Bay Area Real Estate: Residential, Multi-Family, Commercial Leasing

Berkeley Schools - Q & A

2012-02-17T14:41:00.000-08:00

Hey Parents, I copied this right from the Berkekey Unified School District website. I've been getting a ton of questions lately about Berkeley schools, so here are some of the answers. Also, Berkeley Hills Realty's website has a ton of links and resources to check out regarding schools. More to follow.....

Enrollment FAQ:

Can my child attend a Berkeley Public School?

Children who reside in Berkeley may attend Berkeley Public Schools. In order to ensure placement for all Berkeley children, we need three proofs of residence to start the admission process (see Required Enrollment Documentation). If your child does not reside in Berkeley you may request an inter-district transfer from your school district. Inter-district transfers are considered after Berkeley residents are placed.

What elementary school is my student going to attend?

Elementary schools are divided into three attendance zones:

Northwest Zone: Berkeley Arts Magnet, Jefferson, Rosa Parks and Thousand Oaks

Central Zone: Berkeley Arts Magnet, Cragmont, Malcolm X, Oxford and Washington

Southeast Zone: Emerson, John Muir, LeConte and Malcolm X

**Your child will be assigned to an elementary school in his/her attendance zone.**

Where do I start with the admissions process?
Review our Steps to Enrollment webpage for detailed enrollment information or come to the Admissions Office to collect your enrollment packet and speak with one of our knowledgeable staff. School admissions is not handled at our individual schools.

What percentage of families gets their first choice of placement?
About 72 percent of our families get their first choice of school.

What if I am unhappy with my student’s placement school? Is there an appeal process?
You may request to place your student on a wait list for one or more schools. Student assignment appeals are limited to whether the student assignment was followed.

Is there sibling priority for school placement?
Yes. Assigning siblings to the same school is a priority for the District and all attempts are made to assign siblings to the same school. We want our families to be fully engaged in their school community.

Is there sibling priority for Two Way Immersion Spanish-English Programs?
No. Because of the high demand of English speaking families for the dual Two Way immersion (TWI) program, all English speaking student are given the same opportunity to participate in the dual immersion TWI lottery. However, siblings can attend the same elementary school.

What proof of Berkeley residency is required for admission?
Three approved proofs of Berkeley residency must be shown at the time of enrollment. Please see the Required Enrollment Documentation webpage for full details.

What if I have moved to a new address?
Once you move, you must provide the Admissions Office with three proofs of Berkeley residency.

What if I do not live in Berkeley and want my children to attend a BUSD school?
Non-Berkeley residents will be considered after all Berkeley residents are placed and if there is space available in the requested grade. Permission for an inter-district transfer must first be granted from the school district in the city where the child resides before being considered for placement in a Berkeley Public School.

If I don’t speak English, who can help me in admissions?
Spanish speaking staff are available in our office. In addition, a multi-lingual phone line is available to provide immediate interpretation in other languages.

by Gina Odom

I'm Green Certified!

2012-02-15T13:03:00.000-08:00

I am so happy to say that I am a Certified Green Building Professional (CGBP) through Build It Green, a non-profit located in Oakland and Los Angelas. This course gives me greater insight and knowledge on green building construction and resource conservation.

Build It Green is a membership supported non-profit organization whose mission is to promote healthy, energy- and resource-efficient homes in California.

Established in 2003, they offer a comprehensive package of local government support, professional training, collaboration forums, consumer education, and green product marketing to a range of stakeholders. Three objectvies drive this non-profit: policy develoment, increase supply of green homes and stimulate consumer demand.

I am happy to be a part of such a wonderful program!

If you want additional information about "greening" your home or county rebates, shoot me an email!

by Gina Odom, Realtor

4300 Horton St., Emeryville

2012-02-09T14:23:00.000-08:00

Great live/work loft for sale at Horton St. Lofts. Location is ideal next to Rudy's Can't Fail Cafe and Pixar.

This unit is spacious with concrete floors, lofted master bedroom w/ bath, enclosed office, second bathroom with laundry. The soaring ceilings and skylights make this loft open and airy. It's definitely worth taking a peak if you are considering a loft. Only 15 unit building, the Horton Street Lofts were the first commercially zoned live/work project for sale in Emeryville. Listed at $399 with HOA dues of $400 a month. Parking included.

2012-01-31T13:14:00.000-08:00

1476 Greenwood Terrace, Berkeley

Designed in 1907 by Bernard Maybeck for Francis E. Gregory, this inspiring home features all clad redwood walls, a particular design Maybeck like to incorporate, views of the Golden Gate, and great separation of space.

Maybeck once said, "A house should fit into the landscape as if iit were a part of it," he declared, and then added: "It should also be an expression of the life and spirit which is to be lived with that it. "Back of all this," he continued, "is the simplicity, the sincerity and the naturalness of the expression." (Keeler, 2006) The location of this home in the Berkeley Hills and the simplistic design of this Maybeck home captures the essence of this quote.

The unique architecture of the surrounding houses, the beautiful redwood trees, incredible views and the incorporation of nature is what makes Greenwood Terrace a spectacular place to call home.

In addition to many homes throughout the Bay, he also designed the Palace of Fine Arts in San Francisco and The First Church of Christ in Berkeley among other public buildings.

Come by and see 1476 Greenwood Terrace this Sunday from 2-4pm.

written by Gina Odom, Realtor
ReferenceList:
(2006) Bernard Maybeck: A Gothic Man- by Charles Keeler.

http://www.palaceoffinearts.org/Welcome.html

http://www.friendsoffirstchurch.org/

Emeryville has far surpassed its label as the “Rottenest City of the Pacific Coast!”

2012-01-30T12:31:00.000-08:00

When I was at Rotten City Pizza in Emeryville, I was reading a quote by the Alameda County District Attorney Earl Warren. He said that Emeryville was “the rottenest city on the Pacific Coast.” This quote is what inspired the name of Rotten City Pizza. There is nothing rotten about their pizza, however, it is delicious. They are open late, have free delivery and sell it by the slice if you are in the neighborhood.

And for the history buffs, following the crackdown on gambling ion 1919, Emeryville began licensing card clubs, and many prospered along San Pablo Ave including Santa Fe Club, King Midas Club, Bank Club, Key Club, Alamo Club, Avalon Club and Oaks Club. Today, only the Oaks Club has survived. You can still enter the Bank Club but it’s only if you want to grab a drink. Speaking of drinks, during prohibition in the 1930s, a number of “speakeasies” and bootleg joints offered illegal liquor. The Townhouse Bar and Grill built in 1926 and one of these “speakeasies” and still exists today serving up great food and drinks and has live jazz weekly.

Today, Emeryville boasts many modern bars and restaurants and is home to Bay Street. This urban hub uses architecture, lighting, landscape and environmental graphics to create a unique, contemporary atmosphere where you can shop, eat, live and has a tremendous, high quality movie theater. You can also find the only IKEA in the East Bay located next door. A few of my favorite restaurants in Emeryville are Café Bier where you can dine while drinking beers from around the world and watch soccer, and the original Rudy’s Can’t Fail Café where you can get food, both traditional diner food and good vegetarian delights any time of the day. And rumor has it, that it is owned by one of the members of Green Day!

Emeryville is an easy commute to San Francisco, being the first stop over the bridge. Condo/loft prices range from $250K to $700K depending on size and era. For single family homes, prices range from $250K-$500K but they rarely come on the market. As a buyer, you will normally see condos or lofts for sale before you see a single family home. Emeryville also has a down payment assistance program that is worth checking into should you need some down payment assistance.

By Gina Odom, Realtor

Rental market is booming in the Bay Area!

2011-11-29T20:55:00.001-08:00

Having a listing in Rockridge not only yields phone callsfrom potential buyers but phone calls from potential renters. I have had adozen or so calls regarding my listings in Rockridge asking if there was a possibilityof renting the house just in case it doesn't sell. Rockridge is a hot spot in Oakland where there isbeautifully designed homes, great schools, BART and walking to restaurants so thisarea remains competitive for renters and buyers.

A friend of mine looking to rent in Oakland told me therewas a mass flock of potential renters all vying for the same houses. Numerousapplicants for each place they were looking to rent and even with superb jobs andgreat referrals they are having a tough time finding a place. The rental market is strong throughout the BayArea including the South Bay which is boasting a12% increase in rents. In the East Bay, there has been anincrease of about 10% depending on the area.

So why is this happening especially since it is such a goodtime to buy with record low interest rates? The bottom line is it’s still hardto get a loan. Banks are holding on tight to their money and making lending aback-bending challenge. With the job numbers still down, and the everincreasing financial issues happening around the globe, it looks as thoughbanks are still nervous about the economy and still unwilling to loosen up onlending restrictions. The job market is actually increasing in the Bay Areawhich is another reason for the competitive rental market.

FHA offers PowerSaver loans!

2011-11-07T16:21:00.000-08:00

Homeowners considering energy-saving improvements like duct sealing, replacement doors, HVAC systems, water heaters, solar panels may want to check into the Federal Housing Administration's new PowerSaver loans. The program offers qualified borrowers up to $25,000 for energy-efficient improvements at rates of 5-7%.

For more information on the program, visit:
http://portal.hud.gov/hudportal/documents/huddoc?id=FHAPowerSaverFactSheet.pdf

by Gina Odom

New Pop Up Restaurant in Rockridge.....or Should I say Pop Up Chef!!

2011-11-01T10:10:00.001-07:00

That's right Rockridge has a new pop up restaurant starring guest chefs! How cool is this going to be? Every two weeks there will be a new chef, new menu, new type of food. I love it! The restaurant will be opening by Oliveto (watch out Gourmet Ghetto....Rockridge is on the culinary rise)! Chefs apply online and everything is provided for you including staff, cashier, and booze. The chef just needs to bring his or her ingredients. First up is the Oakland Fire Department as they will be cooking for a fundraiser from Nov. 4-6th and then followed by a grandmother from Mexico. Oh yum...homemade Mexican food. Can't wait!

Check out their website:
http://www.theguestchef.net/

written by Gina Odom, Realtor

346 51st Street, Oakland

2011-10-18T14:48:00.000-07:00

PRICE REDUCED & SQUARE FOOTAGE ADDED to this ultra-cool and hip new condo in Lower Rockridge at 346 51st Street in Oakland. The builders went above and beyond when they rebuilt this structure. They truly thought of everything including wiring the house with Smart Phone Technology, building a separate storage space for each unit, and an extra 270 sq.ft. studio space equipped with a dry sauna, cold plunge shower and had it hard wired to play music from your unit or you can bring in your IPOD and plug in for great surround sound. A great space to use as a yoga studio or exercise room, you could also use it entertain by turning it into a FAB bar space serving delicious cocktails while your guests enjoy the incredible landscaping by Berkeley Gardens. And of course, the landscaping has an irrigation system in place so no need to pull out the old hose to water. Optional private yard available for unit.

BEST PRICE IN ROCKRIDGE!

Included in this smartly designed unit with a spacious, open and inviting floor plan, Eco-friendly features including engineered Brazilian hardwood floors were installed throughout. What is that you ask? Put simply they are engineered on the bottom and on the top they are Brazilian hardwood. Basically trees were saved in the production of these floors so you can rest easy knowing that you helped the environment.

The CeaserStone counter tops in the kitchen are more durable, stronger and consistent than granite. They work well with the chic design and new stainless steel appliances. The kitchen opens up to your very own deck where you can BBQ or just enjoy the serenity of your backyard.

The top floor of this unit rocks this Dwell Magazine like dwelling, because the top floor has a bedroom with partial views from each window. After being up there, I thought it would be best used as a office space. Being that I work from home many days during the week I am always seeking out that place that has an ultra great room for an office and this is it. The dual pane windows keep it quiet and you can literally see the city on a clear day. It's just perfect.

You would think that being on 51st Street might be too noisy? Not in this unit. The builders (of course) went above and beyond the city requirement for sound proofing. Once you shut that front door it's like you are in your own little oasis. The location is prime, walking distance to BART, steps away from college Ave and/or Temescal. Hey and have you heard of the new plans for Safeway! It's going to be super cool...just wait!

written by Gina Odom, Realtor

Berkeley Hills Realty

2011-10-13T18:48:00.000-07:00

I just recently made the move to Berkeley Hills Realty and couldn't be more thrilled. There is not an agent out there who wants to move brokerages as it can cost time and money and both of those things I value! But, I also value integrity, compassion, and honesty and I found all of those at Berkeley Hills Realty. In the rough world of real estate, it is nice to be an a hub where Realtors practice what they preach and personal integrity is expected. Berkeley Hills Realty provides an honest, caring environment that they offer to their agents and also their clients. It's a breath of fresh air in a time of big business without morals.

Recently, Berkeley Hills Realty (BHR) brought on a listing at 5899 Lawton Ave in Oakland. Living and working in Rockridge, they made me the go-to gal for this listing. I was ecstatic to put together a marketing plan that would yield multiple offers. BHR encouraged my marketing plan and with their amazing office staff provided me with the tools necessary to implement my plan effectively. It was important to me when making my move to a new brokerage that I found an office that would provide me with the best tools so in turn I can provide my clients with the best. BHR is this place.

