What can you buy in Cambrian for about $1.25 million?

Silicon Valley home prices are sky high, if lower than the peak of the market in Spring 2018. The median sale price of houses across all of Santa Clara County as of February is $1,182,000, and the average is about $1,449,000. Would you be able to buy a house in Cambrian for that sale price, or a little lower? If so, what would it look like? What can you buy in Cambrian for about $1.25 million today? Here we’ll consider the cost of Cambrian housing.

Cambrian offers good schools, a reasonable commute to places like Apple in Cupertino, and a nice location near Los Gatos and Campbell with lower real estate prices than those two areas. For that reason, it’s become a magnet for smart home buyers over the last 20 years. If you have the budget for a median priced Santa Clara County home, how far would it go in Cambrian?  Here’s the data, pulled this week from MLSListings, to answer that question.

What Can You Buy in Cambrian?

For the charts below: CUHSD refers to Campbell Union High School District, and SJUSD is San Jose Unified School District. Cambrian housing is most expensive in the Union SD, 2nd priciest is Cambrian, and most affordable is San Jose Unified.

 

Cambrian housing costs - What can you buy in Cambrian for $1.25 mil 02-2020

I need to add something very important here about the cost of  Cambrian housing, and that’s that the numbers above reflect CLOSED prices.

Pending sales right now are usually higher. Many homes with Union Schools especially, but in all areas, are experiencing multiple offers and overbids. In some cases, homes are selling for $250,000 or $300,000 over list price. 

Houses that had been modest 3 bed, 2 bath, 1250 SF homes that were selling for about $1,250,000 are now often selling for $1,350,000 or more, depending on walkability, lot size, and of course condition.

Despite what the closed numbers say, it is very difficult to find a house in Cambrian with Union or Cambrian schools that will actually sell for under $1.3 now. Cambrian housing prices are going through the roof at this point, particularly in areas with the best schools.

 

(more…)

Patio Homes or Zero Lot Line Houses in Silicon Valley

Not everyone is familiar with the term “patio home” or “zero lot line” house when searching for Silicon Valley real estate.  Awhile back, a listing agent of such a property called me for feedback and when I told her that my clients did not want a zero lot line home, she didn’t know what I was talking about. She had no idea that this term applied to her listing!

So I thought maybe this topic deserved a little more attention.

 

Patio home or zero lot line diagram

 

What does zero lot line mean?

With most houses, the structure is set into the lot or land such that the property boundaries are at least a few feet away on all sides – often 5 or 8 feet.  One common exception is garages in older parts of Willow Glen, Los Gatos, downtown San Jose, etc., where often these buildings were set directly against the property line on one or two sides.

When a house is right up against the property line, directly on the line, that’s referred to as a zero lot line and is usually referred to as a patio home.  To view that wall, you’d literally have to go onto your neighbor’s lot to have a look.  Although this is not terribly uncommon in dense, urban areas, it’s fairly infrequent in Silicon Valley.

Why are homes designed on zero lot line properties?  The main reason is to increase the density while providing more yard to the home owner.  Rather than having two 8′ side yards, perhaps you’ll have one much larger 16′ yard.

Interestingly, these houses do not always sell for less with the zero lot line – at least not that I have been able to discern. (That’s counter-intuitive….)

How can you tell if it’s a zero lot line house?

It should be disclosed in the MLS as such, but often isn’t (sometimes the listing agent doesn’t even know), so you’ll have to look carefully at the neighborhood and the property to see.  Here are some clues: (more…)

Santa Clara County Real Estate Market Prices

The Santa Clara County real estate market has been in a cooling trend, but it warmed slightly in October and appears to be warming again with the January sales so far. Prices are certainly down significantly from the peak pricing a few months back, but sellers will welcome the fact that sales prices are moving upward again. If this continues, we may be revisiting the normal seasonal patterns – which many economists have predicted would be the case.

 

2019-1-15 Santa Clara County city and town stats

 

The average sale price to list price ratio is still at 100.1% for the county, but is under 100% in many areas now. (And when I pulled that from the MLS just now for the first 15 days in January, I see that it has sunk to 99.6%. Days on market, though, shrank from 35 in December to 34 so far in January, interestingly.)

