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


By thomas.wong1986   Follow   Sun, 5 Feb 2012, 11:00pm   4,061 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."

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  1. Serpentor


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    1   12:45am Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (2)  

    fortresses are falling everywhere...

  2. thomas.wong1986


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    2   1:26am Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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

  3. PockyClipsNow


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    3   9:49am Mon 6 Feb 2012   Share   Quote   Permalink   Like (2)   Dislike (2)  

    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)

  4. thomas.wong1986


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    4   1:13pm Mon 6 Feb 2012   Share   Quote   Permalink   Like (1)   Dislike (2)  

    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.

  5. drew_eckhardt


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    5   1:34pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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.

  6. dunnross


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    6   1:47pm Mon 6 Feb 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Protected  

    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.

  7. SiO2


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    7   2:31pm Mon 6 Feb 2012   Share   Quote   Permalink   Like (1)   Dislike (1)  

    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.

  8. bmwman91


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    8   2:36pm Mon 6 Feb 2012   Share   Quote   Permalink   Like (1)   Dislike (1)  

    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.

  9. Serpentor


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    9   3:01pm Mon 6 Feb 2012   Share   Quote   Permalink   Like (1)   Dislike  

    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

  10. thomas.wong1986


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    10   3:23pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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.

  11. edvard2


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    11   3:30pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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.

  12. FunTime


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    12   3:30pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (2)  

    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.

  13. drew_eckhardt


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    13   3:41pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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).

  14. thomas.wong1986


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    14   3:41pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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).

  15. thomas.wong1986


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    15   3:48pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (2)  

    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.

  16. drew_eckhardt


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    16   4:01pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (2)  

    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.

  17. ¥


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    17   4:07pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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.

  18. Serpentor


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    18   5:12pm Mon 6 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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?

  19. thomas.wong1986


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    19   5:13pm Mon 6 Feb 2012   Share   Quote   Permalink   Like (1)   Dislike (1)  

    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...

  20. Serpentor


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    20   5:23pm Mon 6 Feb 2012   Share   Quote   Permalink   Like (2)   Dislike  

    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.

  21. bubblesitter


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    21   7:42am Tue 7 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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.

  22. CrazyMan


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    22   3:49pm Fri 10 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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.

  23. thomas.wong1986


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    23   5:32pm Fri 10 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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.

  24. thomas.wong1986


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    24   5:34pm Fri 10 Feb 2012   Share   Quote   Permalink   Like   Dislike (2)  

    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!

  25. REpro


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    25   9:24pm Fri 10 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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

  26. StoutFiles


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    26   6:32am Mon 13 Feb 2012   Share   Quote   Permalink   Like   Dislike (1)  

    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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