Angela starts her real life short sale story with:
It's all becoming clear now, the reason the nation's banks got into such a mess and needed bazillions of dollars to bail them out: They're run by robot monkeys.
Welcome to the real world. Grab any REALTOR off the street and ask them - Are the banks really interested in helping homeowners stay in their homes? - or - Are the banks helping to make the short sale process smooth like we hear them saying?
The answer to both is - Have you been drinking the Kool Aid?!!!
Aangela discovered that absurd bank dealings are pretty much the norm. A very good reason why those of you considering trying to purchase a home through a short sale, need to sit down with a professional REALTOR and understand that a short sale can often be a quick trip to frustration, insanity or even hell.
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Our FREE In-Depth Real Estate Market Reports updated weekly, break real estate data down by zip code and price point. These are the best “real time” sources of data you can get for your local market.
Market Update for Greenbrook Danville CA - Homes for Sale
Last month I wrote that towards the end of the year real estate slows down; people don’t like to have their home on the market over the Holidays unless the home is vacant.If we compare the real estate activities in Greenbrook in the last few months with the previous months there is indeed a slowdown, although several homes closed escrow or went ‘sale pending’ in the last quarter of 2009. Since Greenbrook is one of the most popular neighborhoods in Danville there is always demand. A total of only three detached homes are currently for sale; two homes went ‘Sale Pending’; one ‘short sale’ and one REO-bank owned property.
In the lower price point there is one townhome marked as Sale Pending in Greenbrook Townhomes. Greenbrook Townhomes is attractive as a ‘starter neighborhood’ with great HOA facilities and access to Greenbrook Elementary School and Charlotte Wood Middleschool; both at walking distance.
·153 Lawnview Circle; an REO, 4 bedrooms, 2,5 baths was listed at $409,900.
There are only three Active detached homes for sale in Greenbrook:
·1635 Harlan Drive, 2002 square feet, 4 bedrooms, 2 baths, 3 car garage, priced at $860,000:Gorgeous home with thousands of dollars in upgrades including kitchen and baths. Spacious rooms, large landscaped yards with sprinkler systems and many fruit trees. Attached three car garage. The most sought after and desirable location in Danville.
·1580 Harlan Drive; 1943 square feet with 3 bedrooms and 2,5 baths is listed at $811,000. Picture Perfect! Outstanding single story, remodeled through-out! Granite counters, custom backsplash, stainless steel appliances. Custom baths. Hardwood floors, crown, base, doors, dual pane windows. Custom front door with side-lights. A truly beautiful home.
·1398 Brookside Drive; 2308 square feet; 4 bedrooms and 2,5 baths is listed at $818,000.Charming Greenbrook one story home with wonderful curb appeal. New paint, gorgeous new tile in formal entry and kitchen. Updated kitchen with recessed lighting and center island. Nice private backyard. 2 blocks to community pool, tennis and the Iron Horse Trail
Three homes went Sale Pending in October:
·142 Burgess Court was listed at $688,000, this one is a ‘Short Sale’
Greenbrook is a very popular neighborhood with its mature landscaping, bigger homes and good size lots. The neighborhood is situated in the San Ramon Valley Unified School District with two top rated schools, Greenbrook Elementary School and Charlotte Wood Middle School. It is close to I680, shopping and the Iron Horse Trail.
Greenbrook has an amazing Home Owners Association with a clubhouse, large pool, play ground, barbecues, volleyball court and tennis courts. It is an active association with many social activities, including a neighborhood tennis competition. The HOA dues are $768 for a year!
We have been home owners and active at the local schools for over 10 years; we know the area and more important we know the homes and their owners. Greenbrook is a family oriented neighborhood. When you are planning to move or to relocate into the area call us and we will help you to find your home in this great neighborhood.
Our FREE In-Depth Real Estate Market Reports updated weekly, break Danville California real estate data down by zip code and price point. These are the best “real time” sources of data you can get for your local market.
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if you would like to know more about buying or selling a home or condo in Danville, CA. You can call Craig at (925) 984-4910.
