Archive for December, 2007
December 31, 2007
As the new year approaches around the corner, many Americans think of improvement projects - mainly the self-improvement kind in the form of new year resolutions.
For 2008, how about adding the home improvement kind to the list? Here are a few fixer uppers in the Marin area that will give you a project to focus on for next year:
13 Ridgeway Ln, Larkspur - 2 bedrooms, 1 bath, 690SF - $519,000: Described very accurately as a major fixer upper. Take a look at the pictures - it is not for those of weak stomachs and those desiring to live in their fixer upper while working on some major repairs. Small, but this 1913 cabin retains lots of old time architectural charm - just needs a lot of love and polish.
2036 4th St, San Rafael - 3 bedrooms, 2 baths - $850,000: Two for the price of one on this fixer. There are actually 2 houses - a 2 bedroom, 1 bath “main” house and a separate 1 bedroom, 1 bath rear unit. Bungalow style house has nice interior details. Price lowered from original asking of $899,000. One downfall is being on a fairly busy street - a prime east west thoroughfare for San Rafael drivers.
760 Knocknaboul Way, San Rafael - 3 bedrooms, 3 baths, 1629SF - $639,000: No pictures of this one except the front. Marketed as a diamond in the rough. At $393 per square foot, that’s a pretty good number and the lot at over 8,000 SF gives you plenty of land.
December 31, 2007
Along with Pittsburg, Antioch is the east Contra Costa County city that has gotten bad press lately for a high number of foreclosures. But just as with Pittsburg, that’s not the whole story. Many see Antioch as a growing city. For example, last year Antioch’s businesses generated $10.1 million in sales tax revenue, up from $5.3 million six years earlier, the Contra Costa Times reported.
And with the town’s Costco expanding and JC Penney coming back to town after a long absence, city officials are looking for a retail boom, the same article said. (It’s good to look on the bright side just to balance all the sad news about foreclosures; however, just to add a note of realism, check out the readers’ comments following the article. Hmm.) (Photo of Antioch Marina courtesy of City of Antioch Web site.)
December 31, 2007
My husband complained all through December about the car commercials on television. He wanted to know if people really bought cars as holiday gifts. I assume that they do, otherwise they wouldn’t be advertising such a thing, right? Well, to my surprise, people seem to be buying bigger ticket items than cars…they are buying houses. Just two weeks ago I updated you on the Emerald Hills/Canyon Corridor market, which had been sluggish. But running errands over the weekend, I see that someone has bought two of the listings and one “Coming Soon” hit the market.
The home at 1690 Cordilleras, which hit the market on November 5th, is showing a SALE PENDING sign. This 4,000 sf, 5/4 on an oversized 23,000 sf lot was on the market for $1,995,000. I’m guessing it went for $1,850,000, but in this wacky market I could be waaaaay off.
And a SOLD sign went up on 1850 Cordilleras. Last sold in March of this year, this 2570 sf, 4/2.5 home has undergone renovating and upgrading and was listed originally on July 23rd at $1,684,000. It was reduced to $1,595,000, and and then to $1,489,950. No details on sale price yet, but I imagine it will be around $1.4mil.
Christmas Eve brought 739 Canyon on the market. This is a 1,580 sf, 3/2 that is listed at $949,000. That is just $1000 less than the home at 759 Canyon that got snatched up within two weeks of listing. There should be an open house on this one soon. Pet Peeve Alert: only 2 exterior photos of this home available.
December 31, 2007
What do people do on New Year’s Eve to ensure it is the monumental occasion it’s supposed to be? Traditionally, I’ve had to work in a bar, so I know they drink, but there has to be something more, right? I mean, we can drink any night! So if you’re like me: clueless about how to ring in 2008 with style, here are some options.
A-List New Year’s Eve Spectacular
At the swanky Westin St. Francis Hotel ((415) 397-7000/(800) 937-8461), a ”semi-formal celebration featuring music, a fashion show, dancing, samba dancers, a midnight balloon drop, and full hosted bar. Proceeds benefit One Brick and R.O.C.K. Semi-formal attire is required.” 9pm-2am; $85-$250.
The Mother of All New Year’s 2008
At the palacial San Francisco Design Center ((415) 490-5800), this event features “a balloon drop, champagne toast, chocolate fountain, hor d’oeuvres,DJs, go-go dancers, Cirque du Soleil-style performers, party favors, more.” 9pm-?; $70-$150.
