Santa Clara County proposes faster approval for backyard homes
Santa Clara County proposes faster approval for backyard homes
Introduction: Santa Clara County's Housing Proposal
Santa Clara County proposes faster approval for backyard homes to today's highs and lows in Santa Clara County and Americans are flocking to outrun home prices. This is where they're moving and this price reduction and. Yeah, let's get us home for the week. Let's get moving here. Okay.
Challenges and Benefits of ADUs
Santa Clara has for the last few years been working on 80 years, making it fast track.
I sat on a board council board thing where I testified and I was talking to a bunch of citizens and talking about if they do this, they have to make it simple and easy for people to do it because of the permit process and doing anything with the city. Is a huge pain. It just is. It could be six months to six years to get something done.
And unfortunately, it just is what it is. It's just the bureaucracy of living in big metropolitan areas. San Jose is not the only one. Every big metropolitan area has that. However, Santa Clara County has fast-tracked the idea of ADUs or backyard dwellings, accessory dwelling units, or granny shacks. I think it's a good thing.
I think it's a good thing that they're doing this and I want to say kudos to the county. I want to say kudos to San Jose to fast-track it and make it less painful. It's not perfect, they have to make sure that it's done in a safe manner and with good workmanship. So they have pre-approved vendors, which, might not be fair for everybody.
However, these vendors have designs that are approved by the city. So you have a choice of five or six types of shacks or ADUs to use. And you go to these five or six different vendors and they give you your options. The process is really simple, but don't forget it's fairly complex. They have to bring in utilities to bring in drainage, they have to bring in all sorts of stuff to this place to make it livable and habitable and within code and what they're doing is they're going outside of code because of certain clearances and variances. So far there's been. 1400 homes built in the last five years. This is good. This needs to happen.
Personal Opinions on ADUs
I particularly don't think I'd ever do that for my home, but if you're struggling with making income, it might be something that adds value to your home as well as adding income to help offset your high cost of living or your high-cost mortgage.
And in. Property tax, et cetera. There's good news and bad news to everything, right? Think it out. If you're going to do this there's another article that's right here. Sounds like a program, but backyard homes are thriving. the problem is the state. And I think the federal government came down to each metropolitan area and said, you have until X amount of days or years to build.
So many doors and I think it was 2024, which we're in right now. San Jose was required to build 40, 000 homes. I don't think they're anywhere close to that. Maybe 10, 000 homes or doors. When I say doors, we're talking about apartments and condos and single-family homes and ADUs and mobile homes and everything.
Places for people to live. This is one solution is not the only solution, but I think it's a good thing. there's a story here where a lady took extra time because her house, her property is located on a cliff and she had to go through environmental studies and she had to do all this other stuff.
But ADUs are a good option. If it's something you want to do again, it's not my choice. I would never recommend doing it. Does it add value to your home? In some cases it does some cases it takes away because it depends on how you do it. If you do it legally, if you do it with good workmanship and you do it where it's a good flow to the property, and it doesn't really take up a lot of backyard.
It'll add value. If not. I've seen, that I sold a home with a house with a room that was attached to the back of the house and it just didn't feel right, still sold it. I don't think you added any extra value to it. I don't think it was legal. I don't think we added value to that build-out. So does it add value?
It could. So just taking into account, if you have a large lot and it's not being used or you want it. Add extra value. Think about it. Call me and we can walk through it. I can point you in the right direction. I know people. I know people. Vito gives you offers you can't refuse.
Los Gatos House of the Week
Okay, Los Gatos house of the week.
It's woodland, not my listing. Two and a half million, three bedroom, two bath, 1900 square feet, two and a half baths built in 2023. And, the reason why I like it is it's right next to downtown. Walking distance. Is it perfectly situated? No. As a matter of fact, I don't like it because you're closer to the freeway, it is what it is.
Two and a half million dollars today. I think this is a great bargain. Yellow. Okay. We're not going to be able to look at that today. Yeah. Unfortunately is what it is, but it's a nice house. They probably bought the land, which was not a whole lot of land. So you're buying a postage stamp-sized lot and putting a little McMansion on it.
But it's a nice-looking house and probably has a basement down there. So it doesn't look like it's added to it, but perhaps it is. I don't know what I do like about this house is it has a metal roof. And I know it's not as aesthetically pleasing as maybe composition or the Spanish style roof or cement roof but these will hold up for a lot longer than even the cement roofs.
As a matter of fact, in hurricane areas, they're now using it. Where this used to be a design solely for snow because the snow would glide right off and be less of a hazard. This is now something that's considered hurricane-rated. Little-known factoids.
Market Trends: Americans Moving South
Americans are flocking to the South to outrun home prices.
