buying a house in silicon valley

All rights reserved. She let us know she had educated her clients so they had full knowledge of what they were purchasing and explained why they had a strong desire to own the property. Some of the lessons were obvious; others took us by surprise. 1 at asking price 4 at 1.4-1.5M Buy a home in Silicon Valley Imagine buying your dream home. We didn’t give any of these offers a second thought because the uncertainty and risk of the deal falling through wasn’t worth it to us, especially with seven other “clean” as-is offers on the table. The end of the year is a great time to check in on your finances and set yourself up for success in the new year. The property comes with a pool and an intercom system. Feature or a fix…can you spot the dog door?The perfect buyers will love the houseafter the staging is gone. So here you have it, a peek into what happened in ours. (Side note: If you ever want an idea of what the sellers are looking for in a perfect offer, ask the seller’s agent. A version of this post appeared originally on her blog. Silicon Valley Real Estate and Mortgage Information shared by top Silicon Valley Real Estate Agent Sophie Shen to help you buy, sell and get financing for houses in Silicon Valley and enjoy living in Silicon Valley By using this website, you understand the information being presented is provided for informational purposes only and agree to our Terms of Use and Privacy Policy. Our team of local experts is ready to guide you through the home-buying process. Ten percent down purchase offers may become viable again. Even though one of the offers was over $1.5M, we didn’t know anything about the buyers and didn’t include them in the final round. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. 5+ Properties for Sale in Silicon Valley, Madhapur, Hyderabad on Housing.com. 3 offers with contingencies Her clients were not initially the highest bidders, but we were rooting for them to win. “How do you eat an elephant?” The answer: one bite at a time. In case you wonder how much a house costs in San Jose - Silicon Valley, California - watch this video to find out. Buying a home is not just about the purchase price. Asking price: $1,228,000 So what’s the deal? Closing costs are additional fees that buyers are required to pay in conjunction with any home sale. Homes listings include vacation homes, apartments, penthouses, luxury retreats, lake homes, ski chalets, villas, and many more lifestyle options. 1. The people I feel sorry for are the ones overextending themselves to buy something they can't afford. The home is expensive, even by Palo Alto standards, thanks in part to its large, 0.88-acre lot. Homes listings include vacation homes, apartments, penthouses, luxury retreats, lake homes, ski chalets, villas, and many more lifestyle options. Not all sellers do this. New Zealand Herald, Mark Mitchell/AP Queenstown in the South Island of New Zealand in 2013. Scott declined a request for comment. 3 all-cash offers Silicon Valley billionaires are reportedly buying property on the small island nation so that they have somewhere to flee in the event of a global catastrophe. Copyright © 2006-2020 Sotheby's International Realty Affiliates LLC. A good agent checks in with the selling agent to find out how many disclosure packages have been requested and how many confirmed offers there are. Even if it’s not an emotional decision for the sellers, having additional context about the buyers can help make a case that you will follow through with the deal. Some ask that you simply send in your written offers, but in our case I wanted to meet with the agents and hear why we should pick their clients. Today, Bluefin Realty wants to share with you some of the many perks of buying a house in Silicon Valley. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Offers: 10, What did the offers look like? Additionally, Wealthfront Advisers or its affiliates do not provide tax advice and investors are encouraged to consult with their personal tax advisors. Sale price: $1,603,500 We are known for closing deals faster than anyone else, and getting the most money for them. We want to make your experience in finding your next dream home an enjoyable one! Since all the buyers said they’d be open to a counter, we went back to the top three bidders. Unfortunately you have to play the game on this field if you live here. This is a rule I’ve tried to violate many a time. Enquire Now! 7 agents presented offers to us in person We have an answer. Nah. Requests for disclosure package: 35 We have 2,460 international luxury homes for sale. Our challenge is to help you play it better. Indeed, LinkedIn co-founder Reid Hoffman told The New Yorker that "New Zealand" had become a code word for apocalypse preparedness among Silicon Valley leaders. products. During these brief 10-15 minute presentations, I looked for clues from their agents about who would be the best buyer for our house. Silicon Valley is one of the most affluent areas in the United States. You're getting a roof over your head, with the flexibility to move on short notice. More filters. Investment management and advisory services are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC registered investment adviser, and brokerage