Does 'Measure E' Hinder Higher sales in San Jose?

 





 




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Does 'Measure E' Hinder Higher Sales in San Jose?

Introduction to Measure E

Measure E San Jose residents suffer from Measure E. We voted in Measure E. We will be talking about that, so stay tuned. I spent an hour updating the numbers, so we'll get into that. 




Cost-Saving Tips For Your Bathroom Renovation

Bathroom Renovation Tips

Cost-saving tips for your bathroom renovation. If you're thinking about updating your bathroom, there are always ways to cut corners, but make sure that they don't look cheesy.


Think through the footprint, think through how you're going to change things. If you're going to move the plumbing, if you're gonna move the toilet one way or another, make sure you understand the flow and how it's going to work, or if the door's going to be able to shut once you put the toilet in.


Think these things through before you actually do it, because it does make a huge difference. And you can save a lot of money if you think it through. Or hire a project manager who knows basic architecture design. Buy what's on sale. However, make sure that it's not trendy and it is past its time.


Kind of like beige houses, beige paint, those boob lights. Make sure that they're not super trendy. Find something more traditional or conservative, and if it's on sale, grab it. Make sure it is tasteful if you want to go old timey, make sure your house kind of looks old timey.


But if you want to go modern, stay modern. So make sure you stay with a style, because if it looks like a hodgepodge, it'll stand out. Keep your plumbing where it is. I've never moved plumbing. I did in my master bath. I put new cabinets and moved the sink over, got rid of the vanity, so I had more storage space, but that was easy.


I just moved the PVC pipe. Yeah, prefab. You can go to IKEA, Home Depot, Lowe's buy prefab stuff. It looks like it's prefab. It totally talks about it, shows off prefab, but it's okay if it's a bathroom, a small bathroom. It's okay if it is. A large bathroom. You might want to think about bins.


Check the big box stores. 


DIY Home Improvement Advice


Don't be afraid to do it yourself. There are a lot of things you can do yourself. I learned how to build a pergola by watching YouTube channels, and I had to learn how to do jack rafters and multi-angle rafters.. I struggled through it, wasted a lot of lumber, but I learned how to do it myself. If you have the time and the gumption and the energy to do it, do it. It gives you a little sense of pride. I love my pergola. I love the fact that I built my pergola on my own. I love the fact that I redid all the bathrooms all on my own over the last 20 years.


I had somebody do tile work in the master, 'cause I was just at that point in my life where I was like, I'm not doing. That anymore. But don't be afraid to do it yourself. Look out in your neighborhood if you want to be a scrounger. I don't have a problem with that at all, but make sure it's not dated.


A lot of the stuff that gets thrown away is dated or broken or fussy,andd it's okay if you're going to do it hodgepodge, that's fine too. But understand, you probably won't get the value out of it if you ever go to resell your house. Check Amazon for lighting, fixtures, cabinet handles, that kind of stuff.


Sometimes you can get a better deal on those things. I wouldn't buy a bathtub. The toilet is there just because of the cost. But I don't know. Just think about it. Think outside the box. My aunt, back in the day when she lived in Oakland, built a big, add-on we had this big buffet, and she turned that into.


The cabinet is in the bathroom. And I thought it looked amazing. It didn't really fit with the whole style of the house. It was a Victorian-style house, you know, columns in the front. Very traditional Victorian. And then the. Back end of the house had this, the whole house was her style anyway, so it worked.


You can actually look at Craigslist, check the surplus stores, et cetera. The point is, don't start the project until you have all the parts and pieces in hand. I remember going about six or seven months without countertops in my bathroom.


Waiting for the contractor to show up, make sure everything is ready to go before you start a project, every little thing. And yes, if you do it yourself, you're gonna be making a lot of trips to Home Depot and Lowe's to pick up extra parts and pieces, and tools you didn't know you needed.


There's a reason why you pay the pros a lot of money to do these little things. if you want to do something like that, gimme a call. I'd love to be able to capture it on video from start to finish.





What you get for $2MM in Santa Clara County 

Real Estate Listings in Santa Clara County

What you get for $2 million in Santa Clara County. This one's San Jose Elridge Drive. This is an Almaden 9 5 1 2 oh, not my listing. $2 million, four bedroom, two bath, 2157 square feet, built in 1969, and it's on the east side of Almaden Expressway. This one's gonna sell quick.


For $2 million in Almaden. It's a great buy, dated. this is definitely 1990s, kitchen. Even the flooring scream in 1990. Nothing wrong with it. This is good Oak furniture or cabinetry. You can paint it down and make it look modern.


The carpet is dated. I would tear that out. There's a wet bar back there. I would tear that out. That's the kitchen, yeah. Washer and dryer set up everything. Guys, this is a beautiful house priced well. This one's gonna sell very quick.



What you get for $1MM in SILICON VALLEY 

This one's gonna sell for about 2.2, 2.3. What do you get for a million dollars in Santa Clara County? This is Anita Arolas, not my listing. This is over by Marshall Cowell Park. There's a school here called Del Robles. Which was on the chopping block to get closed down, but they saved it.


