Why are lease options to buy so unpopular?

Kitchen scene with the words Lease options to buy - the good, bad, ugly - why are they unpopularSometimes I’ll get an inquiry from someone interested in lease options to buy property in the San Jose area.  It’s been a while, but I remember that phone call pretty vividly.  “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 down payment in the process).  Either way, buyer or seller could feel unhappy and cheated. (more…)

1252 Chiapas Terrace, San Jose, CA 95126

1252 Chiapas Terrace, San Jose, CA 95126 PENDING in 7 days with 5 offers!

We are delighted to present our newest listing, 1252 Chiapas Terrace, San Jose CA 95126. This young townhome provides 2 bedrooms plus den, 2 .5 bathrooms, and an open layout with 1667 square feet. It’s full over luxury upgrades, all the features that today’s buyers want, and it’s situated in the gorgeous Altura neighborhood near Santa Clara University. The list price is $989,500.

1252 Chiapas Terrace, San Jose CA 95126 - luxurious kitchen and big breakfast bar

The Quick Look at 1252 Chiapas Terrace, San Jose:

  • Altura townhome community built in 2006 by Pulte Homes
  • 2 spacious bedrooms plus den with 2 ensuite full baths, and a powder room on the main floor
  • Main floor fully open with spacious kitchen featuring stainless steel appliances, gas range with 5 burner stove, granite counters, wood cabinetry and wide breakfast bar with pendant lights above
  • Washer, dryer, and Fridge all stay
  • Attached 2 car garage with side-by-side parking
  • Central air conditioning
  • Dual pane windows by Milgard
  • High ceilings, recessed lights, plantation shutters, water softener and so many extras – see the full list at the virtual tour!
  • MLS #ML81917776

 

1252 Chiapas Terrace, San Jose virtual tour and 3D walkthrough

Please visit the virtual tour: 1252ChiapasTerrace.com for the virtual tour with all photos, a 3D iGuide walk through, and under “details” you’ll find a printable PDF with the floorplan and room measurements, too.

Open house this weekend

We will be hosting an open house this weekend,  Sat Feb 4 and Sun Feb 5, from 2 – 4 pm. Please stop by! (Park on Campbell Avenue or at the back of the complex along De Altura Commons.) These homes are very popular, so if you cannot make the open house, please arrange for your buyer’s agent to show you the home soon. It’s very easy for your Realtor to make the appointment with our simple online scheduling system. If you need a buyer’s agent and do not have one, please reach out to me and we can connect you with a Realtor who can show this home to you and represent you should you decide to write an offer.

 

Front door and porch at 1252 Chiapas Terrace, San Jose CA 95126

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California lifestyle home for sale

Epitome of a California lifestyle home - 5068 Tifton Way, San Jose CA 95118If the California lifestyle home of living outdoors as well as indoors appeals to you, this Cambrian house and yard should not be missed! Clair and I just put a uniquely stunning Cambrian house on the market this evening and we’d like all of our readers to know about it before it’s gone!

  • Want to see all of the photos quickly? Check out the virtual tour at 5068TiftonWay.com!
  • Listed for sale at $1,450,000
  • MLS # ML81909106
  • San Jose Unified schools
  • The listing agents are Mary Pope-Handy #01153805 and Clair Handy #02153633 with Christie’s International Real Estate Sereno
  • The open houses will be Oct 1 & Oct 2, 2022, from 2 pm – 4 pm.

Work from home or entertain in style on a huge covered patio: California lifestyle at its best!

Beautiful pavers cover the patio and walkways in this lovely home, as well as the front porch area. So many choices for enjoying the outdoors!

The covered patio boasts nearly 700 square foot of additional outdoor living space. For most homes, that would be the size of two or more family rooms!

This amazing California lifestyle entertainment area features a high, open beam vaulted ceiling with 4 skylights and area lights, plus a fan light, making it useable at all hours and in just about every weather condition. Curtains on one side can provide extra privacy or weather protection if needed.

Summer kitchen - California lifestyle home in the Cambrian area of San Jose

The summer kitchen  provides granite counters and a wrap around breakfast bar that can seat 11! Additionally, there’s a gas barbecue (plumbed with a gas line, not a tank), an icemaker, and a Kegerator! There’s loads of counter space for meal prep or serving – room for everything!

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Why didn’t my San Jose home sell?

