Garlic City Auction will be holding an estate sale today (11/02/2009) on a future listing of ours. There is a lot of stuff for sale. Stop by after 3PM.
REAL ESTATE FOR SENIORS Seniors (or their adult children/heirs), should use Signature Homes & Estates for their real estate transaction. Proven result!
Nancy Frimann and Gary Frimann are Brokers and Owners of Signature Homes & Estates located in Gilroy, CA. One of our specialties is dealing with Seniors, and both are Seniors Real Estate Specialists as designated by the National Association of Realtors.
To View some of the items to be auctioned off, please click here
Recently, I had the pleasure of referring a family friend's parents who were relocating to the El Dorado Hills and Cameron Park area. I htought of an old friend and colleague, Wendi-Mae Davis who has since left Silicon Valley and relocated up thereherself,, escaping the hustle and bustle of Bay Area living.
She did such a fantastic job, I wanted to sing her praises in a public forum. My clients were extremely happy, and love their new place, which Wendi-Mae had found for them.She never missed a phone call, and was "Extremely informative and helpful" and they are now enjoying their new life in the Sierra foothills.
As one who believes in the axiom to praise publicly and reprimand privately, I just wanted to say "Thank you" to Wendi-Mae.
Wendi-Mae, I am so glad to remember that you were up there. It made me look good. Wendi-Mae's website is here All the Best,
Gary Frimann Broker / Owner Signature Homes & Estates Gilroy, CA
Signature Homes & Estate, and its siter company Eagle Ridge Realty allow you to search for homes in Gilroy and Morgan Hill:
SIGNATURE HOMES AND ESTATES
(408) 846-8284
Gilroy home sales: (total SFRs Sold: 47) Note: It is obvious people are going after the low hanging fruit in Gilroy...
Ave list price: $434,384
Ave. Original List Price: $475,961
Ave. sale price: $419,376
Median List: $399,000
Median Original: $409,000
Median Sales Price: $373,000
Ave. DOM: 64
Ave. CDM: 109
Median DOM: 32
Median CDOM: 45
These statistics are deemed accurate but not guaranteed for their accuracy. Please consult with your real estate professional for more information. Gary Frimann Signature Homes & Estates (408) 846-8284
Signature Homes & Estateswould like to welcome back Theresa Ta-Tran to our Brokerage. Theresa has worked as a loan officer in real estate as well. She resides in the Eagle Ridge Golf Community in Gilroy, CA and sells property in Gilroy, Morgan Hill, and San Jose. Theresa is fluent in both English and Vietnamese. Theresa is also strongly involved in community matters and volunteers quite a bit at her children's school and after school activities. A true professional, we are proud to have her as part of our Realtor staff.
We now have Foreclosure information on our website. You can view for free homes that are either in foreclosure or are bank owned. This information is provided for free, as we subscribe to foreclosure radar.
The best way to search is to use the zip codes: Gilroy is 95020 and Morgan Hill is 95037.
Check it out. It is a great way to search for foreclosures in the South County.
There has been a huge increase in the number of homes that have gone into Pending status. Buyers are returning to the market and it shows. Some homes have sold within a week. Buyers that were waiting are now committing, and getting some great deals out there. Gilroy was particularly hit hard with foreclosures (my theory: there wa a lot of martgage fraud in Gilroy), but coupled with historically low interest rates, it truly is a good time to buy. FHA has increased their loan limits, so an FHA loan of up to aboput $729,000 only requires a small down payment.
Two to three times a day, my phone will ring and the caller wants to know about foreclosures in Gilroy, or sometimes, more specifically foreclosures in Eagle Ridge (I also own a brokerage called Eagle Ridge Realty, which specializes in homes for sale in Eagle Ridge).
Currently, besides East San Jose, Gilroy probably has more homes in foreclosure than anywhere else in Santa Clara County. We were hit hard by a lot of mortgage fraud ( how else can one explain it? I know there was a lot of mortgage fraud in Eagle Ridge), and the price of single family homes are relatively cheap in Gilroy, vis-a-vis the rest of Santa Clara County. As the southern gateway to Silicon Valley, Gilroy has nice neighborhoods, and prices that people can afford. This made it a lure for investors (or wannabe "investors") to seek out and buy in Gilroy during the boom of 2003-2006. Let me say a few things about investing not only in foreclosures, but real estate investing in general:
You need staying power. Can you handle vacancies? We're not talking about missing a day of work here, we are talking about months of negative cash flow and the ability to handle THE worse case scenario. You have to rent at market rates, and perhaps take a hit of a few dollars. How about offering move-in incentives to fill the property? Getting people in is the key, they'll usually stay. Moving is a painful, time consuming experience.
Buy (invest) in something that is readily rent-able. Doesn't need a lot of work to make it habitable. Habitability is the measuring stick of a landlord's duty. Yes, tenants do have rights. They know them, or will know them, as there are plenty of services out there as tenant's advocates, for free. Landlords must pay a lawyer, or perhaps consult with their agent.
Considering the present tax laws, real estate investing in single family, or 1-4 units (or more) has tremendous tax benefits. One of the fastest ways to increasing your wealth, for most people, is through real estate ownership.
