Treasury Rolls Out Residential Real Estate Transparency
Introduction
Treasury rolls out residential real estate transparency. Okay. We'll talk about that in a few minutes, but let's talk also about Willa Glenn's home of the week, luxury home of the week in the 12 County Bay area statistics. Let's get moving.
Let's do the Willow Glen home of the week. And the reason why I picked this is simply because it's close to Lincoln Ave.
This is not my listing. It's a bedroom, four-bath, 2, 500 square feet, 7, 500 square foot lot built in 1947. It's been on the market for 32 days, the whole reason why I'm picking this. Is because it's so close to downtown Lincoln Ave. You can walk there and stumble home.
What a better place to go, right? Now let's take a look at this house. It's nice. It's older 1947, but it looks like it's been updated quite nicely.
It is beautiful, but if it's over 15, or 20 days, what does it tell you? So for price for its location condition and market conditions location. Guys, this is a beautiful home, less than 3 million. Mind you, the average house in Santa Clara County is now 2 million. The average median price in California is 900, 000, which is crazy.
So this is a better area. This is a nice house. Very well done. And for 3 million, this is a great buy. I know what you're saying, it's crazy pricing, but that's the price of housing here in California. Let's take a look at this beauty right here.
Saturday, I went out and we sailed out. Sausalito and I took a 30-foot monohull and we sailed Down here under the Golden Gate and then to Angel Island and had a nice little lunch at Angel Island.
And I went to Harbor Point and had a couple, no, actually we went right here, Sam's we docked right here. And this is Sam's restaurant and this bad boy right here, right on the water is a measly 25 million, but it's beautiful. It's five bedrooms, five baths, 5, 300 square feet built in 1968. Look at this house.
It's amazing. Guys, if you have that kind of cash, that kind of cabbage lying around, give me a call. Let's go get you into this house. Cause you deserve it. This thing's beautiful. Look at that silhouette of the beautiful San Francisco. That's the best part about San Francisco seeing it from afar.
Gorgeous house. Everything about it. Look at that. This is what I would do if I had that kind of money, I would definitely be buying that sucker right here. And guys, you can go to my website on my blog, abutano. com and take a look at this one. There's a link right to it.
It's a beautiful house.
Treasury Rolls Out Residential Real Estate Transparency
Treasury rolls out residential real estate transparency rules to combat money. Guys, this is all baloney. This is such horse pucky. I'm trying to be, try not to get flagged. This has been around since the eighties. All right. Criminal elements, including corporations come in and buy houses with cash.
It's just a known fact. Cartels, I don't care if you're Russian, Mexican, Chinese, or Indian, all the cartels are bringing in their cash and buying residential real estate with it. Why? Because it's an easy way to launder the money. And They've been talking about it since The Lou Dodd Act, which makes us have to be a little bit more aware of where the money comes from, not me, but the lenders and escrow and title. They need to know where that money comes from. It only goes so far, so you can do a lot of different things to it.
This article talks about, Oh, we're going to look at people that can buy all cash purchases. Here's the thing. There's no way for them to track that. There's no freaking way in the world for them to track that. And even if they did, they would lose a cent in a heartbeat. The federal government just doesn't know what they're doing when it comes to tracking illegal laundering.
It's been happening for a long time. And when the going gets good. People are buying tons of houses with cash. You have a million, you have 10 million, you have 20 million in your pocket, in your bank account. You're going to go out and buy a piece of property.
Because year after year, real estate makes the most money out of pretty much anything, unless you get really lucky in the stock market hit it home on the lottery, or start up a company. Chances are with real estate, it's a safer bet. You're not going to make as much as if you make it really well in the stock market, but at the same time, that's where it is.
So if you have 30 million in the bank, you're going to go out and buy a 15 million house because in 10 years, it's going to be worth more. How much more? I don't know. Maybe 10 or 15%, maybe 8 percent more year on year that builds up. So these politicians are all yelling and screaming only to get into the news.
That's it. The only reason why they're doing it is because it's been around for a long time, whatever it is that they're working on might not work, They're just blowing up their top spout, trying to get some press coverage saying that they're doing good for the common person, right?
So don't think that this is new. It's not, this has been around for Decades.
YTD SALES 12 Bay Area Counties
The last thing we're going to look at is the stats. The top spot still is Santa Clara and the number of sales around the 12 counties, including San Benito Monterey, and Santa Cruz.
I know they don't really hit the Bay Area, but people tend to move there and I keep an eye on that, right? year-to-date sales volume again, 7 billion versus San Mateo, which is half of that So we'll get you next week on average sales price is 2.
That's San Mateo second to Santa Clara. And then look at that. San Francisco seems to be a place people want to live. Even with all the bad news, imagine that. And look they're this price over sales price. San Francisco seems to be the hottest commodity right now in all of the Bay area, San Mateo and Santa Clara aren't doing bad, but look, almost 10 percent over list price on average, and then you have your to-date listings.
You have almost 5, 000 listings. Now this is June 4th, June 3rd, last week. We were about 500. Below that, and it just keeps going. It's just going to keep on going. We had 16 days in Mar on average as an. Awesome. Average. Everything else is amazingly high, right? Remember what I say, if it's over six months, it's a buyer's market, but even the longest listed one is about two, or two months, right?
That's Napa.
So it seems to be the par is going down a little bit, so it means the market's picking up a tad bit. Because last week it was 70 or 69. And then even in San Mateo, it's 22. Now it's 21. And the number in the contract is 36. So Out of the 5, 000 listings that we have A good portion of them are already in contract and sold, et cetera.
So this week, this last week alone, now that remember this is two weeks, so it's four, almost 400. So it's really like almost 200. All right. So there you go.
Conclusion and Upcoming Listings
We talked about Willow Glen and luxury homes of the week and Treasury rolled out real estate transparency again for the umpteenth time just to get some press.
And then things are doing really well in the market. Things are starting to pick up a bit and that's the way it is. I have a couple of listings coming up here pretty quick. And if you want to know more about them, please let me know. If you're thinking about selling a house, please let me know.
Happy to help out.
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
Fraud, Homebuyer workshop, Bay Area housing stats, Veteran Home, best time of the year to buy a house, Bay Area Luxury homes, next housing crash prediction, housing market projections, Should I Buy A House Now Or Wait?, should I buy a house now or wait until 2024, Why You'll Regret Buying A House in 2024, Housing Market 2024: 5 Options If You Regret Buying a Home, when will the housing market crash again
Comments
Post a Comment