Brenda Keener
Recent posts
June 30, 2008
Monterey is one of the most beautiful places on earth, and a wonderful place to live! Redfin has just expanded its services to include Monterey County, and I am excited to write about the homes located in paradise.
The first featured listing is located in the city of Monterey itself, and is a 2 bed, 2 bath Craftsman style cottage with partial beach views. 923 Alameda Ave was built in 1943, and captures the spirit and essence of Monterey itself. The home has many picture windows, and could also qualify for historic designation. The location is near perfect, as it is close to the post office and many of the fine restaurants Monterey has to offer. It also has a really peaceful backyard patio, shown here. It is offered at $812,500, and has 1,475 square feet of living space on a 4,000 square foot lot.
Another great listing is a relatively new home, a 3/2 located in a nice neighborhood of Salinas located at 1626 Marshfield Court. Offered at $409,000, it is a single-story rancher with a fenced yard, separate dining room, separate family room, and fireplace. It has been on Redfin for one day only, and is a bank-owned REO. Home square footage is not listed, but it is located on a 6,035 square foot lot. The listing says that it is clean, and there is little to do to it. It certainly looks nice from the front view.
A 5 bed, 2 bath home located in Seaside also seems like a great deal at $490,000. 1355 Harding’s listing has no photos, but tells us that this reasonably priced home has ocean views and 2160 square feet of living space on a 3650 square foot lot. The Google Earth photo shows us that it does look a bit on the aged side, but this is a lot of house for the money. And area comps are in the $500K-$600K range.
June 29, 2008
Beautiful Monterey county -home to the Monterey Bay Aquarium, Monterey Jazz Festival, and Big Sur, is now part of Redfin! World famous for its stunning coastlines and rugged landscape, Monterey is a favorite vacation spot for many in Northern California and beyond.
Roughly 1.5 times the size of Delaware, Monterey County includes the cities of Salinas, Monterey, Carmel, Seaside, and Pebble Beach among others. The name Monterey was derived from the Spanish words Mont or hill, and Rey or king - so it means “King of the Hill” or “Hill King”. Indeed the rugged hills are breathtaking!
Despite its size, Monterey County is not heavily populated. Its census figures for 2007 show just over 106,000 people as residents. Much of the land is either protected park land or agricultural land - and the two top industries in Monterey are agriculture and tourism.
Established in 1850, Monterey County was one of the very first counties in California. It is home to many historic buildings, such as California’s first theatre, the popular Fisherman’s Wharf, and Mission Carmel.
The average home price in Monterey County is $399,950, which is down 47% from one year ago. This drop has led to another trend - sales are up a whopping 69%. If you are looking for a home in picturesque Monterey County, now is the time to buy!
June 28, 2008
Virtual reality is here in a big way with Second Life - if you have always dreamed of owning a home, but Bay Area prices have kept you from your dream, you can buy your own virtual island for $1000 plus a $295/month maintenance fee (maybe they have to mow the virtual grass for you?). What can you do on your island? Anything you can create in your imagination!
I have toured some of the islands in the last week, and am amazed both at the quality of the animations and the incredible imagination Second Life residents have shown. Some islands are peaceful - with virtual ocean waves lapping at the shore and virtual hammocks between trees. Others are replicas of urban blight- with virtual “hip-hop” clothing for sale in virtual urban stores. Still others are filled with virtual sculptures, churches, meeting halls, and camp grounds.
Still can’t afford to buy an island? Don’t worry, many virtual “developers” have subdivided their islands and are selling anything from beach houses to condos to castles. Land auctions are also held at regular intervals, providing another way to buy real estate without purchasing an entire island. You can even rent in Second Life; island rental is $50/day.
When you sign up for Second Life, you create your very own avatar that you can hand craft to look any way you want. You can make him or her tall or short, fat or skinny, young or old. I must say that I have seen very few plump avatars in my travels!
Basic membership is free - but if you want to own land, you need to spring for a premium membership at $9.95/month. A wide variety of tutorials are available to help you build your house, dress your avatar, and navigate through the worlds. Here is one on virtual wood texture creation to help you build your new home.
If you choose to join - look for me! I am Illuminata Woodget in Second Life.
