CA Real Estate For Sale

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Will YIMBY Create Increased Condo Demand?

A recent look at YIMBY vs NIMBY said that a person’s attitude about high-density housing was strongly affected by how urban centers were widely viewed when that person was about 18. Boomers were about 18 years old at a time when urban centers had numerous problems reported. When other generations were 18, urban life was viewed as having more activities, parties, and nightlife. Other generations were 18 when suburbs were claimed to be resource-wasteful and caused excessive ecological damage.

Currently Silicon Valley house prices are growing faster than Silicon Valley condo prices. This could be due to a different proportion of renters vs owners for condos vs. houses. It could be due to houses typically being larger than condos.

It should be noted that increased mortgage interest rates have increased the cost of buying a condo. Flat prices do not mean demand is falling.

Will the attitudes of new generations drive the demand for condos and thus their prices up? More discussion is posted at https://julianalee.com/blog/nimby-yimby-condo-demand/

Selling? … Manage Your Expenses

In recent years the amount of money spent fixing up a home, by homeowners wanting to sell, has been insane.

Value Of Remodeling Project

PROJECT20202019
Add Bathroom (midrange)77.8%66.0%
Add Bathroom (upscale)65.9%65.5%
Bath Remodel (midrange)69.5%74.5%
Bath Remodel (upscale)52.9%65.5%
Minor Kitchen Remodel (midrange)100.5%90.4%
Major Kitchen Remodel (midrange)72.5%73.4%
Major Kitchen Remodel (upscale)59.6%63.3%
Deck Addition (wood)69.7%65.1%
Grand Entrance (fiberglass)50.6%80.8%
Garage Door Replacement166.1%93.2%
Window Replacement (wood)78.8%81.6%
Manufactured Stone Veneer199.4%131.4%
Roof Replacement (asphalt shingles)67.5%76.3%

As shown in the table above, a midrange bathroom remodel returned 69.5% of the cost. If you spent $10,000 remodeling your bathrooms you would have got back about $7,000, and essentially given $3,000 to your real estate agent to promote himself.

If you would like to watch the recorded webinar please see the webinar-net-more-when-selling and please use a real estate agent who wants you to receive more when selling your home.

Tech Store, Fry’s Electronics, Is Shutting Down

Marking a change in Silicon Valley that many residents don’t think about, Fry’s Electronics, is shutting down the 31 stores it has remaining. Many techies welcomed Fry’s Electronics when it opened and advertised: transistors, IC’s, soldering irons, Jolt Cola, and pantyhose(?).

Its closing emphasizes a change in Silicon Valley tech which was often pushed ahead by individuals and clubs building electronic tech gadgets to an industry dominated by, software, apps, and complex mass-produced hardware relying on ASICs. Rarely do techies use soldering irons today.

Silicon Valley has transformed many times since the Santa Clara Valley orchards were known for producing fruit. Silicon Valley real estate trends have been constantly impacted by technology and economic changes but demand has been driven up by more and more innovative people wanting to be together to create part of the future. Working remotely puts different rules on whose ideas are shared and how much they are shared.

Are Closed Campuses Affecting Home Prices?

With many college campuses either closed or partially closed, there are fewer renters near the campuses. Has the decrease in rental demand tipped demand for owning homes in those locations? Stanford University is adjacent to the Palo Alto College Terrace Neighborhood. Many of the Stanford students and even visiting professors rent a place to stay, near the campus.

Palo Alto College Terrace House Prices per sq.ft
Palo Alto College Terrace House Prices per sq.ft.
<a href="<a href="https://julianalee.com/palo-alto/college-statistics.htm#houses-sq-ft-price">College Terrace House Prices per sq.ftPalo Alto College Terrace Condo Prices per sq.ft.
Palo Alto College Terrace Condo Prices per sq.ft.

The pandemic does not appear to have changed the Palo Alto real estate trends (for what could be imagined to be the most impacted areas) significantly at this time.