Ok gang, I have a real treat for you.
This house just sold at foreclosure, in the "Fortress".
Sold: $366K for Cash.
What is very telling about this sale, is the opening offer from the bank was reasonable $339K, and it didn't get bit up much.
Here is the info:
Address: 33 SOUTH CRAGMONT AVENUE
City: SAN JOSE
County: Santa Clara
Sale Status: Sold 02/23/2012
Notice of Sale Amt: $948,772.47
Opening Bid Amt: $339,040.00
Sold Amt: $366,300.00
Now things are JUST starting to move, IMHO. I think we will see many more like this coming.
Comments 1-7 of 7 Last »
)K, sorry don't hate me, this isn't the "fortress", I know you all are going to scream at me, sorry for that....
Clearly, someone at the land title office left off three zeroes!
So what is the fortress about? If its like the rest of USA this term is used as code to mean 'public schools and/or city is mostly white/asian'.
Am I correct?
We know San Jose cannot meet this criteria.
No, these are the real numbers. This is from the foreclosure auction. The bank chose not to buy the house.
There are some parts of San Jose behind The Fortress Walls, that'd be the parts that are behind the Ramparts of the Cupertino School District.
The location you cited is in the Alum Rock section of San Jose.
That's to the east of highway 680; definitely not the fortress, although prices in that area did get bid very high in 2006. Zillow lists recent nearby sales in the $300k to $400k range, an average for the zip code of $330k, and an average of the Alum Rock area of $300k.
I was going to say something clever and laugh at the notion that this is supposed to be the fortress but I'm honestly starting
to feel bad for you guys waiting for the million dollar houses to go for 400k.
I'm pulling for you but I think some may end up disappointed. Maybe buy a cheap house to rent out in Alum Rock so if prices do go up at least you wont be left empty handed.
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