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Milpitas homes

By crazydesi   Follow   Thu, 15 Mar 2012, 10:41am   5,510 views   65 comments
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Will this be a good buy if I put a offer at this price?
http://www.redfin.com/CA/Milpitas/790-Alcosta-Dr-95035/home/1271152

I'm looking for a SFH home in milpitas area, seems everything is overpriced. Every open house I go, I see lot of people coming and seeing with their agents.

Why is milpitas and 95131 areas so hot? Lot of C & I buyers are flooding the OH's every weekend.

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1. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,036 comments Pleasanton, CA Premium

   1   8:23pm Thu 15 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   crazydesi says >>I also have strong reasons for staying & putting up with the insanity! Same thing with me too, I want to leave BA too, but where should I go .... all the Semiconductor companies are here (and it is easy to switch jobs) I do not want to justify the price, smell etc ... its only my frustration after waiting so long and looking to buy .... Count yourself lucky you are waiting. I got a bunch of friends that bought over the last 10 years and are trapped. They would love to be in your shoes right now. When I am around them I am not allowed to talk about the housing market. Nothing, or they get really defensive as one can understand. They are working for the banks now.

2. rootvg Follow Befriend (8) 1 threads 792 comments Danville, CA Premium

   2   11:20am Thu 15 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   wthrfrk80 says It's hot because Realtors are saying it's hot. No, it's actually getting better. I don't want to say it's hot but the environment is improving especially in desirable parts of the Bay Area. Milpitas is one of those places where the Chinese and Indians are buying in heavy because it's close to the job centers. I would never attempt to buy there. I can't afford it. The house down the street from us in Danville was a foreclosure that smelled like mold. It was on the market for a week and is now pending. Most Americans cannot afford and will never afford to live in the Bay Area. That's the bottom line.

3. bmwman91 Follow Befriend (7) 37 threads 1,541 comments Mountain View, CA bmwman91's website Premium

   3   12:38pm Thu 15 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   The BA is on crazy pills. This place may well never make sense. Apparently fortune seeking douchebags will continue to flock here for "the weather" so that they aren't uncomfortable while outside (which consists of walking between their house & car, and their car & office). $750k for a largely unremarkable house in Milpitas. LOL

4. bmwman91 Follow Befriend (7) 37 threads 1,541 comments Mountain View, CA bmwman91's website Premium

   4   3:13pm Thu 15 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   I love the Bay Area. "The trash dump smell probably won't be too bad, as long as the wind blows the way I think it does. Besides, I might be able to talk the sellers down to $700k! For that kind of money, I really can't expect my neighborhood to not smell like a trash dump." crazydesi, don't take this as a personal attack. I just find it amusing the lengths that we all go to to justify living here at prices that almost the entire rest of the nation would see as ludicrous. I should be making plans to leave this damn area, but I also have strong reasons for staying & putting up with the insanity!

5. rootvg Follow Befriend (8) 1 threads 792 comments Danville, CA Premium

   5   8:48pm Thu 15 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   wthrfrk80 says bmwman91 says The BA is on crazy pills. This place may well never make sense. Apparently fortune seeking douchebags will continue to flock here for "the weather" so that they aren't uncomfortable while outside (which consists of walking between their house & car, and their car & office). $750k for a largely unremarkable house in Milpitas. LOL And a windowless cubicle feels the same in Paterson, NJ as it does in San Jose. Right, except that our jobs aren't in Paterson, NJ. They're HERE...and they're gonna stay here.

6. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

   6   10:38pm Thu 15 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   bmwman91 says "The trash dump smell probably won't be too bad, as long as the wind blows the way I think it does. Besides, I might be able to talk the sellers down to $700k! For that kind of money, I really can't expect my neighborhood to not smell like a trash dump." I'd rather live in bumble-f*ck North Dakota in a $100K house, where I can drink the water and enjoy the smell of fresh air and green pastures, instead of buying this house for $700K sitting on top of a garbage in Milpitas.

7. bmwman91 Follow Befriend (7) 37 threads 1,541 comments Mountain View, CA bmwman91's website Premium

   7   9:49am Fri 16 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Well, looks like I am falling-back to waiting for salvation...in the form of a 8.0+ earthquake on the San Andreas fault line! If I am REALLY lucky, it will happen on April 4, which will freak out a certain group even more, and that also happens to have a lot of peninsula RE. The more people the next rumbler can shake-out, the better!

8. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,036 comments Pleasanton, CA Premium

   8   11:51am Fri 16 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   drtor says thomas.wong1986 says Anyway much of our tech growth peaked in 2000, as part the industry maturity. So the prior decades are no idicaton that we will repeat the same furious growth. Therefore its going to be much more flat, at best, for years to come with continued pricing and cost pressures. I completely agree with this. Flat or slightly declining prices is what I see as most likely as well. What I had an issue with was the forecasts of the $750k house going down to $400-$500k, or that we should expect in your chart that SF and San Jose falling all the way back to the green national inflation line (another 50% drop). Which in fairness you didn't actually write but the chart may seem to suggest. 400-500K is still too high. After the earthquake it'll be in the 200-300K range IMHO. Cash will be king. ;)

9. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

   9   10:46am Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   It's hot because Realtors are saying it's hot.

