San Jose Council Approves Land Sale to Google

A respected real estate professional in the Bay Area, Paul Iantorno is a fourth-generation real estate developer who serves with Golden Properties, LLC, in San Francisco, California. Engaged in the local real estate community, Paul Iantorno closely watches trends and news pertaining to real estate development in the area. 

In December 2018, San Jose city officials began paving the way for Google to develop a significant piece of real estate in the downtown area. The city’s council approved a more than $100 million land sale to the tech giant that is slated to bring upwards of 20,000 jobs to the area. As a result, there has been a domino effect of other businesses looking to develop property near the future Google facility, driving real estate sales of $1.4 billion over the last year, which is triple the amount of the year prior. 

Night life in the San Jose area has been largely non-existent, but local officials believe the new influx of Google jobs--which will bring new residents--coupled with the other new developments will change that. In her comments, Jay Paul Co. Director of Acquisitions and Capital Markets Kristin Molano says the sale “has the potential to be a great deal.”

Californians Vote Yes on Housing for the Homeless

Paul Iantorno, a high-end fashion entrepreneur turned real estate professional, has worked with the San Francisco-based real estate firm Golden Properties, LLC for more than 14 years. Alongside luxury condominiums and single family units, Paul Iantorno collaborates with Golden Properties to increase housing stock for low-income people to help California tackle its housing crisis.

In addition to a shortage of affordable properties, homelessness is growing problem in California. Proposition 2 was introduced on the state’s 2018 midterm ballot to provide more funding for mental health services and housing for homeless residents. The measure passed with just over 61 percent of the vote.

As a result, the California government can use tax collected from high-income earners to back two billion dollars in municipal bonds. These bonds will fund housing projects through the No Place Like Home initiative that will build temporary accommodations for mentally ill individuals to be used as they undergo treatment. 

The funding will also be used to create permanent housing for the chronically homeless and increase the capacity of financial assistance programs such as the Supplemental Security Income and the State Supplementary Payment initiatives.

People Skills - What They Are and Why They Matter

Paul Iantorno works in real estate development with Golden Properties, LLC, based in San Francisco. The former owner of Paolo Shoes, Paul Iantorno has led and worked with a wide range of professionals in the course of his nearly two-decade entrepreneurial career. 

Being a successful leader in the business world requires strong people skills. In most cases, these include several interrelated soft skills, such as empathy, communication, emotional regulation, and self-awareness. Of these, self-awareness is probably the most important, as it leads people to identify their weaknesses and improve themselves. Empathy, the awareness of other people’s experience, is also essential, as is the ability to clearly communicate in written and spoken forms.

When leaders possess strong people skills, they are capable of maintaining open lines with both colleagues and subordinates. This reduces the occurrence of miscommunication between employees and their superiors, ensuring a company operates more efficiently. Employees are more likely to understand their roles and responsibilities and have an easier time understanding and addressing problems that would otherwise negatively impact the company.

Beyond that, leaders who are personable and communicative develop a relationship of trust with their employees. This helps employees feel more comfortable sharing questions and concerns they have as they work. This atmosphere not only supports the smooth running of the organization but increases the happiness of workers as well.

High Rental Markets Contributing to Homelessness

Fourth-generation San Francisco real estate broker and developer Paul Iantorno has managed renovation projects transforming turn-of-the-century buildings into desirable, multi-unit apartment complexes. Paul Iantorno has worked for nearly 15 years with Golden Properties, a firm with a diverse portfolio of condominiums, single-family houses, and rental units. 

The real estate firm actively collaborates with the San Francisco Housing Authority to increase the city’s affordable housing stock.

In San Francisco, the cost of the lowest end market-rate rentals are nearly equivalent to the median wage of a low-income earner. This combination of high rent and low wages makes housing precarious for low-income residents, who are at higher risk of becoming homeless due to even marginal rental increases.

Statewide, nearly 30 percent of renters are using 50 percent of their earnings on housing. When housing takes up more than a third of take-home pay, it can greatly impact a person’s quality of life, impeding their ability to cover the cost of other necessities, such as food and healthcare.

