Archive for July, 2008
July 31, 2008
Looks like the tough times are hitting the Santa Venetia neighborhood of San Rafael. Located by the Civic Center, this neighborhood with a working class feel is close to China Camp State Park and was once slated to be the Venice of Marin. It also looks like many of the homeowners have become victims of the down trodden housing market. Se
veral homes in the neighborhood are selling quite below what the last owner paid for it. Possibly a slow virus that’s spreading amongst homes that come to market.
For home buyers, this unfortunate circumstance is bringing single family homes in this area to below $500,000 - rarely seen in Marin except further north in Novato. Maybe an opportunity to get in. Check out the current inventory below:
31 Jefferson Ave, San Rafael - 4 beds, 2 baths - $455,000: On the market now for over 6 months, it last sold for $655,000
402 Vendola Dr, San Rafael - 3 beds, 1 bath - $459,000: No recent sales data on this house, but I’ll go ahead and make an assumption that this got caught up in the downturn.
109 La Pasada Way, San Rafael - 2 beds, 2 baths - $459,000: The last homeowners seem to have bought this for $700,000 before the bank bought it back for $600K+ in April.
111 Labrea Way, San Rafael - 4 beds, 2 baths - $459,990: As the listing says, “priced for a quick sale.” Last sold for just above $700K.
842 Estancia Way, San Rafael - 4 beds, 2 baths - $470,000: This looks to be the lastest victim. Only listed for one day. Last sold for $700,000.
July 31, 2008
No you haven’t stumbled into a time warp. According to an upbeat piece in the Wall Street Journal it is still possible to cash in on real estate.
Before you start feeling a tingle of excitement at the notion that you may be able to snag a bottomless bag of cash, let me warn you that this article refers to concepts such as “foreign real estate”, “second homes” and” yachts” — scratch that: “big yachts”.
We’re patently not talking about, or to, ordinary punters here — it is the WSJ after all. Still it’s always amusing to see how the other half (make that 0.1%) live.
The article reports that there are four real-estate related opportunities that are holding up despite the current economic downturn:
• Rural land: Rising food prices, demand for corn-based ethanol and a growing desire by many urbanites for a place in the country are making rural land more valuable.
• Foreign real estate: Although home price growth is slowing around the globe, some countries are still on a tear, according to GlobalPropertyGuide.com. While none of these places may be your first choice for a vacation hideaway, in the first quarter of this year, home prices rose 29% in Slovakia, 28% in China, 15% in Bulgaria, 13% in Cyprus and 9% in Australia over the same period a year earlier.
• Dockominiums: With higher gas prices, the market for both dry and wet slips for small boats has been softening. Not so for the big yachts, meaning those over 80-feet long. Real estate brokers say demand for big-boat docks is so high that having one in the backyard can double a property’s value.
• Fractional real estate: Many people who don’t want to acquire and maintain a second home in a declining market still yearn for a vacation getaway. That’s a big reason why fractional real estate, where an owner buys a deeded share of a residence, is gaining popularity.
Read the full, eternally optimistic piece, here.
[Photo credit: www.pbase.com/dkn2k/image/35303406]
July 31, 2008
The $100,000 price reductions are eye catching. But of course, the initial base price of the following homes started at over $1 million so while the $100K seems to be a large absolute number, relative to the asking price it’s not as substantial. However, these $100,000 price reductions, while not exactly a 10% knock off, still amount to over 5% off the last ask. 
380 W Baltimore Ave, Larkspur - 3 beds, 2 baths - $1,349,000: Located at the end of Baltimore Canyon of Larkspur, this is a fixer upper with a half acre plus lot. The house, though dated, is over 3000SF. Original ask was $1,499,000. Last list was $1,449,000 and this week, another $100K was slashed.
119 Hillside Ave, Mill Valley - 2 beds, 3 baths - $1,099,000: Another fixer, this time perched above downtown Mill Valley. A three story house built in the 1930s seems to be waiting for the next owner to bring out its charm. Great views. Original ask was $1,299,000 and this is the second $100K price reduction.
166 Bayview Dr, Mill Valley - 5 beds, 3 baths - $1,024,000: Another Mill Valley home but only on the market for slightly over 20 days. Looking for a buyer quick, I assume as it just slashed $124K off the original ask of $1,149,000. Large house on over half an acre.
5 Tamarack Rd, San Geronimo - 5 beds, 3.5 baths - $1,350,000: Heading out to Pt. Reyes? Check out this almost 4,000SF home on almost 2 acres. A big bang for your buck since West Marin is not the easiest for commuters. The original ask was $1,599,000 and it just slashed $100K of the last list of $1,450,000.
