Apple sends out letters to Cupertino 'neighbors' with updates on Campus 2 construction

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Comments

  • Reply 21 of 30
    mstonemstone Posts: 11,510member
    Quote:
    Originally Posted by mpantone View Post

     

    I don't need to go to Zillow (although I have their app on my iPad). The brokers plaster my front door and mailbox with flyers telling me how much my unit is worth by advertising a unit for sale in the same complex.

     

    $600K property doesn't even show up in the local newspaper real estate sections because it's usually in contract by the time the ad runs.

     

    MLS listings are a joke around here anyhow. A $600K property around here would have multiple offers with contingencies waived.


    Okay sorry again, I'm not all that familiar with Silicon Valley real estate, I concede to your more authoritative knowledge. I was simply trying to put in perspective the original poster's thinking that real estate tax increases were a major issue with the neighborhoods directly adjacent to the new Campus 2 site, in which I pointed out that those properties are already very high priced and exclusive to high salary individuals. I really don't feel qualified to actually appraise the properties which is why I used zillow.

  • Reply 22 of 30
    mpantonempantone Posts: 2,104member

    I wouldn't call it expertise. I would say that is based on everyday experience, or at least "once a year local taxpayer" experience.

     

    I'm sorry to say this explicitly, but (most) people who don't live in Silicon Valley should keep their traps shut about Silicon Valley real estate.

     

    Cupertino happens to be home to one of the top-performing public school systems in California, and therefore the United States. You wouldn't know that unless you lived around here or were researching the area to move here. My guess is that a home in the Cupertino commands a premium of $200K, just to be in the right school district.

     

    The implications about local business prosperity increasing property taxes is mainly relevant to *NEW* property owners (recent buyers). This is Proposition 13 in a nutshell.

  • Reply 23 of 30
    mstonemstone Posts: 11,510member
    Quote:
    Originally Posted by mpantone View Post

    I'm sorry to say this explicitly, but (most) people who don't live in Silicon Valley should keep their traps shut about Silicon Valley real estate.

    Clearly you are very emotional about the real estate market in Silicon Valley and specifically your current situation, although I doubt it differs much from other metropolitain areas in California such as Orange County where I own a house.  I hope you are able to make a profit on the sale of your condo if that is what you plan to do. Best of luck.

  • Reply 24 of 30
    mpantonempantone Posts: 2,104member

    Make a profit on a sale of my condo?!? Ahahahahahahahahahahahahahahaha!!!!!!!!!!!!

     

    LOL. If money was the main thing motivating my real estate involvement, I would have cashed out long ago, in the late Nineties or early 2000s. I've owned my current property almost ten years, it's not like I don't know what it's worth on the open market.

     

    I happen to like where I live. Never lived in O.C., perhaps you'll say it's a great place to live.

     

    I don't need luck, I already have property in what I consider to be one of the finest places on this planet, and thus, not interested in selling.

     

    I am totally willing to flip other properties, just not my own.

  • Reply 25 of 30
    mstonemstone Posts: 11,510member
    Quote:
    Originally Posted by mpantone View Post

    LOL. If money was the main thing motivating my real estate involvement, I would have cashed out long ago, in the late Nineties or early 2000s. I've owned my current property almost ten years, it's not like I don't know what it's worth on the open market.

     


    Okay fine. If you bought you current property 9-10 years ago, you probably paid peak market price for it. If your market is anything like OC or the other major metropolitan areas of the US your property took a deep hit in value in the 2007-2010 time frame as did everyone else. Now prices are staring to recover but it is sporadic and has not reached the universal balance yet which means that there is still a wide disparity between what someone thinks their home is worth and what the comps actually represent should you put your house on the market. There are different types of buyers, as I'm sure you know. Some cash buyers might not care about comps because they don't have to deal with the banks. Every situation and every neighborhood  is different. Good luck again with all your endeavors.

  • Reply 26 of 30
    mpantonempantone Posts: 2,104member

    You are correct that my last purchase was near a market high at the time. My previous purchase was not. 

     

    But then again, Sillycon Valley real estate is not like the rest of the state (or USA). Also, I don't rely on real estate as my sole investment holdings. It actually hovers less than 40%.

     

    However my current property is valued above what I paid for it. More importantly to me, I had purchased the same property last week, my property taxes would be much higher. But that would be the same for any Californian...

     

    I will point out that Silicon Valley real estate prices have largely bounced back faster than the rest of the state since the last recession, which is why local real estate is a complete joke.

     

    Remember, this is an area where multiple no-contingency cash offers are placed. This is a sellers' market. If a seller wants crazy money, you just keep it listed. If you want a fast close, you can accept an offer within a week, in many cases in 24 hours.

     

    Again, I do not need any additional luck at this time, but thank you anyhow. I've already achieved my goal in living where I want to.

  • Reply 27 of 30
    mstonemstone Posts: 11,510member
    Quote:
    Originally Posted by mpantone View Post

    I will point out that Silicon Valley real estate prices have largely bounced back faster than the rest of the state since the last recession, which is why local real estate is a complete joke.

    That may be true but I can tell you that according to zilliow, my property in OC has increased in value more than 25% in the last six months, so I wouldn't be so confident about how superior Silicon Valley real estate prices are in comparison to other areas. One thing that many people fail to consider is that as home prices rise, when you do decide to put your home on the market, you may make a considerable profit but you then need to purchase another home in the same overpriced market. The net gain after sales commission can be rather disappointing.

  • Reply 28 of 30
    mpantonempantone Posts: 2,104member

    I'm not a real estate speculator, so what Sillycon Valley real estate prices do doesn't impact me from an investment perspective, nor do I really care. It's not like I'm investing in Turlock real estate, San Bernardino real estate, or Truckee real estate. I own Silicon Valley real estate because it's my home and I want to be here.

     

    Quote:
    Originally Posted by mstone View Post

     

    One thing that many people fail to consider is that as home prices rise, when you do decide to put your home on the market, you may make a considerable profit but you then need to purchase another home in the same overpriced market.


    I am pretty sure this is not lost on Silicon Valley real estate holders. As I mentioned before, I am constantly reminded what my neighbors are selling their properties for.

     

    If you bid on a property, you will basically know what the monthly costs will be: mortgage payment (if any), property tax, HOA dues (if applicable), utilities, etc.

     

    If you are buying in the same market, chances are you already know the extra costs.

     

    Capital gains for a primary residence is not an issue unless there is a major step up in value.

     

    But hey, do what works for you in O.C. I can't blame you for that.

     

    I'll point out that this post is specifically about Cupertino.

  • Reply 29 of 30
    mstonemstone Posts: 11,510member
    Quote:

    Originally Posted by mpantone View Post

    The market value for my nondescript 1BD condo in a neighboring town is around $425K. Cash, with multiple offers. It's 700 sq. feet and ...

    Ok it is late I need to go to sleep. Sorry if I misunderstood your situation. I thought that by saying you had multiple offers you had actually put your property up for sale. Good luck again, sorry for any confusion I may have caused by apparently misreading your messages.

  • Reply 30 of 30
    chris_cachris_ca Posts: 2,543member
    Quote:

    Originally Posted by zoetmb View Post

     

    You're missing the point.    IMO, houses immediately in the vicinity of the new campus will be in great demand.=


    You mean the new, as in rebuilt, since the campus has been there for years...

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