Most San Jose neighborhood values will continue to perform well in 2011 and into 2012 even with the recent negative news about Bank of America unleashing a slew of new foreclosures into California in the coming months.

Foreclosure levels will remain the same in 2012

That’s a pretty bold statement on my behalf but having just retuned from a national foreclosure convention I stand in pretty good company including the likes of Freddy Mac economists and various other national asset diposition companies who are all waiting for the foreclosure activity to increase.

The challenge over the last year has been the slow and methodical process of making sure banks are staying within the legal boundaries of the foreclosure process all brought on by the ROBO signing lawsuits. As a result the anticipated levels of foreclosiure activites are expected to stay at current levels through 2012.

What does this mean for San Jose Neighborhoods?

Neighborhoods like Willow Glen, Rose Garden, Almaden Valley, and Santana Row to name a few should continue to maintained their values while Downtown, Central San Jose, South San Jose, and the east valley will feel the affects of foreclosure activity.

Should I wait for the market to turn?

Experts at the foreclosure convention are now saying that we will continue to see the current real estate market through 2016. You have plenty of time to buy before the market sees a significant change and until then buyers will continue to find opportunities in those neighborhoods affected by foreclosures.

Related articles

• California foreclosures set to surge (Housingwire.com)

Check out my video update for the Santana Row area neighborhoods. Find out how long it takes to sell a home in these neighborhoods and what the market is telling us about the recent sales.

Sold Data*

(See Video update)

Available Properties Data*

Total Avilable Properties: 104

Total Available Days on Market: 93

Average List Price: $647,847

Accepted Offers (Pending Properties)*

Total Accepted Offers(in contract): 87

Average Days on Market: 67

Average List price for accepted offers: $499,633

Median List price for Available and Accepted offers: $574,800*

Click Player to see video

Sales activity lighter than 2009

Santana Row area neighborhoods continue to show lower activity after the homebuyer tax credit expired in April. Buyers continue to pay list price on homes sold in these neighborhoods but the activity has been half of 2009 levels. In 2009 there were 114 sales compared to 54 in May – July 2010.

Conventional is king

Conventional sales were the predominant financing method used to purchase homes following the same pattern of 2009. FHA continues to be in the least used or accepted financing method by sellers when reviewing offers. Buyers should consider conventional loan products to increase their chances of getting an accepted offer.

Median rises in 2010

2010 median sales prices was $610,000 compared to $533,500 in 2010. Buyers also had more negotiating power in 2009 to 97% of original list. 2010 buyers are having to pay slightly more to 102% of original list making it 5% more expensive to buy a home in these neighborhoods.

Here are a few of the Valentine’s activities happening this weekend at Santana Row for those of you who have waited to the last minute to make plans with your significant other.

Dining at Santana Row is always fun.

Click here to see all Valentine’s dining specials at the Row

]]> http://Siliconvalleybrokerblog.com/2010/02/12/valentines-weekend-2010-at-santana-row/feed/ 0 http://Siliconvalleybrokerblog.com/2010/02/11/santana-row-sales-q4-2009-vs-q4-2008/ http://Siliconvalleybrokerblog.com/2010/02/11/santana-row-sales-q4-2009-vs-q4-2008/#comments Thu, 11 Feb 2010 20:41:48 +0000 Richard Gonzalez /?p=688 I decided to create an ongoing video update of the Santana Row neighboring area sales and will continue to do so on a quarterly bases to help you track sales activity along with financing terms used in the area. The video can be viewed on my youtube channel and can be viewed by clicking the video below.
]]> http://Siliconvalleybrokerblog.com/2010/02/11/santana-row-sales-q4-2009-vs-q4-2008/feed/ 0 http://Siliconvalleybrokerblog.com/2009/11/30/kids-eat-free-tuesday-night-at-pasta-pomodoro-santana-row/ http://Siliconvalleybrokerblog.com/2009/11/30/kids-eat-free-tuesday-night-at-pasta-pomodoro-santana-row/#comments Tue, 01 Dec 2009 04:06:15 +0000 Richard Gonzalez /?p=599

Last Tuesday my daughter Jelena and I decided to go out and have dinner at Pasta Pomodoro because she loves pasta.  We arrived at the Santana Row location about five minutes from my office and found that we had to wait fifteen to twenty minutes to be seated.

Once we sat down we promptly had warm bread and olive oil for dipping; Jelena was starving and this helped to take that hunger edge off while we ordered.

We ordered from the kids menu and the specials of the day menu. Jelena had plain spaghetti pasta with butter and I ordered the Salmone Cannellini for $13.95 along with two beverages.

The portions are enough to get full but not so much that you have to lug home a huge doggy bag.  Jelena had vanilla ice cream for desert followed by the bill.

To my surprise the bill was less than $20 dollars with tip. Pasta Pomodoro currently has a “Kids eat free! “promotion on Tuesday nights.

If you don’t feel like cooking or you want to break away from the normal routine at a nominal cost then I suggest you try Pasta Pomodoro at Santana Row.  The food is good and its a perfect environment to just have a nice meal and a good conversation with your kids

NOTE: The manager acknowledged that the promotion has been in effect for a while now and that it could be removed at any time. kids eligible for this promotion are up to the age of 7 or 8.

The promotion is also for Dine-in only and cannot be combined with any other offer.  Available at participating locations, please call ahead to confirm promotion.

www.pastapomodoro.com

Dinner Menu click here