Campbell, CA Real Estate News

By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
We hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date. Housing Inventory Snapshot March 31, 08 Average List PriceMedian List PriceAverage Days On MarketSanta Clara County, CASingle Family under $1M$616,064$599,00079Single Family over $1M$2,053,919$1,525,00068Condo/Townhome under $600K$391,141$389,00079Condo/Townhome over $600K$781,807$718,88861San Mateo County, CASingle Family under $1M$656,927$649,00081Single Family over $1M$2,361,259$1,550,55164Condo/Townhome under $600K$433,937$445,00084Condo/Townhome over $600K$810,095$724,50065Santa Cruz County, CASingle Family under $1M$610,475$599,000104Single Family over $1M$1,987,348$1,495,000107Condo/Townhome under $600K$399,630$3...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
Credit challenged?? A segment on the evening news today reported of a non-profit program earmarked for those who have car issues.  The program allows those with credit issues the ability for help when it comes to their repairing or buying a new car.  The program is called "ways to work" and caps out at $4000.The program is currently offered in the Santa Clara and San Mateo Counties.  Here's the link for those interested.http://cbs5.com/seenon/consumer/pavini.auto.loan.2.689099.html
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
Last night we held our 2007 COTY dinner at the Villa Ragusa in downtown Campbell.  The evening started with cocktails then we had a nice buffet dinner.  As the evening progressed several past business owners and past citizens of the year were recognized.  I was shocked to see how many remain active in the community and still attend the Campbell events.  Matt Phipps, owner of Blendz received the business of the year award.  It was my job to provide a skit that would reflect something about his business and entertain the audience at the same time.  We came up with our version of how his business started.  Frank Jewett of Window and Door Alternatives played the part of a "young" Matt Phipps.  He did a fantastic job!  Carl San Miguel was the recipient of the Citizen of the year award.  His ...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
Drivers beware - we have a few new laws affecting what you do when you drive your car.  These involve cars and smoking, cars and cell phones, cars and keys, and cars and gas...As of January 1st 2008... Smokers-cigarette, cigars and pipe- are no longer allowed to smoke in their cars while driving, standing or parked with anyone under the age of 18.The fine is up to $100, but can only be enforced if stopped for violation of another offense.On July 1st 2008...teens cannot drive while talking on the cell phones.  The same law pertains to adults unless they are using a hands free device. Other driving-related laws include SB 1542 for replacement keys that have been lost, stolen or damaged.  Automakers must provide the key codes to a licensed and registered locksmith for replacement keys for ...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
Boundaries: North: Campbell Ave.| South: Bucknall Rd. | West: Quito Ave./Saratoga Ave. | East: Mayfield Ave.Neighborhood Association HistoryPete Constant, District 1 Councilmen, held a West San Jose Neighborhood Summit at the Moreland Community Center in April 2007. At this meeting he shared his experiences and benefits of organizing a neighborhood association. Kurt Schumacher decided to start one.2008 Our Goals - What we want to accomplishGet 70% of members to join yahoo groups forumGrow membership participation rate to 50% Establish committees Launch bi-monthly newsletter Create a neighborhood watch programCreate communication flow to and from San Jose city offices For more information on this Campbell neighborhood go to: http://www.bakerwest.org
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
Imagine this...A first time homebuyer say's, "I'm not sure if we are really the "homeownership" type.  The yard work might be too much for our busy schedules and we're not sure we will enjoy those high monthly payments.  We would like to try homeownership for a year or two.  If it seems like it's going to work for us, then we will go ahead and finalize our purchase".With all the foreclosures happening today, many first time homebuyers, I wonder if these buyers were given the opportunity for a trial period before fully committing to homeownership, if they would have taken it.Welcome to the world of Lease Purchases.  This type of transaction is called by many names; lease to own, lease option, etc.  Here's how it works:In a lease to own situation a seller agrees to rent their property to ...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
