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Yuli Lyman, (650) 331.0168 This blog is intended to be a real estate resource center providing local residential, income & investment real estate market conditions, trends, statistics and development, community news, various issues related to real estate, and useful information for my clients, friends, buyers and sellers of real estate in the greater San Francisco Bay Area, beautiful Northern California.
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Thanksgiving
By Yuli Lyman | Posted at 8:05 AM, Nov. 21, 2007 | SF Bay Area Real Estate Blog
I would like to take this opportunity to express my deepest gratitude to those who have made my success in real estate possible and for the continued support.
I would also like to thank all of my newsletter and blog readers for all the feedback given to me throughout the year. I appreciate that my readers understand my newsletter and blog intend to provide useful information and also are my gentle way of reminding you that I am your neighborhood real estate professional who keeps her fingers on the pulse of the real estate market. Bringing quality information, market trends and real-world solutions to you is my passion.
You ought to enjoy your home as long as you want to and I do want to keep our friendship as long as I can. However, whenever you, or someone you know, is thinking of buying or selling real estate, I will appreciate the opportunity to be of service to you.
Thanksgiving is a time I count my blessings publicly. I want all of you know that I am thankful for your interaction with me that makes a difference in my life.
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Is NOW the Right Time to Buy or Sell?
By Yuli Lyman | Posted at 11:35 AM, Nov. 20, 2007 | SF Bay Area Real Estate Blog
Buying or selling a home is more than just moving into a new house. It is an evolution of life and spirit. It is about ending an old chapter of life, and, new beginnings!
A new home is not only a place to live, it is also a place to love and cherish. With thoughtful planning and execution of the home buying and selling process, you will fulfill your dreams in this life-changing event.
Yesterday is history, tomorrow will be created by whatever you do today! So, NOW is the right time to act for the future you desire!
I can help you make your move a wise and successful one! Call me today 650-917-7968 to begin a moving experience!
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Second Units in Silicon Valley Single Family Homes
By Yuli Lyman | Posted at 4:30 AM, Nov. 14, 2006 | SF Bay Area Real Estate Blog
“Everything You Always Wanted to Know About Second Units
But Were Afraid to Ask.”
REALTORS® Flock to Roundtable to Learn about Second Units
Silicon Valley Association of Realtors (SILVAR)’s Housing Opportunities Committee held the first Realtor Roundtable for 2006 on Tuesday, July 11, inviting members to learn about the process for building and getting approval on second units for their clients. Approximately 60 Realtors packed the room to listen to a panel of experts discuss “Everything You Always Wanted to Know About Second Units But Were Afraid to Ask.”
The speakers included Curtis Banks, senior planner with the City of Los Altos Planning Department; John Davidson, senior planner for zoning ordinance revisions with the City of San Jose; Abby Ahrens, broker and owner of The Abigail Company; and Dan Maher and Nikki James, construction lending managers with First Horizon Home Loans.
A second unit is a dwelling located on property zoned for single-family residential use. The unit is designed for exclusively residential purposes, with kitchen and bathroom facilities located on the same lot as the primary dwelling. These smaller, separate additions added to properties with existing homes (often referred to as “granny units”), can be an excellent housing opportunity for seniors, adult children or other relatives. They also can be an excellent investment opportunity. They likewise address the issue of affordable housing in many communities. However, getting approval for a second unit, securing the financing, and doing the construction can be a difficult, and sometimes, expensive task.
Banks and Davidson defined second units from their respective cities’ perspectives and informed Realtors of regulations, particularly the rules involving the design of such units. In Los Altos, for instance, Banks said a second unit needs to be subordinate to the main unit, the entrance needs to be screened from view, it can’t be mobile, and it is required to have two parking spaces.
“The City has established certain restrictions and some limitations, the design needs to be approved through an architectural and site review process,” said Banks.
Banks indicated there have been about 20 second units constructed in Los Altos since 1995. In recent years, the City has received three to four applications a year. Most of the second units are built for family members. He said the city has received more applications for accessory structures, which are similar to secondary units but without the cooking facility. These units are often envisioned by homeowners as a place for family and extended visitors.
Initially, the City of San Jose did not welcome the idea of second units, according to Davidson. With its original projection of 30,000 units, city officials were concerned too many units would negatively impact the city. However, after four to five years of discussion, Davidson said the City has agreed to try the process.
The City of San Jose currently has a one-year pilot program in which it would approve up to 100 units. The program and the units’ impact to neighbors will be re-evaluated at the end of this year, said Davidson.
