Many buyers looking to purchase a condo in today’s real estate market are obviously looking for a deal. And rightfully so with the number of foreclosures and short sales on the market these days. But what many condo buyers don’t realize or fail to realize the importance of, is that they are not just buying a piece of real estate, they are also buying a membership into the homeowners association (HOA). Most buyers are aware of this fact. Sure that means there are rules to follow, HOA dues, CC&R’s, and probably HOA meetings. No big deal, right? Well, probably no big deal unless you get hit with a dues increase or, worse yet, a special assessment that could easily cost you thousands of dollars. Suddenly that bargain condo isn’t such a bargain anymore.

When you are buying a condo (or any property subject to an HOA), there are a number of issues that you as a buyer need to be aware of that are much different than buying a single family home. The most obvious of which is the homeowners association, which you may soon become a member of. Say, for example, there are a handful of foreclosed properties in the complex. Chances are you may be hoping to purchase one of these bank-owned properties (REOs). So can you imagine that if the former-homeowners failed to pay the mortgage there is a high probability that they also weren’t paying HOA dues. Multiply that by a few former-homeowners and suddenly the HOA’s operating budget is no longer where its supposed to be at. And that can directly lead to a dues increase or even a special assessment. How can you protect yourself against such surprises? Make sure you do your due diligence on the HOA finances before making the purchase. Review the budget and financial statements provided to you. And as boring as it may be, read the board minutes and newsletters.

There is a great article from the Wall Street Journal written by June Fletcher that discusses a few more hints for buyers interested in buying a condo. This includes taking a good, long look at the reserve study. This is a great, short article for anyone in the market looking to buy a condo.

Tips for Buying a Condo at a Bargain, The Wall Street Journal, June Fletcher, October 17, 2009

San Jose City Council Member Sam Liccardo will be the featured speaker at this Thursday evening’s San Jose Downtown Residents Association (SJDRA) Fall Quarterly. The District 3 Council member will be speaking on the topic of the importance of and benefits of effective advocacy by residents and discussing the best practices for impacting decisions in City Hall.

The SJDRA Fall Quarterly Meeting will be held Thursday evening, October 22, from 7:00pm to 8:30pm, at the Social Room in the Paseo Plaza complex located at 144 S. Third Street in downtown San Jose.

San Jose Downtown Residents Association Meeting (SJDRA)
Thursday, October 22
7:00pm - 8:30pm
Paseo Plaza Social Room
144 S. Third Street
Downtown San Jose

Reservations are recommended as seating will be limited for this engagement. To RSVP, please call (408) 535-0123 or email sjdra@yahoo.com.

If you or anyone you know is in danger of losing your home becuase of foreclosure, information about how to save your home will be availabe at a free Foreclosure Prevention and Resource Fair this Wednesday, October 21 at the Mexican Heritage Plaza in San Jose. The fair is intended to help anyone impacted by foreclosure by assisting them with appropriate resources or to provide them with assistance in going through the foreclosure process. The event will give homeowners an opportunity to meet with volunteer staff who will meet with homeowners to determine their individual circumstances and connect them with appropriate resources. A few of the resources that will be discussed include working with HUD-certified foreclosure prevention counselors, nonprofit legal services, emergency financial assistance and other housing services. Volunteers will also discuss how to avoid foreclosure scams.

The Foreclosure Prevention and Resource Fair is being sponsored by ForeclosureHelp, a City of San Jose Housing Department program.

Foreclosure Prevention and Resource Fair
Wednesday, October 21
1:00pm - 7:00pm
Mexican Heritage Plaza
1700 Alum Rock
San Jose, CA

For more information, call (408) 794-1242 or visit www.foreclosurehelpscc.org.

If you’ve ever been a fan of Star Trek (and I know you have), the Tech Museum of Innovation will be hosting its newest exhibit “Star Trek: The Exhibition” from October 23, 2009 through February 28, 2010. The exhibit is described as “an interactive exhibit of authentic Star Trek artifacts from the past 40 years” and will include a replica of the bridge from the USS Enterprise NCC-1701, as featured in the original Star Trek televsion series. This will be an awesome experience for anyone who grew up with Captain Kirk or Mr. Spock. But there will also be pieces from the more modern versions of Star Trek (i.e., The Next Generation and movies) as Star Trek: The Exhibition is the world’s most comprehensive collection of authentic Star Trek artifacts and information that has ever been put on public display. The gallery will host an impressive array of exhibits featuring television and movie sets, character costumes, and props from all five Star Trek television series and eleven Star Trek feature films. There is also an opportunity to ride in a full-motion flight simulator through a Star Trek adventure. Now how cool is that?!?!

