Santa Clara County Inventory Getting WORSE
Links
- These weekends Events
- Humble Pie
- Beautiful Day Oct 7 and 8 https://beautifulday.org/
- The Best Places to Retire in Costa Rica
- What you get for $1MM Santa Clara County https://search.mlslistings.com/Matrix/Public/Portal.aspx?ID=0-998483112-00&agt=1&L=1
- https://www.onereal.com/vito-scarnecchia-1
- RealtyTimes. @SiliconValleyLiving
Three things you need to know about living in Silicon Valley. The first thing is this weekend's events. The second inventory is horribly low. And third, where are you going to retire? Yesterday we talked about empty nesting and how people are tending not to want to live in San Jose after they retire.
They empty the nest and they move out. I just happened to see an article on Costa Rica, and I thought, why not? Check it out. See what happens. I also follow like a lady and I'll get you her name next week. I think we're going to do this once a week and talk about different areas people go to.
There's a magazine I was turned into years ago called International Living. I think it's fantastic. I think I'd like to at least explore that as an option one day, just to check it out, who knows, I do know I plan on going to live in the Caribbean for six months renting a boat or leasing a boat for six months and just.
Traveling to different destinations and sailing away from hurricanes. I don't, what do I know? And then maybe like Europe for six months and then I don't know. We'll see. We'll see what happens. We're going to the point where my girls just started their junior year today. Happy first day of school.
But we're counting down. So I'm looking at where am I going to go or what am I going to do after that? I'm going to retire. Probably not, but I, am going to slow down on work quite a bit just because 2021 was a fantastic year. 2021, 2000. Yeah. 2020. And But I worked way too much, And I think it almost killed me, but there you go.
Inventory is still hurting sales,
Let's talk about inventory. Watch real quick. Let's go to this. Now the new numbers are out. I want to talk about this real quick. These are the average home, new homes for sale, single-family only, right? Not townhouses, single family only. New homes for sale. Now new, active homes for sale, reselling new, right?
Santa Clara County, this chart says it quite well.
We're about 60%, 60, 70% of where we need to be on average. Now, I was playing with these numbers pretty... Earlier, I don't know how this chart makes sense to me. I was just playing with it. So just deal with that. Just running average year-to-date, monthly average, since we're in August, where I just got July numbers and these numbers are going to change, right?
These numbers change all the time.
There's something right there, right? On average, we're listing about 800 new homes every month versus on average, 1164, so we're 60, 67%, 68% of average, the top was 1300. which is 2012, right? 2012 had it. And then in 2021, they had a big glut, but that's because we pushed sales off here. And this is all because boomers are staying in their houses longer.
Corporate America is buying up everything possible, including new homes. And it's impossible to, it's, it makes no financial sense for you to sell a house when the interest rate is two or 3%. Period. , this is just proof, right? And you can, now we're just starting this, right? This is Santa Clara County's individual city because I was doing it across the United States.
I thought, you know what? Let's look at this. These numbers are dismally low, right? Milpitas, there are only 10 single-family houses for sale. Alviso, one. That's okay. Palo Alto, there are 50, but that's because it takes a lot longer to sell houses in Palo Alto. After all, they're quite a bit more expensive.
Prime areas that people want to go or move to are Sunnyvale, Santa Clara, and Mountain View. They tend to stay on the market very short of time because they're so close to down to tech, right? Apple, Facebook, Google, LinkedIn, you name it. San Jose's largest square footage. But if you look at it, it's 1. 4 houses available per square foot per square mile.
Now, Cupertino 2. 3, Las Gatos 5. There are a lot more houses per square foot in Las Gatos. Now, Las Gatos also probably incorporates Las Gatos Mountains, etc. But, I don't think so. 1. 21 This is the reason there are just not enough houses. And, I did update the inventory the population in this population is 2021.
So it's two years old already. These numbers are not accurate whatsoever. Just a. rule of thumb baseline of numbers. So if you're looking at these numbers for every thousand people, Cupertino has 0. 44 houses for sale, right? Same thing for every thousand people. There are 25. There's one for every 4000 people.
There's one house for sale in San Jose. So I don't want to go too much into that, but it's the same thing all across the board Cape Coral, there are 44 homes per square mile. It's a condensed, very well-developed area. It's still developing. I think it's over-saturated right now, but prices are maintained.