This one right here is $999 thousand $999 three. Bedroom two bath, 1400 square feet, built in 1968. My fear is that because of this area, it might sit for a little bit. I don't know about pricing. I think pricing's Okay. They did paint everything white, original.


They didn't do a whole lot to it; it has a pool and a sunroom. That's fine.


But for this price, you would expect it to be. in the 850 range to list it, to get it sold. This is a project house for a million bucks for three bedroom. If it was a four bedroom, it would've sold yesterday, and it's been othe n market for four days.




Mortgage Rates this week 

So let's see how it goes next week. We'll take a look at it later. Mortgage rates are still at 7%; however, we're looking at 6.3% at one point down. So if you offer up a point by the points down, you can get at 6, and you're looking at $10,000 payments with a $400,000 down payment for $2 million.


So that's not so bad if you're looking at a million dollars. You're looking at 6.22 and $4,800 a month, so that's not so bad.





Mortgage demand plummets as rising rates scare away homebuyers.

Mortgage demand plummets as rising rates scare away home buyers. Now, understand this is A very scary title. Rates have been the same for the last three years. They went down to six and a half a bit, but they're right back up to seven. They've been 7% for a long time.


So it's rates going up maybe by 10th of a percent or a hundredth of a percent. It's not helping. I do agreethath the end result of this is that buyers are not scared away. I say that they're just holding off until rates come down. And yesterday we talked about how inflation went up. Four-tenths of a point, and that might prevent the feds from lowering the rates. If we don't have rates going lower, our houses are going to sit on the market for a little bit longer.


Houses are still selling, but for a little bit less. Inventory has been all the same since last month. We're still in a seller's market, technically, except for Monte Serino or Napa.


Napa's been hurting for a while, but these are the cities here in Santa Clara County, and San Martin and Monte are.


They aren't doing that great, but that's 'cause Monte San Martin is just, it's small little blip of a city. And Monte Serino is a small city, but also they're very expensive. So houses there tend to sit for a bit, but they get the value out of it.  


Impact of Measure E on San Jose Housing Market

But I do want to talk about Measure E. We did talk about wanting to talk about Measure E here a bit.


This is 2024. I just went through all the numbers for 2024, and as you know, measure E is now $2.3 million and more. Everything below 2.3 has a conveyance tax of a dollar 10 per thousand, split 50/50 with the buyers. Anything over 2.3, there's a.


Huge increase in, I think it's 0.75 or 0.5 on top of that. So basically quadruples the cost of your taxes. Now, I understand you could tell me, well, Vito, if you're selling your house for $2 million or 2.3 million or even $3 million, you can afford to put that money towards housing affordability. Yeah, I get that.


It's just a pain for me to see that. And economically. My point is, economically, it's hurting San Jose's pricing to go past that. This right here now, measure E has been in place since 2022 2023. Since that has happened. My point is that. On the ratio. Nice homes in San Jose, like Almaden, Willow Glen, even downtown, even on the east side, where you have nice houses up in the hills, they probably won't ever get past a huge amount. We're selling more expensive houses, especially in the Almaden area.


However, we're not going to see massive pumps over 3 million, 4 million, $5 million because of this tax that we voted in. Ratio-wise, it does hinder, and it even shows it here. This is year to date, 2025 single-family homes only in Santa Clara County, all the cities, not all of them, but I took out.


East Palo Alto and Los Altos Hills, and ones that have like one or two blips a year. The point I'm making here is that once you hit the two or $2.3 million mark in San Jose sales fall apart. Ratio-wise, we should have a straight line, maybe a little bit of a blip down, but not a huge crash.


And that's my point here. So if you took San Jose, we sold 11 houses, 5,900, or 59 houses, over 2 million to 3,000,011 houses. 3 million to 5 million, and Measure E, in my opinion, hinders those sales because if you look at the ratio of homes sold under a million dollars or under $2 million versus over here, these houses over here in every other city, for the most part, do not see a single one.

  • Inventory And Supply Charts

So, San Jose is the bastion for now. Are there homes that sell for under a million dollars in San Martin, Santa Clara? Yes. We had three houses sell for under $3 million. In Morgan Hill, you have 24 homes under a million dollars. Let's see, Sunnyvale, you have a few houses sell between the one and $2 million mark, but there are hardly any houses that sell there.

The point is that the houses that should be at three, five, $10 million in San Jose won't get there. Mostly because of that conveyance, the transfer tax of Measure E.

That's it. I personally didn't vote for it. Take these numbers for what you want and how you want to work with it. My opinion measures e hinders. People and I get it. The money goes towards housing affordability and homelessness, but does it really? We'll talk about that next week.


Conclusion and Final Thoughts


That's it for now. Thanks for watching. I'm veto with Abano. We'll see you out there. 



Vito Scarnecchia

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