Real Estate

715 Quetta Ave, Unit B, SUNNYVALE, CA 94087

People who knows me long enough (or reading this blog long enough) knows that I used to own an atrium Eichler in Willow Glen, San Jose for 12 years when I was married and specialized in buying and selling Eichlers with my ex-husband (EichlerHomes.com) for 10 years so I know a lot about Eichler personally, and I love them too.  With that being said, there are certain things I would change too just because we have better technology and materials today than 60 years ago.

認識我夠久的人(或者是這個部落格長期讀者們)都知道在我離婚前, 我住在Willow Glen, San Jose 有中庭的Eichler Home 12年, 加上和前夫一起創業做地產十年就是專注在Eichler Homes的房子, 所以我知道許多有關Eichler Homes的事, 我本身也很喜歡這種房子. 當然, 現在有許多六十年前沒有的科技和材料, 所以有些東西我也希望做些更改來符合現今生活的需求.

My co-worker has a listing at 715 Quetta Ave, Unit B, Sunnyvale 94087 on market on 2/7 and I held it open on 2/10 and it is pending since 2/14.  I want to share what is the current real estate market with you using this listing as an example.

我公司同事在二月初有一間在Sunnyvale的公寓上市, 剛好是我喜歡的風格, 又在Eichler Homes的附近, 所以我就自願去做週六的Open House.  我要用這間公寓來做範例, 跟大家分享一下目前的瘋狂房市.

The map above, the red is the Brookline Place community where the listing is located.  It has about 80 units total, 1/3 are rental, 2/3 are owner occupied.  Although they are all condos, some feels more like a townhouse or attached single because it has only one wall shared, no one above you, and you got patio spaces which is very bright and airy with glasses doors and windows.  The blues are the Eichler homes so it’s kind of nice that Brookline Place condos are surrounding with single family homes.  However, Brookline Place condos are NOT Eichlers but they sure looks and feels like one because the tongue and groove ceiling with exposed beams, sliding doors, and big glasses windows.

上面這張地圖, 紅圈就是Brookline Place community, 就是這間公寓的所在地, 一共約有八十間公寓, 三分之一是租客, 三分之二是屋主自住.  雖然他們被歸為公寓, 但有些屋型比較像是合併屋或連結獨棟屋, 因為二間房只有一面牆是共用, 沒人在你上面, 還有小院子, 加上高屋頂, 大塊玻璃窗和門, 而且只有一層, 所以感覺不出來是公寓. 不過這些公寓不是Eichler蓋的, 它只是看起來很像Eichlers.

This unit is a 2 bedroom/2 bathrooms, 1036 sqft, 3 patios and 2 assigned carports that you can looked out from the guest bedroom window.  The HOA$445 including insurances for “earthquake”, structure, fencing, roof, and other exterior and common area maintenance.

這間公寓是二房二衛, 1036 sqft, 3 個陽台和二個專屬的停車棚. 每個月的管理費是$445, 包含地震險, 建築險, 圍牆, 屋頂, 和其他屋外的共用空間和設施.

(All photos are taken from MLS)

It is a very nice unit, right? I would buy it if I had the money.  It’s perfect for singles, for married couple with no kids or one kid (because it has good schools) or even retired couple because it’s one level, no stairs, and it’s small enough to up keep.  There is very little storage room so don’t shop at Costco then you will be fine!!!

這間公寓看起來很棒對吧!!! 我要是有錢也一定會出手買下. 它很適合單身, 已婚只有一個小孩的家庭, 或是退休的夫妻. 只要你不去好市多買東西, 就沒有倉儲空間的問題.

It listed at $898K and we all know (you should know by now) the listing price today are all way lower than the market values so we need to look at what has sold recently in that community or nearby area with similar size, feature, and condition as a start point.

這間公寓的起價是美金八十九萬八, 而我們都知道這起價是低於實價許多的, 所以我們必須參考最近類似房屋售出的售價來做起點. 以下四間是同一社區最近已售出或待售的房屋, 要注意的是, 從它賣出(Pending)到真的交屋, 這中間可能會需要一個月的時間, 而現在的房市是周周變.

So, the comparable for this unit – what you need to keep in mind is that from the date is sold (pending) to the date is closed might take up to a month to reflect the sold price when current market is changing weekly.

#1, April 2017, 3/2, 1244 sqft, sold for $1220K

#2, July 2017, 3/2, 1356 sqft, sold for $1230K

#3, Oct 2017, 3/2, 1244 sqft, sold for $1405K

#4, Feb 2018, 3/2, 1356 sqft, listed at $1250K (COE 3/7)

#5, Feb 2018, 2/2, 1036 sqft, listed at $898K (COE 3/8)**

I did a Saturday open house with one of the agent from the office and we were chatting about what price would it needs to be to get this condo.  We were very busy that Saturday because Superbowl was last weekend and there were very little listings on the market so everyone came out this weekend.  I was told that there was a unit that is 2/2 similar to this one sold for $1.03M about a month or two ago (but I couldn’t find that listing), and a 3/2 sold for $1.4M.  I was telling my co-worker that this will go for $1.25M at least if not more, and he thinks I am crazy. . . . the fact is, I am not crazy enough.  They got 15 offers which is not surprised, and 3 were above $1.3M!!!!

