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Santa Clara County +400 homes $1 million or more schedule for auction.


By thomas.wong1986   Follow   Sun, 5 Feb 2012, 3:00pm PST   4,312 views   26 comments
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Foreclosures at the high end increase
San Jose Merc 2/5/2012
http://www.mercurynews.com/bay-area-news/ci_19899224?source=rss

Throughout affluent communities in the Bay Area, million-dollar-and-up homes are increasingly being lost to foreclosure, or sold as a last resort for far less than their mortgages.

More than 1,500 Bay Area homes with mortgages of $1 million or more were scheduled for auction last year, more than double the number in 2008, according to ForeclosureRadar, a foreclosure tracking service.

"The fact is, upper-end folks are starting to feel the crunch," said Barbara Safran, president of the Contra Costa County Association of Realtors.

Santa Clara County had more than 400 homes valued at $1 million or more scheduled for auction in 2011, the most of six Bay Area counties.

"Most of these higher-end people are, like, 45 years old plus, and they've gone through all their assets," Walker said. "It's a really devastating situation for them. They thought they had planned. They had their kids' college fund, they had their 401(k)s, the stock, the mutual funds, and they've been hanging on for the last three years. They've gone through everything, and they have nothing left, not even the house."

Comments 1-26 of 26     Last »

Serpentor   Sun, 5 Feb 2012, 4:45pm PST   Share   Quote   Permalink   Like   Dislike (2)     Comment 1

fortresses are falling everywhere...

thomas.wong1986   Sun, 5 Feb 2012, 5:26pm PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 2

Lets try breaking down some walls regarding the fortress.

Here is a good question... a $1.2M question...

For $1.2M would you buy this...

http://www.redfin.com/CA/Palo-Alto/2365-Emerson-St-94301/home/1396648

or this...

http://www.redfin.com/CA/San-Jose/5657-Morningside-Dr-95138/home/1001142

PockyClipsNow   Mon, 6 Feb 2012, 1:49am PST   Share   Quote   Permalink   Like (2)   Dislike (2)     Comment 3

Out of 400 scheduled auctions, only 29 happened.

Outrageous! many were short sold or came current buy most probably just postponed auction date forever.

This mess will never end. If it takes 2-3 years to foreclose that is horrible housing policy - it seems to have 'broken' the housing market with squatters everywhere, crooked short sale deals everywhere, renters getting screwed everywhere by landlords not making mortgage payment but keeping rent $.

Not exactly cannibal anarchy here but a giant mess, probably no way out with ZIRP policy. This is how its gonna be for 4 more years ez (assume Obama re elected and same or worse federal housing policies through 2016)

thomas.wong1986   Mon, 6 Feb 2012, 5:13am PST   Share   Quote   Permalink   Like (1)   Dislike (2)     Comment 4

SFace says

That is a pretty good question. I believe the Palo Alto would have more demand and would be sold first at a higher price.

modern 1995 2 story 3500 sq ft house in a country club vs a 1947 1300 cottage.... and you "value" the cottage.

drew_eckhardt   Mon, 6 Feb 2012, 5:34am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 5

thomas.wong1986 says

Lets try breaking down some walls regarding the fortress.

Here is a good question... a $1.2M question...

For $1.2M would you buy this...

Palo Alto because it's a comfortable commuting distance to places I'd want to work while San Jose is not.

dunnross   Mon, 6 Feb 2012, 5:47am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 6

drew_eckhardt says

thomas.wong1986 says

Lets try breaking down some walls regarding the fortress.

Here is a good question... a $1.2M question...

For $1.2M would you buy this...

Palo Alto because it's a comfortable commuting distance to places I'd want to work while San Jose is not.

You'll might save 10-15 minutes on commute time, but your life will be a lot more miserable in the crammed house.