In this scenario, any decrease in income or increase in expenses can lead to homelessness. San Francisco is grappling with this issue by offering legal services for renters, providing financial assistance to pay back rent, and building more affordable rental units.

CFPB Changes Closing Disclosure Revision Timeline Regulations

A fourth-generation real estate professional, Paul Iantorno works with Golden Properties, LLC, in San Francisco, where he has been a part of restoration projects involving buildings constructed in the early 20th century. In an effort to remain informed about issues impacting the industry, Paul Iantorno remains apprised of developments in real estate finance regulations.

Earlier this year, the Consumer Financial Protection Bureau (CFPB) modified regulations governing the Closing Disclosure process when there are major changes to either the Loan Estimate or the Disclosure itself. In instances where the Loan Estimate and Closing Disclosure arrive on different days, there may be discrepancies between the two. Under old regulations, lenders who needed to provide a revised Closing Disclosure had to do it no less than three days after a circumstance occurred that changed the Loan Estimate, and to the buyer at least four days before closing.

When these changes occur in the four-day window before closing, however, there were sometimes instances where lenders may have been justified in calling for higher interest rates, but were unable or unwilling to do so because it would disrupt the closing timeline. Under new CFPB guidelines, however, lenders can provide a revised Closing Disclosure that shows new rates/costs at any time prior to closing.

SF’s Hayes Valley - An Up-and-Coming Neighborhood with Heart

San Francisco-based Paul Iantorno works with Golden Properties, LLC, to develop and rent a variety of single- and multi-family properties. A fourth-generation San Franciscan, he is part of a family with deep roots in the community and its real estate industry. Paul Iantorno’s major projects include the development of a four-story residential building on Hayes Street in the trendy and widely sought-after Hayes Valley neighborhood.

Homes in Hayes Valley are becoming increasingly popular among young professionals. Yet even as this once run-down neighborhood has gentrified, it continues to be home to a diverse population, offering a real sense of community. The neighborhood maintains its own local newspaper, announcing events such as a holiday block party, meetings on public safety, and a wealth of family activities.

Hayes Valley is also home to an eclectic and multicultural collection of restaurants, including Souvla, offering Greek food in a casual atmosphere with an industrial decor; Rich Table, which blends a California rustic menu with fine wines and personalized tasting options; and 20th Century Cafe, whose Russian honey cakes have gained a dedicated local following.

Boutiques in the neighborhood sell sophisticated and eco-sourced clothing and gifts, as well as a range of handcrafted jewelry, paper items, and more.

Four Ways to Facilitate a Smooth Career Transition

Paul Iantorno began his career working in the Italian shoe industry in San Francisco. The owner of Paolo Shoes, he eventually maintained two storefronts in the city before transitioning into real estate. Paul Iantorno continues to work in real estate with such companies as Golden Properties.

The process of transitioning to a new career, though daunting, doesn’t necessarily mean starting over. Below are four steps to help you move from one field to another:

1. Figure out the why and what. It’s likely that you are aware that you’ve outgrown your current jobs, yet you may not know much beyond that. When you don’t know what job you want or why you want that job, you are more likely to start a new career that is equally unfulfilling.

2. Identify transferable skills. You already have plenty of skills that can assist you in your new role. Beyond assessing your skills in areas such as leadership and communication, determine what classes or licenses you will need in your chosen field.

3. Make a plan. During the transition stage, you will still need to manage your monthly bills and other real-world issues. Create a plan for how to go about your transition, including weekly agendas and milestones. A plan makes it easy for you to follow a specific path during the transition process, ensuring that you build both momentum and confidence as you go.

4. Track your progress. Track the progress of your transition to make sure it is going at the pace you planned. You can easily do this by writing down the different tasks and goals you set for yourself in a spreadsheet. As you complete them, mark the tasks done. This not only lets you visualize your progress, but it also lets you spot and correct any issues early on.