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Real Estate In Sunnyvale
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 Sunnyvale house prices are growing faster than Sunnyvale 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…
Price Appreciation vs DOM
Although home buyers and home sellers should know days on market in order to make decisions, DOM is not a good way to predict house price appreciation.House price appreciation in Sunnyvale has differed significantly from that in Daly City.Days On Market has been low in Sunnyvale since 2012.Although Days On Market in Daly City has had more volatility during 2023 and 2024 than Sunnyvale, it has also been low since 2012.Days On Market does not appear to be a good indicator of house price appreciation.From https://julianalee.com/blog/median-days-on-market/
Removing Protected Trees
Many cities have enacted ordinances to protect various trees within their city. A long-time Palo Alto homeowner recently achieved a court ruling forcing his neighbor to remove Coast Redwood Trees whose roots were damaging his house. The legal actions were made more difficult by a real estate agent who indemnified the buyer of the house in order to get the house sold.A short summary by the long-time owner: In 2021, I sued my neighbor, with a one-sided result in my favor. I claimed for damage under state law #3479, and my neighbor’s ONLY defense was: “I was complying with PA’s tree ordinance”. The PA ordinance will not win against superseding state law. The 7-page opinion of the state judge never even mentioned the PA ordinance because it’s irrelevant against state law. But I still was forced to sue and pay my (winning) legal fees. My neighbor chose foolishly to go…
Bay Area Rents See Biggest Drop?
Although JLee Realty does not handle rental properties for clients, we watch what is happening in it to better understand Sunnyvale real estate. On Sept 17, 2023, the San Jose Mercury News published an article titled “Bay Area rents see biggest drop in 27 months“. The article presents the ease of finding a one-bedroom apartment near Lake Merritt. The article cites ApartmentList.com as a source for the trends they cite, including a 3.1% year-over-year decline for the San Jose/Sunnyvale/Santa Clara metro area.The housing rental market has weakened, but the headline could create a misleading impression. The sky is not falling for the rental market. Look at the graph below created by Zumper.com.The peak rental price for a 2-bedroom apartment was reached in Aug-Sept of 2022. The “biggest drop” is being calculated from a price peak and isn’t a good choice for judging long-term trends. I’m looking at two-bedroom rental trends…
1031 Exchange - Flipping Houses
A 1031 exchange is used to defer taxes on the sale of your investment property when your proceeds are invested in a new investment property. Although you probably consider a house you bought with the intention of flipping to be an investment, it is not considered by the IRS to be a property that was bought for investment purposes and thus does not allow it to be used in a 1031 exchange.Tax professionals recommend keeping an investment property obtained in a 1031 exchange for two years as a rental property. Some professionals will say that one year plus one day is sufficient for the 1031 exchange to avoid an IRS challenge.In 2008 the IRS issued a safe harbor rule saying it would not challenge the 1031 exchange because of the sale of your replacement property if:You rent the dwelling unit to another person at a fair rental price for 14…