least affordable CITY in the world to buy a home
least affordable CITY in the world to buy a home
Nearly 44% of U.S. Homes for Sale Now Carry HOA Fees as Dues Continue to Climb.
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The Least Affordable Place to Live
The least affordable place to live in the entire world is San Jose; you probably didn't realize it or you probably knew it. You just wanted somebody to tell you that, but here you go. Congratulations. If you live in San Jose, you live in the least affordable place in the entire world according to this article. It's not just the house cost or the food cost, but gas and taxes. There's other cities like San Francisco, San Mateo, all these different little nuances. You are even more expensive. But they all fill into the conglomerate of what San Jose really offers.
San Jose is part of Santa Clara County, as you know, and Santa Clara County is the highest volume home sales county in the Bay Area. I track 12 counties every Monday as a matter of fact.
Exploring Other Expensive Cities
La, long Beach, San Diego are all super duper expensive as well.
Here it is. San Francisco comes in at 10th, but that's only 'cause they lost a little bit of friction during COVID and people moved away from San Francisco. Now people are moving back and if you, you can see that in all the numbers, people are dying to go back to San Francisco, not my cup of tea.
Totally understand it. Not a fan of San Francisco, mostly because it's just, I don't know. It's not a place I understand.
Most Affordable Places in America
The most affordable places in America are Detroit, where you can pick up a house for 5,000 bucks, but Memphis, Baltimore, Oklahoma City, Kansas City, Philadelphia, Milwaukee, Indianapolis.
Been to Indianapolis, been to Milwaukee, been to Philadelphia, been to Kansas City.
I don't know if I've been to Oklahoma City. I've been to Baltimore during that time where the guy and his son were sniping people. Not been to Memphis and I've only been to the airport in Detroit.
The HOA Dilemma
Next, nearly 44% of US homes for sale now carry HOA dues.
I'm not a fan of HOAs, and I'll tell you why, because there's no regulation on it, and every year your dues go up and it's almost like an added tax. So you can have a nice area to live, but shouldn't that be the responsibility of the city? I understand having a gated community. However, if you're in a regular place, cities will force developers to create an HOA.
Because of infrastructure
in California, you have to pay something called Melrose, or at least Northern California. You have to pay something called Melrose, which is an assessment on the property 40 to $60,000 depending on the area, which helps pay for fire. Ambulance schools. And roads and infrastructure, the sewer, the water, the electricity, and the cable and everything else.
So yeah, you pay for it and it's an offset tax that you pay as a homeowner that should have been normally paid for by city and the city taxes and your water bill, and your garbage bill and your sewage bill. But nope, you pay for it. In, an HOA, the city's convinced the HOA and the developers to take on ongoing maintenance of those infrastructure services.
if they need a new police station or a new fire station, or that one happened to burn down, you get an assessment. If the school burns down, you get an assessment. If your sewage drain. Fails. The HOA is responsible for it. If the electrical panels fail, the HOA pays for it. If your mailbox gets broken into vandalized, destroyed, the HOA pays for it.
And why do you care about that? Because if the HOA has to pay for it eventually, so will you as a resident, as a owner of that house inside that HOA, which is why I'm not a fan of HOAs. There's zero control. And they oftentimes, have to have something called reserves in it, meaning that if any perilous thing happens, like major sewer work needs to be done, it's gonna cost hundreds of thousands of dollars.
The reserves are supposed to be filled with enough money in their that they take care of that, but oftentimes they don't. This is me telling you as a buyer, sellers, you already live in an HOA. And granted a lot of times HOAs are done nicely or run nicely, but it is what it is.
I bought a house for my parents in Henderson, Nevada, and it's in an I know what I'm getting into. There's a lady that I know, she's a professional and she does HOA audits. I highly suggest that if you sell your house, you disclose that because it could screw up.
and you know, if your HOA is not run perfectly, I would have an audit done and deliver to your buyers to let them know what they're buying because it's a pain in the ass. And if you're a buyer and they don't have an audit on the HOA documents that you're delivered, you don't know.
