Even Fannie Mae is leaving California
Fannie Mae to shutter San Francisco office, relocate to Alabama
Surging gold demand could signal a shifting global financial order
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Los Gatos Home of the Week
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Fannie Mae to shutter San Francisco office, relocate to Alabama
Fannie Mae's Big Move: California to Alabama
If living in California wasn't bad enough, even Fannie Mae is relocating its headquarters to Alabama. I mean, I don't blame them. I understand. And from the global perspective, it's unfair. And on the California side, it's a little jaded. But this is almost like a Daily Show episode right here, where they're just talking about.
How woke San Francisco is. Congratulations to Alabama.
The Financial Logic Behind Corporate Relocation
I mean, it's a corporation, and they have to do what's financially sound and smart for their business and stakeholders, right? When rent goes up too much in a certain area.
It makes sense to move out When taxes go up too high in that area, it makes sense to move out. It's just a course of life.
California's Economic Challenges
And that goes to say that there's a perfectly valid reason to live in San Francisco or San Jose, 'cause of the job. I get it. But I heard a long time ago there was a song, and I wanna say it was in the 1980s.
It was a Solemn son, and it said, Move to New York, but leave before you lose your soul. And that's very true because New York back then was a crazy, fun, exciting place, but you got caught up in the sex, drugs, rock and roll, money, fame, fortune, everything.
And sometimes you just lose who you were. And that's, I think, where California is today. Not all of it, a good portion of it, I know a lot of Muslims and a lot, a lot of 'em are great, amazing, loving, caring, peaceful people.
I'm here to tell you that Fannie Mae is getting the hell outta San Francisco and moving into Alabama. Yep. Said Senator Katie Britt, Alabama's Press release will not only boost economic growth for our state, but will also contribute to meeting housing needs across the country.
As an early Christmas present to the great people of Alabama, vote, California will save taxpayers money and create job opportunities, so you know. The last couple of years, that little acronym, FAFO, has come ou,t and California needs to stop overtaxing, overburdening oveoverbureaucratizingng, and trying to, she's, California's trying to act like that very controlling, manipulative spouse, and when that happens, it's time to get the F out.
Surging gold demand could signal a shifting global financial order
Gold Demand and Global Financial Shifts
Surging gold demand could signal a shift in global financial Order. Foreign central banks have been leading the charge for a first time, nearly 30 years, buying treasury bonds. So could we be stockpiling gold? Absolutely. For many countries, the answer is no, and the action will be swift, from forcing trend, 300 billion in Russian central bank reserves, the moves.
So I think we're gonna see a spiking gold again. That's all I'm saying. Pull your money out of government certs, put 'em into gold. Silver's already doing it. It's just natural for that to happen. For gold.
Real Estate Highlights: Los Gatos House of the Week
Los Gatos House of the Week banter Ave. This one is two and a half million dollars. Wish it was my listing four and two 1,478 on 4 3 5 6 oh is an acre. Let me bring this up so you can see this.
This one right here, the painter drove two and a half million dollars. And I have a feeling, I have a sneaking suspicion that this is in the fire zone because look how close you are to the forested area. Might be flat, but it's been on the market 183 days.
They've dropped to a whopping $74,000. There's one car garage. Now here's the thing. Nobody's gonna buy a house at a premium price. Look. An acre, you could build a lot, right?
You could probably put a $10 million house on this. But this thing's been around for six months. Nobody's buying it for that price because of the condition. Can I even live in it? What they're hoping for is somebody buys it for the land, which is really one and a half to $2 million, and then they put two or $3 million on ait nd put a big old mansion on it.
It's unfortunate, but that's just the way it is. When you live in Los Gatos, two and a half million dollars is pretty greedy. That's my thought.
Market Trends: Price Reductions and Sales Data
I did have price reductions, but that one has gone over my max, so I have to use something else, so I'll do that next week. Highest sold price. Let's do this real quick. We're gonna do this. Go to MLS since I can't record live.
Okay, bring that over here, and we'll do that, and the client will be full. All right, let's take a look at the most expensive house sold is on Sunset Drive, and then the least expensive is 4 7, 5. Copy agent, client page. There we go. The most expensive house in Santa Clara County. Sold this week. Sold for a whopping, oh, no, that's not it.
Hmm. That's the highest sole price. $19 million in Los Altos. There you go. And then the lowest cost house in Santa Clara County. One bedroom, one bath. Not sure why anybody would've ever built back in the twenties, a nd one-bedroom, one bath, outside of the fact that it's a hundred years old.
That's not so bad looking. Let's take a look inside. Maybe it was updated, I don't know. It's a hundred years old. What do you expect? It also sold for less than the asking price. And then the highest list price to sales price. $500,000 sold for 7.51 in 12 days. Guys, that's how you do it. Right front of the home, inside the property, behind.
There you go.
The lowest list price to sales price ratio is Pickford Ave on 9 5 1 2 7 in Alum Rock. Five bedroom, three bath. That's a great deal for a five-bedroom, three-bath. Built in 1937. Let's go look inside. Wow. Unit one, unit two. So it's not actually a single-family house.
Probably an A DU back there. They converted a garage into an A DU, thinking out loud 'cause I didn't read. Yeah.
Well, that's good. No floor plan. That's great. Okay, well, there you go.
Santa Clara County Real Estate Analysis
And then there's the numbers right here. We have 153 price reductions out of 684 homes on average. Santa Clara this year has had 1079 homes.
I told you we need to be about 2000 homes. To make it viable, to make it a balanced market. But we're just not doing that. We're not anywhere close. That's why prices aren't really collapsing right now. Sellers are being stubborn, buyers are being picky. So we don't have a lot of interface going on.
And yesterday I told you that we had,
San Jose year to date, these were yesterday's numbers. Last year we had 4,200. We have just a few days left. I don't think we're gonna get 200 homes sold in the next week. Year to date, Santa Clara County, we have 7,700. Last year we had almost 82 50, I don't think we're gonna have a 500. single-family sale, deficit. It's been such a difficult year for a lot of us. And 22.3 percent of the homes have been reduced in price. Those homes that sell fast, they sell fast because they're listed under the value, and they attract the market.
Those houses at 23% right there, they're overpriced, and yep, that's it. Nobody's gonna buy an overpriced house, especially in this economy.
Conclusion and Viewer Engagement
Hope this helps. If you're interested in learning about anything else or you have ideas or questions about the market, please let me know.
I'm happy to help you out. I'm Vito witAbanono. Thanks for watching. We'll see you out there.
🔴 5 Cities Near San Jose | Moving to San Jose https://youtu.be/sDkdDq42vo8?t=46
🔴 The Five Biggest Turn-Offs For Homeowners https://youtube.com/shorts/lwknH5DCS5c
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Vito Scarnecchia
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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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