Real Estate Category
South County Weekly Real Estate Update
What’s new in the real estate market this past week in Morgan Hill, Gilroy and San Martin? See the table below for the twenty-six new active residential listings. A Class 1 listing = single family home and a Class 2 listing = condo/townhouse. There were 3 new condos on the market this past week in South Santa Clara County. Thirty-nine residences went under Contract and twenty-six closed escrow last week.
If you would like to view these or any other properties please call me at (408) 892-9015. I would be happy to make arrangements to show them to you.
NEW RESIDENTIAL LISTINGS 1-26-2012 THRU 2-2-2012
South County Weekly Real Estate Update
What’s new in the real estate market this past week in Morgan Hill, Gilroy and San Martin? See the table below for the eighteen new active residential listings. A Class 1 listing is a single family home and a Class 2 listing is a condo/townhouse. There were only two new condos on the market this past week in South Santa Clara County. Thirty-six residences went under contract last week with seventeen closed escrows.
NEW RESIDENTIAL LISTINGS FROM 1-18-12 THRU 1-26-12
South County Real Estate Weekly Update
NEW RESIDENTIAL LISTINGS 1-11-12 thru 1-18-12
Which Real Estate Transactions Closed Escrow Last Week?
Fifteen residential real estate properties have new owners as of last week in the south Santa Clara County towns of Morgan Hill, Gilroy and San Martin. The sale prices ranged from $160,000 to $1,300,000.
| Street Address | Class | Orig List Price | List Price | List Date | Sale Price | COE Date | Last Hot Sheet Change |
|---|---|---|---|---|---|---|---|
| 9514 SUGAR BABE DR | 1 | $1,448,888 | $1,448,888 | 8/25/2010 | $1,300,000 | 5/6/2011 | SOLD |
| 15720 LA TIERRA DR | 1 | $799,999 | $662,999 | 10/15/2010 | $662,999 | 5/6/2011 | SOLD |
| 17160 OAK LEAF DR | 1 | $749,950 | $625,000 | 10/19/2010 | $590,000 | 5/6/2011 | SOLD |
| 2490 PINTO CT | 1 | $625,000 | $625,000 | 1/7/2011 | $580,000 | 5/3/2011 | SOLD |
| 720 LEPA CT | 1 | $624,942 | $574,947 | 9/14/2010 | $570,000 | 5/6/2011 | SOLD |
| 740 PEEBLES AV | 1 | $550,800 | $523,260 | 2/23/2011 | $480,000 | 5/6/2011 | SOLD |
| 16945 PINE WY | 1 | $415,000 | $415,000 | 6/17/2010 | $475,000 | 5/6/2011 | SOLD |
| 17482 CARRIAGE LAMP WY | 1 | $399,000 | $399,000 | 4/14/2011 | $391,000 | 5/9/2011 | SOLD |
| 17435 DEPOT ST | 1 | $389,888 | $339,950 | 1/17/2011 | $330,000 | 5/2/2011 | SOLD |
| 1660 BLUEBONNET WY | 1 | $364,900 | $324,900 | 2/11/2011 | $325,000 | 5/6/2011 | SOLD |
| 18530 PRESERVATION CT | 1 | $359,900 | $329,000 | 1/25/2011 | $340,000 | 5/6/2011 | SOLD |
| 17319 SERENE DR | 1 | $349,000 | $349,000 | 1/24/2011 | $352,000 | 5/6/2011 | SOLD |
| 610 EL TORO WY | 1 | $339,500 | $319,500 | 3/4/2011 | $328,000 | 5/9/2011 | SOLD |
| 863 WELBURN AV | 1 | $250,000 | $200,000 | 1/20/2011 | $200,000 | 5/5/2011 | SOLD |
| 7670 HANNA ST | 1 | $219,900 | $184,900 | 10/14/2010 | $160,000 | 5/4/2011 | SOLD |
What Real Estate Closed Escrow Last Week In South Santa Clara County?
It’s pretty easy to keep up with new listings when they hit the market. But sometimes it’s a challenge to keep up on what real estate properties have finally gone through the escrow process and closed to complete the sale. The following is a list of the twenty-eight south Santa Clara County real estate transactions that closed last week in the towns of Morgan Hill, Gilroy and San Martin. Congratulations to the new owners!
