🔴[LIVE] 🚨 San Jose development delayed | 30-day delinquency rates (Los Gatos Homes for sale)


🔴[LIVE] 🚨 San Jose development delayed | 30-day delinquency rates (Los Gatos Homes for sale)

Current Market Overview and Mortgage Rates

San Jose development is delayed and going to be built in phases. Las Gatos home for sale, Tuesday's highs and lows,  price reductions in Santa Clara County, and 30-day delinquency rates. There's like a pit of stuff to do today to talk about, but let's get started. Really what we want to talk about is what's going on in the market and kind of see the 800, 500 foot view.

But today we're going to get started with mortgage rates. Mortgage rates are 7. 08. Holy moly. That's ticked up quite a bit since last week. If you bought last week and got into a contract, you would have been happy because you're saving yourself about half a percent. So timing is timing. We believe that there's another speculation that rates will come down below six.

Home Value Tool https://hmbt.co/bT7qRJ

I'm not saying that's going to happen, but that's what people want to say.  I don't know how truthful that is. 


Gas Prices and Major Silicon Valley Developments

We'll see gas prices in San Jose today are 69. That's the that's what I saw. And it's right here in the Burbank area. This guy right here at the Great Gas on Stevens Creek,  go save yourself some pennies is much better than what I'm paying at Costco right now, which is three 99.

So I'd save myself 30 cents a gallon, major Silicon Valley developments to watch. And that's not really it, but this is the major one we're talking about. This one right here where Valco used to be,  there's some delays on it, higher prices, higher construction costs, higher labor costs, higher interest rates.

So they're actually slowing down and going to start doing this in phases. So you'll see this completely different. And I know that it only is going to go to four, four levels of stories, different from the six or seven that they proposed. The other ones that are happening are here at Google moving ahead.

WIRE FRAUD http://blog.abitano.com/2023/08/title-theft-is-on-rise-what-is-it-how.htm

Google on pods. That's the Google plex over by the airport off of 87 where we have, we don't know if it's going to happen or not. They were full force into it for a very long time. 

Future Developments and Housing Projects
San Jose development will be delayed and built in phases

San Jose has this great idea of making downtown San Jose a walk-only city. A lot of downtown metropolitan areas are starting to do that.

It would be nice to see it at least in effect, but I think we're looking at 20, or 30 years from now. Maybe, I don't know. We'll see what happens. Meanwhile, this behemoth has been in the news quite a few times. It's a new it's church in downtown San Jose by San Pedro, not San Pedro Square, but by where the old courthouse is.

HOME SEARCH https://www.onereal.com/vito-scarnecchia-1

And It's just been on hold and it's a blight and there's a lot of complaints there.

Sobrato site to host 75 cabins for unhoused people. That's awesome. I don't know how useful that'll be. This, I think, is right down the street from me. I think that, yeah, that's my tower that I hike up to. That's Santa Teresa County Park right there.  Not that you can see it. Let me see if I can open that up for you.

Let's see. Via del Oro. Yes, San Ignacio. This is right down the street from us. So that's the new Kaiser hospital that they're putting in. Either GoodSAM or Kaiser. And right here they're going to put low-income housing. Housing on VTA sites moving forward. I don't know exactly where that is. Let's see.

Berryessa.  Oh, cool. Yeah, that's where the big VTA slash Caltrans train is going to be. And then Antique Row in the Burbank area. They're going to be tearing down. This is Stevens Creek. I think this is actually Stevens Creek. And they're going to be building some apartments there. So lots of stuff coming. San Jose and the next 20 years are going to a completely different landscape. 

Las Gatos Home of the Week

Los Gatos Homes for sale https://www.onereal.com/vito-scarnecchia-1/listings/calrets/ML81952861/LOS%20GATOS%2C%20CA%2C%20US

Las Gatos, home of the week. 1665 Madrone Ave. This is a five-bedroom, four-bath, 3,500-square-foot home. Beautiful. It's not my listing. 4. 899 million. This is a gorgeous house. Everything about it. And the nice thing about it is this is really close to downtown too. So if you're interested, let me know. 

It's only been on the market for three days. This one's going to. Sell really quick. 

These are price reductions all over San Jose and I think I picked one right here on Jacques I think we talked about this one already Jacques is a flipped house, an overpriced flipped house. Now, everything inside is nice, but then when you look at that, nobody wants to buy a yellow house.

So there is, I don't know, I would have put some more money into painting it, but typically flippers are there for profit, not for aesthetics. And I think the backyard is pretty jacked up too.

It's nice looking all done up nicely. I don't know about the quality of craftsmanship. Yeah, it's pretty much left. So when you buy a flipped house, you're pretty much buying just a brand new inside, which, I'm not a big fan of Oh, this is a nice one. I actually got this from Ryan Lundquist, my real estate fellow, real estate stats, nerd, and muse.

