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San Jose passes sweeping new renters protection ordinances, including ‘just cause’ eviction requirement and Ellis Act law – Silicon Valley Business Journal

San Jose passes sweeping new renters protection ordinances, including ‘just cause’ eviction requirement and Ellis Act law – Silicon Valley Business Journal

“Landlords could have evicted someone for reasons they aren’t allowed to under the veil of no-cause,” he said. “Now you can still evict somebody, but you can’t do so for no reason. You have to be able to describe what that reason is.”

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

Seems reasonable.

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San Jose landlords are ‘cashing in on renters,’ says report from nonprofits Working Partnerships USA and Silicon Valley Rising – Silicon Valley Business Journal

San Jose landlords are ‘cashing in on renters,’ says report from nonprofits Working Partnerships USA and Silicon Valley Rising – Silicon Valley Business Journal

“This is when a renter could be doing everything right,” Buchanan said. “They can be paying the rent on time, maintaining their housing, not disturbing their neighbors, and they can find themselves with an eviction notice pushing them onto the streets.”

More than 2,200 no-cause evictions have been reported in the city of San Jose since 2010, the report says.

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

I believe in property rights but also believe in general fairness to all.  With 2,200 no-cause evictions, this problem needs to be addressed.

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April Fools! 6 Buildings Playing A Trick On All Of Us

April Fools! 6 Buildings Playing A Trick On All Of Us

From vanishing towers in South Korea to line tricks in Australia, these six buildings have us scratching our heads this April Fools Day.

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

We love looking at cool architecture! 

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Top 10 Cities for Millennial Home Buyers

Top 10 Cities for Millennial Home Buyers

Aspiring millennial homeowners may want to shun the bright lights of the Big Apple and the pricey appeal of Silicon Valley and move to Austin, TX, instead.

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

Interesting post. For San Jose downtown is beginning to reap the benefits of tech workers wanting to live close to mass transportation and walk-able entertainment.  “

  1. San Jose

“The draw: Opportunity to work in some of the most innovative companies in the U.S. as well as the infamous Silicon Valley paycheck, are major drivers drawing millennials to the area.

Millennial hotspots: Centrally located downtown San Jose is attracting many millennials because of its public transportation as well as trendy shops and unique dining experiences.”

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San Jose is the most profitable U.S. market for home flipping — here are the top ZIP codes in Silicon Valley – Silicon Valley Business Journal

San Jose is the most profitable U.S. market for home flipping — here are the top ZIP codes in Silicon Valley – Silicon Valley Business Journal

In San Jose, flippers saw an average of $145,750 in profit per flip, according to a new report.

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

Interesting to look at the hot zip codes.  The numbers are very much driven by the perception of best schools and proximity to tech hub.  Note these are gross profits.  It is not always a win for flippers.

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Why developers Steadfast Senior Living and Community Development Partners are building 300 units of senior housing in Morgan Hill – Silicon Valley Business Journal

Why developers Steadfast Senior Living and Community Development Partners are building 300 units of senior housing in Morgan Hill – Silicon Valley Business Journal

The project, which sits at the intersection of Butterfield Boulevard and San Pedro Avenue, at 16505 Butterfield Blvd, is next to a 250-plus unit senior housing complex by another developer, Community Development Partners.

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

We need more of these communities.  For families that want to stay in the Bay Area, we need to accommodate all ages.

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Nashville, San Francisco, San Jose Rents Continue Downward Trend; Southern Cities Reign Most Affordable

Nashville, San Francisco, San Jose Rents Continue Downward Trend; Southern Cities Reign Most Affordable

“San Jose experienced a about a 1% drop in rental rates and San Francisco, though still boasting one of the nation’s highest rents, saw the biggest y-o-y rent drop in the nation for February, decreasing 3% over the year.”  Information from the great folks at RENTCafe.com

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

San Jose singe family home and condo/townhome rentals are definitely feeling the squeeze.  This is partly due to the increased number of apartment rentals coming on the market in 2016.  It will be interesting to see if this trends triggers some investors to sell their rental properties.  Not necessarily because of a 1% drop but equally, many bought with the strategy at selling higher.  Since it is still a seller’s market in San Jose, it will be interesting to see if any investors start selling. This will help the number of homes for sale in the coming months.

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Home Renovations That Can Hurt (and Help) Property Value

Home Renovations That Can Hurt (and Help) Property Value

The best remodels will increase both quality of life and listing price, so take care to invest in projects that will net the biggest returns.

Sourced through Scoop.it from: blog.rismedia.com

A great article to read and keep! 

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VTA releases massively redrawn bus routes for public comment – Silicon Valley Business Journal

VTA releases massively redrawn bus routes for public comment – Silicon Valley Business Journal

Walker said, the number of county residents within a half-mile of a bus stop with service every 15 minutes or less would increase by 17 percent and the number of jobs within a half-mile of such frequent service would increase by 27 percent under the 85-15 plan. Only one percent of current transit riders would get less overall transit access and overall frequency would increase including weekends, he said.

