🔴[LIVE] 🚨 San Jose hotel turning into mixed-income apartments | Los Gatos Homes for sale
🔴[LIVE] 🚨 San Jose hotel turning into mixed-income apartments | Los Gatos Homes for sale
Hotels turning into mixed-income apartments. Interest rates are supposed to be coming down. The list price decrease, of the week. Los Gatos house of the week. As well as that, we're going to also talk about highs and lows.
San Jose hotel turning into mixed-income apartments
Downtown San Jose hotel turning into mixed-income apartments. Mixed income. I guess that means low income as well as high income. San Jose is taking a hotel that I think it's on First Street. Near the airport. And it's over the next five years, they're going to take 140 affordable apartments or con hotel rooms and turn them into affordable apartments.
72 would be permanent supportive housing and path ventures, meaning low income. San Jose a setting an example through collaborative innovative solutions. This is a great way to say that we're putting a dent into the low housing and affordability housing crisis that we've all, and it's not just San Jose, it's all over America and Canada and many parts of the world.
Housing has become an issue. And I'm glad that they're doing this. Could they do more? Absolutely. I think that there are a lot of things that you're gonna see San Jose convert into as well as other metropolitan areas over the next. Decade, 20 years. And we need to understand that. We can't all just buy 5 million houses.
Just one of those things, right? So it's a 150-room complex. I think it's a great start to it. I'm sure it's experimental. Is it perfect? Is it the perfect answer? Absolutely not. But at least they're trying it's off of the second street. But good for them. Good for San Jose. Good for the people that are doing that.
Gas Prices and Mortgage Rates
Gas prices. Real quick, 377 over here, San Tomas Aquino area.
So 377, that's the lowest in the land. Good for them. Mortgage rates are, Coming down. They're not coming down just yet. I saw a report yesterday that we're going to see threes. I don't know about that. Certain places claim to go three. What does that mean to the consumer? Maybe we'll see it go down to five.
I don't know. We'll see. Banks like HSBC and some other places are claiming that. We'll see what happens in the next week. But if you're thinking about refinancing, now's the time to start talking to your lender.
List Price Decreases and Housing Market Analysis
Price Reductions Santa Clara County https://www.onereal.com/vito-scarnecchia-1/listings/calrets/ML81943729/SAN%20JOSE%2C%20CA%2C%20US
The list price decreases. Believe it or not, we've had 65 total. decreases. This is cumulative throughout Santa Clara County. Not just the last week, cumulative houses that have been on the market for over X amount of days. They decreased their price. So I took a quick shot here and looked at Arabian Arabian.
This is a Shea house. Has 12 whole photos, you can see that the agent did these, and did a fine job staging. I want to move that, guys, put that in your garage, really put stuff that doesn't belong in the house into a garage or storage. You're going to move, you're showing the company, the buyers that come through that you're, that you want to move. Now this might be a rental, so I can't really. Tell you which way yeah, and you're taking photos. Look at that.
This thing's falling off the wall, food, everywhere, dishes. That's not how you take photos. This is horrible. Never, ever do that. This house has five bedrooms and three baths. I sold a house like this over down the street on Canoas Creek a couple of years ago, and it has a fantastic layout. Actually, I sold the same type of house on Purplevale.
They're great homes. They're very exclusive so you have a lot of different options as to where you want to hang out. There's upstairs, downstairs, there's a living room and family room, lots of great options for you. And it's a great house. 1. 69. I think 1. 69. Again, I probably would have lowered the price and attracted the market instead of trying to be a market maker.
But that's, that's my strategy. This person obviously is in no hurry to sell. 120 days on the market. And it's the difference between getting a realtor who's going to do the basics versus somebody who can come in and really market your house. And everything about this house is great except for the marketing.
Los Gatos House of the Week
Los Gatos Homes for sale https://www.onereal.com/vito-scarnecchia-1/listings/calrets/ML81947025/LOS%20GATOS%2C%20CA%2C%20US
Los Gatos house of the week 2. 7 million. This is a beautiful house. Let's take a look at it. I would love to live in a house like this.
It has the taste and flair of a craftsman, very well appointed, see how nice and clean this kitchen is, the counters are stainless steel everywhere. That's how you do it.
And if your style is craftsmen having wood trim, that's part of it, depending on how your house is set up or what kind of house you're detailing. You want to have the house look completely the same. So this house. It's going to sell pretty quick. It's only been on the market a couple of days, 35 days. It might be a little bit overpriced.