We door-knocked the neighborhood the morning of the first open house to let the neighbors know of the new listed home, we mailed out just listed postcards in Rockridge, created a a four page colored brochure highlighting the features of the property and created a pamphlet about the neighborhood of Rockridge which allowed potential buyers a take home tool to see where the house was located and the amenities nearby. In addition to traditional advertisement, we used social media to advertise the house to the fullest and created fun and tech-savvy ways like "checking-in" on Facebook while at the open house. If the person "checked-in" then they were entered into a drawing for a local's favorite restaurant - Oilveto. In addition to the savvy marketing plan, a thorough disclosure package was created to alleviate any unknowns to the buyer.

The turnout was great with about 60 groups through on the first open house and we were ecstatic about results. It pays to have good representation - both by your Realtor and by the brokerage they work for!

By: Gina Odom, Realtor

Calculate your commuter cost with this great tool!

2011-10-05T11:30:00.000-07:00

I met with some first time homebuyers the other day and their biggest concern was how much would it cost if Ihad to commute from this area. In my serach to find them an answer other than“google it for distance,” I found a great tool that could help estimate theircosts as well as distance. It’s a commute calculator atCost2Drive.com.

The site asks users where they are going and whatcar they drive, and calculates how much it will cost to get there, how long itwill take, and how big the carbon footprint of their trip will be. For longertrips, the site also allows users to compare the costs of flying vs. driving.

written by Gina Odom, Realtor

Rockridge Rocks!

2011-09-29T21:17:00.000-07:00

We have a new listing coming on at 5899 Lawton Ave in the Rockrdige district of Oakland. The house is a 3 bedroom, 2 bath modern home which features concrete floors, new counter tops made from recycled material, new paint & fixtures. The floor plan is ideal with the master bedroom on the bottom floor leading to the backyard, and two bedrooms opposite of each other upstairs. There is a bathroom conveniently located on both levels. Not only is this house fantastic but the location is incredible and just a few steps from College Ave.

College Ave runs through Rockridge, Elmwood and Central Berkeley. The part of the College Ave located in Rockridge has some of my favorite shops and restaurants. From Lawton (3 minute walk), turn right and head North on College, you will pass by many cute shops and restaurants. At Market Hall you can find 8 unique shops including my favorite wine shop, Paul Marcus Wines and my favorite butcher, Sun Farms. Not only can you get some shopping done for the dinner party that evening, but you can also grab a bite to eat at Oliveto either downstairs for a casual experience or upstairs for a fine dining experience.

At the corner of Keith and College, you can also find BART, public transportation that runs throughout the East Bay. The district of Rockridge is centrally located with easy access to all freeways including, Hwy 24, Hwy 13, Hwy 580 coupled with the BART stop makes Rockridge ideal for commuters.

Further South, you will find additional dining and shops including a few of my favorite wine bars/restaurants. Both TOAST, a restaurant with small plates and an incredible wine bars (make sure you try Andrew lane Wines) and Wood Tavern where you will find incredible American cuisine and a forever changing menu is worth the short walk. Afterwards, head over to Tara's Organic Ice Cream shop where you will find unique flavors like plum-ginger, pumpkin or lavender. It's definitely worth crossing the street.

In addition to the fabulous shopping and dining in Rockridge, it is home to one of my favorite parks, Lake Temescal. Here, you can enjoy an afternoon of laying under the trees, hiking around the lake, fishing, or taking a swim. A few friends from my mommy group and I met here the other day with our babies and had a lovely picnic. It was nice to get outside and completely forget that I was in the hustle and bustle of a major city.

Once you begin to explore Rockridge and pick your own favorites, you will see why this district is such a hot spot and why so many want to live here. Real estate values have held strong through this rough economy and the community just keeps getting better!

By Gina Odom, Realtor: ginaodom@gmail.com

Eat Real Food Festival at Jack London Square this Weekend!

2011-09-23T14:57:00.000-07:00

The third annual Eat Real Food Festival is making a stop at Jack London Square this weekend. Beginning Friday and going through Sunday, the festival will host approximately 60 food trucks, 30 craft vendors, artisan producers and culinary instructors for our delight.

The entry is FREE and the food typically costs less than $5 a pop. It's a fun and affordable way to venture out and try new food. In addition, there will be plenty of demonstrations given by the various culinary instructors who will be present.

East Real Festival
1-8 p.m. Fri., 11 a.m.-8 p.m. Sat., 11 a.m.-7 p.m. Sun. Jack London Square, Oakland. Free. All transactions are cash only. eatrealfest.com
.
By:
Gina Odom at www.eastbayspecialist.com

Property Tax Increase for San Francisco City & County

2011-09-16T21:28:00.000-07:00

It's going up from $1.164 to $1.1718 per $100. Check it out:

http://www.socketsite.com/archives/2011/09/san_francisco_property_tax_rate_set_to_increase_067_per.html

Another chance for energy deductions

2011-08-11T12:10:00.000-07:00

If you have made energy improvements to a commercial building in the last few years but didn't take the federal tax deductions given by the Energy Policy Act of 2005, this may be your lucky year! According to a new IRS Revenue procedure makes it possible for those owners to take deductions for qualifying energy improvements made in earlier tax years without the need to file an amended tax return. Talk to you accountant regarding this adjustment and take advantage of the possible credit.

New Sewer Lateral Ordinance coming to the East Bay

2011-07-30T17:29:00.000-07:00

New sewer lateral ordinance coming to Oakland, Piedmont, and Stege Sanitary District which includes Kensington and El Cerrito.

A PSL (private sewer line) is the pipe that connects the the plumbing in the home or business to the sanitary sewer main. Basically, it’s where all your waste goes. Old sewer lines crack overtime which allows rainwater and groundwater to infiltrate the sewer system. This excess water in the system can overwhelm waste water treatment facilities causing untreated water be released into the Bay. This would be an effort to help fix the PSLs which in turn will help untreated waste water entering the Bay. Unfortunately, this problem will be forced onto the new homeowner or a homeowner who is doing a remodel worth $100,000 or more. In addition, this will also affect homeowner who is changing their meter size.

I understand the “idea” behind this new ordinance but much more needs to be done. What about all the homes that do not sell? This issue seems to be a rather large burden on our environment and it should be addressed on a larger effort than just the sale of homes.

The implementation of the ordinance will be rolled out in August for The city of Emeryville and Piedmont. The Stege Sanitary District which includes Kensington, El Cerrito and a portion of Richmond known as Richmond Annex will roll out in October followed by the City of Oakland in December.

For additional information of the ordinance, go to:

http://www.berkeleyaor.com/filebank/guidelines-booklet09-web.pdf

5707 Ayala Ave, Oakland in the Rockridge District

2011-06-16T13:31:00.000-07:00

I stopped by 5707 Ayala Ave on tour today. This property is still on the market after 43 days which is not the norm in the desirable Rockridge neighborhood of Oakland. The average price point for a 3 bedroom, 1 bath home in Rockridge is roughly around $799K depending on square footage & if the house has "good bones." After two price drops, this house is now a great deal at $675K. This house has beautiful hardwood floors, ample space, and boasts architectural details throughout. There is a lovely deck outside and an detached garage that could easily be turned into an office space. The drawbacks of the property are the shared driveway and that it is by the freeway. However, once inside you do not hear the freeway noise and it's shielded by lovely foliage that makes you actually feel rather remote.

3 Orchard Lane, Berkeley, CA.

2011-06-09T13:40:00.000-07:00

On tour today I saw a beautifully restored craftsman above the U.C. Stadium in Berkeley. If you are looking for a retreat that boasts incredible views, sunny patios, flourishing gardens and ample space this is the place for you.

Nestled amongst the oak trees off the Arlington, you will find a beautiful home that has 4 bedrooms, 3 ½ baths with a master bedroom that opens onto your private deck with panoramic views. Enjoy a book and a glass of wine by one of the five fireplaces throughout the home. The outdoor space has several different areas to entertain and there is a short path down the hill that leads you to the hustle and bustle of campus life in Berkeley. Listed at $1,045,000.

What a Buyer can expect to Pay to Close the Deal:

2011-03-09T11:43:00.000-08:00

Down Payment & Closing Costs:

Saving for a down payment on a home can be one of the most challenging tasks a young family faces in the quest for home ownership. Creating a down payment savings plan and sticking to it will help potential buyers reach their goal of home ownership faster.

How much is required: The down payment is usually expressed as a percentage of the overall purchase price of the home, and varies depending on the lender, on your credit score and the type of financing and amount of money being lent.

Currently, you can obtain an FHA loan with as little as 3.5% down, a conventional loan with 10% down, a Veteran’s Administrative (VA) loan with nothing down. It has been predicted that these limits will change and it’s always best to speak to a lender regarding current requirements.

Private Mortgage Insurance: Typically, if your down payment is less than 20% of the purchase price, lenders will require you to carry PMI, or private mortgage insurance. This insurance protects the lender in case of loan default, and usually involves an up-front payment at closing, as well as a monthly premium. However, once you have paid off 20% of the loan, you can request the policy be canceled. Some lenders cancel the premium automatically, while others require you to make a request in writing.

Earnest money or Good Faith Deposit: Buyers are usually required to deposit earnest money with the seller when they make an offer. If the offer is accepted, the earnest money is then credited towards the down payment. The amount varies widely depending on the seller and local custom, but in the East Bay it typically is 3% of the purchase price and will clear your account within three days after acceptance of offer.

Don't forget closing costs: In addition to the down payment, you will also need to save for additional fees associated with the loan. Known as closing costs, these charges cover items such as title insurance, documentary stamps, loan origination fees, the survey, attorney's fees, etc. When you submit your loan application, lenders are required to supply you with a good faith estimate of your closing costs.

Some buyers are surprised by the amount of the closing costs, which can easily run into the thousands of dollars. Depending on the situation, some closing costs can be negotiated with the seller and your Realtor would be the best person to speak to regarding a credit towards closing costs.

Gifts: If you are having trouble saving enough money, many lenders will allow you to use gift funds for the down payment as well as for related closing costs. The gift may come from family, friends or other sources, but remember that lenders usually require a "gift letter" stating the gift doesn't have to be repaid. In addition, some lenders will also require you to pay at least a portion of the down payment with your own cash. Ask a lender about their policies regarding gifts to help with your down payment or closing costs.

You’re not done yet!

Inspection Contingency Period & Appraisal: After your offer has been accepted, escrow has been opened and your good faith deposit has been cashed, you will not have to deal with the costs associated with inspections. Depending on what inspection you will need to obtain, they can cost anywhere from $200-$1000. They will need to be paid at time of inspection and will need to be completed before your inspection contingency period is up. Your Realtor can help guide you in what will be the best inspections to obtain depending on the property. In addition to inspection costs, your lender will order an appraisal which will be paid with your closing costs. They typically run about $400 but that price should be confirmed with your lender.

Save on your Heating Bill!

2011-01-31T14:30:00.000-08:00

With ever-rising energy costs, it makes sense to review the following tips and try and manage your heating bill. In addition, your helping the environment!

Check for home air leaks. You may be able to save up to 10% on your bill by reducing leaks. On a windy day, run a lighter or smoke stick around windows to see where the air is coming in and you can caulk, seal or weather strip the area.
Insulate your home. Most of the times it's as easy as going to Home Depot and indoor installation and putting it up in the attic. You can also hire someone for minimal cost to do this for you.
Close fireplace dampers. Chimneys are designed for smoke to escape which means air is escaping too.
Maintain your heating a cooling system. Make sure these systems receive professional maintenance each year. If it's time for a new system, look into energy-efficient systems and you may get a tax credit for installing one.
Use kitchen, bath and ventilating fans wisely. Those fans suck up the air including the hot air. After using it, turn it off immediately.
Turn off energy users when not in use and unplug those items as well. Individually they might not add up to a lot but together it can cost you.

New sewer lateral ordinance for Emeryville, Oakland, & Piedmont - Effective Spring 2011.

2011-01-10T16:26:00.000-08:00

Important DATE Change to the Sewer Lateral Requirement for Emeryville, Oakland and Piedmont

- Implementation to begin Spring of 2011

- New DATE will be posted on www.berkeleyaor.com as soon as announced

A court order now requires the cities of Oakland, Emeryville and Piedmont to require homeowners to fix or upgrade their sewer lines when a home is sold or upgraded. The East Bay Municipal Utility District ("EBMUD") Wastewater Control Ordinance will require property owners in certain areas of the EBMUD wastewater service area to obtain a compliance certificate that shows their private sewer laterals ("PSL's") are without defects and have proper connections. The private sewer lateral program requirements for property owners will be phased in throughout 2011.

The cities of Alameda, Albany, Berkeley and the Stege Sanitary District (which serves Kensington, the City of El Cerrito and a portion of the City of Richmond) have local private sewer lateral ordinances already in effect.

You may also monitor new start date and more information by going to the EBMUD website at http://www.ebmud.com/our-water/wastewater-treatment/private-sewer-lateral-program

Sellers Minimize Surprises when Selling

2010-11-27T09:43:00.000-08:00

Properties seem to be sitting on the market longer and also taking longer to close escrow once they are in contract. There are many reasons why this is happening. If a property is sitting on the market without interest, it’s probably because it is not priced right and doesn’t show well. You may want to consider a price reduction. The value of what you think your home is worth may not be the same as the actual market value. If the escrow is taking longer than expected, there may be issues with the loan. An FHA loan can take longer to close than if a conventional loan due to the paperwork involved and the appraisal process. FHA follows stricter guidelines than a conventional loan and this often can lead to a slower process of closing the deal if anything comes up that must be addressed.

