December 2024 Newsletter

The official monthly newsletter of Frank Vento.

First, I want to say thanks to my clients - a mix of sellers, buyers and leases. Most of these clients were repeat or referral clients, and a few new clients like the buyers I met at an open house for a rental property. When i started my career in real estate, the plan was to be in the business long-term and be able to serve clients over a long period of time. I’ve had the pleasure of serving multiple generations of more than one family over the past 23 years. Spending time engaging with agents around the county, around the Bay Area and around the US has allowed me to refer my clients to quality agents and receive referrals in order to take care of people moving into or out of the area. I look forward to continuing to learn and grow and to better serve my clients into the future. The real estate industry has been through lots of turmoil in 2024 as agents and consumers are still on a learning curve to adjust to the changes, mainly around agent compensation. That’s one thing that has been consistent throughout the past 23 years - constant change. Changes at the local, county, state and national level including lender guidelines, point of sale ordinances, rent control, contract changes, insurance issues and much more. I look forward to what 2025 brings, the changes and the opportunities to provide housing. A house becomes a home where life happens and memories are made. My goal is to serve more people this year than any previous year.

 

The answer really depends on who you ask and what perspective they are coming from. I’ve talked to people that think the US economy is on the brink of collapse due to the excessive federal debt and other factors. Some people see plenty of opportunity and are optimistic. I do not have a crystal ball but will provide my 2 cents. We have had low inventory, locally and nationally, over the past few years. In the Bay Area, other than vertical building, there's a minimum amount of new single family homes being built. I do not see a big change in home inventories this coming year. It was predicted that rates would be in the 5% range by the end of the year. It appears interest rates will stay at current levels, 6-7%, or possibly go a little lower. We should have single digit appreciation this next year, between 5-7% increase. The American dream of homeownership is alive and well so buyer demand will continue to be strong, especially with Boomers downsizing and Gen Z coming into the first time buyer pool. So, I’m optimistic that the market will be the same or better than this past year.

 

What’s a wholesale home buyer? They fill a need in the housing market by buying homes quickly for less than “retail”, providing a solution for people in need. In situations like major deferred maintenance, death of family members, needing to relocate quickly, divorce or a variety of other reasons, myself, and most agents I know, get calls, texts and emails daily from wholesalers, investors, flippers looking for “off market” fixers, meaning buying a house that needs a cosmetic overhaul or structural repairs prior to the home going on the market. Normally, the sale price would be 15-25% or more below market value. This provides the opportunity to repair and resell the home in a shorter period of time. You may have heard radio ads with “fill in the blank” buys homes without real estate agent or commissions, cash offers within minutes over phone and pick your closing date. Well, the trade off is selling your home for thousands of dollars less than if you went on the market and sold it. I recently helped an out-of-state client sell a home built in the early 70’s with all the original décor, lots of deferred maintenance and some other issues. Instead of selling it off market for $800-$850,000. We did some minor cleanup, took photos, marketed the property through the MLS, did open houses and waited 12 days prior to reviewing offers. The result was 10 offers and $200,000 over asking price.

 

Easy always comes at a price.

 

Just Sold

 

 

• MLS #: ML819865571
• Beds: 2
• Baths (F/P): 2
• Apprx. Bldg: 1620 Sq Ft
• Apprx Lot Size: 5400 Sq Ft
• Age/Yr. Blt: 54/1970
• Orig Price: $849.00
• Sale Price: $1,050,000

 

 

• MLS #: ML81945135
• Beds: 4
• Baths (F/P): 3.5
• Apprx. Bldg: 3244 Sq Ft.
• Apprx Acres: 1
• Age/Yr. Blt: 64/1960
• Orig Price: $1,600,000
• Sale Price: $1,517,500

 

 

(Represented the Buyers on this one.)

• MLS #: SF424077223
• Beds: 3
• Baths (F/P): 3
• Apprx. Bldg: 1690 Sq Ft.
• Apprx Lot Size: 3700 Sq Ft.
• Age/Yr. Blt: 65/1959
• Orig Price: $1,225,000
• Sale Price: $1,350,000

 

 

• MLS #: ML81959260
• Apprx Lot Size: 5000 Sq Ft.
• Lots and Land
• Orig Price: $20,000
• Sale Price: $15,000

 

 

A few car updates on the Model A I was able to get the fuel system completed, tank in and mounted, fuel lines connected and ready to put some gas in it. The next step was sorting out the 93-year-old wiring. There’s supposed to be 7 wires off the light switch; there was only 1. Then I started seeing splices and taped up connections. The solution was to take out all the wiring from the headlights all the way back to the taillights. I hopped on the internet and ordered a complete wiring harness and related items needed. Most of it has arrived already. I’m waiting for one more package and then I’ll start the installation process.

 

The 55 Chevy after getting repairs and upgrades is done but the new power steering developed a fluid leak. After wiping down the mess I started the car and started looking around. I found the return line at the steering box weeping slightly. I ordered a replacement hose. When I replaced it there was an obvious defect in the flared line. Now it’s all fixed and leak free. No leaks make me smile!

 

In other news, for the first time I chose to be one of the sponsors for the Half Moon Bay Nights of Lights Christmas Parade. er news, for the first time I chose to be one of the sponsors for the Half Moon Bay Night of Lights Christmas Parade. We decorated the Valiant convertible with lights and had a couple of teenagers from church walk on each side of the car (required for safety). I got them light up hats, gloves, and scarves to look festive. The crowd was huge. We estimated it as big or bigger than the 4th of July parade that we participate in. We’re already planning on participating again next year and stepping it up a notch with lights and decorations.

 

 

Other fun events recently included a trip to Santa Rosa to see Van Morrison at the Luther Burbank Center with my dad and Joe Bonamossa at the San Jose Civic with Deb. Both fantastic shows. I also did a day trip to Lake County with my dad to see a family friend and was treated to a tour of a huge collection of antiques. It was a great day.

 

Update on the Olive Harvest. It was a blast! Some friends in Half Moon Bay have a home in Calistoga off Tubbs Lane. Each year they invite family and friends up for the olive harvest. We went up Saturday night for dinner and conversation and a little wine. Sunday morning at 7:30 we started laying out tarps under the trees. You hand pick or rake the olives off the trees. A professional crew also shows up to help. The trees were abundant with olives this year. We didn’t finish until about 2:00 pm. We harvested green Spanish olives and a smaller black tuscan olive. Total harvest weighed in at a little over 1,800 lbs. On Monday he took the olives to press to have olive oil made. We got a bottle of last year’s oil, and then they delivered a couple of bottles of this year’s batch last week. I brought home about a ½ of a five-gallon bucket of olives. Those are in the brining process now. I’m looking forward to seeing how this batch turns out.