$13,000,000 Highest Sale in SCC! 170% over List PRICE_!_!_!_ 🔴[LIVE] Tuesday Highs & Lows
$13,000,000 Highest Sale in SCC! 170% over List PRICE_!_!_!_ 🔴[LIVE] Tuesday Highs & Lows
$13,000,000!!!
Morning, February 21st. Tuesday, 9:00 AM Sharp. Welcome to Silicon Valley Living for this week's highs and lows. , we've got some crazy numbers here. I don't know if you've seen the title sequence. 13 million. How for 13 million. That's crazy. All sorts of different things. Let's, get into it. Cause I know that we wanted to do this.
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Again, morning, Vito, Scarnecchia from the Abitano group. Here we are. All right. February 21. Rates have increased dramatically over the last couple of days. Why? because the market's in a little bit of turmoil. You see a lot of red, right? Why does that matter? People freak out. We had the jobs report, and we had the inflation report last week.
Everybody's going, oh, everything's weird. Everything's crazy. However, Houses are still selling. Again, these are closed 30 days ago, right? Plus or minus. Sometimes they close in 15 days, sometimes in 45 days. But for the most part, the last month, a week ago, last month, January 21st, we had 89 houses going to contract that.
Sales Volume is up!!!
So far better than 58. Far better than 59, 53. So we're seeing a little bump in the action there. What does that have to do with today? I can tell you that in the next couple of days, you're gonna see a lot fewer homes going into a contract until those rates come down or it becomes the new normal. I don't think we're gonna do that.
I've been saying all along March, April, and may, we're gonna see rates come down below. It's my firm belief that's gonna happen because we need to keep the market going. We need to keep this industry going because overall, we're 20% of the GDP, I believe. So that's necessary for us to keep this part going because we need money to flow in.
We need taxes to flow in, we need to support different things. Gas is going up just a tad bit, but again, that's because of the market data. Could it be because Korea, throughout the ICBM launched yesterday or the day before? Yeah, a couple days ago. It's all scare tactics, right? And what happens if we do go into World War iii?
What happens? We were in a war for 20 years, was in a world. I don't think we're gonna have a world war here. I think there's just a lot of pushing and shoving. And you know what it is, the US has been for 60, 70, 80 years, the big man on campus. And I think what's happening over the last few decades, we've given ourselves a pretty bad name for ourselves. So a lot of the countries are fighting back or pushing back saying No more. I'm not gonna listen to you. You guys can't tell us what to do. Russia and Korea, are they the bad guys? Are they good guys? Are we the bad guys? I don't know. But here's the thing. I think there's a lot that's going into the idea of its not politics, it's world politics, right?
It's not the liberals against the conservatives or whatever. I don't really care what you are. It doesn't matter to. I think we're trying to equalize and bring everybody up above a certain bar, and the US is fighting against that. That's what I see as happening. 89 days on market. That's Santa Clara County Home Single Family homes.
$13,000,000!!!
That's all of these guys right here. And we take a look at that. Let's see that. 13 million home, let's go real quickly into the $13 million. By the way, 91% of this. , started off at 14.2 million. This house is gorgeous. Look at this thing. This is View Street in Los Altos. Gorgeous, right? And take a look at the kitchen. When I talk about what I like, it's because this is what is in the higher-end homes. That's not quartz, that's granite, that's not painted wood. It's a natural stain, right? Is it dated? Yeah, but that's what people are buying. It's the highest, most expensive home sold last week and had natural stain and granite stainless steel fixtures. Nice lighting. They have a lot of nice looks and feel to them, right? It's a little dark. Yeah, it's a little dark, but that's okay. This is beautiful. worth every penny if you can afford it. That's Is that an office? Oh no, that's a movie theater. Huh. That's cool. Look at that billiard table. Oh yeah.
Lowest price last week
Because you know you bring in your private yoga instructor,. That's awesome. All right. Listed 14.28. Sold for 13 million. Okay, let's go back to the lowest-priced home in Santa Clara County. $630,000. A small percentage of that. Look at that. This is on William Court. At least it's a court. Looks like it was a rental for a bit.
A little tight, yikes.
The drywall worked right there.
That's not exactly legal
puts in a perspective. When you look at a $630,000 house in Florida or Georgia, it's just amazing, right? Totally different. Totally different. Let's take a look and see where this is. So it's off of 1 0 1 and six 80, so it's north of the 6 82 80 interchanges. This is San Jose State right here, downtown, the airport.
170% over list
So you know it's Williams Court, but I think 24 is where it stops going into the numbers. All right. All right. Let's take a look at the highest list price to sales price ratio. You ready? One 170% over the list price.
I've been telling you that it doesn't matter what you list, the house at the house is gonna sell worth the. Is bringing it to you, right? I've told you this over and over again. I tell all my sellers this over and over again. The house is going to sell. It doesn't matter what you listed, right? In the market, the sellers don't dictate what the final price is gonna be.
The buyers will, could this be lower? Yeah. Could be lower than what the market would bring, but based on condition and everything that an area, the fact that you're between six and 80 in calves, right? You're really close to, I'm sorry, eight 80. You're really close to what 17 was in Mo.