FACT: California runs a deficit of about 100,000 housing units every year, as the population continues to grow. Vacancy rates are low compared to some other states. Santa Clara County has relatively low vacancy rates, often less than 5%. Fannie Mae and Freddie Mac, the two biggest buyers of mortgages, use a vacancy factor of 25% to qualify buyers, just to give you an idea...
Perhaps put more money down, lowering your loan amount and monthly payment, and get a cash flow coming TO you right from the starting gate. Take an increase in equity as a gift.
Qualify your tenants. Easy enough to do with a credit report. Find people who have good credit. Note: some of these good payers may even be under Section 8 government housing, so do not deny Section 8. The government's check is always good, and on time.
You, as landlord, should pay the water bill. Otherwise the lawn WILL turn brown, and the foliage will die. Let the tenant pay the other utilities (except garbage) and they will then use electricity and gas sparingly.
Probably the best site for finding tenants is Craigslist. Don't pay for classified ads, in my opinion, as even the LA Times has just knocked off their real estate section. Also, Craigslist is a good place to determine market rent, in a way. You'll get the hang of it.
Plan NOW for your exit strategy. Capital Gains tax is currently at 15% and the recpture of your depreciation is taxed at 25%. Should real estate investing be good to you and for you, do what the wisest of people do, and use a IRS Section 1031 Exchange to aquire yo9ur replacement property, thus deferring ll your taxes owed at time of sale. Use that money for part of your down payment on your next property acquisition. THAT my friends, is how people get wealthy.
IF you are ready to invest, have the resources and the staying power, Real Estate is a great investment, despite what the media says. Example: Don't you wish the house you are living in that you bought 10 years ago, that you could have bought every house on the block?
Just some things to think about, for starters. I do not specialize in listing foreclosures, I don't want to enter that rat race, where other agents are tripping over each other. I will, however, be more than happy to represent buyers, and make sure they know the ins and outs of what to buy and what they are buying.
Currently, there are two types of "foreclosures" out there- those that have been given a Notice of Default, and perhaps are negotiating a short sale with their lender, and "REO" property, which means the property is post-auction and the bank owns it. Short sales are a pain, despite what others may say. It brings in a third party (the lender) and quite frankly, I don't feel they (the bank's negotiator) knows what they are doing to the fullest. Some do, but most don't. They were basically thrust upon the job, and work within certain guidelines. A buyer needs to be really, really patient, and a lot of buyers do walk due to the time element. IT may take months before you hear that your offer was accepted. If you are an investor, this could be positive, as since YOU personally are not moving, you can make this work to your advantage.
REO property, gets processed much more quickly, and banks are NOT into owning "sticks and bricks". Their product is money, and their service is lending it out, not having it get dusty on their vault's shelves. They want to dump these non performing assets.
One last thing...Sometimes the bst property to buy may not be a foreclosure after all, but rahter a great house in a great neighborhood. You'll never know until you sell! There is risk involved. That's why the government gives you great tax breaks. You, as the investor are handling all the risk. My philosophy, which should be yours as well, is that "money is made over time, not over night."
If you are a buyer looking for foreclosure/investment opportunities in Gilroy, visit us on the web Signature Homes & Estates
Gary Frimann, Broker SIGNATURE HOMES & ESTATES "Our Performance Will Move You!" (408) 846-8284
I recently visited Gilroy Gardens. It was formerly known as Bonfonte Gardens, until it was purchased by the city of Gilroy. What a great place. I had been there before, for various business related functions, sponsored by the Gilroy Chamber of Commerce, but never to just experience what it was truly all about. The park is very "green", and dedicated to trees. There are "Circus Trees" there that will amaze young and old alike. Needless to say, there is plenty of shade for a rest, and the park is truly beautiful. It could take a full day to take it all in. Maybe two days, as there is a lot there. I know I will definitely be back. Admission price includes all the rides. Some rides do have heigth requirements forthe younger members of your family. Your kids will love this place.
I was amazed at how clean and well maintained the park was, and what a great form of family entertainment it had to offer. I can see myself going back, which is probably the strongest recommendation. I also see it as being a great local destination for Bay Area residents who want some safe, clean, educational fun for families. It will produce lasting memories for children, I'm sure, and since it is located so close to Silicon Valley, it can be a day trip without having to spend the night anywhere. A sure treat for the kids, as I observed most of them seem to be smiling, and there is a little water park/sprinkler area for them to cool off.
There are plenty of attractions, as well as rides (most of which are designed for younger children, I would not recommend the roller coaster for those under 10-12 years old.). Hint: take the train ride first, so that you can get an overview of the whole park first, and get a sense of bearings as to what you want to see. The monorail that goes through the Solarium is fantastic as well.
I am glad to see such a great place in Gilroy. I strongly recommend visiting the park soon, if you have not done so already. My old neighbor used to rave about the place, as he had a small child, and he used to go at least two or three times a month, and his daughter loved it.
I've added some pictures here so you can get a feel for their park. I've also included a link to their site, located above.
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