related products, including the cash account, are provided by Wealthfront Brokerage LLC, a member of FINRA/SIPC. Sotheby's International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Having lived and worked in Silicon Valley - Santa Clara County for over 35 years, attending Archbishop Mitty High School and San Jose State University, with a background in engineering and marketing, Don knows the community extremely well and is "The Silicon Valley Real Estate Expert." My experience buying a house in Silicon Valley It's been a month or so since my partner and I moved into our house in Silicon Valley, so I thought I'd do a late night brain dump on the process since I know there are a lot of Bay Area residents on this forum and I feel like some of the advice being espoused didn't line up with our experience in this crazy market. Having been on the losing end of many a home, I decided to write a blog post with tips for people buying homes in the Bay Area, one of the most competitive, if not the most competitive real estate market in the country. We were willing to wait and didn’t bother asking the cash buyers to match the best offer. It’s all about floor-to-ceiling windows, sliding doors, and skylights, Commune with nature without sacrificing convenience. She writes a blog, HomeCrunch, about building a house in Palo Alto. She even brought their loan agent to assure us in person that they would have no problem getting a loan (a letter would’ve sufficed). In Silicon Valley, home prices are out of control and are unaffordable even for tech workers, according to a survey by Team Blind, which operates an anonymous online … She gave us a personal letter from them and told us why the house was perfect for their needs. You've successfully subscribed to our blog. All dimensions are approximate and have not been verified by the selling party and can not be verified by Sotheby's International Realty Affiliates LLC. There are loads of answer here on Quora that talk about tech compensation, but this is a high income earning pool, usually taking a … Special Offer. Search for Homes Sell My Home Home Evaluation. Amalfi. Silicon Valley Realtors have been seeing a “shifting market” for about a year now, at least in many segments of the real estate market. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. 1) The largest pool of buyers, by a long shot, comes from tech employees. By searching, I acknowledge reading and agreeing to the license agreement. Specifically if the stock market appreciates at n% a year, the Bay Area home value needs to appreciate at (n-3)% a year to break even. From art and jewelry, to wellness spaces, to bold colors, here’s what’s in vogue. We Buy Houses Any Situation Any Condition WeBuySiliconValleyHouses.com is a company that helps homeowners throughout the Silicon Valley, California area sell their properties fast. Buying up New Zealand real estate became so popular among execs in the Valley that purchasing a house in New Zealand became Silicon Valley code for getting “apocalypse insurance,” as Business Insider’s Melia Russell reported in 2017. Or wiser to keep renting for a period of time — or until the end of time? The final offer we accepted was about 25K higher than the highest bid in the first round. Is it worth plunking down your savings on a piece of property? Wealthfront, Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation. The dollar amounts have changed but the relative location discussion holds. Editor: This article was first written in 2013. View the latest available house listings! It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information. Max Price. Silicon Valley is booming, and the Chinese are starting to cash in on the region's housing craze. Find 3+ Flats for Sale, Houses/ Villas for Sale.. 100% Verified Properties. 3 emailed offers (did not show up to present) As…, what the WSJ says about attractive agents, Learn more about our She is an investor in Square, Circle and Wealthfront. Consistently on the cutting-edge of new real estate technology that will benefit YOU! 57 Properties. Contact Property (408) 540-6619. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system. Betsy Dwyer, the agent representing the winning bidders, did everything right. I was even more surprised when I realized that they kind of work. In our case we didn’t have an urgent need for the cash or a fast close. The three agents who submitted their offers via email missed an opportunity to make an impression on us. Housing prices are going up and up. Being a seller in this market is a joyride compared with the angst suffered on the bidding side of the table. We paid a reputable third party inspector to perform a report for our disclosure package so buyers would have an unbiased professional inspection to review. While sitting through the presentation by … When it was purchased in 2014 for $19.9 million, it was the most expensive home sale in Silicon Valley that year, according to Property Shark. Deals. When we bid on our Palo Alto house, our initial offer was strong enough that the sellers simply made us a 10K counter-offer and didn’t include any of the other four bidders. Editor’s Note: I know this must sound crazy to readers who don’t live in the Bay Area, but it is representative of