Interest Rates are DOWN! | San Jose is boosting fines to as high as $10,000 per day for blighted properties

 


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  San Jose is boosting fines to as high as $10,000 per day for blighted properties.

Do you have a house that is blighted in your neighborhood, and it's just a complete eyesore? Now you can do something about it. 


San Jose's Program for Blighted Properties

In San Jose, we have a program where you can report blighted properties to San Jose, and code enforcement will come in. Take care of it for you. As a matter of fact, they'll charge up to $10,000 a day to that homeowner until he takes care of that problem.

San Jose is boosting fines as high as $10,000 per day for blighted properties. Understand that if you have a property and you are not taking care of it, you are responsible, and San Jose's gonna come and penalize you for it.

And shame on you. I understand that you might live in another country or you have something else, but it's still your responsibility to take care of your property, to help increase and maintain the values of that neighborhood. If you don't, San Jose's gonna come in and give you a nice little fine, and all over here they're talking about it.


 



Homebuyers Have Been Retreating, and Now Sellers Are Too

Examples of Blighted Properties

So there's like an old church downtown, San Jose, across from St. James Park. It's been there for. Five, 10 years just completely falling apart, dilapidated, and it's just a piece of crap, and the company is not taking care of it. They should either fix it up and maintain it as a church or tear it down and develop it into apartments or condos or something. It's downtown San Jose, and all you're doing is hurting the value of the residents down in San Jose. Shame on you. There's another guy named Joy John, Ray Tappy, who's a longtime resident of San Jose and one behind me, and all they're doing is bringing down the value of the homes here.

He's talking about blighted properties, and there's another one. I'd like to see him fix it up. If it's an abandoned house, you have people that might come in and break in and squat, and then you have a bigger problem to have to get rid of them. As a matter of fact, there's one down here that says one of them, one of the vacant houses, people moved into housing.

Afflicted or homeless people moved in, and they burned it down. Shame on them, but shame on you for not putting people into it. I understand that the values are just rising up. I get it. But you still have a responsibility to your neighbors and to the fellow residents that to increase the value or maintain the value of that house for that.

So what do you do? 




Reporting and Enforcement Process

You go to this link right here, which is on my blog and it's planning, building a code enforcement. Code Enforcement will come in and take an exterior photo of that house. I'll do an inspection of that house and do an interior exterior inspection, non-emergency inspection conditions that are building a property.

So you can request the code right here, and then you can also tell them to do video inspections inside the house to make sure that it's not blighted mold, anything hazardous going on like meth labs or what have you. If you suspect it, you better have a good reason, but you can absolutely take care of it.

And you can do abandoned carts here. You can do a service or check a case. Make sure that you can have somebody come and take a look at the case here. And then you have tenant resources, multiple housing resources, and recycled facilities, legal cons, all sorts of stuff. So code enforcement's really here to help us maintain value.

If you have any questions, gimme a call and I'll point you in the right direction.  



Mortgage Rates this week 

Current Real Estate Market Trends


Taken care rates have come down, look at 6.48, so the lowest has been. Been a while since September of 2024. I think this is an anticipation of the FOMC September testimony that will bring down rates, maybe a quarter percent, but I think they're bringing it down.

This is a good time to jump into the market because 6.5% on a 30-year jumbo, really, you can buy it down to under 6%, and that's what I've been telling you for the last five years. The parity point where buyers and sellers are happy is 5.5 to 6%, and if you can get it down by paying a point. Of your loan, then you're happy.

And what I did here is I put in the average price of Santa Clara County, which is 2.424768 million, and then 20% down payment with an excellent score in 9 5 1 2 oh, which is Elden. And this is what you're getting right here, 5.94 with Mutual of Omaha and then Farmers Bank of Kansas. I don't know how they would do San Jose, but they.

Possibly could, but the point is you can get it down below 6% today, which is great. It's gonna be a busy weekend for open houses. Sellers are not in a hurry to sell their house. Buyers are not in a hurry to buy a house.

I've seen it all over the place. I'm in Vegas right now. My sister does real estate here, and she's seeing now these are for moderate homes, right? These are for average-priced homes for the normal person. If you can afford a $16 million house, you're gonna pay for cash for it, and it's a good time to buy because there's not a whole lot of competition.

Now that rates are down, you're going to have more competition. So be prepared to write an over-list price offer as is. Let them stay in, make it a craft, so that the seller can take that offer if there are multiple offers. If you look at a house that's on the market for a couple of months, then you have some leverage, then you have some wiggle room.

