Now that the high-balance conforming loan limit has dropped from $729,750 down to $625,000, many homebuyers have now reduced their search criteria to $750,000 homes.
$625,000 <-- max loan without going into Jumbo loan territory
+ $125,000 <-- 20% = minimum down payment to get conventional loan without MI
What is the best real estate you can buy in the South Bay for $750,000? That depends on your priorities.
If your priorities are:
-- Single Family Home (no monthly HOA fee)
-- Good Schools (good API for elementary, middle, and high school)
-- Convenient to employment in the South Bay
then here are some choices:
-- Cupertino Sedgwick Elementary (API 936), Hyde Middle (API 858), Cupertino High Eichler house. This is a good option if you don't mind Eichler homes and just want the best schools you can afford for a single family home. As of this writing, homes are available on 10160 Calvert Dr, 10601 Johnson Ave, 10335 Moretti Dr, and 10550 Sterling Bl for under $750,000.
-- Santa Clara Sutter Elementary (API 902), Buchser Middle (API 799), Santa Clara High (API 772). This is a good option if you don't like Eichlers and care more about elementary than middle school.
-- Santa Clara Braly Elementary (API 854), Peterson Middle (API 863), Wilcox High (API 777). This is a good option if you plan to live at the house longer term for both elementary and middle school. 533 Sequoia Dr just came on the market and 826 Lusterleaf Dr is still available under $750,000.
Good schools, Convenient location for under $750,000