Silicon Valley Real Estate And Homes – silicon-valley-real-estate-and-homes.com

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/

Settlement Contingency Protects You But Makes Your Purchase Offer More Acceptable

Many homeowners are held back from purchasing a new home because they want or need to sell their current home. Many potential buyers have heard about home sale contingencies, but fewer have heard the phrase “Settlement Contingency”. By putting yourself in the shoes of a home seller, you know most sellers are less likely to accept your purchase offer if you have a contingency that lets you first try to sell your existing home. A settlement contingency can give you the time needed to close the sale of your current home but cause less concern to the seller of a home you wish to buy.

A settlement contingency can prevent you from feeling you are forced to accept the risks of a no contingency offer. This contingency is useful if you have already put your home up for sale, and both received and accepted a purchase offer. A settlement contingency allows you to have a valid purchase agreement for your new home up until the specified scheduled settlement date for your current home. If you can not close escrow by the specified date, your purchase agreement can be terminated and your earnest deposit returned to you. Again, putting yourself in the shoes of a seller, it is easy to imagine that knowing you already have an accepted sale for your home and a specified date for it to close escrow, the risk your purchase offer failing because of your own home sale, has much less uncertainty and risk. Furthermore, the seller has a pretty good estimate of when he will receive his money from the sale of his home. The seller may judge the risk to him of your settlement contingency to be quite acceptable.

Redwood City Apartment Building Prices Continue to Climb

Although large real estate investor/developer purchases don’t closely match individual homeowner purchases, the prices eventually track each other. The recent purchase of a luxury apartment complex in Redwood City called the Encore set a new high record price-per-unit of $816,666.

Large investors are still seeing increasing values for apartments in Silicon Valley. View Redwood City real estate trends for houses, townhouses, and condos.

Previous apartment complex sales have been:

November 2019, $814,285 per-unit for 175 units, sold by Greystar.
June 2019, $810,000 per-unit for 402 units, sold by Paul’s Corporation and Fortress Investment Group.
June 2016, $700,000 per-unit for 305 units, sold by Greystar Franklin.
March 2015, $595,744 per-unit for 141 units, sold by SummerHill Apartment Communities.
May 2014, $628,787 per-unit for 132 units, sold by Sares Regis.