4497 Laird Circle
Santa Clara, CA 95054
3 Bedroom 3 Bath
1,588 Sqft.
2 Car Tandem Garage
Rivermark Townhomes are selling quickly, especially these Park Plan 2 floor plans, which feature 3 bedrooms and 3 bathrooms, with one bedroom at the living room level. This is the only floor plan in the Rivermark development which features a bedroom on the same level as the living room and kitchen level.
The master bath is also spacious featuring dual vanities and seperate tub and stall shower. Eventhough this unit is a short sale it will sell quickly and close. For more questions or showings please contact me.
It’s happening less and less, but they are still out there. Of course I’m referring to distressed homes, short sales or bank owned properties.
Rivermark currently has one bank owned home on the market. Its a 2 bedroom Park Plan 2 and its listed at $575K. On paper it seems like a great deal, but the home is situated on Lick Mill and needs some work, not a whole lot but it definitely isn’t showing its full potential.
This home has been listed for some time, but no takers yet. Which prompts me to ask, why? Bank owned homes are supposed to be deals and as a buyer you should expect to get a great price on one of these properties. The reality is that even if the home is bank owned if it is situated in a great neighborhood where demand is high, it will likely not sell as low as you think.
A home like the one I’m referring to in Rivermark is a great example. This home if sold on the market through a regular seller and not be a short sale, would likely sell in the low to mid $500K range. Perhaps a seller would do the small level of cosmetic repairs and stage the home to appeal to more buyers and get a better price. That’s really the only difference. Bank owned or REO homes, although they typically will not show as well as their regular sale counterparts, the sale price will probably just reflect the poor showing and the work that the new owner will have to do to get the home to move in condition.
So how do you spot a deal on a bank owned home? Well you have to make sure the work that would be involved in repairing isn’t that much. In this case the home has some nice updates like the hardwood floors, granite tile countertops, upgraded kitchen and bathroom tile, and upgraded carpet. The work that would need to be completed would be interior painting $2500 and new appliances $3000 – $5000. Once those are in this home would show like a model.
In this case the buyer will have to have good timing to get this property at a good price. The asset manager is asking more than what the market is considering fair and will eventually have to lower his price. Quite a number of asset managers do this reluctantly and do not negotiate the price down too far from list. There have been some occasions where the asset manager have taken low ball offers without countering when the market had been sitting on the market for some time, or the contract cancelled due to some problem relating to the property. Getting a good deal on one of these REO’s you will have to sit tight until the asset manager drops the price to a comfortable level that you are interested in or just happen to catch them on the right day with a offer.
We haven’t experienced this in some months, we have 3 town homes available on the market currently. Although the market is busy and inventory is selling fast these properties are perhaps testing current buyers to see if they are ready to pay higher for these units.
Out of the there units one is a regular [...]
The Citation Homes development, Mission Place currently has about 12 townhomes left. As the market has picked up the development has been slowly but consistently selling and closing units. I currently represented some buyers, a couple relocating from out of state, in a purchase of their plan 3 model.
The unit my clients were interested in was available for purchase [...]
Townhomes in Rivermark are selling quickly even the short sales. Multiple offers are quite the norm in these situations so be prepared. Out of the last 7 sold listings all have sold within two weeks of listing. 4464 Laird is the execption, that property’s buyer fell through and had to come back on the market only [...]
Rivermark real estate listing activity is picking up, for townhomes at least. Single family homes are still hard to come by. Currently there are 5 available townhomes on the market and 1 Mission Gardens townhome. Out of the 5 Rivermark properties only two are short sales. Although you expect more short sales this year, this may be a clear [...]
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Rivermark Market Snapshot
March 1, 2010Townhomes in Rivermark are selling quickly even the short sales. Multiple offers are quite the norm in these situations so be prepared. Out of the last 7 sold listings all have sold within two weeks of listing. 4464 Laird is the execption, that property’s buyer fell through and had to come back on the market only [...]