Showing posts with label selling. Show all posts
Showing posts with label selling. Show all posts
Thursday, September 19, 2013
Westbury in San Jose: Final Phase Now Selling
The Final Phase of Westbury in San Jose is now selling. These are brand new two-story single-family homes with a yard in San Jose.
Builder: Brookfield Residential
Complex Name: Westbury
Location: San Jose (Blossom Hill Rd @ Cahalan )
Single-Family
Two-Story
1,660 - 2,159 Sq. Ft.
3 or 4 Bedrooms
Fenced Backyards
Walk to Light Rail
Pricing from $770,880.
Monday, June 18, 2012
Procedure if you are interested in the new Sunnyvale homes 37 Degree North
Procedure if you are interested in the new Sunnyvale homes 37 Degree North
Posted under: Home Buying in Sunnyvale, Home Selling in Sunnyvale, Property Q&A in Sunnyvale
June 17, 2012 8:25 AM
1. Read my other blogs to learn more about 37 Degrees North. Are they in your price range? Will you want upgrades? Is your preferred floor plan in your price range? (Note: I can help you get something to help you out.)
2. If interested, let me know. As stated, if you walk in and register all alone and the SELLER'S agent gets you to sign, you will lose your right to have a BUYER'S agent like me on YOUR side. (I ccan help protect your interests and get some incentive.)
3. We pick a time when we can go in together. We have to do it BEFORE the Reservation Drawing & Priority Registration event this upcoming Saturday, June 23, 2012.
Robert Lei (408) 893-2410
.
Posted under: Home Buying in Sunnyvale, Home Selling in Sunnyvale, Property Q&A in Sunnyvale
June 17, 2012 8:25 AM
1. Read my other blogs to learn more about 37 Degrees North. Are they in your price range? Will you want upgrades? Is your preferred floor plan in your price range? (Note: I can help you get something to help you out.)
2. If interested, let me know. As stated, if you walk in and register all alone and the SELLER'S agent gets you to sign, you will lose your right to have a BUYER'S agent like me on YOUR side. (I ccan help protect your interests and get some incentive.)
3. We pick a time when we can go in together. We have to do it BEFORE the Reservation Drawing & Priority Registration event this upcoming Saturday, June 23, 2012.
Robert Lei (408) 893-2410
.
Wednesday, October 12, 2011
Selling or Buying a Short Sale Rental Property in a Rent Control Neighborhood
Be careful when you are selling or buying a short sale rental property in a rent control neighborhood.
Below is a list of California Bay Area Localities With Rent Control Ordinances:
City of Campbell
City of East Palo Alto
City of Berkeley
City of Fremont
City of Hayward
City of Oakland
City of San Leandro
City of San Jose
City of San Francisco
Before buying or selling a rental property in a city with rent control, you should consult a real estate attorney familiar with the Rent Control Board of the particular city in which the rental property is located.
For example, what happens if in the months leading up to the short sale, the tenants threaten to move out and in response the landlord drastically reduces the tenants' rent? Will this set a new monthly rental base with which the new owner must use in calculation of his future potential monthly rental rate? Or does a long history of higher market rental rates take precedence over a few short months at the drastically reduced rental rate? One real estate attorney associated with the Oakland Rent Control Board stated that as soon as the owner dropped the rent, he created a new rental rate that was subject to rent control.
The new owner would inherit the drastically lowered rent as his base and could not raise the rent for the existing tenants back to market rate. This killed off any interest from real estate investors.
In one case study, the seller did drastically lower the rent to his tenants soon after putting his investment property on the market. Did the seller unwittingly hurt his own chances of selling? Maybe that was exactly what the seller wanted. It was a short sale, and the seller might have simply been trying to collect as much rent as possible before losing his property to the bank.
To the seller faced with renters who are threatening to leave, then it might be in the seller's best self interest to lower the rent. This has two advantages in the mind of the short sale seller. #1) Better to collect some rent rather than no rent, and #2) The owner collects free rent for longer before losing his home. Making the property less attractive to buyers effectively delays the sale of the property. Since the deal no longer appeals to real estate investors, it will take longer to find a buyer. Only buyers willing to buy and live in Oakland as their primary residence will still be interested.
Every extra month of delay is extra rental income for the seller. However, when faced by an owner attempting such tactics, the banks would probably save a lot of money by simply foreclosing, booting out the tenants, and selling the property as a vacant unit. That seller is counting on his hope that a bank will not respond in this manner.
Disclaimer: I am not a real estate attorney. This discussion is just so you know what issues to think about and what questions you should ask. The bottom line is whether you are selling or buying a short sale property in a rent control neighborhood, you should consult a real estate attorney familiar with the Rent Control Board of the particular city in which the rental property is located.
Below is a list of California Bay Area Localities With Rent Control Ordinances:
City of Campbell
City of East Palo Alto
City of Berkeley
City of Fremont
City of Hayward
City of Oakland
City of San Leandro
City of San Jose
City of San Francisco
Before buying or selling a rental property in a city with rent control, you should consult a real estate attorney familiar with the Rent Control Board of the particular city in which the rental property is located.
For example, what happens if in the months leading up to the short sale, the tenants threaten to move out and in response the landlord drastically reduces the tenants' rent? Will this set a new monthly rental base with which the new owner must use in calculation of his future potential monthly rental rate? Or does a long history of higher market rental rates take precedence over a few short months at the drastically reduced rental rate? One real estate attorney associated with the Oakland Rent Control Board stated that as soon as the owner dropped the rent, he created a new rental rate that was subject to rent control.
The new owner would inherit the drastically lowered rent as his base and could not raise the rent for the existing tenants back to market rate. This killed off any interest from real estate investors.