SiO2   Mon, 6 Feb 2012, 6:31am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 7

Personally I'd split the diff and spend $1.2m in cupertino on a 2000 sq ft place. Or spend $700k in Cambrian, a couple hundred k on private schools, and save the rest.

probably whoever buys that house in PA will end up demolishing or expanding it, so they won't be living in such a crammed house.

it all depends on how one values space vs time vs schools.

bmwman91   Mon, 6 Feb 2012, 6:36am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 8

SiO2 says

probably whoever buys that house in PA will end up demolishing or expanding it, so they won't be living in such a crammed house.

No way. Palo Alto is the NIMBY capital of the Bay Area. Good luck redoing the landscaping in your back yard, let alone getting the permits for a new house. The neighborhood association wouldn't allow that in a million years.

*There are way too many bozos there that think a 1945 house is "historic." They seem to imagine PA being like Europe someday, with structures that are hundreds of years old. Never mind that Europe doesn't have fault lines everywhere and the structures are made of stone...we get earthquakes & wood frame buildings lol.

*I pulled that out of my ass. It is just fun to trash-talk PA sometimes.

Serpentor   Mon, 6 Feb 2012, 7:01am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 9

yep.. even Silicon Valley God Mr. Jobs couldn't even get his fancy new house built because of the NIMBY retards.

"ooh look at me I drive a hybrid with the commuter sticker, but I'm going to fight the the high-speed rail and rather fly in a jet to SoCal because it goes though my city" fuckin hypocrites

thomas.wong1986   Mon, 6 Feb 2012, 7:23am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 10

drew_eckhardt says

Palo Alto because it's a comfortable commuting distance to places I'd want to work while San Jose is not.

Good luck destressing after work.. sometimes you need that extra 30 minutes to chill out, or do some mindfull daily planning. Ask one of your company officers, they probably would pick San Jose.

But you never know, your next job may be in San Jose or Milpitas. Not everyone wants to run their business near Palo Alto.

Reason, Im in Los Gatos? far far far away from work as possible.

edvard2   Mon, 6 Feb 2012, 7:30am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 11

I guess one could look at the fact that a million dollar home in many parts of Santa Clara aren't really what I'd call million dollar homes. Instead they're more like working class to lower middle class starter homes with million dollar asking prices and apparently thanks to the bubble and its crazy financing schemes many bought these houses. Its a bit simplistic to assume that you would have had to be rich to buy one of these back then. Thus no wonder so many are now foreclosing.

FunTime   Mon, 6 Feb 2012, 7:30am PST   Share   Quote   Permalink   Like   Dislike (2)     Comment 12

Serpentor says

"ooh look at me I drive a hybrid with the commuter sticker, but I'm going to fight the the high-speed rail and rather fly in a jet to SoCal because it goes though my city" fuckin hypocrites

Living with logical consistency is difficult for everyone.

drew_eckhardt   Mon, 6 Feb 2012, 7:41am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 13

dunnross says

You'll might save 10-15 minutes on commute time, but your life will be a lot more miserable in the crammed house.

More like three hours a day (Menlo Park from San Jose instead of Palo Alto by bicycle and no amount of space or newness is worth that trade-off.

I chose a one bedroom apartment nearer work over 1500 square feet far enough down the highway that I'd want to drive and would happily do that again (two people and a cat don't need that much space).

thomas.wong1986   Mon, 6 Feb 2012, 7:41am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 14

edvard2 says

I guess one could look at the fact that a million dollar home in many parts of Santa Clara aren't really what I'd call million dollar homes.

The San Jose home is in Silver Creek Country Club..3x bigger and modern (1994).

thomas.wong1986   Mon, 6 Feb 2012, 7:48am PST   Share   Quote   Permalink   Like   Dislike (2)     Comment 15

drew_eckhardt says

More like three hours a day (Menlo Park from San Jose instead of Palo Alto by bicycle and no amount of space or newness is worth that trade-off.

That line of thinking didnt work out well...else we wouldnt be seeing Fortress homes going into foreclosure.

drew_eckhardt   Mon, 6 Feb 2012, 8:01am PST   Share   Quote   Permalink   Like   Dislike (2)     Comment 16

thomas.wong1986 says

drew_eckhardt says

More like three hours a day (Menlo Park from San Jose instead of Palo Alto by bicycle and no amount of space or newness is worth that trade-off.