Davidson said the City has identified approximately 100,000 lots available for second units over 6,000 sq. ft. He mentioned areas considered conducive for such units are Willow Glenn, Rose Garden, Cambrian, Evergreen, and to a lesser extent, the Almaden. He noted, second units are not permitted in downtown San Jose, which is zoned R-2.
The application process for the second unit is similar to that of a building permit. The City receives about two applications a week, said Davidson. Currently the City has accepted 22 applications; five applications have been approved. Applicants also have the option to ask for a preliminary review. Davidson invited applicants to contact him if interested.
Broker Abby Ahrens stressed to Realtors that second units are a vital part of the affordable housing equation. Ahrens informed Realtors of AB 1866, California’s Second-Unit Legislation and Section 65852.2, in which the state requires local governments to consider second-unit applications and recognizes second units as a valuable form of housing. She said the state recognizes that this form of housing addresses family members, students, the elderly, health care providers, the disabled, and someday, she said, it is likely to add the “boomerang kids” to this list.
“Why?” Ahrens asked. “Because it’s the right thing to do. It makes financial sense. You’re adding a second unit on land that is already paid for.”
A staunch supporter of affordable housing, Ahrens asked Realtors to do their part in supporting such an opportunity for people who could not otherwise afford to live elsewhere. She noted there’s much to be done regarding inconsistencies in city regulations, areas of design need to be looked at, as well as the distances between buildings, the issue of old trees between buildings and detached and attached second units.
“What are we doing? What can we do as a group?” she asked. Referring to the book, Design Like You Give a Damn, a book published by the Architecture for Humanity, Ahrens stated, “We have a desperate need for lower cost housing, and we should be designing like we give a damn.”
First Horizon Home Loans managers Nikki James and Dan Maher followed Ahrens and shared some the requirements of the lending industry and misconceptions regarding construction lending.
They warned, “What the city allows you to do is not always the same as what the bank allows you to do.”
James and Maher indicated while additional building may be the best investment rather than building new, it could end up being more costly if mistakes are made.
The most important goal, they advised, is to not make mistakes. They recommended that homeowners sit down, find out what they can afford, find out the known costs, as well as the hidden costs – permit and plan fees, school impact fees, park fees, interest, - and have a budget.
Maher said, “All these could eat at your margin. In determining whether to build a second unit, you always have to consider value, cost and city issues."
~ Silicon Valley Association of Realtors Bullet 7/14/2006
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San Mateo County October Home Sale Statistics by City
By Yuli Lyman | Posted at 12:15 PM, Nov. 12, 2006 | SF Bay Area Real Estate Blog
|
San Mateo County October Home Sale Statistics by City
|
| City |
Median Price |
Average Price |
Closed Sales |
% SP/LP |
DOM |
New Listings |
Inventory |
| Atherton |
$3,805,000 |
$5,398,333 |
9 |
97.41 |
186 |
14 |
41 |
| Belmont |
$950,000 |
$1,047,058 |
17 |
100.76 |
26 |
27 |
51 |
| Brisbane |
* |
* |
* |
* |
* |
5 |
10 |
| Burlingame |
$1,210,000 |
$1,307,520 |
24 |
98.27 |
51 |
32 |
64 |
| Colma |
* |
* |
* |
* |
* |
1 |
2 |
| Daly City |
$739,000 |
$738,386 |
44 |
101.68 |
49 |
51 |
149 |
| El Granada |
$670,000 |
$696,714 |
7 |
99.73 |
99 |
5 |
28 |
| East Palo Alto |
$620,000 |
$635,750 |
12 |
100.71 |
47 |
27 |
80 |
| Foster City |
$1,040,000 |
$1,020,429 |
7 |