In addition to lending, buyers are savvier than ever. With less competition they have more bargaining power than ever. Often times, buyers will get into contract and then during the inspection contingency discover issues with the house that have not been addressed and rightfully so they want to renegotiate terms. This negotiation process may take longer than in the past.

The best decision a seller can make is to provide as many inspection reports as possible before taking offers. By doing this, the seller will minimize surprises during the transaction and it will allow you Realtor to price your property appropriately. Your house will most likely get in offer faster than if you don’t provide reports.

Reports can vary in price. A typical fee for a pest report is approximately $250, a home inspection is about $400 and a roof inspection is about $150. The pest report will help you to determine if you should get a foundation report and if so that can cost up to $500. It’s also important to make sure you use a reputable company and your Realtor should be able to refer you to reputable inspectors and contractors

Don’t let the buyer determine the price of your house. By being prepared, you will minimize surprises and have a smoother transaction.

"If you don't own a home, buy one." John Paulson

2010-10-19T09:57:00.000-07:00

You may have heard successful hedge fund manager John Paulson's recent comments regarding inflation. He told a standing room only crowd at New York's University Club that double digit inflation is on its way. With regards to real estate, Mr. Paulson suggested, "If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”

In an inflationary environment, a fixed mortgage becomes less of a burden as wages and consumer prices increase. The loan is essentially paid back with less valuable dollars than were originally borrowed. Whether or not Mr. Paulson's prediction regarding inflation holds true is yet to be seen, but his track record is impressive. Locking in a 30 year fixed rate loan at today's rates and paying it back in future, cheaper dollars sounds wise to me.

Jerry Garcia's Nacasio home for Sale!

2010-09-22T16:22:00.000-07:00

Located up in rural Marin County, the grand estate in Nicasio is asking just shy of $4 million dollars. Sitting on 11 acres and has 300 degree views of Mt. Tan and the Berkeley skyline, was reported to be the last place Jerry owned before his passing in 1995.

The home's features include 7000 square feet of living space, with an additional 1500 Sq.Ft. artist's studio in the back. Designed with a Mediterranean flare, palm trees that surround the property, a luxurious swimming pool & spa, gourmet kitchen, grand stair case and an au-pair quarters, Jerry lived in style in one of the most breath-taking areas of Northern California.

Hidden in the rolling valley and hills of Nicasio, the property is somewhat remote and offers complete privacy. Surrounded by open space, the estate is self sufficient, with a deep well for water and large propane tanks for gas with a massive vegetable garden.

What is HAFA?

2010-08-19T15:03:00.000-07:00

The HAFA program is a government-subsidized Home Affordable Foreclosure Alternatives program for distressed homeowners to sell their homes to avoid foreclosure. Under HAFA, a participating lender will pre-approve the terms of a short sale and give the borrower at least 4 months to market and sell their home using a licensed real estate professional.

The eligibility requirements are:

• Property must be a borrower’s primary residence

• Loan must be a first trust deed originated before 2009

• Loan must be delinquent or default must be reasonably foreseeable.

• Current unpaid principle balance must be $729,750 or less for single-family home (or higher amounts 2 to 4 units); and

• Borrower must be eligible for, but unable to complete, a loan modification under the home affordable program (HAMP).

The effective dates for the HAFA program April 5th to Dec. 31, 2012. You can find a list of participating lenders at http://makinghomeaffordable.gov/contact_servicer.html.

Buyers have been given a gift of time...

2010-07-16T15:05:00.000-07:00

Everyone thought that when the federal government stopped buying mortgage-back securities in March of this past year that interest rates would go up. I even blogged about way back and told buyers that it would happen...but it didn't! So the big question is WHY? Well, you have our friends in Europe to thank!

With Greece in debt not to mention a few other countries in Europe, spending has decreased and on top of it, the European Union and the International Monetary Fund has to provide a loan of 1 trillion dollars to help these countries pay off their debt. As a result, the Euro has dropped in value from 1.59 against the dollar to 1.22. As a result, investors are ditching the Euro and buying United States Treasuries.

Are interests rates are staying low, the lowest we have ever seen them (4.84%). Guess what though, it can stay like this forever! And the new prediction by most, is that you will start to see the rate creep up by the end of the year. Lock in a 30 year fix right now for high fours/low fives.... it's basically FREE MONEY for the feds!

For Sale: 412 Weymouth, Hercules, CA $138,000 2 bed, 2 bath (click here)

2010-07-13T16:50:00.000-07:00

412 Weymouth, Hercules, CA Powered by Postlets

Berkeley Energy Cash Incentives - Must apply July 21!!

2010-07-09T14:10:00.000-07:00

The City of Berkeley is offering cash incentives to improve the energy efficiency of Berkeley homes, apartment buildings or businesses. Applications for this City Rebate Program should be submitted before July 21. Funding provided by the US Dept. of Energy is available for all types of buildings and income levels.

Rebates Up to $8,500 for single-family & duplex homes

Rebates Up to $30,000 for commercial & multifamily properties

For more information and to apply visit:

www.cityofberkeley.info/ME2 or Call 510-981-7438

Learn about how to qualify by attending a Public Workshop:

6:00-8:00 PM

Tuesday, July 13, 2010

West Berkeley Senior Center

1900 Sixth Street, Berkeley

Get Involved with Rebuilding Together!

2010-07-07T17:05:00.000-07:00

Get involved…Rehab a home for a Senior in need!

Rebuilding Together is a national organization that believes in revitalizing communities and helping low income seniors and people with disabilities remain in their homes by completing critical repair needs that create a safe space for them to live. In April, the East Bay-North Chapter rehabbed 22 single family homes and 8 non-profit facilities throughout Berkeley, Emeryville, Albany & Richmond. This organization not only helps individuals and non-profits but helps the community around them by giving a face lift to that “dreary” house on the street.

Easy Bay-North Chapter: http://www.rtebn.org

San Francisco Chapter: http://www.rebuildingtogethersf.org/

Waterfront Movie Flicks at Jack London Square (Free)!

2010-07-07T14:08:00.000-07:00

July 8–October 28: Waterfront Flicks

Jack London Square kicks off its seasonal Waterfront Flicks series with Julie & Julia. Watch the movie under the stars, with preshow entertainment including trivia contests and talent shows. The rest of the line-up Star Trek (7/22), Monsters vs. Aliens (8/12), Quantum of Solace (8/26), Dreamgirls (9/9), Land of the Lost (9/23), Fame (10/14), and Twilight (10/28). Market Lawn at Jack London Square, Broadway and First Street, Oakland, 8 p.m., free, (510) 645-9363, jacklondonsquare.com

Don't let mold into your home!

2010-06-28T15:07:00.000-07:00

Read an interesting article (yes, I find this stuff interesting) on mold today and how it is most prolific in warm, damp weather and the high indoor moisture levels can and poor ventilation can also cause mold growth. Basements and storage areas and two areas that tend to have the most mold growth. Beware of mold! It is nasty and I have heard cases where it has gotten into people's lungs and as a result they have a hard time breathing, sometimes gain asthma and become really sick. No beuno! If you think you have mold, you can get it tested to find out what type of mold you are dealing with. The pic to the right is black mold and this is the nastiest of the bunch!

Below are some quick tips regarding mold.

Quick Tips:

Avoid resting long-term storage directly against walls.
Place storage boxes on pallets.
Keep basement windows slightly open during mild, dry weather.
Maintain air circulation in all areas, particularly basements and storage areas.
Filter fresh air changes to help keep spores from building up.

For additional information on mold and other home issues go to housemaster.com

Berkeley Offering Cash Incentives to Increase Energy Efficiency

2010-06-21T15:36:00.000-07:00

The City of Berkeley will be offering cash incentives to increase the energy efficiency

of your home, apartment building or business.

Funding is available for all types of buildings and income levels, helping you save money, improve building comfort, safety and durability as well as reduce your carbon footprint. Rebates, provided by the U.S. Department of Energy, will be available starting July 6, 2010 and will cover:

Up to $8,500 for single-family and duplex homes (including rebates through PG&E)
Up to $30,000 for commercial and multi-family properties

Presentations will be available on the city website at http://www.cityofberkeley.info/me2/ or call 510-981-7438. You can also subscribe to receive email updates as more information becomes available.

HOMEOWNERS BEWARE: Foreclosure Rescue Scams are on the Rise!

2010-04-28T16:22:00.000-07:00

With a recent rise in foreclosures, foreclosure-related scams are on the rise. Beware!!

Below are red flags to foreclosure rescue scams:

Asks for money upfront before providing any service.
Instructs you not to contact your lender, lawyer or a Realtor.
Asks for mortgage payments to be made directly to his or her company.
Requires payments only in the form of cash.
Advises you to transfer your property deed or title to his or her company.
Offers to fill out paperwork for you.
Asks for something to be done immediately and without delay.
Encourages you to lease your house and to buy it back to you over time.
Offers to buy your house for a fixed price that is not set by a reputable Broker/Realtor.
Asks for you to give power of attorney.
Asks for signatures on a grant deed or deed of trust.
Fails to provide copies of signed documents.

Ligitimate Resources:

If you are at risk of a foreclosure or already have received a foreclosure notice, you should contact your lender immediately. Your next call should be to your Realtor. Find out all possible solutions for your situation.

Homeowners also make seek the advice of a reputable housing, financial or credit counseling, or attorney. Homeowners may visit the U.S. Department of Housing and Urban Development - Http://www.hud.gov/

First time home buyers eligible for "double dip" up to $18K!

2010-03-29T18:20:00.000-07:00

First time home buyers who are in contract by 4/30/2010 CAN qualify for as much as $18,000 in tax credits from California and the Federal Government! There is a small window of opporunity for first time buyers to benefit from both programs. For the federal incentive of up to $8,000, buyers must be in contract by April 30th and close by June 30th. The California credit covers closings on homes on or after May 1st thus, leaving short window to double dip. Of course, for the state of California the credit is given on the first-come, first serve basis.

Common Selling Mistakes!

2010-03-09T12:11:00.000-08:00

Mistake #1 – Incorrect Pricing

Every seller naturally wants to get the most money for his or her product. The most common mistake that causes sellers to get less than they hope for, however, is listing too high. Listings reach the greatest proportion of potential buyers shortly after they reach the market. If a property is dismissed as being overpriced early on, it can result in later price reductions. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they likely would have had they been priced properly in the first place.

Mistake #2 -- Mistaking Re-finance Appraisals for Market Value

Re-finance appraisals can be very encouraging for homeowners, leading them to assume that the appraisal is the amount that they should expect to receive for their property. Lenders often estimate the value of your property higher than it actually is, however, in order to encourage re-financing. The market value of your home could actually be (and often is) lower. Your best bet is to ask your Realtor® for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3 -- Failing to "Showcase"

In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable, and remove as many possessions as you can prior to showing. A poorly kept home, or one with too much clutter, will make it dramatically more difficult for buyers to become emotionally interested in your property.

Mistake #4 - Trying to "Hard Sell" While Showing

Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. Pointing out any unnoticed amenities and being receptive to questions is advisable, but this is not the time for negotiation and salesmanship.

Mistake #5 - Trying to Sell to Lookers

A prospective buyer who shows interest because of a For Sale sign or an open house ad may not really be interested in your property. Often, buyers who are not accompanied by a Realtor® are 6-9 months away from buying, and are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.

Your Realtor® should be able to distinguish realistic potential buyers from mere lookers. Realtors® should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your Realtor® fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing to the wrong people. If you have to do this work yourself, consider finding a new Realtor®.

Mistake #6 -- Being Ignorant of Your Rights & Responsibilities

It is extremely important that you are well-informed of the details of your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing any contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money.

Mistake #7 - Signing a Contract with No Escape

Hopefully you will have taken the time to choose the best Realtor® for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your Realtor®, or perhaps the Realtor® has other priorities on his or her mind. In any case, you should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract.

Mistake #8 - Limited Marketing

There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, Realtors® often use open houses solely to attract future prospects, not to sell that particular house. Does your Realtor® have a website? There are very few successful real estate professionals who don’t, and for good reason.

Your Realtor® should employ a wide variety of marketing techniques and should be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your Realtor® is working on selling your home during these hours (many Realtors® work part-time).

Mistake #9 - Choosing the Wrong Realtor®

Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select a Realtor® who is a good match for you. Experienced real estate agents often cost the same as brand new agents. Chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles.

Take your time when selecting a real estate agent. Interview several; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.

Help.... We need inventory!

2010-02-24T10:17:00.001-08:00

Do you know anyone who is looking to sell this year? If so, I would love to speak with them. We, in the Bay area are in a strange predicament, the market has definitely changed but we still live in a area where everybody would love to own their own home. What we are seeing in places like Rockridge, Crocker Highlands and Areas of Berkeley have experienced a bit of an adjustment in price of about 10%-12%. However, there is little inventory and a ton of buyers. Because of this, we are also seeing multiple offers on homes that are priced right and show well.

Other places that are a in a more transitional area including North Oakland, South Berkeley and certain parts of East Oakland have seen some major price adjustments yet for homes under $500k there has been some major competition with as many offers of 5-15 total on a home. More than ever, it's important that your home shows well and that can be accomplished with home staging and/or working with a Realtor like myself who can help you rearrange your own furniture to make your home sparkle. You we be amazed what a fresh coat of paint can do for a home.

