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Is Mission Place near Rivermark good buy?

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Raj95054

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Hi,
After doing research I'm more inclined to purchase home in Mission Place Rivermark Area -Residence 3 Plan. What would be the approx price in the current market?
Builder is quoting -- 639 ~ 649K
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June 25 - Santa Clara
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fasafiso

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I think it is way overpriced. Santa Clara Unified School District will propose a decision about Don Collejon re-zoning on November 12.  Mission place & mission gardens will probably be removed from Don Collejon school zone.

You could find much better single family home for that price. If you like the area, check the single family homes on the other side of Lafayette. They will be in the same school zone.
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November 04
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jdsdaddy

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Way, way overpriced for what you get, even aside from the school issue.  The builder is locked onto that price range because of the insane amount it paid for the raw land.  I believe that in a few years, new developments in this area will price much more aggressively since raw land is now so much cheaper.

Rivermark is a better buy but by no means is it a good deal at this time.  Lots and lots of single income families reliant on hi tech jobs which are either disappearing or paying much less than before.  And let's not forget that Silicon Valley was bubble central and the run-up was almost a decade in the making.  We've only been correcting for a couple of years and prices are nowhere near matching incomes. 

Many that are buying right now either don't study the market or are under the assumption that the cycle will repeat and they will stand to make a fortune in a few years.  The Bay Area is home to some of the brightest people in the country, except when it comes to real estate - the kool aid is consumed too heavily in these parts.
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October 24
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byin95054

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I am not sure if you have already made your purchase decision or not yet but it looks like it will go through a serious price fall. Look at :
http://www.rivermarkhomessantaclara.com/don-callejon-school/rezoning-don-callejons-elementry-school-boundaries/
http://nocallejonrezoning.org

IMO builder is having or keeping a buffer of at least 100-120K negotiation if you compare similar homes in Mission Garden, which may have few sqft less but still better.
 Also when the school status is in limbo it will be hard for anyone to buy and it would be compared to other side of Lafayette Street which is selling single family home houses for same price range.
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October 24
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Zeba Siddiqui, "Zeba"

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The price you are being quoted seems a bit high, for high density town homes in this area. The development is near train track depending which part of complex you are looking to buy. You can go for a Single Family home in Mission Park area on the other side of Lafayette with its spacious and well planned Single Family Homes and a family friendly neighborhood or a town home in Rivermark.
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July 07
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Raj95054

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I looked at the HOA docs parking restricted for guests only not for home owners. Also there is plenty of street parking available on Agnew rd. I don't know how busy that parking during weekends/weekdays.

Any inputs on how much I can offer to builder? 
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June 26
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Vinicius Brasil, "vbrasil"

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I personally do not think so.  You are better off buying a resale in Rivermark which will have better resale in the future anyway.  For the price that they are asking its not a good deal.  Also keep in mind that the guest parking is limited and the number of tandem garages in the complex is double the side by side garage's which indicates to me that parking will be a problem.

The entire development will look congested much like other similar developments.  The original Rivermark development is open and has walkways, tenis courts, pool, and much more to offer.

I would look into a bank owned town home in the original Rivermark development, there is currently one right now that is being offered below $600K.

http://RivermarkHomesSantaClara.com
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June 25
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space_acer

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Well lets see, homes in your region were around 200-300K (med price or so for 2000 sq ft SFH)  back 10 years ago before the Housing Bubble and Equity Bubble which drove prices higher by 300%.  With inflation and incomes coming up 30%  .. you think somehow its worth $650K

I think its bearly may be worth 400K as the median declines to 300K.


http://www.housingbubblebust.com/OFHEO/Major/NorCal.html


If indeed we hit bottom, it would be the first time prices never corrected to long term trends.

 
 

 
 

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June 25
 

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