Wordless Wednesday; In the Saratoga CA Garden - 03/28/12 10:45 AM
Wordless Wednesday; In the Saratoga CA Garden
Mother Nature doesn't make many bright, shiny orange things, so these  Aloe Aculeata (aculeata means prickly) flowers look surreal; like tiny orange bananas, but shiny, and growing on a cob, instead of corn. 
There are hundreds of Aloe varieties.  Many Aloes love Saratoga and Santa Clara County climate.  Like most succulents they need fast-draining soil so their roots can dry out completely.  They don't like wet feet.  These are in a raised planter filled with specially formulated fast-draining cactus/succulent soil  in my front yard.

 Lloyd Binen
Realtor/Broker/DRE 572654
Certified Realty Services
19200 … (11 comments)

Interest Rate Caps in Purchase Contracts-Weasel Clause or Necessary Protection? - 03/24/12 11:24 AM
Interest Rate Caps in Purchase Contracts-Weasel Clause or Necessary Buyer Protection?

Everyone knows the situation.  The Selling Agent fills-in the Financing Contingency paragraph with an interest rate cap that's very close to current rates.
If rates continue rising they'll soon exceed the cap, and the buyer may cancel the contract with no forfeiture of their deposit.  The Selling Agent says they're "protecting" the buyer.  That the buyer only wants to buy a home if they can get an interest rate of X.YZ%, or less.
In a rising interest rate environment interest rate caps can become a deal-killers.  How to you … (7 comments)

Short Sales and Foreclosures in Santa Clara County - 03/22/12 04:53 PM
Foreclosures and Short Sales in Santa Clara County
The Graph shows the percentage of Santa Clara County home sales that were either Short Sales or sales of Real Estate Owned (REO) by a lender who acquired ownership through foreclosure.  Together these comprise "Distress Sales" which are also shown in the Graph.  A Short Sale requires the owner's lender to accept less than full payoff of their loan.  Data are from the local multiple listing service (MLS;MLStings, Inc.).  Short Sales and Bank-Owned property are self-described as such by the Listing Agent in the MLS.
REO sales have trended downward since their peak … (3 comments)

Wordless Wednesday; Changing a 135-Year old Brick Foundation - 03/21/12 08:31 AM

How do you replace a 135-year old, mortared brick foundation without damaging the house?  By keeping everything where it was when there was a foundation.  Hilly Pacific Heights in San Francisco makes that tough job, much tougher. 
Steels pipes provided lateral support so the stairway (barely visible) on the right, and the neighbor's property don't slide into the excavated space.  The inside of the house was gutted. 
Personally, I would not give this job to the low-bidder. 
I snapped this photo quickly in case of an earthquake.
 
Lloyd Binen
Realtor/Broker/DRE 572654
Certified Realty Services
19200 Shubert Drive
Saratoga, CA … (9 comments)

Campbell CA Home Sales and Listings February 2003 - February 2012 - 03/19/12 08:27 PM
Campbell CA Home Sales and Listings; February 2003 - February 2012

The Graph shows the number of Campbell CA homes Listed (i.e, put on the Multiple Listing Service) For Sale in February, and the number Sold from 2003 through 2012 according to the local Multiple Listing Service (MLS;MLSListings, Inc.). 
The number of Campbell CA home Sales and Listings broke records.  More Campbell CA homes sold in February 2012 than any February since at least 2003.  And more Campbell CA homes were Listed For Sale in February, 2012 than any February since at least 2003.
(Details about each Campbell CA home … (7 comments)

Campbell CA Home Sales in February 2012 - 03/18/12 01:44 PM
Campbell CA Home Sales in February 2012

The Map and Table show all Campbell, CA homes sales in February 2012 according to the local Multiple Listing Service (MLS;MLSlistings, Inc.).  The School District is shown in the column on the right.
The bottom row of the Table shows the averages.  The "average" home sold in Campbell CA in February 2012 was a 3.6 bedroom, 2.2 bathroom home with 1,831 square feet on a 8,605 sq. ft. lot.  It was 56 years old.  The average days on Market (DOM) was 73.  The average List (Asking) Price was $732,111 and the average Sale … (2 comments)

How Long Does it Take to Sell a Silicon Valley Home? - 03/17/12 06:47 PM
How Long Does it Take to Sell a Silicon Valley Home?