He is an appraiser in the Sacramento area. And I take all of his ideas and copy them down here. And we share data back and forth. He's a great guy to know.  So loan loan-type credit cards seem to be having an issue. These are pretty normal right here, but if you look by credit card by generation.

It's not floating. Oh, there it is. It took a little bit of time by region. See, Northern California is in green, so it doesn't seem like it's doing 

Credit Card Delinquency Rates
30-day delinquency rates

too well, but we have a lot more people here than in any other place. San Joaquin, there's a lot fewer people there per capita, but it's also more, it's also struggling.

We're looking at. 82 houses closed last week, 59 of them were over a hundred percent of the list price. That's 72%. And right now we only have 585.  We need about 18, 19 hundred to make this a balanced market.  So let's see quick, I'm going to do this and we'll do the highs and lows.  I'll show you how I do it.

Highs and Lows of the Market

Tuesday Highs & Lows

All right, Miramu.  That's the highest sold price home sold. 88 percent 89 percent of its original list price started off 7. 2 was on the market over three months, dropped down to 6. 5, and sold for 6. 4. Take a look at the house. It's a fairly nice-looking house.

Nice tray ceiling vaulted ceiling. So everything looks nice. It was updated at one time, but it's still older older-looking feel to me. And it's five, four bedroom, four and a half bath, 4, 800 square feet in Los Altos Hills. So yeah, nice Tudor-looking house. This is the lowest sold price in San Jose, a little tiny cottage, a little tiny college, but it's nicely updated.

Again, what we're seeing is 55 days on the market. So they tried to be a market maker,  probably a flip.  And for that area, maybe it was over overbuilt. So they didn't get the profit that they were thinking. Two bedroom, two bath, 19, 900 square feet.  Crazy, right? So highest list price to sales price ratio, is 132, almost 138 percent over the list price.

Original list prices for nine 49, only 12 days on the market.  So for 1. 26, three bedrooms, two baths, standard ranch house, 1300 square feet, 59 years old. And it looks let's take a look inside.  Ooh, gates. I just sold a house with the gates on it. It's like a death nail sometimes, but you're telling people that you're afraid of the neighborhood. 

Yeah. I would have changed that out, and gotten rid of these cabinets to make it a little bit more open, but they did a nice job. New floors, new paint. New windows look like new bathrooms. The kitchen's older, but it was painted and then they put a new counter and stainless steel everywhere. And there you go.

If you're a market maker,  you're going to sit on the market for a little bit. If you're attracting the market like these guys did. They knew what the market was, and said, let's bring in a lot of people, bring in a lot of eyeballs, bring in a lot of buyers, and see what happens. And they were gleefully surprised with 1.

2, six. So this one right here, different thing, this one was on the market for 400 days.  But it's beautiful, right?  Down in Saratoga, gorgeous houses, opulence, and old-world charm. Look at that nice stovetop, ovens are a little dated. The kitchen was a little dated. I bet you that they painted it to make it look brighter, bright, and airy. Missing the glass maybe? I don't know.

So I have a guess that's what the kitchen looked like. They had the little lines around there, the darkened oil-rubbed lines. And then they just repainted it, about.

And this is not downtown. This is downtown Saratoga. So it's off the road a little bit. So you're probably on a septic system too. So the original list price, 400, 4. 75 dropped it down to 4. 2 and 4. 1. What you could have done is listed at 4 million and sold it right away. But people in this area tend to negotiate down versus going up.

So this is a, if you look at that house, it's a beautiful house.  It's gorgeous and you get a lot of stuff with it and it's worth every penny You just have to price it right to sell it and this is a very specific customer buyer That's going to live here. So there you go. 

Today we talked about a lot of different things mortgage rates gas prices What's going on the development side in Santa Clara County and specifically San Jose the Las Gatos House of the Week. Price reductions of the week and the four highs and lows of Santa Clara County. I'm Vito with Abitano. Thanks for watching and 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! Website: www.abitano.com Get your Equity and Investment report here RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia Free Homebuyers Course YT YouTube.com/SanJoseLiving IG https://www.instagram.com/abitanogroup/ FB https://www.facebook.com/vito.scarnecchia/ LI https://www.linkedin.com/in/vito-scarnecchia/ Blog http://blog.abitano.com/ POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb Professional Photography by Kim E https://photosbykime.com Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ Financial Intelligence https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg?sub_confirmation=1

Original Video:  https://share.descript.com/view/Bg0WtRFaPGv


Future Developments and Housing Projects https://share.descript.com/view/XrN23MfbkUA

Price Reductions and Market Trends https://share.descript.com/view/pXkP0N5yNrD

Highs and Lows of the Market https://share.descript.com/view/yG6nP2i5QzW

Title: San Jose Development Delayed and Market Updates | 30-day Delinquency Rates


Welcome to our blog post where we dive into the latest updates on the San Jose development, Las Gatos homes for sale, Tuesday's highs and lows, price reductions in Santa Clara County, and 30-day delinquency rates. There's a lot to cover, so let's jump right in!

