Area in red may be removed from the existing Don Callejon school boundaries

The rezoning of Don Callejon’s elementary school boundaries in the Rivermark Area of Santa Clara has been a hot topic in the last few weeks.  The Santa Clara School District is proposing to remove some of the housing developments and apartment buildings from the existing school’s enrollement boundaries.  Although nothing has been formally declared the overall consensus is that enrollment for residents living in the Citation Home develpments Mission Gardens, Mission Place, Mission Terrace along with the Archstone rental community may be transferred to Kathryn Hughes.

There is still quite a bit of uncertainty regarding the rezoning and nothing has been determined by the  Santa Clara School District.  If you are considering purchasing a home in this area and are concerned about school boundaries be sure to check with the district regarding this situation or view the website http://nocallejonrezoning.org for more specifics.

In terms off the effect on real estate values the rezoning may likely increase original Rivermark values with increases demand and de-value those properties that no longer belong in the Don Callejon enrollment boundaries.

Citation homes is up to it again, developing town homes this time in Santa Clara 95054 area which has become synonymous as Rivermark. Citation homes has built a surrounding properties such as the condo development next door and the the Mission Terrace town homes on Lafayette.

These town homes are nothing unique, they are the typical 3 level townhomes that we have become accustom to in the Santa Clara Valley. First level garage and bonus room or foyer to the stairs. Second level is the kitchen and living area and bedroom and top level 2 bedrooms suites, and a “private patio” which I consider neither private or large enough to be considered a patio.

The Mission Place development keeps it simple offering just three floor plans. Plan 1 is a 1,645 sq ft plan, it is unique because it features a bedroom on the same level as the kitchen. Although this limits the living area it is an advantage for those who want to have an office or bedroom on the same level as the kitchen. The home features two suites on the top floor and the only major detractor is the tandem garage, with already limited guest parking this will be a major resale issue. This floor plan is starting in the high $500K.

Plan 2 is a 3 bedroom 3 and a half bath 1,845 sq ft townhome. It features a downstairs bonus room whose functionality remains to be discovered with an oversized half bath. The second floor features a u-shaped kitchen, living area and bedroom with bath, and top level 2 bedroom suites. This floor plan has a 2 car side by side garage, prices start in the low $600K.

Plan 3 is a 3 bedroom 3 and a half bath 1,853 sq ft townhome which features another downstairs bonus room and half bath. The 2nd level kitchen and bedroom, and top level two bedroom suites. This floor plan also features a two car side by side garage. The major advantage of this floor plan is it is the only end unit designed plan.

The community does not feature any substantial ammenities, which for those who are money conscious will help reduce the HOA fee. The major downsides that I experiences are that AC is not a standard feature but an upgrade. The tri-level units AC is a must especially in the summer months on the top floor. The plan 1 and 2 have dark living or kitchen areas due to the lack of natural light. The amenities are typical of what most developers are offering these days; corain vanity tops, granite countertops, and stainless steel appliances.

Major concerns if purchasing these units.  You may want to consider the original Rivermark town home development if a compareable home is on the market for the same price or slightly higher.  The Rivermark development is much better laid out and offers more convenience.  Another thing to consider is parking.  Most of these homes have two car tandem garages which will force many owners to park one car inside and park one car outside.  Parking will become an issue, and will likely result in a lack of guest parking and cars parked on agnew at all time.

The last few weeks I have been writing about the market conditions around Rivermark, Santa Clara. Citing a number of short sale homes and condos, at significantly reduced prices. In the last week there has been a slight shift in the market with increased buyer activity that has resulted in some Rivermark home sales. Although sales numbers for the year are a bit down and a significant portion of the listings are short sales listings buyers have come out and put up some offers.

This past weekend I showed some properties in the Rivermark and Miraval complex, and 2 of the 7 properties that I intended to show just entered into contract, within the last 2 days. Now that buyers are recognizing that the market may not fall any further the buying opportunties are being noticed.

For a look at the sales and listings for Rivermark so far this year view the Rivermark Single Family market update.

Rivermark Home Listings and Sales

For a look at the sales and listings for Rivermark Townhomes and Miraval Condos so far this year view the market update.

Rivermark & Miraval Townhome and Condo Update

I’ve been writing quite a bit about the Rivermark Development in Santa Clara.  There is just a tremendous amount of shift and dynamic in that development right now compared to other neighborhoods.  Primary due to the numerous transactions in the past 5 years.  Today I wanted to post some information for you to see the homes sales in Rivermark and active listings in Rivermark.

The links below will provide you the active, pending and recently sold homes in Rivermark, Santa Clara.

Rivermark Sold, Pending, and Active Single Family Homes

Rivermark Sold, Pending, and Active Townhomes

For the folks that like statistics and market trends I have a comprehensive report for the 95054 area of Santa Clara.

