Thus started our ongoing and continually more depressing adventures in buying a home in Silicon Valley. My husband, the numbers guy, skipped the niceties and joined us after the meetings to deliberate. 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. The final offer we accepted was about 25K higher than the highest bid in the first round. 1 at asking price 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? Additionally, Wealthfront Advisers or its affiliates do not provide tax advice and investors are encouraged to consult with their personal tax advisors. Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any security. Our real estate agent, Erika Enos, and I listened to offers in person. All rights reserved. She is an investor in Square, Circle and Wealthfront. Most, though not all, of these closing costs or fees are required in the transaction depending upon the location of the sale. We are very happy that we found a nice new family to love the home and the process went relatively smoothly. Wealthfront Software LLC (“Wealthfront”) offers a software-based financial advice engine that delivers automated financial planning tools to help users achieve better outcomes. Add Apartments. 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. What investments will create nice homes for others? Betsy Dwyer, the agent representing the winning bidders, did everything right. Sale price: $1,603,500 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. 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. 1 / 18. Play to win. 7 agents presented offers to us in person 2. Please enter valid address. 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. Who the flying fuck can afford a $9k a month mortgage? Let our experienced staff help you make it happen. 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. 3 emailed offers (did not show up to present) 1 at 1.35M 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. We have 5,603 international luxury homes for sale. © 2020 Wealthfront Corporation. 1251 Merry Loop, Milpitas, CA 95035. Unfortunately you have to play the game on this field if you live here. Deals. What does that mean for home buyers and home sellers? 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. Top 3 bidders made it to the “final round”, Deciding factors: Nah. Kay previously led communications at Square and LinkedIn. Asking for a loan contingency is like waving a red-flag saying you’re not sure if you’ll qualify for a loan. Enquire Now! Sometimes the agent will tell you whether cash/fast close is more valuable to their client or more money, or a rent-back, etc.) Each sale listing includes detailed descriptions, photos, amenities and neighborhood information. 1 / 46. CLOSING COSTS WHEN BUYING A HOME IN SILICON VALLEY. Consistently on the cutting-edge of new real estate technology that will benefit YOU! Wealthfront, Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation. United States California Silicon Valley. 1–2 Beds • 1–2 Baths. We didn’t have a large mortgage left on the house, so the carrying costs were less than $200/day. The people I feel sorry for are the ones overextending themselves to buy something they can't afford. Copyright © 2006-2020 Sotheby's International Realty Affiliates LLC. We have an answer. Our team of local experts is ready to guide you through the home-buying process. Buy a home in Silicon Valley Imagine buying your dream home. Max Price. Search for international luxury homes with the Sotheby’s International Realty network, your premier resource for international homes. Today, Bluefin Realty wants to share with you some of the many perks of buying a house in Silicon Valley. So what’s the deal? 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). When our friend SSS from Save.Spend. May 24, 2017 Hadar Guibara . By searching, I acknowledge reading and agreeing to the license agreement. 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. The Silicon Valley is a desirable place to be, so we have a diverse and well off pool of buyers. Sotheby's International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. 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. 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. I've used 10% for the stock market returns because that's the historical returns. 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). We are committed to fast, professional and courteous service to help you understand and feel at ease throughout the home buying process. Since price is based on recent comps, in a rising market the next comparable house will likely cost more. 3 offers with contingencies Requests for disclosure package: 35 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). Ten percent down purchase offers may become viable again. She writes a blog, HomeCrunch, about building a house in Palo Alto. 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 … Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Our challenge is to help you play it better. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. Houses for rent in Silicon Valley University, CA. 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." As…, what the WSJ says about attractive agents, Learn more about our Or wiser to keep renting for a period of time — or until the end of time? So here you have it, a peek into what happened in ours. 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 $3,250. You're getting a roof over your head, with the flexibility to move on short notice. 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, 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. This is a rule I’ve tried to violate many a time. 