🔴[LIVE] County buys of Homeless Veterans Emergency Housing | Underbuilding, not the Fed, broke the housing market | Bay Area 10 County Report


🔴[LIVE] County buys of Homeless Veterans Emergency Housing | underbuilding, not the Fed, broke the housing market | Bay Area 10 County Report

 Happy Monday. Three things you need to know living in Silicon Valley, real estate. Gen Z wants to retire early and they're off to a good start. That's awesome. Structural underbuilding, not the Fed broke the housing market says Fed president.  That's an opinion.  And the veterans have a new homeless veterans, emergency housing facility that's just bought by Santa Clara County.

That's awesome. With the advent of the Marine Corps birthday, 248 years raw a Veterans Day, and a whole bunch of stuff going on. I think this is a great boon. So let's get into it. We're also talking about the 10 county Bay area report and we have some luxury homes to look at. So real quick, let's do the Gen Z thing.

Gen Z wants to retire early. They're off to a good start. https://www.businessinsider.com/gen-z-most-financially-savvy-generation-retirement-saving-investing-2023-11

Now, when I was a kid, I couldn't afford to put money into it because I was barely making ends meet. But I think kids are staying in their houses a little bit longer and their parental houses a little bit longer. And they're spending time and money, not just blowing it.  Although some children I know children, 19 to 26 year olds are. 

They're out there playing, but also there's a good 82 percent of them that are saving for the future, which is smart, right? You have to be financially intelligent. And  I grew up with immigrant parents and we didn't know a whole lot.  We didn't talk about money a whole lot. And it took a lot of learning to figure out how to become financially stable.

And I think from our kids watching us as a whole, not just  I am not the person you want to look at financially, but they see us taking time and energy to save and not go luxury unless we can afford it. And if we don't make that kind of money, you save for it. Like the camera that I have, it took me a few years to save up for it because I had other things going on.

Right now I have a really nice camera and I use it all the time.  It's one of those things. So kids today, I say kids, young adults today are saving for retirement and they want to retire early, which is great. Mostly because they talk about it. They see what other people are doing. They're investing in other places.

There's a bunch of sharks out there and gurus, et cetera. You see them on Tik but you're also gonna.  You'll get caught up in that kind of stuff, there's, they're talking and that's good. Something we didn't do as a generation of the silent generation didn't talk about money because they talked about putting stuff away, saying, putting their money under a mattress, and how to survive.

  They say that.  Bad times make strong men make good times make weak men,  and it circles around. I think this is a time when our children hopefully learn from us and see that putting money away, not living extravagantly, and living on credit, it's a, it's, that's a bad way to go through life, right?

It's a hard lesson to learn and we as a whole, we'll start seeing more people investing. So that's good.  Let's talk about structural under-building. I know this isn't a great thing. Let me bring this up to full. So maybe you can see a little bit better.  I've been talking about this for a really long time and it's hitting Bloomberg.

It's hitting a lot of different news channels right now, but basically what they're saying is, we're down. By 60 percent of the building. We need to continue building more and get that, get the building numbers out there. I know in Silicon Valley, it's hard to put.  Living units, houses, apartments, condos, et cetera, in areas here because we've pretty much-overbuilt everything.

We're already pretty much right to the max. Google's tearing down a bunch of stuff and putting it in the Googleplex. Although we don't know who's doing it now and it's all up in the air.  But the point is we need to put more people, more housing units, and more doors into Silicon Valley. But it's not just here.

It's all across the nation. And if you look, we're since the seventies, we're down about 60%. of new home permit applications. And that's a bad thing. That's what's going to keep us from being able to continue the American dream buy houses and live a life where we're all comfortable.  Real estate is a place one of the investments you have to build into your life, right?

It's where people get generational wealth. You can make it in the stock market, but very few people can do that. You can make it in corporate America, but very few people do that. In real estate, you can start your own business. And again, very few people stick with it for over five years to make it worthwhile. 

Real estate is the only place. Where you can actually do that. And it's becoming more and more difficult because we have corporate corporations buying housing. We have high interest rates. We have high prices because there's not enough supply for the demand. And it's just, it's going to continue to go through and they're saying here, this is part of the problem. 

