Concrete Homes? Summer Slowdown is here
Concrete Homes? Summer Slowdown is here.
Introduction and Overview
Summer slowdown is here. Things are starting to slow down. We'll talk about that as well as concrete homes, Apple home of the week, the mountain view home of the week, and REO or bank-owned home of the week, as well as just the quick rundown of what's going on as far as 40 days on market REOs and how many sales we've had in San Jose and Santa Clara County.
Let's get moving here.
The Case for Concrete Homes
I used to be against cinder block homes, depending on where you are, and the kind of place you're living, like Florida, a concrete home, it's actually going to be way more survivable than, wood and metal buildings.
This guy's going around trying to sell the idea of concrete homes. It hasn't been, it's been around for decades, millennia, back in the old days, back in the old country, homes were built with stones. And then put plaster or concrete around it just to build them out. So it's not something new.
I think what they're doing here is they're prefabbing out of the factory and then trucking them out where it takes six to eight trucks to deliver home. That's totally plausible and totally doable, right? They're doing it in China, whether they're building a 26-story house and 28-hour or 26-story apartment.
And less than the two days. It's crazy. So is it financially viable? Possibly absolutely possible depending on what you do. When I visited Florida last. Actually, two times before, we stayed in Cape Coral and the house across the street was being built with a cinder block. It was just a normal thing. They built the foundation on top, below, and built it up so that if there were floods, it wouldn't hit the house.
And the whole house was built out of cinder block. Because in a hurricane, cinder block, reinforced cinder block, tends to Hold up better. So something to think about. Can we see it out here in California? Absolutely. Does it make sense financially? Is there a business reason for it? Possibly. We have to look a little bit deeper into it.
REO of the Week: Challenges and Opportunities
All right, REO of the week. this is a bank-owned house, with three bedrooms, one and a half baths, and 1259 square feet. Here's the thing. This is occupied. So if you buy it, you have to evict the buyer or the tenants, and you can't go into the house to do an inspection, to see what it looks like, to see what needs to be done.
So basically if you buy this house, you have to get into your mindset that it has to be a complete gut. You have to evict them. And then rebuild everything from scratch for the mere price of 770, 000. All of California, we have 166 homes for sale that are REOs or bank-owned.
They're bank-owned properties. REO is real estate owned. This one just got on the market, days on the market, one day on the market. This is empty. It looks like it was completely redone. Not sure why they would do it or why they would stage it. This is a bank-owned property, so I have no idea why they would put the effort into staging it.
Look at that. Guess what that is. That's a freeway wall right against the freeway. Do you want to live right next to a freeway for a measly 1. 2 million? That's up to you.
It allows you to compare five or six homes at times and go back and tell you what you like about it. Drop down what you like about it, what you don't like about it, and which kitchen needs to be remodeled, and which doesn't, so you know which ones you can look at.
Exploring Homes Near Apple
Homes near Apple, and I had this one in my head, here on right here, that I wanted to look at.
And the reason why I wanted to look at this is because it's right against the freeway. Three million dollars, 2. 9 million dollars right here. Four bedroom, two bath, 2090 square feet built in 1962, 62 years old and on market 13 days. Now it might've been completely remodeled, but remember the price, location, and condition.
This might be really nice as far as the conditions are concerned, but is 3 million, especially if you have to live next to a freeway we'll see. There's a buyer for every house, right? When you think about it, there are multiple buyers for every house, especially in this area. The question is, are they willing to pay 3 million to live right next to the freeway up to you and don't forget, I'm going through these pretty quick just for time, Deeper looks at all of these and you don't have to register. You just go right in and take a look.
Mountain View Home of the Week
This one's Velarde Street in Mountain View, and it's 3. 18 million. The reason why I picked this is because it's still within walking distance to downtown Castro Street, two bedrooms, two baths, 1400 square feet built in 1938, crazy.
Okay. So do you want a two-bedroom cottage for 3 million?
Home Inspection Checklist
Home inspection checklist. I showed it to you the other day. it walks you through the house and this is great. If you're thinking about selling your house if you're going to a fresh look at a house that you put an offer on, or if you're in contract during your due diligence.
Obviously, you have a home inspector doing the job, but you want to physically go back and look at every little aspect of the house. That's what this inspection checklist is for. So whether you're selling or buying, this is a great checklist to have in your hand. And just to show you what's going on in the area, nothing super spazzy.
Current Market Conditions
I'll tell you right now, our inventory is still dangerously low. We're at half of where we need to be to have a balanced market. And that's why prices will continue to go up here unless we go to World War Three or some kind of economic downturn happens. So there you go. So that's pretty much it for now.
Weekend Plans and Conclusion
This weekend's coming. Pretty excited. Woody's on the wharf to go spend a day doing that. And then I'm also going to go see the mayor of Palo Alto. I'm Vito with Abitano. We'll see out there.
Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 We’re Hiring! 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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