🔴[LIVE] 🚨 Silicon Valley office vacancies stuck in double digits| RV FIRE almost burns HOME
- Silicon Valley office vacancies stuck in double-digits
- San Jose resident nearly loses home from RV fire
- Tuesday Highs & Lows
- Home Value Tool https://hmbt.co/bT7qRJ
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🔴[LIVE] 🚨 Silicon Valley office vacancies stuck in double digits| RV FIRE almost burns HOME
Introduction
Silicon Valley office. Oh, look at that. I'm on the wrong video. No, I'm right here. No, it's good.
Silicon Valley Office Vacancies
Silicon Valley offices Vacancies are stuck in double digits and an RV fire Almost burns down a house talked about it last week, but I want to talk about it again cause I think it's important. And then Tuesday's highs and lows.
Let's see what Silicon Valley highs and lows were done this last week. It's actually pretty cool. Let's jump into it real quick. I want to show you the quick numbers. There we go.
There we go. I work on my cameraman.
Mortgage Rates and Local Brokers
So rates today are 6. 74, which is a lot less than it was last year. But if you look, you can work around deals and I wouldn't work with any of these guys. I'm not going to tell you not to, but some local brokers are far more knowledgeable and they get better rates than even these guys.
So be careful what you do. There are people that like Rocket Mortgage will drop rates, but then their service is horrible. They don't tend to close on time unless they have the right people behind it, right? And it's important to have somebody local that is proactive on getting things done Promptly, especially when you're buying houses So or even refinancing a quick stop on Pearl Ave right by Capital Expressway and Pearl, Oak Ridge is down here, right here, and Pearl.
So 395, that's the lowest in the valley. We're in San Jose right now.
Homeless Problem in San Jose
Okay, the San Jose resident nearly loses home from the RV fire. Guys, I know I talked about it last week, but here's the problem with this. It's getting worse and worse. And while I understand that they have a problem, we have a problem with the homeless and we feel bad for him and all that stuff, but it's not going to solve the problem.
The problem is that you give somebody. A little bit and they expect it. Start giving them more to appease them and all of a sudden now we're like we're trying to figure out how to house the homeless where this should not be allowed, right? San Jose out of the entire county is by far the worst. I went down east side of San Jose to on a listing appointment yesterday.
There are homeless encampments everywhere. It's almost shantytown these days. And while I understand we have to do something for these people, we can't let it get to where it is or where the next step is where they start ruling the roost and start holding over, holding court over us. They take our resources.
They Burned down houses. They have five. I heard that there was a huge percentage of the fire calls last year were in the last couple of years because of homeless encampments. There's poor supervision, there's zero rules there's a lot of crime that happens, crime on, or homeless on homeless crime that happens, but you also see that they're stealing a lot of stuff.
I go by these homeless encampments and I see 20, 30, 40 bikes. Now they just find it, I get that right where they and they leave trash everywhere. I'm having a problem with this because of our politicians, and our government. Is supporting this and this is not the answer I agree that what we have is what we have and that's just the way it is, but leaving them out, especially in freezing cold.
They just had another report about homeless deaths going up because of the cold. This is not the answer to letting people sleep intensely in one of the richest cities in the world. It's not the answer. There has to be some other kind of answer for that. And I'm just going to leave it at that. When you are irresponsible and you start fires and you almost burn down another person's house, that is where the line should be drawn.
This should be the catalyst because if you don't care about somebody else's property, what's next? You don't care about other people. Personal or personal space. And then all of a sudden they start getting, or there are more murderers or what, I'm not saying that's going to happen to say that
there have to be certain rules enforced and our city's not doing enough to enforce these rules. And it's the mayor, the old mayor, it's the government all the way up on high to California. And it's all the way down to the local government, your local council members, and you need to call them up and start complaining saying this is ridiculous.
This is enough. No other city in Santa Clara has this abundance of a problem. I understand that we have federal county and state funding to help provide, but there's no resource management. There are no rules and it's completely out of control. And I'm sure that the police chief and the mayor and the council members want to do something about it.
They just need somebody to jump through and keep on complaining about it. So I ask you to call your council member.
Silicon Valley.
Office Vacancies and Homeless Shelter Proposal
Offices and office vacancies are stuck in double digits. Now this goes into all the numbers and boring numbers. I'm not going to bore you with all these numbers. Cause it's ridiculous about, you're not even going to remember it, but it's a lot, it's becoming a problem. They're continuing to build high rises.
They're continuing to build office space, but they're not being filled because of the trend that's happened since COVID-19 people stopped. Going to the office now, they're forcing people to come back into the office two or three times a week And then they're trying to force over the next five years That'll become a norm where we're expecting you to come in five days a week, and that's just the new norm Take it or leave it, but we're still seeing office space stay Unspent
so now what was I just talking about the homeless problem, right? Oh, but they want to stay outside no. No, I don't care about what you want too bad. Go live in the freaking mountains somewhere if you're going to live here, let's put them in these places as temporary shelters and no, you can't stay there more than three months, I don't know, whatever rules, right?