If you or someone you know, are considering selling, please have them contact me. I can help create a strategy that will get them top dollar in the time they want.

Mortgage Protection Program Extended.

2010-02-04T14:16:00.000-08:00

C.A.R.'s Housing Affordability Fund Mortgage Protection Program has been extended through December 31, 2010 or until funds are exhausted. Under the program, first time home buyers who lost their job due to lay-offs may be eligible to recieve up to $1500 a month, for up to 6 months, to help make their mortgage payments. An addition, a qualified co-buyer can recieve up to $750 a month for up to 6 months.

For additional information go to: http://www.car.org/newsstand/newsreleases/mppupdate/

Could medical marijuana be the next big business….Oakland seems to think so.

2010-01-28T12:38:00.000-08:00

Don’t know much about growing pot? Need a medical marijuana card but don’t know how to obtain one? Need growing equipment? Oakland is opening the largest one-stop shop marijuana cultivation center in a warehouse near the Oakland airport igrow will only sell supplies for the marijuana cultivation and not seedlings. In fact, there are only for dispensaries in Oakland who are able to sell seedlings. Currently, igrow has over 1500 followers on twitter.

Last year by a landslide vote, Oakland became the first city to tax proceeds on medical marijuana. The measure that was passed imposes a 1.8 percent gross receipts tax on the four licensed medical cannabis dispensaries in Oakland. These facilities would have to pay about $18 in taxes for every 1,000 in marijuana sales which will help with the city’s deficit problem.

To read more about igrow go to:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/01/28/BA4T1BOGCV.DTL

The Temescal District... still holding strong!

2010-01-13T17:49:00.000-08:00

The Temescal district made the Wall Street Journal in December. It doesn't suprise me! Temescal has been up and coming for many years now. There is a certain charm and unpretentious vibe in the Temescal area of Oakland. It's nestled below Rockridge and has easy access to all the freeways. The district is home to a few of my favority spots as well. If you want the best strawberry shortcake in town then you must go to BakeSale Bettys. If you are looking for a great deal on wine of a fun evening of wine tasting then you must stop at The Wine Mine. I have also become a big fan of the the taqueria La Calaca Loca. You can get a quick bite to eat while being entertained by the decor. And last and but certainly not least, is Genova Delicatessan where you can find a great sandwich. There always seems to to be a wait but the lines move fast and it's worth the wait.

As for real estate, Single family Homes prices in Temescal range from $450,000 to $650,000 and condos in the same area range from $300,000 to $500,00.

For more about Temescal, below is a link to the article in the Wall Street Journal:

http://online.wsj.com/article/SB125856546008953817.html?mod=article-outset-box

Cash for Caulkers

2009-12-09T13:16:00.000-08:00

President Obama proposed a new program Tuesday that would reimburse home-owners for energy-efficient appliances and insulation. The legislation that is currently being crafted by the help of Steve Nadal, director of the American Council for Energy-Efficient Economy, said the bill could contain up to $12,000 in rebates. The proposal is part of the President’s larger spending plan, which also includes money for small businesses, renewable energy manufacturing, and infrastructure.
Items like air conditioners, heating systems, washing machines, refrigerators, windows, and insulation would likely be covered, Nadal said. Consumers might be eligible for a 50% rebate on both the price of the equipment and the installation. And so far, there is no income restrictions attached to the bill.

It’s not clear as of yet how the home efficiency plan would be administered – the government may issue rebates, or through a tax credit, or through state companies. Currently, PG&E offers rebates for you as a homeowner. And, so far, this is unclear if this will change. The a few rebates offered by PG&E include adding attic and wall insulation, replacing your old furnace with a new energy-efficient furnace and changing your old water heater for a new one. Many more rebates our offered and it’s easy to fill out the application online for your rebate: http://www.pge.com/rebates/

Pros and Cons of a Condo Conversion

2009-11-21T09:33:00.000-08:00

There is a new condo conversion in West Berkeley currently offering 2 units for sale:

•1 unit is remodeled and listed for $265,000 and just went pending

•1 unit is offered “as-is” and is listed for $245,000

Currently these units are the lowest priced 1 bedroom condominiums listed in the MLS in Berkeley. Several of my buyers in this price range have expressed interest in these units. Why? Because it’s the best bargain in Berkeley for first time home buyers.

Condo conversions often provide the perfect entry-level opportunity for renters to become homeowners. Why rent when you can own something, build equity and hopefully make a return on your investment? Condo conversions tend to be cheaper than other units on the market and definitely cheaper than new construction. From a developer prospective, it is cheaper to invest in a conversion than to buy vacant land and build something on it. Often times, once a developer acquires an apartment complex, they will offer a discount to the current tenants to buy a unit. The tenant feels like they are getting a better deal than other buyers and the developer gets the ball rolling by selling units quickly.

So what should a buyer think about when considering a condo conversion? A condo conversion is much different than buying a newly constructed unit. New construction is built from the ground up and is constructed with new building materials and stricter building codes than in the past. It’s a good idea to ask many important questions like:

•When was the apartment building built?

•Was it recently or in the 60’s?

•What exactly did the developer do during the conversion?

•What exactly was replaced in the building?

•What type of sound proofing was installed to maintain noise control between units?

•How old is the roof?

It’s also important to speak to your lender if you want to make an offer. FHA guidelines state that buildings of 4 units or less, newly converted or not, are not FHA approved. Therefore, a potential buyer must get approved for conventional financing and have a down payment of 20%. Also, in a four unit building like the one in West Berkeley, there must be three units sold or in escrow in order to close. This can be tricky and requires a certain amount of patience on both sides. However, with patience and little creativity, this could be a great opportunity for a first time home buyer.

Deadline for Tax Reassessment - September 15th

2009-09-01T11:07:00.000-07:00

According to the Alameda Assessor's office, all reassessments of property values should have gone out by the end of July. If you have received your reassessment and agree with it, then you do nothing and this new amount will be reflected on your tax bill sent out in October. IF YOU DISAGREE OR DID NOT RECIEVE A REASSESSTMENT, then you have until September 15th to appeal or to request a reassessment. This is your one chance to make it happen before the 15th. If you are not sure you got one in the mail, go to this link and type in your address. It will show you the current assessment amount:

http://www.acgov.org/MS/prop/index.aspx

Here is a brief message copied from their web page:

After the review project is completed in June, all taxpayers will be notified of their 2009 assessed value during the latter part of July. Once notified, if you agree with the value no action on your part will be necessary and the annual tax bill sent out in October will reflect that assessment. If you disagree please call this office at (510) 272-3787 or come in person. The Assessor's office is located at 1221 Oak St., Rm. 145, and Oakland, CA 94612-4288. Knowledgeable staff is available to assist you with your concerns from 8:30 a.m. to 5:00 p.m., Monday through Friday. If after contacting this office your value concerns are not resolved, you may file an Application for Changed Assessment with the Clerk, Assessments Appeals Board, P.O. Box 1499, Oakland, CA 94612-1499. For information on how to obtain and complete an application call (510) 272-6352 or visit the Clerk's website at http://www.acgov.org/clerk/assessment.htm. The appeal application must be filed between July 2 and September 15, 2009.

Major Fixer in Piedmont!

2009-08-31T15:59:00.000-07:00

Major fixer with major potential. 4 bedroom, 2 bath, 2110 sqaure feet, 1/3 acre lot with expansion potential. Looking for a buyer with cash or private financing. $775,000

The Beauty of Emeryville!

2009-08-23T12:09:00.000-07:00

I just read this interesting article on the transformation of Emeryville. I moved to the area where Emeryville and Oakland meet also known as the Golden Gate Neighborhood. I bought here because I saw the value in this area and always regarded Emeryville as a very well planned town with incredible development potential. In the past three years that I have lived here, I have seen many changes. We have a new playground and picnic area at Hollis and 60th, a new and delicious pizza place called Rotten City Pizza. If you love New York style pizza, this is a place you will want to check out. The new Pulte Homes finally were built and now, even in this market, close to being sold out. Often times when I meet people in Emeryville, I feel a sense of an underground movement of artistry and uniqueness. I love my location and I enjoy the families on my street who have been there for many generations coupled with the young, hip crowd who have claimed stake on the richness of Emeryville. To read more about additional developments in Emeryville, go to:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/06/21/RE6A187O6S.DTL

Carol Rodoni speaks...

2009-08-13T22:04:00.000-07:00

Carol Rodoni, highly regarded speaker, author and analyst of the Bay Area real estate market spoke at McGuire and these are just a few thoughts that I want to share with you from Carol:

Within the foreclosure market, banks are holding onto these properties and releasing them slowly for two reasons – 1. To not flood the market and, 2. To control the market.

Numerous hedge funds are being created to buy distress properties. (Your competition is not only the single investor with cash but the “group” investors who have joined together to buy.)

Interest rates will begin to increase by the middle/end of 2010 they will increase to 7%-9%. Inflation will occur.

If you can buy real estate now and own it while the market stabilizes itself , you will make money off of your investment. (as I have said , hold onto it for at least 5 years)

Buyers in our market are reading about other markets and think that it pertains to our market – not true… get the facts and stop believing everything you read.

With that mentioned, I can email you any stats you want about what is selling and for how much in a particular market/zip code. Just let me know and I can send you an email. Be prepared, be educated, and be realistic in this market and you will succeed!

Why should you obtain a pest report?

2009-08-06T16:25:00.000-07:00

When working with a first-time home buyer, I am often asked, what is a pest report and why should I get one? It is important to get all inspections completed during your inspection contingency period including a basic home inspection, a pest inspection, roof, foundation, heating and electrical inspection. In some cases, the Seller will have obtained some of these reports and this can save you some money and in other cases you may not need to get all inspections completed which can run you a total of $200-$900 depending on what inspections you will need to obtain. However, in all cases you definitely want to make sure that a current pest inspection has been obtained and that will cost you a total of $175-$400 depending on the type of report and who you use. So, what is a pest inspection and what does it tell you?

If there is evidence of a pest problem, then a qualified termite control specialist will let you know what treatments are available to control existing termite issues and give you recommendations to help control the spread of termites in the future. However, if there is structural damage to the home, then you must call a structural engineer to assess the damage and recommend how to fix the issue. The Engineer and the pest control specialist are different and they look differently at the issue. Engineers look at the impact of the damage and pest control specialists look at the need for treatment.

It is extremely important to get a pest report and make sure you do your due diligence before removing your inspection contingency. Trying to save a couple of hundred bucks by not obtaining a report could lead you down a very expensive path of homeownership.

Cliff Bar establishing headquarters in Emeryville

2009-08-05T17:42:00.000-07:00

After being in Berkeley for several years, Cliffbar is returning to where it all started - Emeryville. They will be leasing space at the Emeryville Tech Center at
65th and Hollis. They will occupy 110,000 square feet with 180 employees.

They plan to become LEED Gold Certified from the US Green building council. Improvements to the space will include a bike garage, hair salon, kitchen, full time day care facility, and theater for their employees and community events.

Go Emeryville!!

539 Zorah St, Oakland $599K Open Sunday 2-4pm

2009-07-24T15:35:00.000-07:00

Updated craftsman in the Haddon Hill district of Oakland. This property offers a beautiful updated kitchen and two bathrooms, hardwood floors, remodeled kitchen with granite counters and new cabinets. The open floorplan leads to two bedrooms, 1 1/2 bathrooms and kitchen on the main level and and a large, private master bedroom on the top floor.

A guard against inflation?

2009-07-01T13:36:00.000-07:00

Depending on which economist you listen to or read you may be inclined to believe that the U.S. is headed towards inflation. The theory is that because the Fed and it's counterparts around the world have been printing money to combat the global recession, inflation is a natural consequence. If you agree with this argument, you may want to buy into real estate!

If you have a low-rate, 30-year, fixed mortgage, your note will appreciate as prices rise:

- Your property value will rise
- Your rental income will rise
- Your mortgage payment will remain fixed
- You will repay the loan with cheaper dollars

Among the top economists there is plenty of disagreement regarding inflation. Some argue that with unemployment figures at a 26 year peak and plenty of idle factory space, rising prices in the near term is not a concern.

Real estate investors need to remember however, that a hedge against inflation is just one of the many benefits of investing in real estate. And remember the tax advatanges to owning a home:

- Ability to depreciate real estate hence reducing (or eliminating) your
reportable taxable income from the property
- Ability to write off expenses
- The mortgage interest deduction
- The ability to sell real estate and either avoid and/or defer the payment
of capital gains taxes

Remember there is great value in today's market.

What is a lease to own?

2009-06-29T19:03:00.001-07:00

What Is a Lease-to-Own Purchase?

A lease-to-own house purchase (also "rent-to-own purchase" or "lease purchase") is a lease combined with an option to purchase the property within a specified period, usually 1-2 years, at an agreed-upon price. Upfront, the borrower will pay an option fee, 1% to 5% of the price, which is credited to the purchase price. The borrower pays rent and an additional rent premium that is also credited to the purchase price. If the buyer decides not to purchase, then the buyer loses both the option fee and the rent premium.

Contract Features of a Lease-Purchase:

The sale price of the house and the rent are market-determined, yet subject to negotiation just as in a straight purchase or rental transaction.

To the buyer, the option and rent premium are part of the equity in the house they will soon own. If they buy, the only cost is the interest they would have earned. To the seller, these payments are the best guarantee that the buyer will exercise their option to buy after the lease agreement is completed. If they do not go forward with the purchase, these payments are retained as income. In the lease interim, the seller still gets the tax benefits of home ownership.