Mid-Month Posting, March 15th, 2008  Single Family Homes in Campbell for sale. Lowest priced listing in Campbell670 W RINCON AV, Campbell 95008 $529,000 Beds: 3 bed(s) Baths: 1 bath(s)MLS: 761074 135 DOMNo PhotoThe property is a Short Sale and was originally listed for $649,000.Appointment only.                      Median Priced Listing 1315 OLYMPIA AV, Campbell 95008 $835,000 Beds: 3 bed(s) Baths: 1 bath(s)MLS: 780166  DOM 20Appointment only.  Highest priced listings in Campbell 867 BRIARWOOD WY, Campbell 95008 $3,695,000 Beds: 5 bed(s) Baths: 4+ bath(s)MLS: 771988DOM: 61Appointment only.   Townhouse/Condo listings                      Lowest Price Listing 185 UNION AV #00011, Campbell 95008 $284,000 Beds: 1 bed(s) Baths: 1 bath(s)MLS: 778869DOM: 28The property is a Short Sale and was...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
The Campbell Planning Commission approved the construction of a new home in the San Tomas Area Neighborhood.  The project is the demolition of a home built in the 1940s and building a two story, 4000 sq ft Mediterranean style house.  This is a sensitive subject for me.  It's true I do not live in this neighborhood, but it sounds like a similar situation I witnessed in Cupertino.  I was raised in tract home in the Garden Gate area of Cupertino.  My parents still reside there.  Over the past 10 to 15 years, the City allowed homeowners to build "monster houses" in my parent's neighborhood.  The properties have almost no yards, it's fence to fence structure.  Frankly the houses are nice, but the neighborhood looks bizarre.  As you drive down the street you have such a mixture of housing str...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
It's almost spring!  I'm not sure if you are as tired as I am with the dark clouds, rain and especially the cold weather, but it's time to get back into shape.  One of my clients is conducting a fitness camp for women.  He is excellent! Not only will he help get a few pounds off, he will help get that energy level back.  When us ladies start getting older, we tend to lose some of our drive, at least I've noticed it myself.  Here's Neal's email for more information.Neal Maddoxneal@x-tremeathletics.com                                                                                                                                                                                         
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
There's been a buzz recently regarding our Campbell City Council members.  Three of our longtime members will be leaving us soon.  Don Burr's term will be up at the end of this year.  Jane Kennedy and Dan Furtado's terms will be up the end of next year.  We are waiting to see who wants to take their place.  Joe Hernandez will be up for re-election this year, but we haven't heard if he's going to run for a second term.I keep getting asked, "Dorene, have you heard of anyone running yet?"  I guess there will be no sneak previews.  Labor Day is the traditional kickoff for many candidates to begin their campaigning in earnest.With three council seats up for election in the next two years I wonder who will be vying for the job.  Regardless of the candidates, change is in the air.  We just don...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
I spend so much time in Campbell at many of our establishments I thought I'd give my "thumbs up" for my top 5 favorites this month.  Best restaurant:  Sonoma Chicken  The I enjoy Sonoma Chicken so much is their fast, their menu has variety(something for everyone) and their customer service can't be beat.  I took my dad there a few months ago.  He had picked the wrong chicken sauce for his chicken.  They immediately handed me a new plate with his favorite sauce.  No questions asked.  Best breakfast:  StacksOnce again, they are fast and the atmosphere is pretty down home.  My favorite dish is th fruit crepes with has browns.Best happy hour: CapersThey have a drink called Bocce ball. It's sweet but good. They often have discounts on their appetizers during happy hour.Best Church - BethelI'...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
I'm sure everyone is feeling the pinch right now with the economy the way it is.  Everything seems to be going up in price except the (average) values of our properties.I was complaining to my husband today how much the cost of my favorite hairspray went up $3.00 since I purchased it last.  As most ladies know, that's only a few weeks.  A thought came to mind, where is everyone going to go for a vacation.  With the elevated cost of gas and food, not too many people can afford long trips from home.  Here are a few fairly local suggestions:Napa/CalistogaFrom San Jose, 1 ½ hour drive. Places to stay...Silver Rose -  The Inn has 19 beautiful rooms to choose from. One of our favorite events at the Silver Rose Cellars is the private Barrel Tasting and Tour.  When you stay at the inn the barre...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
Jeanette Watson was recentely chosen the 11th Senate District's Woman of the Year because of her leadership in civic improvement and historical preservation. Jeanette was honored last year for her many contributions to the Campbell area.  She was the first woman elected to the Campbell City Council, serving from 1985 to 2006 and served as mayor on five different occasions.In 1968, the Campbell Chamber of Commerce changed its traditional Man of the year award to Citizen of the Year and selected Jeanette as the first recipient.Kudos to you Jeanette!    