You can ask for some credits. You can ask for concessions. You can ask for repairs. You can ask for a lot, but there might be four or five other people looking at that house, and then the seller solves that problem by taking the highest and best offer. So just be aware, the seller may or may not take your offer.

Okay, I had three offers on one property and we declined them all 'cause they weren't where the seller wanted them to be. So they just took it off the market until the rates come down. Rates are down. So we might be putting it on the market today, this week, or next week and see what happens. 




Property Listings and Reviews

What you get for $2M 2MMin  Santa Clara County 

Link is in the bio, in the blog, what you get for $2 million in San Jose, Santa Clara County, Silicon Valley, Foothill Drive, not my listing. This is 9 5 1 2 3. This is a fugly house. I'm sorry. It's just the curb appeal to me. It doesn't make any sense for the neighborhood. And somebody just did this. This is a new listing, but I can tell you that this one's gonna be on the market for a bit.

Four bedroom, two and a half bath, 2100 square foot, built in 1970, and they updated it for their own well-being, and it's on Foothill Ave. They have open houses this weekend. So you can go by, take a look at it. Again, it's not my listing. Take a quick look at the house. I'm not a big fan of the yellow paint, the funky brown, but it's like a Spanish revival decor, but they have all this cobblestone, and the Spanish tile on top doesn't really do anything for me, but somebody might like it.

Who am I to judge? Right? Palm trees everywhere. So it looks like it's something from south of the border, and you're really close to the foothills. It's nice. But where are the parks? There actually is a park right here. You can go up and play here, but it's not like a park. It's just a, a walk around hiking type area.

And you can go up here, and there are trails back here. These are the Almaden foothills, and this is the inside. It's split-level. I sold one of these last year, and it's a great floor plan cause it's very roomy and it's very well appointed. However, the decor, again, front of the house, I would tear down all that cobblestone.

 Just not something I would like. And this is very 1990s. With the distressed cabinet finish look. But for $2 million, that's what you're gonna get. There's your split-level. This is the bottom. This goes to the bathroom and the garage. Maybe a washer-dryer. Yeah, washer-dryer right here.

Look, that's a WRE right here. Where, yeah, you're gonna be bumping into the washing machine or dryer because it's just so huge. And then this is upstairs with stained glass windows and a big closet. Again, not really my style, but somebody liked it, somebody did it, and they have a nice pool in the backyard with a dug-in.


What you get for $1MM in SILICON VALLEY 

Hot tub. Wow. So there you go. If you wanna look at it, the link is in my blog. What you get for a million dollars. This just came on the market. It was coming soon for a while, and now it's on the market. So we're gonna take a look inside. It's an Indian app, not my listing. Four bedroom, two bath, 1,516 square feet.

Built in 1962. And if you want to know where it is, it's right along Canoa Creek. Right by Blossom Ave and Indian Ave. Yeah. So there you go. Let's go take a look. Pretty basic. They didn't clean the carpets, they didn't clean the walls, and they didn't paint the walls. They have stains in the ceilings. Paneling.

Original kitchen. Yikes. You need to redo the flooring. So this is, I mean, if this thing was updated be worth like 1.2, 1.3. So maybe it'd be something worthwhile. But yeah, you gotta do the front and back landscaping. You'd probably have to do the roof.

Probably have some serious termite issues that you're gonna have to deal with. I would redo the kitchen and bathrooms, and the flooring. And then you have a nice livable house, but byama million-dollar house, you have to put $200,000 into it. So there you go. And nothing else is going on in inventory.



Inventory And Supply Charts

Inventory is actually shrinking right now, which is good because of the anticipation of the rates coming down. Now there are fewer sellers out there. And now that we'll have more buyers, there'll be more competition, and things will move faster and probably bump up the price a little bit. So if you hadn't bought a house by now, now you're playing catch-up up and now you're gonna have to play multiple bids and as-is and lower concessions.

So things are definitely going to be happening here. All right. 




Conclusion and Final Thoughts

That's it for now. I'm in Vegas. I'm leaving today. I'll be back home tonight, and I'm going to one of my listings tomorrow to get it ready to put on the market either this weekend or next weekend. Thanks for watching. I'm Vito with Abano. We'll see you out there. 



Videos edited by Vydeoease.com Use Exemption code VEASY

🔴 Video Living in San Jose in the No. 4 spot. in the US  https://youtu.be/hxw5k739OKU?t=521


Vito Scarnecchia


Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Update your home value: https://hmbt.co/bT7qRJ      

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