The 'Guide Me Home to San Jose' Blog

The Federal Tax Credit is not just for first time buyers anymore! In case you missed the announcement, on Nov. 6 President Obama signed legislation which both expands and extends the Homebuyer Tax Credit. Welcome news - but do not procrastinate! Word from the innards of the federal forest is that there will be no more extensions after this!

Here are the facts, and just the facts:

• The $8,000 first time buyer tax credit is extended until April 30, 2010.

• There is a new $6500 credit for ‘repeat’ buyers (must have lived in their homes 5 of the last 8 years)

• In both cases, the credit applies to 10% of the purchase price; the value of the home cannot exceed $800,000.

• The full credit is available to single taxpayers with an annual adjusted gross income of up to $125,000 and married couples filing jointly with incomes up to $225,000.

• Purchasers who have binding contracts as of April 30, 2010 would qualify for the credit as long as they complete their transaction within 60 days (or by June 30, 2010).

• For more information, please check out the National Association of Home Builders website at: www.federalhousingtaxcredit.com or www.irs.gov.

With first time buyers and investors competing intensely for homes under $500,000 in San Jose and the greater Silicon Valley market, we continue to have a shortage of homes in most neighborhoods. Interest rates remain low; again, do not procrastinate. With the deficit growing and our international sources of credit beginning to show concern, it is widely commented that interest rates may well rise in mid-2010, and possibly earlier. Since a 1% increase in interest rates off-sets a 10% decrease in housing prices, procrastination could be costly. If you are thinking about buying your first home, or moving for other reasons, the combination of the federal tax credit and low interest rates should encourage you to “make your move” this Spring. Repeat buyers in particular, take note: it may well take 1-2 months to sell your existing home. In order to take advantage of the credit, you must have a binding contract on your new property by April 30 and close escrow by June 30th. The San Jose/Santa Clara County area is seeing more price stabilization as the inventory of homes remains low; smart shoppers will certainly not want to wait. You will find tools for your home search on our website, www.AlteraSV.com.

Posted By: Colleen Badagliacco

This year San Jose’s Christmas in the Park celebrates its 30th year bringing holiday magic and joy to the young and young at heart. The city’s Plaza de Cesar Chavez becomes a two acre forest of Christmas trees, over 300 of which are wonderfully decorated by Scout troops, kindergartens and pre-schools, service groups, local businesses and global corporations. Santa arrived Dec. 6 with the season’s kick-off Christmas Parade. He is available for local children to share their holiday gift wishes and for photos as well.

As is so often the case, this very special Christmas setting began with the generosity of one dedicated citizen, Don Lima, a long-time community leader and businessman. In 1970, Lima donated to the City of San Jose the decorations that had made his business a seasonal landmark. Since that time countless volunteers have preserved and expanded his holiday vision, truly making a wonderland of our city center. Stop by on a winter evening to see the Lima Train in action, elves hard at work, and a Victorian Village decked for the holidays. Twinkling lights, whispers of man-made ‘snow,’ chorale groups and other entertainment fill out the picture. Donations and volunteers keep this super family event free to one and all.

Across the street you can even ice skate at San Jose’s own signature Skating Under the Palms.

This is but a snapshot of the holiday Season in San Jose, the heart of Silicon Valley.

Images source: christmasinthepark.com

Posted By: Colleen Badagliacco

We all know that hunger takes no holidays. The needs of our area’s food banks have been growing relentlessly over the past few years. In the heady days of Silicon Valley’s exponential growth, area employers and employees struggled to meet the demand, but in most cases we were, as a community, able to keep up- if only barely. This year is different. More of us are out of work or underemployed, more companies are doing layoffs, and the needy are more so.