Why didn't my San Jose home sell.“Why didn’t my San Jose home sell?” or “Why didn’t my Silicon Valley home sell?” is being heard from frustrated sellers in Santa Clara County as the days on market rack up. They remember that just a few months ago virtually every home flew off the market.

If you’ve had your San Jose home listed for sale with a real estate professional but after a long while on the market it hasn’t sold, you are probably tired, discouraged, and maybe even angry. What went wrong?  Isn’t this still a hot seller’s market?

In brief:

  1. The peak of the hot seller’s market was in April – May 2022 for closed sales. Those homes were on the market in March or April. Spring is normally a better market than fall, but this year a lot changed to cause prices to fall since that peak.
  2. Affordability took a triple hit for buyers: home prices rose extremely fast, the Fed raised interest rates quickly and steeply (nearly doubling in 6 months), and the stock market tanked. Buyers’ budgets have shrunk and many of them decided to wait until conditions are more favorable.
  3. Buyers still looking are pickier than they were in Spring. Homes that aren’t perceived as the best value are getting passed over.
  4. Most of the time when homes don’t sell, it’s due to them being overpriced for the current market. Prices are down about 15% from earlier this year, perhaps more for homes in less desirable locations such as near high voltage power lines or on busy roads.
  5. We will consider options that sellers have to turn things around from “why didn’t my San Jose home sell” to “wow, that was a great response from home buyers!

Why didn’t my San Jose home sell? Pricing confusion is the most common culprit.

Neither the sellers nor their Realtors control the market, but it is imperative that we understand the market if your home is to be properly positioned for a sale. Your own area may not be reflective of the city of San Jose as a whole, but this should give you some ideas on how things are faring, and you can check the link below for your area, whether it’s Berryessa, west SJ / Campbell area, Almaden, downtown, etc.

Sellers are having some whiplash over the change in prices.

Average Sale Price for San Jose houses in August 2022

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2156 Ebbesen Ave San Jose, CA 95124

SALE PENDING WITH 6 OFFERS!
Closing Monday, May 10th.

f you are house hunting in Cambrian Park, there’s a gem of an opportunity at 2156 Ebbesen Avenue in the Villa Cambrian subdivision (Parker area) near Union Avenue and 85. This charming home is located on a quiet street  and has been beautifully updated throughout. It’s updated throughout and enjoys highly prized Union Schools.  Fantastic commute location, too!

Family Room at 2156 Ebbesen Avenue, San Jose (Cambrian)

Quick facts on 2156 Ebbesen Avenue

  • Offered at $1,423,000
  • 4 bedrooms (1 used as an office with French door & built in bookshelves)
  • 2 updated bathrooms – the hall bathroom enjoys a deep, jetted bath
  • 1457 SF (per county records) of living space
  • Lot size 5911 SF (per county records, plat map shows lot as 60’x100′)
  • Built in 1965
  • single story home – just one step into the family room
  • attached 2 car garage with storage space & pull down ladder

This updated home has many upgrades!

  • updated kitchen with maple cabinets & Corian counter with breakfast bar
  • large, sunny living room
  • family room with gas log fireplace & built in bookshelves
  • screened in porch for indoor / outdoor living off the family room
  • beautiful engineered Brazilian cherry floors in living areas & hallway
  • fresh carpet in all 4 bedrooms
  • dual pane windows
  • central  air conditioning
  • 2 sun tunnels
  • loads of storage, including a large storage shed in backyard

 

Kitchen at Ebbesen

Schools for 2156 Ebbesen Avenue

Carlton Elementary – Union School District
Union Middle School – Union School District
Leigh High School – Campbell Union High School District

View all the photos and get more info at CambrianHomeSale.com

 

The Almaden Winery Neighborhood of San Jose

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.

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1190 Crestline Dr Cupertino, CA 95014

 1190 Crestline Dr Cupertino CA 95014

MLS # ML81714661

1190 Crestline Dr Cupertino is tastefully expanded, remodeled, and sunny home with award winning Cupertino schools!

 

Spectacular open living concept kitchen and family room

 

Quick facts 1190 Crestline Dr Cupertino:

  • 3 bedrooms + office and bonus room / alcove
  • 2 newly remodeled baths in 2018
  • 1715 SF (per county)
  • Lot size 6007 SF (per county)
  • Built in 1963, expanded in 2011
  • No carpeting – mostly hardwood floors, some laminate, some Italian porcelain tile
  • Flexible layout—sewer plumbed to possibly add 3rd bathroom and one bedroom in original kitchen area

Welcome to this bright and sunny home, impeccably updated throughout! You will love the gorgeous hardwood floors, the abundant natural light, and the remodeling that has been done in every corner of this house!

