Number of Million-Dollar Homes Rising — Here's Where They’re Most Prevalent

 



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Number of Million-Dollar Homes Rising — Here's Where They’re Most Prevalent

Introduction and Overview

With the number of million-dollar homes rising, here's where they're most prevalent and abundant, as well as the Cupertino House of the Week, Willow Glen House of the Week, Luxury House of the Week, and the 12th Bay area sales report. Let's get moving. 


San Jose and Million Dollar Homes

Good news guys, if you live in San Jose, you're in the top tier homes, 10 percent of all 10.57% of owner-occupied homes across the 50 largest metros across the United States are valued at a million dollars or more in 2022.

The share across was the same. Metro was 7.71. Crazy, right? San Jose and San Francisco have the largest share of million-dollar homes, respectively. 71%. That's two-thirds of all the homes in San Jose are over a million dollars. It's crazy. The same thing in San Francisco is 56 percent and the top four metros with the most million-dollar homes are all in California, which also include LA and San Diego.

Cleveland, Buffalo, New York, Louisville, and Kentucky are the metros where million-dollar homes are the least common. By the way, if you want to move to Louisville, I know a great agent. She is knocking it out of the park. She's selling four or five homes a week. I don't know what the hell she's doing, but she's knocking it out.

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So there you go. This report is done by Realty Times and written by LendingTree. LendingTree. If you want to know anything more about that, go to my blog, et cetera. This, LendingTree. com. A segment of this episode is brought to you by the home inspection checklist. If you're thinking about selling your house, get the honey-do list going.

This is your first start downloaded today. 


Cupertino House of the Week

Cupertino Home of the Week

Cupertino house of the week, 5.5 million. Wish this was my listing six, six bedrooms, six and a half baths, 4, 500 square feet built in 2024, little McMansion on a 10, 000 square foot lot. Yep, right off of Stelling. This is, that's where De Anza is and that's where the big park is.

And there you go, right on Glencoe Drive. Let's take a look and see if the map. So you're off a main road, but there you go. So what happens is they buy the lot. Or a house on the lot that's older, like the 1950s. And they tear it down, buy it for 2 million, and put a million, a million and a half into it, and build this gargantuan thing.

And they profit off of this guy. This is a big thing. People are doing this left and right all over the place. It's happening every day. I just sold a lot in Willow Glen for a ton of money over the list price. And I can't disclose it until we actually close, which will be after Thanksgiving. Happy to do that for you.

There you go. Crazy times. I don't, I'm not a big fan of the foil cabinets. This is basically just particle board or maybe it's wood. And then they just put some kind of faux finish on it or like a tape. I don't like that look. If I was going to spend 5 million on a house, it would be real wood. Real wood. Dig in the tub.

Sure. That's weird. Where's the shower? Was there a shower? Did I miss it? Oh no, it's right there. Yeah, I don't know. All right. Let's see if they have a floor plan. There it is. All right. Downstairs, entry living room, home office, dining room, family room, big open concept, nice hallway. They have an ADU set up right here so you can have your friends live with you if you want and a downstairs bedroom for your parents.

And then a primary bedroom two and three are upstairs with a loft. It's nice. Each bedroom has its own bathroom. That's quite nice. Digging it. I don't think I'd pay 5 million though. That's just me. 


Willow Glen House of the Week

Willow Glen Home of the Week

Willow Glen house of the week. I wanted to, I was moving around here checking out. So the house I sold was right here.

This house is right here. Men's and Mazaglia. And basically, it's a lot, just like this one right here. Lester Ave, 900 square foot house built in 1939 on a 7, 300 square foot house. The problem is they fixed it up. Okay. And There are going to be some people that want to live in a smaller house, a 900 square foot house.

And here's my pitch, right? And it's not even a pitch. It's common sense. Do you want to spend 200, on your house to make another 100, 000? And typically they say, no, these guys said, sure, why not? I'll fix it up, redo the flooring, make everything nice and new, put on the, all the stuff, and they probably get pitched saying, let's just put like 70 to a hundred thousand dollars on it before you know it cost overruns, et cetera.

They have everything all done up nice and pretty, and you're at 200,000, $300,000. And look, it doesn't even have Central Air. That's a wall heater right there. And you're paying $2 million for a 900 square foot house, two bedroom, one bath. Built in 1939 or, and this one's up here in the top. So this area right here is a little rough.

