High Cost Of Cars, Deal, Falls Through with San Jose Safeway, 12 County Home Sales (Willow Glen home of the week)



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High Cost Of Cars, Deal, Falls Through with San Jose Safeway, 12 County Home Sales Willow Glen home of the week


Hi, Casa Carras. If that's not what you think, we're going to go through all the different states and discuss it. And then a deal falls through for the San Francisco or the San Jose. Am I saying San Francisco? San Jose Safeway that is now empty. And 12th. Bay Area County report, and we're changing it up a bit and median income versus median price.

Now, that's something we talked about before, and we'll get back into it and the Willow Glen home of the week. Let's get moving. All right, let's open this thing up so you can see it. Okay. 

Cost of car Registration, Licensing, and insurance across the US

The High Cost of Car Registration and Licensing
First things first, the high cost of registration and licensing, is called car tax. And yeah, so before I get started here, I'm looking at buying a car.


I have a child who is wanting to drive and we need another car I'm looking for a car that I can fart around in instead of spending, 12 gallons, 12 miles to the gallon, or 12 gallons to the mile looking for something with a little bit better gas mileage, not a hybrid. But something used that I can just run around in and meet people and do things.

So I'm looking at a Lexus convertible. It's older. It's not as expensive as you think and it's pretty much a car, right? But I'm looking at a convertible. So naturally I'm thinking What if I? registered My car and another state, because I know some people that have done that. I'm like, Oh, okay. I'll do some quick research.
I thought I'd talk about it because it's not what you think. It's not that great of a savings. And let's take a look. Why? Okay. I'm going to drop this so you can actually see the numbers and I'm going to make it so you can actually see bigger numbers. Now let's take a look at it. 

Comparing Car Registration Costs Across States
Let's take a look at California.

Now this is average, right? These are averages, but let's just say this, these are averages for a, I don't know, 10, 000 convertible, whatever. It's not because I know mine's more, more expensive, but let's just, it doesn't matter. These are just averages. And I found this on this site right here, compare. com and the link will be in the blog.
So make sure to go to the blog and grab it if you're interested. Now, California. I think it's expensive. Yeah, it's pretty expensive, but not as expensive as Colorado or Connecticut, or even Florida. Everybody's like move to Florida. It's cheaper now. Not everything's cheaper. Plus they have toll roads. You have to do a whole search of everything.

And that's what I'm going to do in the next couple of weeks, because of what I'm saying. The reason why I'm doing this is I'm talking to people who are thinking about relocating out of state or maybe relocating to California so they can have an idea of how to make this work, what the actual costs are, and does it make financial sense because moving to California from, I don't know, St.

Louis, everything's going to get more, much more expensive. Now let's take a look at Missouri because I said St. Louis. It's 877. So you're going to pay a little bit more, a couple hundred dollars more for the same car, basically, right? Now, the way I did it was I took these numbers and I averaged them out and I did that whole column.

And then at the end of the day, everything with an A on it, I added up. And it goes this thing goes into pretty deep detail, but again, they're just averages and you can't get exact numbers because not every state is forthcoming with all that stuff. So based on weight, I don't know what that means.

So I just put in a hundred bucks because I don't know, it sounded good. So these numbers aren't exact.

I also have friends who live in Tennessee. So let's take a look at Tennessee. It's a little bit of a savings, but not, Oh my God, savings, right? Every, every which way they go, you're going to spend anywhere from 700 to looks like 1500 to register your car. Now, some of them might be, I might make, made a mistake.
So do your own due diligence, et cetera. Some of them cost money for a new plate. I don't know if that's. Just the transfer. So that might actually be less like let's go there and now it's a 1, a 300 difference. Who cares, right? It's nominal, but these averages are no matter where you're going, it's going to cost you about a thousand bucks.

And by the way, that's how much you're paying in California. It's about a thousand bucks. Okay. 

State Income Tax and Insurance Costs
We also have a state income tax, which I just looked at. I just. Pasted these in haven't really done my diligence on this, so I'll work about work on that in the next couple of days, and we'll report on that next Monday.
These are average premium costs or average insurance costs for houses. Now, the way this was, and this is from Bankrate. And it was based on a 250, 000 dwelling. And I'm assuming that's the entire state. So if you're on the coast, it's probably going to cost more than if you're in Midland or in Orlando or wherever.
And it really depends on the zip code. So again, you have to figure out where you're going and figure out what the average costs are based on the city that you're living in and the state and then across the United States. So I don't know why this came out. Like this. And then when I did the average is 1, 700 per year on average.