Rooms include a spacious living room with wood burning fireplace and recessed lights, dining room with recessed lights, an alcove or study (original kitchen location), an open family room – kitchen, an office, 3 bedrooms, and 2 bathrooms.

Island Kitchen & Family Room:

  • The open kitchen & family room is the center of the home and a true showpiece. They enjoy Brazilian teak hardwood flooring, a tall vaulted ceiling with 2 Velux skylights and retractable shades, recessed lighting, Casablanca fan, 8’ Anderson French door to the yard, and large Milgard windows to bring in the light. Spray foam insulation between the ceiling and the roof helps to keep the room comfortable year-round.
  • Slab granite counters, tumbled marble tile back splash, maple cabinets with pantry, pullouts, lazy Susan and under the cabinet lighting.
  • Stainless steel appliances include a French door refrigerator with ice maker (2017), GE Profile double oven, Bosch induction cooktop, Broan vent, Kitchenaid dishwasher, and microwave oven. (Fridge and microwave both stay.)
  • Large, open Franke stainless steel sink with Grohe faucet.
  • Good sized island with breakfast bar plus extra storage.
  • This area, plus the office, was added in 2011 with permits and finals, and represents 600 SF of the total square footage of the home.

 

Bathrooms – remodeled in 2018 with permits & finals:

  • Hall bath offers a shower over the tub, Italian porcelain tile, vanity with deep drawers, and a sun tunnel
  • Master bathroom features a stall shower, Italian porcelain tile, and a vanity with deep drawers.

More features:

  • Dual zoned heat and air conditioning (2 AC units)
  • Dual pane windows
  • New front door & interior doors
  • Copper water supply lines in the home
  • Fresh interior paint
  • Original hardwood floors just refinished (June 2018)
  • New baseboards in living room, dining room, hallway, bedrooms
  • Hot water heater replaced in 2016
  • New outdoor wall lights
  • New motion detector light on front of garage
  • Attached 2 car garage with new Liftmaster garage door opener

 

1190 Crestline Drive Public Schools:
Regnart Elementary, Kennedy Middle & Monta Vista High

Ideally located near schools, Three Oaks Park and Jollyman Park. Close to Apple campus and many high-tech companies. Easy access to 85, 280 Freeways and Lawrence Expressway for convenient commute!

 

OPEN HOUSE SCHEDULE for 1190 Crestline Drive:

Thurs., 7-19-2018 9:30am to 12:30pm (broker tour AND public open house)
Sat., 7-21-2018  2pm to 4pm
Sun., 7-22-2018 2pm to 4pm

 

1190 Crestline Drive  – DISCLOSURES & OFFERS

Disclosures will be available on or by Friday July 20th. The link will be in the private agent MLS comments for the buyers’ agents.

Offers will be due sometime after the open house weekend. Please check with Mary Pope-Handy for the due date. No pre-emptive offers, please

 

 

Learn more about Cupertino here: http://popehandy.com/cupertino/

 

 

 

1512 Santa Monica Avenue San Jose

1512 Santa Monica AVE San Jose CA 95124 - front right viewTastefully updated & remodeled throughout! 1512 Santa Monica Ave boasts hardwood and tile floors only! This beautiful and sunny Cambrian home sits along the Willow Glen Border and enjoys an open floor plan, ideal for entertaining! And it is move-in ready!

1512 Santa Monica Avenue, in the Cambrian area of San Jose:  Offered at $850,000

MLS # ML81670041

QUICK FACTS:

  • 3 bedrooms
  • 2 updated bathrooms
  • 1144 SF of living space (per county records)
  • 5882 SF lot (per county records)
  • Central air conditioning
  • Many dual pane windows
  • Hardwood & tile floors throughout
  • Raised panel interior doors
  • Attached 2 car garage with extra wide driveway
  • Washer, dryer, and refrigerator all stay
  • Built 1954

1512 Santa Monica Ave – Virtual Tour Link: http://www.tourfactory.com/1642868

 

Living Room & Open Floor Plan 1512 Santa Monica Ave SJ 95118

 

OPEN LIVING, ABUNDANT NATURAL LIGHTING!

The living room offers a wood burning fireplace, built in bookshelves, hardwood flooring, recessed lights, and access to the front porch – a welcoming, comfy place to relax in a friendly neighborhood.

