Is it a buyer’s market in milpitas? DOM is still < 30 days. wonder what goes into this?
PS: I’m not a big fan of zillow or their zestimates but, since I am in the market, hioping this is true!
DOM < 30days means it’s still a seller’s market. 840K median price is very affordable by Valley standard.
840k was not the median price but the particular property I was looking at. But median is around 800k as well.
This is what @sfdragonboy was talking on a different thread abt milpitas.
https://public.tableau.com/shared/XMRW59TH7?:display_count=yes
I assume you are looking at that property for investment? Buy and Hold? If so, what’s the renal range you are looking at. Milpitas has some pocket that seems like it is good value, but there is one problem or another. But couple of streets down has huge price difference again.
No its for primary residence. Milpitas is so hot, so you either buy a fixer upper/rehab and rent or find some units with in law units or something that can provide additional income.
Schools are better/not great in Milpitas and once bart comes it will explode further.
What do you think of this:
5b/3b main house = 3600 per mo and 1b/1b studio = 1200. Conservative rental of 4800/mo.
https://www.redfin.com/CA/Milpitas/1199-Traughber-St-95035/home/892375
If can get $4800 rental, I’ll buy in a flash.
Well I think it is the market rate. What you think?
Oh I used to drive by that street all the time. Our previous baby sitter lives near there. That wasn’t one of the best street in Milpitas but okay. For rent I think it is possible to get 3500 / 3600 for main house, but I am not sure you will get 1200 on the studio.
Here is one house in my street renting http://sfbay.craigslist.org/sby/apa/5648350018.html, same sqft but lower number of bedrooms. This house sold recently so you can get the idea on how much it is near that area: https://www.redfin.com/CA/Milpitas/140-Butler-St-95035/home/1509521
I also don’t know whether that house include 1bed from detached into its total number of bedroom in MLS. 5 bedrooms will be pretty tight for 1500 sqft.
@myo 5 bedrooms doesn’t include the studio unit. I saw the home when it was in market.
Traughber st left of park victoria is not great but west of park victoria dr is alright, nicely done homes and a cul de sac.
Homes from 880 to N abbott ave north of calveras are the cheapest available, they come under flood zone so you will ahve to pay 1000-1500 per year on isurance and there is some freeway noise on heath st. neighbourhood is not great now but will chaneg in 5-10 years, and ok for investment i guess.
I think studio will go 1200 because a buddy of mine converted his garage into 1b/1b room and a small kitchen. he gets 1000 per mo. He bought the home in 2011 for 445k. so his mortgage is around 1600/mo. Actually pays only 600 out of his pocket and (1600/2, he has a 5/1 arm at 2.6%)800/mo goes into principal every month.
Good to know about studio rent. Your buddy got a nice thing going on for him! I was admiring for a buddy house where he built the detached office 10x10 in Fremont, maybe time to think about it.
Converted garage + Main house + detached unit = 6000 / month 
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With just a few homes on the market Z thinks it is a buyer market?
The inventory is at 1.1 month which is slightly more than other SV neighborhoods. 2.5 month is healthy
Avg sold vs listed is 107%. Most have several offers.
As for future rise no one has the crystal ball so quit looking at these predictions.
Nothing in the S. Bay Area stays long just 18 days.
Sam Shueh Realtor
Realty One Group