Land Prices Up 77% Since the Pandemic and Inventory Never Came Back,

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Land Prices Up 77% Since the Pandemic and Inventory Never Came Back,
U.S. Home Prices Inched Up 0.1% in March
PROBATE AND ESTATE SALES
How your Home will be Marketed
Los Gatos Home of the Week 
Santa Clara County Price Reductions
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Oh, that was just me, yeah. Yeah. And if you read the first part of that right at the top in the beginning, you don't understand why it's hilarious. Yeah. 

Land Prices Surge
Okay, so land prices are up 77%. I don't know why it keeps doing this. Land prices have been up 77% since the pandemic, and inventory has never come back. What does that mean?

It means demand is up. Supply is down. Prices go up, right? If you look at these numbers, why? Why? Here on the West Coast, it was a little more expensive to do any kind of movement because everything's so expensive. You're talking like a hundred, $200,000 just in permit fees.

And planning to get a house started here is ridiculous. But that's the cost of doing business on the West Coast, right? Should be acceptable. No, I don't think so, 'cause it's what you're doing is you're losing value on business. For example, in the Midwest, the cost back in 2019 was $38,000 per acre, and now it's up to $73,000 per acre.

$1,000 per acre, which is a 90% increase. Why? ' cause they probably make it easy to do business there. I can't tell you what the real reason is outside of the fact that people got out of the coast and moved into the central coast, which is the Midwest, and they just found land was more abundant and building there is more acceptable, and it's done.

We're still seeing it happen here in Silicon Valley. There are niche industries, niche cottage industries that focus on that. Just so to serve you, to get the permit, to get the planning to, to build everything for you on spec, but it's expensive here. It's like your million and a half into it without the land.

So anyway. The entire West Coast is 41,000. In the Silicon Valley you're looking at, oh, I don't know, upwards of a million or two. It depends. Depends on what you buy. Last year, I sold a quarter acre for $1.8 million. So keep that in mind, right? The south is 34,000, one 63,000. In the Northeast, which is Maine and Rhode Island, it's 47,000 now versus their 24,000 back there.

That's 101% increase. 

Permits and Rebuilding Delays

Why on the West Coast is it? So did the cost not go crazy? Again, I don't know. You can read this, tell and tell me what you think, but in my head, from my experiences, it's just hard to do business on the West Coast when it comes to planning and getting anything done. Look at the Palisades.

Look at what happened in Parasite Paradise. Paradise is still waiting for permits to happen. I don't know what it says in here, but that's just something to consider. Thinking about building, maybe not. Do it here. Okay. 





Home Prices Plateau
Home prices inched up one 10th of a percent in March. Yep. That's it. See, we're at a plateau.

I'm telling you this last couple of weeks, we're seeing a plateau, right? Matter of fact, we're going into the Los Gatos house of the week, and that's been on the market for over a hundred days. Why? Because we don't know. Buyers are being picky, and sellers are being pickier. Okay? If you're thinking about selling a house, if you have a parent's house, I'm going up to Canada tomorrow to go say goodbye to my uncle.

He passed away. So just part of our lives, right? If you see a time in your life where you need to get rid of your house or figure out what to do with your parents' house or the house that you grew up in, let's have a conversation, 'cause sometimes selling it isn't the smartest thing.

Okay, leave it at that. When you go to market, your house searches are important, right? And I know Zillow does this, but everybody's done with Zillow right now. There are a lot of lawsuits. They're doing stuff that's tricky and shady for the cons against the consumer. So this is a realtor-friendly, but it's also a consumer-friendly site, homes.com.

I like it because it allows me to control my inventory and get to advertise, like this one right here has 140,000 impressions, this one has here, so they get some serious volume going on there. 





Los Gatos House Tour
Here's the Los Ga House of the week. Glen Ridge Ave. $5.6 million for a 1924 house. It's $5.6 million, a six-bedroom, five and a half bath on almost a half acre.

So it's 0.4 6.47, and it's walking distance to downtown Santa Cruz Ave. So something nice to look at. This looks like a gazebo, but it's really just a craftsman. Style house. Yeah. You can tell it's Craftsman style. Really nice. Pretty house. They have the wallpaper from everywhere, every angle. That could be why it's not selling, don't ask me.

To me, the kitchen looks like it might have been updated. I think it was updated, but I don't know. Let's take a look. It's a nice kitchen. I like it.

Wallpaper. Wallpaper. I'm gonna sneeze.

Squeeze me. Wow, that's a lot of wood. It's busy.

I think that's a raised ceiling, not a raised ceiling. It's a lowered ceiling. So that could be in the basement, or I'm not sure what that is.

Could be a design.

This is old Los Gatos right here. This is what you think of when you think of o Old Los Gatos. So old craftsman style, nice big house. Very well appointed, but it's got the old world features in it, right? And you're again walking distance to downtown. So you can just. Take a nice stroll down.

This is where the Cheesecake Factory is in the post office and the farmer's market. So yeah, you can go one of, either way you can stroll up, have a couple of drinks. It's 102 years old, has been on the market 105 days, maybe it's not the right time to sell. There you go. And then everything else. Oh, I didn't do that.

Let's do that real quick. I can bring this over for you.

Gimme a second.

Okay. 



County Sales Highs and Lows
The most expensive house is right here. The least expensive house is right here. Yep, we'll go with that, and we'll go to the client Full. The most expensive house sold in Santa Clara County and it sold for 95.9 or 96% of this price, listed at 16 million, sold for 15.3 million, and took 25 days to sell. This is a pretty house, very modern-looking.
I like the angles. I like everything, how it's set up. I like, I am a square Cuboidal,

huh? And this is in Palo Alto. There you go. See what's next. This is the lowest-selling home in Santa Clara County. Sold for $10,000 over a list price or 101.3%. Let's go back there. It's Lockridge Drive, not my listing. One bedroom, garage, or one-car garage. I'm looking for cooling,

no cooling. Three bedroom, one bath, 900 square feet. Crazy, right? And just so you know where it is. 1 0 1 2 80. So it's Las Palmas. There you go. Let's take a look inside. Nothing crazy fancy. It's very boxy. This is set up for a rental nowadays. There you go. 

Overpricing and Underpricing Lessons
And then the lowest, the highest list price to sales price ratio.
Started off at 4 million, sold for 6.9. Yep. Took eight days to sell. Crazy, right? Sometimes when you understaff it, it goes quick. Sometimes it doesn't. It's a gamble. Something you have to be aware of.

Let's take a quick look inside. Nothing fancy about it. Just a standard ranch house, older kitchen.

That's nice though. It's nice and big. It's 2,800 square feet. And then this is the lowest list price to sales price ratio. Original list price: 8.5 million. It went for 80% of the list price. The same thing as last week, which is Elise Court in Los Altos, the original list price is five 8.5. Took 36 days to sell.

And they're like, just get rid of it. $7.5 million. And they got, so when you overprice it, right? I don't like overpricing a house. I don't think it's a value, and not here to sit and watch a house. So there you go. Here's the Okta versus price reductions. We're seeing a lot more homes come on the market, and the price reductions are climbing, but I don't think it's alarming or anything to worry about.

All right, that's it for now. Thanks for watching. I'm Vito with Abano. We'll see you out there. 



Santa Clara County Highs and Lows
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Vito Scarnecchia
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