real estate

How to buy when you have to first sell? // METIS Minute

Often one’s downpayment is wrapped up in the equity of their primary home. When one out grows their existing home and needs to grow into a larger, and more expensive home, here are some strategies that allow for one to successfully accomplish this.

If you are a buyer in such a situation, contact us today and we can outline a few scenarios just for you.

The Willow Glen Lifestyle

It takes more than four walls and a roof to make a home. This newly built Spanish Revival in Willow Glen was architected with life’s celebrations in mind. To sell this concept we worked with our media team to storyboard a typical day in this amazing home. We started out walking through Downtown Willow Glen and patronizing many of the local businesses, then headed back to the property to capture a casual afternoon lunch who showcasing this home’s amazing features.

What do you think? Did our media team succeed?

See more at 1015LincolnCt.com

One Hundred

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It's taken a little bit of time, but we are extremely honored to announce our 100th transaction. Together we have helped 100 buyers and sellers in one of the largest transactions of their lives. We have delivered smiles, followed up on commitments, and have brought real change to real lives.

Thank you for choosing METIS as your real estate company, and we look forward to assisting you with your next real estate transaction.

- METIS

So you want to buy a house with Bitcoin?

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Bitcoin's value has multiplied nearly 20x this year. At the time of this writing, bitcoin is trading just above $19,000 USD per coin. As the year ends the average house in Silicon Valley is just under $1.2m, or roughly 63 bitcoins. 

Being Silicon Valley, many of our clients have either heard of bitcoin over a decade ago and/or have even participated in 'mining'. Many have accrued bitcoin and often forgot about them as the actual value was below $0.01 for a very long time. We're not going to get into the origins of bitcoin, or what exactly bitcoin is, however for this article we'll be treating it as a variable asset no different than a public stock traded on a global exchange, and finally we will not be discussing the ramifications of bitcoin or other cryptocurrency and real estate. Those are topics for future articles and workshops. 

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So you have enough bitcoins in your wallet and would like to purchase a house? At the very foundation of such a transaction, a house is a tangible asset of which its owner can exchange for anything they deem of value and worthy of exchange. Typically, this is a cash value, but being in Silicon Valley we have seen enough homes sold for pre-IPO stock, usually for a young and promising 'disruptive' company. Most recently we witnessed a Santa Cruz beach house sold for an undisclosed amount of pre-IPO Facebook stock in early 2012. 

Considering that the entire cryptocurrency market is experiencing a bull market at the moment finding a home owner willing to exchange their property for your bitcoin may highly likely, however should you? Lately the value of a single bitcoin has been anything but stable, and when managing real estate transactions the very last thing we want our clients, buyers or sellers, to experience, is remorse. 

Our recommendation would be to first consult with your CPA, because when you convert your bitcoin for cash the IRS considers this a taxable action. Like selling stocks or shares in a publicly traded company, any gains on your bitcoin falls under capital gains. Thus when purchasing a theoretical $1.2m Silicon Valley home and assuming you've held your bitcoin longer than 2 years that 63 bitcoins looks more like 75 bitcoins once capital gains and closing costs are factored in. 

In short, if history serves, exchanging actual bitcoin for property is a terrible financial idea. In 2010, a man in Florida exchanged 10,000 bitcoin for 2 Papa John's pizzas. 10,000 bitcoin today is worth nearly $200m. In 2013 a man paid 91.5 bitcoin for a Tesla Model S, that 91.5 bitcoin is worth nearly $2m today (a used 2013 Model S is only worth $40-45k today). Earlier this year a man purchased a Lamborghini Gallardo for 45.6 bitcoin. Bitcoin has skyrocketed since and those 45.6 bitcoins are worth nearly $900,000 today. You get the idea. Convert to cash, plan to pay capital gains, and we'll get you that house!

METIS Real Estate x Vesta Residential

Two pillars that we have always believed in at METIS are collaboration and talent acquisition. This means that we are always open to possibilities, new ideas, and run our business more like a practice where we tirelessly innovate, improve, adapt, and strive to be better. In doing so we keep our ears to the ground and scout out individuals that are clearly outstanding or we believe can contribute something beneficial to the team. 

Vesta Residential is just one of those companies. They have something really great going on, and are hyper focused in one particular niche, meaning they are specialists at what they do. We started out as listing specialists, but a we grew and expanded we acquired specialists in multiple areas and thus as a company have become generalists. METIS is able to fill a void that Vesta Residential needed. A partnership is mutually beneficial, but more importantly it allows both of us to better serve Silicon Valley clientele. As a result, between Vesta Residential, METIS Real Estate, and Prive Luxury - Silicon Valley has never had more choice and expertise before.

More info about Vesta Residential at: vesta.re
More info about METIS Real Estate at: metisre.com
More info about PRIVÉ Luxury at: prive.com

To inquire more:

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COMING SOON - 4396 Laird Circle

A pristine like-new 3 Bed, 3 Bath, 1,590 Sqft example in the highly sought after Rivermark Village community. Original owners and exceptionally well maintained. This home features a spacious tri-level layout with a large mid-level and open floor plan for care free living and entertaining. Upgraded finishes throughout, and lightly lived in. 

Message us directly to be added to the interested list, and to receive details first as we come to market!

SOLD - 3712 Joy Lane

We set the sales record in 2016 on Joy Lane, and proud to say we set a new record with the sale of 3712 Joy Lane. In fact, we broke the $1m mark for this community of 6 amazing custom developed homes.

Our sellers expressed interest as we were marketing 3700 Joy Lane, but was already working with another agent. As months passed they were unable to successfully sell the property, we were hired to take over the project. 

We started with a deep clean of the property then brought our handyman team, stagers, and landscapers in. Our stager directed what she wished to be done. Replacing and updating fixtures, painting entire rooms, and identifying the type and size of art she wished to hang on the walls. Meanwhile our landscape team cleaned off the hardscape, pulled weeds, and covered up neglected areas with either sod or fresh mulch. 

Once the property was completely renovated we did a walk through to fix or adjust any last minute items then had a professional photoshoot, video and Matterport done. From there we built a custom landing page, and authorized pre-marketing campaigns. Once we were on the market we already had a flood of interest. There were hundreds that toured this home during its open home weekend and we were able to obtain a clean, much over asking, acceptable offer within hours.

This is how METIS markets and sells. Work with a team that understands marketing today. Give us a call 408.859.6528 to get started.