A lease purchase also may give the renter/buyer the right to assign the option to buy. This will usually have considerable value to the buyer, because it means that the option can be sold in the event that it has value but the buyer is not able to exercise it. It is a cost to the seller for the same reason.

New construction tax credit running out!!

2009-06-15T09:01:00.000-07:00

I read this morning an interesting article (link below) from CNNMoney.Com. The state set aside $100 million to help home buyers purchasing newly built homes and about 20%of the pot is left. According to the State Franchise Tax Board, the program launched in March and by June 3 nearly $24 million in tax credit certificates had already been issued. That leaves nearly $76 million in credit available - but there are already numerous claims on that money. In fact, if all the submitted applications are approved, only $17.5 million will be left in the fund. And it has a run rate of about $10 million per week. And here is the kicker - in order to get the $10K credit, you have to close the deal BEFORE the money runs out. Most people believe it's just getting the offer accepted - not the case!

Here is the link to the story:
http://money.cnn.com/2009/06/12/real_estate/10000_California_tax_credit/index.htm?postversion=2009061215

June is here and farmer's markets are back!

2009-06-09T12:25:00.000-07:00

I love June because I know that most farmer's markets in the East Bay are starting back up! Shop at a farmer's market - support your community and local farmers!!

OAKLAND

Grand Lake farmer's market(FM):
Every Saturday 9am-2pm; Located across from Grand Lake Theater

Montclair Village FM:
Every Sunday 9am-1pm; Located at La Salle Ave/Moraga Ave

Laurel District FM:
Every Saturday 10am-2pm; Located at 4173 Macarthur Blvd

Old Oakland FM:
Every Friday 8am-2pm; Located at 9th/Washington

West Oakland FM:
Every Saturday 10am-4pm; Located at 5th/Mandela Pkwy

BERKELEY:

Saturday 10am-3pm; Located at Center/Martin Luther King Jr.
Tuesday 2pm-7pm; Located at Derby St/Martin Luther King Jr.
Thursday 3pm-7pm; Located at Shattuck Ave/Rose St (All Organic)

House Flipping is Back!

2009-05-20T14:09:00.001-07:00

What does it take to flip a house? Flipping a house requires a level of knowledge, expertise, and savvy project management skills. It requires access to cash, and lots of it. It demands time, energy, vision, attention to detail, and the right team to make a profit on flipping a house. Besides flipping a house, you will also see houses, especially REOs, being bought at ridiculously low prices and then being put back on with minimal work at $30-$40K higher.
In this market, I have seen a house go on the market for under $130,000 and then be put back on the market, with minimal effort, for $215,000. I have also seen a house by Mills College purchased three months ago for $70,000. They upgraded everything including plumbing & electrical, painted inside and out, landscaped and remodeled the kitchen and bathroom. They did a great job and it’s now on the market for $298,000. The listing agent told me today that she has had a ton of phone calls. Will it sell? Yes and probably at asking or close to it.
My client asked me if I thought it was worth it to by a flipped house? I think yes, if, it’s done correctly. Often times, people get into the flipping game and think they have a good eye for style and unfortunately, they don’t and the remodel ends up looking like crap. So, when is it worth it? There are three factors in deciding if a flipped house is a good purchase - If the work on the house is done by a quality contractor, the location is good and the comparables in the neighborhood justify the price.
Believe me, it’s nice to move into a place that needs minimal work!

2009 TAX CREDIT

2009-05-11T13:32:00.000-07:00

Just to be clear, here are the basics for the 2009 First time home buyer tax credit:

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Got wet basement?

2009-04-21T22:25:00.000-07:00

Well, you probably don't have a wet basement now being that it's been about 90 degrees the last two days however, while the basement is dry, it is time to make the necessary fixes to eliminate a flooding basement on the next rainy day. I bought a house a few years back in a part of Oakland that is below the water line which means that most of the basements in the neighborhood flood. But the good news is, that their are steps one can take to help with the flooding. Here are few:

Start outside. If you notice recurring dampness or puddles in a particular part of your basement, head outdoors. Walk along your house to the spot closest to where the leak is occurring. Look up. Chances are the problem is one of three things: a bent, clogged or missing gutter that's dropping roof runoff near the foundation; a down-spout that's releasing its load too close to the house; or an underground collection pipe that has become clogged or broken. A handyman can fix any of these problems for as little as $200 by, for example, replacing the gutter or adding an aboveground discharge pipe that extends at least three feet from the house.

Cover the windows Is your leak under a basement window? Blame the "well" - the exterior dugout that permits the window to sit below grade. It's funneling rainwater against the foundation, where the water is finding a crack or seam to get in. The easiest fix is a clear plastic well cover (cost: $35 to $45 at home centers) that keeps the water out but lets the sun shine through. If you can't find the right size or shape at the store, go to windowbubble.com.

Plug cracks and holes. Watch for water entering through seams between concrete blocks, cracks in old concrete or holes where pipes penetrate the foundation. If you find such gaps, fill them with hydraulic cement (cost: $10 for a 10-pound container -probably more than enough - at any hardware store). Just mix water with this powder to get the consistency of toothpaste and press as much of it as you can into the opening after you brush out any loose debris. It will harden into a watertight seam.

For additional fixes go to:
http://money.cnn.com/2009/02/26/real_estate/flooded_basement.moneymag/index.htm

Cities leading the way to sustainability!

2009-04-07T10:42:00.000-07:00

I was reading this article at lowimpactliving.com about cities that are leading the way to sustainability and are very own San Francisco made the list.

Did you know, that San Francisco has helped pave the way in sustainability and environmental progress. For example, SF was the first city to ban single-use plastic bags, a move that many other cities are following.

And, SF has also jumped into solar energy production with both feet. Turns out, solar panels work just fine in the fog…who knew? After a successful installation at Moscone Convention Center generated enough electricity to fully power it during events, the City started installations at many different municipal facilities. Awesome!! Now, we can only hope that Oakland will be the next city to join the list. To read more about other cities that have made the list go to:

http://www.lowimpactliving.com/blog/

How will the simulus package benefit Oakland?

2009-03-23T14:07:00.001-07:00

Given the budget woes on the local and state level and the weak economy, the new Federal Stimulus package signed into law on Feb.14th has generated some interest in regards to what each city will get and when.

The Stimulus primarily addresses capital projects: streets, roads, energy efficiency upgrades, etc... There is also funding for investment in education and health care but the Stimulus will not provide funds to fix the holes in the budget nor will it solve the majority of financial issues facing Oakland. However, it will help in some areas and we have Mayor Dellums to thank for this (believe it or not).

The funds are being distributed through many different channels, some through Federal and State agencies and some through grant programs. There has been a City inter-departmental team to follow stimulus funds closely and make sure the City can compete for funds and can implement projects when we do receive funding.

Stay tuned for more stimulus funding results as they unravel.

Q & A about the California Tax Budget

2009-02-21T11:03:00.000-08:00

The Mercury News posted an article online breaking down the California budget - what it all means - tax increases - spending, etc..

Q When will the "temporary" sales tax increase take effect, and when will it end?

A The 1-cent-on-the-dollar increase begins April 1, but when it ends depends on the outcome of a ballot measure calling for a cap on state spending. If the spending cap fails, the tax hike ends June 30, 2011. If the cap passes, the tax ends June 30, 2012

Q What's a spending cap?

A It's a way to force state government to limit how much money the state can spend. In this case, by using a formula that links spending to inflation and population growth, the increase in annual expenditures would be capped at about 5 percent each year.

Q What are all these ballot measures related to the budget, and when are the elections?

A There are six measures that require voter approval at a special election May 19. They seek to: implement the spending cap; require the state to increase annual education funding by $9.3 billion in future years; shift Proposition 63 mental health services money; redirect how Proposition 10 cigarette tax money is allocated; clarify education appropriations from the state lottery; and deny pay increases to lawmakers during budget deficits. A seventh measure, on the June 2010 ballot, would do away with partisan primaries, which would allow candidates for statewide and congressional seats to run for office without listing their party affiliation.

Q How much more will it cost to register my vehicle?

A Beginning May 19, the vehicle license fee rises from the current level of 0.65 percent of the value of the car to 1.15 percent of the value. The tax increase goes away by June 30, 2013.

Q And there's a tax on income tax, too?

A Yep. A 0.25 percent surcharge on personal income tax, though the increase would be cut in half if the state receives more federal stimulus funding than expected. The surcharge, for the 2009 tax year, lasts through tax year 2012 at the latest.

Q What does the budget mean for education funding?

A The Legislature slashed $8.4 billion in funding for schools and community colleges. As a result, the California Teachers Association predicts class sizes will increase, thousands of teachers could be laid off and programs will be eliminated. Funding was maintained to continue smaller class sizes in grades K-3, and school districts will have more flexibility in how they spend money geared for specific programs.

Q What about other colleges and universities?

A The University of California and California State
University systems will each suffer a 10 percent cut. Annual fees for CSU students will rise to $3,354 from the current $3,048.

Q What happens to those on welfare programs?

A CalWORKS, the welfare-to-work program, will not provide cost-of-living increases. Those who receive state and federal supplemental income, such as certain seniors or disabled recipients, also will not get an increase.

Q Will the Department of Motor Vehicles and other state offices remain closed due to state worker furloughs every two weeks?

A Yes, for now, until labor unions and Gov. Arnold Schwarzenegger's negotiators find a way to trim $1.4 billion in payroll expenses. The next state office closing is today.

Q Is there any good news in the budget?

A Well, yes. The budget includes tax credits for businesses that invest in California, and it ensures that previously approved public works projects can continue.

The "Green-Pod" Revolution is about to begin....

2009-02-19T16:34:00.000-08:00

Check out these eco-friendly, eco-smart dwellings! The company, GreenPod Development, is based out of Washington and is designing and constructing affordable modular homes. The pods vary in size from 300-800 sq.ft. and if you need additional square footage you can stack them together. Kinda of like legos...Brilliant!

For additional information:
http://www.lowimpactliving.com/blog/2009/02/14/greenpods-small-lovely-eco-homes/

$8,000 credit for first-time home buyers!!

2009-02-19T15:26:00.000-08:00

First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

2007 & 2008 Sold properties - Oakland/Emeryville

2009-02-06T07:51:00.000-08:00

Sold comparison of 2008(column on left) and 2007 (column on right) for Oakland & Emeryville. All stats taken from MLS.

Zip Code 94603: E. Oakland
2008: 249 SOLD - 2007: 96 SOLD
Avg LP: $168,932 - Avg LP: $394,689
Avg SP: $163,010 - Avg SP: $393,760
Avg DOM: 48 - Avg DOM: 51

*DOM = days on Market *Avg LP = Average List Price
*Avg SP= Average Sold Price

Zip Code 94619: Oak. Hills, Redwood Heights,
Ridgemont, Cresmont, Skyline.
2008: 207 Sold - 2007: 204 Sold
Avg LP: $524,673 - Avg LP: 651, 094
Avg SP: $509,688 - Avg SP: 648, 056
Avg DOM: 44 - Avg DOM: 34

Zip Code 94611: Piedmont Ave, Montclair, Westlake
2008: 281 Sold - 2007: 342 Sold
Avg LP: $777,498 - Avg LP: $802,609
Avg Sp: $761,410 - Avg SP: $808,602
Avg DOM: 48 - Avg DOM: 34

Zip Code 94606: China Hill, Ridgemont, San Antonio Park
2008: 96 Sold - 2007: 76 Sold
Avg LP: $337,833 - Avg LP: $445, 916
Avg SP: $326, 428 - Avg SP: $433, 276
Avg DOM: 54 - Avg DOM: 45

Zip Code 94605: E. Oakland, Chabot Estates, King Estates,
Sequoyah Highlands
2008: 384 Sold - 2007: 283 Sold
Avg LP: $302,951 - Avg LP: $528,302
Avg SP: $295,734 - Avg SP: $521,853
Avg DOM: 56 - Avg DOM: 45

Zip Code 94608: Emeryville
2008: 82 Sold - 2007: 117 Sold
Avg LP: $397,461 - Avg LP: $459,428
Avg Sp: $386,931 - Avg SP: $448,507
Avg DOM: 57 - Avg Dom: 48

Zip Code 94608: N.Oakland (Temescal), W. Oakland
2008: 140 Sold - 2007: 139 Sold
Avg LP: $294,738 - Avg LP: $459,428
Avg SP: $286,045 - Avg SP: $448,507
Avg DOM: 50 - Avg DOM: 48

Zip Code 94705: Claremont Hills, Hiller Highlands
2008: 17 Sold - 2007: 20 Sold
Avg LP: $1,419,288 - Avg LP: $1,372,315
Avg SP; $1,379,012 - Avg SP: $1,350,865
Avg DOM: 79 - Avg DOM: 47

Zip Code 94607: Downtown, W. Oakland
2008: 103 Sold - 2007: 127 Sold
Avg LP: $322,917 - Avg LP: $434,340
Avg SP: $310,209 - Avg SP: $424,746
Avg DOM: 42 - Avg DOM: 40

Zip Code 94609: W. Oakland, N. Oakland, Temescal
2008: 27 Sold - 2007: 36 Sold
Avg LP: $436,911 - Avg LP: $534,388
Avg SP: $437,107 - Avg SP: $542,535
Avg DOM: 49 - Avg DOM: 41

Zip Code 94612: Lake Merritt, Downtown, W. Oakland
2008: 116 Sold - 2007: 36 Sold
Avg LP: $424,620 - Avg LP: $448,965
Avg SP: $406,217 - Avg SP: $440,550
Avg DOM: 51 - Avg DOM: 43

Zip Code 94618: Rockridge, Hiller Highlands, Hillcrest
2008: 176 Sold - 2007: 248 Sold
Avg LP: $921,427 - Avg LP: $914,114
Avg SP: $917,663 - Avg SP: $937,640
Avg DOM: 39 - Avg DOM: 25

Zip Code 94621: E. Oakland, Eastmont, Frutivale
2008: 200 Sold - 2007: 100 Sold
Avg LP: $135,953 - Avg LP: $362,721
Avg SP: $130,292 - Avg SP: $353,707
Avg DOM: 51 - Avg DOM: 51

Zip Code 94601: Fruitvale, E. Oakland, Allendale
2008: 191 Sold - 2007: 112 Sold
Avg LP: $238,000 - Avg LP: $447,298
Avg SP: $234,810 - Avg SP: $439,880
Avg DOM: 44 - Avg DOM: 42

Zip Code 94602: Redwood Heights, Dimond, Glenview,
Joaquin Miller, Oakmore, Laurel
2008: 258 Sold - 2007: 268 Sold
Avg LP: $543,433 - Avg LP: $602,935
Avg SP: $540,834 - Avg SP: $611,637
Avg DOM: 40 - Avg DOM: 32

Be careful with what you are using in your garden!