In one case study, the seller did drastically lower the rent to his tenants soon after putting his investment property on the market. Did the seller unwittingly hurt his own chances of selling? Maybe that was exactly what the seller wanted. It was a short sale, and the seller might have simply been trying to collect as much rent as possible before losing his property to the bank.
To the seller faced with renters who are threatening to leave, then it might be in the seller's best self interest to lower the rent. This has two advantages in the mind of the short sale seller. #1) Better to collect some rent rather than no rent, and #2) The owner collects free rent for longer before losing his home. Making the property less attractive to buyers effectively delays the sale of the property. Since the deal no longer appeals to real estate investors, it will take longer to find a buyer. Only buyers willing to buy and live in Oakland as their primary residence will still be interested.
Every extra month of delay is extra rental income for the seller. However, when faced by an owner attempting such tactics, the banks would probably save a lot of money by simply foreclosing, booting out the tenants, and selling the property as a vacant unit. That seller is counting on his hope that a bank will not respond in this manner.
Disclaimer: I am not a real estate attorney. This discussion is just so you know what issues to think about and what questions you should ask. The bottom line is whether you are selling or buying a short sale property in a rent control neighborhood, you should consult a real estate attorney familiar with the Rent Control Board of the particular city in which the rental property is located.
Friday, May 27, 2011
Fremont condo complex has issue of low water pressure. Very little money to fix it.
Fremont condo complex has issue of low water pressure. Very little money to fix it.
Posted Under: Home Buying in Fremont, Remodel & Renovate in Fremont, In My Neighborhood in Fremont | May 3, 2011 4:07 PM | 71 views | No comments
Fremont condo complex has issue of low water pressure. Very little money to fix it.
Fixing all the units will take more than a year. The complex has only enough money budgeted to fix approximately 10 units at a time. Which units they do next depends on how bad they leak and how bad the water pressure is. You can say "Come look at my unit. My water pressure is the worst in this complex." However, you still aren't guaranteed to get your unit fixed next. The property manager does not have a set schedule to fix all the units. As they have enough funds, they are going throughout the complex and repiping batches of 10 or so units. Without the budget to correct the galvanized steel piping, repiping all the units could take years. The low water pressure will be an ongoing problem. To come up with the funds in one shot, the HOA could charge each unit a special assessment. However, they do not want to charge a SPECIAL assessment because many owners already have enough trouble paying the REGULAR assessment as it is.
Posted Under: Home Buying in Fremont, Remodel & Renovate in Fremont, In My Neighborhood in Fremont | May 3, 2011 4:07 PM | 71 views | No comments
Fremont condo complex has issue of low water pressure. Very little money to fix it.
Fixing all the units will take more than a year. The complex has only enough money budgeted to fix approximately 10 units at a time. Which units they do next depends on how bad they leak and how bad the water pressure is. You can say "Come look at my unit. My water pressure is the worst in this complex." However, you still aren't guaranteed to get your unit fixed next. The property manager does not have a set schedule to fix all the units. As they have enough funds, they are going throughout the complex and repiping batches of 10 or so units. Without the budget to correct the galvanized steel piping, repiping all the units could take years. The low water pressure will be an ongoing problem. To come up with the funds in one shot, the HOA could charge each unit a special assessment. However, they do not want to charge a SPECIAL assessment because many owners already have enough trouble paying the REGULAR assessment as it is.
High Tech Realtor: Trulia Layar Real Estate App makes Zillow look like the Stone Ages
High Tech Realtor: Trulia Layar Real Estate App makes Zillow look like the Stone Ages
Posted Under: Home Buying in California, Home Selling in California, Tech Tips in California | May 4, 2011 12:45 AM | 122 views | 1 comment
A new Real Estate App has been created by Trulia in conjunction with a company called "Layar", one of the pioneers in "augmented reality". The App uses GeoLocation, Computer Vision, and Context Aware coding on an open API to augment real live objects on your camera phone with relevant data.
With regular Trulia, you look at a map, then figure out which house in the real world corresponds to the house on the map.
With the Trulia Layar Real Estate App, you take your camera phone, aim it at a bunch of houses ...or slowly turn around in a circle while pointing your camera phone at the row of houses, and as your camera passes over each house, data bubbles with listing/sales informationpop over the image of each house.
Layar has an open API. It is free to develop and/or use Apps on Layar. (This is a familiar model for developing web service apps for the web.)
Robert Lei
REALTOR®, e-PRO®
Century 21
Direct: (408) 350-4726
Cell: (408) 893-2410
I'm never too busy for your Silicon Valley real estate referrals
Posted Under: Home Buying in California, Home Selling in California, Tech Tips in California | May 4, 2011 12:45 AM | 122 views | 1 comment
A new Real Estate App has been created by Trulia in conjunction with a company called "Layar", one of the pioneers in "augmented reality". The App uses GeoLocation, Computer Vision, and Context Aware coding on an open API to augment real live objects on your camera phone with relevant data.
With regular Trulia, you look at a map, then figure out which house in the real world corresponds to the house on the map.
With the Trulia Layar Real Estate App, you take your camera phone, aim it at a bunch of houses ...or slowly turn around in a circle while pointing your camera phone at the row of houses, and as your camera passes over each house, data bubbles with listing/sales informationpop over the image of each house.
Layar has an open API. It is free to develop and/or use Apps on Layar. (This is a familiar model for developing web service apps for the web.)
Robert Lei
REALTOR®, e-PRO®
Century 21
Direct: (408) 350-4726
Cell: (408) 893-2410
I'm never too busy for your Silicon Valley real estate referrals
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