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. … [Read more...] about Will YIMBY Create Increased Condo Demand?
High Interest Rates Make New Home Construction Less Feasible
The city of San Jose just released a report titled "Residential Feasibility Analysis" that compares expected construction costs with the value of the construction. The report says the total estimated development costs have increased by approximately 12-13% over the last 18 months. Construction mortgage rates have doubled over the last 12 months and hover above 8.0%. The report … [Read more...] about High Interest Rates Make New Home Construction Less Feasible
Renting Out Your Condo or Townhouse
Assembly Bill 3182 (Civil Code Section 4740 and Civil Code Section 4741) limits the restrictions common interest developments may impose on offering units for rent. It took effect Jan 1, 2021. A common interest development may cap the number of rentals to 25% or more.ADUs and junior accessory dwelling units (JADUs) can not be included in the cap.The cap must not end the … [Read more...] about Renting Out Your Condo or Townhouse
San Jose Rent Prices Increase Slightly – 1st Time Since March
The San Jose median rent price increased for the first time since March 2020. SF rent prices also increased for the first time since April 2020. They caution that increases are typical for this time of year so it may not indicate that effects from the pandemic are decreasing. City1 Bed Rent (m to m)(y to y)2 Bed Rent (m to m)(y to y)SF$2,680 (0.8% )(-23.9%)$3,500 … [Read more...] about San Jose Rent Prices Increase Slightly – 1st Time Since March
Are Closed Campuses Affecting Home Prices?
With many college campuses either closed or partially closed, there are fewer renters near the campuses. Has the decrease in rental demand tipped demand for owning homes in those locations? Our MLS does not define a mostly residential neighborhood adjacent to San Jose State University, so it is not easy to look for any trends there. Looking at Zip Code 95112 and trying to … [Read more...] about Are Closed Campuses Affecting Home Prices?