Old Palo Alto Real Estate still VERY HOT! $3M for tiny home

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Housing slow-down in Silicon Valley? Well – it depends . . $3M for tiny 951 square feet of living space, 91 year new – 151 KELLOGG AVENUE” in “tear-down” condition –

"Tear-down" 151 KELLOGG AVENUE, Palo Alto CA sells for $3M

“Tear-down” 151 KELLOGG AVENUE, Palo Alto CA sells for $3M

– but located in highly desirable Old Palo Alto closed escrow this week posting a whooping 31% over-asking Sales Price of $3,000,000. Old Palo Alto is an exclusive neighborhood with tree-lined streets and a resident roster of affluence and company founders. The location is central, with a brisk walk to Downtown Palo Alto and the lovely Elizabeth F Gamble Gardens.

This week’s final sales and closing prices of home listed for sale in Palo Alto, CA averaging 9% over-asking sales price.

Sept 22- Sept 26, 2014 Closing Real Estate Sales in Palo Alto

Sept 22- Sept 26, 2014 Closing Real Estate Sales in Palo Alto

For more information, please contact:

Jeni Pfeiffer, Broker Associate Realtor BRE#01709666

(408) 813-4256 or jenishomes@gmail.com

Homes for Sale TODAY in Sunnyvale

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Sunnyvale is located in the HEART of Silicon Valley in the Bay Area of CA.

Sunnyvale Homes for Sale Courtesy Jeni Pfeiffer

Sunnyvale Homes for Sale Courtesy Jeni Pfeiffer

CLICK HERE for MLS Sunnyvale Homes for Sale available today http://bit.ly/s9408.

Here is a LIST OF HOMES for Sale in Sunnyvale. Please feel welcome to contact Jeni Pfeiffer for more information. Continue reading →

Uber-Cool ’88’ Penthouse Sells for $2.2M in San Jose CA

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Boasting the BEST penthouse at “The 88” with the largest sky deck 88 EAST SAN FERNANDO STREET,#2101, San Jose featuring 1,488 s.f. 2 Bedrooms & 2 Baths closed escrow this week selling for a whopping $2,200,000!

The '88" Sky Deck $2.2M_Courtesy Agent Adriana Plut of Alain Pinel Realtors

The ’88” Sky Deck $2.2M_Courtesy Agent Adriana Plut of Alain Pinel Realtors

The views from “The 88”  sky deck and outside living, on top of the world, are truly unparalleled and stunning. The listing agent for this property was Adriana Plut of Alain Pinel, and the buyer’s Agent was Kyle Else of Keller Williams – Palo Alto. Congratulations!

CLICK HERE for the MLS listing w/photos and information.

Silicon Valley Mortgage Update FICO Scores_Aug. 9, 2014

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Courtesy Tony Guaraldi Aug. 8, 2014

There are a few industry changes that we’ll discuss today including how Fannie Mae will treat people with a Short Sale in the past and a new FICO scoring model that will be implemented this fall.  The new FICO scoring model 9 will help many consumers with collections to improve their credit score and we’ll cover all the details on this.

CLICK HERE for the Best Mortgage Rates today.

First on the Short Sale/Pre-Foreclosure waiting time for borrowers who wish to buy another home after this derogatory event.  The current rule for Fannie Mae are that if the borrower puts 20% down payment the waiting time to buy or refinance after a Short Sale is two years.  Continue reading →

BAY AREA PINCH $1 million ‘average’ homes? Let’s talk!

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Voracious demand driving record sales in ‘mansion’ bracket.

Courtesy San Jose Mercury News by Steve Johnson and Pete Carey

There was a time when a million-dollar home was something families drove by on a Sunday outing to get a glimpse of how rich folks lived. But now they’re more common than Starbucks, at least around here.

Fueled by the booming tech economy and seemingly insatiable demand for housing, the Bay Area set records in the second quarter of this year in the number of homes sold for $1 million or more as well as those costing at least $2 million, a real estate information service said Thursday.

CLICK HERE for the full San Jose Mercury news article.

June home prices recover pre-crash peaks in much of Bay Area

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Courtesy Pete Carey San Jose Mercury News, July 16, 2014

Soaring single-family home prices in much of the Bay Area are near or above pre-crash peaks — and topped $1 million in San Francisco for the second month in a row — according to a report released Wednesday.

The median sale price of single-family homes sold in June in the nine-county Bay Area was only 8.6 percent off a 2007 peak of $675,000, according to the real estate information service DataQuick.

“The Bay Area is leading the way in price recovery and has for a couple years now, because it’s seen relatively strong job growth,” said Andrew LePage of DataQuick.

CLICK HERE for the full San Jose Mercury News article.

Gorgeous Evergreen Home_OPEN HOUSE Sat/Sun July 5 & 6 1:00-3:00pm

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OPEN HOUSE Sat/Sun July 5 & 6 1:00-3:00pm. Gorgeous Evergreen Home nestled near the elite Silver Creek Hills. Courtesy Jeni Pfeiffer, Realtor

This beautiful 4 Bed and 3 Bath home located at 1639 Gypsy Place Court, San Jose 95121 is listed for $600,000 and won’t last long.

CLICK HERE for more information about this listing.

Please feel welcome to contact Legacy Real Estate Agent Jeni Pfeiffer for additional questions. 408.813.4256

BRE#01709666

 

Silicon Valley Mortgage Rates June 13_2014

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Courtesy Tony Guaraldi, VP of Mortgage Lending Guaranteed Rate Mortgage

Are Interest Only loans coming back???  Well technically they never fully left the industry even after the mortgage market meltdown in 2008, but most people are unaware these programs still exist today.  However, there is only a small handful of lenders that offer the Interest Only programs today and they are nothing like “fog the mirror” test to qualify for them as it many people joked about prior to 2008.  In fact the Interest Only programs offered today are even more strict in terms of income, down payment, and credit requirements then their principal in interest counter parts.  Makes sense that underwriting would be more strict as the lender is taking more risk by not have principal reduced every month.

CLICK HERE for the current Friday Mortgage Rate Sheet effective June 13, 2014.  Continue reading →

Bay Area home sales great for sellers, tough on buyers

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“Bay Area Housing – Hopeful buyers face big hurdles – Low inventory drives up prices shutting out midlevel shoppers”

Courtesy Pete Carey – June 12, 2014

The Bay Area’s housing market stumbled in May — prime home-buying season — as high prices and low inventory held real estate sales well below normal levels, according to a report Thursday.

Sales of single-family houses were down from the same month last year in the East Bay, Peninsula and South Bay, while prices were up, according to real estate information service DataQuick, which released the report. Prices for all types of homes were at their highest since November 2007 in the nine-county Bay Area.

CLICK HERE for the full Mercury News article.

 

Intero founder Gino Blefari to take charge of Warren Buffett’s real estate franchise business

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Congratulations Gino Blefari – A great businessman, leader, inspirational mentor who I appreciate many great years having been a part of his team!

Courtesy Inman News, June 10, 2014

Earl Lee, the veteran Prudential Real Estate executive who helped launch Warren Buffett’s new real estate franchise brand, Berkshire Hathaway Home Services, will step down as CEO of parent company HSF Affiliates Inc. on Jan. 1 and hand over the reins to Gino Blefari, the founder of Intero Real Estate Services.

Cupertino, Calif.-based Intero Real Estate Services was acquired last month by Buffett’s giant brokerage firm, HomeServices of America Inc., giving the company a foothold in Silicon Valley.

CLICK HERE for the full Inman News article.