very nice, the schools are good too (Ruskin elementary, Sierramont MIddle, Piedmont Hills High). My question is if the area around is generally high or low income? What kind of people live here? Is there a good investment potential here? What do you think is the right price for it (http://www.redfin.com/CA/San-Jose/1205-Sierra-Village-Way-95…).

Crimereports.com shows a few incidents in this location in the last 6 months (1 assault, a few thefts, some vehicle thefts).

Neither me nor my agent is not very familiar with the area; have tried driving by a few times and it seems alright. But would like to hear from other agents/ residents what they think.

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5
Kevin Vo, , San Jose, CA
Tue Aug 9, 2011
Hi Sk,
This is a fair price for this particular spot with excellent schools. Owners pay for this price because of this very reason. No investment is 100 percent safe, so you pick what works for your situation. For 418k you probably can buy a single family home in 95148 or 95138 or 2 townhouses in other areas.
Best of luck,

Kevin
408-228-2161
kevinvohomes@yahoo.com
0 votes
Andrea Wince…, Agent, Milpitas, CA
Tue Aug 9, 2011
I looked up Sierra Village sold comparables: April 2011 3/2.5 sold for $425k ~ May 2011 2/2.5 sold for $385k ~ July 2011 2/2.5 sold for $402k. Your agent should be able to run a title profile for you on the address you are considering purchasing that will give you all the demographical information.
0 votes
Norman Aless…, Agent, San Jose, CA
Tue Aug 9, 2011
Hi Sk,
Both Grace and Erica gave you excellent advice as they are pro's so I won't cover what they already did.
I ran the comparables on this and it seems that the 2 actives are priced a bit high ( the last unit closed in july for $402k. I would advise you to have your agent run the comps and go from there. The HOA dues seem reasonable at $269, but I would make sure I checked out the reserves and if there is any special assessments. Don't forget that while the square footage is wonderful at 1430 it is a 2 bedroom and that cuts down your potential buyers on any resale of the unit. On the plus side the schools are good so that will help a lot with resale.
As always feel free to contact me with any questions.
Good Luck!
Allyson
408-705-6578
allyson@homesbyallyson.com
DRE# 01397256
0 votes
Erica Glessi…, Agent, San Jose, CA
Tue Aug 9, 2011
I live in Berryessa, and I like it here. It's very close to 680, 237, 101 and not far from downtown. It's easy to get out of town when you are heading to Tahoe or up the 680 corridor.

My children do well in the schools. You can see the demographics in the schools if you go to http://www.greatschools.net.

As far as investment, the area does not fare as well as some of the top tier school neighborhoods like Cupertino, Almaden Valley, Palo Alto and other areas with triple 10 sets of schools. Yet, you can't break into those areas at this price point.

Also our grocery stores aren't that renovated! I personally tend to end up in Milpitas for my shopping.

Other than that, this is a fabulous place to live. I moved here in 1996.

For these schools, the price is fair. A single family home that has some nice renovations - three bedrooms, two baths - runs closer to $550,000 with an occasional foreclosure or "TLC" home that can be closer to $500K.

Good luck,

Erica Glessing Nelson
Realtor
DRE 01425475
http://www.HomesforSaleinSanJose.net
408-416-7090
0 votes
Grace Hanamo…, Agent, Cupertino, CA
Tue Aug 9, 2011
Sk:

Realtors are prevented from making opinions regarding the demography of any local area, income levels, race, religion and other issues of a personal nature. We can provide you with statistics--what homes sold for, how many homes within a community have this particular layout, the number of days on market, the number of foreclosures in the community--but nothing about the people within the community lest we be accused of making statements that are in violation of fair housing laws.

While we, as Realtors, cannot ask these questions or give opinions, there is no reason that you, as the buyer, cannot make some pointed inquiries.

If you are interested in knowing the composition of the community and more about the people who may be your future neighbors, start talking to the homeowners in the area. Your future neighbors can tell you who lives in the area, what types of lifestyles each have (families, singles, etc) and the type of lifestyle you can expect in the community. The HOA documents will give you insight regarding the overall "health" of the community and the ability for the HOA to exist without special assessments or additional funding. (Your agent should be able to provide you with detailed information and help you read and understand the HOA documents).

Also regarding price, look to your agent to provide you with guidance on this matter. Your agent should provide you with recent sales, current listings, pending sales, and distressed sales. Knowledge of a specific area is key to ensuring that you make a good deal in purchasing your next home.

Good luck!!

Sincerely,
Grace Morioka
Area Pro Realty-People's Choice
0 votes
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