Housing market recovering? (San Jose, Cambria, Mariposa: short sale, real estate market, condos)

[easybay]

From time to time I check up on Redfin what's selling in our neighborhood (95126). I have my search set to 3 bdrm, 2+ bath, 1750+ sq ft, and priced between 400-950,000. 8 of 10 listed are "pending". I was pretty surprised to see that, obviously a come back for the real estate market.

[jbunniii]

I just went through a house search myself. 95126 is Rose Garden and vicinity, right? There's not much supply there, and it's a popular neighborhood, so I'm not surprised that houses are selling if they're priced in the right ballpark.

Here's one that I checked out a few weeks ago at an open house:

1366 MARIPOSA Ave, San Jose, CA 95126 | MLS# 81130143

I see that it's pending despite having some rather serious issues: short sale, partial remodel with the rear half still in need of substantial work, etc. It clearly needed at least $100k of work, maybe more, and who knows what would have been turned up during inspections. So minimum $729k to put it in livable condition. You can do a lot better for $729k elsewhere in San Jose.

I ended up buying in Cambrian, where the market is active but still seems more reasonably balanced in favor of buyers (although sub-$600k seems to be selling fast regardless of condition).

[DMenscha]

As much as I don't like trulia, here's what they show for the san jose market since 2000

San Jose average and median listing prices - Trulia.com

Pretty flat since 2009, which I guess is a good thing.

[gone down south]

Well priced properties will always sell quickly, regardless of the overall market.

[whitey black]

Originally Posted by easybay

From time to time I check up on Redfin what's selling in our neighborhood (95126).

Rose Garden district, seriously, who wants to live in that ghetto?

[cardinal2007]

Originally Posted by whitey black

Rose Garden district, seriously, who wants to live in that ghetto?

95126 is not all Rose Garden or Shasta-Hanchett Park, where I live in 95126 it is all condos and townhouses, and buyers seem to have negotiating power, at least all closed sales from 2011 seem to suggest that, they don't have the uniqueness or charm of the 1920s/1930s housing further north/northwest from here. I will say that inventory of anything is much lower than it was in October. I don't know if it is just winter or if people have decided to stick it out, and not sell/shortsell.