What you get for $2MM Santa Clara County

 


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Introduction and Overview Good morning. What'd you get for 2 million in Santa Clara County and existing home sales in Santa Clara County and the 12 Bay Area counties, including Santa Cruz and Monterey? What'd you get today's rates for a million dollars and a quick look at it? Measure E again. What else are we going to do? Okay. Understanding Homeowners Associations (HOAs)

Consumer Warning: Underfunded Homeowners Associations

And then also the homeowner's association thing here too. We'll go into this real quick. I talked about it last week. I think it's important that we raise awareness about this. I am an avid, annoyingly avid person against HOAs. I know we need to have them. It's like a necessary evil and I think ultimately it's a good thing if it's done correctly and it's provided for in the future. They need to look at funding. The HOA, the association, and the property for the next 20 years and what that 20 years is going to look like, including hyperinflation, like where we're going. And the dangerous part about this right now is that it's a majority of the HOAs that people sit in. It doesn't matter what size your condominium is. If it's a brand-new, housing. Development or something that's been around for 20, 30 years. You have to really pay attention to HOAs. The reason I'm bringing this up is whenever I sell into an HOA. Representing a buyer. I require them to have an HOA audit by a third-party Auditor we have that service available and yes, it costs money But I'd rather you be aware of what you're buying and decide yes or no on 500 versus spending 800, 000, a million, 2 million on a condo in downtown San Jose, where all of a sudden you get hit with a 40, 000, 50, 000 assessment because they don't have their reserves up and all of a sudden something happens, foundation issue, major plumbing issue, et cetera. My first house had an HOA and I was on the board for seven years. They wouldn't let me go until I sold it. I know the internal workings of it. Our HOA was completely funded. You're supposed to be funded based on the goal by 90 percent at least. A lot of these HOAs are not funded correctly. You're going to see some that are funded to 60 and 70 percent and that's precarious for every owner in that complex. Assessments will come and there's nothing you can do about it. That's the abusive part about it. The dangerous part is you need to know what you're buying when you're buying a condo or a house in an HOA. You need to know, and I don't have that expertise. That's why we go to a third-party auditor. It's the same reason why we do home inspections. I'm technically a layman.

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It's not my expertise to show you everything about what's wrong with the property and no house is perfect and go into a brand new house and I can show you, cracks or wavy walls or whatever. A home inspector is going to take a look at all these things and that's what their job is. They do two or three of these a day and they know what they're looking for. They've been educated on how to look for certain things like broken air ducts appliances that don't work and switches I can look at it, but it's not my strength.

Fire Map for your new home

So I bring in people who are strong at doing it. When we look at HOAs, I highly recommend that we spend 500 bucks and have that HOA audited. They look at all the documents. The reserves the fees collected the accounting the insurance and how much they're paying the HOA management company and all this other stuff. And they give you a report telling you, yes, this is a good HOA, or this one's going to have a $50,000 assessment in the next five years. Just so you know. So be aware, this link is down here in my blog and it's available for you to read. It's something you should be aware of if you're planning on buying a condo, or a house in an HOA, I'm looking at buying a house. Possibly for my parents in Las Vegas because they're older and they're in Knoxville and it's, they're just getting older. So we're moving them closer to my sister so she can help them out. We're in preliminary talks right now. It's just research. The number one thing I'm looking at is no HOAs, which cuts down in Las Vegas, like 80 percent of the housing in the area. Is in an HOA. So unless there's something done completely different, the way they manage it, I would say let's move you into a house. Mortgage Rates and Real Estate Insights

Mortgage Rates this week

Mortgage rates today, 15 years at 5. 5, 30-year VA and 38-year FHA, it's 5. 6. Jumbos are 6. 5. It's just what it is. Everything went up a tad bit and these are non-quoted rates. If you're thinking about refinancing or buying a house take a look at these and then also talk to a loan broker. I have a list of loan brokers that can help you out. And happy to share them with you. Exploring Santa Clara County Real Estate

What you get for $2MM Santa Clara County

What'd you get for 2 million in Santa Clara County? This is a five bedroom, two and a half bath, 2300 square feet built in 1965, and this one is. On Redmond, which is a semi-busy street. It's a filter street. This is a main Avenue right here. I think this is what is this Coleman and Redmond. So let's take a look at the condition of this house. It's Nicely staged older tile in the kitchen. I've sold this model many times for dual-pane windows. It's a great layout. It has a nice pool. But when you see the two lines right there, that means it's a busy street.