In August 2008, unemployment in Santa Clara County hovered around 6.5%; currently Santa Clara County’s unemployment is at a record 11.9% (source www.bls.gov) and in neighboring San Benito County, which is more agricultural, it is at 13.8%. Underemployment of skilled workers, part-time and temporary jobs, and layoffs bring hard-working individuals and families to the food banks. At no time of year does this strike home more poignantly than at Thanksgiving and Christmas. On the radio this morning, just as the rain started to fall during my drive to my office in Willow Glen, there was an announcement from Sacred Heart Community Services ( www.shcstheheart.org/donations), appealing for donations of food and money. Did you know just $18 will provide turkeys for two families? With less than a week to go before Thanksgiving, less than 200 turkeys were on hand. The projected need is for thousands. Follow the link to donate.

The Second Harvest Food Bank of Santa Clara County (www.2ndharvest.net) also welcomes your generosity. To donate, visit our website, www.AlteraSV.com and click on the Second Harvest logo.

Food donation barrels are also in each of our offices: Willow Glen, Silver Creek, and Morgan Hill. Stop by or give us a call and we will pick up your canned foods donation.

In addition, The United Way of Santa Clara County has a “help central” at www.search.211.SCC.org. There you will find information on the needs and special requests of many of our valley’s non-profits.

As children, most of us (myself included!), focused on what we were going to get during the holidays; as adults, it never hurts to be reminded that it is in giving that we get.

Posted By: Colleen Badagliacco

No sooner has the last warm breeze of summer ripened the valley’s grapevines, than shorter days and cooler nights put the focus on pumpkins, goblins, and all things “scary.”

Half Moon Bay, about an hour north of San Jose and on the coast, is perhaps the area’s best-known capitol of all things pumpkin. This year Half Moon Bay celebrated its 39th Annual Pumpkin Festival.

As in years past, pumpkin growers from all over the U.S. compete to see who will win the prize for the biggest pumpkin. This year’s winner also set a record at 1658 lbs. That’s a lot of pie and seeds! The area features numerous pumpkin patches, and a haunted barn as well. The town of Half Moon Bay is picturesque all year round, but really puts on a show in October.

Years ago, when my children were small, Santa Clara County had numerous open spaces and fields where pumpkins were grown. They are less evident now, but if you drive south to Morgan Hill and Gilroy you will find several with pumpkins aplenty. Countless children, parents in tow, visit Uesugi Farms annually. This local grower fills out his pumpkin patch with a train ride through the patch, a hayride, and places to picnic. This is Uesugi’s 19th year and this year’s prize- winning Great Pumpkin weighed in at 1462 lbs!

If you’re not worn out from a beautiful fall day of pumpkin-picking, you might try one of the 11,700,000 recipes found when I searched Google for ‘pumpkin recipes’. Wow! That might take some time; while I still enjoy roasting the pumpkin seeds, you might follow my lead and bring home a fresh-baked pie from your local bakery and enjoy without all that research.

The Downtown Willow Glen Business Association, in the neighborhood of our Willow Glen ALTERA Real Estate office, will have its Halloween Celebration in ‘Boo-ti-ful’ downtown Willow Glen. The signature event is the kids’ costume parade and Trick or Treat along the Avenue.

The local merchants pass out candy to pre-schoolers in the morning and to local grade-schoolers in the afternoon. Hundreds take part and this year’s parade on Friday Oct. 30th will feature ALTERA Real Estate passing out candy and eco-friendly Trick or Treat bags as well. Scary? Probably not. Fun? Definitely!

Posted By: Colleen Badagliacco

The word for grapes in Spanish is uvas, so it is appropriate that one of the country roads that winds through southern Santa Clara County’s wine district, is called Uvas Road. The other main corridor is Hecker Pass Highway, or Highway 152 (only a 2 lane in this area), where it travels west from Gilroy. The Hecker Pass road bisects fertile valleys that trace their agricultural history to the early days of the Spanish settlers. In the 1920s many Italian immigrants found this area to be perfect for growing French and Italian varieties of wine grapes. If you continue West on highway 152 you will drive through dense redwood forests, to a summit of about 1000 feet, and then on through Watsonville on the coast with its fields of strawberries and orchards of world-renowned apples. On and off throughout the year, fog makes its way from the Pacific Ocean and over the Santa Cruz mountains to cool the vineyards of this area. The wineries of this beautiful region have won many awards for their Cabernet, Merlot, Chardonnay, Sangiovese, and Zinfandel wines among others.