10. uomo_senza_nome Follow Befriend (13) 787 threads 1,542 comments

    10   11:17am Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   crazydesi says I'm looking for a SFH home in milpitas area, seems everything is overpriced. LOL, what else did you expect? crazydesi says Will this be a good buy if I put a offer at this price? http://www.redfin.com/CA/Milpitas/790-Alcosta-Dr-95035/home/1271152 You can use this calculator and figure it out. http://patrick.net/housing/calculator.php More than likely, you'll be overpaying. I don't think you can get away with not overpaying especially in Bay area. crazydesi says Why is milpitas and 95131 areas so hot? Are you new to Silicon Valley?

11. drtor Follow Befriend (2) 4 threads 119 comments

    11   11:28am Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   wthrfrk80 says It's hot because Realtors are saying it's hot. Realtors always say everything is hot. That does not explain why OP observed a lot of people. I think the price around $750k basically puts it within reach of the current FHA housing loans (3.5% down plus $729k FHA loan). That should drive a lot of people. Please anyone correct me if I have misunderstood this.

12. rootvg Follow Befriend (8) 1 threads 792 comments Danville, CA Premium

    12   11:50am Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   drtor says wthrfrk80 says It's hot because Realtors are saying it's hot. Realtors always say everything is hot. That does not explain why OP observed a lot of people. I think the price around $750k basically puts it within reach of the current FHA housing loans (3.5% down plus $729k FHA loan). That should drive a lot of people. Please anyone correct me if I have misunderstood this. It wouldn't be in my range. I'm not crazy. I don't inflation is coming. I think it's here...and again, this will force a change in monetary policy. Another recession is coming. Get ready for it now. Meanwhile, I'm gonna dust off all my soft rock and country CDs from the early eighties. That stuff's gonna be in style again.

13. CrazyMan Follow Befriend 449 comments Boulder Creek, CA

    13   11:50am Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   It's called Shitpitas for a reason =/

14. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    14   12:13pm Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   CrazyMan says It's called Shitpitas for a reason =/ If it was called Milfitas I'd move there no matter what it cost.

15. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    15   12:18pm Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   crazydesi says Lot of C & I buyers are flooding the OH's every weekend. Even though that traffic is up,prices are heading down. Why?

16. Hysteresis Follow Befriend (2) 14 threads 648 comments

    16   12:20pm Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   CrazyMan says It's called Shitpitas for a reason =/ also high end prices are still dropping in the bay area http://dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120315.aspx Last month 28.0 percent of Bay Area sales were for $500,000 or more ... down from 30.6 percent in February 2011. http://www.socketsite.com/archives/2012/02/spcaseshiller_san_francisco_homes_slip_condos_dip_in_de.html the top third (over $573,705 at the time of acquisition) ... down 1.4% year-over-year (versus a 1.9% in November).

17. crazydesi Follow Befriend (2) 44 threads 66 comments San Jose, CA crazydesi's website

    17   12:34pm Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   I said it is hot, because lot of people are showing up at OH's. Typically, I do not take my agent when I visit a OH or see a new listing on redfin. I directly call the listing agent and say, my agent is out of country, so can you show me so I can decide. 99% of the time they agree and show the home without my agent. 1% are strict then I will look for OH schedule. This particular house, they did not have any OH or the agent was not answering my phone calls. My agent was able to get hold of the listing guy and he showed me the property. It looks good, but in the same street, two houses got sold for $700k and they were south facing (I'm looking for a north facing one.) I have been looking in milpitas area for over 2 years now. What ever I like is way overpriced and the funny part is it gets sold also. Some houses even got sold close to million. This is one of the reason, I do not go with my agent (as he always says we have to put offer more than a listing price). Rentals are also not cheap in Milpitas area, If I look for 3b/2b townhouse also the asking price is above 2400$. Even high end apartments are also asking the same rents. Seems 750 range is tempting for many people to enter housing market and Milpitas is one of the good location in SouthBay to buy in that price range.

18. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,036 comments Pleasanton, CA Premium

    18   12:37pm Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   These owner got it at a good time to buy. You my friend are out of luck. The last guy in the ponzi scheme that is being kept up by the fed and gov't like a castle of playing cards built in a wind storm. Nov 10, 1992 Sold (Public Records) $363,000 -- Public Records You can rent the same house for about 2500 to 3000 in the same area. Then after 2 years buy this place for about 10-15% less in my opinion. http://sfbay.craigslist.org/sby/apa/2899396275.html http://sfbay.craigslist.org/sby/apa/2901396783.html http://sfbay.craigslist.org/sby/apa/2890703419.html http://www.housingmaps.com/ daily for rentals and be ready to cut work and meet the owner quickly. Unlike houses for sale that are sitting on the market forever, good rentals go very quickly. You only have to be there first once though. ;)

19. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,036 comments Pleasanton, CA Premium

    19   12:40pm Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   crazydesi says Rentals are also not cheap in Milpitas area, If I look for 3b/2b townhouse also the asking price is above 2400$ $2400 is cheap compared to buying for 750K. Crazy talk.

20. drtor Follow Befriend (2) 4 threads 119 comments

    20   12:58pm Thu 15 Mar 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says You can rent the same house for about 2500 to 3000 in the same area. Then after 2 years buy this place for about 10-15% less in my opinion I agree. Impossible to predict future prices but this would be my best guess as well.