Chicago, same thing, 8. 1 house per square mile. Las Vegas has 17 houses per square mile. Now, Granted, we have a lot of green space. We have a lot of ranch still. We have a lot of mountains and hills still that are not developed. There's still Greenland, but they're up in the upper valleys and it's going to be more, more expensive.
Now it's cost-effective and a lot of the land that we have is protected Simply because we want to keep San Jose semi-green. We don't want it to become a major metropolitan city Although it's evolving to be like that. All right,
These weekends Events
let's talk about this weekend's events. Oh, there you go You know, I love my cars, especially the classics. I will probably be there after my hike on Saturday So if you're going to go, down to Sunnyvale, hot August nights, 10 a. m. to 3 p. m. I don't know why they call it August, hot August nights if it's in the middle of the day.
You just got to roll with it sometimes.
Humble Pie
All right, humble pie. Oh, guys, I went on another hike yesterday. Now I tell you what I am feeling. I just posted it. I didn't actually link it here. I posted a little quick one-minute job. Feeling a lot better. It's only been like two weeks of really heavy hiking up in the hills. And it's amazing the results that you can do I'm older, but I'm, and I'm getting into shape.
I'm still not where I need to be, but I can still, I felt myself. Do a lot better. Did I fail? Yes. Did I keep up with the guys that I was hiking with? No. I was very humble about it. Humble pie and I appreciate them taking me with them. We actually went a little bit further yesterday, probably two miles they said.
But the last mile of that extra two miles, which is in the middle of the hike, was about doing switchbacks. So we went from San Teresa. Park and cross over into Almaden Valley where you can actually see the ranches and everything. And then we started heading up the switch back to go back over. Holy cow.
That was torture in a good way, but at the same time it's something you need to do when you're when you get older, you can either start sitting in front of the TV or you. You, phone and watch TikTok or watch movies or whatever news you want to listen to or you get out there and For an hour or two you hike and get out there get some vitamin D get some health get some social and increase your stamina and I guarantee you the first couple times you do it.
You're gonna doubt why you're ever doing it But it'll make you feel better over time don't keep up with the people, keep up with your mind, you're not competing against them, you're competing against you and your capabilities are what it is, right? Start with humble pie.
The Best Places to Retire in Costa Rica
All right. Best places to retire in Costa Rica. That looks gorgeous, right? And that's. Tamarindo? I think I was looking at that. So Costa Rica right here is part of Central America. A lot of expats come here. Tamarindo is right here. It's on the west coast. If I was going to move anywhere, it'd probably be on the...
East coast. I don't know why I just have this thing. I want to see sunrises, not sunsets. Cause I always see sunsets. Cause we're on the West Coast, but that's just me. What do I know? So there are some areas right here that you're looking at, right? That's not it. Where was I?
No, that's another place. I didn't move it over here.
This is it right here. Now here's the thing. You can get something pretty cheap. 000, but guys, I don't think Costa Rica is the most cost people. The reason why people went down to Costa Rica was because it was the cost of living was, low, much lower than the United States, but look, I think we've United States this place.
Granted, this is really pretty, right? Let's take a look at this one. That's a really pretty house. It's gargantuan. It's five bedrooms and seven baths It doesn't real eleven thousand square feet who in their right mind needs that
it's right on the coast to apply a flamingo Right gorgeous house
It's worth it. Look at that. Completely well done. That's the house I would love to live in, but I'm not going to pay 6 million for a house like that. Am I?
I want to, look really closely at here. So even, okay, these are humble homes, right? And I tell you what, 20 years ago, I know it was 20 years ago. These houses weren't anywhere close to this, these prices.
You could probably pick it up for a hundred grand here and there if you're going to move there.
I don't know, like 400, 000 for that. I don't know. I'm actually looking also at Roatan and we'll talk about Roatan next week. I just want to open your eyes up there. If you want to learn more about expats and all that, give me a call. We can chat about it or text about it. It's always fun. All right, that's it.
Three things you need to know about this weekend's events. Retiring out of the country. And what was the third thing? Humble pie. And guys, if you know anybody that needs to sell their house, this is a time to do it because they can get such a good deal. I know prices have come down, but prices are coming right back up and heading into this recession.
There's a lot of speculation that the market might crash, but I don't know. We'll see. Anyway, I'm Vito with Abitano. Thanks for stopping by. We'll see you out there. Have a great weekend.
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