| Street Address | Class | Orig List Price 1 |
List Price | List Date | Sale Price | COE Date | Last Hot Sheet Change | |
|---|---|---|---|---|---|---|---|---|
| 4645 MERITAGE CT | 1 | $1,175,000 | $1,175,000 | 3/13/2011 | $1,160,000 | 4/28/2011 | SOLD | |
| 2263 COLUMBINE CT | 1 | $889,000 | $889,000 | 3/17/2011 | $950,000 | 4/26/2011 | SOLD | |
| 620 SPARHAWK DR | 1 | $813,000 | $813,000 | 11/3/2010 | $855,000 | 4/29/2011 | SOLD | |
| 7646 Braid CT | 1 | $738,685 | $738,685 | 1/28/2011 | $695,000 | 4/26/2011 | SOLD | |
| 7652 BRAID CT | 1 | $731,814 | $731,814 | 1/28/2011 | $690,000 | 4/29/2011 | SOLD | |
| 785 AVANTE PL | 1 | $719,950 | $624,000 | 5/28/2010 | $624,000 | 4/28/2011 | SOLD | |
| 14405 SYCAMORE AV | 1 | $600,000 | $600,000 | 8/19/2010 | $585,000 | 4/29/2011 | SOLD | |
| 480 LA CROSSE DR | 1 | $559,000 | $559,000 | 1/10/2011 | $565,000 | 4/28/2011 | SOLD | |
| 15080 BELLINI WY | 1 | $529,950 | $529,950 | 2/10/2011 | $529,950 | 4/29/2011 | SOLD | |
| 17430 LAKEVIEW DR | 1 | $525,000 | $535,000 | 12/21/2010 | $534,000 | 4/27/2011 | SOLD | |
| 15945 FOOTHILL AV | 1 | $525,000 | $525,000 | 1/25/2011 | $525,000 | 4/29/2011 | SOLD | |
| 16995 JOHN TELFER DR | 1 | $499,950 | $499,950 | 3/18/2011 | $470,000 | 4/26/2011 | SOLD | |
| 725 PAINTER CT | 1 | $460,000 | $399,999 | 8/2/2010 | $390,000 | 4/28/2011 | SOLD | |
| 16715 FELIZ CT | 1 | $449,950 | $449,950 | 3/31/2011 | $449,950 | 4/29/2011 | SOLD | |
| 2103 GULLANE WY | 1 | $447,900 | $447,900 | 3/25/2011 | $450,000 | 4/26/2011 | SOLD | |
| 16601 SAN GABRIEL CT | 1 | $440,000 | $440,000 | 9/10/2010 | $400,000 | 4/26/2011 | SOLD | |
| 18302 CHRISTEPH DR | 1 | $415,000 | $406,000 | 1/31/2011 | $400,000 | 4/26/2011 | SOLD | |
| 8991 ACORN WY | 1 | $408,000 | $387,600 | 1/26/2011 | $375,000 | 4/28/2011 | SOLD | |
| 1605 ANSON CT | 1 | $394,500 | $304,000 | 12/17/2010 | $267,750 | 4/29/2011 | SOLD | |
| 17975 CALLE HERMOSA | 1 | $380,000 | $380,000 | 3/11/2011 | $380,000 | 4/29/2011 | SOLD | |
| 875 W 8TH ST | 1 | $356,000 | $356,000 | 1/28/2011 | $353,000 | 4/26/2011 | SOLD | |
| 7880 DICKENS WY | 1 | $349,999 | $330,000 | 4/15/2010 | $320,000 | 4/29/2011 | SOLD | |
| 1375 RUCKER AV | 1 | $346,800 | $346,800 | 2/26/2011 | $346,000 | 4/29/2011 | SOLD | |
| 17080 VIEWCREST LN | 2 | $341,700 | $292,967 | 1/6/2011 | $284,320 | 4/26/2011 | SOLD | |
| 7335 MILLER AV | 1 | $335,000 | $335,000 | 3/23/2011 | $335,000 | 4/28/2011 | SOLD | |
| 2124 DARNIS CI | 2 | $325,000 | $320,000 | 10/28/2010 | $326,100 | 4/26/2011 | SOLD | |
| 7479 ROSANNA ST | 1 | $298,000 | $275,000 | 2/24/2011 | $275,000 | 4/29/2011 | SOLD | |
| 430 CREEKSIDE LN | 2 | $262,900 | $262,900 | 2/21/2011 | $282,000 | 4/28/2011 | SOLD |
Which Real Estate Transactions Closed Last Week?
