INFOGRAPHIC - November 2015 California Home Sales

Source: California Association of Realtors

More Americans Say It’s a Good Time to Sell

An improving financial picture prompted more consumers to say that they believe now is a good time to sell a home, according to Fannie Mae’s latest Home Purchase Sentiment Index, which capped off its strongest year so far. The share of consumers who reported their income was significantly higher than it was 12 months ago rose 9 percentage points on net in December.

“Consumers ended the year on an improved note with regard to their income, job security, and overall economic outlook,” says Doug Duncan, Fannie Mae’s chief economist. “Brightening economic prospects, if sustained, should stimulate demand for home ownership. However, continuing upward pressure on rental prices and constrained housing supply, particularly for starter homes, may mean prospective first-time home buyers could face affordability constraints.”

Fannie Mae’s survey found that 40 percent of 1,000 respondents surveyed said they are confident home prices will rise this year.

Also, their financial picture is improving too. Eighty-five percent of respondents said they are not concerned about losing their job, which ties an all-time survey high. What’s more, the number of respondents who say their household income is significantly higher than it was 12 months ago increased 9 percentage points to 15 percent in the survey.

Source: RealtorMag Online > Fannie Mae
http://realtormag.realtor.org/daily-news/2016/01/11/more-americans-say-it-s-good-time-sell

Change In Home Sales Year-Over-Year by Price Point

U.S. Real Estate to Draw More Foreigners in 2016, Survey Says

Foreign investment is very important here in the Silicon Valley, but apparently it is very important for a number of other top real estate markets here in the U.S. Foreign buyers view American real estate a safe investment compared to other investments and the article cites San Francisco, a city just 50 miles north of the silicon valley as one of the top cities for outside investment.


Most foreign investors expect to put more money into U.S. property this year than they did in 2015, with New York remaining the top target market worldwide, according to a survey by the Association of Foreign Investors in Real Estate.

Sixty-four percent of respondents said they intend to make modest or major increases to investments in U.S. real estate this year, while 31 percent expect to maintain their holdings or reinvest sales proceeds into other U.S. assets, according to the 24th annual survey by the group, known as AFIRE. None of the respondents plans a major decrease. About half of the group’s roughly 200 members participated in the survey.

“This is a very strong response,” Jim Fetgatter, chief executive of Washington-based AFIRE, whose members hold about $2 trillion of real estate globally, said in a phone interview. China’s economic slowdown, Brazil’s recession and Europe’s immigration crisis underscored for international investors that “the U.S., at the moment, really is the safest place for them to go.”

Foreign purchases of U.S. real estate have soared since the financial crisis, jumping to $87.3 billion of completed deals last year, from less than $5 billion in 2009, according to Real Capital Analytics Inc. Investors from Canada, Asia, Europe and Australia bought stakes in office towers, warehouses, apartment buildings, shopping malls and hotels in search of relatively higher yields. Manhattan captured $23.5 billion, or 27 percent, of 2015 purchases, Real Capital data show.

The U.S. also ranked first for countries with the best opportunity for price appreciation in 2016, followed by Brazil, Spain, Ireland and the U.K., the AFIRE survey showed.

Top Cities

London and Los Angeles were the second- and third-most-popular cities for real estate investments in the survey. Berlin climbed three places to No. 4, the first year a German city reached the top five. Paris tied with San Francisco for fifth place, according to AFIRE.

Within the U.S., multifamily and industrial real estate were the favorite property types for a second year, while retail moved up to third place from fourth. Offices fell to fourth from third, and hotels stayed at No. 5, according to the survey.

The recent passage of legislation easing taxes for foreign pension funds that buy U.S. real estate probably will boost investment further, Fetgatter said. Many cross-border investors previously bought U.S. properties with domestic majority partners.

The new law “simplifies the investment process and opens up a lot of opportunities for structuring their deals in a different way,” he said.

Source: Bloomberg Business, Hui-Young Yu
http://www.bloomberg.com/news/articles/2016-01-04/u-s-real-estate-to-draw-more-foreigners-in-2016-survey-says

The fate of Santa Clara County Fairground

The Santa Clara County Fairgrounds has been a historic icon of the Silicon Valley for many years, but now it seems there are those who want to put the land to better use. Many who have grown up in this area have gone to the fair grounds at lease once are also the biggest supporters of keeping the fairgrounds as it is due to it being something of a landmark and their fond memories there. Be that as it may, the supporters of progress will likely win out because there is just too much demand for housing in this valley. Afterall, Apple, Google and Facebook need more housing for their many workers.

