Last May, the Brookings Institution wrote about the post-Covid19 recovery as having several possible shapes of recovery (Z-shaped, V-shaped, U-shaped, W-shaped, L-shaped, and even the Nike Swoosh) but here are four major financial institutions predictions for recovery (below image).
In a Realtor.com study- we have seen a similar V-Shape recovery, but recently there’s been a deceleration as potential sellers found it harder to list and show their home as wildfires spread through the West coast.
Housing Market Recovery Index Highlights – Week Ending September 12
California has shown that social distancing and economic resilience continue to be key factors driving local differences in the housing recovery. Per Realtor.com’s research, the spread of COVID-19 is closely linked to the housing slowdown, with markets with higher cases per capita more likely to see a bigger impact on supply and the pace of sales. The speed and sustainability of the reopening, and each market’s ability to contain COVID-19, are dictating the speed of recovery across the regions. Finally, resilient economies may have an edge in the housing recovery, and areas with strong job markets before COVID-19, especially those with thriving tech sectors (such as in the SF Bay Area), are seeing buyers and sellers reconnect faster than the rest of the country.
Below are the V-shaped curved found in the northern California communities. Notice the downward trend in Aug – Sept due to the numerous wildfires.
The higher the index value, the higher the level of recovery. The lower the index value, the lower the level of recovery.
Thank you to the brave California Fire Department for coordinating a fantastic job containing many of the fires in California, we applaud their heroic service as many sacrificed their time, energy away from their families to protect people and properties throughout California.
How is your family and how are you handling the aftermath of the fires? I hope you and your family are doing well, but just know that it has effected everyone. It’s been a very rough few weeks here in northern California and the housing market certainly has been effected by the enormity and tragedies around us. Be safe & let me know if there’s anything we can do to assist.
|Lynne Watanabe MacFarlane, MCDM, SRES | Realtor
PFAC Silicon Valley affiliate
Intero | A Berkshire Hathaway Affiliate
In recent years co-living has gained popularity not only in younger 20’s demographics, but attracting popularity for 50+ Boomer generation. Typically, seniors who opt for the co-living lifestyle as homeowners enjoy additional income from roommates and companionship!
What’s the difference between Co-Living versus Co-Housing?
In co-living people without family ties choose to cohabitate in a single dwelling. Typically, each resident has a private bedroom but other rooms (such as kitchen, laundry room, family room) are considered shared common spaces. In a co-housing community, each individual or family has an independent living unit (single family home, condo or apt) and they might share common facilities such as pools, a library, conference or fitness space.
In the SF Bay Area we know that the lack of affordable housing is difficult as it can hit the senior population hard. As the ‘Silver Tsunami’ and senior households continues to expand over the next two decades, households in their 80’s will be the fastest-growing age group according to the Joint Center for Housing Studies of Harvard University. Many of those households already face cost burdens.
As the cost of senior communities continue to rise, along with visitation restrictions which COVID19 has placed on family members not being allowed into these senior communities, the desire for multi-generational housing continues to escalate. These are hard questions all families must decided what is important to them. Families are looking for more options as our lifestyle has shifted during these stressful health crisis times our community and family interdependence has become of greater necessity.
What are Co-Living Advantages?
- Sharing household responsibilities can lessen the load and housemates can have complimentary benefits such as one roommate’s ability to drive to the store and another can prep food and cook. This might allow individuals to live independent and active lives.
- Fewer seniors own their own homes these days, more are likely to have a mortgage or even a second mortgage. Co-living can help homeowners afford to stay in their home but creating passive income with rent. Sharing space means dividing up utility costs and home maintenance expenses too.
- Loneliness is one aspect of aging-in-place that co-living can help remedy. A sense of belonging and community can be nurtured with scheduled co-living events such as “Italian Night!” and plan cooking a dinner while playing Italian opera and watch a favorite Italian movie!
Preventing Co-Living Conflicts
Create a written agreement outlining who pays for what and when. Housemates with declining cognitive abilities and/or mobility issues can make living together difficult so a mutually agreed upon rental contract will help avoid co-living conflicts.
Make sure to interview to find the right fit housemate. Look for someone who is financially stable, and shares your interest, values and lifestyle. Always discuss privacy expectations and do consider looking outside an age range. When meeting with a prospective roommate for the first time, always meet in a neutral public location for safety reasons. Get references from previous roommates and consider a background check and credit check; protect oneself.
Consider a trial period and see if all personalities get along! Will pets or habits become irritating after two weeks? Will you need to consider ‘overnight guests’ and does each roommate need to seek permission and could this be considered an invasion of privacy for some? Some people need more privacy than others and having a written agreement can help communication and expectation.
It can be a wonderful experience co-living with others. Co-living can be multi-generational or the same age, but whatever one decides to do I hope you’ll enjoy the company and appreciate your differences!
If you’re interested in other cities, let me know, I can set-up your customized search to assist your needs.
Lynne Watanabe MacFarlane, MCDM, SRES | Realtor
PFAC Silicon Valley affiliate
Intero | A Berkshire Hathaway Affiliate
Congratulations to first time homeowners, Viv and Steve!