This is where they're moving from. There's not a whole lot of people moving from Santa Clara. These are the fastest growing counties, and these are the fastest shrinking counties, and Santa Clara is a whopping point one percent. I guess it depends on where you're going, but there are a lot of people escaping to get out and go to Florida, Arizona New Mexico, and Texas, obviously, people seem to be moving there a lot.
It seems like everybody's moving to Florida. I thought about Florida for a while but with the onset of the last few hurricane seasons and seeing all the devastation and the high cost of insurance. I'm choosing not to go to Florida if I ever move. So maybe Texas, maybe Louisiana. I don't, I have no idea.
Still up in the air. So there you go. It's a great little article for you to watch or read and open your mind up to different places. Right? Looks like Florida, New York, Florida, Texas, that kind of thing.
Price Reductions and Market Analysis
Okay, list price reductions. I chose this one, Calero because it looks like it was price-reduced. Yeah, four bedrooms, not my listing, four bedrooms, two baths, built-in 1972.
Age is 52 years old on the market 35 days. It dropped 50, 000. There you go. Wonder why. Let's see if you could see some nice pictures here. It's a staged carpet.
Yeah. So guys, carpet. Oh yeah. Look at that. This is ego trying to sell a house for more than what it's worth. That's an original kitchen I've sold this model before. This one happens to have, okay. Original, but the one I sold had a brand new kitchen in it and it sold for a huge amount of money
for a bedroom, two baths, 1495 square feet guys. 1. 5 for a 1500 square foot. I get it, but not for this area. You're trying to make the market. You just, you're wasting your time and the agent's time. You got to bring the market to you. So one of the best ways to do it is to. Low ball, the offer, the list price and bring people in and attract it.
However, I do think we're in a slump right now. I don't think we're going into anything devastating. We talked about it yesterday, the election cycle. People are going to start hesitating and holding off. There's going to be less competition. But we're also going to see houses stay on the market longer and we'll see a lot more price reductions, right?
We have 177 total price reductions. That number hasn't really jumped up over the last couple of months. It slowly has gone up. So it has the number of listings. So overall we're at 16 percent of the houses listed right now are at price reduction, whereas before the last couple. Months where we were seeing nine and 10%.
I don't think it's something to worry about just yet. People are saying if my candidate doesn't make it, I'm not going to buy a house. The market's going to crash. I doubt that. What's happening is people are getting a little bit egotistical on the pricing saying my house is worth this, where maybe it's not.
I'm just going to hold out for the right buyer to come along. Guys, there are 1100 houses for them to choose from, right? And out of that, you have to guess that there's two or 3 percent of those that are going to fit your demographically perfect buyer, buyers needs. And if you're overpriced compared to the other two or three or four other houses you're going to buy that other house.
Throw the ego out the door, lower your list price, bring in the market, and get your house sold. I can't promise you what the sales price is going to be, but I can promise you that if you work with me, I'll get your house sold. If you listen to what I'm telling you, it's easy. Okay.
Highs and Lows of the Week
So this one is the highs and lows for the week.
And Waverly and what was the other one?
And Vine is still the one that's not right. Loma Chiquita is still active for sale, but let's take a look at Magdalena.
So Waverly was that big one, the 30 million one. They're a market maker. Look at this beautiful house. They're looking for the billionaire, the right to check and buy this house. They're right waiting for the right buyers. They can afford to wait, right? This guy right here keeps lowering his price, right?
229 days. And I can tell you that it's not going to sell for 400, 000. This one just sold the highest list price was eight and a half million dollars. They listed it low based on the value and they brought in the market. They sold in five days. That's a good transaction. 500, 000 over the list price. This one right here sold off the market for 700, 000.
This kind of hurts you because you think it's worth 800, 000 and it's not because only off-market buyers are willing to buy it for 700. So that hurts you, it hurts the seller, it hurts the agent, it hurts everybody. The only one that benefits when it's like this is the buyer. So I'm not a fan of off-market listings.
Just not. Two bedrooms, one bath. They, I don't know why you'd buy that kind of house. There you go. All right.
Conclusion and Recap
They're almost 14 minutes. Today we talked about ADUs where Americans are going to buy houses. And Californians are moving out of California, not a huge drought, but we had a pretty decent Delta last year. we talked about highs and lows and that's pretty much it. I'm Vito with Abitano. Thanks for watching. We'll see you out there.
Santa Clara County High's and Low's
Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Vito@abitano.com Website: abitano.com https://www.onereal.com/vito-scarnecchia-1 update your home value: https://hmbt.co/bT7qRJ RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: https://calendly.com/abitano/15min Home Buyers 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://docs.google.com/forms/d/e/1FAIpQLSc0R5pjHIAPguZ5GDEB-fTbGJXKpWK3coK9Khymv_GTWkMnyQ/viewform?usp=send_form https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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