You have to govern yourself. You have people coming in. Maybe we have these people that, the police and the social workers come through and make sure that it's governed correctly. And they're not stealing from each other and they have a place to live temporarily until they get on their feet. We create a process to get them on their feet and back into society as productive members.
I don't know, but it's a global problem. It's a US problem. And now it's a local problem. And don't come to me about, Oh, it's not zoned that way. You know what? They can make an exception. Oh, you know what? This has been vacant for the last five years. We're going to take it over. That's called eminent domain.
We're going to take it over and we're going to create subsidized housing, homeless shelter, step process, or whatever. Let them create something to do that. Or maybe there's a nonprofit that can do something like that where we can get people off the streets and into doors. I don't know.
High Property Prices and Homelessness
Call me crazy because it's still one of the most expensive places to work to live, right?
The highest sales price in Santa Clara County this last week was 5 million. We have houses selling up in San Mateo for 29, 30, 50 million, 100 million, right? It's the most expensive, one of the most expensive places in the world. And yet we have homeless and we allow it.
Can we get off my high horse a little bit?
Tuesday Highs & Lows
Home Value Tool https://hmbt.co/bT7qRJ
So let's talk about these guys right here. Yosemite. No, that's not it. I'm going to tease you. Look, there you go. Now this is a really pretty house. Actually. It looks like I looked at this one before. So tutor style. Nice, very pretty.
Okay, let's take a look at the vitals. Four bedrooms, five baths, 3, 700 square feet. There's an ADU, like a little tiny granny unit. Built on 19, 19, 1931 on 1. 3 acres. Actually, I have been through here. This is a really nice little part of North Los Gatos because downtown is right here, right? That's all downtown.
That's Santa Cruz. That's where all the restaurants are. But this is really close to where Netflix is actually over here now, but used to be Netflix was over here. This is a nice little quiet place and it's far enough from the freeway. You can hear it, but here's the thing. You're within walking distance to the Sona.
Not awesome. Dude, but 5 million slots, rare vintage treasure, secluded English tutor to read that
that's, it's just a beautiful house out and out inside. It's
very nicely done. Two-inch Oak, a maple, a very light maple, natural look to it. Beautiful house.
It took 10 days to sell. 4.7 sold in seven days or 10 days, $5 million.
Pricing and Marketing a House
That's how you price and properly market a house, guys. That's how you do it.
So get the next one. This one right here, my house is worth a million dollars. Guys. I just sold a house over here. Where
is the house that I sold in Inman closing next week, right here, right? I can tell you that a house in good shape is worth about 7 50, 8 50, maybe 900. The house that we had was trashed. We didn't do anything to it. We actually replaced a broken window and a broken door. We didn't do any upgrades to it. And we sold it for 7.
95, I think. Look at this one right here. Same looks house. It's boring looking. Nothing fancy to it.
Overpricing and its Consequences
Okay, so yesterday I went on a listing appointment. This is the same area off of Piedmont. And
when I tell you that a house won't sell for more than this, And then. You tell me, no, it's worth 500, 000 more.
There's a lot of ego on your side and I'm not going to sit here and rag on you or whatever. I'm just not going to work with you. Gotten to the point in my life where I can put in a lot of effort energy time. And money into trying to sell your dream of selling your house for two and a half million dollars, but it's not worth it.
It's not worth it. I can tell you for a fact, I can tell you that when I look at your house and you've had seven other agents try to sell it at 2. million dollars and yet nothing happens. I can tell you that I'm not going to spend my time and energy on it. And when you look at a house like this and you look, Oh, look.
It's been on the market for 49 days. It's worth 950, 000. No, it's not. Oh, I'll be patient. I'll, we'll wait. We'll negotiate with the right buyer. You're hurting yourself by doing this. You're hurting yourself when you sell your house higher than what the norm is.
So let's say that you're at the market, right? You're only seeing 25 percent of the market, the buyers. So that house that we just looked at, really like 800, 000, maybe it could have been 825, 000, 850, 000 if it was marketed right or priced right. But at market value, you only, you're showing your house on the NLS to about 25 percent of the buyers.
If you come down 5 or 10 percent below, you get 75 percent of the buyers. You don't want the other bottom part because those people can't really afford to get to where you're looking because they're already stretching to where they need to be. If you're above, you have 5%. So if there's a hundred people, there's ten people, you're only seeing one person come through every couple of weeks.
Because buyers come in and out of the market.
That's why your house didn't sell. Your house could have sold for 850, 900, but your ego told you,
but your ego told you that it was worth 950 and this agent probably agreed under duress. Okay, let's take a look at this one. See now, we know these houses because we live here. And if I, one, two, three, I live over here, I can tell you straight up. Your house is worth 1. 3 to 1. 5, depending on size condition, right?
So it doesn't matter where you list the price matters, how you market it, the condition of the house,
right? The condition of the house doesn't have to be super, super duper fancy. It has to be looking, it has to look nice as a spell. Nice. Can't have any. Major cracks. See that crack right there. That's a maintenance issue. I would have fixed that, but I get it. Do you want to sell it? Sell it. See, there's nothing wrong with that.
