San Jose company takes VTA to court over eminent domain | Wednesday Real Estate Snapshot 🦅 🌎 ⚓️

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San Jose company takes VTA to court over eminent domain
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Wednesday Real Estate Snapshot 🦅 🌎 ⚓️

 Reddit Question of the week!

Okay, we'll see how this works, but they're just generally hooked just to get your attention. We'll go through that.  

Eminent Domain Fight

Let's talk about what's really on my mind, and San Jose Company takes VTA to court over eminent domain. This one kind of hits a little bit close to home because, as a kid, I worked.

Let's go a little bit deep into this. 

Monarch History Tour

Monarch, Monarch Truck rental. If you see right there, it's just for industrial. Truck rentals. So if you like moving trucks, that type of thing. But it's more for business-to-business. You don't really get the U-Haul business. So they've been around since I was a kid, and my dad used to work next door.

So if you want to take a look, this is Monarch Truck Rentals right here. Is where they fix and rent and do all the rental stuff. And this used to be Security Contractor Services Inc. I think they closed down; he's long retired. And I used to, it was for fencing products, fence chain link fence parts, and from the little one-inch tube to the five-inch, six-inch tube.

But anyway, eminent domain is the government's legal authority to be able to take over any property that they want, as long as they do it legally. They do their due process, and they give you enough time, and you do have to agree to it.

But there's a certain point where they can take it over, whether they need it or not, whether you want to or not. As a homeowner or a property owner, that's what's happening here. So Monarch Truck Center or Monarch, whoever the parent company is, is suing the government, saying, " No, that's not fair. We've had this place here forever.

People know where we are, and people who use us will be confused about what's happening. 

San Jose company takes VTA to court over eminent domain

VTA Light Rail Impact

VTA Valley Transit Authority is putting the light rail through there off of 1 0 1, and they're expanding the bus track. So if you see that's 1 0 1 right there, and this will be a big, huge stop area.

So Monarch Truck Center President Nicole Gutter Law. The company's new location at Timothy Drive is not big enough to accommodate its operations. 

Taxes And Relocation Costs

Here's the other thing that sucks.

If they own that property, they're paying property tax from 30, 40, 50 years ago, which means that they're probably paying taxes on, I don't know, maybe $200,000, and now it's worth $2 million. Their property taxes are gonna go up. And while I understand that the government has to do what they have to do to expand a com the community, the business owners get screwed because of property tax assessments. So if I were to agree to something like that, I would be like, yeah, you can do that.

However, I don't want my property taxes to change at all. And they can use the. Proposition 19, et cetera, to do it. But that would be my legal fight. That would be the thing that I fight falling on. 

Foundation Disclosure Dilemma

How to set up and be ready to sell. Except now there's apparently a foundation issue.

According to the inspector, what do you do? And it might be like a hundred thousand dollars. Guess what? It, whether it's false or not, whether you get a second opinion or not, you still have to disclose it. This is in Oakland, California. One of the most litigious states in the world. In the US.

Yes. Never fall for the first quote, and get a different inspector house can be listed, and foundation issues will need to be disclosed. Absolutely. You're always gonna have to disclose it, and that sucks. That sucks for you, but you probably knew it going into it, saying that there could be foundation issues or the seller knew.

When you bought it, and they didn't disclose it, and if you can prove it, then you have four years from the day you can prove it to sue them. It's not legal advice. I'm not a Lawyer. Foundation repair in California is going to be hugely expensive because everyone comes with the aspect of liability, and yeah, it sucks.

It super sucks, and if you have foundation issues, you're probably better off just paying it, getting it done, because if you don't disclose it or you hide it and tuck it away, you are subject to massive lawsuits. And if I were told by a seller to not tell you, as a buyer, anything about that, I would fire you right away.

And it just goes with the disclosure law. You have a duty to disclose everything that's material to the transaction, including foundation issues. All right. 

