Apartment ADU for Affordable Housing | $12BN in Sales Volume YTD
Introduction to the Affordable Housing Model
Apartment ADU creates a new model for affordable housing.
Let's get moving here. All right.
Apartment ADU for Affordable Housing
Exploring the Fourplex Concept
I'm going to do this one first apartment complex. 80 you create a new model for affordable housing.
Now, it's really not an apartment. A fourplex is about anywhere from 1. 5 to 2. 5 million dollars, depending on where you buy it in the county. And if you have the space, you can add another unit, making it a five-unit. Now that goes over some other issues with RESPA and all this other stuff.
But at the end of the day, the reason why they did it is monetary. And there's a heartfelt reason as well. And the reason I like is the heartfelt reason, so if you think about it, if you buy a fourplex, about 2 500, 000 per unit. If you put another one on that property, you have a fiveplex, but that fifth unit now costs anywhere from two to 500, 000 to install, which is, crazy when you think about it because it's a 600 to 900 square foot house.
But it allows us to put one more person or couple or family, depending on the size, into a unit, into an apartment, get them off the streets, and make it more affordable for housing. Does it really make it affordable? Yeah, we'll find out. But that's what this whole thing is about. If you want to learn more about it, the link is in my blog, where you'll find the link and the bottom and the descriptions everywhere.
Open House Sign-In Requirements
Going to an open house? Now you might have to fill out a form, per new homebuying rules
If you're going to an open house, you're going to have to sign a form. Do you absolutely have to sign a form? No, you can just say, I'm not going to sign it. Or you can just fill out some gobbledygook, and give some phony phone number, but the DRE, the National Association of Realtors local brokers, and local jurisdictions are requiring the agent to have people sign in as they come in.
Stating that there's no representation other than that agent representing the seller. If you wish to have representation, you can have further discussions. You are not being represented as a buyer in any way, shape, or form until you have that conversation with the agent that's in front of you or the agent that you choose to work with.
We talked about this already.
Changes in Real Estate Commissions
Now, there's been a decoupling of the commissions and the seller is no longer responsible for offering buyer agent commission. It can be given to the buyer's agent in the form of concessions. Or if the seller says adamantly, no, there are a lot of different ways around it.
So just be aware that it's just going to be a little bit more difficult. Things have changed and all for the better for the consumer. And there's already a lot of confusion about what's going on how to deal with it how to talk to prospective buyers and how buyers are reacting to it.
some buyers are just pissed off. Some buyers don't care there's all these suppositions of steering we don't know, this is just the first couple of weeks into it and we don't really know what's going on, we'll find out more in the coming months and see what happens.
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist
Home Buyer Checklist Tips
If you're buying a house, take a look at this home buyer checklist. It allows you to go through and check, that each individual house has dual pane windows or air conditioning, a new kitchen, new flooring, and that kind of thing. So it helps you. Do that when you go to six different open houses or different houses during the weekend, it will get blurry.
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist
So this is a great way for you to find the perfect house for you.
Cupertino Home of the Week
Cupertino House of the Week
Cupertino house of the week. 10 30, 10 375 Henny Creek place built in 1979, five bedrooms, three and a half baths, 3, 650 square feet. This is not my listing on a quarter-acre lot about age 45. It was Been on the market for 118 days and this is up in the Cupertino Hills.
This is De Anza right here. Is that De Anza? This is Monta Vista, Kennedy Junior High. I used to roam these hills back when I was a kid. So I know this area very well. And this is the hiking area.
118 days. This guy's trying to be a market maker. They've dropped the price 200, 000. Now, why would they say, Oh, this is worth 4. 7 million, 5 million. If you look. This one's at 3. 6, this one's 4. 6 and this one is 8. 2. So in this area, homes are selling for what that value is.
Now, if it's 115 days, you're not attracting the market and you're not letting the buyers tell you what the house is worth. So I can tell you straight up that house is overpriced. When you're dealing with these types of houses, you have to make that decision.
Are you going to be patient about it? Or are you going to get a quick sale? I just put a house on the market and it's about 200, 000 less than what we think it's going to sell for. We don't know. So we're going to attract the market. You're going to get this thing sold in the next seven to 14 days and be done with it.
Marketing a house has a lot to do with pricing the five P's.
Willow Glen Home of the Week
Willa Glenn House of the Week
Willa Glenn House of the Week. This thing's a beauty right here. Four bedroom, two and a half bath, 2, 356 square feet. It's about the same size as my house, but this is prettier. This was built in 2004. Mine was built in 1968 and it's within walking distance to Lincoln Ave.
Let's take a quick look at this. Not really loving the color. Peach doesn't really work with me, when you move in, you can paint whatever you want. It's your house, right?
So there you go. all these links are in the blog and the link to the blog is in all the descriptions that you're seeing today.
Luxury Home of the Week
Luxury House of the Week
This is a luxury house of the week. It's a little bit of Italy Tuscan, Italy right here. Take a look at the views here. There's your view, views everywhere. Worth every penny and I'll tell you how much it's worth in a minute.
There is an amazing view. 30 million. There you go. Let me know. Sign up. Give me a call. Happy to help you out there. All right.
YTD SALES 12 Bay Area Counties
Real Estate Market Update
Nothing super crazy going on right now other than Alameda now has more listings in Santa Clara County by a whole whopping two listings, but they're catching up they've passed us we're at 12. 4 billion in sales volume for the year at Santa Clara County and Alameda is half that. So you tell me 2. 3 versus 1. 4, Alameda is a great place To raise kids. It's cooler. Here in South San Jose, I'm against the Almaden Hills
and it gets hot. Up in Alameda, you have the heat sink of the bay and it's not going to be as hot. A lot of houses over there don't have air conditioning. Down here is a requirement and you actually get more for your house if your house has air conditioning in it, just so you know.
So there you go. San Mateo is still number one there. San Francisco still killing it. I think what people are doing is attracting the market. They're listing it low and bringing in the values
Conclusion and Contact Information
All right, that's it for today. I'm Vito with Abitano. Thanks for watching.
We'll see you out there.
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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