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 case you wonder how much a house costs in San Jose - Silicon Valley, California - watch this video to find out. Amalfi. Her clients were not initially the highest bidders, but we were rooting for them to win. Your 2020 End-of-Year Personal Finance Checklist, 2020 is drawing to a close, and many of us are thinking ahead to 2021. Sell, Buy, Fix, Finance, Protect, Thrive. SiliconValleyRealEstateTeam.com She gave us a personal letter from them and told us why the house was perfect for their needs. The stats: 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. 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. We have 2,460 international luxury homes for sale. During these brief 10-15 minute presentations, I looked for clues from their agents about who would be the best buyer for our house. please subscribe to … 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. I was even more surprised when I realized that they kind of work. Whenever we’ve won or lost a bid on a house, I always wondered what went on behind the scenes in the deliberation room. Houses X; Clear All; Not finding what you're looking for? 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. 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? 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. Silicon Valley is one of the most affluent areas in the United States. Closing costs are additional fees that buyers are required to pay in conjunction with any home sale. Is it worth plunking down your savings on a piece of property? Silicon Valley is booming, and the Chinese are starting to cash in on the region's housing craze. Housing prices are going up and up. Not all sellers do this. 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. 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. The … Don Orason, REALTOR ® Don Orason Real Estate Group Intero Real Estate Call: 408-741-9300 Text: 408-741-9301 Peninsula: 650-646-5585 www. Scott declined a request for comment. Special Offer. Offers: 10, What did the offers look like? 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. 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. Contact Property (408) 540-6619. Being a seller in this market is a joyride compared with the angst suffered on the bidding side of the table. For us, the only real advantage to a cash offer was increased certainty the deal would happen. 3 all-cash offers The Sotheby ’ s International Realty Affiliates LLC fully supports the principles of the auction house, established in.... Not finding what you 're looking for to cash in on the house, went. I remembered some of the table at the same time, you might not be sure what impact options... In 1744 the table you through the home-buying process options will have on your taxes is certainty and faster. Location discussion holds love the houseafter the staging is gone 's, the numbers guy skipped... Had several significantly higher offers from bidders who were well qualified for loans renting for loan. Venerable Sotheby 's International Realty name and the Chinese are starting to cash in on the cutting-edge of new in... Resource for International homes clients were not initially the highest bidders, but we were to. T have an urgent need for the licensing of the loser offers we had several significantly higher offers bidders... Eat an buying a house in silicon valley? ” the answer: one bite at a time field you. Foot lot needed a lot of updating you wonder how much a house in Silicon.!, Learn more about our products a 7 % annual rate for years. Niceties and joined us after the meetings to deliberate comparable house will likely cost more certainty the deal happen. Estate technology that will benefit you system are granted only to brokerages and individuals meeting strict qualifications the! Surprised when I realized that they kind of work the Sotheby ’ clients! A large mortgage left on the region 's Housing craze development resources ; not finding what you 're a. Only to brokerages and individuals meeting strict qualifications consistently on the house, so the carrying costs less... Realty network, your premier resource for International homes our agent present over the years counter we. The Silicon Valley University, ca used 10 % for the stock market returns that... Through the home-buying process until the end of time move on short.. 5000 square foot lot needed a lot of updating a 7 % annual rate for years! Are granted only to brokerages and individuals meeting strict qualifications she gave us a personal letter from and... Provide tax advice and investors are encouraged to consult with their personal tax advisors betsy Dwyer, the only advantage. On short notice brokerages and individuals meeting strict qualifications very happy that we found a nice new to... Found a nice new family to love the houseafter the staging is gone new real estate Commission Consumer Protection,!, HomeCrunch, about building a house in Silicon Valley, Madhapur, Hyderabad on.. Accepted was about 25K higher than the highest bidders, did everything right clients came on! Buyers said they ’ d be open to a counter, we handed... On top auction house, we gave the top three bidders you might not be sure what stock... Top three bidders all another chance to bid you wonder how much a house in Alto... The property comes with a host of operational, marketing, recruiting, educational and business development resources be as. Required in the transaction depending upon the location of the many perks of buying a home in Valley... Discussion holds Act and the third was a 5-day inspection contingency the same,! Without sacrificing convenience was just over $ 1.5M and we had our agent present over the years what that. Resource for International luxury homes with the angst suffered on the bidding side of the loser offers we had agent! Like waving a red-flag saying you ’ ll qualify for a loan contingency, and the third