Prime real estate: Santa Clara Co. disputes Fairgrounds' future
Santa Clara Co., Calif. (KTVU) - It's a huge lot of land in San Jose considered rundown, underutilized and an eyesore. On Thursday, county leaders shared plans for the future of the Santa Clara County Fairgrounds.

A lot of people in the South Bay remember the fairgrounds in its heyday. It has declined over the years, where it now holds small events here and there. The county wants something grand, but many people at Thursday's meeting want it to stay as is.

The Santa Clara County Fairgrounds has a long history in the South Bay, well known for its annual County Fair. However, over the years, the 150-acre prime piece of land has lost its luster and quite frankly is falling apart.

"The board has been very clear they want to accomplish something that people will be really proud of," said Santa Clara County Director of Asset Bruce Knopf. "Something that's iconic and creates a lot of buzz and excitement."

On Thursday, the county unveiled a new vision for the fairgrounds, where half of the land would be used for sports. The other would be a park similar to Golden Gate Park or New York's Central Park on a much smaller scale.
"If this leaves, if they take this away," said Joan Schramm of Los Gatos. "We probably can't exist."

Joan Schramm is with the Santa Clara Valley Gem and Mineral Society. Her community group has used the fairgrounds for 60 years. She's among the many people against change at the packed meeting.

"It would be a lot cheaper to fix what they got than to build this elaborate system," said Ben Schramm of Los Gatos.

4-H clubs are also concerned.

"I like showing my animals at the fair and a lot of people spend thousands of dollars on their animals," said Brandon Vandercook of the Hilltop 4-H club.

To that end, the county is considering carving 30 acres for an event center to hold the fair or relocating it all together.

"Our fair is already so small every year it's shrinking with the amount of vendors," said Ilona Mauro of the Hilltop 4-H club. "I don't have a lot of public showing up anymore so it's important to keep what we have."

All this is tentative. One of sports teams interested in the land is the minor league team the San Jose Giants. Any of the major professional teams are unlikely to relocate at the Fairgrounds.

"There were rumors some time ago seeking the Raiders," said Knopf. "It was nothing more than a rumor and you can see how long San Jose has been attracting the A's."

One thing the fairgrounds won't be converted to is housing. The county tried that approach a few years back and the developer backed out. Realistically, it's still in its early stages. The plans will be presented to the Board of Supervisors later this month.

Source: KTVU.com
http://www.ktvu.com/news/70855893-story

Beware of crooks posing as Realtors

This article is in reference to Teton Valley, but it's message is still relevant to the Silicon Valley because there have been numerous instances of Craigslist real estate scams going on. One such example is when an unsuspecting individual or couple responds to an online ads posted by someone pretending to be a Realtor, advertising for a property unbeknownst to the owner, they collect a deposit without showing the property and they disappear. The victims will never see their money again. If they are a legit Realtor, there should have their BRE (Baeurau of Real Estate) # readily available. You can look up their license status on the BRE's website. Be suspicious of they ask for a deposit up front without showing you the property And lastly, if it sounds too good to be true, it probably is.

Sheriff's Office warns: Beware of Craigslist real estate scams
The sheriff’s department has received several reports recently of fraudulent advertisements on Craigslist. In some of these instances, a person will post an advertisement for a property for sale or rent and pose as a real estate agent to gather personal information from prospective buyers.

Teton County Sheriff Tony Liford said such online ads make more sense in large cities where there are thousands of housing options, but in a place as small as Teton Valley, there’s no reason not to use a real realtor.

“Craigslist is not the place to go,” Liford said. “What started out as a good thing has turned into a criminal’s delight.”

The sheriff’s department advises those looking for housing to go through a licensed real estate agent, and always to view the property before transferring any personal information or money.

Source: Teton Valley News, Teresa Mull 
http://www.tetonvalleynews.net/news/sheriff-s-office-warns-beware-of-craigslist-real-estate-scams/article_ecb8353c-aff7-11e5-b8d9-577327d8a9ba.html

What I Didn’t Know When My Landlord Kicked Me Out

In real estate, things often don’t turn out the way you’d expect. In this new series, we’re going to take a look at how people’s real-life experiences differed from their expectations. First up, a tale from the world of renting.

Confession: When I was younger, I got kicked out of my apartment by possibly the worst landlord ever. Four months after moving in, I found myself standing on the front lawn at 9 a.m., neighbors staring, fighting with my landlord at top-decibel levels.