2009-01-23T20:11:00.000-08:00

As some of you know, I am a huge pet lover and I also love to garden. I just read this article about how your pets are sometimes more vulnerable to pesticide poisoning than us humans. My dogs love to go out to the front lawn and eat grass, nose around the yard sniffing and sometimes eating things they find and then they lick themselves clean afterward. All of that means they may be at risk of chemical poisoning and some other health problems.

Below is an excerpt from the story regarding pesticides:

Numerous studies have documented the risk of pesticides to pets over the years. A 1991 National Cancer Institute study found that dogs whose owners' lawns were treated with 2,4-D four or more times per year are twice as likely to contract canine malignant lymphoma than dogs whose owners do not use the herbicide. Exposure to herbicide-treated lawns and gardens increases the risk of bladder cancer by four to seven times in Scottish Terriers, according to a study by Purdue University veterinary researchers published in the April 15, 2004 issue of the Journal of the American Veterinary Medical Association. Research published in the December 1988 issue of Preventive Veterinary Medicine links hyperthyroidism in cats to flea powders and sprays, lawn pesticides and canned cat food. Allethrin, a common ingredient in home mosquito products (coils, mats, oils and sprays) and other bug sprays, has been linked to liver problems in dogs, according to a 1989 study by the World Health Organization. The 1989 edition W.C. Campbell Toxicology textbook reports that chronic exposure to abamectin, an insecticide often used by homeowners on fire ants, can affect the nervous system of dogs and cause symptoms such as pupil dilation, lethargy and tremors. According to 2004 statistics compiled by the American Society for the Prevention of Cruelty to Animals' Animal Poison Control Center, 22 percent of approximately 880 cases of pet birds being exposed to common household toxins involved pesticides (including rat bait and insecticides).

For more information about harmful pesticides go to:
http://www.beyondpesticides.org/infoservices/pesticidesandyou/Fall%2007/pets.pdf

And if you suspect your animal has been poisoned, take him/her to the vet immediately.

Fannie and Freddie extend foreclosure Suspensions

2009-01-23T17:28:00.000-08:00

Mortgage giants Fannie Mae and Freddie Mac reported this week that they have extended a moratorium on foreclosure suspensions for another three weeks, directing the mortgage servicers they work with to postpone any foreclosure or eviction proceedings through January 31.

Under the original moratorium, which began Nov. 26 and was scheduled to lapse on Jan. 9, 6,000 homeowners would avoid bank repossession and eventually qualify for mortgage modifications.

Hopefully, the extension should give servicers more time to help these at-risk homeowners enroll in the companies' Streamlined Modification Program.

That program is aimed at helping borrowers who are 90 days or more late on payments, who own and occupy their primary residences and who have not filed for bankruptcy to reduce mortgage payments to no more than 38% of their income. I am sure other lender will be following shortly if they already haven't flexed their rules a bit.

California Tops the List!

2009-01-22T16:50:00.000-08:00

Yahoo has reported the top 10 foreclosure cities and California takes the prize:

1. Merced, CA
2. Modesto, CA
3. Stockton, CA
4. Riverside, CA
5. Detroit, MI
6. Fort Lauderdale, FL
7. Cape Coral, FL
8. Vallejo, CA
9. Las Vegas, NV
10. Sacramento, CA

Oh no California... What next?

White House for Sale! $9.88 million dollars and it's yours!

2009-01-08T10:54:00.000-08:00

Ok, so it's not the actual white house but it's a replica designed by a developer in Atlanta. Yes, that is right... an exact replica. It's hard for me to imagine who would buy it but I guess someone will even in this economy. Ugh.

Check out the story:
http://www.nytimes.com/2009/01/08/us/08atlanta.html?ref=us#

Vival La Mexico!

2009-01-07T16:30:00.000-08:00

My boyfriend and I just got back from a weeks vacation from San Pancho, Mexico. A small town North of Puerto Vallarta. It was fabulous! The food was wonderful, the town was very cute, and our house was a five minute walk to the beach. We decided to stay there because I didn't want to be in the hussle and bustle of PV, but I also wanted to be close to Sayulita because of the great surf break. For some reason, I thought the real estate would be cheaper than PV but I was wrong. Check out the prices below.
\
Now, this is brand new construction but a 3 bedroom/ 3 bath, 3000 sq.ft. home is going for a whopping $700,000 US (not pesos). WOW. They are still building like mad there and I am sure the US economy has taken a toll on their economy but the prices in real estate seemed to be increasing fast. Below is a link:

http://homes.point2.com/MX/Jalisco/San-Pancho-Real-Estate.aspx

What's an REO?

2008-12-17T21:46:00.000-08:00

The question the month is "What is an REO?" The term REO (Real Estate Owned) means that the bank now owns the piece of property. Basically, the property has gone through foreclosure, put on the auction market, and did not sell. Therefore, it is now owned by the banks.

REO's can be a good investment but you must know what you are getting into. It's not just a good buy because it's cheap. Often times, owners will trash a house once they are given a foreclosed notice. I have even seen an REO property with the piping torn out of the wall before the owners moved out. However, it can be a good buy but the same rules apply - how the bones of the house? Make sure you get an inspection before you close the deal. The bank requires that you buy "AS IS."

The reason an REO could be a good option for you is if it's an a decent location either to live in for yourself OR if you plan on renting it. The price could be right and the bank is not into owning an REO. Banks often get fined by the Federal Government for owning REOs so they want to get rid of it as soon as possible and they tend to sell it for around 30%-40% of it's value. Not a bad deal, eh?

So, if you are interested, I can send you some REOs in the surrounding areas. However, if you are seriously thinking about buying then let's talk loans. It's harder these days to get financing and typically a bank will want 20% down if you are an investor planning on renting the property. If you are thinking of buying for you to live in it, the banks are looking for at least 5%-10% as a down payment.

Send me an email and/or call and I can send you some REO's ins the area you are interested in.

City Walk Wrapped Up Tight!

2008-12-05T16:23:00.000-08:00

So, it looks like the City Walk project will not be completed anytime soon. The developer claimed bankruptcy in 2007 with the hopes of getting additional financing in 2008 to complete the project. With the state of the economy there looks to be little hope to finish. Read below for more details...

http://www.insidebayarea.com/oaklandtribune/ci_11132318

Dubai is shape shifting

2008-11-12T22:37:00.000-08:00

So, as I try and keep my mind off this ever changing economy, I search for articles that are not about the economy, or at least about hope or something of interest like architecture. I read in article on CNN.com regarding the new skyscraper going up in Dubai and I thought I would share as it "sounds" like it will be amazing but then again it's still just sound.

New York Base architect David Fisher, released a statement regarding the "world's first building in motion," that his company wil be building in Dubai.

Ambitious plans to build a revolutionary 420-meter shape-shifting skyscraper in Dubai have been unveiled by architects.

Each floor would be capable of rotating independently, powered by wind turbines fitted between each floor.

"You can adjust the shape the way you like every given moment," Fisher said. "It's not a piece of architecture somebody designed today and that's it. It remains forever. It's designed by life, shaped by time." Watch how the tower would spin and twist!

Apartments will sell for approximately $3,000 per square foot, making each unit range in price from about $4 million to $40 million. According to Dynamic's website, "Work on the tower is to be completed by 2010."

Fisher said that plans to build a second rotating skyscraper in Moscow were at an advanced stage and that the group intended to build a third tower in New York. He said developers and public officials in Canada, Europe and South Korea had also expressed interest in the project.

There has been som skepticism as Fisher has never built a skyscraper before. He has said that he has teamed up with engineers and architects who will help hil with his development. I guess we will have to wait and see the outcome.

Woman buys foreclosed home for Stranger

2008-10-27T12:34:00.000-07:00

I haven't blogged in a couple weeks because I have been completely consumed with the news about the economy. I have been reading everything I can get my hands on and unfortunately, like most people, have become somewhat depressed with the ups and downs of the market.

Instead of spreading the negativity, I am going to start spreading the positivity! I read this article that gave me hope and put a little warmth in my heart. I hope it does the same for you!

http://www.wfaa.com/sharedcontent/dws/wfaa/latestnews/stories/wfaa081026_mo_auctionangels.151177f7c.html

To bad West Oakland....

2008-10-03T10:42:00.000-07:00

Arnold declined the bill to address pollution by opposing a fee at are ports caused by ships importing and exporting materials and opposing fees to trucks that do not meet environmental regulations.

The fees of up to $30 per 20-foot equivalent unit on each shipping container processed at the ports would have been used to alleviate congestion at the ports by funding projects to improve flow and efficiency.

The fees, which were expected to raise about $300 million a year statewide, also would have mitigated air pollution caused by the movement of cargo to and from the ports.

In a veto message that he issued late Tuesday, Schwarzenegger said "he rejected the nitrogen oxide, which is a smog-forming pollutant, and 75 percent of all diesel particulate matter pollution."

And the council halts again...

2008-09-24T21:58:00.000-07:00

Sometimes I wonder how anything ever happens in Berkeley. There is so much talking going on I feel like I am at a never-ending therapy session. Amongst other topics like, establishing citizen nuisance wood smoke abatement procedures and raising recreation fees, the council spoke to city's condominium conversion fees.

A suggestion for revisions in the amount of fees that are charged to complete a condo conversion be reduced to 8%, as well as a review of how the process in which those fees are determined.

Initially the fee was set by council in 2005 at 12.5% of the sale price of the unit to be converted. This was set to help the city by back affordable rental housing that was deemed lost in the condo conversion, as well as give the city a a share in some of the profit (however, I'm not sure how this has been accounted for or what the money has been used for).

There was a general agreement among the council, staff and residents speaking at the meeting that the current conversion fee is too high and that the city approval procedures are too complicated. But there was little agreement on how much to charge, or exactly what parts of the procedure to streamline or change. So, we are back at just talking and no action...again.

I'll keep you posted of any changes. My next blog about this topic will be in 2010.

3833 Wisconsin Street - $499K

2008-08-27T10:04:00.000-07:00

This house explodes with charm! Big backyard, hardwood floors, corner unit, built-ins, converted attic space, the list goes on and on. The only downside is there is one bathroom.

Price just dropped and definitely worth taking a look at!

Berkeley Foreclosures YTD

2008-08-25T14:59:00.000-07:00

Zip: City: County: Total:

94702 Berkeley Alameda 5
94704 Berkeley Alameda 1
94705 Berkeley Alameda 1
94708 Berkeley Alameda 1
94707 Berkeley Alameda 1
94703 Berkeley Alameda 0
94710 Berkeley Alameda 0
94709 Berkeley Alameda 0

Oakland Foreclosures YTD

2008-08-25T14:39:00.000-07:00

Zip: City: Total:

94603 Oakland Alameda 77
94621 Oakland Alameda 57
94605 Oakland Alameda 83
94601 Oakland Alameda 38
94607 Oakland Alameda 19
94612 Oakland Alameda 5
94606 Oakland Alameda 16
94619 Oakland Alameda 18
94609 Oakland Alameda 6
94602 Oakland Alameda 8
94610 Oakland Alameda 7
94618 Oakland Alameda 3

Big Coupon Savings

2008-06-24T11:17:00.000-07:00

Last week LotandHome.com launched a new listing site focused on new homes and lots, but with a twist. Anyone can register with the site and get a “Rebate Voucher.” Bring the voucher to the builder and get a “cash back equaling 1% of the purchase price”. It's like a $1K coupon.

From the Press Release:
“Completely non-competitive LotandHome offers benefits to the buyer, the homebuilder and the real estate agent. Homes sold through LotandHome.com carry a three percent commission from the participating builders. The new homebuyer receives a 1% cash rebate, 1% goes into national advertising for the website and 1% is allocated toward operational expenses and profits.”

The world's most expensive real estate!