~ Welcome, welcome, welcome to beautiful San Jose, California! ~
I admired their fortitude during multiple offers in a fierce competitive market and wanting to own a single family home (vs. condo/townhouse). They knew that a single family home would appreciate more, they had to jump into the real estate market, and after discussing their desire to put in ‘sweaty equity’ by doing their own remodeling and cosmetic fixes rather than buying a home that was ‘turn-key’ they had to make difficult decisions that was within their budget. They ultimately found a home with unique character, attractive curb appeal, and with a detached garage which could be used as a workshop or possibly an ADU (granny unit) for passive income. The larger lot is big enough to build an addition…their options are there for future use.
Congratulations again to Viv and Steve on making an offer to a home that will forever be remembered as the Valentine’s Day, gift of love, a cozy home!
Welcome to 3299 Woodcrest Drive San Jose, CA 95118
I’ll be hosting this Open House in Cambrian Park this Sunday Aug 25th 1PM – 4PM; Beautiful 3 Bedroom, 2 Bathrooms, 1,460 sqft on 7,529 sqft lot. This modern California Ranch with an open floor plan in a highly desirable area nestled between Willow Glen & Los Gatos. This home is for the most discerning buyer who wants to just move in & enjoy! Completely remodeled from top to bottom, inside & out.
For more information: click here
I’m a SF Bay Area native and I can help advise you whether you’re downsizing, right-sizing or relocating, I’m here to serve you! Thanks for your trust and referral.
Join me at my Open House at 448 N 21st Street San Jose
Aug 18th Sunday from 1PM – 4:30 PM
Following yesterday’s ADU (accessory dwelling unit) event called “Small Homes, Big Impact” sponsored by the Housing Trust of Silicon Valley and the AARP of California, I will host the open house at 448 N 21st Street in San Jose as example of a home built with an attached ADU in the backyard. There is 2,265 SF of living space with a lot size of 6,375 SF lot. This 5 Bedroom and 4 Bath is ready for move-in. All you have to do it think how you’d like to take title… as a home allowing multi-generational living, one can pass the property down to adult children or two or three couples can purchase as tenants in common, it’s up to you how you would like to use the space.
This ADU is 404SF, complete turnkey with 1Bedroom, 1 Bathroom, kitchen with stove, refrigerator, dishwasher, a living room, and A/C. This ADU has a separate entryway allowing the resident independence from the main home. It can be used as a business office, an in-law/family unit, or rented for lease or AirB&B.
The structure has permits for all work and shows very well.
The pass-through garage looks like a single car garage, but actually allows 3 or more cars inside the long driveway.
Here’s my Open House video:
Let me know if you’re interested in receiving this home’s property report &/or disclosures. This is a fantastic turnkey property with many uses!
If you or anyone you know is looking to buy, sell or invest in the San Francisco Bay Area, I am never too busy for your referrals! Thank you.
Here’s another episode of Local Hidden Treasures, this time we explore Japantown or “J-Town” in San Jose. San Jose’s Japantown is one of the three remaining Japantowns in the United States. Here in this video we explore some of the monuments in the area. Check out the several restaurants, shops, churches, and business organizations located along Jackson St & Taylor.
Relax and enjoy the tranquility of country living and outdoor lifestyle with top rated Almaden schools: Leland, Bret Harte, and Graystone. (See Greatschools.com)
Tell your friends who’ve ever wanted to live in the country to come to 21341 Almaden Road San Jose (New Almaden). This property won’t stay on the market forever, especially as Santa Clara County continues to grow, you will have surrounding land adding peace and value.
Come see for yourself and give Lynne a call. Here’s the video preview of the property and home.
21341 Almaden Road
San Jose California 95120
Here’s my quick video preview of my Open House – 448 N 21st St, San Jose, CA 95112
Friday (June 28th) 8:30 AM – 11 AM & Saturday (June 29th) 1 PM – 4 PM
This is a fantastic multi-generational home with 5 bedrooms and 4 bathrooms, 2,265 sqft, completely renovated including a desirable accessory dwelling unit #ADU (1BD/1BA, kitchen, 400+SF) which can be used as passive income rental or an in-law unit. Don’t let the modest exterior fool you, this has a modern design with multiple skylights, open floor plan kitchen/living area, quartz counters and gleaming new stainless appliances and a ‘faux single car garage’ – lots of parking space inside. Central San Jose location near Hwys 101, 280/680 exchange, just a short commute to downtown and Diridon area, future Google development. Welcome Home!
What are Opportunity Zones?
An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service. Frequently ask questions & more about opportunity zones here.
How Can I benefit learning about them?
Opportunity Zones may benefit rising neighborhoods first – these areas have potential to stabilize and revitalize “distressed neighborhoods” and surrounding communities by inviting private investment capital through a series of tax benefits.
Opportunity Zones – Are there any in Silicon Valley?
Here’s a map of the designated qualified opportunity zones. These zones demonstrate the anticipated ability to revitalize neighborhoods and get even more people working.
Opportunity Zones – Santa Clara County (San Jose)
Opportunity zones are also located “over the hill” in Santa Cruz. As previously mentioned in my previous blog post, there are many new developments in Santa Clara county and Santa Cruz county.