The beautiful part about this is it's walking distance to downtown Los Gatos. You can go down, have a few drinks, eat dinner, have some fun, and then walk back and then you're done.
Highs and Lows of the Housing Market
Tuesday Highs & Lows
Here we go right here. The top one was a hundred or one 24, 124 percent over the list price. The original list price on this was a million dollars. That's how you attract the price, right? You might've gotten 10, 15, 20 offers. That's good. That's healthy marketing, right? When you have that, when you have a house sitting on the market for a long time, tends to take a lot longer to sell.
So the highest sold, let's open this up for you is in Los Altos Hills sold for 7. 6 million. La Cresta Ave. This is not my listing.
Let's take a look at the house itself. I would have started with the house, what do I know?
So what I like about this house is that it's large and roomy and it's very expansive. It's dated though. It shows everything that about it is dated. We're looking at styles that have been updated from, I want to say the eighties and nineties to The last couple of years, so they didn't even bother changing out the fridge.
And you're asking 7 million for a house. People are looking for stainless steel. But here's the thing. Here's something that I want you to realize.
This house is probably going to be torn down. There's there. Somebody paid 7. 6 million for it. It took no days on the market. The values in the land. So what people are doing, if it's over an acre, there's a lot of value in those homes because they can tear them down and put mansions on them.
I bet if you look in a year, and go back to La Cresta Drive, you're going to see this house being built out as a major mansion. And that's what's happening with these homes. 10, to 15 years ago, people were doing the same thing in Willow Glen. They would buy a house for six or 700, 000, tear it down, and put a McMansion on it.
Nowadays, it tastes a little bit more refined. People are thinking of Los Altos hills. If it's over an acre, it has a lot of value to me and I can put a lot of stuff on it, including a large house, and put a pool back there. I can put also it on a tennis court, et cetera. So we saw it last week when we saw a house a 1200 square foot house with five acres and the hills back there sell for almost 10 million.
So chances are this is going to be torn down.
Okay, next one. The lowest
priced house in Sound in Santa Clara County is a church it sold for 765, 000 took 31 days to sell. It's a three-bedroom, two-and-a-half bath, or one-and-a-half bath at 1159 square feet built in 1963. This is the standard ranch house. Not much to it.
This is a nice house. It's a very standard house for 765, 000.
That's what you get, right? Tomorrow. I think we're talking about what you get for a million dollars, maybe Thursday, but still, it's a this is a great standard home in Gilroy
The next one is Croft Drive, the largest list price to sales price ratio spread, which was 24%, 25 percent over the list price listed at a million dollars. So for 1. 3 is a three bedroom, two bath thousand square feet in San Jose built in 1985. Let's take a quick look at this house.
Vacant. Somebody would be like why didn't they stage it? Couldn't they sell it? A lot of people decide not to do it. It's hard to do photos like this because it really doesn't give the depth or the value or whatever the reason for that room is. Could be the living room, could be a bedroom, right? But when you have a house, you're selling it as is and it's your parent's house.
That you put them into, they moved into a home or they just don't want to deal with it or they passed on a lot of times the children are not going to spend the extra money to stage it. As long as you list that price low and attract the market, you're going to sell the house, this is nice that they did this.
I do this to every one of my listings because I want buyers to see what they're buying. And having a floor plan helps. Now, understand these are approximate. This is all done automatically with computers. I use a service that takes care of this for me and they're not going to be exact. So if you come back to me during the open house and tell me it just did all the square footage and it's 50 square feet less.
Yeah, it's approximate. It's good. Come on. It's a computer. It's just to give you a basic idea of the layout. All right.
This is the biggest loser of the week, 81 percent off of the original list price, originalist prices, 1. 4 sold for 1. 35 is four bedrooms, two baths up in Jackson Oaks.
Now this is a nice house. It just was overpriced and it was on the market for 120 days built in 1976 and guys don't do this.
This is. The ultimate in cheese. Don't put overlays like that. Just don't. I get the message. The message is very clear, but if it's taken 120 days to sell your house, you don't need to wrap it up in bows. Sorry.
See now this is awesome. You're at the end of a cul de sac. Actually, I looked at a house over here a couple years ago. This is nice because you have extra parking. You have a pool. You might have a decent view. Probably not because you're on the back end. This is where the big reservoir is, by the way, they're emptying it out, fixing the dam.