2008-06-12T13:21:00.000-07:00

Despite global economic concerns, there are still properties commanding ferocious premiums. Where are they...read below.

According to London-based real estate group Knight Frank, has identified the top twenty (I'll give you the top ten) most expensive places you can buy and how much you can get for a measly $1.5 million:

1. London; a small studio apartment at $6,191 per square feet
2. Monaco; a studio apartment at $5,888 per sq. ft.
3. St Jean Cap Ferrat (France); small studio apartment at $5,853 per sq.ft.
4. Courchevel (France); studio apartment; $4,710 per sq.ft.
5. Hong Kong; studio apartment; $4,507 per sq.ft.
6. Manhattan; studio apartment; $4,320 per sq.ft.
7. Cortina d'Ampezzo (Italy); 1 bedroom at $3,028 per sq.ft.
8. Portofino (Italy); 1 bedroom at $2,692 per sq.ft.
9. Singapore; 1 bedroom at $2,423 per sq.ft.
10. Tokyo; 1 bedroom at $2,334 per sq.ft.

Tips to avoid a foreclosure!

2008-06-10T14:25:00.000-07:00

Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?

Don't ignore the letters from your lender
Contact your lender immediately
Contact a HUD-approved Housing Counseling Agency
Toll FREE (800) 569-4287
TTY (800) 877-8339

If you are unable to make your mortgage payment:

1. Don't ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender (the bank that owns your loan) as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.

You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

Have we hit bottom?

2008-05-12T16:09:00.001-07:00

I keep gettng asked by my clients, friends family if I think we have "hit bottom yet" in the East Bay Market. The direct answer simply is I don't know. And really, the only way to tell if we have hit bottom is when prices start to go back up or stabalize.

In some areas like North Berkeley and Rockridge, prices have not changed dramatically. In other places like West Oakland and Richmond you have definitely seen a substantial drop in prices. However, no matter where you are buying in the East Bay, a buyer has more negociating power then we have seen in a long time. A buyer can negociate on terms and frankly that equals saving money. So, if you are thinking of buying the time is this year. Loan rates are extrmeley low, and Fannie Mae just raised there conforming loans in the some parts of the East Bay to low
$700's.

The LandLord

2007-12-07T10:12:00.001-08:00

Entry level housing affordability is at 24% in CA

2007-12-07T10:06:00.001-08:00

The percentage of households that could afford to buy an entry-level home in California stood at 24 percent in the third quarter of 2007, unchanged from the same period a year ago, according to C.A.R.'s First-time Buyer Housing Affordability Index (FTB-HAI) released Nov. 29.

The minimum household income needed to purchase an entry-level home at $482,910 in California in the third quarter of 2007 was $99,590, based on an adjustable interest rate of 6.56 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $3,320 for the third quarter of 2007

posted by the California Association of Realtors

How to take simple steps to green your home!

2007-11-28T12:00:00.000-08:00

Below is a link to an articel about how to SIMPLY green your home!

Over the past year, I’ve had the opportunity to visit many different families to help them create more eco-friendly homes. More often than not, their first questions are “How can I install solar panels?” or “What are the best options for green countertops”? Very relevant and laudable questions to be sure, but ones with fairly expensive answers! While we at Low Impact Living help with questions like these, we also try to help people understand that they can make many simpler changes that protect the planet and save money - money that they can use to fund those larger projects.

Typically, we recommend that people make changes in a particular sequence. As an example, everyone wants a tankless or solar hot water heater. But if you install one before you install low-flow showerheads, faucet aerators, and Energy Star clotheswashers and dishwashers, you’ll likely be buying one that is 50-100% bigger and more expensive than what you truly need. So, we recommend a four-step process for greening a home:

To read more copy and paste the link:

http://www.lowimpactliving.com/blog/2007/11/27/green-your-home/

Fun Facts about Berkeley

2007-11-23T22:45:00.000-08:00

Berkeley was started by Englishman Robert Jenkins who received a grant for 1,000 acres in this scenic area near the San Francisco Bay. For many years before it became industrialized Berkeley’s primary industry was farming and dairy. Today Berkeley is a multi-ethnic city that is often thought of as the center of the visual arts scene!

Berkeley was named after Englishman founder Robert Jenkins’ historic estate in the county of Gloucestershire, England.

Founder Robert Jenkins died in 1822 after falling from his horse. He was 45.
Berkeley is very compact and only takes up 18 square miles.

Almost half (40.94 percent) of Berkeley is water.

Berkeley is currently the fourth most populated city in Alameda County following Oakland, Fremont and Hayward.

In 1910 Berkeley was the fifth largest city in California.
Berkeley is home to the prestigious University of Berkeley, one of the first American universities to allow women to study with the men.

Berkeley has one of the highest rates of bicycle and pedestrian commuting in the United States.

Dwindling Jumbo Loans

2007-11-16T13:22:00.000-08:00

Sales of existing, single-family homes in the nine counties that touch the bay slid 41.3 percent, from 5,761 last year to 3,384 in October, the firm reported Thursday.

Although it was the 33rd month in a row of year-to-year sales declines, the market has been slammed in recent months by a tightening in the mortgage market, which is making home loans harder to come by and more expensive.

Of particular concern in the high-priced Bay Area housing market is that the number of jumbo loans, or those over $417,000, has slowed to a trickle. This summer, after higher defaults in the subprime sector - where mortgages were given to people with iffy credit - investors stopped buying jumbo mortgages, leading buyers to walk away from deals or avoid the market altogether.

"We don't have liquidity in the marketplace, and that's creating a drop in market value because people can't close on a purchase," said San Francisco mortgage broker Leon Huntting.

According to DataQuick's analysis, the number of homes purchased using jumbo loans tumbled 50 percent between July and October.

Price data show a bifurcated market, with decreases in many of the counties outside the region's urban core. For instance, in Solano County, the price for a detached home plunged nearly 18 percent; in Sonoma County, the median dropped nearly 12 percent.

On the flip side, prices in Santa Clara County and San Francisco were up 7.4 percent and 4.3 percent, respectively. Even in those submarkets, however, DataQuick analyst Andrew LePage and others say the picture is mixed. Sales at the higher end of the market are relatively brisk compared with the lower end, helping to draw the overall median higher.

For all existing homes in the Bay Area, the median paid in October was $685,000, up 3.8 percent from $660,000 in October 2006.

to read more go to: http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2007/11/16/BUH8TCG24.DTL&type=business

Countrywide's Bail Out Plan

2007-10-26T10:29:00.000-07:00

IT'S A NIGHTMARE for any homeowner: An interest-rate hike pushes your monthly mortgage payments into such costly territory that you fall behind, and soon the foreclosure notice arrives in the mailbox. Unfortunately, this scenario has already played out for hundreds of thousands of homeowners across the country and could become a harsh reality for many more Americans whose adjustable-rate loans are about to reset in the upcoming months.

Making matters even worse: Home values continue to slide and lending standards remain tight. Those factors have made the one logical solution for homeowners that face ballooning mortgage payments — refinancing their mortgage to a loan with a lower rate — nearly impossible, especially for those with subprime loans.

So when Countrywide Financial, the U.S.'s largest mortgage lender, announced on Tuesday that it was launching a program aimed at helping cash-strapped homeowners by canceling rate resets or modifying their loans, you could almost hear a collective sigh of relief.

After all, lenders are facing a glut of foreclosures, so it's no surprise that they're warming up to the idea of helping delinquent borrowers by, for example, restructuring a mortgage so the homeowner can catch up on missed payments. However, the actual act of a lender like Countrywide reaching out to people who have yet to miss a payment — but are likely to do so because of a pending rate reset — is something new.

TO READ FURTHER COPY AND PASTE LINK:

http://www.smartmoney.com/consumer/index.cfm?story=20071024

September Sales for Berkeley (single fam homes)

2007-10-24T21:26:00.000-07:00

DOM (days on market)/ Address /List Price/Sold Price / Sq.Ft./ Bed / Bath

34 / 1530 BONITA AVE BERKELEY / $450,000 / $487,500 / 902 / 2 / 1
4 / 1726 DWIGHT WAY BERKELEY / $479,000 / $512,000 / 1190 / 3 / 1
29 / 2804 DOHR ST BERKELEY / $499,000 / $516,000 / 1164 / 2 / 1
24 / 1201 CURTIS ST BERKELEY / $499,000 / $525,000 / 1177 / 3 / 1
10 / 2616 MATHEWS ST / BERKELEY / $529,000 / $542,000 / 1013 2 1
8 / 1510 Stannage Ave BERKELEY / $549,900 / $550,000 / 1671 / 2 / 2
12 / 1130 BLAKE STREET BERKELEY / $550,000 / $603,000 / 1062 / 2 / 1
67 / 1175 CAMELIA ST BERKELEY / $559,000 / $520,000 / 967 / 2 / 1
19 / 1921 Oregon Street BERKELEY / $567,000 / $575,000 / 989 / 2 / 1
4 / 1230 TALBOT AVE BERKELEY / $575,000 / $605,000 / 0 / 3 / 1
12 / 2080 EMERSON ST BERKELEY / $630,000 / $630,000 / 1268 / 4 / 2
18 / 1648 CEDAR STREET BERKELEY / $680,000 / $637,300 / 1178 / 3 / 1
7 / 1064 Monterey Avenue BERKELEY / $699,000 / $780,000 / 1311 / 3 / 1
44 / 1635 SAN LORENZO BERKELEY / $699,000 / $690,000 / 1000 / 2 / 1
9 / 1421 Lincoln Street BERKELEY / $725,000 / $760,000 / 1436 / 2 / 1
9 / 1218 CARLOTTA AVE BERKELEY / $785,000 / $956,000 / 1435 / 3 / 2
15 / 1611 ROSE ST BERKELEY / $795,000 / $900,000 / 1563 / 2 / 2
66 / 1905 VIRGINIA ST BERKELEY / $799,000 / $795,000 / 0 / 3 / 2
16 / 964 OVERLOOK RD BERKELEY / $845,000 / $879,000 / 1858 / 4 / 2
30 / 923 CRESTON RD BERKELEY / $849,000 / $847,500 / 1330 / 3 / 1
46 / 2830 BUENA VISTA BERKELEY / $850,000 / $916,000 / 1595 / 3 / 2
15 / 2605 ASHBY AVE BERKELEY / $850,000 / $905,000 / 2460 / 4 / 2
34 / 1536 BONITA AVE BERKELEY / $900,000 / $975,000 / 650 / 2 / 1
5 / 1933 YOSEMITE RD BERKELEY / $995,000 / $1,175,000 / 2008 / 3 / 2
13 / 2577 BUENA VISTA BERKELEY / $1,025,000 / $955,000 / 2013 / 3 / 1
17 / 1110 MILVIA ST BERKELEY /$1,050,000 / $1,110,000 / 1502 / 3 / 2
42 / 40 SAN MATEO RD BERKELEY / $1,195,000 / $1,070,000 / 2055 / 3 / 1
14/1854 THOUSAND OAKS BERKELEY /$1,495,000/$1,750,000/2800/ 4 /3
7 / 210 STONEWALL RD BERKELEY / $2,800,000 / $3,000,000 / 4667 /5/4

California Fast Facts

2007-10-24T20:03:00.000-07:00

Calif. median home price - September 07: $530,830(Source: C.A.R.)

Calif. highest median home price by C.A.R. region September 07: Santa Barbara So. Coast $1,667,500(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region September 07: High Desert $271,940(Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 07: 24 percent (Source: C.A.R.)

Mortgage rates - week ending 10/18: 30-yr. fixed: 6.40%; Fees/points: 0.5% 15-yr.

fixed: 6.08%; Fees/points: 0.6% 1-yr. adjustable: 5.76%; Fees/points: 0.6% (Source: Freddie Mac)

New Plans to Revamp Jack London Square

2007-10-14T10:32:00.000-07:00

Jack London Square has definitely taken a hit with the current change in market! However, if you are planning on staying for at least 4-5 years it is a good area to invest in!

New plans have been approved by the city to add a marketplace of fresh food, restaurants, a cooking school and even a chef's hall of fame. This project would nearly triple the size of the food hall in San Francisco's newly refurbished Ferry building.

The 185,000 square foot California Harvest Hall -rivaling the size of the Seattle's famed Pike Place market- is the centerpiece of a proposed $300 million expansion of Jack London Square that also includes a 250-room four star hotel; a seven-theater movie house; office space and an additional 1500 parking spaces.

Don't give just yet on Jack London! Let's just hope it doesn't fall through!

Sales in Rockridge/Piedmont for September

2007-10-08T15:26:00.000-07:00

Sales in Rockridge/Piedmont for the month of Septmeber:

Piedmont:

Blair Avenue, 4 bed/3 bath, 2972 sq.ft., LP: $2,395,000 SP: $2,528,000
Muir Avenue, 4 bed/2 bath, 3103 sq.ft., LP: $2,395,000 SP: $2,168,000

Rockridge:

Caldecott Lane, 1/1, 773 sq.ft., LP: $349,000 SP: $365,000
Colby St, 3/1, 1680 sq.ft., LP: $799,000 SP: $1,000,000
Claremont Ave, 4/2, 2682 sq.ft., LP: $1,200,000 SP: $1,200,000
Locksley Ave, 4 units, LP: $995,000 SP: $995,000
Masonic Ave, 3/3, 3879 sq.ft., LP: $1,650,000 SP: $1,825,000
Caldecott Lanre, 2/2, 1095 sq.ft., LP: $495,000 SP: $480,000
63rd St, 3/1, 1400 sq.ft., LP: $449,000 SP: $855,000
Templar Place, 3/2, 2438 sq.ft., LP: $1,195,000 SP: $1,280,000
Florio St, 5 units, LP: $1,995,000 SP: $2,500,000
Caldecott Lane, 1/1, 773 sq.ft., LP: $385,000 SP: $405,000

*all information taken from the MLS.

