08/26/2023
Saturday Morning Coffee Memo
Did you know?
SAN JOSE — Google is planning several “Creekside Socials” at locations within the footprint of the tech titan’s proposed mixed-use transit village near Diridon Station in a push to create vibrant activity in downtown San Jose and the project site.
Google also believes the series of social events on the western edges of San Jose’s urban core will serve as a reminder that the company plans to push ahead with its Downtown West project there despite the search giant reassessing the development timeline and pausing much of the work on the new neighborhood, which is expected to include offices, housing, shops, restaurants and more!...
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CALIFORNIA HOME PRICES RECORD FIRST YEAR-OVER-YEAR UPTICK SINCE OCTOBER!...
by Phil Hall | Aug 17, 2023 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive | 0 comments
California’s median home price exceeded $800,000 in July for the fourth straight month and recorded its first year-over-year gain in nine months, according to new data from the California Association of Realtors (CAR).
The statewide median price was $832,340 last month, a slight 0.7% decline from June’s $838,260 and a scant 0.2% uptick from a revised $830,870 one year ago!...
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COMMERCIAL/MULTIFAMILY MORTGAGE ORIGINATIONS DOWN 53% FROM LAST YEAR!...
by Phil Hall | Aug 16, 2023 | Commercial Real Estate News, News/Current Events, Real Estate News, WRE News Exclusive | 0 comments
Second quarter commercial and multifamily mortgage loan originations sank by 53% from one year ago, according to new data from the Mortgage Bankers Association (MBA). However, the originations level was up 23% from the previous quarter!...🤔
These are the 5 highest effective property tax rates on a median-value home in 2022!...
The average effective tax rate for median-value homes was 1.32% in 2022.These are the 5 highest effective property tax rates on a median-value home in 2022:
Detroit: 3.21%Newark,
New Jersey: 3.20%Aurora,
Illinois: 3.04%Bridgeport,
Connecticut: 3.04%Portland,
Oregon: 2.59%.....
But let's not forget: 3% on a $300,000 home is a lot less than 1.5% on a $750,000 home..... Some of these areas deliver a lot more home for the money than others, but have to provide similar cost services!..
(CNBC)
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PALO ALTO — A mystery investor has paid about $20 million for big chunks of hilly land in the Palo Alto area that had been owned by the late John Arrillaga, a Silicon Valley real estate legend.
The buyer operated through an affiliate called Fierce Sunrise LLC to purchase the property, according to documents filed on Aug. 23 with the Santa Clara County Recorder’s Office.
Fierce Sunrise paid about $20.7 million for eight parcels, which are along a private road called Tierra Arboles in Palo Alto, the county real estate records show.
For numerous years, the property had been owned by Arrillaga, a long-time real estate executive who during his career became one of the Bay Area’s most successful and savvy developers with a list of tenants, including Google and Apple, that read like a who’s who of Silicon Valley corporate royalty!...
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Safety & Crime
AI Firefighting Tools Expand In The Bay Area!...
New AI sensors being placed around Santa Clara County are designed to help alert firefighters to potential wildfires near watersheds.
By Dan Walters, CalMatters
SAN JOSE, CA — The use of artificial intelligence has spread like wildfire into the world of fire prevention in Santa Clara County.
County officials are implementing AI sensors to analyze air temperature and particles in the air to locate fires and prevent larger ones from igniting.
This comes as experts throughout the county have been looking at ways to prevent and contain wildfires. In 2023 alone, the state has seen more than 4,700 wildfires, according to Cal Fire!...
