Can Bad Real Estate News be Good?

I guess that happyrenews.com isn't the only place where you can read positive bits generated from the R.E. bubble's bursting. Newsweek Magazine has also pointed out an unexpected benefit: more housing for the homeless. Maybe the foreclosure crisis pushes more families into shelters, but statistics are showing that chronic homelessness is shrinking, now that social service agencies can afford to buy
foreclosed and vacant properties. Historically, economic downturns are good for the homeless, and booms are bad, because prosperity seems to trickle up, not down.

Relative Offer...Is the Market Changing?

We've been reading about relative bargains in the local real estate market, but this week I heard about a "relative offer" being presented on a Cupertino home.
Just to review what these are: A relative offer, something we haven't seen in a couple of years, is an offer on a property that attempts to win out in a multiple offer situation. The contract is written without a specific purchase price. The buyer agrees to top any other verified offer by a certain amount, and often names a maximum price. In the wild markets we saw in years past, these became commonplace, but it's been a long time...

Good Real Estate News

Our manager, Nina, brought up the subject of an "all good news" site at our Tuesday office meeting. I had previously read about HappyREnews.com in a Money Magazine feature article. While I tend to view this website as the Internet version of an ostrich with its head in the sand, in a way, it's nice to read good news for a change.
For instance, the fact that Las Vegas homes are expected to lose another 18% in value next year is nowhere to be found. Instead, the site points out that the number of homes sold there each month has increased since December.
Real estate in a state of denial? Maybe. But as the head of IMS, the publisher, says, "There's nothing wrong with looking on the bright side."

Bay Area makes the List Again!

The AARP Magazine just came out with its "Healthiest Hometowns" list, and we've made a good showing again. The Bay Area, which extends from the Napa Valley to the Silicon Valley in their statistics...through San Francisco, Oakland and San Jose, came out as #9 on the list. They say that it is a great area to be healthy after age 50, and that its residents are the least likely in the country to be overweight, (average BMI is 25.98)and the least likely to smoke.
They also mentioned our world-famous medical centers and the fact that it is densely populated, but still has neighborhoods that encourage foot, bicycle and public transportation.

Real Estate News on the Car Radio

As I was driving back from and appointment with my client in North San Jose, I turned on the radio, and in a break from convention coverage, there was a news report saying that the real estate market was picking up, and that buyers were finally getting the message that there were good buys in depressed markets. It was interesting commentary to hear, since we are still in a very mixed market locally. The high-end properties close to jobs are selling well, and inventory is quite low, but the market further out, in most of San Jose and in the East Bay remains stagnant. Because investors are being kept out of the market by lenders requiring all cash, or large down payments, a turnaround could be another two years in coming.

Sunnyvale State of the City Event

This year's Sunnyvale State of the City celebration will offer community members their first chance to view the Town Center redevelopment project up close, since the celebration will be held atop a new parking garage in the project.
In addition to Mayor Spitaleri's State of the City address, and presentation of community awards by Sunnyvale City Councilmembers, the State of the City celebration will also feature displays explaining the exciting redevelopment project, and City planners will be on hand to answer questions. This is the first time the public has been permitted inside the construction fence to see old Town Center mall becoming a new, more traditional downtown. Music, a barbecue lunch and displays from many City departments will round out the celebration.
This year's celebration will be held on top of the new parking garage just west of Macy's inside the redevelopment project. Those arriving by car should enter on McKinley Avenue from Mathilda Avenue and follow the direction signs. Pedestrians should enter the project by proceeding south on Taaffe Street from Washington Avenue and following the signs.
The celebration is on Saturday September 13, 2008 from 11:00am - 2:00pm
For more information, call the Communications Division at (408) 730-7535, or visit StateOfTheCity on the Web.

Sunnyvale Downtown Update

If you're like me, you've been driving by the construction site on Mathilda Avenue, and wondering what's going on, and when they'll be finished.
Connie Verceles, Business Development Manager for the city, and Laura Simpson, the Housing Officer came to our Realtors' meeting on Thursday morning and filled us in on "the latest." First of all, expect Target in Sunnyvale to close in November. They plan to tear down the existing structure, and build a larger one-story Target in its place.
The Town and Country Village has been mostly demolished, except for locations where the tenants hold long term leases. This will eventually be turned into another area of attractive apartments and shops.
When will the Downtown be ready? Current estimate is November of 2009.