It's not a bad area, it's just I'm I, mentioned this yesterday. I believe it doesn't matter what you list the house at, you bring in enough offers, it's gonna sell right? Look, notice the default purchase agreement. So this one was in, in default, in foreclosure. So what they did was like list it low, it doesn't matter.
Let's see what the buyers will take or buy it. Bring in. And the bank has the final thing. So let's say it came in at nine 50. They had five offers or 50 offers, and the highest was nine 50. The bank still has Ari right? To come back and say, this is the price I'm gonna sell. And a smart buyer went, I'm, I'll take it.
It doesn't matter. So that's kind of stuff that's happening, guys. Now let's take the lowest one, which Walnut was the second most expensive whole home that closed this year. This week took over three. It took over a year to sell. The original list price was 12 million. It sold for 9.2. Oh yeah, this is the one that's
1100 acres. I actually have a flyover of this one. This is a horse property. Horse ranch in Gilroy. Yeah, I parked right there. Flew my drone all over this. So yeah, look at that. That's gorgeous out there. , $9 million in Gilroy. There you go. That's what it's worth. Let's see if we can come up with some decent pictures here.
Okay. It's all land. All land watch is gonna be this little tiny mobile homer manufactured home.
Come on, people there it. . So very modest home. You're buying land, that's what you're buying, right? Modest home, got a little bit of a shed there. It's probably 15, 16, and 1700 square feet. Nothing fancy about it. They, I don't even think showed inside pictures. So how are you supposed to look at that?
That's probably what happened. Oh, the primary square feet is 3000 square feet. I don't see that. What do I know?
All right.
We looked at the property yesterday or over the weekend, and one of the big things flowed. And I'm not talking about flow here. I'm talking about. Sorry, let me get out, out of this. I'm talking about the flow of the house. I went to a fourplex and everything about the house was just Franken stacked. It was a single-family home, and then they split it up into a duplex, and then years later they put a second story on it and put another unit on it.
So they had three houses or three units. And then they took the garage and converted it into an A D U, which I understand there's a massive amount of square footage and there's a massive need to put more people into the house. You still have to do it right. You still have to make it look and feel like there's a flow to the house.
You have to consider that before you actually do stuff, right? What this person did or this set of people did because I don't know the history of this building. Took this one unit, this one four-bedroom house, and split it into two, added a little section, and then they had two different apartments, which you know, was very cramped.
There was a one-bedroom apartment, one bedroom, one bath, and then the other one was like a two-bedroom, one bath. But to get to the bath, you actually had to move to the side and squeeze through because there was just this inset cabinet in the hallway and it just didn't flow right. And then you got out to the living area, which was nice and large, but just and then you went outside and then you had to go upstairs to the upstairs apartment.
And that house, that unit was a two bedroom, one bath, and it had a small kitchen in it. But it wasn't really well thought out. It felt like it was a three-bedroom, one-bath, and they thought, oh shoot, I forgot. We didn't put enough room for a kitchen. So they took a bedroom and made it into a kitchen. And then when you go to the garage that they converted into an A D U, it was a garage.
And then they had a little studio in the back, which that was the bedroom. And then you walked in and there was a bathroom there, and then there was a kitchen, and then there was a living room. And it just didn't feel like a flow. It just didn't flow right. It didn't feel like it, and it was vacant, but the listing agent was there, and a listing agent's husband who was also an agent was there.
And guys, I think it was totally overpriced and it was like 1.3, $1.4 million. It was crazy that they were asking that kind of stuff because the square footage was there, but then we'd have to go and take a look at it, and I have to go do the numbers right now, but, The square footage could justify the price, but not the condition.
Not the location, right? So that house is gonna sit there for a year or two, and then they're gonna finally drop it to a million dollars, and somebody will finally pick it up. But when you compare that to a standard fourplex, that's in decent condition. The flows of those are designed 1970s, of course, but they're designed for apartment living, smaller units.
FLOW
So people could buy into that. They can buy it as an F H A or VA or what have you, low down payment. Get into it and build your equity that way. And that's what we're doing with this one buyer. So understand that when you do. Add-ons, when you do, remodels, when you do all that stuff, think about flow, think about upgrades.
Think about what it's gonna look like in 5, 10, 15 years, right? Granite's timeless. I think people like quartz right now because it's crisp and white. I get it. They like the clean look of a kitchen, but after living in a kitchen that's white and gray, after 5, 6, or 7 years it's not perfect, right? So everything takes maintenance, everything takes forethought, and that's what the bottom line is when you're doing stuff to your house.
Think about bringing a designer in to get a third opinion, to get another set of eyeballs out there too. , do the right thing for your home, for your resale value, for an appraisal value, and for your enjoyment of living there. Cuz if you do something and you do it cheap and half-assed or you do it wrong, you're always gonna resent that decision.
And that's it. All right. Tomorrow we're doing 40 days on market. Tomorrow will be Wednesday. I'm Budo Nikia with the ABA Group at Silicon Valley Living. We'll see you out there.
Vito Scarnecchia
Realtor®, Broker, Veteran, Dad
DRE#: 01407676
Website: abitano.com
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