Some wineries of note: Solis (SolisWinery.com), Sarah’s Vineyard (SarahsVineyard.com), Clos La Chance (ClosLaChance.com), and Jason-Stephens (JStephens.com). In addition to lovely tasting rooms and shady patios, many of these wineries feature picnic areas and bocce courts. Summer evenings often feature local musicians. They offer a truly unique, personal, and special way to spend an afternoon or evening!

Posted By: Colleen Badagliacco

A Taste of Morgan Hill, sponsored by the Morgan Hill Chamber of Commerce, will celebrate its 20th anniversary this year Saturday and Sunday, Sept. 26 and 27th, in the heart of Morgan Hill’s historic downtown. In addition to providing the community with a fun, family-friendly festival, the Taste of Morgan Hill supports the local Chamber of Commerce and its programs that support the businesses and residents of this Silicon Valley small town.

Just 30 minutes from downtown San Jose, yet a world apart, Morgan Hill is “the countryside of Silicon Valley” and home to producers of everything from mushrooms to wine! This year’s festival will feature local food and wine, a Custom Classic car show, a Quilt Show, Arts and Crafts, live entertainment, a MicroBrew Beer Garden and much more!

Although you may not think of Morgan Hill and Gilroy as “wine country,” the area is home to numerous local vintners, many dating back to pre-prohibition days and early Italian immigrant families. Although 1510 acres of wine grapes were harvested in the area last year, mushrooms and garlic are probably still its better-known agricultural products.

In recent years a new generation of wine growers has brought new life to this valuable regional resource.

First among Morgan Hill’s wineries is Guglielmo (Goo-yell-mo) Winery. Founded in 1925, now run by a third generation of the same family, this winery has won gold medals for many of it cabernet, sangiovese, and zinfandel wines. Guglielmo, Sycamore Creek and other local vintners can be found at the Wine Tent during the festival. More about other wineries in the Morgan Hill and Gilroy area of southern Santa Clara County in future posts! In the meantime, you can check out the Santa Clara Valley appellation for yourself any lovely Fall weekend, or go to SantaClaraWines.com for more information.

Posted By: Colleen Badagliacco

San Jose, California’s 3rd largest city (behind Los Angeles and San Diego), ranks at or near the top of a surprising number of diverse metrics - all positive- year after year. It has long been one of America’s safest big cities, is known for its highly educated (over 35% have graduated college and/or have advanced degrees), and well-paid (median income approximately $77,000 according to 2007 Census Bureau) workforce.

An attractive natural and job climate brings people to San Jose and Silicon Valley from all over the globe. Many stay, raise families, and retire here. Two national magazines, Forbes and U.S. News and World Report, ‘found the way to San Jose’ this summer. Forbes (July 09), found San Jose to be ‘the country’s most affordable major city.” High incomes and a wide range of housing options, from apartments to high rise downtown condos to suburban homes and estates, provide our area with something for nearly everyone. U.S. News and World Report (9/2/09) asked “ If you could create the ideal community to raise a child in, what ingredients would you include?” and named San Jose “one of the 10 Best Places to Grow Up”, ranking it third nationally behind Virginia Beach, VA and Madison, AL.

Our natural, educational, and recreational resources are abundant. With 9 square miles of green spaces, San Jose is home to hundreds of parks: dog parks, neighborhood parks, skate parks, and water parks! We have museums: Art , Tech, Children’s, and Egyptian, to name but a few, and of course, we have hockey, the San Jose Sharks of the NHL.