Critical Factors Influencing East Bay Real Estate in 2010
Rising Interest Rates
High End Price Correction
Split Market Continues
FHA Rule Changes
High Levels of Foreclosures
New Breed of Investor
Tax Credit & Loan Modifications Fail
According to most of the pundits and professionals involved in real estate in California's East Bay communities, there are 7 critical factors that will influence the local real estate markets in 2010. We have videos from:
Leslie Appleton-Young, Vice President and Chief Economist for the California Association of REALTORS® (C.A.R.)
Carole Rodoni is the former President and COO of Alain Pinel Realtors and a Bay Area real estate maven
A panel discussion with 3 East Bay real estate brokers
Items of Interest
The California Association of REALTORS is predicting a reduction of over 50,000 licensed real estate agents by the end of 2010.
Medium "net cash" to sellers in 2005 was $220,640 - in 2009 (October) it is $50,000
33% of sellers are reporting a cash loss
In 2004, 70% of sellers said they were going to repurchase. In 2009 it is less than 40%
A Review of California Real Estate in 2009
Forget about what you think you know about the real restate market. Forget the national data and the big media stories - GET LOCAL Real Estate Data - it's the only market that matters. According to the professionals above and our peers associated with the local real estate markets here are the critical factors that will influence the East Bay housing market in 2010:
East Bay Split Housing Market Continues
Like many other areas of California and the U.S., the East Bay has a split housing market. On the one hand we have the sector of the market that is dominated by foreclosures and short sales. This is the segment priced under $500K. On the other hand is the market above $500K where more traditional factors are affecting buying and selling.
At the lower end of the market are buyers looking for great deals and investors gobbling up properties that can produce positive cash flow from the get-go. Buyers, especially first time buyers, looking for steals and deals are becoming more and more frustrated as multiple offers continue to dominate the transaction process in this hyper-active segment of the market.
Cash is King in this real estate market sector. Investors with cash have the upper hand. First time buyers trying to get a home with FHA financing and minimum down are finding out the reality of the market, for them, is - make your best offer first - in this multiple offer market, there is no room for counter offers. Over 50% of transactions in the East Bay are seeing multiple offers. Sales price is higher than asking price in this market segment due to multiple offers.
The sweet spot in the market for REALTORS is the market segment between $500K and $900K. This is what you might consider a normal market. Sellers in this market segment are seeing prices stabilize but, the buyer pool is fairly lethargic and the appraisal process is anything but sane. Sellers in this market segment that really want to sell their East Bay home need to have it priced in the bottom third of the price range and in the top third of the "appeal" range.
Value Perception in the Upper End of the Market
This split housing market will continue through 2010.
Interest rates and inflation are the big concern for real estate in 2010.
Everyone - and I mean everyone - is expecting interest rates to rise. The Fed will stop buying mortgage backed securities in 2010 and mortgage interest rates will rise. Many think we will see this as early as March or April. Others think it will be more toward the 3rd quarter. Yet, they all agree - interest rates will rise.
In 2010, it will take buyers a while to realize that the wonder days of 5% interest rates were a historical anomaly. There will be a smaller buyer pool while we wait for reality to set in - the same situation we saw with sellers in 2007 with home prices. There is no waiting out this market - unless you have 5 to 10 years. If you need to buy or sell in 2010, find a professional that will explain current local market conditions. Our local market reports are updated weekly and break data down by price point and zip code.
Buyers counting on 5% interest rates need to get serious sooner than later. Sellers thinking of waiting until Spring to put their homes on the market, should rethink their strategy. Higher interest rates and a smaller buyer pool will mean more time on the market for most home sellers.
FHA Rule Changes
The FHA, Freddie Mac and Fannie Mae are in trouble. Increased foreclosure levels, the economy and the extended recovery time are taking their toll. Consequently, these agencies continue to change their lending rules and guidelines to deal with the reality of insufficient cash reserves and debt-to-equity ratio. Often, the initial rule changes do not seem to be well thought out as they have a significant negative impact on the home buying process and market activity - something that needs support not undermining.
Over 75% of first time buyers use FHA loans. 2010 will see continued reworking and tuning of FHA guidelines
High-end Price Correction
3 Problems for High-End Market
Shrinking Buyer Pool
Foreclosures & Short Sales
Buyer Value Perception
Foreclosures, higher interest rates, a smaller buyer pool, buyers willing to lease and unemployment will be big factors in the upper end of the housing market in 2010.