Not long.  One-half of the homes sold in February 2012 in several Silicon Valley cities and towns sold in 14 days, or less.  Those are the facts from the local Multiple Listing Service (MLS;MLSListing, Inc.)
Home sales in Silicon Valley last month also exceeded the previous 13 years as shown here.
The Silicon  Valley real estate market is strong because the technology sector is robust.  Employment website Dice.com reported the average salary for a Silicon Valley programmer hit a record $116,678 in 2011, up 10% from $106,242 in 2010. 
… (5 comments)

Cupertino Home Sales and Listings from February 2003 through February 2012 - 03/17/12 11:15 AM

The Graph shows the number of Cupertino Home Listings (homes put on the MLS market For Sale) and Sales each February from 2003 through 2012 according to the local Multiple Listing Service (MLS; MLSListings, Inc.).
Only 37 Cupertino homes were put on the market For Sale in February 2012, the second lowest number in the past 10-Februaries.
Twenty Cupertino homes Sold in February 2012; that's very slightly (10%) less than average for February. 
A list of individual Cupertino home sales in February  2012 is shown here along with a map showing the location of each home.
Cupertino Home … (4 comments)

Cupertino Home Sales in February 2012 - 03/15/12 02:48 PM
Cupertino Home Sales in February 2012
The Map and Table show all Cupertino CA home sales in February 2012 according to the local Multiple Listing Service (MLS;MLSListings, Inc.).
The average home sold in Cupertino in February 2012 was (as shown on the bottom row of the Table) a 3.5 bedroom, 2.4 bathroom home with 2,049 sq. ft. on a 10,124 sq. ft. lot.  It was 41-years old with an average Asking Price of $1,128,043 and an average Sale Price of $1,119,845; 99.3% of full Asking Price.  While the average (mean) number of days needed to sell a Cupertino home was 67 … (4 comments)

Who Owns the Termites in a Condo, Townhouse or PUD? - 03/15/12 10:02 AM
Who Owns the Termites in a Condo, Townhouse or PUD?
Sheila and Larry wrote a featured post about the difference between Condos, Townhouses and PUDs.  That's helpful information for home buyers because they generally don't understand the differences. 

What practical difference does it make to the purchaser?  One real world consequence in Silicon Valley is: who owns and must therefore pay for eradication of any termite colonies.
As Sheila and Larry explained, in a condominium development all the land is owned in common with all the other condo owners.  Each owner has a proportional, undivided interest in all the land.  … (6 comments)

The Fun Never Stops - 03/14/12 01:05 PM
The Fun Never Stops
Offer accepted...check.
Buyer approved HOA docs...check.
Buyer approved inspections, reports & disclosures...check.
Buyer gets underwriter loan approval...check.
Seller completes all agreed upon repairs...check.
But wait.  Surely Shirley, Ms. Loan Officer,  you didn't just tell me the lender requires the removal of item #9 on the Preliminary Title Report before they fund?  Why am I just hearing about this now, in the 11th hour?
Oh my, the Title Insurance Company says they won't remove item #9 because it's a lien on Common Interest property.  But the Lender says they won't fund with it.
The Fun Never Stops.
What … (11 comments)

Saratoga CA Home Sales and Listings February 2003 through February 2012 - 03/13/12 04:51 PM

Saratoga CA Home Sale and Listing Trends from February 2003 through February 2012.
The graph shows the number of Listings and Sales of Saratoga CA Single Family Residences each February from 2003 through 2012 according to the local Multiple Listing Service (MLS; MLSListings, Inc.).  A "Listing" is a home put on the market (i.e., the MLS) For Sale in February.
Fewer Saratoga homes were Listed For Sale in February 2012 than any February in the past 10 years.  And more Saratoga homes were Sold in February 2012 than any Febraury since 2004.  
That combination of low Listings and high Sales results in a Seller's Market; which is … (2 comments)

Saratoga CA Home Sales in February 2012 - 03/11/12 02:57 PM
Saratoga CA Home Sales in February 2012
The Map and Table show all 19 Saratoga CA home sales in February 2012 according to the local Multiple Listing Service (MLS;MLSListings, Inc.).
Great Saratoga and Cupertino Schools plus excellent neighborhoods have combined with a robust Silicon Valley economy and extraordinarily low interest rates to create strong real estate market conditions.  The low inventory of homes For Sale in Saratoga CA and surrounding cities is not currently meeting the strong demand.  As the Table shows, six of the seven sales of Saratoga CA home priced under $1.7M with either Saratoga or Cupertino schools, sold … (6 comments)

The Value of a View - 03/10/12 02:37 PM
The Value of a View
People love to see beautiful things and home buyers are no exception.  They will pay extra for a home with a view. 