It is no wonder that San Jose continues to attract the best and brightest and keep them here!

Posted by:Colleen Badagliacco

It is said that on St. Patrick’s Day, everyone is Irish. Well, during the Italian Family Festa in San Jose’s Willow Glen neighborhood, everyone is more than just a bit Italian! Sponsored by the Willow Glen Business Association and the Italian American Heritage Foundation, last year’s event drew about 25,000 people to our neighborhood’s “Main Street” - Lincoln Avenue.

Lincoln Avenue, between Minnesota and Willow, is the heart of the Willow Glen business district and for the two days of the Festa it is transformed into a slice of Italy. Whether your tastes run to food-spaghetti, calamari, cannoli and many other fabulous treats, wine, music or just people-watching, you will find something to make your time memorable. What is usually a busy thoroughfare becomes an Italian village, complete with bocce games.

There is a saying “La dolce far niente” that in Italian means, more or less, “the sweetness of doing nothing.” If that’s your idea of a perfect summer in the city pursuit, make your way to the San Jose neighborhood of Willow Glen August 29th and 30th. The Festa is Saturday, 11am to 9pm and Sunday, 11am to 6pm. Altera Real Estate is a sponsor and you will find our agents throughout the event, dishing spaghetti, helping set up bocce games, and just helping everyone have a wonderful time.

Ciao! and hope to see you there. The proceeds from this event benefit the IAHF Scholarship program and events at the IAHF Cultural Center.

Posted By: Colleen Badagliacco

Nearly every community in the lush Santa Clara Valley can trace its heritage - literally roots - back to the days when we were called “The Valley of Hearts Delight.” Sunnyvale was known for its cherries, and has a park with cherry trees in the middle of town to remind us of that; San Jose was home to prunes, apricots, and other fruit trees, and has acres of tract homes with legacy fruit trees in their yards! Gilroy, in the mostly flat, warmer, south end of the valley area (Gilroy is about 30 miles south of San Jose), while having its share of other crops, has become known worldwide as the self-described garlic capital of the world. No matter that more garlic now grows in China, Gilroy’s Garlic Festival (GilroyGarlicFestival.com) is the premier event for those loving all things garlic.

Garlic ice cream? Yes, even garlic ice cream. This year’s winning recipe was - believe it or not - for garlic cookies, Spicy Garlic Butter cookies to be exact. About 4,000 volunteers have over the years grown the dream of Rudy Melone and Don Christopher into a multi-day event which this year drew over 108,000 people to sample garlic’s many culinary uses. Many local charities and non-profits benefit from this foodie extravaganza including the American Red Cross, Hospice of Hollister, and Gilroy Gators Swim Club. In 2008 the Garlic Festival raised about $1.72 million for more than 150 local charities and non-profits.

Interested in Gilroy or the Garlic Festival? Go to the website for the city of Gilroy, CityofGilroy.org, and GilroyGarlicFestival.com for more facts, figures, and information. Go to our website, AlteraSV.com, for more property and local community information.

Photos of the Garlic Festival included in this post by Bill Strange, Official Festival Photographer.

Posted By: Colleen Badagliacco

Schoolchildren staunchly sing “It’s a Grand Old Flag, a high-flying flag, and forever in peace may she wave!” all year round. Public buildings everywhere fly the stars and stripes; flags adorn countless homes, libraries, fire stations and capitols around the country, but somehow, around the 4th of July red, white, and blue are everywhere; for a few days at least, the country unites around its flag, its values, its hometowns.

Morgan Hill, one of Silicon Valley’s most charming small towns, does the 4th of July in a big way. Named after an early land-owner, who was actually named Hiram Morgan Hill, present-day Morgan Hill is a community of about 39,000 about 30 minutes south of downtown San Jose and a world apart with its suburban meets rural, neighborhood meets vineyard meets ranch lifestyle. The one reasonably high hill in town is not called “Morgan,” but “El Toro.”

