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Local News Palo Alto Raises Utility Rates Again Palo Alto customers will see utility rates increase by about 10% to help pay for infrastructure needs. The average customer’s bill will increase by $30 over the next 12 months, totaling about $390 per year. City leadership stated that these infrastructure needs across multiple services are necessary to meet minimum federal regulations and maintain service […]
Local News Assessor Larry Stone Resigns Larry Stone, who has served as Assessor in Santa Clara County since 1994, announced his resignation effective July 6. Stone’s assistant, Deputy Assessor Greg Monteverde, will serve in his place until Tuesday, Aug, 12, when the Santa Clara County Board of Supervisors will appoint an interim assessor. Stone has been a formidable political leader and […]
Market Update Market Update The Fed decided to keep rates unchanged at the June FOMC meeting but signaled that the central bank could cut its policy rate by 50 basis points before the end of 2025. Without a lift from rate cuts since late last year, the housing market has remained soft with sales dropping to a four-month in […]
Local News State Budget Seeks to Close $12B Deficit This month, the California Legislature approved a state budget that closes a projected $12 billion deficit. Much of the concern, however, revolves around losing federal funding. The state is contemplating withholding income tax revenue from the federal government if it deems any funding cuts unconstitutional or illegally enforced. Overall, the state budget reaches above $325 […]
Local News Atherton Considers Charter Status and Transfer Tax The Atherton City Council is considering whether to pursue charter city status. While the council says the primary motivation is not to raise revenue, members have discussed a potential funding measure based on real estate values. Since Atherton has very little commercial property, residential real estate is the most likely source of additional revenue. Most […]
Market Update Market Update Last week’s news continues to provide some mixed signals for the housing market, with the U.S. economic growth falling by 0.3% in the first quarter, homeowners insurance rates projected to rise by double-digits in 2025, and a solid labor market growing by 177k jobs in April. Construction spending, meanwhile, fell for the first time in […]
Local News Becker Bill to Limit Builder’s Remedy Dies Senator Josh Becker’s legislation, SB 457, which aimed to place certain limits on builder’s remedy projects, failed in committee recently. Senator Becker stated that the primary motivation behind the bill was the proposed project at the Sunset Magazine site in Menlo Park. This proposed project includes a 37-story building, a hotel and thousands of square […]
Local News State Bill Pushes Regional Transit Tax SB 63, spearheaded by Senator Scott Wiener of San Francisco and Senator Jesse Arreguin of Berkeley, aims to implement a regional transit tax across the Bay Area. Valley Transportation Authority (VTA) previously discussed whether to participate in a regional tax measure or pursue its own local measure. This legislation appears to lean them more towards […]
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Market Update Market Update California bounced back solidly after a slow start for the year as mortgage rates declined throughout the month of February. While home sales remain soft by historical standards, the increase is a first step in the right direction. Concurrently, the Federal Reserve held interest rates steady but lowered economic growth forecasts, citing trade policy risks. […]
Local News Palo Alto Considers Revenue Options for Affordable Housing At last week’s city council meeting, Palo Alto council members discussed whether to pursue a revenue measure to help fund affordable housing projects in the city. Palo Alto is expected to add 6,000 units in the next eight years, with half of those being below market rate. However, funding for those below-market-rate units is significantly […]
Local News Townhomes Considered in Prime Los Gatos Location The site of a walnut orchard in Los Gatos, 14789 Oak Rd., is slated to be reviewed in the coming months for the development of up to 138 townhomes. Developer Urban Catalyst has submitted plans, which include 28 below-market-rate units, at the seven-acre site. The site is designated as a potential housing site in the […]
Market Update Market Update I have taken a brief pause this week from the usual weekly write-up summary report to provide you with a quick analysis on the impacts of the recent Southern California fires that occurred less than a month ago. The market has been very fluid since the fires began in the first week of January. Closed […]
Local News Santa Clara County Finally Sees Housing Element Approved The County of Santa Clara gained state approval for its housing element nearly two years after its initial mandatory deadline. The housing element, which was due January 31, 2023, requires all jurisdictions to plan for their mandated housing growth over the next eight years. It holds the County responsible for creating space for 3,100 more […]
Local News Santa Clara County Supervisors Fail to Ban Turf In an attempt to decrease water usage and expand opportunities for youth sports, many cities and public agencies began switching over to turf fields and playgrounds a number of years ago. Recently, activists have begun challenging whether or not turf fields actually are a safe alternative to grass fields. Anti-turf activists claim the chemical compounds […]
Market Update 2025 New California Laws The Governor has signed many new laws impacting real estate. This chart summarizes new laws passed by the California Legislature that affect real estate and real estate practice in 2025. For the full text of a law, click onto the bill link at the end of each summary or go to http://leginfo.legislature.ca.gov/ for California laws. 2025 […]
Local News Los Altos Continues Charter City Pursuit and Revenue Measures At the January 14 City Council meeting, Los Altos officials continued a discussion on whether or not to become a charter city. Currently, Los Altos is a general law city, which generally means all of its authority and procedures are determined by state law. However, by becoming a charter city Los Altans would have the […]
Market Update Market Update California ended the year with a positive note with home sales reaching the highest level in five months. As projected, both sales activity and the statewide median price were up modestly for the year as a whole as California wrapped up 2024 with a double-digit gain in sales. With mortgage rates remaining at their highest […]
Local News 2025 Economic Summit! It’s a new year, and the Coldwell Banker® Economic Summit is here! This event is an eagerly awaited and invaluable virtual presentation where you’ll have the opportunity to gain insights from globally renowned Chief Economist Dr. Elliot Eisenberg. He’ll share his wealth of knowledge and expertise, offering a glimpse into what the upcoming year may […]
Local News Cupertino Debates What to Do with Expiring Affordable Restrictions Several properties in Cupertino will lose their affordable housing restrictions next year. One of these properties is the Aviare Apartments, which will lose its affordable deed restrictions in 2026 (others owned by the company will not expire until 2038). Several other nearby complexes have similar deadlines in the next year or two. In response to […]
Market Update Market Update Southern California had a rough start to the new year, with four major fires burning in L.A. County, forcing thousands to evacuate. The devastating blazes have incinerated more than 10,000 structures and will likely be one of the costliest in U.S. history. While the conditions have shown some slight improvements in the past couple days, […]