Home Prices in Santa Clara County:

The numbers themselves point to a general movement of  values sliding – at least until October, when it ticked up a little, and again here in the first half of January, when we also see upward pricing from sales that went under contract in December. I’ll jot the median sale price for the county here – it’s a large enough pool of sales to be pretty reliable as a gauge of the real estate market in the San Jose area. I pulled this data directly from the MLS:

January 1 – 15  2019  $1,200,000 prices up (so far) 5% from last month
December 2018 $1,145,625
November 2018 $1,250,000
October 2018 $1,290,000 prices up a hair
September 2018 $1,238,000
August 2018 $1,280,000
July 2018 $1,350,000
June 2018 $1,385,000
May 2018  $1,400,000
April 2018  $1,420,000
March 2018 $1,454,000 – PEAK
February 2018 $1,381,000
January 2018 $1,170,000

Between March and July, the median sale price dropped $100,000, or 6.89%. As you can see, it had also jumped considerably between January and March, and even at today’s lower median sales price, it’s still higher than January. It will be interesting to see where it ends up in January of 2019.

 

Median and Average sale prices in recent years

I think this is really interesting. Most years, both the median and average sale price are lowest in January (I have drawn in the pink or red lines at January for each year), but some years the lowest has been December for the average. This year, though, it looks like both the median and average will be lower in December 2018  than in January 2019. Have a look:

 

Median and Average Sale Prices for SFH in Santa Clara County

 

What does that mean? I’m not sure – most years both the median and average hit a low point in January. In a few years, the average hits a low in December while the median is still lower in January. Right now, it looks like both median and average will be lower in December than in January. Are we starting an early spring climb? Maybe so. We’ll have to watch and see.

 

 

A quick look at the numbers for this month’s Santa Clara County RE Report:

Trends at a Glance

 

Trends At a GlanceDec 2018Previous MonthYear-over-Year
Median Price$1,163,000 (-7.0%)$1,250,000$1,293,690 (-10.1%)
Average Price$1,437,380 (-7.1%)$1,547,350$1,556,330 (-7.6%)
No. of Sales548 (-23.8%)719704 (-22.2%)
Pending528 (-26.3%)716515 (+2.5%)
Active682 (-38.0%)1,100271 (+151.7%)
Sale vs. List Price100.1% (-0.3%)100.4%109.3% (-8.4%)
Days on Market34 (+13.0%)3021 (+62.0%)
Days of Inventory37 (-15.8%)4412 (+223.3%)

 

Please view the online, interactive RE Report here: http://popehandy.rereport.com
Or pull up the four page, printable PDF here:  http://rereport.com/scc/print/Mary.PopeHandySCC.pdf

 

Bottom line, I still think we need to see what happens in February before we’ll know if we are returning to seasonal patterns or not. Right now, I don’t see anything that makes me think we are going into a correction right now.

 

 

 

Townhouse Real Estate Market San Jose 95117

The real estate market in the San Jose area is softening just slightly. Today we’ll consider townhomes in one particular zip code, in west San Jose 95117, to see how this shakes out.

Because real estate market dynamics are largely about supply and demand, a good place to begin is by seeing the supply. Here, in the image below, see the inventory of available townhouses or townhomes for sale in 95117. Some statisticians including sale pending status, but I don’t think that is wise since nearly all of the pending  sales do go to closing. Here, I’ve only included properties for sale without any kind of agreed upon contract between buyer and seller.

As of earlier today, there were exactly 3 properties identified as townhouses listed as available in the MLS.   What makes this a little tricky is that “townhouse” is an architectural style, and “condominium” is a type of ownership. That could be the topic of a lengthy article all by itself, but some townhomes are held in condo ownership and some are not. Hence, some will be classified by the listing agents as condos and some not.  (And, to murk things up even more, there are attached and detached single families homes that are also held in condo ownership – making them both houses or attached houses and condos!)

Be that as it may, as of this morning, there were three townhouses for sale in San Jose 95117. The average of the first 6 months of the year is 2.17, so yes, it’s a bit more, but nothing that I’d lose sleep over. Have a look:

 

San Jose 95117 inventory of townhomes for sale

 

Naturally, we need to see a few real estate market indicators to have a sense of what’s going on. Another good measuring stick is the average days on market, or days to sell. Here, it may be a bit more clear that the market has softened just a bit for townhomes in 95117, as the days to sell has moved to 12 from 8, which is a 50% increase. It’s also clear when viewing the same month, June, in recent years, that this is a tad higher. Alarming? Not at all. Getting a home sold in under 2 weeks would be break-neck speed anywhere else in the country. But – it could be the beginning of a trend. We’ll have to watch it to know for sure.

