I love the Santa Teresa neighborhood. You have the wonderful Santa Teresa Park with 1,627 acres of trails and the historical Bernal-Gulnac-Joice Ranch that offers visitors a taste of how a ranch was ran in the early 1800s. Add in La Colina park for weekend soccer, kite flying, and picnics and you have a well rounded family neighborhood. I have biked many times along Curie and Colleen Drive to get to Almaden Lake Park and have many great memories of the area. As with many neighborhoods, Santa Teresa has seen its share of short sales and foreclosures. This week I wanted to point out a few homes with the intention of helping restore this great neighborhood to equilibrium.
As neighborhoods go, Santa Teresa has seen some stabilization in the market prices and with last quarter 2008 sales. Referring to the chart below you can see inventory is coming down, sales steady, and an almost neutral market between buyers and sellers. Of the 110 active listings, 27 are REOs and 49 are short sales. In the last three months, 31 homes sold (3 shorts sales, 21 REOs, and 7 traditional sellers).
The focus of the post is to share with you some potential deals in the Santa Teresa neighborhood. These homes are bank owned. Also referred to as REOs, foreclosures, or corporate owned.
Before you drive out, take a look at street view on Google. A great tool for scoping the street. This is particularly important for Bayliss. In 2005, this very home sold for $745,000. Now it is listed at a 33% discount from that peak value. Very nice home if you can manage the view.
Many of these homes are large and are great for extended families. Take Keeler Court for example. Great house with 2300 square feet, nice upgrades, on a nice neighborhood street. This home last sold in 2004 for $580,000. That definitely tells you a little bit about the market adjustment. Some predict by the time our housing crisis is over we will be back to 2002 prices.
The home on Camino Verde is literally at the entrance of the Bernal-Gulnac-Joice Ranch. Great park. I have seen wild pigs, wild turkeys, rattlesnakes, and lots of deer when hiking this hill. The views of the valley are amazing once you make it to the peak. Even if you don’t buy this home, make a point of visiting this park.
Dondero Way has a bathroom for each of the four bedrooms. Of course, permits are unknown. Another great house with views of the hills. Non-permitted additions always present challenges. Many times I have found that permits were applied for but simply not finalized. If you want to investigate permits, San Jose offers an on-line search. This site provide a way to see what, if any, permits were submitted for and the status. A great resource for any buyer.
Pemba backs up to Santa Teresa Boulevard. It last sold in 2005 for $615,000 and is now listed at $400,000. This is a change in value of nearly 35%. With a little TLC this home could be a great start for a young family.
All of these homes can be found on Trulia. A great place to start your search for a home because it provides so much addtional information about the price trends and other pertinent market information. All of these homes are ready to show and if you would like to check them out please let me know. You can also search for foreclosures by map here. Whether you are looking for an REO or not, Santa Teresa provides a great chance for a new beginning in a great family neighborhood.