Hi. Am curious what the cost (rough estimate per sq. ft.) of building a ~2,200 sq. ft. home on an existing building pad, ~1 acre lot, just south of Los Gatos near the south end of Lexington Reservoir area, would be these days. I noticed quotes in this column of $150-200/sq. ft. back in 2010. I understand the implications of fancier amenities, trim, etc., as my wife and I have had a custom home built before on cost plus. Thanks.... more
Like my colleagues have stated, this is a difficult choice to make. I have many clients myself who are wondering if they should sell now, take in the money, rent for a while, and then buy when the market hits low again. I have been in real estate in the Bay Area for over 12 years now, and the most most important thing I have learned about market conditions is that you just never know.
While the real estate market is cyclical, there's not a definite way to tell if the market will peak soon or has already peaked and what the real estate market will be like in a couple of years from now.
I would contact a Realtor and discuss the comparable sales for your property and discuss potential growth. I cannot offer you too much insight here, since I don't know the address or info about the property. Mixed use properties are rare, so it might be a great opportunity to sell and make some money. Your Realtor can also help you figure out what the costs of selling are, how much equity you have in the property, and how much you can get for rent to help lay out the options for you to decide what is the best plan for you.
I also encourage you to discuss the tax ramifications/issues with your CPA/accountant to see how best to proceed. What do you plan to do with the money once you get it? If you want to reinvest in something else, it might be time to discuss options with an investments advisor. If there are any legal issues that need to be addressed, I encourage you to also speak to a real estate attorney.
Good luck! If you would like to further discuss your options with me, please do not hesitate to contact me.
VS Realty & Loans, Inc.
We often find that one of three escrows fall out. Lending is often a challenge- but on a basic level, inspections reveal the health of the property. If buyer and seller can not reach an agreement as to "credits" issued based on findings in an inspection, buyers can get discouraged and pull out of escrows prior to inspection contingencies. There are other reasons that may effect an escrow as well, such as appraisals. In our fast moving market, appraisals can be a problem- therefore effecting the loan process as well.
The escrow process is highly dynamic. Getting a solid team of inspectors and lending agent is imperative.
I can't tell you for this specific one but it will be around $1,000-$1,100. If you are interested in the exact number I can find out for you. Just let me know.
Galia Taneva - Broker
Cambrian is quite centrally located, and one get on to 85 and go to Cupertino and
Palo Alto area or 880/17 to go to Santa Clara. The schools are terrific and the values are
a half to 1/3 rd less compared to Los Gatos, Saratoga or Cupertino.