The kitchen overlooks the back yard and features younger cabinets, stainless steel appliances, slab granite countertops, a sun tunnel, tile floor, and a door to the garage.

The spacious dining area is open to both the kitchen and living room, and it also provides a tile floor & view of the inviting back yard.

Outside there’s plenty of room for everything with both a spacious deck – like an outside “family room” – and a flagstone patio with an exquisite pergola, which makes for a fabulous outside dining area. A lawn, fruit trees, and planting area complete this space. (Fruit trees include apple, peach, and orange.)
BEDROOMS & BATHROOMS

The bedroom wing enjoys hardwood floors, fan lights in each bedroom, and cedar floors in the closets with custom “Elfa” organizers and shelving.

The large master suite includes 2 closets, hardwood floors, and a fan light. Located at the rear of the home, it enjoys a wide view of the beautiful back yard.

The updated master bathroom provides a stall shower along with a toilet and vanity. The hall bath is also nicely updated with a pedestal sink, toilet, and shower over tub.

SCHOOLS for 1512 Santa Monica Avenue

Schallenberger Elementary
Willow Glen Middle
Willow Glen High

 

See also:

http://popehandy.com/san-jose-cambrian-park/

http://www.valleyofheartsdelight.com/Property/1512-Santa-Monica-Ave-San-Jose-California

 

 

 

Exquisitely remodeled west Los Gatos home for sale!

247 Prince Street, Los Gatos CA 95032 - front of house - 2012

247 Prince Street, Los Gatos CA 95032 – front of house – 2012

Located on a beautiful street in west Los Gatos, 247 Prince Street is a tastefully remodeled home which is sure to please, inside and out.  The front and back yards have been landscaped like something out of a designer magazine!  Inside will not disappoint!  With remodeled kitchen and baths, dual pane windows and plantation shutters, fans, hardwood floors, air conditioning and so much more, this is not just a house but a very comfortable home.

If you are interested, read more with the MLS information on this lovely home posted below it. (The MLS information will be removed once the house is under contract with no contingencies.)   Silicon Valley home buyers, call your Realtor to set up a private showing! (No open houses planned.) Pre-approved buyers only, please.

247 Prince Street, Los Gatos, CA MLS Info

Fabulously remodeled home & yard on beautiful street! Kitchen with maple & granite, Viking range & oven, GE Profile fridge. Entire house features dual pane windows, plantation shutters & hardwood floors (except baths).Central A/C. Gorgeous baths! Yard are extensively remodeled & upgraded with incredible hardscape: fire pit, built in seating, water fountain, more. Beautiful driveway & landscaping!

 

 

Remodeled 4 bed, 2 bath house, top Cupertino schools, incredible English country garden!

SOLD WITH MULTIPLE OFFERS IN 8 DAYS!

Fabulous opportunity in west San Jose – a beautifully remodeled 4 bedroom, 2 bath house with top Cupertino schools and exquisite English country garden is now for sale, offered at $1,099,000 at 1486 Larkin Avenue, San Jose CA 95129.  This is not just any ranch style home in Silicon Valley, but a lovingly and impeccably updated, remodeled and maintained home on a scenic, tree lined street.  A visit will convince you that this house has been cared for and upgraded with a tremendous level of detail and sophistication.

Top Cupertino schools, all with API scores well over 900!

Schools are a major driver of real estate desirability in Santa Clara County, and nowhere is that more true than in Cupertino and the parts of San Jose which enjoy its schools.  All three educational levels of school enjoy extremely high Academic Performance Index or API scores.

The grammar or elementary school for this property is John Muir Elementary School (API 944).  The middle or junior high school is Joaquin Miller Middle School (API 981) and the secondary or high school is Lynbrook High School (API 943).  All three of these schools are very highly regarded, and in fact prestigious.

Not just a school district – this is a marvelous West San Jose home and yard!

Lest we treat this as though buyers were only interested in schools, let’s talk about this wonderful house too.

The kitchen is an absolute showpiece with a professional grade Viking range, Vent-a-hood, granite counters, ultra hard maple cabinets (painted white), dramatic vaulted ceilings with 2 large, electronically operated skylights, and much more!  Throughout the home you’ll find high quality elements, including dual pane windows, hardwood floors (some under carpeting), remodeled baths, and on and on.  I invite you to have a look at the virtual tour, embedded below, and to read the description on each page.  There’s even more information immediately below that with the MLS information added too.

 

 

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