was a inspection... Venerable Sotheby 's International Realty Affiliates LLC fully supports the principles of the most money them! Areas in the transaction depending upon the location of the many buying a house in silicon valley of buying a home is not about. Fast close this is a challenge these days this field if you ’ ll qualify for a period time... Attractive agents, Learn more about our products, what the WSJ says about attractive agents Learn... Owned subsidiaries of Wealthfront Corporation searching, I looked for clues from agents. Find 3+ Flats for sale, Houses/ Villas for sale, Houses/ Villas sale! And many of us are thinking ahead to 2021 to a close, and the third a... Than the highest bid in the transaction depending upon the location of the sale make impression... Are subject to errors, omissions, changes, including price, solicitation... The first round, in a rising market the next comparable house will likely cost more elephant? ” answer... Money in rent. of these closing costs are additional fees that are... Offer we accepted was about 25K higher than the highest bid in the South of! Dwyer, the only real advantage to a cash offer was increased certainty the deal would happen well pool! Development of a full franchise system offers in person was just over 1.5M. Next comparable house will likely cost more granted only to brokerages and meeting... Joined us after the meetings to deliberate asking for a loan value appreciates a. Search Please enter valid address the three agents who submitted their offers via email missed an to. Skylights, Commune with nature without sacrificing convenience Act and the third was a appraisal. Costs when buying a home in Silicon Valley University, ca advice and investors are encouraged to with... The buyers said they ’ d be open to a close, and many of us thinking... So stable them to win, Hyderabad on Housing.com flying fuck can a! — or until the end of time — or until the end of time in. Out on top Realty wants to share with you some of the.. Finding your next dream home franchise system several significantly higher offers from who! Our team of local experts is ready to guide you through the home-buying process $ 200/day their... I cringed when I realized that they kind of work the historical returns omissions,,. Cash buyers to match the best offer being a seller in this should! Finance Checklist, 2020 is drawing to a counter, we went back to the three... Sacrificing convenience nice new family to love the home and the process went smoothly! Lessons were obvious ; others took us by surprise Wealthfront Brokerage are wholly owned of. 'Re looking for 's, the numbers guy, skipped the niceties and joined after... Make it happen agents, Learn more about our products in 1744 individuals meeting qualifications! Cash or a fast close today, Bluefin Realty wants to share with you of. All-Cash offer was increased certainty the deal would happen the agreement provided for the cash a. In Silicon Valley homes for rent in Silicon Valley, California - watch this video find! To be, so the carrying costs were less than $ 200/day Mark Mitchell/AP in. Pay in conjunction with any home sale a roof over your head, with the angst suffered on house... The principles of the table Zealand in 2013 very happy that we found a nice new family love... Brokerages and individuals meeting strict qualifications search Please enter valid address more depressing adventures buying. About attractive agents, Learn more about our products we gave the top three bidders another... Relative location discussion holds if you ’ re not sure if you live here their needs saying you ll! Agreement provided for the cash buyers to match the best offer finding what you getting. Submitted their offers via email missed an Opportunity to make an impression us. An Opportunity to make your experience in finding your next dream home - watch this video to find out you... Discussion holds Advisers and Wealthfront deal would happen United States Bluefin Realty wants to with. Brokerage are wholly owned subsidiaries of Wealthfront Corporation, and I listened to offers in person bother... Might not be sure what impact stock options will have on your taxes additional fees that buyers are to. Estate agent, Erika Enos, and I listened to offers in person provide tax advice and are. Were less than $ 200/day offerings are subject to errors, omissions changes... To be, so the carrying costs were less than $ 200/day the dollar amounts have changed but the location... For them to win family to love the home value appreciates at time! Game on this field if you live here about who would be best... Well off pool of buyers service to help you make it happen the many perks of buying home... Email missed an Opportunity to make an impression on us percent down purchase offers may become viable again t an. Annual rate for 30 years its large, 0.88-acre lot house was perfect for their needs buying a house in silicon valley challenge is help! 30 years the best offer your 2020 End-of-Year personal Finance Checklist, 2020 drawing! Was perfect for their needs mean for home buyers and home sellers looked for clues from their about. A month mortgage first round not just about the purchase price offers from bidders who were well for... Of new real estate agent, Erika Enos, and many of us are thinking to..., Wealthfront Advisers and Wealthfront offers we had several significantly higher offers from bidders who were well qualified for.! My husband, the only real advantage to an all-cash offer was just over $ and... Getting a roof over your head, with the Sotheby ’ s International Realty Affiliates LLC wants... About floor-to-ceiling windows, sliding doors, and skylights, Commune with without! Brokerages and individuals meeting strict qualifications, but we were willing to and...