Star Trek: The Exhibition
The Tech Museum of Innovation
180 Park Avenue
Downtown San Jose
Exhibit from October 23,2009 through February 28, 2010

For more information about Star Trek: The Exhibit, visit the website. For ticket and price information, visit The Tech Museum.

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Silicon Valley Restaurant Week kicked off last night and a number of downtown San Jose restaurants are participating in this first time event. Over eighty restaurants throughout Silicon Valley, including over a dozen downtown San Jose restaurants, are participating in the “prix-fixe” dinner menu option. Restaurants from Los Gatos all the way up to San Carlos are offering special fixed $35, three-course dinner meals during Silicon Valley Restaurant Week. The event, which is similar to the Dine Downtown Restaurant Week earlier this year, continues the tradition of offering diners an opportunity to enjoy and experience new restaurants on a special set menu.

Silicon Valley Restaurant Week
October 14-21, 2009
Participating Restaurants throughout Silicon Valley

Downtown San Jose Restaurants include:

Agave Viejo Mexican Cantina and Tequila Lounge, 151 W. Santa Clara Street, www.agaveviejous.com
Arcadia, 100 W. San Carlos Street, www.michalemina.net
Billy Berk’s, 99 S. First Street, www.maxsworld.com
Emile’s, 545 S. Second Street, www.emilesrestaurant.com
Fahrenheit Ultra Lounge & Restaurant, 99 E. San Fernando Street, www.fultralounge.com
Habana Cuba, 238 Race Street, www.998cuba.com
Il Fornaio, 302 S. Market Street, www.ilfornaio.com
La Pastaia, 233 W. Santa Clara Street, www.lapastaia.com
Loft Bar and Bistro, 90 Second Street, www.loftbarandbistro.com
McCormick and Schmick’s, 170 S. Market Street, www.McCormickandSchmicks.com
Morton’s The Steakhouse, 177 Park Avenue, Suite 100, www.mortons.com
Mosaic, 211 S. First Street, www.mosaicmontgomery.com
Paolo’s, 333 W. San Carlos Street, www.paolos.com
Scott’s Seafood, 185 Park Avenue, www.scottsseafoodsj.com

For more information about Silicon Valley Resturant Week or to see prix-fixe menus, visit www.siliconvalleyrestaurantweek.com. Reservations can be made via OpenTable.

San Jose ranks in the top 10 cities for young professionals according to an article in the Wall Street Journal. According to Sue Shellenbarger’s article, “The Next Hot Youth-Magnet Cities,” San Jose ranked #6 on the list of “hottest, hippest destinations for highly mobile, educated workers in their 20s when the U.S. economy gets moving again.” Falling just behind other metropolitan big cities, San Jose appealed to the panel of experts because of the region’s economic strength and popular cultural activities. Being the capital of Silicon Valley, San Jose’s strong entreprenuerial spirit and smart venture capitalism has the ability to draw bright, young talent to the area and be a source of employment for any hot job fields. In addition, young professionals also are attracted to the region’s restaurants, cultural life, and access to outdoor activities. With the recent downturn in the real estate market and economy, housing is also more affordable and viable in San Jose.

The panelists based the rankings on criteria that was important to the hip and mobile young professionals including economic diversity all the way to lifestyle. The experts noted that the young professionals are now placing more emphasis on locations where they are more likely to find high-quality, high paying jobs. San Jose placed sixth on the list behind other big city metropolitan areas. Washington, DC and Seattle tied for first while New York City, Portland, and Austin came in just ahead of San Jose. According to the article, young adults between 18 to 29 are the most mobile age group, and their past migration patterns have defined the future of regions.

Top 10 List Hot Youth-Magnet Cities

1. Washington, D.C. (tie)
1. Seattle (tie)
3. New York
4. Portland, Ore.
5. Austin, Texas
6. San Jose, Calif.
7. Denver
8. Durham, N.C.
9. Dallas
10. Chicago

Source: The Wall Street Journal, “The Next Hot Youth-Magnet Cities,” Sue Shellenbarger (9/30/09)