So if you're buying it in 5 years, they'll have it fixed for 5 or 10 years. Maybe if you're lucky. Now, this house is a little dated,
when you're looking for a house and you're comparing it against other houses, if you think your house is worth, say, 1. 6 million and it's really worth 1. 3 and the agent comes and tells you it's worth 1. 3 is because the market is telling you that's what they're willing to pay for the house based on the location, the market and the current condition of the property and when your house looks like it.
It's dated like it's 1976 and everything's dark. You have to really take a step back. I would have taken a little bit of time to the cabinets here, painted them white or gray or beige, and made them look a little bit more modern. The tile here, the tile backsplash, it's screaming 1970s, 1980s, right? And if you're asking for a premium, Typically, a premium buyer means that they're looking for a completely turnkey, fully remodeled house.
Just keep that in mind when you're pricing out a house, right? There are a lot of variables to its look, there, compared to other homes in this area, you could have trimmed around the windows, and you could have updated or painted the shelves there.
The bathroom is not updated. The easiest thing to do is paint. It's cheap. It's 25 bucks for a gallon of paint these days. Paint that out and then, make it look a little bit more modern, right? This house is screaming 1970s, 1980s. Yeah, you're gonna have a nice backyard, but look, I would have done something here.
Landscaped it. So while buyers are looking at homes -that fit their needs, they're not looking for your house, specifically within a one-mile radius. Right now, if you're looking at a worthy house, let's say, 1. 3, they're not just looking at your house in your neighborhood within a one-mile radius. radius.
They're looking at every house all over San Jose Morgan Hill or Los Altos. And they're comparing apples to apples, oranges to oranges. And if your house doesn't meet every aspect of it, they're going to say next, they're going to look at the house next door, the other house that's for sale because they want.
The best value for them. They have access to every house that's on the market. And when you have it priced accordingly, based on location market and property condition, and you are listed just below the market, you're going to have a lot of offers and a lot less stress. You're going to get the house sold based on what the market commands and the buyer determines the price, not the seller.
Keep that in mind. This one is a perfect example cause I could tell you that there were probably four or five other houses in Jackson Oaks and then down on the hill that were around the same price. And if they're looking at that compared to another house, maybe half a mile away or let's say four miles away.
And it's completely updated turnkey, brand new flooring, brand new kitchen, brand new bathrooms. Everything's painted. Everything looks modern. They're going to choose that house over this and they're going to let that sit. And there's a lot of choices. So be realistic with pricing. That's that.
Conclusion and Final Thoughts
Today we talked about San Jose, converting a motel hotel into apartments.
Gas prices are coming down. Mortgage rates are coming down. The price of houses is being reduced in price. If they're sitting over 15, or 20 days, that means you're overpriced, right? And then Los Gatos on Bachman Ave and the highs and lows. Hope that helps. I hope this information is helpful.
If you have any other questions or statistics that you want me to research, I'm happy to do that for you. It's always fun for me to dig through and find different types of ways of presenting data. A numbers nerd these days, but it's fun for me to be able to present that. I'm Vito with Abitano.
We'll see you out there.
Vito Scarnecchia
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vito@abitano.com
If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents!
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Title: "🔴[LIVE] 🚨 San Jose Hotel Turning Into Mixed-Income Apartments | Los Gatos Homes for Sale"
Introduction:
In a groundbreaking move towards addressing the housing crisis, San Jose is taking a hotel near the airport on First Street and transforming it into mixed-income apartments. Over the next five years, 140 affordable hotel rooms will be converted into permanent supportive housing and low-income apartments. This innovative approach sets an example for cities across America and beyond, as they grapple with the challenges of housing affordability. In this blog post, we will explore the impact of this project, along with other real estate highlights from the region, including market updates, pricing insights, and noteworthy properties in Los Gatos.
Mixed-Income Apartments: A Step Towards Solving the Housing Crisis
The conversion of the San Jose hotel into mixed-income apartments is a positive development in addressing the ongoing housing crisis. With 72 units dedicated to permanent supportive housing and path ventures for low-income individuals, this project demonstrates a collaborative and innovative solution. Housing affordability has become a critical issue not only in San Jose but throughout the United States, Canada, and many parts of the world. While more can be done, this initiative marks a significant step in the right direction, helping to alleviate the burden on low-income families and individuals.