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
As we all know, mortgage delinquencies have risen sharply, especially among riskier loans since 2006.  Even though foreclosures have increased, the overall ratio of foreclosures in our marketplace is low.  Some areas felt the pinch of foreclosures more than others.  We've been lucky here in the Campbell are.  The public records reflect few homeowners losing their homes in a lender's Trustee Sale.Those who know me have heard my complaints about the media making this issue bigger than it is.  I do feel most of our problems could be directly related to the Media driving public hysteria.  Let's face it the doom and gloom of homeownership sell papers and airtime. In my view had the lenders cut back on their creative underwriting ways, the industry would not have felt such a devastating impac...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
The statisitcs for the Campbell area are as follows:January 2008New Listings                      54Current homes listed        135         Closed Sales                     14       Average Days on Market     54Average Sales Price           $777,825    Total sales volume        $10, 889,550            February 2008New Listings                      59     Current homes listed        126     Closed Sales                     36       Average Days on Market     52  Average Sales Price          $747,911     Total sales volume        $26,924,800       From the above numbers we can see that the number of homes closed have increased and the prices have come down a bit. The days on the market are pretty close.  I'm sure listings will pick up in March.   All in all a great time to buy in Campbell...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
 Well most of us know there is a dog park in Campbell, which is divided into an enclosed area for small dogs and one for big dogs.  Both dog areas are partially covered with grass and partially with wood chips. There are logs and boulders for the dogs to play on, trees and awnings for shade, benches, water fountains and garbage cans with litter bags. It's a great place to take kids and teach them how to interact with our four legged friends.  We take our two American Eskimo's, Kimo and Bruiser, as well as the grandkids for an hour or two of fun.         Bruiser, Kimo and Anglica resting.          I love this picture with the dog's playing  with the kids...the kids learn to interact with the dogs in a less intimidating maner.        Not a lot of grass at this vist.       You can see the ...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
Just when I thought I'd seen it all, another scam came along to shock me.  A few yeas ago I received a call from one of my clients to refinance his home.  The day after I pulled his credit report, my client emailed asking if I had someone call him regarding his loan application.  I emailed back, informing him no one should have contacted him from my organization.  I really didn't think too much about it until this week when another client contacted me about a call he received for re-financing.  This client doesn't own a home.  I pulled his credit report for a home purchase.  This really got my attention.  The solicitor has called him no less than 4 times, not counting calls he's received from other brokers trying to vie for his business.  My client was pretty upset over the violation of...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
You've had Plenty of Time to ConvertI must speak my piece concerning homeowners who are facing rising rates and higher monthly payments as their adjustable rate mortgages are reset. We have heard many stories of American families' who are shocked and surprised when they receive their notice of rate increases in the mail from their lender. I have two main concerns for these individuals:First, when you took out the loan did you not understand that an adjustable rate mortgage means just that -- the rate can adjust?  Second, did you not hear, see or watch any of the profuse news stories broadcast and published about the Federal Reserve's intention to steadily raise rates, which began in 2004? Now, I'm in no way excusing unethical or illegal activities on the part of some bad apples in the m...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
The requirement to become a mortgage loan officer is often very limited.  If the loan officer goes to work for a bank, they usually just show up for work.  The bank goes through a quick training of "this is how we do this here" and voila' they are now loan officers ready to give you advice on which program is best for you.  No state-issued license or finger prints.  When a mortgage broker hires a loan officer, they are normally required to have a real estate license. To acquire a real estate license you must pass an exam and be finger printed.  If you have a felony, it's almost impossible to talk the Department of Real Estate into giving you a license.  Over the past 7+ years, the mortgage industry had been in an unusual and not likely to occur again gold rush. Rates began to fall in 20...
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By Dorene Shirley, Silicon Valley Real Estate
(The Mortgage & Property Connection)
A prepayment penalty is a provision of your mortgage contract with the lender that states that in the event you pay off the loan entirely, you will pay a penalty.  Penalties are usually 6 months of interest on the unpaid principle balance.  The maximum penalty time is 5 yrs.  The time period varies depending on the type of loan the borrower decides on.  Partial prepayments of up to 20% of the balance per year are usually allowed without paying any penalty.  A penalty that applies to a home sale as well as refinancing is called a "hard" prepay; if it applies to only a refinance it's called a "soft" prepayment penalty.Why Would I Accept a Prepayment Penalty?Two reasons come to mind.  If you are certain you will not need to refinance or sell in the next 3 to 5 years, depending on the prepa...
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