And then when I did the calculations, I don't know how they came up with 740, but they did 7, I got 732, right? This number is minus the average number. So California, again, 1266, I don't think it's that. I think it's a little bit more just so you know, but it's based on a 250, 000 dwelling. Not a 1. 25 million or 202.5 million home. So those costs are going to slide up, not dollar for dollar, but just an idea.

I thought it was very important to do that. So we're going to go a little bit deeper into this. If you have questions or other ideas on how this works, let's talk about it because I want to make sure that we have everything. Cost of living, cost of gas, cost of food, cost of restaurants, cost of labor, that kind of stuff.

So we have a whole list of different things that we can build on over time. Okay. 

Median income vs median Price

Median Income vs. Median Home Price
Median price versus median income versus median home price. Now, the U. S. median price is It's actually more, we know that, but I have some bad news to tell you, I can't find my old live spreadsheet. So I'm starting everything from new.
Luckily, I had this here, so I just glommed on this as something that I could do. And I think it was 4. 17. This is what I saw the last time. Oh no, let's take a look. Let's take a look. It's actually 379, so it went up a little bit or it went down a little bit, but that's okay. Look, the median income in the United States is 67, 000.

If you bought a median-priced home, which is 387, 000, you would need to have 20 percent down. Your loan-to-income ratio would be 40 percent and your annual PITI or your monthly PITI is 2, 300. And 28, 000 that is in Calif Santa Clara County. I did a quick run of what the median income was Santa Clara County is 181 and the median price for a house today or yesterday was 1.7. 
Okay, those are the median as of the year to date yesterday. So I took that number, plugged it in, and assumed 20 percent down, just 347, 000. Based on that, you're Income, your median income is 181, your total monthly PITI would be 10, 500 and your total annual PITI would be 126. That's 70 percent of your income.

So the cost of living here in Santa Clara is much higher than it is on the median across the United States.

Let's assume that you should be making about 350, I think. Yeah. So I think I remember it being 325 or something like that. Yeah. So you want to be about 40 percent loan to value, income loan, debt to income ratio, right? So just going there and there's waivers, there's all sorts of different things that you could do to fudge that up.

But at the same time, just something to be aware of. Living in Santa Clara County is much more expensive.

There you go, okay, you're all but Vito the property tax is lower here Yeah, and we have Proposition 13 and we have Proposition 19 Which isn't the best thing since they took away Proposition 60 and 90 from us But that's neither here nor there Cost of living here is getting more and more expensive and these prices are not going to go down In the near term future.

As a matter of fact, we're seeing data that might increase the value over the next 3 years. Even if we hit a recession, it's going to take about 3 years to see any kind of change 3 or 4 years in our pricing. Mostly because supply and demand here in Santa Clara County is very low, crazy low. And we talk about that on Fridays and Thursdays compared to the United States.

Now,

I understand 181 is a lot of money, but here. Typically what I tell people when I go and talk about the housing and all this stuff, I go to San Jose State and I have a homebuyer shop that I workshop that I talked to two students and I say, when you get into your job, first couple of years, you cut your teeth.

But you spend most of your time working your butt off, but also networking and finding your team and that kind of thing. Then I tell them how much they should expect to make once they get into director V level C level so that they can have that mindset of freeing themself up of understanding that maybe now.

It might not be the smart time to buy a house, but maybe later, or what can I afford right now? You can afford, a 1, 000, 000 townhouse and there's 1, 000, 000 townhouses around here. So anyway, that's something to talk about there. And we're going to continue to work on this here and there.

Willow Glen House of the Week
Willow Glen House of the Week. This is Richard's ad. This is not my listing. It's 3. 4 million, four bedroom, four bath, three 3, 357 square feet built last year

and it's within walking distance. It's a good walk, but it's walking distance to downtown Willow Glen, which is right here. So where all the restaurants and shops are, you can take a nice leisurely stroll, get your buzz on, get some drinking done, and saunter back. Is it the perfect place? No, this is perfect over here, I'm not going to tell you where to live.

Just saying that this is a beautiful house. It caught my eye. I thought it was really well done. Give it a minute.

Okay, I guess we're not going to be looking at it today. There we go. We can just do that. Nice big redwood in the middle of the street of the, of your yards. You don't have, Oh, that's awesome. That is so awesome. Okay. We can't see it, but there you go. That's the Willow Glen Week. View of the week. Okay.

12 Bay Area County Report Graphic

Snapshot of Santa Clara County

Santa Clara County went down a little bit from last week. , these are all the medium prices from last week, from the last seven days, just as a visual, so you can get an idea. And last week I had a little chart here with the averages, but I made it a little bit more appealing for the viewer so that you can see what I'm talking about.