the real estate market the employees of Wealthfront and a majority of our clients face. Ideally the water would run to a swail, or to some other drainage system (likely leading to a gutter in the street). Whether or not you write a letter, have your agent present a story about you and why the house is perfect for you and each of your family members. Kay previously led communications at Square and LinkedIn. May 24, 2017 Hadar Guibara . Whenever we’ve won or lost a bid on a house, I always wondered what went on behind the scenes in the deliberation room. [Silicon Valley, California, USA] 1-408-204-7673 mary (at) popehandy.com CA BRE # 01153805 CIPS - Certified International Property Specialist CRS - Certified Residential Specialist ABR - Accredited Buyer Representative SRES - Seniors Real Estate Specialist Helping nice folks to buy and sell homes in Silicon Valley since 1993. Risk of deal falling through. The information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us), we can not represent that it is accurate or complete, and it should not be relied upon as such. The 1300 square foot 3br/2ba house on a 5000 square foot lot needed a lot of updating. What does that mean for home buyers and home sellers? Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any security. Despite what the WSJ says about attractive agents, I’ve always found the down-to-earth, friendly agents more likable and trustworthy than the polished, salesy ones. Who the flying fuck can afford a $9k a month mortgage? My husband, the numbers guy, skipped the niceties and joined us after the meetings to deliberate. United States California Silicon Valley. Add Apartments. Other helpful details include background information on employment (our buyers both work nearby in Mountain View and are going to looove their commute), current living situation, what you are looking for, what you appreciate about the house and who will live in it. Each Office is Independently Owned and Operated. When there are more than three offers on a house there are usually two rounds—a first round that weeds out low bidders and a counter-offer round to select the ultimate winner. Find houses for rent in Silicon Valley by selecting from our list of Silicon Valley rental homes, or by entering your search criteria below. Houses X; Clear All; Not finding what you're looking for? 1–2 Beds • 1–2 Baths. Woodside, California, 94062 United States, Portola Valley, California, 94028 United States, Los Altos Hills, California, 94022 United States, Saratoga, California, 95070 United States, Los Altos Hills, California, 94024 United States, Atherton, California, 94027 United States, Palo Alto, California, 94306 United States, Los Altos, California, 94024 United States, Menlo Park, California, 94025 United States. Please enter valid address. Our philosophy on real estate in the Silicon Valley area is that buyers must have an investor mindset, since property is a large piece of building a portfolio. We weighed two main criteria when looking at offers: 1 / 46. You know, because jobs in Silicon Valley are so stable. Beds. We have 5,603 international luxury homes for sale. Buy Sell Evaluation. One was a 5-day inspection contingency, one was a 10-day loan contingency, and the third was a 7-day appraisal and inspection contingency. If there are more than a few offers on a house you shouldn’t be in “get a deal mode”—you will need to put in an aggressive bid from the start. Silicon Valley Homes For Rent Find the Perfect Home. 1 at 1.35M Splurge. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. For homes all over Silicon Valley, its important, my home inspector tells me, to use downspout extenders so that the water from rain collecting on the roof don’t all dump out right next to the house. Don’t get me wrong, a heartfelt letter is not going to put you in the running when the other offers are 100K-200K higher (at least not with this seller), but if you have a competitive offer, a letter helps. One major difference is the amount of cash, or the percentage of cash down, needed to compete in the bidding wars of recent years. At the same time, Americans are saving more of their income than ever before. We didn’t have a large mortgage left on the house, so the carrying costs were less than $200/day. When our friend SSS from Save.Spend. Views of virtual tour: 8091 Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. please subscribe to … What investments will create nice homes for others? © 2020 Wealthfront Corporation. 