Market Update 12-29-2016

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VIDEO OUTLINE
1) Milpitas MLS Update
-8 current active single family listings
-19 pending single family sales
2) New Listings:
-1521 Hidden Creek Lane, 4bd 31/2 ba 2477sf $1,180,880….brand new home
-1576 Hidden Creek Lane, 4bd 3 1/2 ba 2318sf $1,120,880….brand new home
3) Mortgage Market Update:
-Calmer Market- interest rates slightly lower after Fed raised discount rate
-Durable goods declined 4.6% from October
-October’s PCI price index (inflation) rose to 1.6% higher than a year ago
4) Current Interest Rates:
-4.375% 30 yr conforming
-3.625% 15 yr conforming
-4.625% 30 yr jumbo
-3.875%15 yr jumbo
5) Milpitas Area Update:
-Pulte Homes- building permit application- 303 townhomes and single family home units
at 1401 S Milpitas Blvd, construction of 17 buildings, cost $28.7M
-The Edge, 381 units apartment complex with 8,000sf of commercial, wrapped around
9-story garage building development by Citation Homes located on 765 Montague Expwy
-Somont, 4-story 141 stacked flat condos, by Lennar Homes, 450 Montague Expwy
-5-story 351 Multi family units, 620 E Capitol Ave, Lennar Communities
6) Milpitas City Hall closed Monday 1/02/17
7) BART- 85% complete
-Montague Expwy- all lanes open during commute hrs, AM and PM, night work being done
until January 2017
-Capitol Ave- work on Light Rail station being completed
-Dixon Landing Rd- single lane closures during off-peak hrs for work
-Piper Dr- single lane closures periodically for road improvements

HAPPY NEW YEAR, and wishing a PROSPEROUS 2017

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