New Year’s Eve Cruise
How amazing to see in the New Year while also seeing the coastline sparkling from the water. Hornblower Cruises (leaving from Pier 3 on the Embarcadero) include “a four-course dinner, open bar, party favors and live band.” 8pm-?; $150-$249.
Speakeasy New Year’s 2008
This one looks really fun: at the glitzy Stanford Court Hotel ((415) 989-3500/ (800) 468-3571) a 1920s themed party featuring a hosted bar, hors d’oeuvres, DJs, dancing and more.” Dust off your flapper dress and bring $99 to get in (not 1920’s prices, surely!). 9pm-2am.
Need more ideas? Check out:
The Chronicle
The Guardian
SF Station
SF Weekly
December 31, 2007
I love this graphic depiction of the various San Francisco districts! Kudos to: http://www.orkposters.com/index.html . It’s unusual and informative at the same time. I would like to see something like this drawn up for each Bay Area county. I would LOVE to see something like this for other places in Northern California.
At first glance I thought it looked like a mess, but then on closer inspection I was able to see the order of it all. Sort of like those pictures that are popular now where you see an image pop out at you after staring at it a while. I like it! Great fun!
REAL ESTATE TERMINOLOGY:
Deed Restriction - A restrictive covenant in a deed.
December 31, 2007
Increasing foreclosures in the east Contra Costa County town of Pittsburg have given the town’s image a black eye, understandably. But as we’ve mentioned before, there’s more to Pittsburg than those headlines might suggest. A longtime family-owned development company, Garaventa Enterprises, is planning to build Pittsburg’s tallest office building, a recent article in the Contra Costa Times said.
Joseph Garaventa, chief operating officer of Garaventa Enterprises, plans a a six-story office project he believes would be the first high-class—known in the industry as Class A—office building along the Highway 4 corridor. So don’t write Pittsburg off your list of potential cities to check out. It’s still a contender. (Photo of Black Eyed Peas’ Fergie courtesy of Jose Mejia on flickr.)
December 31, 2007
Everytime I read news articles about the latest home sales stats, it never fails to quote the latest median home price. And as each new data point for the prior month gets released, the median number fluctuates - as it should. Sometimes, the difference from the month prior is not too noticeable and sometimes it changes by the price of two Ferraris.
As I noted in a blog about the lastest November Marin stats, the median price seems to take the life of a roller coaster. Take another look at the median home prices for single family homes as reported in past MarinIJ articles, who get their stats from DataQuick:
Jun 07: $1,125,000
Jul 07: $950,000
Aug 07: $1,000,000
Sep 07: $860,000
Oct 07: $978,000
Nov 07: $920,000
Hot potato, yes? So what does the median mean and how is it calculated?
According to DataQuick, they started collecting information on home sales from public records since 1979 and started reporting the stats in 1989. As they explain on their site, the median home price is, “…the point where half of the homes sold for more and half for less…” It is not the average but just the number at which the house in the middle of all the homes sold for the month sold for. And because it only takes into account those homes that actually sold in the month - it can be awfully misleading, since the $65 million dollar house which sold this month and the $200,000 condo - which I think are outliers - can be added to the line up to determine the middle point. And as the number of home sales slow, the line up gets shorter and shorter. The median does do better than the average in not actually mixing these one-offs into the fold. As the number is reported only for the current specific month, there is a lot of mood swings when you look at it over time.
While these stats are helpful and provide accurate information, I propose that in addition to these data points, a nine, twelve or eighteen month moving average should also be reported to give more context and color to these monthly specific numbers. Altos Reserach, another real estate market research and data information company has great charts that examine a 7 day and 90 day average. In the chart for my hometown of San Anselmo, the 90 day orange line is much smoother than the 7 day average. And in my opinion, a much better representation of the overall trend - not just the one time monthly stats.
So -don’t let the numbers fool you…. How do you interpret what the numbers mean?
Chart: Altos Research
December 31, 2007
While it may be slow out there in real estate land, there are still some happenings worth shaking our heads at, cracking a joke about, or just plain marveling at what the Bay Area has to offer its residents. Answers from last Friday’s quiz:
(1) I have wanted to live up in Woodside since my teens. I love the trees, the laid-back atmosphere, and the large lots. For the most part, Woodside is unaffordable to most, with the majority of homes over $2mil, but recently two homes came on the market under the $1mil mark, giving me a sign of hope.
