To my fellow Z enthusiasts:

I know many of you live/work in the South and East Bay so I wanted to get the word out on a couple of properties that I am lending on.

Whether you are looking to buy your first home, an investment property, or you're an agent with some clients interested in the area...This is a huge opportunity!

First, let me introduce myself. My name is Arnell (RNL323 on my350z) and I work for Wells Fargo Home Mortgage, Builder Division (I am not a real estate agent). We specialize in lending on newly constructed condos and conversions. We are the preferred lender at many of the new condo developments all over the Bay Area (e.g. Santana Row, Cahill Park) because we have a product that is hard to beat. Our program allows borrowers to lock their rate for up to 6 months while their home is being built or converted. And, if rates get better before you close, we offer a free float down to the better rate. Normally, rates are locked 30 or 60 days and if you go beyond that, you are charged extension fees that are non-refundable.

I am currently assigned to the following projects and can give you info on them and lead you to the right people if you wish to check them out. The selling agents usually require a Pre-Approval before hand... That's where I come in! I would take 10-15 minutes of your time to take an application, run some #'s and possibly issue you a pre-approval if everything looks good. The sweet spot is that my pre-approval would be "portable," meaning you can take my pre-approval to almost any property in the area so you can bid or tour a property without having another lender pull your credit and ding your FICO score over and over.

Please email or PM me if you, or anybody you know is interested: aballesil@gmail.com or RNL323.

350 N.Second Street Loft Townhomes
350 N.Second Street (about a mile or so from Z Car Garage)
San Jose CA 95112
$525,000 - $625,000
http://www.350second.com/
62 newly constructed Lofts. Amenities include Pool, Spa, Fitness room, 4 community sun decks, a potential BBQ area, and underground secured parking. Lofts are either 2 or 3 levels ranging from 970sqft to 1400sqft and feature 17 ft ceilings. Construction will be completed by mid to late September. See the add in the Real Estate section of the San Jose Mercury on Sunday.

Copper Ridge
145 Copper Ridge Road
San Ramon, CA 94583
$400,000 - $600,000 est.
This project is a condo conversion, meaning they are currently apartments that are for rent and are being converted to condos for sale. Pre-sales for 1st phase have just begun. The image attached is of Copper Ridge since their website isn't ready yet.
Here is a short description from their marketing...
"With panoramic views of Canyon Lakes Golf Course and the San Ramon Valley, Copper Ridge is a unique living experience in the Bay Area. The cape cod architecture, wooded landscape and spacious floor plans provide a relaxing retreat that includes a washer/dryer, air conditioning, fireplaces, walk-in closets, vaulted ceilings, tennis courts, pool and spa."

Coming Soon:
800 High Street, Palo Alto
http://www.800highstreet.com/intro.htm

The Palms, San Francisco
http://www.thepalmssf.com/


Thanks for checking out my post. I hope to meet you all at the annual TI meet!

Good Luck!

 

darn..$600k for townhouse nowadays.

 

How much is a town house in 800 High Street, Palo Alto ?

 

It is crazy around Santa Clara. Apartments (they call them condos) 3 bedrooms, 1200 sf are going for $650K around Rivermark in Santa Clara.

 

Can some mod please delete this crap?

 

I think this is okay, it's pretty useful information for any NorCal members that's looking into purchasing property.

 

Wow! Do jobs in this area pay extremely well, or is everyone just indebt up to their ears!?

 

Everyone's in debt up to their ears!! Plus, some do creative financing!!

 

I think it's ok since he already title it OT. I think as long as he is an Z enthusiast and not only here to push his goods I think an OT once in a while is ok. Afterall this is the norcal forum which pretty much anything related to norcal goes.

if this thoughly offends you, please pm me, we can figure something out.

 

$625 for a CONDO?

And I thought the 3-4 bedrooms w/ attached granny units selling for $700k by my house in the "bario" of Santa Rosa was bad but that much for just a condo?? Ouch.

I'm moving to Marysville or Rio Linda, on the way to Sleep Train Ampetheater last night I saw houses out there are still "affordable".. around $330K, new construction, 3-4 bedroom. Then again, it's in BUMBLEFOO and the commute to Sac would be super evil.

Oh sorry....I'll be quiet now.

 

OT = Off Topic

Just trying to help my fellow Z drivers out if they are looking for a home. If someone on this board decided to buy one of these units I would cut the deal as close as possible so they would have the best rate and pay minimal closing fees to WF.

Mods, if you want to delete or close, not a problem... I just don't see how its a problem.

Thanks

 

800 High Street will be around $800K+

Size and location makes these expensive!

 

I am afraid to ask how much will HOA be? I take that into account too!!

 

PM me, as I may be interested in some of these properties. I'm sure you're implying about the Builder Best program with Wells Fargo, but would definitely be interested in talking with you further. Also, do your programs allow 1031 exchanges?

 

I know everyone is screaming about the high real estate prices here in CA especially around where I live (S. Cruz) but I believe that even with these prices CA real estate is still a bargain. The way I look at it is, "What price can you put on paradise?"

 

the price is unimportant if you can't afford it.

my fiance and I been pre-approved for ~400k. We have to have a single family home because of the 8 parrots we have. So far the *closest* we have been able to find is in Tracy. Since we work and school in San Jose, that's difficult to stomach.

I've lived around here all my life, but I think somethings wrong when we can't even make payments on a crappy house with a decent salary. Too many f'ing rich people around here.

 

The tech bubble seemed it would never end (rude awakening in 2000). What should we expect of the housing market?

 

I've been in the re biz for a bit of time now, so here's my 0.02:

Every industry needs a correction every once in a while to remain healthy. Economics explains that. I think we are due for what experts call a "soft landing", if prices continue to rise, and buyers' ratios continue to move beyond their means to qualify.

As for comparing it to the tech bubble, I'm sure all of us may have felt that pain in some way or another. However, there are several things to consider. As Suzie Orman states, if one sells a stock, you are never obligated to purchase it again. Now if one sells a house, they have to either find a new house, or rent a property. Based on that statement, there is always some sort of market related to real estate. Also, if you base your analysis that our pricing is too high, what are you comparing it to? There has typically been a premium associated with living in the Bay Area, from it's moderate year round climate, it's cultural diversity, great entertainment/dining, schools, etc. Now if you compare to other states, or in certain CA areas, where speculation/real estate appreciation is high and workers' income has not increased at the same rate, you should know what you're getting into if you want to play the flipping game.

Regardless, it all comes to common financial sense. Keep a diversified portfolio, and manage your debt well. Yes, real estate has done very well historically over the long term, and so has the stock market. I could go on into the greater schemes of fiscal policies and who would be affected by our national debt (Japan and China are our largest US bond holders), but I'll save that for another time.

OK, so what do I do personally? I work and invest in real estate, and though I try to play smart, no one is going to ring a magic bell for me when the lowest time of the market is to buy and the highest time of the market is to sell. In 3 words - Dollar Cost Averaging.