So I don't really look at that. Let's see another example. See, this house right here is built in the late fifties, and early sixties, three bedrooms, 1665. It's a nice house that it's not a good target for that. So what they did is they buy a seven to 10,000 square foot lot tear down the old house for $2 million, and they put a million, million and a half, $2 million into it, and then they turn around and sell it.

And you see this happening all over. It's not just Willow Glen, it's in Cupertino. It's in Saratoga, it's all over the place, and it's a standard thing. We have tons of developers that are out there doing single-family, high-end luxury construction. And if you're interested in learning about this, let me know.

I'm happy to work with you on this. This is a typical example, right? 1. 875. We could take a look at this one right here, but it's a smaller lot. So you're going to have a little bit of trouble fitting a big McMansion on a 6,000-square-foot lot. Like this guy right here. If it wasn't a nice classic bungalow looking, it would be perfect because it's 9, 000 square feet.

Same thing here. So the classic houses are nice. And when you get up to the North, you're closer to two 80. You don't, it's not a good target. 


Luxury Home of the Week

Luxury Home of the Week

Luxury home of the week, tall wood court, again, not my listing, six bedrooms, seven and two half baths, 10, 000 square feet built in 2024 on almost an acre. 43560 is an acre.

Don't ask the rainman. He just knows. I just had that burned into my head 20 years ago when I was studying for my exam. This is a beautiful house, completely decorated, and updated, and they're going to get it. How much is it listed for? 28 million. So yeah, this is when you're in the big time, right? You buy something for five to 10 million, put a 5 million house on it, and then you turn around and sell it.


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This stuff is happening every day. If you're interested in learning how to do that, let me know. If you're thinking about buying a standard home in Blossom Valley, San Jose, anywhere for a million dollars, let me know because we've got plenty of them. We also have houses for 2 million. And every Thursday we talk about what you get for 2 million in Santa Clara County.

And we also talk about what you get for a million dollars in Santa Clara County, just so you understand where the value is. Brackets are for standard homes, right? And we're not talking about Cupertino or Willow Glen. We're talking about standard homes in San Jose. So there you go. We'll talk about this tomorrow. Meet the new director, leading San Jose's efforts to solve a housing crisis. There you go. 


Bay Area Housing Market Report


It's called the teaser, the 12 Bay area housing report, nothing crazy to talk about today. Yeah, we sold 158 homes this last week. That's close. We're. On average, almost 400 million in volume. We're at 17 billion in sales volume and 142 new listings this week, including 154 in contracts.

So you can see that the Delta is shrinking. That means the population and the supply are shrinking over time. That kind of happens, especially during the downturn. Months of November, December, and January, February, and March are when people start thawing out and getting into the mindset of, Hey, maybe I should sell my house. Maybe I should start getting into the mode of it. Maybe I should start doing it. 


Tips for Home Sellers

My suggestion is to start now if you're thinking about it. Get those things started, start packing stuff away, bring in a contractor, and a handyman, get the broken things fixed, get those repairs done, and get it started now because March, April, and May contractors are going to be in thin supply because they're going to be busy.

So if you're thinking about it, give me a call. We'll get you started right now and get everything done. I have houses that are already packed up, ready to go repaired and painted in anticipation of putting it on the market in March or April. Because we want to get stuff done ahead of time. And when you procrastinate, it costs more money.

So nothing else to worry about outside of, I did see something that really boggled my mind. 135 percent over the list price of the 84 closes, 135 percent in San Mateo, and 35 percent over the list price. That means something went crazy awry over there in San Mateo. And yeah, I don't know. I don't know what to say.

That's 30 percent over the normal. So must've been a good week for San Mateo. They had 84 sales this week, 79. Yeah. Typically they're at 4%, 5%. So something happened where it could be an anomaly. There could be something wrong with the Huda Hada with the algo rhythm. I'll find out and let you know.

All right. 


Conclusion and Final Thoughts

That's it for now.

I'm Vito with Abitano. Thanks for watching. Have a great week. Get out. And walk, get out, and exercise. I know it's so comfortable to sit in a blanket and watch some TV because it's cold and nasty out, but get outside and exercise and get your butt to the gym. We'll see you out there.


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, Jason Walter, 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


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