July 31, 2008
A friend recently purchased a home in the San Diego area. She allowed me to follow along on her adventure via the web, and often sent me links of homes that she and her husband were touring. Two things I noticed early on: It appears you get more bang for you buck down there (prices have also dropped considerably more than they have in the Bay Area), and prices aren’t really what they seem to be.
In these here parts (Northern California, in general), a listing price is put on a home. Depending on the market, buyers will bid down or up, based on what the market will bear, what they can afford, and what they think (emotionally or rationally) the house is worth. But down there in SoCal, they put a listing price on a home, and in the listing description they list a range in which the home will accept bids. In fact there is a whole section below the paragraph which allows the agents to put in high and low information. You might call it a range of negotiation, but I fail to find the wisdom of it. Case in point: This lovely home on Wintergreen Lane in Fallbrook is priced at $599,000, but they will “consider offers from $599,000 to $649,000.” Why in the world would anyone bid higher than $599,000, particularly in this market and if they know the homeowner is willing to take $599,000? And if I bid $650,000 or $598,000 would they automatically reject the bid? It’s like telling a secret that only the agent should know. Is this an old practice when the MLS listings were only for agents’ eyes, to help them steer their clients away from properties that they knew lowball bids would be rejected?
This listing on Stone Post Road in Fallbrook is for $489,000 but will accept $489,000 to $518,900. What’s with the odd amount? Why not and even $518,000, or $519,000 giving you an even $30,000 spread? Or this home in Vista, listed for $550,000 with a range of acceptable offers from $550,000 to $650,000. Now why would I pay $100k over asking? It just boggles my mind. Anyone out there have a clue? Is this an archaic practice that should be retired?
Recent Sweet Digs Posts:
Nowhere to Run
Marinites: Too Rich and Skinny
South Bay Events This Weekend: The Bone Bash
SF: And the Selling Price is… Password Protected?
Historic Palo Alto For Sale
Hella Good Deals in Hercules
July 31, 2008
I just read an article titled “Does living in the suburbs make people fatter?” So that explains my love-handles. Cool! Oh wait, the article goes on to say that people who live in “walkable” neighborhoods weighed an average of 8 pounds less than people who lived in the least walkable areas. It goes on to say that neighborhoods built before 1950 (mine was built after) tended to have sidewalks and other characteristics that made them more accessible to pedestrians, including being more densely populated and having restaurants and other businesses nearby. In general, newer neighborhoods offered fewer opportunities for walking. The article even cites the fact that less friendly streets, like those with no crosswalks, deter people from walking.
One thing I have noticed is that there are more parks and recreational areas located in or nearby the suburbs so I think housing developments are trying to keep that in mind. Here are some very nice houses in the suburbs next to some great recreational areas:
741 Bodega Ct, Fremont – 5/3.5 – 3950 sf ($478) $1,888,888
This house is next to one of the trails leading up the face of Mission Peak, a very popular hike for the locals. I guarantee your muscles will scream after this challenge.
43533 Gallegos Ave, Fremont – 5/3.5 – 3313 sf ($465) $1,540,000
This house is next to a great little ‘secret trail’ that is perfect for evening walks. There’s also a great park not too far away.
2755 Harrisburg Ave, Fremont – 4/3 – 2187 sf ($380) $830,000
This one is right next to the Quarry Lake recreation area that affords hiking, swimming, boating, fishing, biking, walking, etc.
34357 Eucalyptus Ter, Fremont – 4/3 – 1929 sf ($441) $849,888
This place is right next to the entrance to the Coyote Hill recreation area that has trails wandering all over the place. It’s part of a natural reserve area next to the salt ponds and the Dumbarton Bridge.
4120 Forest Hill Ct, Hayward – 4/2.5 – 2962 sf ($275) $814,950
This is located near Pleasanton Ridge where there are several trails to explore and most have spectacular views of the bay area
524 Vista Ridge Dr, Milpitas – 4/4 – 4500 sf ($400) $1,799,000
This one is near Ed Levin Park and a great golf course. Plus, with 4500 square feet of living space that would be some exercise just wandering around the house!
3040 W Ruby Hill Dr, Sunol – 7/9.5 – 14,586 sf ($809) $11,800,000
I just couldn’t resist showing you this place. Holey-moley, this IS livin’ large folks! If you can afford a place like this in the outer ‘burbs you can afford to hire people to exercise for you.
Another choice for accessible exercise to own a condo or townhouse with amenities like a swimming pool, tennis court, gym, etc. There a plenty available in all of the suburbs in the Bay Area.
I guess what I am saying is that I disagree with the article mentioned at the beginning of this blog. Getting exercise is really about individual motivation rather than where you live. Using location, gas prices, or available “walkable” places is just an excuse, and a lame one at that. Whether it is in a city, a suburb, or in a remote area, if you want to exercise just go do it. You don’t need money, you don’t need sidewalks/trails, you just need the desire. I also find it mildly amusing to see people drive to where they want to get exercise. It seems so contradictory.
