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Home Buying in 94086 : Real Estate Advice

  • All61
  • Local Info2
  • Home Buying33
  • Home Selling5
  • Market Conditions3

Activity 197
Mon Mar 25, 2013
Terri Vellios answered:
Yes there are. The space rent vary from lot to lot. Something to understand is that Sunnyvale may not be under rent control like San Jose. San Jose the space rent is regulated. In San Jose count on the space rent going up 3% each year. You will need to discuss with the individual parks in Sunnyvale on how they handle increases. ... more
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Sat Mar 23, 2013
Robert Lei answered:
Thu Oct 10, 2013
David Allen Rivas answered:
David Allen Rivas will consult with you with out obligation of using my services. Born, Raised, live and work right here in the south bay. I have been a real estate investor for over 30 years I am 57 years old and bought my first fixer upper at the age of 21 a four plea and sold it for a large profit. I currently own 10 homes so I know this business well. I also happen to work with the largest Century 21 office in the world at Century 21 MM. You can do some research on me at;
www.SunnyvaleHouseFinder.com, www.ServingSantaClaraCounty.com and www.UltimateHomeRequest.com. This is my town, always has been and always will be.
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Mon Feb 25, 2013
Marcy Moyer answered:
Test……
790K is not overpriced in this market. The fact that they need to have a lottery to sell the homes because so many more buyers want them than there are home to sell tells you something about this market.
Resale town homes are selling over $800,000 in Sunnyvale, and there are very few other options for new homes in Mountain View or Sunnyvale. There are some new developments in the works including one in Mountain View at the intersection of Middlefield and Old Middlefield, but prices have not been released yet. There will be a new release of Taylor Morrison Homes in Willow Glen in mid march. The first release prices are from the mid 600K to mis 700K range I believe. There are some new homes in Evergreen in the high 600K range, but they are being sold by lottery as well. At the lottery last Sat there were 4 homes and 30 buyers. There was also a lottery for new town homes in Milpitas in the mid to high 600K range, but in that case there were many more buyers than 30 for the first release, but I do not know the exact number.

You may have better luck finding a home for less than 790K if you go further south, and a resale, not a new home.

Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
DRE 01191194
650-619-9285
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Sun Feb 10, 2013
Marcy Moyer answered:
Michelle
The reason that there are lotteries at the new developments in Sunnyvale is because there are so many more buyers than there are homes for sale. The reason the prices have increased $100,000 in the last 6 months is because there are so many more buyers than homes for sale. There is absolutely no chance that you will get a home under the asking price. There is no reason for the builder to accept a lower offer when they have so many buyers wiling to pay the asking price. Last week there were 2 resale town homes listed under 700K that sold over 900K. 850K for a brand new town home is not unreasonable in Sunnyvale in this market. If you want something for less money you could try to find a home in Santa Clara, San Jose, or Campbell.

I am sorry the market is so crazy, but that is the reality of the moment.

Marcy Moyer
Keller Williams Realty Palo Alto
marcy@marcymoyer.com
DRE 01191194
650-619-9285
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Mon Feb 25, 2013
Stu Carson answered:
$8ok is $6,666 gross inc/mo that plus $3,200 is $9,867. Assuming no other credit card, car or other monthly debt payments the banks will tupically allow at least 35% of that to go toward housing, or $3,453 for PITI if we assume 5% down and 3.75% interest that payment finances a $570,000 purchase.

However, if you are going to build your own home, you will need to buy a building lot and then over a period of at least 1yr possibly 2yrs pay for permits, foundation, utilities, home, etc... So you will need a land loan AND then a construction loan. Hurdle #1, we'd need to talk with a lender, but land loans typically require at least 35 to 40% down. Some $'s have to go toward the lot/land and some toward the home/construction/permits and remember there will be interest payments along the way, even though there for many month won't be a home you can live in, so you will be paying rent and mortgage while building.

Let's make a few educated guesses. You will not find a building parcel that you can build on without running into permit, water, septic, utilities or some other obstacle for less than $350,000 in the Bay Area. In fact, that price will be hard to find. That leaves you with $220,000 to do EVERY thing else.

A safe assumption is $200/sqft to build, that mean the home will be less than 1200sqft ASSUMING you don't run into major permitting or building issues. Yes, I know the manufactured home might be $75k to $150k+ but even at $75k that's just the materials, you still need a foundation, carpentry, permits, possibly a well and septic, a driveway, a garage, landscaping, connection to utilities, etc...

Honestly, you will be hard pressed to build for $575k, and if you can't afford cost over runs... don't start the project. By the way, my math is based upon 3.75% but the loans on the land and during the construction period are at a significantly higher % rate, because the risk is so high for the lender if you start the project and don't finish.

So, now perhaps you have a sense for why my Blog is the GetRealReator http://www.GetRealRealtor.com. But better to be well informed up front an make an informed decision.

If you'd like to talk more call or email me!

Stu Carson
408-209-0849
http://www.JustMyProperties.com
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Wed May 31, 2017
John Arendsen answered:
Depends on whether the home is on private land (resident owned) or in a rent lease park community. It will also depend on the age of the hime. If it was built before June 15, 1976 it's considered a PRE HUD home and will be quite difficult to get any type of loan on except for a very short term high interest loan with at least a 25% down payment in most cases. ... more
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Thu Aug 8, 2013
Terri Vellios answered:
The prices in Sunnyvale have been affected by the housing boom and crash just like other areas. Prices went up then in the last few years prices went down, and now that our inventory is low and consumer confidence is up, prices are going up.