Continued Elevated Levels of Foreclosures
52% of homes that closed escrow in 2008 were REOs - foreclosures.
According to a recent C.A.R. poll - 21% of buyers did not understand the terms of their loans. That is a sad statement, but how many people read the fine print in anything. Even if we did, can we really understand it? Are we meant to? All the more reason to work with experienced, professional real estate agents that have established reputations.
Many first time buyers are looking for turn key foreclosures - move-in ready, no sweat equity required. At the lower end of the market? Get real - talk to a few REALTORS and go look at a few foreclosures. People losing their homes are angry and many are taking it out on the home as a way of "getting even" with the bank.
Elevated levels of foreclosures will continue through 2010 in the East Bay. Don't expect a tsunami - rather a continuous flow. New to the mix will be more foreclosures in the upper end of the market. Look for rising a price point on foreclosures in the lower end of the market.
New Breed of Real Estate Investor in 2010
Real estate investor activity is up 50% over 2008 levels and cash is king.
While we deal with the continued cleanup of the subprime melt down, the economy continues to struggle and banks are under more and more pressure to clean up their balance sheets. All of this is helping to create the perfect conditions for a new breed of real estate investor in 2010 - the $100 million plus investment pool. These funds are not going to deal with REALTORS, they are going to deal directly with the big banks and asset managers. They're going to buy hundreds of properties at a time and they will be more concerned about the note than the condition of the property.
This will lead to "buyer shock" for many. The data will continue to show elevated levels of foreclosures, but many REOs will never get to the market as these investment funds gobble them up. This factor helps to increase buyer frustration in the lower end of the market.
Homebuyer Tax Credit Fails
Rising interest rates will take the shine off the extended tax credit in 2010. Interest rates are a much more significant factor in purchasing a home than a one-time tax incentive. Homebuyers need to get serious sooner than later with purchasing a home so their tax credit has the maximum impact on their home purchase situation.
Why are banks and the Federal Government pushing loan modifications that they know will ultimately fail. Could they be trying to milk homeowners of all the money they can get out of them before the inevitable foreclosure? Is this just a delay tactic to spread the foreclosure process out to give the economic recovery a little more breathing room?
The U.S. Treasury is reporting that 25% of loan modifications made by the Federal government programs are now in trouble. This in spite of the fact that the loan modification, on average, reduced mortgage payments by 40%. (12/5/09)
Whatever the answer is, homeowners in trouble need to talk with their attorney, real estate professional and CPA to decide on the correct course of action. If the house can't be saved, why should anyone give a homeowner false hope - better to deal with realty and move life through the mess and into better possibilities in the future.
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if you would like to know more about buying or selling a home or condo (925) 984-4910.
Market update for California Chateau and Danville Ranch in Danville CA
Homes in California Chateau and Danville Ranch on the west side of Danville continue to be in demand; last month there were a total of 9 homes on the market. Let’s look at the details of the homes that sold, went sale pending or homes that are still for sale:
1399 Fountain Springs Circle; 2295 square feet with 4 bedrooms and 3 baths sold for $835,000 which was close to the asking price.
1318 Strawberry Court: 1649 square feet with 3 bedrooms and 2 baths sold just under asking price at $575,000.
The following homes went ‘sale pending’:
1712 S Clear Creek place: 1447 square feet with 3 bedrooms and 2 baths is listed at 545,000.
1829 Mockingbird Place: 1916 square feet with 3 bedrooms and 2,5 baths is listed at $565,000.
1644 Fountain Spring Circle: 1447 square feet with 3 bedrooms and 2 baths is listed at $499,950. This is a short sale.
1706 S Clear Creek Place: 1632 square feet with 3 bedrooms and 2 baths is listed at $545,000. This is a short sale.
There are currently 3 homes for sale;
1304 Fountain Springs Circle: 2295 square feet with 4 bedrooms and 3 baths is listed at $650,000. This home has a 3 car garage. A great deal for the square footage!
1324 Fountain Springs: a short sale, 2400 square feet, 4 bedrooms, 2,5 baths and a 3 car garage is listed at $675,000.
1314 Strawberry Court: a short sale, 1520 square feet with 3 bedrooms, 2 baths is listed at $449,000.
We’ll keep you posted on any new listings since Real Estate in this neighborhood is doing so well.
