US Inventory Watch | What you get for $1,000,000 Santa Clara County

 US Inventory Watch | What you get for $1,000,000 Santa Clara County


 Good morning. Good morning. Three things you need to know. Santa Clara County edition. Today we're talking about what you get for a million dollars. I have to bring that one back up again because it's pretty telling. This weekend's events, humble pie. You get to see me eat a little bit of humble pie because I went on a hike yesterday.

Alleviating California, that's number two is alleviating California's housing crisis and new home versus old home, which is. Better. Let's talk about it right now. All right. First and foremost, let me get to this. So it makes sense. There we go. This weekend's a while. 

No, let's talk about humble pie. Cause I want to get this off the board.

It was embarrassing, but yesterday I went on a hike with guys I know from the gym and they're older, guys, right? They're all retired. So they do this three or four times a week and they're running up and down these hills here in California. And I used to be in pretty decent shape. I thought I was in pretty decent shape.

Still getting there, especially after the COVID lockdown, doing nothing for a year or two, whatever. And now I'm getting back into it. I've been hiking with these guys for about three, or four months and it's intimidating. So I show up. No, that's not it. It's, I want to shut this down. I don't want you to hear it, but I am.

Walking the Santa Clara, the Santa Teresa County Park here, right? And we these, guys, they are like high-speed tractors. They just go up the hill and I'm trying to keep up with them and trying to make whatever it's difficult and here I am trying to snuggle up with these guys and they go on so I go about five or six miles.

I think it's about five miles and they're like, okay here's your choice. You can go back home or you can go on and continue on with 11 miles, 11-mile hike. These guys do 11-mile hikes three, four times a week up in the hills. And they already went like Billy Goat. They went up and down these really steep hills and I was struggling and they were stopping at the end and I'm still sore from it.

I think I'll be really sore tomorrow, but I think the point is, I have to do this at least twice a week to keep up with these guys. But living here in California, I tell you what, that's me almost passing out. Oh humble pie. That's all I can say. All right. Let's see events this weekend. I think I might go to this one soon.
Willow Glen. It's a block party. Willow Glen, downtown Lincoln. Guys, go there. Sunday, right after church. Go. Nothing is stopping you. Bring your dogs, go hang out, go see people, and be social. This weekend's events. This is Alameda County Fair. An electric train tour is not a big deal. I don't really care. Alameda has some stuff going on.

Moss Landing. Street Fair and Moss Landing. Guys, St. James Park Starlight Cinema. Oh, there's their show. That's cool. That might be fun. Go see Moana again for the 70th time. Oh,

yep. Okay. I also know that this weekend I... This Saturday, I have to do something with the Santa Teresa High School marching band. There's a first peak type thing. 

Pros and cons of buying a new home. Guys, this is awesome. This is such a great article. This is such a great article because here's, the truth.

It doesn't matter what you buy. It depends on what you want, right? There are pros and cons to both. And I can go through and you can read this article. The links are down below. You're not going to pay as much of a premium for houses, older houses as you do for new houses. However, you might pay that premium price, but they're way more flexible on terms.

So I put somebody in, we got 2%, 3% back on re for rebate from the price to lower the rate. And, they did a couple of upgrades for them and they were super happy and you can negotiate with them a little bit, especially right now they're in the control seat you go up to them and say, Hey, look, this is what I want.
Can you give it to me? And why not? And that's why you ask for an agent. You bring me along and I'll negotiate all that for you. So you don't have to ask and we can work something out. So there older houses, they have a maintenance problem. I can tell you mine has. Tons of honey do's and I'm just not going to get to there's Not a whole lot of storage.

I wound up breaking out my pantry back to the stairs And I had this two-foot by two-foot pantry and I wound up breaking out this whole dead space And now I have a whole lot of space. Yeah, there's not a lot of storage. I'll tell you that right now storage is really My junk pile that's in the garage that we never used to park my cars But there you go.

They are more efficient more electrically efficient there, and there's better insulation. I had to go up into my house attic and roll out insulation in my upstairs attic when I was younger, 20 years ago, 20, 15 years ago. And it sucked. It was what it was right. Part of what it is now is affordability.

That's we're going to go into that in a little bit, but there you go. The affordability here is questionable. You're still nothing here that is quite truly affordable unless you just make the sacrifice, right? You do get more land with the house, right? Like they're selling single-family houses right down the street where they have.

13 by 10 backyard, 13 foot by 10-foot backyard. Whereas this, I have a pretty nice backyard. I have a nice side yard. We do a lot of work out there. I have the chickens out there and we have a nice big front yard. So developers in their infinite wisdom, because they're pushing on profitability, want more land.

They're going to, or they're going to put more houses on the land that they buy just because they're, they don't care about you to that way. Yes, you do have to update. I had to update my. My circuit breaker, put in a bunch of stuff in there when I redid the kitchen, I had to redo I had to put more, breakers in for the kitchen when I did the kitchen, but you know what it's, a fun project for me.

There you go. There are bigger maintenance issues. There's there is less room for negotiation on price, but terms, there are terms that we can work on. And some oh yeah, and I know I send it out all the time, but make sure you get inspections done because sometimes they'll just push it through and they don't care.

