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golddust

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golddust
10 years ago

It's with mixed emotions that we sold Mom's house in Santa Clara. After much research, we sold it to Santa Clara University, who will use it for Professor housing.

The great thing is that it's a cash offer, no inspections, no appraisal, as is. Close in ten days.

The college worked with us and we both got a better deal than we would have if we used Agents and had to paint it and get inspections. We know it will never be sold again, it will be taken good care of and no one will McMansion it. It's sentimental because the parents built it in 1948, the year DH was born.

The cost of housing is so high that the University buys homes and rents them cheaper than market value.

Houses in the area are currently selling for $881. Per square foot. That is outrageous to me.

Comments (11)

  • gsciencechick
    10 years ago

    Hmm, maybe I need to check out jobs at Santa Clara University.

    Congrats on the sale.

  • mitchdesj
    10 years ago

    congratulations, you must feel better because of the circumstances !

  • golddust
    Original Author
    10 years ago

    Gscience, SCU is a great private college. Mom's house is in the 'University Square' development. A modest Colonial at 1485 sq ft., 3 Bedroom, 1 1/2 bath, we were renting it out for $2700. Per month.

    Owned free and clear, we will never replicate that investment again but DH is not an only child and the other 2 brothers aren't set for Retirement. The market in The Silicone Valley is hot right now because there are few homes on the Market. It was good timing. If it sold on the open market, we would have had to sell it for $100,000 more to make up for fees, inspections, repairs, etc. (Adobe soil acts like mud during Earthquakes.)

    The College has offered to purchase the house several times throughout the years and they are known to pay a very fair price. They paid what we asked and we were informed in our asking price.

    Mom and Dad would have approved of the sale because their home will be preserved instead of being purchased solely for the address.

  • Fun2BHere
    10 years ago

    Golddust, that sounds like a great solution for everyone! The private university in my home town does the same thing although housing there is much, much cheaper than housing in Silicon Valley. I think, in my uni's case, they are looking forward to a time when they might want to expand and they would already own the property, so they don't promise that they won't tear the houses down at some point.

  • dedtired
    10 years ago

    Sounds like a happy ending for all. It's so hard to let go of a house filled with memories, but you will still have the memories. I dread the day when my mother's house is sold. I hope I do as well as you.

  • golddust
    Original Author
    10 years ago

    The University is expanding, all the time, but the expansion is going away from our neighborhood. It won't happen. They won't tear it down. It's just far enough away to be safe. This neighborhood is where they want Faculty housing. Student housing is closer to the college, in more modest neighborhoods.

  • mtnrdredux_gw
    10 years ago

    tee hee

    Silicone Valley is a funny typo!

  • texanjana
    10 years ago

    That is fantastic, so happy that it will be preserved.

  • golddust
    Original Author
    10 years ago

    Nope. Not a typo. That's what we call it. We have all kinds of nick names for areas. 'The Gray Area', 'Nirvana City' (Nevada City). There's more but I won't bore you.

  • gsciencechick
    10 years ago

    LOL on the typo!

    Unfortunately, they do not offer my major there. Affording housing in CA would be an issue if we were to move, plus DH would need to take the bar exam.

    I better keep doing those HGTV dream home entries for Lake Tahoe.

  • golddust
    Original Author
    10 years ago

    I read the area is home to one of the most expensive housing in the USA. I don't know but I thought New York won that title.

    Housing in CA is expensive. Our cousin's property taxes (!!!) for his modest but nice home is over. $1,000. per month. Our property taxes aren't that much but they aren't cheap either.

    Our house appraised at $525,000 just last month but if it were in the South Bay, only a select few could afford it. We are rural. If it were in the city limits, it would be worth more. No idea what the median price of a home is here so don't know how it compares.

    USC is expanding the other way because they are purchasing smaller homes on smaller lots. They've already gobbled up most of the down town. Mom's house was modest (solid middle class in the late 40's) but just one block over is THE BIG houses in the nicest neighborhood. Old mansions the College wouldn't want to have to buy. Apple Executives, etc. live there. The College is rich but not crazy. The neighborhood would not stand for it.

    We are lucky the parents had such foresight back in the day when they chose the lot to buy.

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