Archive for June, 2007
June 30, 2007
There’s a growing fear at the New United Motor Manufacturing Inc. (NUMMI) plant that production of the Toyota Tacoma truck, which represents 40 percent of the Fremont plant’s annual output, could be halted. NUMMI currently employs 5,500 workers and hasn’t had a layoff since it opened in 1984. This could affect communities from the Bay Area to Sacramento, including Stanislaus and San Joaquin counties, where many of the workers live.
With the current real estate market suffering a slow down in activity this could present an even bigger real estate problem. Because NUMMI is the only factory of its kind in the Bay Area, I imagine trying to get a similar job would be very difficult for a lot of NUMMI employees, if this should happen. We are talking about a LOT of displaced people! Undoubtedly some would have to leave this area to find comparable work and affordable housing. As it is I am constantly astounded by the amount of homes for sale in the Bay Area these days, and if NUMMI employees have to move elsewhere the glut of homes for sale would be mind-boggling, to say the least.
All this on the heels of the new Oakland A’s Stadium being built in Fremont that I hoped would attract more people to buy up some of the homes for sale.
REAL ESTATE TERMINOLOGY:
Appraisal Certification - there are two types of certification, general and residential.
June 29, 2007
Recent MBA grad, Mark Trang, spent weeks searching for a place in San Francisco to call home and found that the housing, like most things in the city, was terribly old or 21st century new. After an unsuccessful bid on an older property he decided to make an offer on one of the gleaming new condominiums in the SOMA district.
To his surprise, Redfin agent, Max Diez negotiated a winning deal that included two years of free HOA dues and walked away with a $12,660 Redfin commission refund. Not bad at all.
If you’re already researching using the Internet and attending open houses on your own time, why pay a traditional buying agent 2-3% when all you need is support during the actual transaction? Redfin delivered exactly the value I needed but at a cost that makes sense. My Redfin agent, Max Diez, and the rest of the Redfin team was very responsive and provided great insight during the offer and escrow process, particularly when it came to the local nuances of buying property in San Francisco. I am a big fan of the way Redfin is transforming the real estate industry and look forward to using them again when I buy and sell property!
-Mark Trang
The floor hasn’t completely fallen on San Francisco real estate but there are deals to be had if you’re looking to take advantage of a boom in new construction building and plenty of cautious buyers sitting on the sidelines. If you have a funny or insightful story for us about how you bought or sold a house, send it to bahn (at) redfin (dot) com; we’ll probably use it, and then we’ll send you a gift certificate for a dinner anywhere you like.
June 29, 2007
Back in May we asked the question, “Will $5000 really get you into a home?” and told you about a program that JV & Associates has set up for home buyers. While it isn’t impossible, there are only a few homes at a time that offered in this manner. Currently there are 3 homes available under this program, with the newest addition at 1937 Vista Cay in San Mateo. While the listings we mentioned in May were all single family homes, this particular listing is a two-story, two bedroom, 2.5 bath townhome. Located on the east side of Highway 101, near one of Foster City’s lagoons, it is listed at $628,000.
What does it take to qualify for a unit like this? Minimum income of $85,000, minimum credit score of 680, $5000 down payment, and the ability to afford an approximate mortgage of $2900.
June 29, 2007
Here’s a list of this week’s newly listed Menlo Park houses in the shark-infested waters between $900K and $1.5M. Anyone looking in this range may want to drive by these properties early, during the Menlo Park realtor tours on Tuesdays from 9:30 am to 1pm.
I’ve also noticed that some “Desperately Seeking Starter Home” shoppers post “Wanted” notices on Craigslist, which is not a bad idea.
433 8th Ave
198 Elliott Dr
315 Trenton Way
2402 Sharon Oaks Dr
2405 Sharon Oaks Dr
June 29, 2007
A partial list of open houses this weekend:
34820 Dorado Common 2/2 - 930 sq. ft. - $459,888 Sun. 1:30 - 5
5214 Fairbanks Common 2/2 - 950 sq. ft. - $465,000 Sun. 1 - 4
38200 Redwood Ter. 2/1.5 - 1290 sq. ft. - $519,000 Sat. 1 - 4 & Sun. 1:30 - 4:30
36590 Polvorosa Ct. 3/2 - 1275 sq. ft. - $589,000 Sat. & Sun. 1 - 4
37974 Stenhammer Dr. 3/1 - 1014 sq. ft. - $592,500 Sat. 1 - 4 & Sun. 1 - 5
5542 Buchanan 3/2 - 1390 sq. ft. - $595,000 Sat. 1 - 4
36337 Frobisher Dr. 3/2 - 1169 sq. ft. - $595,000 Sat. & Sun. 1 - 4
4107 Tawny Ter. 3/2 - 1549 sq. ft. - $599,999 Sat. & Sun. 1:30 - 4:30
4630 Westwood Ave. 3/2 - 1200 sq. ft. - $604,950 Sat. 1 - 4 & Sun. 1 - 3
4745 Wheeler Dr. 3/2 - 1356 sq. ft. - $625,000 Sat. & Sun. 1 - 4
35907 Cabral Dr. 3/2 - 1148 sq. ft. - $628,888 Sat. & Sun. 1 - 4
4820 Mauna Loa Park 3/2 - 1466 sq. ft. - $649,988 Sat. 1 - 4
REAL ESTATE TERMINOLOGY:
Appraisal - An estimate and opinion of value; an opinion or estimate of the fair market value of a property.