Both neighborhoods are very popular because of its price point, amenities, location and the fact that it is part of the San Ramon Valley Unified School District. The Home Owners Association fees are about $125 a month; there is a pool, clubhouse, greenbelt, play ground and tennis courts
Danville Ranch was built by Braddock and Logan in the years 1983 - 1986 and is located off San Ramon Valley Blvd near Fountaihttp://greenbrookneighborhood.com/manage-my-own-blogn Springs Circle. The homes range in size from 1200 sq ft - 2100 sq ft.
Our FREE In-Depth Real Estate Market Reports updated weekly, break Danville California real estate data down by zip code and price point. These are the best "real time" sources of data you can get for your local market.
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if you would like to know more about buying or selling a home or condo in Danville, CA .
Market Update for Crow Canyon Country Club in Danville
The Real Estate business in Crow Canyon Country Club was a little slower in November than the month before; there were still a total of 17 homes on the market; 4 of them went ‘Sale Pending’ and only 2 properties closed escrow. The homes that sold were:
620 St George Rd; an REO (bank owned), 1948 square feet with 4 bedrooms and 2 baths sold for $621,000, over asking price.
1940 Rancho Verde Circle; also an REO; a townhome, 1553 square feet with 3 bedrooms and 2 baths closed at asking price $459,000.
There are currently 11 homes for sale in Crow Canyon:
1826 St George is a short sale; 2137 square feet with 4 bedrooms and 2,5 baths listed at the amazing price of $559,999; at this price it should sell quickly.
548 Rolling Hills Ln; 2268 square feet with 4 bedrooms and 2,5 baths listed at $849,000.
1887 Saint Norbert Dr.; 2880 square feet with 4 bedrooms, 3 baths and a 3 car garage; this largest Crow Canyon model is listed at $949,000. This home is in Crow Canyon Estates.
863 Saint George Road; 2197 square feet with 4 bedrooms. 2,5 baths and a 3 car garage is listed at $699,000.
512 Cambrian Way; 1553 square feet with 3 bedrooms and 2 baths is listed at $610,000.
1923 Rancho Verde: 1553 square with 3 bedrooms and 2 baths is listed at $524,999.
579 Cambrian Way; 1650 square feet with 3 bedrooms and 2 baths is listed at $639,000.
2005 Rancho Verde; 1364 square feet with 2 bedrooms and 2 baths is listed at $395,000.
525 Rolling Hills: 1364 square feet with 2 bedrooms and 2 baths is listed at $472,000.
1916 Rancho Verde:; 1436 square feet with 2 bedrooms and 2 baths is listed at $475,000.
791 Saint George Road; 1865 square feet with 3 bedrooms and 2 baths is listed at $850,000.
Crow Canyon Country Club is a gated community with 24/7 security service and a great place to live for young and old. It offers mature landscaping, including greenbelts and the golf-course; there are multiple swimming pools and a driving range.
With great views of Mount Diablo, Crow Canyon Country Club is a family oriented Club with activities scheduled for the entire family. There is an 18-hole golf course, 13 lighted tennis courts; a junior Olympic size swimming pool heated year-round, a state-of-the-art fitness center, an aerobics center, fine dining, a casual dining bar and grill, and a child care center. The crow Canyon Country Club swim team, the Sea Lions, have been County Champions for the last four years in a row! If you have children who love to swim this is the club to be; our son has been member of the swim team for the last four years. We have been Club-members for many years now and we love spending time there with our friends.
Let us know if you would like to become a member; we would love to introduce you to the great CCCC-staff. Don’t miss the Christmas celebrations at the Club; Santa Claus will show up in person to meet with all the families, a great tradition.
Our FREE In-Depth Real Estate Market Reports updated weekly, break Danville California real estate data down by zip code and price point. These are the best “real time” sources of data you can get for your local market.
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if you would like to know more about buying or selling a home or condo in Danville, CA (925) 984-4910.
There's nothing like personal experience to help one cut through all the B.S. and spin to see the truth.
(925) 984-4910.
Market update for California Chateau and Danville Ranch in Danville CA
Market Update for Crow Canyon Country Club in Danville