I don't know. I'm a real estate guy. I'm not an HOA expert. I would pay a thousand dollars to have that HOA audited so I know what I'm buying. Are the reserves intact? Are they doing everything right? are there any politicking that we should be aware of? Everything? And it's important because if you don't know that there's a 40 to $60,000 assessment that's coming your way.
you need to adult up and know what you're getting into, right? It's kinda like buying a business. You need to know what you're getting into. So just be aware. There's no regulation and there should be, and HOAs are.
Hugely, notoriously difficult for us to work with. So much so that our title and escrow companies take care of getting the documents to us because they don't like us. ' cause we're a bunch of pain in the ass is 'cause we want to know what's going on. And when somebody gets all, affronted or insulted that you are digging into their information, that means that they're hiding something.
Anyway, enough of that, if you're buying into an HOA, you better make sure there's been an audit done on it, not an audit by one of their hired third party whatevers. There's a lady that does it specifically in the Bay Area. She does it all through California. And if you don't know what I'm talking about just be careful what you're buying, okay?
Cupertino House of the Week
This is Cupertino House of the Week, $3 million, not my listing. Four bedroom, two bath, 2000 square feet, built in 1969, and it is a very short distance away from Apple headquarters.
But let's take a look inside. Single story. Nice, original floors. The kitchen was updated it looks like a while ago. Not modern, not brand new, but it looks like it's fully functional, nice. granite countertops. Nice. I like it. I like the stove tops a little big for that island, but that's, you know, whatever, if you're into cooking, that's awesome.
All right, good. It's a nice looking house. Thank you for doing floor plans.
Real quick, when you work with me, you get a floor plan. And you get the little 360 thing and you get advertising, we put a buttload of advertising behind it, and it goes to all of these sites. So just make sure you know what you're getting into. If your agent doesn't have a full focused explainable marketing plan, including advertising online and shows you numbers, like, let's take a look at this one right here.
No, that's not it. this one right here, this is my listing. Tells you everything about it, tells you all the medians, all the information about it, schools, et cetera, right? And here's the best part. Floor plan. Get the little drone thing, get the 360. And it, there's the 360 Matterport thing looking for the,
Oh, that's just the front page of it.
It's there, shows you all the advertising that's done on it. You can see that I just started doing it and boom. Now we have customer views. We've had 56,000 views year to date, and the a's been displayed, 5,757 times year to date.
See if you don't know what they're talking about. If they, if your agent doesn't know what they're talking about, then go somewhere else. Okay.
Willow Glen House of the Week
Willow Glen House of the week. This is Glenwood Ave. Five 1.5883 bedroom, one and a half bath, 1500 square feet built in 1933.
Okay. Nothing great about it. It's just older. It's almost a hundred years old. Spanish revival. Wallpaper. See, look, I'm not a fan of wallpaper, but this looks good 'cause it fits into the decor of that era, right? It has yellow, probably iridescent or radioactive yellow and some wallpaper, and it's not been updated or remodeled.
Nice little basement for storage. Here you go.
Luxury Home of the Week: Los Gatos Mansion
And then luxury home of the week is Decatur Road, It's 10 bedroom, eight and a half bath, 15,000 square feet built in 1994. This is Brand Spank and New in Los Gatos.
This is the mansion in Los Gatos that everybody wants to look at. Beautiful house. If you wanna look at it, let me know. Love to go to see it. I think this one's gonna sell pretty quick ' cause everybody loves Los Gatos.
Weekly Real Estate Numbers
the numbers for this last week. Not very super impressive, but they are impressive. Santa Clara County is almost at $700 million in closed sales volume. Crazy. The next highest is San Mateo 414 and Alameda 414 by like a third. Crazy right. Then San Mateo values are going up and up on average sales price.
This is year to date sales, average sales price as well as median.
And I want to point out, NAPA has a little bit of issue because they have $10 million in average sales price. 318% over list price. So that will change because I went out and found it and it's just a decimal point mistake from the agent. And I called her, left her a message, texted her, let her know that that's gonna change.
So next week that'll change up. Not a big deal.
Conclusion and Sign-Off
Alright, that's it for now. Thanks for watching on Vito with Abiyano.
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vitos@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!
🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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