🔴 Bay Area Real Estate OVER $55BN in 2023 | 20 places in California where home prices have dropped
- 20 places in California where home prices have dropped
- Buying a house? Don't go it alone.
- Bay Area 10 County Report
- Santa Clara County Highs and Lows
🔴 Bay Area Real Estate OVER $55BN in 2023 |
Housing Market Overview
20 places in California that have lost value in housing. And if you're buying a home, don't go it alone. We're also talking about the last week's volume. We did topple over 55 billion, which is awesome. Congratulations to all. And then we'll do highs and lows.
Bay Area 10 County Report
14 billion in volume so far this year. I will do a wrap-up on each of these and send them out on a separate blog on January 1st. Hopefully. And we'll go from there. Okay, maybe general December 31st. We'll see how things go But we still have a few days before that and we still have tons of sales to go before that.
So keep buying houses the best place to buy is Napa it's still around a million dollars But you can get it for 30 cents on the dollar 20 cents 10 cents or 90 cents on the dollar. We're in Sonoma you're paying a hundred on average. It's still coming up, but Santa Clara. We're at 98%. Now, what do these numbers mean?
They mean from last year's averages. That's all that means. Does it mean it's true? These are numbers that are reported from the MLS. I'm telling you what they are. They're just raw datum numbers and they are subject to my humanity, which means I'm not perfect. So take that Green assault. Hope that makes sense.
There you go. Okay.
News Update
So let's go to quick news. Mortgage is down, but not from last week. 6. 68 was actually down a little bit further last week. Same with gas. Gas was down to 7. 9 I believe last week. Yes. 3. 79 is up just a few pennies. The one on Lucretia, the quickstop at Lucretia is the cheapest one I've found so far.
If that's something you're looking for. All right.
California Housing Market Analysis
In 20 places that were in California prices have plummeted. I haven't actually read this thing. Castro Valley, medium price, 1. 37, 1. 137. It went down 10 percent St. Carlos on the peninsula. It went down 10%. South Lake Tahoe went down 10 percent Livermore.
Oh, that'd be a nice place. I don't know where that is, I don't think that's in Livermore though. I think this is Livermore. Santa Cruz went down 10 percent and it looks like they still haven't come back. I can do actual numbers on these if you want, but y'all have to tell me that you want me to. Fremont punched in the nose, Mountain View, which is I think overpriced for the value of the homes, but.
There is stuff to do in Mountain View, right? I get it. Willits went down 10%. Look, so I think that's good. When you look at the numbers here and numbers coming back up. Maybe in one or two of these places like Albany, they haven't come back up and in Berkeley, this is almost 12%. I don't know where they're getting these numbers though.
San Mateo minus 12 percent Oakland. Actually, Oakland is a great place to buy. If you want to buy someplace, just some rough places there. Alameda. I used to live in a rough place. That's why I'm saying that Alameda 12 percent drop. I would love to live in Alameda, Pleasanton, Palo Alto, and San Francisco.
Yeah, nobody wants to live in San Francisco, East Palo Alto, or Truckee and the number one drop of almost 16 percent is Dublin. Let's take a quick look at Dublin,
Dublin CA. There you go. Little tiny town right above Pleasanton. I could tell you that part of the reason why is one. It's all bordering on the freeway except for over here and those are all brand-new developments and
The Importance of Real Estate Agents
Okay buying a house. Don't go it alone. Use a real estate agent Yes, our commission is negotiable. As a matter of fact, now, from this point on, it's not a broker requirement, but my requirement, if you're going to work with me, you're going to sign a buyer broker agreement, and there's going to be an agreement as to how much money, how much percentage I will be paid.
It's just the way things are. You can thank the greedy lawyers. You can think that class action lawsuits, you can say that realtors don't provide value, but we do, we understand the process, we understand the entire thing, how to protect you, how to make sure that you get, you understand what you're buying, we know how to negotiate for you, and how to make sure that the transaction runs smoothly, right?
Do you need a realtor? No, you don't. You can do it with your buddy, you can buy their house, but then there could be some resentment, right? I always say never buy, or sell a car to a friend because then they're never going to be a friend again. That's the reason why we have a third party interrupt and that's why we get paid.
We understand the process, we understand the legal terms and the contracts, and how to negotiate. We understand the entire thing, so we help guide you and that's what we're paid for. And we also do good for the community, right? I do the park cleanups and the barbecues. I haven't done it in a while, but it's one of those fun things.