Structural underbuilding, not the Fed, broke the housing market, https://www.resiclubanalytics.com/p/structural-underbuilding-not-fed-broke-housing-market-fed-president-kashkari-says

When the Fed looks at this is more of a myopic opinion of just real estate.  Now real estate is one thing in our GDP out of the seven or eight different things that they measure. And I think today, tomorrow, they're talking about what's going on in the consumer price index. So real quick break. Let's take a look at price reductions.

Price Reductions

I saw this guy right here in Santa Teresa. That was a pretty good-looking house. Three bedroom, two bath, 1500 square feet, 53 years old on market, 31 days original list price 1. 

375 today. It's down to 1. 325.   Here's one thing.  One thing about this is that this one is at the Rancho Santa Teresa swim club. I know you can't really see it that well.  It's a positive and a negative, right? Cause you always have to pay, I think it's 400 bucks a year now, maybe 500  doesn't matter.

It's totally worth it. Cause you, you have access to  the,  I want to say

to the pool and the pool is great because you don't have to have. A pool in your backyard so you can have access to it. It's more social. It's a club it's a fun place and it's really well kept.  It's not super luxury or what have you but it's nice It's a nice club to be a part of 

It's a basic house  Everything's pretty original here. 

So I don't know what the agent did or what the concept is here,  but they're chasing the market. They're trying to find buyers who are willing to pay for a house in original condition. It might have a new air conditioner. It might have, but you look, the bathroom's original, the doors are original. And buyers are being more discerning right now. So if I were to list this house,  I would say, let's list it low. You don't need to have bathroom pictures unless you're completely updated guys.  It's a standard house. It's a good house. This is the same model as my friend's house.

No, it's not.  This one right here is the same model. Okay. So it's a good house.   When you list the house at the market, you're walking, you're blinding.  With a multiple of buyers your ability to find the buyers is more limited because the higher you list your price closer to where you think it's going to sell there's a big conversation about that, right?

Especially when markets contract and our markets have steadily been going back to last year's May 22 numbers.  If I were this agent, I would have said, let's list it at 1. 2 and see what happens.  I have a listing over in a Cambrian area.  Good schools. It's original everything. Actually, the kitchen was rebuilt, but back in the sixties was original.

Everything has air conditioning. We're leaving it as is. We're not doing anything. We're not painting it. The grass is dead. I'll show you pictures here pretty quick.  We have some repairs that are being done. We have some stumps and there was a pergola that we took out all sorts of stuff just to clean up and make it look bigger and brighter And cleaner all sorts of personal property lumber all sorts of straggler  Just debris that was taken away this weekend and we're going to list it 1.

1 and know that it'll land about 1. 3 because of the quality of the house versus where the market is, which is really one five, one six. We know that it's going to sell at about 1. 3 could be 1. 2 1. 35 I don't know because that's where the buyers come in and tell us what it's worth. But my job is to market it correctly,  get it ready for market, and negotiate. 

When we do have offers in hand, we already have a couple of verbal offers from investors because I just went out there and see, saw what was there.  But I think the truth is that putting it on the market on the MLS lets the stream of buyers come through and check it out and see what's out there,  see what's that compared to other houses.

They know what your house is worth. So when you have a house that's listed at or above market, your house is going to sit for 31 days. Now normal is about  15 days, 17 days, depending on the average, depending on the week, 31 days. That's saying that it's overpriced because this is a great area.  Anyway,  okay.

Homebuyer Workshop https://event.webinarjam.com/register/6/8oz4kcg

Homebuyers workshop. We have this coming. No hard sales. It's all education. We don't do hard sales.  Santa Clara County bought a homeless veterans emergency housing facility and it's served over 6, 000 veterans since 2009 guys. This is awesome. Do you know that Santa Clara County has more veterans than any other County in the United States? 