Spoiler: The landlord won. I promised to be out by the end of the week.

It sounds like an episode of some trashy (and not particularly fun) reality TV show, but this was real real life, folks. I fled in three days, leaving behind my security deposit, prepaid cleaning fee, pet deposit, and a full month’s rent.

Looking back, I often wonder what I did wrong and how I could have avoided getting fired from my lease (or at least gotten some money back). So I asked an expert to break down my case.

Most lease terminations don’t happen in a day. To understand what happened (and where I started messing up), we have to start at the beginning, the day I signed the lease.

The scenario: When I moved in, I had a puppy, which was destined to rapidly grow into a big, slobbering adult dog. I told the landlord about the pooch, but when it came time to sign the lease, there was no mention of the pet. When I questioned this, the landlord said it was a standard lease form and not to worry. I did worry, but I also chickened out and signed. As you’ll see below, this small thing became a not-so-small flashpoint.

Experts say: I never should have moved in without a pet agreement.

“First of all, you should have requested [the pet] be memorialized into the lease,” says Casey Schwab, co-founder of ResolutionTable.com, an online mediation service for tenant and landlord disputes. “Absent that, an email or text to your landlord about the pet would have supported the theory that your landlord consented.”

The scenario: About a month after moving in, my landlord started snooping. Neighbors would tell me they’d seen him looking in the windows. Creepy! I wrote down the dates and times in some vague attempt to cover myself.  Then one night I heard barking while I was in the shower. Wrapped in a towel, I came out to see my landlord standing inside my apartment! I knew his presence was illegal, so I asked him to leave and then dropped the issue, fearing he would make my life miserable in the apartment if I pushed.

Experts say: I should have manned up. “After the first whiff that your landlord was entering your apartment or spying on you, you should have notified him in writing of the violation,” Schwab says.

The scenario: Not long after asking my landlord to leave, things started to go south fast. My landlord started showing up a lot, saying the neighbors were suddenly complaining about the dog. When I didn’t take the bait and fight back, the landlord said I’d have to keep the dog outside, chained up.

Experts say: As a tenant, you should document everything, Schwab says. Even if the pet wasn’t on the lease, the landlord was acknowledging that he knew I had a pet, and I could have used that in my defense later.

The scenario: Things really hit the fan one morning after my landlord arrived to find that my dog was not chained outside (like I was really going to do that). He banged on the door, shouting like a crazy person. He said things. My mother, who happened to be in town, said things. The neighbor who came out to see what the fuss was said things. I mostly stared in horror until I found myself agreeing to move in three days.

Experts say: “The front lawn brawl is really never a good move,” Schwab says. I would have been better off to nod, pretend to agree, and get inside as soon as possible. “But the moment he left, you should have written down everything you could remember—from start to finish—that your landlord could have possibly done wrong,” he says.

The scenario: I planned to move as agreed. I spent two straight days looking for an apartment while the devil—sorry, the landlord—texted me hateful comments and childish threats. I ignored them, found another place, and moved out.

Experts say: “Those texts were IOUs that you never cashed. The potential of a judge or mediator seeing these texts would have scared any rational landlord into returning your rent and security deposit,” Schwab says.

The scenario: After paying for movers and taking time off work, I was financially strapped and just brave enough to ask for my deposit back. I even cleaned the apartment I was getting kicked out of! But the landlord said no, and I never tried to follow up. I was afraid that I didn’t have the grounds to file suit or seek professional help, since I’d been asked to leave early.

Expert say: Leaving a lease early doesn’t always mean you’re not entitled to your security deposit. According to Schwab, I had the right to sue my landlord for all kinds of things, including invasion of privacy and harassment. And even though I didn’t get my money back, the landlord should have provided a detailed invoice of what was deducted from the security deposit and why. When I didn’t get my deposit—or a deduction notice—back, I should have written a stern letter stating the reasons the landlord was at fault and demanded that my deposit be returned, Schwab says.

From there, I could have filed a suit against my landlord or reached out to a lawyer for mitigation. Instead I folded like a house of cards. Live and learn, right?

If you find yourself straining to deal with your landlord, don’t do the same. Take notes, take pictures, take control. And when the time comes, get your money (and peace of mind) back!

Source: Realtor.com, Angela Colley
http://www.realtor.com/advice/rent/what-i-didnt-know-when-landlord-kicked-me-out/?iid=rdc_news_hp_carousel_theLatest