But if you're looking for a great place to live, that's not super expensive. Go to Solano County. It's not that far away. It's affordable. It's the most affordable County in the Bay area. The next one is I think, yeah, San Benito. I keep looking at houses down in San Benito. Oh, I tell you, I need to be on the water.

So that's me. All right. So here are the sales prices over the last week, over the 12 counties. Why am I doing 12 counties? Because Monterey and San Benito are. Places that people are looking for as destinations to move to because of cost of living because it's better to spend 700, 000 million or 800, 000 versus 700.

So the reason why I put that there is so that we can take a look at it Now, these are averages, not the median price, these are sales volume, and I can tell you that Solano is still your best on a sales price to list price ratio, on cost of houses, on everything. There's a lot of inventory to look at, and the average day is 53 days on the market versus Santa Clara where it's 23 days on the market, right?

We have 885 houses in contract right now versus the 411. I'm not comparing apples to apples by any means. I'm But understand that if you're going to live in Santa Clara County, you need to have the money to be able to buy it. And there's a lot of people buying it. This is year-to-date sales. These are several active homes for sale in Santa Clara County.

And the ones that go into contract, the 885 took 23 days on average. Right now we're at 1. 4 billion dollars in transactions. This is 7 weeks into the year. Yep, there you go. And this chart was the same thing. The median sales price, the cost of living, that kind of thing. Okay. And here's that chart that I showed you on my car tax came from comparison.

com and there it is, and then that's me. I copied it over to my little chart for my Lexus that I'm looking at in my convertible. That's it. All right, guys, today we talked about it. Cost of car registration, licensing, and all that across the United States. Crazy. Oh, we didn't talk about the deal that fell through.

Let's do that.

Commercial Property Falling Out of Contract

The deal falls through at the former Safeway. Now, if you know where this is, it's downtown. It's next to City Hall by San Jose State. There's, it's a walk-in. The reason why this place sucks is really just for downtowners. You can't drive to it. As a matter of fact, the Amazon drop-off is right over there.

It's always been a hard place for people to get to pretty much have to walk to it because the parking over there is always this where'd it go? So Amazon is right over there. That's the old Safeway. San Jose City is there. San Jose State is a little bit further behind there. And there is some parking here.

The location is great. If you're a walker, if you are living in these apartments or any of the apartments or condos that are down there, it's great, except for the fact that there's just not enough volume of sales, so Safeway walked away from it, understandably. Now there was somebody that wanted to buy it.

And they had it in the contract they're hopeful that more housing would come online downtown. Yeah, we're building more town townhouses. They don't have any buyers for this place right now. So what's happening is we're having a lot of commercial property. Those are falling out of contract and just sitting vacant. There are a lot of stores.

I show it to you on Facebook all the time. There are houses, there's buildings, and businesses that are just going out of business. And that's going to be one of the tipping points that I talk about, right? 

Potential Economic Tipping Points

There are credit cards, the automotive industry, there's insurance, there's health insurance, there's all sorts of things that could tip this economy within our world, within our little economy.

Not the whole globe, this is just our GDP. Then we have World War III, we have multiple wars going on, multiple battlefronts going on, and then we have unrest going on in Europe and all, and down in South America, and we don't know what's really going on with China and that big commercial the big Ponzi scheme of apartments that they were building.

I can't remember the name of the company, but There's a lot of stuff that could flip and trip our house of cards here. So just be on the lookout. I'm not saying it's doom and gloom. I'm saying be prepared, right? We don't want people to say, woes me. I wasn't told. I want you to be prepared for what could happen, right?

AT& T went down last week. There's been a lot of communication disarray over the last few weeks or the last couple of days. So just keep in mind, there's a lot of stuff that could happen that could topple. Any part of our GDP that could be a house of cards that comes tumbling down. You need to be financially prepared.

You need to be prepared for your family, for food and protection and water and health and all that other stuff. So just make sure you have all your stuff put together. And you're ready for anything that could happen. Okay. So today we talked about, where are we? Cost of car registration, San Jose Safeway still empty, 12 County Bay Area housing report, medium income versus median price.

And we saw the graphic and the Willow Glen home of the week. That only took 20 minutes. 

Conclusion and Preview for Next Session

I know there's a lot to think about tomorrow. We're going to have. a little bit more on highs and lows and possibly like a little bit of a buyer things to do if you're going to be a home buyer to be prepared for what's coming down the pike from lawsuits and all this other stuff.

I'm Vito with Abitano. See you out there.

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

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