Mortgage Rates on the Rise:

The first topic we'll discuss is mortgage rates, which have seen a significant increase recently. Currently standing at 7.08%, they have ticked up since the previous week. However, if you had purchased a property last week, you would have been fortunate to save about half a percent. Speculation suggests that rates may drop below 6% in the future, but only time will tell if this becomes a reality.

Local Gas Prices:

Moving on to everyday expenses, gas prices in San Jose are currently at $3.69 per gallon. If you're in the Burbank area, we recommend visiting the Great Gas on Stevens Creek, where you can save around 30 cents per gallon compared to Costco's current rate of $3.99.

Major Silicon Valley Developments:

Let's focus on the major developments shaping Silicon Valley. One of the key projects, located at the former Valco site, has faced delays due to rising construction costs, labor costs, and interest rates. As a result, the developers have decided to proceed in phases, with the final structure expected to have four levels instead of the originally proposed six or seven.

Another high-profile development in progress is the Google Plex near the airport off of 87. While its future remains uncertain, it has been a topic of great interest for some time. Additionally, San Jose has been exploring the idea of transforming downtown into a walk-only city. Although this vision may take another 20-30 years to materialize, it aligns with the growing trend among metropolitan areas.

Local Projects and Initiatives:

Several other notable projects and initiatives are underway in and around San Jose. One of them involves the construction of 75 cabins to accommodate unhoused individuals, located near Santa Teresa County Park. This endeavor aims to provide a safe haven for those in need.

Additionally, plans are in motion to introduce low-income housing on VTA sites, including one in Berryessa, which will also house a large VTA/Caltrans train. The Antique Row in the Burbank area will be undergoing changes as well, with the demolition of existing structures to make way for new apartments.

Las Gatos Home of the Week:

Now, let's shift gears and highlight an exquisite property in Las Gatos. Featuring five bedrooms, and four baths, and spanning 3,500 square feet, this stunning home is located at 1665 Madrone Ave. With its close proximity to downtown, this property is attracting attention, so act quickly if you're interested. Priced at $4.899 million, this residence exemplifies luxury living.

Price Reductions and Real Estate Insights:

Turning our attention to the real estate market, we'll explore recent price reductions in San Jose. One property that stands out is a flip house on Jacques, which has been deemed overpriced due to its outdated yellow exterior. Flippers often prioritize profitability over aesthetics, leaving potential buyers to consider the additional investment required to update the property.

Next, we'll touch on credit card issues and delve into regional data provided by a reputable real estate appraiser, Ryan Lundquist. His analysis suggests that Northern California, including San Joaquin, is experiencing credit card challenges, and this may impact the local housing market.


Wrapping Up:

To conclude our blog post, we'd like to underscore the latest statistics for closed sales in San Jose. Last week witnessed 82 closed transactions, with a remarkable 72% of properties selling for over 100% of their listing price. However, to achieve a balanced market, around 1,800 to 1,900 homes would need to be available, compared to the current inventory of 585.

As we look ahead, San Jose is projected to undergo significant transformations over the next 20 years. The developments, market updates, and real estate insights we've discussed today provide a glimpse into the evolving landscape of this dynamic city.

Thank you for joining us for this blog post, and stay tuned for more updates on the ever-changing real estate market in San Jose and beyond.


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San Jose Housing Market Update: Developments, Price Reductions, and More!

In this video, we deep dive into the current happenings in the San Jose real estate market. We discuss recent delays and phased planning in Silicon Valley developments, gas prices, and mortgage rates. We take a look at a Las Gatos house of the week, review price reductions across San Jose, explore 30-day delinquency rates in the area, and round up the highs and lows of the housing market in Santa Clara County. This video is a handy guide for those interested in the San Jose housing market dynamics.

00:00 Introduction

00:00 Current Market Overview and Mortgage Rates

00:42 Gas Prices and Major Silicon Valley Developments

01:43 Future Developments and Housing Projects

02:59 Las Gatos Home of the Week

03:17 Price Reductions and Market Trends

04:20 Credit Card Delinquency Rates

04:30 Quick Stats and Market Analysis

04:50 Highs and Lows of the Market

08:01 Conclusion and Sign Off

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