That line of thinking didnt work out well...else we wouldnt be seeing Fortress homes going into foreclosure.

Preference for a closer home is orthogonal to whether the price tag is reasonable.

Purchase costs that are double rent aren't.

¥   Mon, 6 Feb 2012, 8:07am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 17

edvard2 says

I guess one could look at the fact that a million dollar home in many parts of Santa Clara aren't really what I'd call million dollar homes. Instead they're more like working class to lower middle class starter homes with million dollar asking prices

with easy access to million-dollar employment.

Serpentor   Mon, 6 Feb 2012, 9:12am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 18

you can have easy access to said "million-dollar employment" (LOL) by renting similar places for much less money.

Here we have evidence that foreclosures are starting to happen in the high end, so obviously those "million-dollar employment" jobs aren't working out so well for some people.

why do you care about housing in Santa Clara valley if you live in Bellingham?

thomas.wong1986   Mon, 6 Feb 2012, 9:13am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 19

Bellingham Bill says

with easy access to million-dollar employment.

So why didnt we have the same mega bubble back in the 80s-90s. We had more employers, more employees, more growth, more of everthing...

Today, there are half as less employers in SV and many more employees to pick for.. and employers are taking lower bids on Salaries.. Imagine a former CFO interviewing for a dinky Controller job at fractional pay.. Yes that is happening.

Ops .. that wasnt what many were thinking would happen. All those high ranking officers are losing their homes.. see above article...

Serpentor   Mon, 6 Feb 2012, 9:23am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 20

thomas.wong1986 says

Today, there are half as less employers in SV and many more employees to pick for.. and employers are taking lower bids on Salaries.. Imagine a former CFO interviewing for a dinky Controller job at fractional pay.. Yes that is happening.

Ops .. that wasnt what many were thinking would happen. All those high ranking officers are losing their homes.. see above article...

Foreigners with magic commie dragon gold is buying up all the fortress properties LOL.

bubblesitter   Mon, 6 Feb 2012, 11:42pm PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 21

Why aren't all the rich Chinese going to the footsteps of the courthouse and scoop up this deals? What are they waiting for? Wait a minute..they are waiting for the prices to drop. LOL.

CrazyMan   Fri, 10 Feb 2012, 7:49am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 22

I see far more homes return to active from pending than actually being sold. Far more.

Not that they won't be sold, but just having "pending" on them is nearly meaningless.

thomas.wong1986   Fri, 10 Feb 2012, 9:32am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 23

SFace says

I knew the Palo Alto one was going fast, but Apparently they are both pending after one week and likely way above asking. High end homes in certain areas will be going up in 2012.

PA home no longer pending.. "off the market"..way way overpriced aged shack for what you can get on the other side of the county.

thomas.wong1986   Fri, 10 Feb 2012, 9:34am PST   Share   Quote   Permalink   Like   Dislike (2)     Comment 24

Bellingham Bill says

with easy access to million-dollar employment.

SJ: access to the Officers of Million Dollar companies..Do you play golf, they do!

REpro   Fri, 10 Feb 2012, 1:24pm PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 25

Serpentor says

"ooh look at me I drive a hybrid with the commuter sticker, but I'm going to fight the the high-speed rail and rather fly in a jet to SoCal because it goes though my city" fuckin hypocrites

In fact airplane/jet pollution is not regulated.

Cupertino is not a town standing out by any dimension.

If someone is smart, he/she can make same or better money almost everywhere.
I don’t think so, those millionaires from Los Alamos, N.M. fill so depressed because they don’t live in Cupertino and they PhD’s offspring’s are so dumb and need Asian kids to teach them “how to learn harder”.
http://realestate.msn.com/millionaires-call-these-towns-home#11

StoutFiles   Sun, 12 Feb 2012, 10:32pm PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 26

Are these the joke auctions? The kind where you don't win unless the winning bid is approved by the seller?

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