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

Homeowner Insurance Policy and Home Warranty

如果你買房是付現金, 你就不需要買Homeowner Insurance (屋主保險保單), 因為這是貸款公司, 為了保障他們借給你的錢, 所做的要求. 不過貸款公司的最低要求, 也不過是保一個Hazard Insurance, 只是多數的屋主都會加買, 來保護他們最貴的資產和避免可能的風險, 畢竟, 這就是保險的功能啊.

Homeowner Policy 包含二大類: Property (房屋相關) Coverage and Liability (責任相關) Coverage.

[1] Property (房屋相關) Coverage 的理賠項目包括下面幾類,

  • dwelling (主要房屋),
  • attached structures (增建部分或與主屋相連的車庫),
  • detached structures (主屋不相連的車庫, 倉庫, 圍牆, 加建房),
  • personal property (傢俱, 家電, 衣服鞋子, 珠寶, 運動器材等等個人財物), and
  • loss of use of the dwelling (房屋因故暫時無法居住而需要外宿).

Policy coverage for property insurance is written to cover either the Replacement Values or Actual Cash Value of the building.

  • Replacement Values (重建價值) – for the amount it will cost to rebuild or replace lost or damage property with new property of like kind and quality in the local market. 以當時物價蓋一棟類似規模和品質的房子所需要的費用來計算.
  • Actual Cash Value (實質現金價值) – at the depreciated value of the loss which means the amount paid is equal to today’s cost to replace the structure minus depreciation. 以當時實價扣掉折舊貶值的價值.

Trees, plants, and shrubs are also covered besides when demanded by wind or disease.  樹木, 植物和灌木也都理賠, 除了是因風或疾病造成的損失.

[2] Liability (責任相關) Coverage 的理賠項目包括下面幾類,

  • Personal Liability Coverage (個人責任保險): it covers the homeowner’s legal liability for loss or damage to real and personal property of others as the result of his or her negligent act or omissions.  It may also cover injuries or damages done by a member of the family or pets. The loss or damage must be caused by a covered peril (including loss of use).  The homeowner may be held responsible for the damages caused.  Most homeowner’s policy provide a minimum of $100,000 in personal liability coverage. If more protection is needed, a personal liability umbrella policy can be purchased as well.  如果有第三者在你家因故受傷或個人財物受損, 都可理賠, 多數的屋主的保險提供基本十萬塊的賠償金額, 如果需要更高的金額, 可以加保.
  • No-Fault Medical Coverage (Medical Payments to Others) 無過失醫療保險: The homeowners policy provides for the payment of reasonable medical expenses for people who are accidentally injured on the property regardless whether the homeowner is legally responsible  However, it doesn’t cover the people who lives there so it’s not a substitute for health insurance. 第三者在你家因故受傷的合理醫療費用都有給付, 不論是不是你造成的, 但不給付住在屋子裡的人, 所以這不是替代醫療保險的方式.

哪些情況發生會理賠? 哪些情況則不理賠呢?

“Peril” is a cause of loss.  An insurance policy uses the term “peril” to explain what risks the insurance contract will cover or exclude.

通常會理賠的情況如下,

  • Fire 火災
  • Lighting 打雷閃電
  • Smoke damage 煙霧
  • Windstorm or hail 刮大風或下冰雹
  • Explosion 爆炸
  • Breakage of glass 玻璃破碎
  • Falling objects 東西墜落
  • Theft, vandalism, and malicious mischief 竊盜, 破壞行為和惡意的惡作劇
  • Damage from or within vehicles 汽車造成的損失
  • Aircraft 飛行器
  • Sudden & accidental water damage (exclude water backup, foundation or slow leaks) 突然和意外的水損失,, 但不包括因堵塞造成的水位回升, 或緩慢的漏水
  • Weight of ice, snow, sleet 冰, 雪, 雨夾雪的重量
  • Riot or civil commotion 騷亂或內亂
  • Volcanic eruption 火山爆發

不理賠的情況如下,

  • Mold 霉
  • Flood 淹水
  • Water damage cause by seepage or leaks 因水滲漏引起的損失
  • Neglect, wear and tear, or maintenance 忽視, 磨損或維護
  • Termites, insects, rats or mice 白蟻, 昆蟲或老鼠
  • Tidal wave 海嘯
  • Losses to house vacant for 60 days or more 房屋空置六十天以上所造成的損失
  • Insurrection, war or nuclear hazard 叛亂, 戰爭或核災
  • Earthquake or earth movement 地震

Endorsements (背書): is a rider attached to a lender’s or an owner’s policy to expand or limit the policy coverage. 是附加在解款銀行或屋主保單上, 以加大或縮小保單的承保範圍.

  • Inflation Guard Endorsement (通貨膨脹)
  • Building Code Upgrade Endorsement 建築代碼升級
  • Water Damage (to include water backup, foundation or slow leaks)  包括因堵塞造成的水位回升, 或緩慢的漏水的損失
  • Flood Insurance* (註一)  (水災險) – covers structural damage, damage to furnace, water heater, and AC; flood debris clean up and the replacement of floor surfaces.
  • Earthquake Insurance (地震險) – usually doesn’t not cover anything that the homeowners policy already covers.

Home Warranty is NOT an insurance policy.  It’s a contract between a homeowner and a home warranty company that provides repairs and replacement services for things like plumbing, heating, electrical systems, and malfunctions of major appliances 房屋保固不是一個保險單. 它是一個屋主和房屋保固公司之間 提供有關排水管線, 暖氣, 電線系統和主要電器故障的維修合約.

 

註一: 2017年8月25日德州歷經颱風哈維 (Hurricane Harvey) 嚴重淹水所造成的損失慘重, 70%的住家因為沒有洪災險而無法得到保險理賠.