 

Average Days on Market 95117 TH

 

And, finally, the sale price to list price ratio. Here, again, it’s very plain to see that the sale price to list price ratio is lower than earlier in 2018. And at the same time, we need to appreciate that at 117.9%, it’s significantly higher than any other June since 2012 (and likely a lot longer back). Now, take a look at the other “Junes” and the months before it in various years. Most of the time, that number is lower. This suggests a seasonal trend.

 

Sale price to list price ratio 95117

 

With the inventory and days to sell or days on market, I don’t think it’s as clear that there is a pattern which we might attribute as seasonal. With this last one, though, it seems pretty consistent, suggesting that we should almost expect it to happen. Of course, I only went back to 2012 here, but I would say that in my experience, a little pullback from buyers at about this time of year is pretty normal – at least most years.

 

Related Reading:

San Jose is the hottest real estate market in 2018

Happy Valley neighborhood, Country Lane neighborhood – west San Jose

The Cambrian Park Real Estate Market Update

California Ridge townhouses in Almaden

 

 

 

Why is it so hard to buy Silicon Valley real estate right now?

Severe Inventory Shortage

Why is it so hard to buy a home in Silicon Valley?  Most of it has to do with our ongoing and severe inventory shortage.

I initially wrote the article below on Feb 9, 2012.  I thought it was bad then – and I suppose that relatively speaking, it was. But it’s much worse now!

Today is May 1, 2017, and I ran the numbers of available single family homes in Santa Clara County in a chart comparing since January of 2012.  Have a look, and please note the year over year numbers:

 

2017-05-01 Santa Clara County Inventory of Single Family Homes

 

The situation has only intensified since I first wrote this article in early 2012.  There are many reasons for the problem: older people won’t sell for tax reasons (mostly capital gains). move up buyers who elect to stay and add on rather than deal with hugely increased property taxes.  In general, home owners are opting to “buy and hold”.

Is it hard to buy a house in the San Jose area? You bet.  And unfortunately, I don’t see an end in sight anytime soon.

*********************************

Original article: Feb 9, 2012

Right now I’m working with a number of very frustrated home buyers.  Silicon Valley real estate inventory is painfully low, and in the lower price ranges especially, that means multiple offers are fairly common.  FHA home buyers, in particular, are getting out bid and out negotiated by all cash buyers, many of whom are investors.

How low is the inventory?  Let’s have a look at January’s inventory for houses & duet homes (“class 1” or single family homes) over the last ten years in Santa Clara County (San Jose, Los Gatos, Campbell, etc.):

2012  1,382
2011  2,007
2010  2,426
2009  4,759
2008  4,872
2007  2,698
2006  2,202
2005  1,285
2004  1,612
2003  3,119

The average January inventory of available houses over the last 10 years is 2,636.  At 1,382, January 2012’s available inventory of houses for sale in the San Jose area was just 52% of normal(more…)

Why don’t agents want to show “for sale by owners” when the seller offers a commission?

Sometimes sellers want to sell their home without the representation of a licensed real estate agent (FSBO, For Sale By Owner).  But to try to encourage agents to show their home to a buyer, those same sellers might offer a buyer’s agent a commission (often somewhere between 2.5 and 3%, but it varies).  The sellers are surprised when they don’t get a ton of real estate professionals clamoring to see and show their properties.

What’s going on?  Why are licensed real estate sales people sometimes (or often) reluctant to show the home of an “unrepresented seller” (or “for sale by owner” seller)?

There are a couple of reasons why Realtors and other licensees may not be wildly enthusiastic about getting into a transaction with an unrepresented seller.

  1. There is more liability for the licensed real estate professional
  2. There is the risk of “implied agency

Sometimes, as you know, transactions don’t go as planned and buyers or sellers are both unhappy at the end and the whole mess may end up in court.  (Knock on wood, this has not happened to me!) If it does, the judge may well look at everyone involved and find that there was one professional real estate person in the bunch.  The liability may shift greatly onto that person – even if he or she was not representing both sides (was not a dual agent) and was not compensated for the responsibility of both sides. (more…)

The cooling Silicon Valley real estate market

The cooling Silicon Valley real estate market is less of a question and more of an acknowledged fact (we wondered about it in June, we are sure now). If so, how can you tell? We need to begin by talking about “the market”.