Opportunity Zones – Santa Cruz County
Opportunity Zone investments can attract new businesses, thereby potentially generating millions, if not billions, in economic development and create jobs in these communities. (Forbes, 2018)
Call me today to discuss new investment opportunities that are noted to be in the areas “path of progress”.
Lynne Watanabe MacFarlane, MCDM
Intero Real Estate Services | Berkshire Hathaway affiliate
Lofts are undeniably modern, fun and spark the imagination for decorating, living and entertaining.
Several movies have featured lofts with their tall floor to ceiling spaces that allow lots of desirable natural light. Here are a few movies that have captured our imagination with their cool lifestyle living space.
Family Man (2000)
Do you remember the movie “Family Man” with Nicolas Cage and Tea Leoni? Jack, a wildly successful Wall-Street broker stumbles through this alternate suburban universe and meets his former girlfriend and wonders what his life would have been if he chose a different path. In the movie, Jack lived a “lavish, fast-paced lifestyle” eating gourmet food and wine, wearing designer clothes and walked around parading in his underwear, looking out from his floor to ceiling window with a view from his modern condominium, do you remember that scene?
After wishing to be made big, a teenage boy wakes the next morning to find himself mysteriously in the body of an adult. The trampoline scene is the best use case for having high vaulted ceilings – Imagine the fun with overnight guests as your neighbors look on with envy!
TRON: Legacy (2010)
TRON: Legacy’s Sam Flynn lives in his container home with industrial glass garage doors which allows him to drive his low rumbling Ducati right into his living room with prime workboat views. Cool and industrial. I know this isn’t a loft, perhaps more like a container home which are growing in popularity, but wouldn’t you love the industrial masculine feel of this set? – His home decor is about bringing the outdoor in and a introduces a casual lifestyle that defines his character in this opening scene.
Wall Street (1987)
Who could ever forget the Oliver Stone movie Wall Street featuring Charlie Sheen as Bud Fox as the young upcoming broker. this loft decorating scene represents success as his new girlfriend, Daryl Hannah as decorator, exhibits flamboyant 80’s flair – For interior decorators, this scene could be even more important than Gordon Gekko’s “Greed is Good”.
Lofts for Sale in San Jose
Are you interested in defining your own living space and ready to have fun with your very own loft? Here’s are just a few for your review! Check them out and scroll below.
- 88 E San Fernando St #1307 San Jose, CA 95113
Light, bright and airy with views of the eastern foothills. Don’t miss out on your chance to own this 1 bedroom, 1 bathroom floor plan with ample closet space, and, floor-to-ceiling windows!The 88 features resort-like amenities, including pool, spa, gym, rooftop sky deck, 24-hour security/concierge, and much more! One deeded parking spot. Excellent property for investors. Come see this warm, cozy, and inviting home.
- 88 Bush Street #4198 San Jose, CA 95126
Luxury living near Diridon Station & proposed Google Village in the highly sought after gated Plant 51 community. Features penthouse-like view, open/bright floor concept, high ceilings, big living room, recessed lights & hardwood floor. Kitchen with granite counters, European style cabinets & stainless steel appliances. Big master bedroom with walk-in closet. Built in 2008 & HOA $467/mo. covers water, garbage, gated underground parking with 2 assigned spaces. Resort style amenities to include cascade waterfall, elevator, fitness center, Yoga room, clubhouse with movie area, shared BBQ area & bike storage room. Steps to Cahill Park, Diridon Station & Whole Foods.
- 331 Bautista Pl San Jose, CA 95126
Luxury townhome near Diridon Station and proposed Google Village in highly sought after Monte Vista Community. Features open and bright floor plan, big living room, high ceilings, recessed lights, engineered wood and carpet floor. Kitchen with granite counters opens to the dining and living room. Loft upstairs can be converted to 3rd bedroom per builder’s original plan. Large master bedroom, walk-in closet, master bath with tile floor, oval tub and frosted glass stall shower. Full laundry room, 2-car garage with storage, balcony, dual zone AC and plenty of guest parking. Built in 2009 and HOA $250/mo covers roof, landscape and more. Next to the newly planned Google Campus, Del Monte Park, playground, dog park and soccer fields. Easy access to 87, 280, Caltrain, Whole Foods and downtown Willow Glen.
- 350 N 2nd ST 333, San Jose CA 95112
Stunning two-story loft-style condo with soaring 17′ ceilings, a wall of windows and an open floor plan. The kitchen features granite countertops, glass back splash & stainless-steel appliances waiting to be yours! Secure building ideally located within close proximity to San Pedro Market Square and Japantown. Master bedroom suite on second floor with spacious open loft/work area, walk-in closet & lovely pebble stone accents in the master bath. Enjoy morning coffee on the cozy private balcony. Flexible entry room can function as an office or guest room with full bathroom and walk-in closet. Other amenities include: in-unit stacked washer/dryer, storage under the staircase, pool, work out facility and secure parking.
Call/Text me and let’s discuss your real estate goals today over coffee!
Lynne Watanabe MacFarlane, Realtor