[Photo Credit - www.secondlife.com Gion Project]
June 22, 2008
The city of Cupertino, with its excellent school system, appears to be the least affected by the recent real estate slump. According to the Square Feet blog - although it is still taking 187 days to sell a home in South County (believe it or not, this is down from 300 days), it only takes 62 days to sell in either Cupertino or Sunnyvale. Here is a listing of the recent home sales in Cupertino - from the San Jose Mercury News 6/21 report.
22700 Alcalde Road, $1,889,000, 05-30-08, 3,484 SF, 5 BR, M. Kok to S. Mirle; 2004:$1,600,000
22221 Bitter Oak St., $630,000, 05-30-08, 959 SF, 2 BR, Schultze Trust to G. Lau; 1994:$210,000
21835 Corte Madera Lane, $1,645,000, 05-30-08, 1,383 SF, 3 BR, M. Alamdar to K. Ashtiani; 2007:$1,025,000
10565 East Estates Drive, $1,112,000, 06-04-08, 1,392 SF, 3 BR, H. Ho to E. Pai; 2008:$870,000
10514 Felton Way, $970,000, 05-30-08, 1,476 SF, 3 BR, F. Liu to P. & S. Nair; 1999:$445,000
10120 Imperial Ave., $1,015,000, 06-02-08, 1,845 SF, 4 BR, R. Mani to G. Chia-Jung; 2006:$902,000
1115 Kentwood Ave., $1,009,000, 06-05-08, 1,613 SF, 3 BR, Bruce Trust to Y. & J. Tan
10679 Minette Place, $662,000, 05-30-08, 1,078 SF, 3 BR, R. Doppert to W. & J. Yu
10240 Mira Vista Road, $1,300,000, 06-04-08, 1,492 SF, 4 BR, Olsen Trust to K. Lam
11232 Monterey Court, $1,295,000, 05-30-08, 1,874 SF, 3 BR, K. & M. Byun to Z. Ye; 2001:$856,000
10656 North Blaney Ave., $800,000, 05-30-08, 1,436 SF, 3 BR, Y. Wang to HOC Associates; 2000:$550,000
1028 November Drive, $1,700,000, 06-04-08, 1,190 SF, 3 BR, J. Li to A. Chiu; 2006:$1,001,000
22630 Oakcrest Court, $1,508,000, 05-30-08, 2,531 SF, 4 BR, Surh Trust to Q. Sha; 2001:$1,450,000
10371 Rivercrest Court, $1,275,000, 06-05-08, 1,846 SF, 3 BR, M. & H. Kawara to J. & I. Louischandran; 1989:$440,000
20488 Stevens Creek Blvd. #2302, $492,500, 05-30-08, 875 SF, 1 BR, Lee Trust to J. Lunetta
10541 Stokes Ave., $1,170,000, 06-03-08, 1,666 SF, 3 BR, S. Mirle to H. Kumar; 2002:$833,000
June 21, 2008
FSBOs have been scarce for quite some time - but this week, several newer FSBOs appear to have cropped up on Craigs List. Perhaps they just migrated over from other FSBO sites, but they have the look and feel of new listings!
This little rancher in Santa Clara has a near ideal commute location; Santa Clara is perhaps the most centrally located city in Silicon Valley! At 1750 square feet with 3 beds and 2 baths, it does seem a bit pricey at $818K in this market. But it does have a newly remodeled kitchen with recessed lighting, two patios, a hot tub, RV parking and a two car garage. The homeowner is throwing in a one-year appliance warranty too.
One great thing about living in Santa Clara is that you get discounted power bills - making the purchase price a bit more palatable. But this home doesn’t have any air conditioning, and on a day like today, that is one feature that matters!
One more reasonably priced home is located on 2984 Fallwood Lane in San Jose. Offered at $608,888, it has 4 bedrooms, 2 baths, and a large office room (13′ x 20′), making it ideal for someone who runs a business out of their home. The photos show good use of the 1755 square feet of living space, and some very nice solid oak hardwood flooring. The backyard photos show shade trees, but quite a large amount of concrete also which can make the living space hotter than it would normally be. Central AC is NOT mentioned in the listing, which probably means that it is nonexistent (can you tell that it is hot outside while I am writing this?).
Another area of improvement this property appears to need is a new perimeter fence.