First, Silicon Valley doesn’t have ONE market. The real estate market in Palo Alto or Cupertino is going to be very different from the realty market in Los Gatos, or the various parts of San Jose, such as Almaden, Willow Glen, Cambrian, or Blossom Valley. Ditto that with price points. It’s a very different “market” for entry level houses than for luxury homes.

But if we’re going to speak in broad, sweeping terms about cooling trends, what do we SEE? What do we HEAR? What’s happening with offers and open houses? These are the ways we measure the real estate climate. Often we in the industry hear the anecdotal evidence long before it’s reported in the paper. If we hear one Realtor friend after the next report quiet open houses, or few or no offers, we know there’s a climate change afoot.

I will tell you that I am hearing these things, which hint to a softer market for home buyers:

  • Houses taking longer to sell in much of Silicon Valley / Santa Clara County
  • Homes selling with fewer offers than 6 or 12 months ago
  • Contingencies for loan, appraisal and inspection becoming more common
  • More price reductions being necessary for than a few months ago
  • Fewer ALL CASH offers
  • Sale price to list price coming down a little

All of these suggest a mellowing of the housing market. Do the numbers line up?

The cooling Silicon Valley real estate market: seasonal fluctuations…

Historically, we do know that the busiest time for home sales is usually February – April. Some years it’s shorter or longer. (One particularly bad year, we had exactly 3 good weeks for selling in March and nothing more.) But what do the numbers tell us?

If we view the sale price to list price ratio, we expect there to be “seasonal fluctuations”. We don’t expect a hot seller’s market in December. Therefore, what’s often most helpful is comparing the same statistics year over year. Let’s do that.  The image below provides the sale price to list price ratio for houses sold in Santa Clara County from Jan 1 2012 through Aug  24, 2016 (the day I grabbed this data). This was taken from the MLSListings.com site for agents (the private MLS).

I love this kind of presentation because it’s so easy to see both month over month and year over year statistics. Take a look at August (so far) for this year compared to the prior months in 2016.  At 101.5% that seems like a fantastic ratio (they would go nuts for this in most of the U.S.). Now compare it to the prior months this year and you can see it’s been coming down since March.  OK, now consider prior years…it’s mostly a very similar pattern. That tells us that “spring is hotter”. We already knew that, but seeing it for most of the last few years pretty much drives the point home.

But let’s compare August 2016 to August 2012- Aug 2015.  That’s a better “apples to apples” comparison. And here it’s very clear that the real estate market in Silicon Valley really IS COOLER than it was in prior years for the same month. Any doubts? Check the same info for July – yes, all hotter until you get to July 2012.  Now June – same as for July. May? Yes, again, hotter for that month in 2013, 2014, and 2015 but not 2012. In retrospect, we now know that 2012 was the year the market ratcheted up for a big, long run.

 

The cooling Silicon Valley real estate market: Santa Clara County sale price to list price ratio Jan 2011 to Aug 24 2016

 

Before anyone begins screaming that the sky is falling, let me stop and remind you that we are talking about a sale price to list price ratio for the entire county that is at more than 101%. This is not a buyer’s market – at least not as a county. There are hotter and cooler pockets, yes, for sure.

What we are experiencing is a return to normalcy, a flattening out, less appreciation. We are not seeing price drops at this time.

And you know what? We’ve been expecting it.

You cannot sustain double digit appreciation forever.

The reality of the cooling Silicon Valley real estate market has implications for home buyers and home sellers:

Buyers, GET OFF THE FENCE. Interest rates are good. Buying conditions are reasonable again. Yes, inventory is low, but if you know what you want, you should be able to find it in 2-3 months tops. If you can’t, then you are not being realistic with what you think you can buy for your budget.

Sellers, it’s time to be more aggressive on pricing and adjust your expectations. Yes, your neighbor got 15 offers in February, but it’s not February any more. If you get 1-3 offers, that means you did a great job of staging, pricing, and getting your home marketed. Position your home to sell, and then get it done.