Unless, of course, you happen to live in certain parts of Oakland where walking around the neighborhood could be fatal!
REAL ESTATE TERMINOLOGY:
Fixtures - Items that were originally personal property but that have become part of the real property, usually because they are attached to the real property more or less permanently. Examples: Store fixtures built into the property and plumbing fixtures.
July 30, 2008
Alright - for many of you, there is no such thing as being too rich or too skinny. I guess if you manage both of these well and don’t go too overboard, it’s ok. Everything in moderation.
As noted by the MarinIJ this week, the August issue Money magazine which ranks the best places to live recently named Marin county the county with the skinniest residents. Don’t forget, Marin is often cited in polls and data releases as one of the wealthiest counties in the U.S.
The magazine looked at the average Body Mass Index (BMI) to determine the skinniest of the bunch. Adult Marinites on average had a 24.48 BMI. Marin’s southern neighbors gave them a good run for the money; San Francisco residents had a average index reading 24.86. (Note: The lower the BMI reading, the less body mass you have and the skinner you are).
While Marinites are, on average, are thinner than the rest, it really isn’t all that thin. As the IJ pointed out,”…based on thresholds set by the National Institutes of Health, adults with an index of 25 to 29.9 are considered overweight.” It’s no surprise that obesity is an issue in the U.S. and even a health conscious area like Marin isn’t shielded.
To sum it up, the great message is that Marin is a healthy place to live. With the fabulous open space, consistently sunny skies (especially when SF is fogged in), bounds of organic foods and just an overall positive attiude to health and living well, Marinites are a relatively healthy bunch. No wonder it attracts those who can afford this lifestyle too… buying organic, having a personal trainer…. it’s not cheap.
July 30, 2008
Calling all aging rockers in the Bay Area - if you are looking for something to do, why not check out Bone Bash IX with Sammy Hagar and the Wabos ( ” I Can’t Drive 55″), and the Scorpions (”Rock You Like a Hurricane”)? Sponsored by radio station 107.7 “The Bone” - this event still has tickets available starting at $20. Held at Shoreline Amphitheater this Saturday night, a four pack of lawn seats is going for just $59. Reserved seating is $69.50. I do suggest getting there early if you plan to attend, it is bound to be crowded as it is the hottest ticket going in Santa Clara County this weekend.
My kids and I recently visited Sammy’s restaurant in Lake Tahoe, Cabo Wabo. The food was great, the atmosphere very “80’s rock”, and the nostalgic tidbits such as old guitars and records were “tres cool”. I definitely recommend it highly - it is not authentic Mexican cuisine but quite enjoyable.
And we are definitely looking forward to Bone Bash! Remember, old rockers never die! We just keep on rockin’.
July 30, 2008
Part of being a smart homebuyer is, of course, knowing how much stuff is selling for. Not only that, but also where stuff is selling, how long it takes to sell, and how close (Over? Under?) to asking it sold for.
Used to be able to get info on this stuff from, aptly, San Francisco Schtuff. No more. Because, technically, the columns revealed “prohibited” data, the Seductively Sold post was temporarily removed from the site. Schtuff creator and Realtor, Garrett Goldman, hypothesized the motivation to shut down this column was pretty basic:
I’m assuming that “protecting” such highly sensitive data (we’re not talking nuclear launch codes here people), helps keep jobs and power in place. If the general public has easy access to sold data, then they may actually ask Realtors the tough questions when it comes time to interviewing before hiring one.
But, in a move that, to my mind, puts the “real” back in “realtor,” Goldman now offers the sold price of a home via password: first you sign up to possibly be his client and agree to a bunch of fine print, blah, blah, just click “I agree,” and you can then see how much homes sold for, along with their addresses, days on the market, and original asking price.
The funny thing is, all the subterfuge is, well, funny. You can go to SF Gate and check out how much homes sold for in a given week, so if you were watching a particular home, you could see all the information you wanted by doing your own homework. The fact that all these data are now publicly available has not been missed, even by those who argue against an easily read public repository for the information. Kenneth Kohlmyer (AKA Fluj) wrote on the Front Steps that
If you think about it, all the information is available to anybody. It’s just that the MLS stores and categorizes the information in a particularly useful way. Now, since the information is available, why should the database that categorizes the free information be free to everyone? I don’t think it should. This is a private trade group’s search tool and publishing tool. It now works pretty well, and only after years of trial and error, input, quarterly fees, etc.
Commentors on this blog point out that the MLS will have a hard time justifying its secrecy as technology moves forward. The “internet will roll over” such a practice.