A third FSBO, listed without a photo, claims a $150K price reduction and is now offered at $499,999. This is a 3/2 with 1150 square feet and tenants paying $1850/month rent until November. The listing also tells us that the bathrooms have been completely redone, the roof and windows were recently replaced, and all appliances are new. It also has a shed in the backyard with a concrete floor for storing your lawn and gardening tools. Located in South San Jose, it is near highways 101, 85 and 87.
June 18, 2008
The clear message from city governments across America is that they are not willing to wait for the Federal government to solve the foreclosure crisis; they are taking proactive measures to help their own communities in every way they can.
In Philadelphia - a new court order prohibits Sheriff’s from evicting those in foreclosure unless a last ditch effort is made by the lender and homeowner to work things out. In January, the city of Cleveland sued 21 major investment banks and lenders; claiming their deceptive and subprime lending practices had created the current morass. The city of Baltimore has also sued Wells Fargo Bank over similar claims.
Still other cities are addressing the issues of property value decline due to improper maintenance of vacant buildings. St Paul in Minnesota has developed a Vacant Building policy - which requires a new property owner to file a report declaring their intentions for the building within 30 days of acquiring it. There is also a $250 registration fee associated with the filing.
Economic losses of $166B in 2008 covering 361 metropolitan areas were projected in a report released by the U.S. Conference of Mayors last November, but this doesn’t include the unquantifiable losses due to increased crime, homelessness, property value degradation, and loss of jobs relating to the real estate and home improvement industries.
More creative solutions to this problem include loan programs offered by the cities of Jacksonville FL and Louisville KY, where homeowners can borrow up to $5,000 which will be forgiven if they stay in their homes.
But the award for the most creative solution goes to Trenton NJ; the mayor of Trenton has asked all pastors to preach at least one sermon on foreclosures. Asking God for help makes sense in today’s market!
[Photo Credit: MSNBC.com Rev Medley of New Jersey]
June 14, 2008
Santa Clara, home to Intel, Rivermark, and Santana Row, is in the process of “gentrification” - or a dramatic improvement in its older neighborhoods and upcoming home values. Purchasing in Santa Clara during a down market makes sense, as the close proximity to Rivermark and Santana Row will make this a “hot spot” in the future - at least in my opinion.
This week, there are six new listings on Redfin in the city of Santa Clara. One is found at 2243 Lenox Place near Wilcox. This is a newer 3 bed 1 1/2 bath home with 2178 square feet of living space, listed as “barely lived in”. At $729,950, it is a bit higher than neighborhood comps at this time. If you are interested, I would wait for this one to fall in price.
A cozy 4 bed 2 bath rancher located on 2229 Brown Ave has been up for only one day, but is priced to sell at $498,888. Cozy is definitely the word for this one, as it has only 1158 square feet, but it appears to have been well-cared for from the photos.
It has some nice hardwood flooring and a cozy yet well-planned kitchen, but the back yard photo shows that the grass needs some serious work and watering.
The location near Monroe St. gives it a great cental location - which is wonderful for an easy commute.
Another new listing with a reasonable price can be found at 2341 Regina Ct - a 4/2 offered for $639,999. This home is close to Great America, which could be either a blessing or a curse - depending on how well you like amusement parks, or detest noise. It IS in a great commute location to the East Bay, due to its close proximity to highway 237, or to San Jose via highway 101. There are no pictures to assess how well it has been cared for, but this is a nice older neighborhood with many well-kept homes.
June 11, 2008
Today, I read a very intriguing post on the Square Feet blog - revolving around the changing role of the FHA and what it portends.
On Monday, FHA Commissioner Brian D Montgomery gave a presentation to the National Press Club in which he expressed some very serious concerns about the rise in applications for FHA backed loans, and the feeling by some that the FHA organization is being expected to shoulder the burden of the many foreclosures.
The blog goes on to state that Montgomery believes the proposal currently in Congress to refinance roughly $300B worth of questionable loans is very dangerous, and could overstretch the agency to the point where more stable buyers are hurt in the process.
From the FHA site, Montgomery is quoted as saying:
“Lately, the housing market has been as wild and woolly as those days of the Western frontier. Sometimes, as commissioner, I feel that it is “High Noon” and order and justice need to be restored.”
The full text of Montgomery’s speech points to the need for more fiscal conservativism - simple things like checking credit and bank references and making sure no part of the loan downpayment was borrowed need to be observed. He is also pushing for RESPA - or “Real Estate Settlement Procedures Act”, which requires full disclosures of fees, charges, interest rates, and loan terms - as another way of preventing foreclosures in the future. This makes sense, and I agree the fine print needs to be a thing of the past.