I wouldn't even,
right? There's nothing wrong with selling a house as is, guys, right? Now, if you fixed it up, you could have got another 100, 000, 200, 000 out of it, but you would have had to put 50, 000 to 100, 000 into it. ROI is probably 50%. Nothing wrong with that. Totally up to your decision, right? We give you an option of selling your house as is right now, putting it on the market, just like this one right here, or fixing it up a little bit or we do a complete turnkey, completely how you want to do it.
We give you kind of price ranges is what we think it might come in at. And then you decide if you're going to do that or not. And we have people to do that for you. And we manage that whole process for you. Okay, this is San Jose. Let's take a look at where this one is.
Rose Garden. Oh, my house is worth X, right? This is where Googleplex is going to be, but this is the Rose Garden area. And yeah, this is beautiful, right? These are beautiful homes. There's nothing wrong with that. But you have to be sensitive to the price and I can guarantee you that if I looked at hundred-year-old houses that are 2, 700 square feet that are in this condition within a one-mile radius I can guarantee you that you probably should have listed it around one point six one point Seven and then got up to one point
the ratio on that is 82 percent of the list price A lot Laporta the one that we just showed you is 83 percent of the original list price Don't think buyers are stupid. Buyers are smart and they're comparing against every other house that they're looking at. Price, condition, value, doesn't matter what price range, they're looking at it and your house is completely off the charts more expensive for whatever value point that they're looking at.
Square footage, upgrades, proximity to jobs or schools, or whatever. If it's overpriced, it's going to sit 84 days on the market right there, right? Okay.
84 days on the market guys houses should not take that long to sell now. Let's take a look at inside completely updated
What the heck is that? Okay, that's why it didn't sell. This is an apartment upstairs in their attic that they built and it has it Separate total living unit up top, which I didn't catch. If you do wonky stuff like that, it's also not going to sell on time. But they did, the gray colors, which is the modern thing for smaller houses.
But you notice all the more expensive houses, like on Mondays when we do luxury, you see all the houses are done in natural, white, wood, right? Now this is done. This is a really pretty kitchen. I love this kitchen. I love that little
table there. I wonder if that's movable. That'd be smart if it was movable.
You can even see there's old-world hundred-year-old wood right there, right? Beautiful house.
I just don't know about the upstairs extra apartment thing. I get it because you're trying to add extra space and extra value to it. But then, obviously, the buyer spoke. This is what my, this is what I think it's worth. So the wood-soaking tub is peculiar. All right, there you go.
Conclusion and Recap
Today we talked about an RV burning down, almost burning down a house. Silicon Valley office vacancies are up. There's a solution in there, guys. I'm telling you. And then the highs and lows about the four different houses, 106 all the way down to 82 percent list of the original list price. I'm Vito with Abottano. I'll see you out there.
Vito Scarnecchia
Realtor®, Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vito@abitano.com
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Silicon Valley Real Estate Updates and Solutions for Homelessness
In this video, Vito Abottano gives a comprehensive overview of the current real estate scenario in Silicon Valley. He discusses office vacancies, the dangers of RV fires threatening homes, and potential methods of tackling the homelessness crisis by utilizing vacant office spaces. He also critiques inefficient local government policies and encourages viewers to contribute to change. The video features examples of four different houses illustrating highs and lows in the housing market, largely based on their selling price as a percentage of their original list price.
0:00 🔴[LIVE] 🚨 Silicon Valley office vacancies stuck in double digits| RV FIRE almost burns HOME
00:00 Introduction
00:06 Silicon Valley Office Vacancies
00:35 Mortgage Rates and Local Brokers
01:33 Homeless Problem in San Jose
05:23 Office Vacancies and Homeless Shelter Proposal
07:25 High Property Prices and Homelessness
07:51 Property Market Analysis
09:18 Pricing and Marketing a House
10:04 Overpricing and its Consequences
16:35 Conclusion and Recap
1. Post about Silicon Valley Office Vacancies:
- "Did you know that Silicon Valley office vacancies are stuck in double digits? Find out more in my latest video!"
- "Is the Silicon Valley office market facing a downturn? Discover the surprising truth in my video."
- "Curious about the current state of Silicon Valley office vacancies? Don't miss the insights in my video!"
2. Post about the RV Fire Almost Burning Down a House:
- "RV fire alarm! Hear the nail-biting story of how a house narrowly escaped disaster in my video."
- "Prepare to be shocked! I uncover the terrifying reality of RV fires and their impact on homeowners in my latest video."
- "You won't believe what happened when an RV almost burned down a home. Discover the details in my video!"
3. Post about the Homelessness Crisis in San Jose:
- "Heartbreaking and alarming: delve into the growing homelessness problem in San Jose that I explore in my video."
- "Rising homeless encampments cause concern in San Jose. Find out why in my revealing video."
- "The hidden side of San Jose: discover the challenges of addressing homelessness in my eye-opening video."
4. Post about the Impact of High Office Rents on Businesses:
- "Is the high cost of office rents in Silicon Valley affecting businesses? Uncover the truth in my revealing video."
- "Struggling with high office rents? Learn how it's impacting businesses in Silicon Valley through my video."
- "The skyrocketing office rents in Silicon Valley are a cause for concern. Explore the issue in my latest video."
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