Silicon Valley State Senator’s in-law unit bill SB 1069 passes senate – Silicon Valley Business Journal

The bill’s provisions include eliminating parking requirements for secondary units located near public transit, speeding up the approval process and getting rid of duplicative utility hook-up fees, which have already been paid by owners for the main unit.

Sourced through Scoop.it from: www.bizjournals.com

This is such an important issue for Santa Clara County as well.  We need to allow more use of detached garage conversions with concise regulations on how to convert and with a timely process to do so. 

 

Many home owners could afford to stay in their home longer if they were able to generate passive income on their current home.  To be able to use appropriate space home owners already have in a way that benefits our communities in different ways.

 

Times are changing.  We need more homes and we need a clear and safe way to create living spaces effectively and efficiently.

 

 

 

 

Sunnyvale: Eichler neighborhood asks to be free of two-story homes

A portion of a Sunnyvale neighborhood, consisting of mostly Eichler homes, successfully convinced the city council to introduce an ordinance to modify the area’s zoning to be limited to single-story homes.

Sourced through Scoop.it from: www.mercurynews.com

Well, chalk one up for the some historical preservation of a neighborhood in a different way.  Eichler was an amazing individual and I am glad to see this architectural style will remain without the looming Mc Mansions to the right and left.  Good work!

Not Just Equities: Chinese Investments In American Real Estate Now Tops $100 Billion – ValueWalk

Residential property: Between 2010 and 2015, Chinese buyers spent at least $93 billion on homes, including condominiums, for occupancy and investment. Spending rose at an annual rate of 20% and provided important demand in many local markets hit hard by the housing crisis. Chinese buyers paid substantially more, on average, per home than other international buyers because of their concentration in prime neighborhoods in California and New York.

Sourced through Scoop.it from: www.valuewalk.com

Not news to anyone within 100 feet of any real estate conversation in the Bay Area.  There are at least two of the new high rise apartment plans in downtown San Jose, are Chinese Investor Groups. 

 

I hear that residential investors are now moving to more affordable areas near the Bay Area.  Recent article stated Sacramento rents are seeing double digit increases this year.  A tale-tale sign of investors moving into areas and purchasing residential rentals.  New owner, new rent amount. 

Middle Class Shrinking In Americas Major Metropolitan Areas

Pew Research Center’s latest analysis again shows middle class shrinking. #Bisnowintel

Sourced through Scoop.it from: www.bisnow.com

A key message for all Bay Area municipalities.  Better planning, more affordable options, and this must be considered at a neighborhood, city, and regional level.  Lots of work to improve communities and to create a more stable real estate market.

Average SF Millennial Must Save Until 2044 To Buy Home

According to a study by Apartment List, twenty- and thirty-somethings in San Francisco will have to spend nearly 28 years saving up for a down payment on their first home, which is longer than most of them have been alive.

Sourced through Scoop.it from: sf.curbed.com

We will have to see if this post impacts the number of Tesla $1000 deposits.

Everything You Need To Know About The Apple 2 Campus

Apple’s brand new $5B spaceship campus will be a pioneer in green technology.

Sourced through Scoop.it from: www.bisnow.com

Holy orchard fruit, Batman!

Silicon Valley apartment rent still rises in Q1 2016, but by a bit less, Real Answers says – Silicon Valley Business Journal

In Santa Clara County, the average asking rent for a one-bedroom apartment reached $2,361, up $23 from the prior quarter and 6.5 percent — or $143 — from a year ago, Real Answers said. The figure represents advertised rents for new leases at larger communities of 50 units or more.

Sourced through Scoop.it from: www.bizjournals.com

I like Nathan’s comment on rentsl  “prices could come back to earth”. Yes, after jumping nearly 10% in most areas and some even higher, some renters will move out to more distant parts of South County and Contra Costa County.  That will slow demand in 2016 but not by much.  However, I will say if Landlords want even higher rents, they will start accepting pets and multiple tenants on a lease. 

Building Wealth: First Rung on the Ladder is Housing

How Housing Matters is a joint project of the Urban Land Institute and the MacArthur Foundation. It is “an online resource for the most rigorous research and practical information on how a quality, stable, affordable home in a vibrant community contributes to individual and community success”.

Sourced through Scoop.it from: www.simplifyingthemarket.com

Long hold real estate is the key.  Recent study from Core Logic showed the United States 91% of homeowners have equity in their home.  Californians? 93%   Grow Equity!

SocketSite™ | Top-Tier Bay Area House Values Slip, Condos Hit New High

That being said, the overall index remains 10.5 percent higher versus the same time last year, 61 percent higher versus January 2010, and the index for condo values has hit a new all-time high.

Sourced through Scoop.it from: www.socketsite.com

The concept of a 30-year mortgage was initially instituted as an affordability option.  Now it is the standard in a mobile society that expects to move every 3-5 years.   A 10-year hold on a real estate investment can be the difference of a millenial decision to buy a house and rent.

$600,000 planning project will prepare Diridon Station for high-speed rail’s arrival – Silicon Valley Business Journal

Caltrain is expected to increase Diridon service after electrification in 2020, and BART is planned to arrive at the station via a tunnel beneath Santa Clara Street by 2025.

Sourced through Scoop.it from: www.bizjournals.com

I hope to see this happen in my life time.  The mass transit improvements may be too little too late but any progress in that direction is absolutey necessary.  Suburbs can help create housing inventory but will only work if there is an efficient way into work.

Bay Area residents love what tech does, hate what it brings, new Charles Schwab survey shows – Silicon Valley Business Journal

The recent study highlights the balancing act that Bay Area locals have to find between having a good quality of life while also getting ahead financially.

Sourced through Scoop.it from: www.bizjournals.com

Great post and not surprising.

Relationship Between Slow Economic Growth and Income Inequality is Tenuous – DSNews

A commentary published by the Cleveland Fed found that slow economic growth has had little effect on income and wealth inequality in the U.S.

Sourced through Scoop.it from: www.dsnews.com

So, if I understand this right, even if lower income workers receive an increase in wages due to an improving economy, it actually creates more inequality because the wealthy experience larger growth than lower income during good times. 

 

The slower the econonmy growth, the less wealth difference? Makes logical sense.  Where’s the model for more wealth equality?  Just curious.

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