99.32 |
29 |
12 |
22 |
| Hillsborough |
$2,200,000 |
$2,647,000 |
10 |
92.48 |
54 |
16 |
54 |
| Half Moon Bay |
$900,000 |
$831,000 |
4 |
95.92 |
78 |
15 |
53 |
| La Honda |
* |
* |
* |
* |
* |
* |
4 |
| Loma Mar |
$799,000 |
$799,000 |
1 |
100 |
91 |
* |
2 |
| Millbrae |
$960,000 |
$981,607 |
13 |
99.09 |
28 |
14 |
36 |
| Montara |
$643,000 |
$724,000 |
2 |
99.93 |
18 |
6 |
29 |
| Moss Beach |
$867,500 |
$996,250 |
2 |
93.35 |
71 |
5 |
14 |
| Menlo Park |
$1,400,000 |
$1,600,707 |
29 |
97.93 |
47 |
45 |
83 |
| Pacifica |
$715,000 |
$729,500 |
17 |
99.02 |
46 |
22 |
87 |
| Pescadero |
$940,000 |
$940,000 |
1 |
94.09 |
516 |
3 |
10 |
| Portola Valley |
$1,562,500 |
$1,491,100 |
5 |
103.51 |
122 |
12 |
37 |
| Redwood City |
$810,000 |
$874,963 |
53 |
99.97 |
36 |
58 |
120 |
| Redwood Shores |
$1,175,000 |
$1,145,500 |
6 |
98.51 |
21 |
8 |
14 |
| San Bruno |
$770,000 |
$748,497 |
15 |
99.22 |
67 |
25 |
76 |
| San Carlos |
$949,000 |
$1,101,256 |
23 |
100.15 |
29 |
41 |
62 |
| San Gregorio |
* |
* |
* |
* |
* |
* |
2 |
| San Mateo |
$840,000 |
$959,200 |
67 |
100.45 |
44 |
82 |
143 |
| So.San Francisco |
$754,000 |
$788,742 |
33 |
99.32 |
48 |
47 |
117 |
| Woodside |
$2,050,000 |
$2,866,667 |
3 |
95.5 |
159 |
12 |
51 |
| Unincorp. Areas |
* |
* |
* |
* |
* |
* |
* |
| SM County |
$860,000 |
$1,120,328 |
404 |
98.88 |
51 |
585 |
1441 |
| * = Not Available |
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Santa Clara County October Home Sale Statistics
By Yuli Lyman | Posted at 2:22 PM, Nov. 6, 2006 | SF Bay Area Real Estate Blog
|
Santa Clara County October Home Sale Statistics by City
|
| City |
Median Price
|
Average Price
|
Closed Sales
|
% SP/LP
|
DOM
|
New Listings
|
Inventory
|
| Campbell |
$775,000
|
$835,371
|
21
|
98.74
|
54
|
34
|
86
|
| Cupertino |
$1,050,000
|
$1,124,194
|
31
|
99.86
|
47
|
40
|
67
|
| Gilroy |
$719,000
|
$782,722
|
50
|
98.06
|
84
|
99
|
283
|
| Los Altos |
$1,780,000
|
$1,848,435
|
26
|
98.77
|
53
|
43
|
79
|
| Los Altos Hills |
$2,410,800
|
$2,701,975
|
8
|
96.8
|
210
|
16
|
65
|
| Los Gatos |
$1,355,000
|
$1,469,955
|
33
|
99.92
|
43
|
36
|
127
|
| Los Gatos Mtns |
$665,000
|
$725,378
|
14
|
96.4
|
86
|
33
|
78
|
| Morgan Hill |
$960,000
|
$1,008,686
|
32
|
94.82
|
100
|
72
|
266
|
| Milpitas |
$680,000
|
$739,716
|
29
|
98.01
|
60
|
49
|
106
|
| San Martin |
$1,220,000
|
$1,220,000
|
1
|
108.44
|
12
|
10
|
31
|
| Monte Sereno |
$2,100,000
|
$2,140,625
|
4
|
94.53
|
78
|
8
|
16
|
| Mountain View |
$1,008,000
|
$1,059,747
|
29
|
99.75
|
24
|
29
|
43
|
| Palo Alto |
$1,475,000
|
$1,645,994
|
43
|
100.22
|
47
|
44
|
64
|
| Saratago |
$1,450,000
|
$1,576,079
|
19
|
97.07
|
104
|
41
|
130
|
| Santa Clara |
$705,000
|
$722,387
|
38
|
99.72
|
38
|
59
|
112
|
| San Jose |
$721,500
|
$799,224
|
462
|
98.98
|
50
|
797
|
2069
|
| Sunnyvale |
$775,000
|
$825,571
|
56
|
99.84
|
32
|
65
|
128
|
| Unincorp. Areas |
$95,000
|
$1,137,000
|
2
|
91.44
|
96
|
*
|
4
|
| Santa Clara County |
$775,000
|
$958,220
|
892
|
98.83
|
54
|
1,457
|
3708
|
|
* = Not Available
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
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20-Month Mountain View Market Trend
By Yuli Lyman | Posted at 9:30 AM, Sep. 29, 2006 | SF Bay Area Real Estate Blog
Up or down, it is always at some point on the chart - just a part of the market cycle!
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San Mateo County SFH 8 1/2-Year Market Trends
By Yuli Lyman | Posted at 9:27 AM, Sep. 29, 2006 | SF Bay Area Real Estate Blog
Up or down, it is always at some point on the chart - just the market cycle!
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Santa Clara County SFH 8 1/2-Year Market Trends
By Yuli Lyman | Posted at 9:47 AM, Sep. 28, 2006 | SF Bay Area Real Estate Blog
Up or down, it is always at some point on the chart - just part of the market cycle!
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