I'm not going to sit here and beg for my job or sing for my supper. The point is. They're, they've been around for a long time. Maybe we need to change things up and I'm happy to change it, but there's no reason for a lawsuit to come down and make a punitive against everybody. Let's agree on how a process should be.
The way it went down.
Real Estate Lawsuit Discussion
Yeah. The NLR lawsuit. Let's just say this guy, actually folds and agrees to the 1. 8 million and it could be 20 percent this guy's making right. Lawyer gets 360, 000. Pre
Tax is gonna leave it there let you think that one through nobody really wins except for the lawyers in that one So who's really getting paid in that?
Santa Clara County Highs and Lows
Okay enough of that Tuesday's highs and lows I did have it here too. Tuesday's highs and lows. Now there were only three because the bottom one, and the 325 showed up twice. After all, it's the lowest and lowest-priced one.
Let me show you real quick. And then I have this one that I closed last week. I want to talk about it real quick.
Case Study: Los Altos Hills Property
This one in Los Altos Hills listed up 5. 2, sold at 4. 9 and it landed at 94 percent over under list price.
Good for them.
Okay, took 95 days to sell. Is it worth it? If you do the numbers on this house, you'll see that it was worth like about five million dollars Right now they went over the market. They tried to make me a market maker And the big difference between reaching for the market or attracting the market or being a market maker unless you're doing 25 percent of the deals, 10 percent of the deals, I don't know, 20, 25 percent of the deals in that specific area.
You are not a market maker, right? You can't control the market. You have to attract the market. You have to attract buyers. When you're looking at stuff like that, this house right here, which. It all lights. It's not a bad house. It's just older and might have been maintained well and updated, but it still has the old-style architecture in it.
Lower ceilings, the house was, and the kitchens were redone. The tile floor is a little dated. And maybe the agent didn't tell him, Hey, look, smack you around a little bit. Got to give you a little tablespoon of truth. The house is dated. People are not going to pay a premium for dated homes. It includes kitchens, floors, bathrooms, and architectural style.
If you have low ceilings, you can't compare this house to a house that's brand new, same square footage, but it has 10, 15-foot ceilings and tray ceilings and all the new decor, right? These mirrors are older and may have been an updated bathroom, but the footprint hadn't been changed. I'm telling you this because that's what I've done to my house.
I'm not going to ask for a premium for my house, but I've updated it. I've updated everything in my house. Almost everything. I put can lights in, dual pane windows, and advanced kitchens twice. My house is worth more than the average house in my area. I won't push a premium on it because I still want to attract people and the buyers will levitate that price.
What they did here is they tried to be a market maker based on comps, not really realizing or not having The truth serum that's a tablespoon of truth saying the house was built in 1963. Yes, it's a six-bedroom, four-and-a-half bath and it's 3, 400 square feet and all the comps around it. All the comps were disregarding age and architecture should be 5.
2. You didn't take into account the fact that the kitchens were done. And even if they were done recently, they were done with older architecture or older design styles, right? Look, they staged it up. It looks nice and pretty. They have all nice new design stuff. But once you look at the guts of this, that is an old 1960s-style house.
With a kitchen, they may have removed that and put a new cabinet here, but it's still the same floor plan. These tiles are screaming 2000s, 1990s, 2000s, right? That, that granite, which I'm a fan of granite.
I'm a huge fan of granite versus plastic, but that style, that look, the pink salmon look just screams dated.
Case Study: Miller Ave Property
Next, Miller Ave has the highest list price to sales price ratio. 127 27 percent over the list price. It was built in 1935, with three bedrooms, one bath, and 794 square feet, originally listed at 570. So 5, 7 25. And it's really close to a busy street. And it's not that great. This looks like a little cottage, right? Should be up in the mountains.
But again, you attracted the buyers. You attracted the market. You brought the market to you. You didn't claim that I'm a market maker.
Case Study: Lowest Priced Property
This last one, right here, 325, 000. Original list price 650, 000. Sold for 325, 000. Over a year to sell. 1920. 850 square feet. Let's take a quick look. You're buying the land on this basically, right?
That's what you're doing. You buy the land. Everything in this house is old and beat up.
A quick look here. That's DeAnza. That's Monta Vista, Kennedy Junior High the golf course and there you go. And it's way, way out there. So whatever they're going to be doing out there, I wouldn't even buy this property to Rebuild it. You could, there could be a, I don't know. Anyway, there you go.