ANSWER: False. The cheapest home available in Woodside as of this writing was $1,095,000. In fact, there is a lack of homes available in this town at the moment, with a total of only 19 on the market. Six are between $1-2mil, three are between $2-3mil, three are between $3-5mil, and seven are over $5mil.
(2) Periodically you see the Sweet Digs mavens writing about their pet peeves. One in particular, the photos (or lack thereof), is a pretty steady complaint. But there is one home in Marin County where the realtor took this to heart and posted 39 photos.
ANSWER: True. Kudos to Steven Mavromihalis of Pacific Union Realty. He took the time to get 39 photos taken of 210 Beach Street in Belvedere. Listed less than a month ago at $11,500,000, this 7 bedroom, 9 bath home of over 7,000 square feet is one that most of us will never have the pleasure of seeing in person. But thankfully we can wander the halls, albeit virtually. Oh, and there is a bonus video tour here.
(3) San Francisco is not the only city with a listing priced at $65,000,000. In addition to that Pacific Heights manse, there is a second listing in the Bay Area for a 12,000 sf home on an acre. Once a grand home, it has been refurbished over the years to the tune of $32mil and restored in a manner befit a king (or queen, or very weathly investor).
ANSWER: True. The second home, called Locksley Hall and located on Belvedere Island in Marin County, has been listed for 3 years and is now in contract. Sold, you ask? Yes, with furnishings. Hard to believe in this economy. What is even more surprising is that it is rumored to be the highest selling home ever in the Bay Area. For the full scoop, check out this article in The Wall Street Journal.
Recent Sweet Digs Posts:
Oakley to Wal-Mart: Out Devil Out!
Berkeley: Top of the Market Feels the Pain
Berkeley: New Releases As Well As A Rerun
Oakland Recent Sales
SF and Daly City: Sneaky or Squeaky Clean?
E-mail List Gives Inside View of Richmond
The Down Low in Hercules
Recent Sales in El Sobrante
SF: Data Crunching…Carefully
Strike A Bargain?
Mid-Peninsula Sales Report: Some Surprises
Marin Gets a Green Trophy
December 31, 2007
Residents of Oakley, a scrappy little town in east Contra Costa County, don’t want a Wal-Mart in their town—or at least the 1,000-and-counting residents who signed a petition against a supercenter proposal. Save Oakley Now, the community group behind the petition, say the proposed 230,000-square-foot big-box store would bring crime, low-paying jobs, poverty, traffic congestion and small business closure to the growing city, the Contra Costa Times reported. What’s the skinny on Wal-Mart? It’s a way for folks who are short on money to get necessities, no? Would you rather live near this proposed Wal-Mart, open 24 hours, offering groceries and a garden center, or would it cool your interest in a neighborhood? (For more information on the group, check out Save Oakley Now.)
December 31, 2007
Looking at two homes that were recorded as having sold last week in Berkeley—2957 Avalon Avenue for $3.1m and 22 Tanglewood Road for $2.3m, both, coincidentally designed by the eminent Berkeley architect Walter Ratcliff—it’s tempting to conclude that this category of “super homes” is immune from the real estate downturn. After all, they both sold, and quickly—neither was on the open market for more than a few weeks.
But look more closely and the indications are that even at the very highest end, the market is suffering.
The five-bedroom home with luxurious grounds and paneled library at 22 Tanglewood sold for $2,300,000, a whopping $650,000 (or 22%) less than its asking price of $2,950,000.
Just around the corner, the 5-bedroom home at 2957 Avalon (pictured right) sold for $100,000 under its $3.2 asking price. A mere bagatelle when you’re in this price league, it is true, but the last two homes that sold just this summer on this prestigious street in the Claremont neighborhood went for well above asking price. (Number 2940 for $2.2 million, 10% over its asking, and 2934 for 40% over asking at $4,050,000.)
Meanwhile two other premium homes are that are currently on the market are singularly failing to sell. Another Ratcliff home, at 2 Somerset Place, (pictured above) can’t find a buyer even after reducing its price from $3.2m to $2.9m, while nobody is rushing to pay the highest price tag around — $4.5m — for 2 Westminster Drive in Oakland’s Claremont Pines neighborhood.
It seems even the rich can hurt.
[Source for homes sold data sfgate.com.]