It continues to be one of the desirable areas to purchase. As for investment, are you looking for cash flow or appreciation? We are seeing appreciation now in the market. As for cash flow that is a long answer to a specific property.

My advice to buyers (not professional real estate investors), is to not weigh you final housing decision as you would the stock market. It is a home and should be approached that way. Is it the area you want to live in, can you afford it, does it fit your wants and needs? Then using your trusted real estate professional determine the price which you will pay for the home. Today's market people are over bidding. To what price can or will you overbid?

Have an amazing day!
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Sat Jan 5, 2013
Marcy Moyer answered:
Toby,
Taylor Morrison homes are very nice. Just as a general rule the newer the town home the less personal exterior space and less privacy you get, but the insides and structures tend to be nicer. Also, the locations of the newest homes are not as good as the locations of the older ones. This is because land cost get more expensive over time and since we are so built up in the Bay Area the only places left are areas that are re-zoned from commercial or industrial use.

All of that being said, if you win the lottery you will have a very nice home and the thought is that with so many new homes in that area being purchased by smart, educated buyers, this will spill over into the local schools which will see their scores increase, making the homes more valuable over time. This is just a theory, but I believe it.

Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
DRE 01191194
... more
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Sat Jan 5, 2013
Michael Cheng answered:
What property type are you referring to? Single family homes, townhomes, condos, duplexes, etc.?
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Fri Jan 18, 2013
The Medford Team answered:
What is your question? .
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Wed Nov 21, 2012
Philip Cabral answered:
It is very possible.

The first thing to do is to get a pre-approval for a loan. I have worked with many loan agents if you want recommendations. The second step is to talk to an agent like myself and we can go over where you want to buy. I can set you up with auto emails when properties you like become active. ... more
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Mon Nov 12, 2012
Robert Lei answered:
The plan for 955 Stewart Drive has changed. Originally, Pulte Homes was planning 161 townhouse units. However on 8/13/12, the Irvine Company put in an application to develop 186 multi-family rental units at that site. ... more
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Thu Nov 15, 2012
Greg & Sheila Benson answered:
They are really going to improve the value and desirability of the area, because they will Improve infrastructure, and will tend to improve the value of homes in the surrounding neighborhood, additionally, the improving socioeconomic demographics will help the parental influence in the schools, and it's a sure bet it will help improve test scores. although the lots are smallish, most working families have little time for yard work, so, I'd say the neighborhood will look great much like the neighborhood like the Enclave in Mountain View. Despite it being a new development, want to advise Buyers to register with a realtor, so that your interest will be protected during your negotiations with the developer. this cost of the unit will not change because you opt for representation. If you register without an agent, then you will have to go it alone. thsi was problematic to some of the readers who asked questions on Trulia about another new development. thanks. ... more
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Wed Nov 7, 2012
Monica Goyal DRE # 01781926 answered:
One suggestion is to have your own Realtor help you with the decision making process, so that you are appropriately represented. You must look at the all the disclosures and reports. Does the house meet your needs? I can help you with accurate assessment and negotiation for the property.

Best of luck!
Regards,
Monica Goyal
408-476-0675
... more
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Mon Oct 22, 2012
John Arendsen answered:
Do you want to own the property with the manufactured home? Or do you want to rent/lease it? Also are you talking about South Bay San Diego? if not I'm afraid I couldn't be of much help other than to advise you to work with an experienced MH dealer/broker and make sure you have the home inspected by an experienced MH inspector and not just any home inspector. ... more
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Thu Nov 8, 2012
Linda Chu answered:
It is great to see that you are planning ahead when you are buying a condo. Many people do not and end up not being to sell because of issues with the HOA. It's very important to read all the HOA docs that are usually provided for you by the listing agent. Yes, there's a lot but it's important information. Knowing if the financial are good and making sure that when you are buying the owner-occupany ratio is low. And the most important thing is making sure there are not too many units not paying their HOA fees. ... more
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Sat Nov 3, 2012
Michael Cheng answered:
Sam,

This is a very popular strategy, almost too popular. As an investment Realtor, I've helped over a dozen investor buyers this year get properties around the area. There are many variations to the investment strategy, which can yield you returns from 5% up to 50% per year. To see which is right for you, we'll have to discuss your goals and risk tolerance. ... more
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Mon Dec 5, 2016
Grace Hanamoto answered:
Unfortunately, the budget you have for housing is inadequate to purchase a home or condominius here in Santa Clara County. If you truly wish to move to Sunnyvale or Palo Alto, you will need at least $600,000 for a condo or town home and about $900,000 for a detached home. Because so many other legal residents have cash to purchase a home and there are many buyers, I am afraid even an offer of all cash will not secure any huge discounts for you at this time. Work with a Realtor to help you purchase a home. Please note that buying a home with all cash is the only way nonresidents can purchase a home here in the United States.

Thanks for inquiring and good luck!
... more
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Tue Sep 25, 2012
Marcy Moyer answered:
Irene,
The market stayed very active through the summer, but not as crazy as last spring. Historically this is the best time of year to buy. There are not as many buyers as in the Jan-June time period, but just because that has been true in the past it does not mean it will be true this year. What we are seeing is that homes are not appreciating at the same rate they were a few months ago. The prices are not going down, they just aren't going up either.
Marcy Moyer
DRE 01191194
... more
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