Okay.
Case Study: My Listing in Cambrian
Let's take a look at the listing I sold. this is in Cambrian.
Coles is. This one right here, we sold it knowing that it was probably worth about 1. 3. We were hesitant to think that we were going to hit 1. 3. And it's an important lesson because you have to attract the market. And we could have gone to 1. 1. It really doesn't matter, but I felt 1. 2 was for the condition of this house.
I'll show you pictures in a minute of the condition of this house. It was probably the lowest on the list, but it wasn't the lowest on the costs. Over the last six months, we reached back over the last six months. We did three months and six months. We massaged the numbers. We took a look and said how is this house going to sell?
Do we want to spend time, energy, money, and months, except time already to fix this thing up and make it completely turnkey, put about 150, 000, 200, 000 into it. Six months down the road. I don't know. We're going to do it right. Do it with that. Now, I actually sold the house to the right a few years ago and we did the exact same thing.
We sold it as is. Am I an avid, advocate for as-is? No, absolutely not. I can tell you straight up that I will give you your options. I want you to see what your options are in its current condition. If we do basic repairs or if we completely turn key it it's up to you to decide what your actions are, what's your decision, what you'd want to do.
Are you going to put up with two, three, four, or five months of dust and construction and noises and dirt and debris everywhere and get a completely turned key? Absolutely up to you. I'm there for you. We have a project manager on staff. We're ready to do whatever it is you want to do. This house was a childhood home.
They raised five kids, six kids there, and the parents passed away. The mom just recently passed away, not in the house. She passed away at any she And, we took everything we could to doll it up, get rid of all the personal property, cleaned it up the best we could, got rid of the, there was a pergola in the background that was completely just Jerry rigged.
There was an old-style piano. There was a room inside the garage that somebody actually lived in for a while. We left that just because I was like, Hey, that could be an ADU. We can sell it as a value add if somebody actually wants to do that, because that's all the style, all the mode right now. But everything in that house is original.
They did redo the kitchen, but back in the sixties or what have you early on. And he the father was a carpenter, a finished carpenter. So the work that he did was high quality. It's just, that later on, he built the pergola An afterthought with spare lumber. So we got rid of that. We fixed some plumbing issues.
There was like a door missing. We did that and we just got it ready to do it. We didn't even stage it. We didn't even spend the money staging it. This house after completely turnkey could be worth 1. 8, 1. 6 to 1. 8 depending on how you look at the times.
So this is what we do. We took a look at the day we, the week we put it up on the market, we did this,
these are active, these are pending, and these are sold, and if you look, 1. 6, actually 1. 6 is where it was, right? 1. 673 was a little bit bigger than the house that we had. And it was about the same age and let's take a quick look at it
there. Park Crest. Now it looks pretty much the same. It's about the same square footage. Three bedrooms, two baths, completely dialed in. Great curb appeal, kitchen, entertainment, slat, granite countertop, master house. Okay. So if you took a look at that one, you would realize that house is completely redone.
You can see the landscaping's done. It's been repainted. This house is pretty much original everything. We did wash it, and power wash the cement. I went by this last weekend and pulled the lock, box off and it, the grass is growing again. But that's only because it's been raining. So there you go. It's a tale of two stories for that one. And when we sell your house, I want you to understand that I will never force you into whatever decision you make.
It's completely up to you. My job is to give you the options and educate you on the possibilities. And once you give me marching orders, my job is to go and make that happen. And it's the same thing as when you're working with a buyer. If you tell me this is what you're looking for and this and that, and I can find the house for you.
My job is to find the right house for you and negotiate the terms that best fit your needs. And if you're going to buy a house or put an offer on a house, it's brand spanking new, just like this new on the market, like this one. And you feel the buzz and the rush of the bid of the auction. That's what's going to happen when you look at houses that have been on the market for I know this is not the best thing, for example, but if you see a house that's on the market and it's overpriced, it's going to sit on the market for a bit.
That's, it's going to sit on the market a bit. It, that's just the way it is. All right.
If you have any questions about it, if you want to talk about listing strategies or projects, or even if you need a plumber or a landscaper, let me know. I have a ton of vendors and contractors that I work with all the time.
And I'm happy to share them with you. I'm Vito with Abitano. We'll see you out there.
Vito Scarnecchia
Realtor®, Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vito@abitano.com
Website: abitano.com https://www.onereal.com/vito-scarnecchia-1
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