What you get for $2MM Santa Clara County | Jump Start Your Organizing And Simplify Your Next Move

 



 



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Introduction and Opening Remarks

Jump Start Your Organizing And Simplify Your Next Move

Closed for closure. We'll reopen. When open, I tell you what.  

Office to Residential Conversions: Challenges and Insights

Today we're talking about office-to-residential conversion a trendy idea for downtown resurgence, this is a Microsoft article. 


They're doing this thing where you take office buildings and convert them into condominiums. 


Why Developers Hesitate on Conversions

Office-to-residential conversion

They're also talking about apartments, and they say it's tricky because there are all sorts of different overruns and overlaps. It just doesn't make financial sense for private money or investor money to do that.


The ROI just doesn't make sense concerning the fact that when they engage in something like this, it's not just a couple of years. It takes to go through the paperwork, retrofit, having to make sure that all the electrical and the infrastructures are updated Because it's not to code and all this stuff, and then for low-income housing no value in it's why you don't see. That's why when you see developers developing land, there's a requirement that we have market-rate properties because they have to figure that into the whole solution. There's no one big building for low-income and, they've done that in New York where you have ghettos and they tend to get run down. 


Government Involvement and Bureaucracy


But if it's such an important thing for the city to have, why doesn't the city invest from their coffers? A lot of times they don't want to do it because it's such a long project. The people in power are temporary employees, 


We voted them in, they have a four to eight-year term and then they're out. By the time they initiate this and get it to completion, It would take years there's no immediate result So you can look at this article.


The link is down in my blog. My blog is linked in the descriptions below. Please feel free to take a look at this article. But it's a resounding reason why bureaucracy is tying down these simple fixes. You take a look. This building right here was built for apartments. This is obviously an apartment, right?


But that is an office building. Why can't they convert that? Because it costs a lot of money upfront and the ROI isn't instant. It's not immediate. And if cities or counties or states took over these projects, a 10-year term, something like that, create a bond, make that happen. Maybe they can cut through some of the bureaucracy and permitting Get through it and they can see how painful it is to create something new out of something old just my two cents when people ask me these questions. I'm like, I don't know It's just because money doesn't make sense. Hey if you're thinking about selling your house, there's a link down below Click this inspection checklist.


It'll help you get through The basics of what a home inspector will look at you can get those things fixed before it happens so you can save him time, save him money, save you money, and then you can disclose everything to the buyers say, hey, everything that was wrong with the house was done before.

Here's the disclosure showing that. And get it done. There you go.  

Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist


Practical Moving Tips and Advice


Jumpstart your organizing to simplify your next move. If you're thinking about moving. Look, I've done it a hundred times. Get organized, right? Have three piles. Stuff you want to take with you, stuff you want to get rid of, stuff you want to give away.


You should be moving a third of what you own and quite frankly your furniture is probably old ratty smelly Especially mine thinking about my furniture. It smells like dog smells like kids smells like food crumbs Get rid of the furniture Nobody wants your old furniture in San Jose You can call your recycle company and say hey, I have three things you can pick up and there's no limit you can do it every week for as long as you want to get rid of stuff See about old couch old refrigerator old TV or what have you put it up on the curb when they tell you and then it's gone.


You don't have to worry about it. There's no cost. Old mattresses, same thing. Get rid of it. Get three piles, and take your time. If you know you're moving in May get started now work on one room a day or one room a week and before you know it that room's done you can move on to the next room or a closet I'm looking at my hallway closet with all my kids crapping it I have to sort through I'm actually going to make them do that today give yourself plenty of time if you're moving in May, if you're moving in March, you have plenty of time. Just get to it. Start working it out. Get those boxes. Store your bins and store your items in clear plastic bins. I think that's overload. You don't need to spend eight or nine dollars. Go get the cheap boxes put them up and label them and make it worthwhile.


Again, have a box for giving away. A box for throwing away and a box for moving with you. Get rid of paper. I'm looking at my closet in this room right now and I just see a ton of paperwork. I have bins of paperwork. I have boxes of paperwork that I don't want to keep anymore. Think about it, get rid of it, and do it now.


Procrastination will lead to a lot of heartache late nights stress and anxiety having to get stuff done. So just take the first step.  


Current Mortgage Rates and Loan Tips

Mortgage Rates this week

Today's mortgage rates are 7.35 down. Just a tad, 01 percent


Ridiculous. Okay, if you buy your loan down. I'm talking to a lot of people about it right now. Buy your loan down. You're at six and a half. You might even get it down to the fives, like 5. 99. You can probably get down there. If you put enough points in, Let's say two, cause we're going to do 2 million today. And then a down payment of 20 and you have an excellent score. Yeah. Let's see what it is. 30-year Fricks purchase, you're only paying 0.75 to get 6.4. I bet you can put another point down and get it down below six. Talk to your lender today. If you don't have a good lender, let me know. I have a bunch. Great guys that can help you out.  


Real Estate Listings and Market Insights

What you get for $2MM in SILICON VALLEY

What you give for $2 million in Santa Clara County. Not my listing. La Marata Drive. Four bedrooms, two baths. Two and one-half baths, 1678 square feet built in 1961 with the box brownie background.


And by the way, if you're going to sell your house, curb appeal is important, especially if you're at the 2 million mark, fix your grass, have a landscaper come and fix that up make it look green put some sand over it seed it Let it grow for a couple weeks and then put your house on the market That looks like you're not really even trying looks pretty inside.


Looks like it was flipped Let's take a look two days on the market in the Harwood district I think this is Almaden, right?

What you get for $1MM in SILICON VALLEY

Willow Glenn. There you go. Okay, what do you get for a million dollars, let's pick a random one. 1,285 square feet, three bedrooms, two baths. This is North 18th Street in San Jose. Not my listing. And it's been on the market for six days. It's in the Julian area, right by the river. And by the way, this is called right here at Coyote Creek is called the jungle. Yeah. So if you don't know what the jungle is, the Cool thing about downtown is it's. Wide and spread out You can walk downtown. It's not that bad. I had a friend who lived on South 18th Street her house was flooded if you remember years ago they had Massive flooding. I helped fix her porch, There you go what you get for a million dollars in Santa Clara County I put up a new chart today and wanted to tell you about it. 


Bay Area Inventory Report and Conclusion

Inventory And Supply Charts

I'll tell you about it in the 12 Bay Area County Inventory report.

We're still not done with February. So the numbers are still the same as January, but we're below a seller's market. Unless you're in Napa, you're getting close to the seller's market, which is six months. Same thing in San Jose, Santa Clara County. Everything is below six months, even Los Altos, and Palo Alto chirping up there.

Same with. Modest Sereno. Those are multimillion-dollar homes. They take a little bit longer to sell. That's just normal. It's not a big deal and we're still way below on inventory. That's the problem. This leads me to why I'm showing you this chart right here. This is the start of the year new listings per month, and this is why we're having an inventory problem.

This just shows you over the last decade. Why we're where we are, even 2024, which isn't included in this That's it for now. Hope this was exciting for you. Have a great weekend. I'm Vito with Abitano. We'll see you out there.






🔴 Video Living in San Jose in the No. 4 spot. in the US | What you get for $1MM in SILICON VALLEY




Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Update your home value: https://hmbt.co/bT7qRJ      

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!

🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg


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