These things will certainly help us in the future - but here and now, we are faced with an overwhelming amount of mortgages in trouble who need help from a government agency. There is no doubt that the FHA is going to be overwhelmed by all the demand - and that their resources will be stretched. This agency has been a stalwart group helping American’s achieve the American dream for 74 years, we can only hope that Congress will hear their pleas for help and come up with a plan to help them, without turning them into another disaster relief agency or ”Mega-agency” hamstrung by bureaucracy.
June 10, 2008
Looking for a fixer upper in the San Jose area? There are some great flipper opportunities for sale this week - all of which would require some elbow grease but promise a great payoff when the market turns.
My first choice is a Willow Glen property - located on 560 Minor Ave. ”Minor”is aptly named, as I can hear the minor chords playing in the background as I imagine what a great haunted house this would make for Halloween (my favorite holiday). This home was built in 1900 and is 108 years old - it probably has some wonderful stories to tell. It has 6 bedrooms and 3 baths, and with its Willow Glen location, could be converted into a beauty.
The living area is listed as 2316 square feet, and the list price is only $424,900. I am sure this one requires more than a little elbow grease, so it is listed as “as-is” only. It is also a bank owned foreclosure.
From the photo, I can’t tell whether the windows are broken - or just being protected with boards.
A newer fixer upper can be found on 1934 Kinross Way, in South San Jose. Listed for $409,900 - it is a cute little 3/2 rancher with 1,238 square feet of living space and an inground swimming pool.
It does have a newer roof, dual paned windows, and an automatic garage door opener for the garage - but not much is said about exactly where the TLC would need to be applied.
The lawn looks like it is in good shape, and the small brick wall in the front is a nice touch.
Last but not least is 21 Kittery Court in the Santa Teresa area of San Jose. I personally like Santa Teresa because of its foothill location, and its close proximity to light rail and other public transportion - this could be a God send in these days of rising fuel costs.
This home is another rancher - with 3 beds and 1 1/2 baths offered for $460,000. It is a smaller home, with only 1120 square feet - but has a very nicely landscaped in ground pool in the back. Not bad for $460,000! The ad for this home also doesn’t specify where TLC is called for.
June 8, 2008
Outrage in the Bay Area against the planned apple moth spraying continued today, with a protest in Marin County. Although there is no present danger to crops from the apple moth, the State plans to spray in heavily populated areas this summer - to include Marin, San Francisco, and the East Bay.
Spraying of this pesticide, called Checkmate, was set to begin in August and could continue over five years. The State obtained an emergency exemption from registration with the EPA - which means that spraying can begin without statewide approval. If the apple moth were to gain ground, it could be devastating to many different types of crops, such as fruit trees, citrus and grapes. But the residents of Monterey and Santa Cruz counties who were sprayed last year contend that the health risks outweigh the risks to crops. After these areas were sprayed from September to December, hundreds of residents complained about health issues ranging from headaches to coughing and wheezing, and first time asthma attacks.
State officials contend that the spray is perfectly safe, and that it is just a pheromone that confuses the male apple moths. Residents contend that the testing was hurriedly done and not conclusive. Based on the furor over this moth, Governor Schwartzenegger ordered a halt to spraying back in April until the spray could be proven safe. The California Assembly also narrowly approved a measure in late May mandating that an EIR - or “environmental impact report” be done before spraying could continue.
The facts are that hundreds had health issues the last time spraying was done, and these sprayings occurred over less densely populated areas. The chemical used has not been classified by the EPA. And some independent researchers have found that the chemical CAN cause respiratory issues based on the particle sizes in the spray - some of which are small enough to lodge deep in the lungs. Spraying would have to be done every 30 days for years in order to completely eradicate the apple moth. I see no tests showing the long term impact of this chemical on human health, or on other crops for that matter.
Most Bay Area cities, including San Francisco and Fremont, have strongly opposed the scheduled August spraying. Many residents say they will move if spraying continues. What will this do to a state already beseiged by foreclosures and empty homes?
I think our lawmakers need to think about the potential impact to the tax base if many people leave, or become ill - a concern that should be dwarfed by the real human issues here; the health of the people and the land.