那個週六我和一位同事一起做Open House, 那天來看房子的人非常多, 因為上週末是超級盃足球賽, 很少房子上市. 我同事告訴我, 最近一個同社區同樣二房的交屋價是$1.03M, 三房是$1.4M, 所以我和同事在下注, 我說這間起碼會賣到$1.25M或者更高, 他說我瘋了, 結果證明, 還有人比我更瘋.  因為最後他們收到15個出價, 其中有三個都超過$1.3M!!!

So from October last year to February this year, a 2 bed/2 bath is going to cost you what it was for a 3 bed/2 bath in only 5 months of time.  It is a upward market for another year or two so if you are in the market to buy something, you better be realistic for what you can afford, and be ready to jump when you have a shot.  Submit offers is very time consuming so don’t just “try-it-out”, it’s wasting everyone’s time and energy.  I know it’s crazy but it only take one crazier person to get the house.  It only takes ONE.

Are you THE ONE??

所以從去年十月到今年二月, 三房的價錢只夠買二房的房子了, 才五個月的時間.  在房價可能還要再漲個一二年的情況下, 如果你打算進場買房子, 你必須要夠實際, 手腳夠快, 你才有機會 “買到” 房子, 不然你只是浪費彼此的時間而已, 寫Offers很花時間, 一大堆的資料要準備, 要簽名, 而每間房子只需要一個夠瘋狂的買家. 一個就夠了.

你是那個最瘋狂(最有遠見)的買家嗎?

Ps. Eichler does built some townhouses in Pomeroy West community in Santa Clara 95051 – Benton St & Pomeroy Ave, from one story 2/1 of 950 sqft to 2 stories 4/2 of 1500 sqft.

The currently pending one is 3413 Benton St, Santa Clara. It’s a 4 bed/2.5 bath, 1476 sqft, HOA$468, asking for $895K.

The offer was due this morning (2/27) so far there are 21 offers.  I will update as soon as I know the winning price!!!

Update:  Sold on 2/27, COD on 3/2 (I guess it’s a all-cash offer) and Sold for $1.25M.

Real Estate

To today’s buyers who is on market looking for a home

Dear Buyers,

In current Bay Area’s real estate market, the listing prices are most likely below the market value by “a lot” because the listing agents are hoping to get a lot of attentions and got 15-20 offers that will boost up the price.

If your budget is $1.25M, please look at the listing price under $900-950K because current offers are all with no contingencies – no inspections, no loan, no appraisal so if in the end you can’t close, you are in big trouble.

The sold price is changing weekly so only the buyers who is willing to pay for next week’s price for this week’s offer win, and it only take ONE because the rest of 15+ people who lose will pay more for less for their next one when housing price is going upward. So the sooner the buyers realize this, the sooner you will get a house, the less money you are going to pay.

It’s nearly impossible to buy a single family for $1.25M in a desire location, reasonable condition within tolerable distance from work. Meanwhile, the townhouses and condos are also going up.

So if you can buy a 3 bedrooms Townhouse in a desire location, reasonable condition within tolerable distance from work plus a good school that is under $1.25M today, you should seriously consider because you may not be able to afford that next week or so.

I know it’s frustrating and I feel your pain but it is what it is. Time is money. The longer take you to realize what it takes to get a house, the more money it’s going to cost you. When stock market drops and the interest rate goes up, your buying power just got weaker too.

親愛的買家們,

在目前灣區的地產市場, 整個Santa Clara County的待售屋(不論屋種)只有五百多間, 比去年同期只有1/3的數量, 而貼出的售價起點多半低於行情很多, 因為賣家經紀用這種方式來得到許多買家來看房, 然後就會有十幾二十個人出價, 通常就會把最後售價往上推高.  所以所有的房子都是高出定價很多一點都不奇怪, 所以不要光看定價, 要看最近的實際賣價才準. 如果你的預算在一百二十五萬, 建議你看目前賣價低於九十到九十五萬的房子, 因為現在出價買房合約上全部都沒有任何附加條件 – 沒有房屋檢查, 沒有貸款, 沒有估價, 所以最後如果你因為任何原因無法交屋, 會是很大的問題.

目前的最後賣價是週週不同, 通常只有願意用下週或下個月的賣價來買這週房子的人會買到房子, 而且每個房子只需要一個買家願意出那個價錢, 而其他十幾二十個沒買到的人, 將會付出更多的錢和時間來買下一個房子, 因為現在房價是往上漲的情況. 所以買家們越早覺醒越好, 你會花較少的錢買到較好的房子.

以目前的市場來看, 一百二十五萬要買一個尚可的地點, 可以接受的屋況, 一小時以內的通車時間, 已經接近幾乎不可能的事. 而當獨棟屋的價格往上揚, 同時合併屋和公寓也是往上漲的. 所以如果你現在可以找到三房的合併屋在一個尚可的地點, 可以接受的屋況, 可以忍受的通車距離, 萬一又有不錯的學區, 你真的要認真考慮, 因為有可能下週或下下週你就買不起了.

我知道現在灣區的房地產市場讓人壓力很大, 我感同身受, 因為身為Agent, 我的壓力也很大, 但是事實就是事實. 時間就是金錢. 萬一股票市場下跌, 而貸款利息上漲, 那情況就更不利, 而目前的跡象顯示, 這樣的瘋狂房市還要繼續一段時間, 早點買到房子的就是贏家.