September 25, 2010
How’s the Silicon Valley real estate market? One way of knowing is to keep a pulse on the number of short sale listings, sales and closings. Most regular “real estate reports” don’t track distressed property sales too well. (Even mine, which is quite good – I invite you to take a look at www.popehandy.rereport.com.)
Los Gatos, Monte Sereno and Saratoga – high end, west valley communities – all continue to feature very few short sale listings, and these markets remain stronger. San Jose’s Cambrian Park neighborhood (or district) is a more affordable area and it tends to reflect how Santa Clara County is doing as a whole, if perhaps a little more optimistically. Today we’ll see how these four areas are doing.
The homes referenced here are houses, duet homes, townhouses, and condominiums (for agents: class 1 and 2 on our MLS).
There are far more pending short sales than closed short sales. There are many reasons for this but the bottom line is that many never close at all. They can be a fantastic deal for those who are patient – but most buyers are not! homes”>http://www.realtown.com/LiveInLosGatos/blog/short-sales-and-bank-owned-homes