September 17, 2018

Gentry Real Estate Roundtable 2018 Participants:

Joe Brown, COO, Intero
Carol Burnett, Executive VP, Alain Pinel
Jeff Gibson, Senior VP, Sotheby’s International Realty San Francisco
Selma Hepp, Chief Economist, VP Business Intelligence, Pacific Union
Tim Proschold, VP of Strategy & Success, Sereno Group
Michael Repka, CEO, Deleon Realty
Nancy Robinson, Regional Vice President, Coldwell Banker

Let’s talk about trends in the market—what you’ve been observing so far in 2018, and what’s on the horizon.

Carol Burnett: In our market (Los Gatos, Saratoga, Monte Sereno, and the surrounding
area), everything has been going really great. I think everybody agrees that 2018 has been a good year and the balance of the year looks positive. I don’t think there is anything on the horizon that should be forecasting any sort of a change.
Michael Repka: It’s been holding in there, but I am actually a bit nervous. Tax changes have a lot of people concerned about the future, especially at the highend market. I’ve seen a greater number of listing appointments for people looking to retire and/or move out of California than I typically do. Either these people are moving to be closer to grandkids, or they’re moving to be in a state with no taxes. Everyone knows, at this point, that the new tax changes eliminate the deductibility of state and local taxes that is particularly hard-hitting on California. There is a movement towards getting out of the state for people who don’t really need to be here. We’ll just have to see how this all unfolds and if people go through with their plans of possibly relocating, which could then result in a spike of high inventory.

 

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