Santa Clara County buys Homeless Veterans Emergency Housing Facility https://www.siliconvalley.com/2023/11/09/its-everything-to-me-santa-clara-county-celebrates-the-purchase-of-homeless-veterans-emergency-housing-facility/

Did you know that California has more veterans than any other state in the United States? It's true. It's a place where we go because we love California and there's just,  I don't know why there's more, but there is, there's a lot of help here. We have this program called Noah vet that helps funnel people into getting help like this,  but they paid almost a billion.

So this guy right here,  Otto Lee, he's a County supervisor. He's a  veteran Navy veteran. He served 29 years, I believe.  It says it somewhere and he is a major veteran advocate. My feeling about politicians is that when you have a veteran in there doing good things for veterans,  can't help, but give them kudos.



So thank you, Mr. Lee. 

Luxury, luxury homes. Look at this bad boy. 11 bedrooms. Who in their right mind has 10 children?  These guys aren't even on a farm. Even though it's three acres, 11 bedrooms, nine full baths, five half baths, 24, 000 square feet of built-in 

Luxury HOMES https://search.mlslistings.com/Matrix/Public/Portal.aspx?ID=0-1013328716-10&eml=dml0b3NjYXJuZWNjaGlhQGdtYWlsLmNvbQ==&L=1

1915. This is the Western White House replica of Washington DC. Wow. Look at this. This is beautiful.  Definitely not my style. 

Opulent,  pure luxury. That's the Oval Office right there. That has to be the Oval Office.  That's cool. 

And for a mere 32 million, you too can enjoy this beautiful opulent luxurious home. If you have anybody that's in mind or that you might want to buy something like this,  please let me know. I'd be happy to help you. 

All right.  Luxury, 11 bedrooms, 14 total baths, built in 1915, 108 years old,  on market 145 days. Original list price, 38. 9 million down to 29. 9. It's been reduced by almost nine million dollars crazy, right?  Again, if you know anybody that's in the market,  no, if that you're a veteran, we just had Veterans Day and all that.

If you know somebody that's in the market or that needs help, this isn't just for veterans. This is for people who know veterans. That's why it's called no event.  And if you know somebody that's. Hurting that's a veteran.  You don't need to be a veteran to use this resource, right? It's just done by a Vietnam veteran who happened to suck me in to start helping do the marketing and bring things around but any kind of issues that we can help with if you have a veteran that Has PTSD or depression or any kind of physical issues?

Bay Area 10 County Report

Let us know because we can help get them in there. And if they get confused, there's a champion  We have champions that volunteer and help out and it's all anonymous. So we help you go through this and we don't use that.  There you go. Okay.  Average closes is 705 this last week we had 644. So things slowed down, but I think that's because there was Halloween and then Veterans Day and all sorts of different things.

So it's normal to see things slow down.  I added this a little bit and I restructured this so that I  have some more averages. But over the last month, we've had about an average of 800 and now we're down to 650,  which is normal, right? It's normal for this time of year for us to see the market slow down.

It doesn't mean that the demand is going to drop, but over. In the last few months, you see the averages here. That's not right. 

Oh yeah, that's not right.  I don't know why that's okay anyway, that one's wrong. 847. So we're averaging about 800 this week. We went to 644, even though rates went up, but that's 30 days down the road. So we're going to see it pick up a little bit.  Napa is still the best buy. 

It's just, that you can buy houses 90, 90 percent, or 90 cents on the dollar.  Contra Costa has the highest volume because it's one of the more affordable. And if you really want a great deal, look at Solano.  I know if you live in Silicon Valley, it's hard, but we have agents that work all the way up there and we can help get you into a house pretty quick.

We're averaging a billion dollars in closings over every week now, which is still good and we're averaging 700, homes. On average over the year.  Since last year, the last year average was 4. 1, 1. 436. So our volume is still down, which is keeping the price down.  All right. So today we talked about  Gen Z wanting to retire early. 

The housing market is broken because we're not building enough hoses houses. It's one great opinion. A lot of opportunities there. To talk about that. If you have an opinion, let me know. And Santa Clara County is supporting our veterans. So thank you very much. And if you did serve,  thank you for your service. 

I'm Vito with Abitano. We'll see you out there. 

Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676



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