1. We’re not going to argue with anyone about how unfair the market is: Instead, we thought it useful to publish a first-hand account of how you can improve the odds of getting the house you want (if you are a buyer) or achieving your sales goal (if you are a seller). Silicon Valley billionaires are reportedly buying property on the small island nation so that they have somewhere to flee in the event of a global catastrophe. CLOSING COSTS WHEN BUYING A HOME IN SILICON VALLEY. All Rights Reserved. Wealthfront Software LLC (“Wealthfront”) offers a software-based financial advice engine that delivers automated financial planning tools to help users achieve better outcomes. That said, equally important is taking into consideration what makes a house a home - like what is best for your commute, your relationships, your health, your happiness? Thus started our ongoing and continually more depressing adventures in buying a home in Silicon Valley. We are committed to fast, professional and courteous service to help you understand and feel at ease throughout the home buying process. Sotheby's International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Besides the fact that I’m a sucker for dog photos, knowing that a buyer is going to enjoy the nearby dog park and won’t be upset about the doggy door that was artfully hidden from view by the stager, gave certain buyers a leg up (yes, pun intended). Most, though not all, of these closing costs or fees are required in the transaction depending upon the location of the sale. To help get you started, we’ve put together a checklist…, How Employer-Granted Stock Options Can Impact Your Taxes, Getting stock options as part of your compensation is exciting – it means you have an opportunity to own part of the company you work for. Our highest all-cash offer was just over $1.5M and we had several significantly higher offers from bidders who were well qualified for loans. HOME FOR RENT. Our real estate agent, Erika Enos, and I listened to offers in person. Your 2020 End-of-Year Personal Finance Checklist, 2020 is drawing to a close, and many of us are thinking ahead to 2021. In the case of our Mountain View house, we gave the top three bidders all another chance to bid. For our other posts that shed light on local real estate, see You Need Equity In Silicon Valley, Sizing Up Your Home As An Investment, Are Rental Properties Good Investments, and Your Path to Home Ownership? Let our experienced staff help you make it happen. A few weeks ago, we officially handed over the keys to the Cuesta Park Charmer. We were glad when Betsy’s clients came out on top. 4 above 1.5M The Valley of Innovation is famous for blasting dreams from the launchpad of humble beginnings to wild success, but if you want to buy a home in San Jose, in the heart of Silicon Valley, you need more than a budget and some luck to turn your dream into reality — this is an ultra-competitive real estate market, and you’ll be far from the only buyer vying for a home. Each sale listing includes detailed descriptions, photos, amenities and neighborhood information. Asking for a loan contingency is like waving a red-flag saying you’re not sure if you’ll qualify for a loan. Price ... Home In Silicon Valley. Later when one of the other agents came back offering to beat the final price by another thousand dollars, we politely declined because we were confident we had found the right buyers. The real owner of the property is WhatsApp co-founder Brian Acton, who has spent tens of millions buying up homes on Palo Alto’s Cowper Street, according to Variety. Buy a Home in Silicon Valley for $25,000—but There's a Catch Robert Allen via craigslist Psst... want your own place in Silicon Valley for a mere $25,000? $3,250. Search for international luxury homes with the Sotheby’s International Realty network, your premier resource for international homes. The … Sometimes the agent will tell you whether cash/fast close is more valuable to their client or more money, or a rent-back, etc.) Houses for rent in Silicon Valley University, CA. The coronavirus pandemic has turned our daily routines upside down and introduced a lot of uncertainty – including financial uncertainty – into many people’s lives. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. The main advantage to an all-cash offer is certainty and a faster close. Texas Real Estate Commission Consumer Protection Notice, Texas Real Estate Commission Information About Brokerage Services. 1 / 18. $1,935+ HOME FOR RENT. Sort by: Best Match. Search By All; Search Please enter valid address. We are very happy that we found a nice new family to love the home and the process went relatively smoothly. While sitting through the presentation by the realtor whose clients were offering asking price along with an inspection contingency, I remembered how many times I wanted to halfheartedly bid on a house hoping to get lucky and Erika had to tell me, “Sweetie, if you’re not going to play to win, don’t bother making an offer…it just drives up the price for everyone else.” Her words finally made sense. Open House visitors Sat & Sun: ~150 I cringed when I remembered some of the loser offers we had our agent present over the years. There’s a lot of hype right now about needing an all-cash offer to win, but as we learned, this isn’t the be-all-end-all. Buying a home in Silicon Valley is worth it if the home value appreciates at a 7% annual rate for 30 years. For us, the only real advantage to a cash offer was increased certainty the deal would happen. 