Where will we be in 6 or 9 months? I don’t know. It could be better or worse after the election. My advise is to get on with your life and not try to time it too carefully, because things can happen which none of us could anticipate. If you want or need to buy or sell, make it happen.There will always be political things going on, world events taking place. There is never a perfect time to buy or sell – but there is the time you want to do it. Go ahead.

And please let me know how I can help.

Mary Pope-handy
408 204-7673

 

 

 

Comparing Almaden, Cambrian, and Los Gatos

Cambrian, Almaden, and Los GatosIf a strong public high school is at the top of your priority list, you may find yourself looking at Los Gatos, Cambrian (area of San Jose), and Almaden (also in San Jose) – scenic areas along the southwest side of Silicon Valley, all of them featuring good to excellent high schools.   I would caution against only judging an area, or a school, by its scores, though – often the culture at the campus, the offerings, and many other things can vary from one school to the next.  Nothing beats visiting in person and talking with students, parents, faculty and staff.

2013 Growth API Scores

Disclaimers aside, scores do matter as an important part of the overall package.  How do the high schools in these areas stack up?  API scores are no longer used, so the numbers below are from the 2013 Growth API scores, the most current year available.

Ranked in order of API score:

Leland High – 889 (Almaden, southern area)

Los Gatos High – 883 (Los Gatos, central + small area in Almaden)

Leigh High – 833 (Los Gatos, east & Cambrian plus little of Almaden)

Pioneer High – 822 (Almaden, northern area & Cambrian)

Branham High – 810 (Cambrian & Blossom Valley)

Westmont High – 796 (Los Gatos, western area plus parts of Campbell and Saratoga)

What is the cost of homes in these areas?

To narrow it, let’s consider the same set of criteria: houses sold in the last 180 days within 1 mile of each high school named, with 3 bedrooms, 2 bathrooms, and 1500 – 2000 SF. (I’m leaving lot sizes out because it’s already a very small pool of homes.) To make it super simple, I’ll just include the price per SF and the average sale price of these houses.

Ranked in order of affordability – average sale price:

Pioneer High – 822 API – average price per sf  $549.17  average sale price  $919,057  (9 houses)

Branham High – 810 API – average price per sf   $588.92 average sale price $969,295   (17 houses)

Leland High – 889 API – average price per sf   $616.04  average sale price  $1,071,250  (4 houses)

Leigh High – 833 API – average price per sf     $686.00  average sale price $1,144,100  (20 houses)

Westmont High – 796 API – average price per sf   $844.00  average sale price  $1,329,500 (8 houses)

Los Gatos High – 883 API – average price per sf   $917.95  average sale price $1,593,556 (9 houses)

Clearly, the market dictates that there are more than high school scores impacting home values (but you already knew that!).

Homes in the Leland High School area are a very good value, if you can find one (there were only 4, so too easy to have an impossibly small pool of choices).

Market drivers – beyond school scores

San Benito Way home in Los GatosDowntown Los Gatos is charming and historic (with loads of beautiful older homes and buildings), it enjoys a vibrant night life and restaurant scene. It’s interesting! It’s “walkable”!  People want to live in a part of Silicon Valley that isn’t just suburban sprawl – hence downtown LG has the biggest draw of all these areas.  It’s not too far from Highway 85 (think Apple) but it’s not boring, like most of San Jose can be.   Many are willing to pay much more to be part of Los Gatos and Los Gatos High School.  A nice townhouse in LG, or a house in Cambrian?  That may be the choice.

Commute times to places like Apple matter a lot, so homes on the west end of Los Gatos, in Campbell and parts of Saratoga in the Westmont HS area see a very high average sale price, even though the API score was less than 800.  Schools matter but they aren’t the only thing that matter. Many home owners believe that the most important part of the education is the parents’ involvement (at home and at school).  Many also have their kids at a private high school. (more…)

The Silicon Valley real estate market is slowing

The Silicon Valley Real Estate Market is SofteningThe real estate market in Silicon Valley remains overheated, but it’s cooling a notch now that we are in summer. This is good news to market-weary home buyers, and scary to home sellers.  What to do?

First, it’s important to remember that we don’t have just one market in Santa Clara County, San Jose or even Los Gatos.  We have a patchwork quilt of markets that are moved by price point, home condition, school districts and school scores, and many more things.  An entry level house is always going to be a different market than a luxury estate – but all the shades of gray in between are equally distinct, too.