This past Saturday more than 45,000 people turned out for Morgan Hill’s 115th Independence Day Parade, featuring marching bands, children’s groups, bands on floats, and horses as well as the usual complement of local officials. I am not sure which is more fun: marching in the parade and waving a flag, or standing along the parade route, waving, of course, a flag.

Nestled in a valley between the Santa Cruz and Diablo range, and only about 15 miles inland from the Pacific Coast, Morgan Hill is blessed with the perfect climate for a parade, tending a garden, raising a family, or just decompressing from a Silicon Valley life.

For more information about the community of Morgan Hill, please visit our website , www.AlteraSV.com, and explore the community links.

Posted By: Colleen Badagliacco

“Summer afternoon, summer afternoon; to me those have always been the two most beautiful words in the English language.” Henry James

This Spring saw the population of the city of San Jose reach the one million mark, becoming the first West Coast city north of Los Angeles to do so. That said, Why do so many San Jose residents still refer to San Francisco as ‘the City”? ! The heart of Silicon Valley is now the 10th largest city in country, the wealthiest city with a median household income of $76,963, and among California cities, the second most educated ( San Diego is first), with 34.7% having a four year degree. Source: U.S. Census Bureau or www.factfinder.census.gov

San Jose has not forgotten its small town roots, however. In 1927 there were only about 60,000 people in the Santa Clara Valley, but thousands of apricot, cherry, prune, walnut trees . Some of us are fortunate to have descendents of those early area pioneers in our backyard orchards; if not, you will be able to enjoy the taste of tree-ripened fruit at one of the many Farmer’s Markets that are open from Spring to Fall. The downtown San Jose Farmer’s Market is Fridays, 10am to 2pm at San Pedro Square; Willow Glen, Saturdays 7:30am-12:30pm behind the Garden Theater; San Jose Santa Teresa, Saturdays 9am -1pm at the Kaiser Permanente Medical Center, and in Morgan Hill, Saturdays, 9am-1pm at the Southern Pacific Train Station.

Spending Summer in the City? Check back for more great ways to enjoy the season!

Posted by:Colleen Badagliacco

Why should I buy a home/property now? I get this question often as potential buyers are squeamish with the less than positive economic news and forecast. It should be clear to you now that this real estate market is one of the most “abnormal” market trends we will be facing in our lifetimes! Normal solutions are not impacting this condition. And yet, it is equally obvious that while individually we cannot affect the market, we can still affect the quality of our own lives, our homes and our environments. As they say, “Life goes on!” Pent up demand is starting to become active - we need to take care of ourselves and our families’ needs. Now is a good time to move into a larger home, improve your school districts, invest or downsize your home.

There are many good reasons to purchase in the bay area now, especially if you are ready. Here are a few key thoughts to consider:

1. Prices have come down as much as 50-60% in some areas in the past three years! Buy low today!
2. Interest rates are very low, often below 5% so you can have low monthly payments per month or you can buy a larger home or upgrade to a better area.
3. More motivated or realistic sellers are selling and offering buyers additional credits for repairs, closing costs, or other needs.
4. The Federal government is providing first time home buyers a tax credit of $8,000 if you buy this year, and you can receive this credit money this year! You can get some rehab credits too.
5. There is a California state first-time home buyer tax credit of $10,000 for new home purchases this year.
6. Some cities are offering special down payment assistance programs. I had one client get $65K in assistance from the city of San Jose!
7. You can get a great investment opportunity here and abroad… you can actually have positive cash flow now!
8. You are helping the local economy during our most challenging economic period.
9. You can upgrade your home, space, and conditions. Get more space for your growing family or downsize at a bargain.
10. You can get a great long term investment, and diversify your portfolio. Sell high in the future.