Rivermark Home Sales Statistics

Rivermark Town home Sales Statistics

Rivermark Townhome Sales – Market Update

Rivermark Single Family Home Sales

Currently Santa Clara has 194 Notice of Defaults filled on properties. A notice of default gets filed on a property in Santa Clara County when the owner is behind on the mortgage by 2 or 3 months. This is the first stage of the foreclosure process referred to as pre-foreclosure.

Rivermark Townhome Short Sale

In order remove the notice the owner must make the home current and pay back the mortgage owed.

Newer developments have seen a higher rate of defaults due to the recent sales within the last 5 years of these homes. Home owners are unable to refinance their properties since many owe more than the current market values.

In Rivermark alone there are several short sales and 11 homes that have notices of defaults filed and 7 condo’s in the Miraval Complex. Many of these Rivermark home owners have already engaged in trying to sell their home as a short sale. Others may be attempting to renegotiate with their banks to stay in their houses, others perhaps bracing for foreclosure.

When confronted with this reality the homeowner needs to contact their bank and try to work out a resolution. This is where your persistence will pay off. Lenders seldom give any concessions to anyone let alone a debtor, but if you are persistent and can show hardship and willingness and ability to pay you should be able to modify your loan.

The other avenue is to sell your home short. The process is similar. The bank wants to know your financial situation before it can agree to any deficiency sale. Essentially you have to prove you can no longer afford your home or that you are forced to sell due to relocation or some other factor.

Both of these options have become more viable to home owners, so their is no reason why homeowners should be foreclosing these days.

It’s no surprise that any newer developments in the Santa Clara County as of the past 5 years are going to experience a high number of Short Sales and REO or Bank Owned properties. Rivermark in Santa Clara is no exception.

Rivermark Townhome Short Sale

Rivermark is a master planned community developed in 2002 by Lennar, Centex and Shea Homes encompassing over a 1500 single family and town home units. Also around the Rivermark development is the Miraval Homes Luxury condo development and Mission Gardens single family homes, townhomes, and condo’s.

Many of these units have resold in the last few years since their initial releases, leaving some home owners at peak prices resulting in short sales and no opportunity to refinance.

Currently in the Santa Clara Rivermark location there are 14 condo short sales and 1 bank owned condo. There are no single family short sales or REOs at the moment.

Miraval Condo

A good portion of these short sales are in the Miraval Condominium Complex. Miraval is a Luxury condo complex providing nicely appointed units with great amenities in the complex. Currently there are 5 short sale units for sale in Miraval. One bedroom units starting at $280K and 2 bedroom units at $400K.

As for the Rivermark development currently there are only townhomes availables. Which says alot about Rivermark and the fact that the single family home values have not been hit too hard. Many times buyers offten ask what is a better investment a townhome or a single family home. As you can see single family homes rarer in Rivermark have held up very well so var with all the market pressures.

For a list of active short sales and bank owned properties in the Santa Clara Rivermark area follow the link below.

Rivermark Short Sale Townhomes

• The requirements for Proposition 90 in Santa Clara County are the same as for Proposition 60 except for the following:  

• The effective dates and filing fees vary from county to county. Those property owners interested in transferring the base year value from their principal residence located in Santa Clara County to a newly purchased residence in another county should call that county to make sure that the other county is participating in Proposition 90.
• The following is a list of those counties which have approved Proposition 90 and will currently accept base year value transfers from other counties.

4534 LAIRD CI, Santa Clara (map)
	Type: Townhouse Status: Active List Date: 11/25/08 Price: $524,900 Bedrooms: 2 Bathrooms Full: 2 Bathrooms Half: 1 Sq. Ft.: 1437 Lot Size: 2,178.sf Approx age: 4 MLS#: 80846894

Quite often these days I run into buyers looking for “deals”.  I always inform them that if its on the MLS (Multiple Listing Service) the chances are that its not a deal.  Every so often there is a property that comes on the MLS and you think to yourself, wow that’s a deal.  It gets multiple offers and sells as high as it would have if it were listed property, negating the whole deal concept.

This Rivermark town home was originally listed two months ago for a reasonable price of $600K.  The home has hardwood floors, granite tile counter tops, and some very nice updates.  About two weeks ago the listing agent who specializes in selling bank owned properties dropped the price to an inconceivable level of $524K.  Why this home hasn’t sold yet truly amazes me.  Unfortunately I don’t have any buyers currently looking in Rivermark at that price range or I would certainly suggest this home.

There is one downside to this model it has tandem parking.  Other than that the location is desirable, the condition is clean and updated, and the price, well the price is down right cheap.  So for all of you home buyers who I have spoke to recently here is your official deal.