Once you can look at your particular segment of the market and identify it as such, you can then run the numbers. But beware, it’s too easy to miss a step here.  If you’ve got a house worth $1.5 million in Almaden valley with Pioneer high school, please don’t compare it to a $1.5 million home in Almaden Valley with Leland High School.  The price point and zip code may be the same, but after that you are in a different land.  So drill down to your home (or your desired home’s market).

Next, realize that while there is a softening or cooling of the market, this isn’t a 180 reversal.  Sellers, if you thought you’d get 5-8 offers, you may find that your house gets 2 or 3 or 4.  That’s still good!   Buyers, things are better, but don’t get too cocky – you are still unlikely to be the only bidder, so go in with your strongest package and your best foot forward. And always analyze the market before you bid.  Some homes are priced unrealistically high, some unrealistically low, and some on target.

Contingent offers are back!  I have done a few sales subject to the sale of another home this year.  As long as the home that needs to be sold is priced well and marketed well, this can work.  Sellers still want top dollar, so if that means waiting an extra 2-3 weeks for your home to sell, they’ll do it.  I’ve seen contingent offers beat out regular offers because the whole package was just stronger.

Lastly, what I’m seeing is seasonally normal.  This is not a market crash, only a slight softening.

Some sellers will think that they should wait until next spring to sell.

Some buyers will think that if they wait a year, prices will be far lower.

But for many, trying to “time the market” with real estate is as hard, or maybe harder, than trying to time the stock market. I tell my clients who are looking to buy to keep looking and if the right home comes along, go for it.  If a seller needs or wants to sell, do it now.  We don’t know when we’ll have the next earthquake, next terrorist attack, next economic crisis.   None of us has a crystal ball, and we cannot ever guarantee that tomorrow will be better than today. I’ve been selling homes long enough to know better than to tell people to wait if they are ready now.  There are always things out of our control, just around the corner, that we don’t know about.

Please call or email me if you’d like to chat about selling or buying a home in Santa Clara County.

 

 

 

The Luxury Home Real Estate Market in Los Gatos & Monte Sereno

The luxury homes market frequently behaves very differently than the rest of the real estate market as a whole.  If interest rates jump around, the impact is often far less since the home buyers of estate properties may not be nearly as dependent upon financing.  Many of these fine homes & estates are paid for “all cash”.  (In some cases they do this but later arrange financing, perhaps funding a “charitable remainder” trust rather than a more typical institutional loan.)

How’s the real estate market for high end homes in Los Gatos, Monte Sereno and the Los Gatos Mountain communities?  Defining “luxury homes” is a bit tricky because what constitutes luxury can vary from area to area (check out these estate homes for sale in the Buffalo NY area). For now let’s use prices of $2 million or greater as we first look at the Months of Inventory or Absorption Rate – though in fairness, the luxury price point is a little lower in the mountains.  (Six months is considered balanced by the National Association of Realtor, less is a sellers market and more is a buyers market.)  I first did this study in October of 2012 and will provide those numbers as a window back in time for comparison purposes.

 

Los Gatos area luxury market

 

Monte Sereno is having no trouble selling luxury homes compared to the rest of the Los Gatos area right now.  The Los Gatos Mountains (Chemeketa Park, Redwood Estates, Aldercroft Heights and other areas) struggles with the over $2 million market.

No matter how you look at it, overall it is a seller’s market in the luxury home strata in Monte Sereno and Los Gatos – but not the Los Gatos Mountains. It is not so crazy as the entry level homes, which have a much faster absorption rate, so buyers, take heart!  Three months of inventory is pretty doable and not so far from a “balanced” market here.

Altos charts on the LG area

Next we’ll change gears and use Altos Research and quartiles to evaluate the most expensive listings.  We will look at the top quartile of list prices, the high end listings in Los Gatos (zip codes 95030 and 95032 in town), in the Los Gatos Mountains (unincorporated, 95033) and Monte Sereno (99.9% of which is in 95030 but a tiny sliver has the 95032 zip code).   The charts I’m using are live and will be continuously updated by Altos Research, to which I have a subscription.

List prices of homes for sale in the topmost price quartile in Los Gatos, Monte Sereno and the Los Gatos Mountains

 

Real Estate Market Chart by Altos Research www.altosresearch.com

(more…)