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

Will VTA be able to get it together?   Time for public comments.

 

“Walker said, the number of county residents within a half-mile of a bus stop with service every 15 minutes or less would increase by 17 percent and the number of jobs within a half-mile of such frequent service would increase by 27 percent under the 85-15 plan. Only one percent of current transit riders would get less overall transit access and overall frequency would increase including weekends, he said.”

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21 Amazing Off-the-Grid Houses

21 Amazing Off-the-Grid Houses

“Real talk: Between diminishing stores and oil wars, fossil fuel-dependance is officially a bad deal. In the future, as these resources get scarcer, we’re going to have to figure out how to live in a little more harmony with Mother Earth. Here are 21 houses that are already doing it right: eschewing the power grid for solar, wind, and geothermal energy sources.”

Sourced through Scoop.it from: gizmodo.com

I always love looking at these alternative home ideas!

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Getting Highway 101 moving again: San Mateo County express lane project inches forward, as Facebook, Genentech and Stanford University push for progress – Silicon Valley Business Journal

Getting Highway 101 moving again: San Mateo County express lane project inches forward, as Facebook, Genentech and Stanford University push for progress – Silicon Valley Business Journal

Possibilities includes converting existing carpool (HOV) lanes to express lanes and adding new express lanes on U.S. 101 between Whipple Road and the I-380 interchange in San Mateo County. It could also include reconstructing ramp connections to U.S. 101 and and installing electronic toll collection.

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

Really? Even in the middle of the day? ; )

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The Great Housing Debate: Buying vs Renting – DSNews

The Great Housing Debate: Buying vs Renting – DSNews

On a national basis, for households who move every seven years and can afford to put 20 percent down, today buying a home is 37.7 percent less expensive than renting. This is up slightly from the year prior, and across the 100 largest metros it ranges from over 50 percent to slightly under 20 percent. Nationally, prices have increased by 5.9 percent year-over-year in comparison to a growth of 3.5 percent for rents. But thanks to low mortgage rates keeping pressure on prices, say McLaughlin, buying a home today continues to be the best deal since 2012.

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

Of course these numbers are based on a National Average and 20% down but what do the Silicon Valley numbers look like?

 

“These markets include: Honolulu, HI; San Jose, CA; Milwaukee, WI; Newark, NJ; San Francisco, CA; Madison, WI; Sacramento, CA; Fairfield County, CT; Oakland, CA; and Ventura County, CA. Despite the fact that these markets have the slimmest advantage for buying compared to renting, it is still at least 22 percent cheaper to buy a home than rent in each of these markets.”

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SocketSite™ | Bay Area Employment Hits a New High

SocketSite™ | Bay Area Employment Hits a New High

Santa Clara County to a record 1,015,600 with an unemployment rate of 3.8 percent.

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

We know this fact by the traffic! We also can count the demand for housing to continue as we simply do not have enough homes to meet the inbound movement.

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Real estate investors on U.S. coasts target cheap, out-of-state markets

Real estate investors on U.S. coasts target cheap, out-of-state markets

The companies are pulling in money from clients in costly coastal markets that is boosting demand and home prices in the lower-cost cities they target. “In the last 12 months, I’ve seen more cash buyers from California than I’ve ever seen in my career, and I’ve been doing this for 25 years,” said Anne Callahan, a real estate agent in Cleveland, Ohio, where the average rent for a single-family home is up 4.2 percent over the last year, according to Zillow Research.

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

This type of investing is not for the faint of heart and I always suggest taking a basic real estate investment class from a local investment group for tips on out-of-state investing. San Jose Real Estate Investment Group is one recommendation. 

sjrei.org

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Rent Growth Is Decelerating In Tech-Dominated Cities

Rent Growth Is Decelerating In Tech-Dominated Cities

Rents are decelerating in top tech-dominant cities, according to Yardi Matrix research.

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

Easy to understand double digit increases in any market will  give way to more normal markets.  Yay , for more normal markets!

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Federal Housing Administration Proposes New Rules For Condominium Market

Federal Housing Administration Proposes New Rules For Condominium Market

The new regulations will ultimately give the administration leeway to specify new owner-occupancy, commercial and single-unit thresholds. Currently, the FHA requires approved condo developments to have at least 50% of the units occupied by owners, but the proposed rules would extend that range to between 25% and 75%.

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

This could be new opportunity for FHA home buyers in Silicon Valley. As many condominiums and town homes complexes do not qualify for FHA or VA financing.  It will be interesting to see if this will plays out into a buyer’s benefit.  Now if we could do something about the $417,000 conforming limit.

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