I was up in San Francisco last week showing property.  We saw a home in Sea Cliff with a panoramic, unobstructed view of the Pacific Ocean, Golden Gate Bridge, international shipping and boating traffic (I like the Cargo ships), and the wooded Marin Headlands north of San Francisco.  As you step into the house the view is immediately seen through a wall of (commercial-grade) glass,  floor-to-ceiling and about 40' wide.  The glass wall … (8 comments)

Home Prices in Santa Clara County February 2012 - 03/09/12 12:44 PM
Home Prices in Santa Clara County February 2012

The Graph shows the Median List (Asking) Price and Sale Price of Single Family Residences in each City in Santa Clara County in February 2012 according to the local Multiple Listing Service (MLS; MLSListings, Inc.).  The Median List Price is for all homes in that city, those For Sale and those that Sold in February. The Number of Sales and the Percentage of Sale Price to List Price are shown next to the City name.  Cities with fewer than 10 sales are excluded: Los Altos Hills, Monte Sereno & San Martin.
Palo … (5 comments)

Inefficiencies and Real Estate Sales - 03/08/12 05:30 PM
There's a contest sponsored by DocuSign about eliminating inefficiencies in our real estate businesses.  That's a great topic; this post started as my entry into that contest, but changed.
First I'd like to comment about "inefficiencies". "Inefficiencies" is the current buzz word coming out of Silicon Valley.  When I hear it spoken, I'm pretty certain it's from someone in the high technology sector.  So far, that has been true and Docusign, a software company, is no exception. (I love digital signatures as long as the client understands what they're signing.)
When I think of perfect efficiencies, I think of Henry … (10 comments)

Wordless Wednesday; What's That Smell in Saratoga Woods Saratoga CA? - 03/07/12 03:12 PM
If you smell Vick's Vapo Rub, or Tiger Balm while walking around Saratoga Woods and other Saratoga CA neighborhoods, a Camphor Tree is probably being trimmed.  Camphor, which gives Vicks Vapo Rub and Tiger Balm their distinctive odor, comes from Camphor trees like this one in Saratoga Woods Saratoga CA. 

 Lloyd Binen
Broker/Realtor/DRE 572654
Certified Realty Services
19200 Shubert Drive
Saratoga, CA 95070
Certified Residential Specialist (CRS); Graduate, Realtors Institute (GRI)
408-373-4411, or e-mail
… (11 comments)

The Listing Adventure Ends--Lessons Learned - 03/02/12 09:32 AM

When I took a listing on a condo in a San Jose complex with litigation last December, I knew it would be an adventure. 
Could we find a buyer who wouldn't be scared-off by a lawsuit between the HOA and the builder/developer?  A lawsuit alleging construction defects, no less.  Depending on the results of the lawsuit the buyer could be responsible for a special assessment of an unknown amount; not a strong selling point. 
If we found a buyer, what about a financing?  Nowadays neither Fannie nor Freddie and certainly not FHA will buy loans on condos involved in HOA … (14 comments)

West San Jose Home Sale and Listing Trends from January, 2003 through January, 2012 - 03/01/12 01:29 PM
West San Jose Home Sale and Listing Trends from January, 2003 through January, 2012

The Graph shows the number of Single Family Residence Listings (i.e., homes put on the MLS Market For Sale) and Sales according to the local Multiple Listing Service (MLS;MLSListings, Inc.).  I've included zip codes: 95117, 95129, 95130 and a slice of 95128.  A map showing each West San Jose home sale in January 2012 is shown here.
Over the past 10 Januaries, West San Jose home Sales and Listings have been, shall we say, all over the place?  And that makes sense; there have been no … (5 comments)

 
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Lloyd Binen Silicon Valley R since 1976;408-565-8177

Saratoga, CA

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Certified Realty Services

Address: CA DRE #572654, 19200 Shubert Drive, Saratoga, CA, 95070

Office Phone: (408) 565-8177

Cell Phone: (408) 373-4411

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