What you get for $1MM in SILICON VALLEY

So that's a negative to this. Houses in Almaden are usually about 2. 2 to 2. 5 What you get for a million dollars, four bedrooms, two baths, 1200 square feet, built in 1959. This one's six years older. And is in 95111. That's Capital Expressway 101 and 87 right there. This is the standard Ranch house. It was updated, not upgraded or remodeled, staged. That patio needs a little bit of love, but there you go. That's what you get for a million dollars in San Jose. Measure E and Its Impact on Housing

Measure E - Real Property Transfer Tax | City of San José

Measure E. I know I keep beating this dead horse, but. My theory is that measure E prevents our housing in San Jose from going higher, in a major way. And here's the chart. We do sell houses that are over 2 million. I'm showing you that one in Almaden and that's a lower-end version of what you can get in Almaden, but it's still at 2 million. If you sell it at 2 million, it's 6, 600 conveyance tax. If it's 1, 999, 999, it would be 6, 600 right at 2, 000, 000. You have to pay a conveyance tax and a transfer tax at 2, 000, 001 that conveyance tax goes away. And you pay the transfer tax of 15, 000. That's the way measure E is that extra money is supposed to go towards housing affordability and homelessness. They raised 56 million in fiscal year 2023. They spent 18 million on that. This is where all the money went. Homelessness prevention, rental assistance, homeless support programs, creation of new affordable low housing units. This one right here, I wanted to take a look at. I took a look at this and this is what the site looks like right now. You can barely see it. This is what the site looks like. They're going to tear that down. And I'm excited about this, right? This is what it's going to look like. I don't know how they're going to do it.

AIDA Attract, Interest, Desire, Action

If that's going to work, I have no idea, but they got a 3 million grant to do this and it's great for the cultural community it allows. People do have a nice cultural club for the black community. And I think that's wonderful. I'd love to see this be successful. I'm excited to see this come to fruition. Same thing with the Ketsel gardens. They got 2. 6 million and then an administration fee, which is 5 percent of their spending goes to San Jose because San Jose always takes 5%. That's their VIG. They always get their 5 percent period administration allocation of 5%. And then this is how it's supposed to be allocated and how that money's going out. I dug into this. You can dig through this annual report The link is in my blog. So am I a fan of measure E? I don't know yet. I think it's hindering our values of home prices compared to other cities in Santa Clara County. You see a majority of the houses here are going up and up. You go to Campbell or Las Gatos or Mountain View and houses pop over two and a half million, 3 million.

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No problem. But I understand the value behind it because you're getting something for the community. I'm a strong advocate for the community, especially when it builds these beautiful buildings for the communities, As long as it strengthens the community, I'm all for it. I'd like to see that money get pushed further and see what happens. Keep track of that. Bay Area Real Estate Market Trends

Inventory And Supply Charts

The 12 Bay area County. Months of inventory. We're still doing really healthy now. I think that's Napa still Napa has been Pretty slow at the pickup. It's one of the best places to buy a house in the Bay Area. The problem is it takes you about two hours to get to the Silicon Valley job So that's a negative, right? And again, we're not seeing any hockey puck thing or hockey stick movements here. So we're still doing well. Montessori is going a little bit slow, but if you look at how many we have, there are 11 whole houses for sale there. So it's not really an indicator of anything. And what is this one? This is San Martin. There are four houses. Four houses for sale. And San Martin. And it's such a small city. It really doesn't matter. So we're about on average, about two months to sell all the properties. But if you look at the individual cities like Cupertino or Campbell or even San Jose, we're far below two months and we're still a pretty healthy market. Things are slowing down. I can tell you that right now. We're not seeing inventory go up. We're not seeing a massive amount of home sales happening. We're still seeing a very steady. The flow of houses getting on the market, getting into contract, and getting sold. It's just not the firestorm we had three years ago. Conclusion and Personal Notes That's it for now. Have a great weekend. I want to wish a happy birthday to my daughters. They're turning 18 on Saturday. I'm Vito with Abitano. We'll see you 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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