In general, I don’t believe anybody has a chance by standing in the way of the megatrend that says “Information Wants To Be Free.”
On the other hand, Jed Lane writes
The MLS is a service owned by the real estate brokers that set it up. That’s all. It is a wholly owned entitiy and like any other entity it is entitled to do with it’s product what it wants.
Realtors that are active in Board politicas and in emerging technologies understand the desire of new users of technology to have all data be free. The saying goes that “data wants to be free”. No, not really. Data exists, it;s just there that’s all. Who has access to it and what is done with it is at the perview of the group that gathers it. [sic]
Jed’s right, of course; but that does mitigate the reality that the data are readily available elsewhere if I’m willing to look. And I have a feeling, when it comes to being prepared to buy a home, most people will be willing to look as well. In fact, we already are.
…
Photo credit: K and M Bead Shop
July 30, 2008
It’s not often that a historic house on almost an acre become available in the downtown Crescent Park neighborhood, but it has in the form of the Squire House, located at 900 University Avenue, just blocks from downtown. So far, after 138 days on the market, this 6300 square foot majestic mansion has had no takers; not surprising given the price tag, the fact that any repairs and remodeling mean jumping through hoops, and that it sits on University Avenue, with all its attendant traffic. Built in 1905 for the John Adams Squir
e family, the home was built in the Classical Revival style and is on the National Register of Historic Places.
The home, also known at Palo Alto’s “White House,” is very regal looking, set back off the street and surrounded by locked iron gates with towering palm trees acting as sentries. Designed by renowned architect T. Paterson Ross, there are four large columns gracing the front of the house, while a porte cochere flanks the right, leading to the rear entrance. Built in 1905, this four-level home did not always look so grand. It fell into disrepair in the late sixties and was slated for demolition, with the lot destined to be turned into four ranch-style homes. Strong wills and a lot of fundraising saved the home, and although it has been sold to private citizens since that time, the city owns an easement for the façade of the house, preventing changes and alterations from being made. To make up for this restriction, and to preserve the home in total, there are tax breaks given to any future Squire House owner who helps to maintain its historic character.
The home has been updated and brought into modern times in many respects, but the old world charm still exists throughout, with beautiful wood, grand staircases, and stained glass. In addition there is a guest house and a pool surrounded by well-manicured grounds. Originally listed at $14,750,000, it has been reduced 15% to $12,500,000.
Just around the corner is another of Palo Alto’s well-tended antiques of similar size. 567 Hale is a 4/4 of 5713 square feet in the Early Classic Revival style. It’s not quite as grandiose and imposing as the Squire House, sitting on a third of an acre on a quiet street right off of University Avenue, but it is also designated an historic property. The home boasts high ceilings, wood floors, built-in buffet in the dining room, some very unique windows, and a heavy wide wodden staircase. The kitchen and baths have been modernized, but one still has a claw-foot tub. There is a light and bright sun porch, perfect for that morning coffee and paper and a nice porch off the back. Originally listed in April at $8,500,000 it can be had for the mere price of $7,750,000.
July 30, 2008
Reader Brandon commented that Pinole, a town I recently showcased, is on the decline, and recommended Hercules as a better bet in that general area. According to Brandon, Pinole was a great bedroom community several years ago, but now sadly crime is up in the town. These towns on the northern-ish end of the Interstate 80 corridor can be nice because they’re nowhere near as painfully far out as, say, Tracy or Walnut Creek or Martinez, and the prices are quite reasonable and the homes attractive.
Brandon recommended nearby Hercules, so here’s a look-see at some seemingly sweet deals there.
2361 Redwood Road, Hercules: Was $530,000, now $510,000. 4 bedrooms/3 baths, 2,409 sq ft. This is a single-family home that looks quite nice in the single photo with the listing. Uncharacteristically for a real estate agent, the listing says only, “Nicely kept home with large lot.” Worth checking out!
349 Sextant Court, Hercules: Was $239,500, now $229,900. 2 bedrooms/2 baths, 986 sq ft. This is a condo with $200 monthly dues. the exterior looks nice in the photo, though photo is a tad blurry.
374 North Wildwood, Hercules: Foreclosure, $327,900. 3 bedrooms/2 baths, 1,707 sq ft. This is a condo with, the listing tells us, assessed value of $562,240. Owned by Countrywide, a lender we’ve heard a lot about lately.
214 Meadowlark Way, Hercules: Foreclosure, $499,900. 5 bedrooms/3 baths, 2,188. This is a single-family residence with a minimum estimated value of $541,254. Somebody could get lucky on this one. Let us know if you pursue any of these! (Photo of Hercules: Will Palmer on flickr.)