They'll get through, they'll push whatever they can through, and if you don't complain about it or acknowledge it, say, hey, there's a problem here, it needs to be fixed, make sure it gets fixed before they close because they'll, they're notorious for going, oh we'll get that in. In the warranty now you need to get it done before it closes because I'm buying a brand new house I want it done correctly, right?

There are a ton of issues that you have to do and I highly recommend you get a third-party inspector Don't let them tell you what to do So if you want to read more about that the link's down below alleviating the California housing crisis. I know I've talked about this already You know, here's the thing.

Alleviating California’s Housing Crisis

We just need to build more houses because the population is not stopping. We're continuing to increase. And it's not just a California thing. California happens to be very expensive, right? Out of the entire U. S. population, we have 30% of the population, I believe. Yeah. I want to say it's about 30% of the population.

Yeah. We're about 33 million. We have about 330 million. So yeah. Or 10%, I guess that would be 10%. So think about it this way.

On the 29th parallel latitude, there's 80% of the people in America live on the East Coast. The other 20% live on. The West Coast, right? And the majority of the people that live on the West Coast live on the West Coast, not in Cooper, in Cupertino, in Colorado, et cetera. They live on the coast, so LA, San Francisco, Portland, Washington, and a majority of the people live in California.

We have more people living here than We have more homeless people here than every other state in the Union. We have more veterans here than every other state in the Union. There, people just will continue coming here all the time. Now there's no, this article talks about what they can do on policy, but the policy is not going to fix it.

People are going to fix this. We need to, fix the infrastructure. We need better utilities. We need more water. We need better roads. We need to stop. We need to go to your, you need to go to your council members and say, you need to fix our roads. You need to give us more utilities. You need to make problems.

Go away, fix the problems, don't just tuck them under. And not through policy, through fixing the policy. So there you go, that's my two cents worth. Okay, Humble Pie, new home, what'd you get for a million dollars? What'd you get for a million dollars? Let's see, this

one right here I want to go to.

What you get for $1MM Santa Clara County 

This guy right here has been on the market for seven days. Gotta check this out, right by the two Blossom Hill and Valley Fair, or

This is where the old Walmart used to be, right? But you're really close to the freeway. So for me, I would be a non-starter and it's 1100 square feet starting at a million dollars. That's almost a thousand dollars a square foot. That's nine hundred and something dollars, but nine hundred and four dollars a square foot.

There you go. Does it have cooling? It has a window wall unit cooling. All right. This looks like it was a rental. They just fixed it up, painted it real quick, and put some cheap flooring in there. Put a new basic. No, they just painted the kitchen. Let's get closer to that kitchen. Look at those cupboards Those doors are all original.

All they did was put this is what I call lipstick on a pig We do this too, right? I'm not blaming the agent or whatever They're just painting the cabinets and putting new counters on and new stainless steel Guys stainless steel you have to have stainless steel now. Look at the refrigerator. It's the old original black one Oh, anyway, new flooring.

They didn't even bother painting this, the bathroom and they're going to get it right. There's your cooling right there.

Okay. Enough of that.
All right. Let's talk about U. S. inventory. Inventory is stabilizing right now. Remember last week we talked about how everything was increasing. That was because there was a holdup because of the holiday weekend a couple of weeks ago and it's already July 27th, right? So now we're seeing this normalize again all across the nation.

We're not seeing anything hockey, go hockey stick. It's pretty normal. And these numbers that you're seeing are pretty normal, right? Like them, they've been staying pretty stable. They've gone up a tad bit in Atlanta, right? It's about the same thing in New York. Nothing's changing. That's the normal thing.

Nothing is going up crazy. Cape Coral,

go to that chart in a second, has maintained about 44 to 4, 500 over the last five, or six months. This is January. So inventory is going to go lower in the winter months, right? 4, 600. There are, and I bet you a lot of them have

Bet you a lot of them have water damage from Ian still their insurance claims were finally coming through. So there's dumping them or they're fixing them and say, I'm not living in Cape Coral anymore. I did the same thing for Santa Clara County. These numbers. I think are, I think I'm going to start working on these more just to make it more aware of why are.

Inventory is so low, right? You look at offshoot. So San Jose is the main metropolitan area in Santa Clara County, obviously, right? This was last month's number 4, 400. We're so below inventory right now, but look, Cupertino only has 23. Santa Clara has Santa Clara Mountain View. Both have 16. Palo Alto has 53 homes for sale.

Los Altos 21. Alviso only has one. Alviso only has one single-family home for sale. San Martin 5, Gilroy 44, San Martin's tiny. Now, I just started doing this, I ran out of time, and I wanted to make sure I got these numbers to you. I will get these square miles and how much the population is right now so you can look at these numbers a little bit better.

But that's it. Alright, so now you know. Today we talked about humble pie this weekend's events, alleviating California's housing crisis, which is a long haul guys, new homes versus old homes, and what you get for a million dollars. I'm Vito with Abitano. Have a great weekend. We'll see you out there


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