40 days on market. Kenco Drive, not my listing. 48 days. It's by San Teresa School. Where is San Teresa Boulevard? Sansio.

Oh, Santa Teresa Elementary. Okay, that's Santa Teresa Elementary, and the DMV is over here. Costco, the new Costco, is over here. That kind of thing. Why is it not sold? $1.6 million for a house in this area probably is not attracting that kind of business. Maybe you're over the flight path. Maybe you can hear the train.

Let's take a look inside and see what's going on with this Kco Drive. Now look, this is a four-bedroom, two bath, 1400 square feet for 1.6. Probably should have listed it at 1.4 to see where the market's going. Yep.

I have a house listed that's a three-bedroom around 1557. It has a pool, but doesn't have air conditioning. This thing's brand spanking new. Everything that should be has a swamp cooler. That's why, yeah. And look, thank you, agent, for putting the floor plan out there.

Let's take a look at cooling. See what it says? Cooling non-central forced air. That means that the swamp cooler doesn't work. Does it have a cell without air conditioning? Yes, but it's. Not required. It's just that people are willing to pay more for it. And the last house I sold was like a $200,000 difference.

It doesn't mean anything. There's no corollary just to the ac. Typically, if you have AC in your house, your house is either newer or more upgraded, or you've been maintaining it well. So it's more like a rule of thumb, something to check out. All right. 

Cupertino Price Cut Reality

This is 90 days on market. List price, decrease Cupertino, $1.7 million, two bedroom, two bath, $1.7 million.

Look at this. It was built in 19 85, 1200 square feet. Let's see, original list price was $1.9 million, and it's right off the freeway, right off of 85.

Oh, this is right by. Paul. Yep.

Two-bedroom, two bath on the market for 158 days. If you want a two-bedroom house. Did we look at this floor plan? Does this have a floor plan?

I don't care what it looks like inside. It's overpriced, obviously, and it's been flipped. But look, original bathroom, they might have put a counter on it.

 

Bank-Owned Mansion Watch

Santa Rosa Drive. Five and a half million dollars. This is a bank-owned house of the week. Santa Rosa Drive, not my listing. Five and a half million dollars. Five bedroom, three and a half bath, 5,800 square feet, 1.27 acres, and it's been on the market for 136 days. 

It's in the fire, so I can tell you straight up. It's a beautiful house. It's got a lot of potential, not for five and a half million dollars. How long did I say? 136 days. Yeah, go in there with $2 million. See what happens. You know, here's the thing, it's the 30th of March. You've got a great deal of potential in this one.

You have nothing to lose. All right? 

Market Pacing Snapshot

And then 40 days on market, 90 days on market. We're looking at that. Nothing's hockey pucking. I mean, the 40 days on market are going back up, but that's typical 'cause inventory's going up as well. So it's not crazy. It doesn't scare me at all. Yesterday or Monday, we talked about pacing. We're at 5,500 for pacing for all of 26, 20 26, whereas in 2025, we sold almost 8,000. In 2024, we sold over 8,000, and the pacing is just. Where we are right now, we're three months into the year, this could absolutely change, right? So what it does is take the number of new listings, year to date, divides it by the week, and then multiplies it by the number of weeks in a year, 52.

So there you go. We're on pace to be about 70% of where we need to be. And that's it. Put your home in front of every interested buyer again and again until they act. Okay? So we do something where, when we find out that you looked at this house. This specific house, and we drop a cookie on that use,r and we keep pushing it back to them and back to them, so they see this house over and over and over again. And the reason why that happens is it's advertising 1 0 1, not marketing 1 0 1. It took back in the fifties, it took an average of 13 touches for a buyer to act on whatever product they wanted. So with this, I can be everywhere that your potential buyers are with Homes.com. So not very many other agents are doing this right now, and I think it's valuable to you. 

Wrap Up And Sign Off

That's it for now, and thanks for watching. I'm Vito 

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Vito Scarnecchia
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