Purchasing now may not be suitable for everyone. Please be sure to consult a tax or legal professional with questions. Consult an experienced Realtor to make sure you are ready and qualified to buy or sell. Be clear on your desired outcome. Get pre-approved for a loan so you know what you are qualified for. Take a look at homes for sale on the internet. Then, if you are seriously thinking or ready to make a move in the near future, now really can be a great time to jump in and make a splash and make your move today!

Posted By: James Endo

I have been noticing a huge increase in activity for the past two months, particularly in the affordable price range, say below $600,000, and multiple offers are the norm, not the exception! I believe that we may actually see that the prices may finally go up when the May 2009 sales price statistics come out the first week of June, 2009. I had one buyer client that competed against 18 other offers (and won!) and most, if not all of my sales for the past two months have had multiple offers. I’ve noticed it is particularly competitive in Blossom Valley, Cambrian, Evergreen, and the Berryessa neighborhoods. Sales activity has been up and prices are still low, and yet I have a professional feeling that we may see an upturn in prices or, dare I say, a leveling off of prices from the downward spiral. Anything that a buyer can do to present the best offer will be to their advantage, like offering the best price, most down payment, least amount of terms, and accepting simple property conditions. Multiple offer strategies are critical to success, and yet, I believe that buyers and agents are a little wiser or gun-shy from the significant overbidding of the past decade. And, I am also here to say, don’t be discouraged if you are an FHA buyer with “only” 3.5% down because I am getting those client offers accepted too, and keep in mind that you are taking advantage of the market downturn, helping to jump start the economy, and benefiting from the first time home buyer credits, a huge benefit if you are planning to stay for a while.

Contact me today for a FREE Buyer Strategy Consultation and see if now is a good time for you!

Posted By: James Endo

This past Saturday, May 16, 2009, our Altera office occupied a booth at the 7th Annual HomeOwnership Fair at the Santa Clara County Fairgrounds sponsored by the Santa Clara County Assoc. of REALTORS®, and many buyers and vendors were in attendance. My assistant Kristan and I, along with several other members of our three offices, participated in this all day affair and shared our professional experiences in the real estate market. I was happy to see that buyers were seriously looking to find out how they can take advantage of today's real estate market, receive information about special down payment assistance programs, research the current buyers' market, and see how they can benefit from all the short sale and foreclosure homes for sale. We provided valuable free information on topics including the $8,000 Federal first-time home buyer tax credit, market updates, buyer tips, and "rent vs. buy" scenarios, as well as offering free email listings, which allow you to receive the most current new and revised listings before anyone else does.

If you would like to receive any of the material, or if you are buying, selling or investing, contact me to find out how you can benefit in today's market... you will be glad you did!

Posted By: James Endo

The Santa Clara County Association of REALTORS® (SCCAOR) is currently volunteering to help seniors and those with physical challenges this week with household tasks they are unable to perform themselves, and my assistant, Kristan and I participated yesterday and what a great experience! Working with a couple of other agents and vendors, we helped some recipients hopefully make their lives a little easier. It was great to offer a helping hand and make them happy! On one occasion, it turned out that the woman was celebrating her 76th birthday yesterday and so we sang “Happy Birthday” to her. Then, someone bought little cupcakes so it was fun. She said, “Wow, I am so happy…it’s my birthday, my windows are clean and the weeds are gone!” It was a good time had by all and a priceless moment… what a great chance to give back to our community.

Having done this for the second time, this third annual event helps many households. This year, we will have ninety-five REALTORS® and real estate industry vendors in our community this week who are working at 70 homes in Santa Clara County on tasks that can be challenging for seniors and the disabled, such as [James Endo] picking fruit, replacing light bulbs, trimming bushes, gardening, moving furniture, plumbing, and washing windows. Volunteers are also helping out with minor electrical, plumbing, and maintenance problems, checking and installing smoke detector batteries, leaky faucets, and planting flowers. If you would like to volunteer or get some help next year, contact Irene Whitehead, coordinator, at irene@sccaor.com or 408-445-5092.

Posted By: James Endo