Last week we had 16 residential properties close escrow in the south Santa Clara County towns of Morgan Hill, Gilroy and San Martin. They ranged in sale prices from $263,000 to $860,000. Congratulations to the new owners!
| Street Address | Class | Orig List Price 1 |
List Price | List Date | Sale Price | COE Date | Last Hot Sheet Change | |
|---|---|---|---|---|---|---|---|---|
| 2370 OLEA CT | 1 | $945,000 | $874,900 | 7/9/2010 | $860,000 | 4/19/2011 | SOLD | |
| 16415 RUSTLING OAK CT | 1 | $793,560 | $680,379 | 12/28/2010 | $650,000 | 4/22/2011 | SOLD | |
| 675 DAWN WY | 1 | $695,000 | $619,900 | 11/6/2010 | $620,000 | 4/20/2011 | SOLD | |
| 727 W 6TH ST | 1 | $675,000 | $425,650 | 6/25/2010 | $400,000 | 4/18/2011 | SOLD | |
| 540 DIANA AV | 1 | $599,000 | $599,000 | 2/7/2011 | $615,000 | 4/22/2011 | SOLD | |
| 30 EL TORO AV | 1 | $575,000 | $450,000 | 11/21/2010 | $460,000 | 4/25/2011 | SOLD | |
| 17765 ELAINE CT | 1 | $492,000 | $479,500 | 2/9/2011 | $475,000 | 4/25/2011 | SOLD | |
| 16920 BARNELL AV | 1 | $489,900 | $349,900 | 6/17/2010 | $360,000 | 4/20/2011 | SOLD | |
| 1610 HENZI LN | 1 | $479,000 | $467,100 | 12/22/2010 | $450,000 | 4/22/2011 | SOLD | |
| 898 HOXETT ST | 1 | $424,500 | $409,950 | 2/8/2011 | $403,000 | 4/21/2011 | SOLD | |
| 7215 YORKTOWN DR | 1 | $385,000 | $330,000 | 6/7/2010 | $330,000 | 4/22/2011 | SOLD | |
| 1400 JASMINE WY | 1 | $359,999 | $354,999 | 1/22/2011 | $365,000 | 4/21/2011 | SOLD | |
| 694 AUBURN WY | 2 | $326,900 | $265,900 | 11/3/2010 | $265,000 | 4/22/2011 | SOLD | |
| 7955 KIPLING CI | 1 | $319,900 | $299,900 | 12/27/2010 | $299,000 | 4/20/2011 | SOLD | |
| 231 DEL MONTE LN | 2 | $247,900 | $247,900 | 3/15/2011 | $247,900 | 4/20/2011 | SOLD | |
| 7249 DOWDY ST | 1 | $214,900 | $214,900 | 4/5/2011 | $263,000 | 4/19/2011 | SOLD |
Which Real Estate Transactions Closed Escrow Last Week?
Which south Santa Clara County properties closed escrow on their real estate transactions and what did they sell for? Twenty-six residential properties changed ownership last week in the communities of Morgan Hill, San Martin and Gilroy:
| Street Address | Class | Orig List Price | List Date | Sale Price | COE Date | Last Hot Sheet Change |
|---|---|---|---|---|---|---|
| 1978 WILLOW SPRINGS RD | 1 | $2,499,950 | 5/25/2010 | $1,925,000 | 4/1/2011 | SOLD |
| 2220 COUNTRY DR | 1 | $1,299,000 | 4/30/2010 | $1,025,000 | 4/1/2011 | SOLD |
| 3465 SUSIE LN | 1 | $1,199,999 | 12/15/2010 | $1,045,000 | 4/6/2011 | SOLD |
| 9559 ESTATES DR | 1 | $1,139,000 | 10/14/2010 | $970,000 | 4/5/2011 | SOLD |
| 18340 TOLUSA CT | 1 | $850,000 | 9/22/2010 | $745,000 | 4/8/2011 | SOLD |
| 3020 CLUB DR | 1 | $785,000 | 4/22/2010 | $650,000 | 4/1/2011 | SOLD |
| 15935 DESCANSA CT | 1 | $749,000 | 11/8/2010 | $645,000 | 4/5/2011 | SOLD |
| 629 SERPENTINE CT | 1 | $747,000 | 2/28/2011 | $752,000 | 4/1/2011 | SOLD |
| 15167 MONTICELLO WY | 1 | $699,000 | 2/2/2011 | $685,000 | 4/1/2011 | SOLD |
| 1434 BLACKWING WY | 1 | $459,900 | 1/3/2011 | $436,000 | 4/6/2011 | SOLD |
| 795 ALAMO DR | 1 | $449,900 | 12/23/2010 | $427,500 | 4/5/2011 | SOLD |
| 10525 GARCIA LN | 1 | $428,499 | 1/21/2011 | $415,000 | 4/1/2011 | SOLD |
| 7350 NANTUCKET PL | 1 | $418,000 | 1/21/2011 | $408,000 | 4/7/2011 | SOLD |
| 7730 FILICE DR | 1 | $400,000 | 7/20/2010 | $372,000 | 4/1/2011 | SOLD |
| 17765 MCLAUGHLIN CT | 1 | $400,000 | 12/28/2010 | $355,000 | 4/8/2011 | SOLD |
| 17780 MCLAUGHLIN CT | 1 | $370,000 | 2/23/2011 | $355,000 | 4/8/2011 | SOLD |
| 8975 DEL RIO CI | 1 | $369,900 | 2/18/2011 | $390,000 | 4/6/2011 | SOLD |
| 8790 GARBINI ST | 1 | $364,900 | 11/19/2010 | $322,000 | 4/1/2011 | SOLD |
| 7224 CHURCH ST | 1 | $354,800 | 7/1/2010 | $240,000 | 4/6/2011 | SOLD |
| 7665 LOS PADRES CT | 1 | $350,000 | 7/20/2010 | $339,000 | 4/4/2011 | SOLD |
| 8325 KELTON DR | 1 | $340,000 | 7/23/2010 | $285,000 | 4/8/2011 | SOLD |
| 480 SHERWOOD DR | 1 | $339,000 | 10/11/2010 | $289,000 | 4/1/2011 | SOLD |
