It is a tough request. There are literally hundreds of foreclosures around the South Bay area but there are only three in the West San Jose area. These three listings are actually in the Moreland School District. Strong scores but still not the highly sought after school district of Cupertino. There is actually only one foreclosed home in the Cupertino city limits. To be clear, these are single family detached homes and they are corporate owned not short sales. Even in this market, where the media would lead you to believe there is a foreclosure deal to be had on every street corner, strong neighborhood markets are tough to break into for buyers.
Are there any options for buyers who want good schools? Many are beginning to consider the Cambrian Park area of San Jose. Cambrian Park is a small community within the boundaries of the Union School District. The Union School District has seen strong scores in their elementary and middle school with Leigh High School a solid performer as well. The best way to see this area is to view the maps for 95124.
There are 10 corporate owned (REO) properties in the 95124 zip code and several are within the boundaries of Noddin, Oster, and Carlton Elementary. Amazing when you compare to other zip codes like 95127 (Alum Rock) where the average API score is in the 700s and there are 93 foreclosed (REO) homes.
The average sales price in Alum Rock (95127) for a foreclosed home is $358,815. This works out to be about $271 per square foot. On the other hand, the average sales price for a foreclosed home in the Cambrian Park area (95124) is $520,874. This equals about $401 per square feet. There are many conclusions one could draw from these stats. According to CITY-DATA the median household income for 2007 was $69,132. Compare that income to Cambrian Park where the median household income was $86,567 in 2007. The median household income for Cupertino (95129) in 2007 was $87,094.
Many buyers will contact me and their first request is that they want a foreclosed home because they want a really good deal. They also normally follow that with the request for a nice neighborhood, not too long of a commute from the technical industry hub, and good schools with API scores above 850. I am always happy to show short sales or foreclosures if they meet the criteria. However, my experience in this buyer’s market is that I have consistently been able to negotiate better deals with private owners than I have corporate owners.
Here are the listings discussed in this post. Please contact me if you would like to see any of these homes or would like to find out what private owner deals are available.
| Address | City | Beds | Bath | DOM | CDOM | LOE | SqFt | $/SqFt | Lot(SqFt) | List Price | Age | |
| ACTIVE | ||||||||||||
| 1364 Wylie Wy | San Jose | 4 | 3 | 24 | 24 | 1,853 | $404.7 | 6,300 | $749,900 | 49 | ||
| 3477 Yuba Av | San Jose | 4 | 2 | 111 | 159 | 1,654 | $380.83 | 6,710 | $629,900 | 47 | ||
| 1183 Topaz Av | San Jose | 4 | 2 1/2 | 85 | 85 | 1,556 | $365.68 | 6,000 | $569,000 | 48 | ||
| 10308 Sterling Bl | Cupertino | 3 | 2 | 31 | 31 | 1,048 | $643.61 | 8,208 | $674,500 | 54 |
| Address | City | Beds | Bath | DOM | CDOM | LOE | SqFt | $/SqFt | Lot(SqFt) | List Price | Age | |
| 5124 Alan Av | San Jose | 4 | 2 | 46 | 46 | 1,876 | $319.78 | 6,000 | $599,900 | 51 | ||
| 1960 Geneva St | San Jose | 3 | 2 | 46 | 46 | 1,278 | $457.67 | 5,504 | $584,900 | 52 | ||
| 14240 Esther Dr | San Jose | 4 | 2 | 30 | 87 | 1,482 | $393.95 | 8,118 | $583,839 | 55 | ||
| 4967 Gattucio Dr | San Jose | 3 | 2 | 2 | 2 | 1,246 | $441.33 | 6,000 | $549,900 | 52 | ||
| 1776 Barcelona Av | San Jose | 4 | 2 1/2 | 2 | 2 | 1,247 | $420.93 | 7,068 | $524,900 | 49 | ||
| 1814 Foxworthy Av | San Jose | 3 | 2 | 30 | 283 | 1,263 | $403.8 | 6,300 | $510,000 | 51 | ||
| 3651 Meridian Av | San Jose | 3 | 2 | 108 | 108 | 1,290 | $385.27 | 6,000 | $497,002 | 49 | ||
| 2560 Leigh Av | San Jose | 3 | 2 | 50 | 50 | 1,251 | $391.61 | 6,200 | $489,900 | 48 | ||
| 4942 Leigh Av | San Jose | 3 | 2 | 116 | 116 | 1,110 | $405.32 | 7,410 | $449,900 | 50 | ||
| 3036 Quinto Wy | San Jose | 3 | 1 | 19 | 19 | 1,060 | $394.81 | 5,194 | $418,500 | 54 | ||
Tags: Buyers' Tips, Market Information
{ 3 comments… read them below or add one }
Well I thought I wanted a foreclosed home but now I’m not so sure. Is what you’re saying that there are deals out there just as good as short sales and foreclosures without the hassle of dealing with the banks?
Julia -
Yes. Not all deals are found with foreclosures or short sales. In fact, there are neighborhoods where I have seen short sales actually sell higher than private owners. Sellers that are selling in this market are most likely motivated. Banks motivation to sell become muddy via bureaucracy, AS IS condition, and limited disclosures.
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