2007-10-02T10:50:00.000-07:00

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Housing Inventory Snapshot September 30, 07
Average List Price Median List Price Average Days On Market

Santa Clara County, CA
Single Family under $1M - $687,065 $669,000 67
Single Family over $1M - $2,016,007 $1,495,000 70
Condo/Townhome under $600K - $435,352 $428,000 67
Condo/Townhome over $600K - $739,136 $695,880 54

San Mateo County, CA
Single Family under $1M - $728,557, $719,988 62
Single Family over $1M - $2,418,165, $1,599,999 65
Condo/Townhome under $600K - $457,509, 469,888 67
Condo/Townhome over $600K - $944,482, $775,000 88

Santa Cruz County, CA
Single Family under $1M - $661,469, $649,900 88
Single Family over $1M - $1,907,303, $1,495,000 93
Condo/Townhome under $600K - $454,850, $474,999 88
Condo/Townhome over $600K - $890,470 $750,000, 93

Monterey County, CA
Single Family under $1M - $575,060, $549,000 103
Single Family over $1M - $2,436,917, $1,695,000 126
Condo/Townhome under $600K - $390,812, $365,000 118
Condo/Townhome over $600K - $1,031,055, $809,000 119

San Benito County, CA
Single Family under $1M - $573,548, $549,900 89
Single Family over $1M - $1,498,519, $1,275,000 134
Condo/Townhome under $300K - N/A N/A N/A
Condo/Townhome over $300K - $418,787 $409,999 128

Alameda County, CA
Single Family under $1M - $576,129, $555,000 63
Single Family over $1M - $1,648,913, $1,389,000 68
Condo/Townhome under $600K - $414,846, $405,000 66
Condo/Townhome over $600K - $719,317, $679,800 56

Contra Costa County, CA
Single Family under $1M - $521,681, $489,000 76
Single Family over $1M - $1,712,851, $1,399,000 79
Condo/Townhome under $600K- $359,500, $348,828 79
Condo/Townhome over $600K - $707,716, $680,600 70

MORTGAGE. National Averages (September 30, 07)*
30-year fixed Rate - 6.06% APR - 6.23%
15-year fixed Rate - 5.69% APR - 5.96%
5/1 ARM Rate - 5.85% APR - 6.78%

* Mortgage rates were collected from publicly available sources (yahoo.com) on the date stated. The accuracy of the information and the availability of these rates are not guaranteed by the publisher. Rates are provided for informational purposes only and are subject to change without notice. Actual market interest rates may vary.

Inspire girls to be Strong, Smart and Bold!

2007-09-30T20:27:00.000-07:00

I volunteered at a wonderful event last night called Women of Taste.
This event brings together the East Bay community to support the growth
and achievement of girls and young women in Alameda County.

This event features the Bay Area's finest chefs, restaurants, wineries,
beverage companies and a unique culinary-inspired art auction, Art for
Epicures, with handmade art by "strong, smart and bold" women artists
and Power Platters created by notable women celebrities.

Girls Inc. is a nonprofit organization with a mission to inspire all
girls to be strong, smart and bold. Girls Inc. offers academic
enrichment activities, skill-building programs, and counseling services to girls
and their families. Girls Inc can be found all over the U.S. including
Colorado and New York. So, if you are looking for a place to give back
while doing some networking, check out Girls Inc. Below are the links:

http://www.womenoftaste.org/
http://www.girlsinc.org

Amazing Fixer in Albany!

2007-09-21T11:57:00.000-07:00

Located in a wonderful, quiet Albany neighborhood this house is ready for a lucky contractor/savvy investor!

Don't miss out on this great opportunity to fix up a beautiful, Mediterranean home located close to Solano, BART, UCB and Berkeley Westbrae shops. This house sits amongst million dollar homes, has good bones and is waiting to be revived!

3 bedroom/ 2.5 baths
1383 sq.ft. living space plus full basement
4,375 sq.ft. lot

Call me for more information. Offers on Tuesday!

Whole Foods to open in Oakland Sept. 26th!!

2007-09-14T11:05:00.000-07:00

Whole Foods Market, the natural and organic supermarket, is set to open its first store in Oakland on Wednesday, September 26th. The 55,000 square foot store will be located at 230 Bay Place, at the corner of 27th and Harrison. Store hours will be from 8am to 10pm daily.

On opening day, the festivities will begin with a bread breaking ceremony followed by doors opening at 9am. Local celebrity Chef Paul Bertolli will have samples and and have food demos. There will be musical entertainment and more!

WAY TO GO OAKLAND!!

2007-09-13T09:41:00.000-07:00

PRICES ARE DROPPING...

2007-09-10T11:21:00.000-07:00

But not everywhere! Here in the East Bay, we are still seeing multiple offers on properties in coveted areas like North Berkeley, Piedmont and Rockridge. However, there are plenty of areas that surround these hot pockets that are seeing some major price reductions. Transitional parts of Oakland and outside areas like Hercules, San Pablo and Richmond are taking a big hit with this market correction. With that said, if you are looking in those areas you can get an amazing deal right now. Below is information on a 3+ bedroom/1 bath house in San Pablo that was just reduced to $385K! What a deal!! Check it out and if you have anyone whi might be interested, please let me know.

http://sfbay.craigslist.org/eby/rfs/418839801.html

Sold Comparison for single family homes

2007-08-27T07:53:00.001-07:00

Below are the stats for single family homes sold between May 1, 2007 - August, 27th 2007 and May 1, 2006 to August 27th, 2006 for Peidmont, Berkeley, Oakland, Albany and Hercules.

PIEDMONT:

MAY 06' - AUG 27, 06
45 SOLDS, AVG. LIST PRICE (L.P.) $1,931,155 AVG SOLD PRICE (S.P.) $1,946,227

MAY 07' - AUG 27, 07
49 SOLDS, AVG LIST PRICE $1,608,306 AVG SOLD PRICE $1,612,497

BERKELEY

MAY 06' - AUG 27, 2006
208 SOLDS, L.P. $838,903 S.P. $881,695

MAY 07' - AUG, 27 07
194 SOLDS, L.P. $894,213 S.P. $948,448

OAKLAND

MAY 06' - AUG 27, 06
957 L.P. $638,257 S.P. $653,474

MAY 07' - AUG 27, 07
704 SOLDS, L.P. $704,678 S.P. $718,782

ALBANY

MAY 06' - AUG 27,06
48 SOLDS, L.P. $681,799 S.P. $719,955

MAY 07' - AUG, 27 07
47 SOLD, L.P. $668,021 S.P. $711, 784

HERCULES

MAY 06' - AUG 27, 06

59 SOLDS, L.P. $740,217 S.P. $733,453

MAY 07' - AUG 27, 07
27 SOLDS L.P. $690,897 S.P. $677,053

When wildfires strike will your home be ready?

2007-08-27T07:28:00.000-07:00

As you know I volunteer for the Red Cross and when I read this article posted an Inman News, I though I would share!

When wildfires strike will your home be ready?
Aug 24, 2007, 5:00 am PDT

It seems that hardly a day goes by without reports of a devastating wildfire burning somewhere around us. From rural acreage to crowded suburbs, living anywhere on the edge of a potential wildfire zone can put you, your home and your family at risk. To minimize the dangers from a hot, fast-moving wildfire, there are several practical, straightforward things you can do to protect your home.

ESTABLISH A DEFENSIBLE SPACE

To improve the odds of your home making it through a wildfire, you need to establish a defensible space around your house that makes it harder for a fire to start or become established. That space should extend out a minimum of 30 feet from your house in every direction, and it should be well planned and continually maintained.

Use fire-resistant landscaping: Within the 30-foot zone, use fire-resistant landscaping such as lawns, moist ground-cover plantings and low shrubbery. Avoid plants that are naturally dry and highly flammable.

Trim trees: First, remove all dead trees from within your zone. Thin the remaining trees in the zone so that they're no less than 10 feet apart, which helps prevent the spread of a fire from tree to tree. Finally, all remaining trees need to be limbed to a height of at least 6 feet off the ground, which removes "ladder fuel" and helps prevent a ground fire from spreading up into the trees.

Move combustibles: Another important element of the noncombustible, 30-foot zone is to move combustible materials away from the house. This includes firewood, scrap lumber, flammable liquids such as gas cans, and other materials that could potentially feed a fire.

Trim weeds: Keep the weeds and vegetation around your home trimmed to less that 4 inches high. Also, keep weeds and dry grass at least 10 feet away from where you store your firewood, as well as away from any debris piles.

Clean the roof and the yard: Rake up needles and leaves from your yard, and remove them from your roof. Cut back overhanging limbs, and keep your gutters clear as well. Consider recycling or composting yard debris rather than burning it.

Use fire-safe roofing: In a wildfire situation, the single most vulnerable part of your home is the roof. Wind-blown embers landing on a dry wood roof can ignite it in seconds, and spread quickly. Whether you're building a new home or re-roofing your existing one, make use of fire-resistant or fire-treated roofing materials. Also, be sure your chimney or wood stove flue has a spark arrestor, and check its condition at least once a year.

PROTECT YOUR FAMILY

You also need to make certain that your family knows what to do in the event of a fire or the need to evacuate.

Establish a firm evacuation plan: All family members should know what to do and where to assemble in the event of an evacuation, including rounding up and caring for pets.

Know what to take: Gather your valuable papers and irreplaceable family items such as photo albums in a convenient location so as to minimize your time and risk in the event you need to evacuate your home. Transfer important documents from your computer onto easily portable storage media, such as a USB flash drive. Have enough prescription medicine readily available to last a minimum of 72 hours.

HELP EMERGENCY CREWS

Now take a moment to look at your home from the eye of a firefighter or other emergency crew that needs to get to you.

Mark your address: Would someone who doesn't know your home be able to find it quickly in an emergency? Is your address clearly marked and clearly visible from a distance? Can it been seen at night?

Check your property's access: Can fire trucks and emergency vehicles easily access your property? Is there anything that blocks your road or driveway, or makes it potentially difficult to turn around?

A wildfire may seem like a remote possibility, but every year hundreds of homes and other structures are destroyed, so it really pays to be prepared. Take a little time this weekend to look around the inside and the outside of your house, and make plans now to turn your home into a safe and fire-resistant zone.

Finally some relief!!

2007-08-17T07:20:00.000-07:00

The market got a boost this morning when the Fed lowered the discount rate to 5.75% from 6.25%. The Fed has also poured billions in additional liquidity into the banking system in recent days but the rate cut was its most dramatiuc effort yet to date.

Inexpensive remodeling tips to get your house ready to sell!

2007-08-10T10:13:00.001-07:00

As many homeowners prepare to put their homes on the market, they often realize to get more "bang for their buck" they may need to do some remodeling. Especially in a market like we have today were buyers are wanting more for their money!

According to Realtor magazine, the average cost of a kitchen remodel is $52,000 and the average cost of a bathroom remodel is $13,000. Although these projects will likely increase your resale value, they are pricey.

On the other end of the spectrum, there is plenty one can do to increase curb appeal without breaking the bank! Apply a fresh coat of paint inside and out. I would even go as far as hiring a color consultant for a couple of hundred bucks to make sure you get the best colors for your home. I have seen to many times were people "think" they know color and in fact, they don't. It's not worth it. Just hire a professional.

Over time, exterior trim around your windows, doors and along the roof line may have become warped. Get that replaced. And while you are at, get a termite report and prepare to do the work it takes to get it cleared. Buyers love buying a place that has a cleared pest report. And you as the Seller can typically get the work completed by a contractor for 1/2 the price that is stated on the pest report.

You can also do some energy efficient work like change out the light bulbs, replace the water heater and seal around the windows. All of these minor changes will allow you to increase the value of your home and make it more appealing to buyers.

Juicy drama in the mortgage industry!

2007-08-08T09:56:00.000-07:00

Ok, wow the drama in the mortgage industry just keeps getting juicier! Here is what I know - the subprime market is non-existent, stated income is non-existent unless you are getting an Acorn loan or a VA loan which is backed by the government. Wells Fargo just raised their interest rate on jumbo loans. A jumbo loan is anything over $417K. In our market, that is 90% of everything listed in this area. And, the feds didn't raise the interest rates yesterday.

Ok, can you still get a mortgage loan? Yes, if you have good credit, a down payment and a low debt to income ratio. And frankly folks, if our standards have been tight all along we would not be in this mess. Back in the day, there were just to many people who got mortgages who really couldn't afford them.

And Jim Cramer is way to dramatic. Give it rest Jim and take your meds! Check it out at www.cnbc.com/id/20145656

As for our little bubble - Albany, Berkeley, Piedmont and Rockridge the prices have not changed dramatically, days on the market seem to be a bit longer but we are still seeing multiple offers on many houses in these areas. And yes, buyers have a little more negotiation power in these areas, and a lot more in other areas like in the transitional areas of Oakland.

I can't predict the future but that is what I know today.