[Deal of the week] Santana Row Foreclosure

If you have been waiting for the opportunity to live the Santana Row lifestyle, here is the most affordable entry point we have seen.  Here is a 2 bedroom 2 bathroom unit overlooking the main street, with an outdoor patio, just above the new LB Steakhouse.

Details:

334 Santana Row #201, San Jose, CA 95128

MLS #80954192

2 Bedrooms, 2 Bathrooms

7 years old

1179sf living space

435sf lot

Why is it a good deal?

It is the lowest priced 2 bedroom unit we have seen come on the secondary market in Santana Row since these were originally built in 2002.  These condos are always in high demand and sure to grow in value over the long term.

What is the risk?

Competition.  Actually, the listing agent tells me they already have 4 offers and it’s just the first day on the market today!  The price is likely to go into the high $500k or low $600k range.

Who is the best buyer?

Santana Row is a lifestyle.  You need to want to live the active, small-condo kind of lifestyle.  A young and active couple, 2 roommates looking to get started, an older couple downsizing into the simple-life, all these are good buyer candidates.  I also believe an all-cash investor is in a strong position to use the power of cash to negotiate a successful acceptance from the asset manager since there is heavy competition at this price.

-mark