🚨 🔴🎧 Vallco developer downsizing project | San Jose residents are unhappy homeowners | State of the Market SAN JOSE 40DOM. 🦅 🌎 ⚓️
- #REWTF of the Week
- Vallco developer proposing major downsizing of Cupertino project
- San Jose residents are unhappy homeowners
- MARKET SNAPSHOT
Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ
Blog here:http://blog.abitano.com/2023/12/vallco-developer-downsizing-project-san.html
https://bit.ly/AbitanoHomeValuation
NAR.Realtor Stats. https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
https://www.onereal.com/vito-scarnecchia-1
🚨 🔴🎧 Vallco developer downsizing project | San Jose residents are unhappy homeowners | State of the Market SAN JOSE 40DOM. 🦅 🌎 ⚓️
Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ
Valco developer proposing major downsizing of Cupertino project. San Jose residents are unhappy homeowners and REWTF. Let's get moving.
Vallco developer proposing major downsizing of Cupertino project
The original intention was seven stories,
no Valco. It was
now it's dirt and they still haven't started. Now this project started back in 2018 and they're facing cutbacks because of high interest rates and costs over of over planning. And now they're coming back to say they want to have smaller. Homes or smaller, a smaller project. So instead of the seven stories, they're going to go to maybe three, two or three stories, maybe four.
It's just, it's just something that people will be able to enjoy. Living for a while and then moving into larger homes. So there's going to be 2400 apartments. It's actually going to be almost 2700 part projects now, but it's 50 percent less of the homes are going to be below rate. Huh? But now that will be down to 890.
The plan represents the largest single-housing project. Cupertino's history. When costs are so high, we need to continue to be creative. It's always over plan and then shrinks back. If you look at the history of Santana Rowe, we have the same problem. Any major development is going to have the same issue going forward.
So again, here's a. part where it says they're removing the rooftop park and they're going to a ground-level park and the mayor of Cupertino's says she needed more time to absorb it, but she likes the idea of going smaller or shorter, lower, less stories, and
the part, the good thing though, here is that. We need more housing, right? It's a no-brainer. We've needed more housing for a really long time This is going to be one of the answers. I think we're going to see more multi-use Residential slash commercial slash retail outlets coming into the fold.
And I think this is actually a smart thing. There are a lot of people saying that large metropolitan areas don't like it, but every metropolitan area has different areas. Different cities that abut to it. Like Cupertino Sunnyvale and Santa Clara, they have larger building projects with housing and retail on the bottom.
So this is actually a good thing. It's not going to be as big as they originally planned, but it's still something that Will be required now when they say low income. What is low income here, right? It originally Called for 50 of the homes. I think that's what they use to pitch it like any project They're going to pitch what they can to get the project sold and then they're going to come back and say they have problems Okay, San Jose residents are unhappy homeowners this right here shows You get the least bang for your buck in san jose And that completely makes sense when you think that it's a high cost of living.
It's 1. 75 million is the median price for a house. Now you can buy a house for 440, 000 downtown. It's not in the greatest shape or the greatest areas, but you could still buy a house for 440, 000, but you can also buy a 30 million house too. Now it's not about it's not about the traditional.
I want to be a homeowner the American dream Is about needing a place to live that's going to build equity and it's going to allow us to not have to worry about being a renter which comes with undue issues now Earlier on in the week, I mentioned something about it actually costs less to rent a house than it is to buy a house because right now you can buy, rent a house for about 4, 500 to 6, 500 for a home in San Jose, where a 1.
7 million houses will cost you about 14, 15 grand a month.
San Jose residents are unhappy homeowners
two years ago, we had a major. wildfire, forest fire, storm, so to speak of home buying, which jumped prices up because the cost of money was so low that people couldn't afford to buy a house. But then because of competition, some so many people want to buy houses that push the prices up on top of that.
Yesterday we talked about the hedge funds being pushed out because they're buying up swaths of property making it Less affordable for home individual homeowners to buy and I see both sides of that right now
We're going to be stuck with rates of five to six percent shortly right now We're at seven percent which still keeps it unaffordable But it still makes it very difficult for people to buy houses in San Jose And the surrounding areas. And that's part of why we're talking about this. We're talking about it to get it flushed out so we can have common communication with our clients, but also with our legislature and our politicians.
have problems like this become less of a norm there. There's no end in sight as to what these properties are going to go for. I think we're going to see prices go up a little bit. And I think that down here, it says something about, yeah, there's going to be 18. 5 an estimated 18. 5 percent decrease in home sales in 2024; if you look, we're already low.
This is it. Yeah. We're. 25 percent lower than what we were last year, as far as volume is concerned. And the average closes per week are down quite significantly to close to 30%. Let me open that up so you can see what I'm talking about. There you go. So our average sales volume per week is a million, a billion.
Yeah. Billion a month, a week. Last year it was 1. 4 billion and that's down 75 or down 25 percent from last year. This was the average closes last year versus the average closes this year. We're ranging about 700 on average closes a week, just in the 10 County areas, right? Okay. Let's have a little bit of light fun here.
Where is this one? Lost it.
Not that one. There we go. Crazy. This one went a little viral. Not as many as I wanted to see, but 17 other people commented on this and I thought it was pretty funny when you hire the wrong professional. Hire the right professional for the first time. A little subliminal thought there.
Fraud on the rise http://blog.abitano.com/2023/08/title-theft-is-on-rise-what-is-it-how.html
Title theft is on the rise.
Title theft. If you don't know what it is, people come in and steal you more and more, so be careful about it. If you
care what's going on, especially if you have older parents who own houses, check on them. And if you don't have a way of checking on the title, give me a call, or text me. I'm happy to do that for you. No problem.
MARKET SNAPSHOT
The numbers by the numbers and guys if you want to look at these I'm happy to send these to you.
These are this is last year's this week This is this year's the last seven days I put it into a format so you can easily see where it's going. We have 212 Active homes. It's actually 203. This is based on realtors that we have 140 139 houses that have been on the market for over 40 days 107 which is last week's same number That are still on the market for over 90 days We have 65 REOs in the 10 counties that I track and all of California.
That's 175 Nor near what we're thinking about 2008. So REOs are not a problem yet closed last week. We had 57, and we're still ranging about 61 closes in San Jose every week, which is alright, but we're still going down below the norm last year. Last week we had 91 average closes a week and average list price.
1. 6 average sales price, 1. 627. These are the numbers that really make sense. And if you compare last year's sales price to this year's sales price, we're only 17, 18, 000 away. Nothing else really to worry about. All right. 10 minutes. It is, I made it as quick as possible today. We talked about unhappy San Jose residents.
Valco is dropping the number of homes that they're building and REWTF and the housing market are still doing well, but we're going to see a lot less sales. So you're going to see a lot more realtors bailing out of the market this next month. You're going to see people just quieting up. You want to talk to the people who are in the market selling houses every month, every week who are completely active.
So there you go. I'm Vito with Abitano. We'll see you out there.
Vito Scarnecchia
Realtor®, Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vito@abitano.com
Website: abitano.com https://www.onereal.com/vito-scarnecchia-1
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Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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