| 7856 DICKENS WY | 1 | $324,999 | 12/26/2010 | $325,000 | 4/8/2011 | SOLD |
| 196 CAROLINE WY | 2 | $312,800 | 12/17/2010 | $239,000 | 4/6/2011 | SOLD |
| 462 WILLY CT | 1 | $245,000 | 10/19/2010 | $208,000 | 4/1/2011 | SOLD |
| 8436 WAYLAND LN | 1 | $225,000 | 8/31/2010 | $245,000 | 4/6/2011 | SOLD |
Keeping Your Home
Many homeowners are faced with dire decisions today regarding keeping their homes through these difficult economic times. There are several options available to financially troubled homeowners who wish to keep their homes. According to Mark L. Strombotne, who practices real estate law in the Bay Area, these options include:
1. Refinance – Federal Homeowner Affordability Refinance Program
- Fannie Mae or Freddie Mac loans
- Owner occupied 1-4 units, primary residence
- Amount owed on 1st mortgage does not exceed 125% of fair market value
- Not delinquent on mortgage payments
- Acceptable mortgage history
- Ability to pay
2. Loan Modification – Federal Homeowner Affordability and Stability Plan
Program will reduce interest rate or lengthen loan term to lower debt-to-income ratio to 31% for 5 years. A participating lender may elect to reduce the interest rate on a loan down to a 2% minimum. If the borrower’s debt-to-income ratio is still above 31%, the next step for the lender is to increase the amortization period up to 40 years. If the borrower’s debt-to-income ratio is still more than 31% then the lender must forbear (defer) principal. A lender may always elect to forgive principal rather than lower the interest rate, extend the amortization, or forbear on the principal balance. However, loan servicers are not required to offer permanent principal reducions.
- Owner occupied 1-4 units, primary residence
- Applies to 1st deed of trust
- Monthly PITI is more than 31% of monthly gross income
- Borrower has experienced significant decline in income and can’t pay
- Loan originated before 1/1/2009
- Loan is less than $729,000
- Loan is held by a participating lender
3. Forbearance Agreement – must be in writing and signed by lender
4. Rent the home
5. Equity Share
6. Bankruptcy – Chapter 13 (reorganization plan)
The Basis of Wealth
I bet you’ve heard the saying, “Buy low, sell high.” Well, this is a “buy low” kind of real estate market we are in and now is the time to take advantage of it. I am working with a few clients looking in the $200,000 to $300,000 range and they are thrilled to have the opportunity to purchase in this “buy low” real estate market.
An interesting quote from President Theodore Roosevelt: 
“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
What was true at the beginning of the last century is still true today.
Is Your Realtor a GRI?
A little over a year ago, I set out to earn the GRI designation. After an intensive 14 course series, I have achieved my goal. I now can proudly display the nationally recognized GRI designation which I earned from the Graduate Realtor Institute.
Realtors can earn the designation after successfully completing rigorous coursework covering legal issues, financing, technology, pricing and evaluating properties, residential construction, home inspection, land use, environmental hazards, real estate investment, disclosures and taxation issues.
The Graduate REALTOR® Institute (GRI) designation indicates to buyers, sellers and other real estate industry professionals that I have made the commitment to provide a high level of professional service to my clients by securing a strong educational foundation.
Realtors who have obtained the GRI designation are considered leaders in their profession.
Because buying and selling property has become increasingly complex, a keen understanding of real estate laws, tax issues and market conditions is crucial to the success of your real estate transaction. As a sophisticated consumer, your transaction deserves the knowledge and professionalism of a GRI.
Gretchen Merrick
cell (408) 892 9015