Challenges and Opportunities in Affordable Housing
While the conversion of the hotel into mixed-income apartments is commendable, it is essential to acknowledge the challenges and opportunities that come with such projects. The demand for affordable housing far outweighs the current supply, and innovative solutions are necessary to bridge the gap. As metropolitan areas like San Jose continue to evolve, we can expect to see more conversions and creative approaches to address the housing crisis. However, it is crucial to strike a balance between affordable housing initiatives and the overall development and growth of communities.
Real Estate Market Updates: Mortgage Rates and Price Reductions
The real estate market in the San Jose area is experiencing some notable changes that prospective buyers and sellers should be aware of. Firstly, mortgage rates are expected to decrease, making it an ideal time for potential homeowners to consider refinancing their mortgage. Stay updated with the latest reports to make informed decisions regarding your financial prospects.
Additionally, there have been 65 list price decreases in Santa Clara County, indicating a buyer's market in the region. If a property has been on the market for an extended period, sellers may consider reducing the price to generate more interest and attract potential buyers. It is crucial for homeowners to work with an experienced realtor who can strategize effective pricing and marketing plans to sell their homes efficiently.
Highlighting Noteworthy Properties in Los Gatos
Los Gatos, known for its picturesque charm, offers a diverse range of properties catering to various needs. In this blog post, we feature two standout properties: a craftsman-style home valued at $2.7 million and a well-appointed standard home priced at $765,000.
The craftsman-style home radiates elegance and sophistication, featuring stainless steel appliances, clean lines, and attention to detail. Its prime location within walking distance of downtown Los Gatos adds to its allure. On the other hand, the standard ranch house in Gilroy offers affordability without compromising on quality. While it may lack some modern updates, it presents an excellent opportunity for those seeking a comfortable and functional family home.
Understanding the Dynamics of Pricing and Homebuying
When it comes to pricing homes, it is essential for sellers to understand the dynamics of the market and buyer preferences. Buyers have access to a wide range of properties within their desired area and price range. Consequently, sellers must be realistic in their pricing strategy, considering location, market conditions, and property condition. A comprehensive marketing approach, including proper staging and professional photography, can significantly impact a property's appeal and attract potential buyers.
Conclusion:
The conversion of a San Jose hotel into mixed-income apartments offers hope in the face of the housing crisis and exemplifies the significance of collaborative and innovative solutions. As mortgage rates decrease and list prices are adjusted, it is an opportune moment for homebuyers and sellers to navigate the dynamic real estate market. Los Gatos presents an array of property options, catering to different budgets and preferences. Remember, an informed and strategic approach is key when buying or selling real estate in a competitive market. Stay updated with the latest trends and work with experienced professionals to navigate through this exciting yet ever-changing landscape.
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In this video, Vito from Abitano dives into the current housing market trends, including San Jose's efforts to convert hotels into mixed-income apartments and the ways it could aid the affordable housing crisis. He also examines the various factors affecting real estate such as fluctuating gas prices, potential mortgage rate decreases, and housing prices. Vito also takes us through property highlights, the highs and lows of the market, and shares valuable insights on property marketing and pricing. Stay tuned for useful tips and insights for buyers, sellers, and industry watchers. 0:00 Clips from 🔴[LIVE] 🚨 San Jose hotel turning into mixed-income apartments | Los Gatos Homes for sale 01:43 Gas Prices and Mortgage Rates 02:24 List Price Decreases and Housing Market Analysis 04:22 Los Gatos House of the Week 05:15 Highs and Lows of the Housing Market 14:25 Conclusion and Final Thoughts
1. Post 1:
"Exciting news: A San Jose hotel is transforming into mixed-income apartments! Learn how this innovative solution is tackling the housing crisis and making a difference. Check out the details in my new script. #SanJose #HousingCrisis #Innovation"
2. Post 2:
"Looking for affordable housing options? Discover the inspiring project in San Jose, where a hotel is being converted into mixed-income apartments. Find out more about this creative solution in my latest script. #AffordableHousing #SanJose #Development"
3. Post 3:
"🚨 Breaking News 🚨 San Jose sets an example by repurposing a hotel into affordable apartments! Explore the details of this incredible initiative and how it's making an impact in the community. Don't miss my script for all the information! #SanJose #AffordableApartments #CommunityDevelopment"
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