Yesterday I got a phone call from a woman looking to find a lease option to buy property in the San Jose area.  “I’m tired of wasting money on the rent”, she explained.  Hoping to locate one, she was phoning the agents of San Jose houses for sale – maybe one of them would do a lease option?  Not likely.

Why are lease options hard to find in Silicon Valley?

It is a challenge to find a lease option in the greater San Jose area for a number of reasons, most of them related to the extra risks involved as opposed to simply renting or selling the real estate outright.

1 – Cash needed at close of escrow: An overwhelming majority of the home sellers here want their cash at close of escrow, so the buyers can be all cash or part cash and part loan (20% down, for instance).  Most real estate sellers want to take the cash from the property being sold and do something with it immediately – and the majority of the time that means putting it into another home in which to live.

2 – Don’t want to be a landlord: Doing a lease option means that not only will the owners of the property not get their cash right away, but they also have to become landlords in the meantime.  If they pay a professional property manager, that may cost 8% per month in overhead, too, so it cuts into any profit.

3 – Lease options are risky: With lease options, there is far more risk for the seller, of course, but also for the buyer!  (And by extension, real estate licensees who get involved with lease options.)

• The seller risks a default by the buyer/tenant and then having to go through the trouble of evicting him/her/them.
• Pricing risks for both seller and buyer:  the purchase price is decided upfront, but the sale isn’t finalized for a year or more.  During that time, the real estate market could appreciate like crazy (leaving the seller to feel that the house is sold for too little, less than market value) or the prices could fall (with the buyer unable to complete the sale since the property wouldn’t appraise – thus losing all of the downpayment in the process).  Either way, buyer or seller could feel unhappy and cheated. (more…)

If you’ve had your San Jose home listed for sale with a real estate professional but after several months on the market it didn’t sell, you are probably tired, discouraged, and maybe even angry.  What went wrong?

Everyone likes “easy answers”, and the most common easy answer to the question of why the house is now an expired listing is price.  Most homes that don’t sell are overpriced. This is true but an oversimplification.

Often, price isn’t the only factor, or is not even the biggest obstacle in the home’s not selling. (Sometimes it’s not a problem at all.)  Frequently, it’s a little more complicated than that.

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If you are looking for a new or newer home in Cambrian Park or Almaden Valley, look no furter!  This exquisite house features an amazing kitchen at the heart of the home.  It  has been updated with slab granite, stainless steel dishwasher & fridge, gas range, a sunny garden window & recessed lights.  It’s open to the breakfast nook and family room on one side and adjacent to the dining & living areas on the other.

You’ll love the open floorplan and the fact that there’s  1 bed and one bath downstairs. More wonderful plusses: inside laundry, AC, dual pane windows. Big master suite offers a walk in closet, soaking tub, separeate shower, big vanity and dual sinks.

Fabulous younger home in the Almaden Winery neighborhood!

• Four bedrooms, three bathrooms (one bed/bath downstairs)
• Living room features high ceilings, hardwood floors and elegant fireplace & is open to formal dining area
• Updated kitchen featuring slab granite & stainless steel
• Kitchen includes breakfast nook & is open to family room
• Family room enjoys fireplace & back yard access

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The Almaden Winery neighborhood, just off Blossom Hill Road in San Jose, has a rich and interesting past, dating back to the mid 1850s when the site was first planted with grape vines.  It was the first winery in Almaden Valley and one of the oldest in the state of California.  (It survived the prohibition period by getting licensed to make sacramental wine and by bottling grape juice.)

In this post I’ll share some photos of the neighborhood with you, explain about the three different builders/developers and show you where to find each one.

With a bit more than 300 houses, the Almaden Winery area is quite popular, with its homes selling quickly.   The community centers around a lovely park, and additionally there’s a newer library adjacent to it – the Vineland Branch of the San Jose public library system.
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870 Brevins Loop: Beautiful, Elegant Willow Glen Home for Sale!

New Listing, Please Stop By!  Open Sat/Sun, June 26-27, 2010 from 2-4pm

Last night I put this new Willow Glen listing of mine on the MLS and I look forward to holding it open this weekend for the first time. If you are in the area, please swing by and have a look! I always enjoy meeting the readers of my blog & this is a home you will enjoy seeing!

The house & yard are full of amenities that Silicon Valley home buyers will appreciate:
hardwood floors, built-in bookcases and media niches, slab granite, gas cooking, stainless steel appliances, lots of windows & natural light, a luxurious master sweet with 2 walk-in closets and a spacious bathroom with big soaking tub, separate shower and two separate vanities. Central air conditioning.   The lush backyard boasts two trellises, sandstone hardscape & custom lighting. The front yard is easy-care: the HOA takes care of the maintenance!

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A Realtor friend of mine here in Silicon Valley, Ann O’Farrell of Luxor Real Estate Group, has a lovely listing in Saratoga which I am presenting today (with permission, of course!). As readers of this blog know, I don’t usually post about homes for sale, but this house has some neat features so I wanted to help Ann with the marketing. (This is not a paid post, btw.)

The property is 18803 Mcfarland Avenue, Saratoga, which is just a couple of blocks from Quito Market, close to bus stops and major road acess with Saratoga Avenue, Lawrence Expressway and Highway 85 close by.

The centerpiece of this fine home is the gourmet kitchen, which features an oversized island topped with slab granite, abundant custom cabintry made from Brazilian Cherrywood, stainless steel appliances, a good-sized pantry, recessed lights, 6 burner gas range, two ovens plus a microwave oven, and beautiful hardwood floors.  Although it truly must be seen to be appreciated, here are some hints in the way of photos:

And the view to the right:

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Sale Pending!  Under Contract in 24 Days!

I am delighted to have a new listing – wonderful clients, wonderful house! 

Please stop by…

Open This Weekend! Sat/Sun,  Jan 31 and Feb 1  1:30 – 4:00

16125 Francesca Court, Monte Sereno, CA        MLS # 80901346

Offered at $1,865,000

Wonderfully updated home – exquisite blend of traditional/Victorian with contemporary and open style!

4 bed, 3.5 baths (3 bed, 2.5 bath home plus studio apt with full kitchen and full bath) 

Quality craftsmanship in this custom-built home throughout!  Fine features such as hardwood floors, leaded glass windows, tall & classic baseboard, equisite crown moulding, many built-in bookshelves and cabints, and much more!

The kitchen alone is a masterpiece with a huge island, Thermador, Bosch and Sub-Zero appliances, Kohler sinks, cherry cabinets, and slab granite countertops. But that’s not all! The kitchen also includes a bay window, hardwood floors, recessed lights, a lazy Susan, some pullouts, and hardwood floors.

Light dapples through prisms in the leaded, beveled glass in the entryway and Master Bedroom. It is both elegant and understated, refined and warm! The effect, particularly in the master bedroom, is simply breathtaking!

More Information on this Classic Monte Sereno Home

LINKS

1. Virtual Tour Link: http://tours.tourfactory.com/tours/tour.asp?t=474389
2. Map Link: http://www.mapquest.com/maps?address=16125+Francesca+Court%2C+Monte+Sereno%2C+Ca”>Map to 16125 Francesca Court, Monte Sereno
3. Link to More Photos of 16125 Francesca Court

SCHOOLS
Highly regarded Los Gatos Schools

OPEN HOUSE
Open This Weekend

Sat  Jan 24  1:30 – 4:00   &   Sun Jan 25  1:30 – 4:00

For more information, please see www.16125FrancescaCourt.com