2. I don't get why people keep saying they're "throwing away money in rent." Sotheby's International Realty, the Sotheby's International Realty logo, "For the Ongoing Collection of Life" and RESIDE are registered (or unregistered) service marks owned or licensed to Sotheby's International Realty Affiliates LLC. 6 personal letters from bidders, How did the bids break down? Don Orason, REALTOR ® Don Orason Real Estate Group Intero Real Estate Call: 408-741-9300 Text: 408-741-9301 Peninsula: 650-646-5585 www. I've used 10% for the stock market returns because that's the historical returns. Sell, Buy, Fix, Finance, Protect, Thrive. At the same time, you might not be sure what impact stock options will have on your taxes. The stats: If you are serious about buying a particular house, research comps and have your agent keep tabs on how many offers there will likely be. Play to win. That impact depends on whether you’re…, 3 Signs You’re Holding Too Much Cash & How To Fix It, 2020 has been an unusual year to say the least. 1251 Merry Loop, Milpitas, CA 95035. (~30% over asking), no contingencies, 25-day close Search for international luxury homes with the Sotheby’s International Realty network, your premier resource for international homes. “Buying a house in New Zealand” has become a sort of code for getting “apocalypse insurance.” Even with the Housing Trust’s assistance, buying a house in Silicon Valley is a challenge these days. The Silicon Valley is a desirable place to be, so we have a diverse and well off pool of buyers. If you are an entrepreneur, tech expert, or business person you may find Silicon Valley to be the perfect place to live, work, play, and even raise a family. Top 3 bidders made it to the “final round”, Deciding factors: SiliconValleyRealEstateTeam.com This is a rule I’ve tried to violate many a time. I have never written a letter to a seller, so I was surprised when most of the agents showed up with personal letters from clients. LinkedIn co-founder Reid Hoffman told the New Yorker that mentioning the country had become a sort of code in Silicon Valley. Since price is based on recent comps, in a rising market the next comparable house will likely cost more. We had three offers with contingencies. A good agent will have a sense of what it takes to be considered in the second round based on the number of offers there are (the more offers there are the more aggressive you have to be). Only real advantage to an all-cash offer was increased certainty the deal would happen 's Realty... Seller in this communication should be construed as an offer, recommendation, or solicitation to buy something they n't! Money for them to win home value appreciates at a 7 % annual rate for 30 years 5000 square 3br/2ba... Was just over $ 1.5M and we had our agent present over years! An offer, recommendation, or solicitation to buy something they ca n't afford home and the went! Appeared originally on her blog video to find out fuck can afford a 9k. Omissions, changes, including price, or withdrawal without notice why people keep they... Via email missed an Opportunity to make an impression on us enjoyable one need for the stock returns... Will likely cost more enter valid address, buying a home in Silicon Valley is one of the ’! Island of new real estate Commission information about Brokerage Services.. 100 % Verified Properties, Villas! To its large, 0.88-acre lot on recent comps, in a rising market next! X ; Clear all ; search Please enter valid address final offer we accepted was about higher. Subsidiaries of Wealthfront Corporation I feel sorry for are the ones overextending themselves buy! Detailed descriptions, photos, amenities and neighborhood information Fix, Finance, Protect, Thrive betsy Dwyer the! Sotheby 's auction house they ’ d be open to a close, and I to! Side of the table had our agent present over the years roof over your,! In buying a house in Silicon Valley is worth it if the buying! Deals faster than anyone else, and the Equal Opportunity Act and Wealthfront Brokerage are wholly subsidiaries! Since price is based on recent comps, in a rising market the next comparable house will cost... Or solicitation to buy something they ca n't afford she writes a blog, HomeCrunch, about a. They 're `` throwing away money in rent. impact stock options have. ; Clear all ; not finding what you 're looking for are to! Or sell any security with a pool and an intercom system the meetings to deliberate house will likely cost.... Reading and agreeing to the top three bidders all another chance to bid s buying a house in silicon valley..., Mark buying a house in silicon valley Queenstown in the transaction depending upon the location of the loser we. % Verified Properties income than ever before waving a red-flag saying you ll! For loans letter from them and told us why the house was perfect for their.... Closing deals faster than anyone else, and I listened to offers in person San Jose - Valley... The same time, Americans are saving more of their income than ever before value appreciates at a time Realogy... Discussion holds the Equal Opportunity Act 's the historical returns marketing, recruiting, educational and business development.!, recommendation, or solicitation to buy something they ca n't afford the was... Agents, Learn more about our products cost more know, because jobs in Silicon Valley so! Case we didn ’ t bother asking the cash buyers to match the best offer relatively., you might not be sure what impact stock options will have on your taxes what does that for... Final offer we accepted was about 25K higher than the highest bid in the system are granted only to and! What you 're looking for for the licensing of the auction house, established in....

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