June 29, 2007
A partial list of open houses this weekend:
336 San Miguel Ct. #1 3/1 - 1,050 sq. ft. - $429,000 Sat. & Sun. 1 - 4
1186 N. Abbott Ave. 2/2 - 1,174 sq. ft. - $448,888 Sat. & Sun. 1 - 4
818 Fascination Pl. 2/2.5 - 1187 sq. ft. - $534,900 Sat. & Sun. 1 - 5
221 E. Curtis Ave. 2/2.5 - 1038 sq. ft. - $554,888 Sat. & Sun. 1 - 5
110 Woodland Ct. 3/2 - 1240 sq. ft. - $585,000 Sat. 2 - 5 & Sun. 1 - 4
154 Folsom Pl. 2/2.5 - 1459 sq. ft. - $598,888 Sat. & Sun. 1 - 4
1662 Jupiter Dr. 3/1 - 1044 sq. ft. - $599,000 Sat. 1 - 6 & Sun. 1 - 4
261 Sylvia Ave. 3/1 - 1040 sq. ft. - $619,950 Sat. 1:30 - 4:30 & Sun. 1 - 4
141 Serenity Pl. 4/3.5 - 1764 sq. ft. - $655,000 Sat. & Sun. 1:30 - 4:30
254 Hazen St. 3/1.5 - 1064 sq. ft. - $655,888 Sat. & Sun. 1 - 4
REAL ESTATE TERMINOLOGY:
Annual Percentage Rate (APR) - The cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in Lending Act.
June 29, 2007
Here’s a list of this week’s newly listed houses in the shark-infested waters between $900K and $1.5M. Anyone looking in this range may want to drive by these properties early, during the Palo Alto realtor tours on Friday mornings from 9:30 am to 1pm.
I’ve also noticed that some Desperately Seeking Starter Home shoppers post “Wanted” notices on Craigslist, which is not a bad idea.
For photos and details of these listings, click on the addresses below.
176 Waverley St.
212 Everett Ave
2463 Burnham Way
814 Moreno Ave
June 29, 2007
A partial list of open houses for this weekend:
6330 Joaquin Murieta Ave. #C 2/1 - 1,112 sq. ft. $425,000 Sat. 1 - 3
6235 Joaquin Murieta Ave. #D 3/2 - 1375 sq. ft. - $589,999 Sat. 1:30 - 5:30
39865 Cedar Blvd. #337 3/2 - 1,283 sq. ft. - $439,000 Sat. 1 - 4:30
6214 Buena Vista Dr. #A 2/2 - 1,265 sq. ft. - $439,500 Sat. 1 - 4
36995 Newark Blvd. #C 3/2 - 1,330 sq. ft. - $470,000 Sat. 1 - 4
5963 Central Ave. 2/2.5 - 1,447 sq. ft. - $508,888 Sat. 2 - 4 & Sun. 1 - 4
5408 Port Sailwood Ave. 3/2 - 1498 sq. ft. - $540,000 Sat. & Sun. 1 - 4
5321 Port Sailwood Dr. 3/2 - 1647 sq. ft. - $580,000 Sun. 1 - 4
5487 Milani Ave. 3/2 - 1149 sq. ft. - $575,000 Sat. 11 - 2
5474 McDonald Ave. 4/2 - 1576 sq. ft. - $632,900 Sat. & Sun. 1 - 4
36392 Indian Wells 3/2 - 1401 sq. ft. - $639,950 Sat. & Sun. 1 - 4
36326 Cypress Point Dr. 3/2 - 1381 sq. ft. - $658,000 Sat. & Sun. 1 - 4
REAL ESTATE TERMINOLOGY:
Annexation - Attaching personal property to land so that the law views it as part of the real property (a fixture). Annexation can be actual or constructive.
June 29, 2007
A partial list of open houses this weekend:
4256 Miramonte Way 4/2.5 - 1,632 sq. ft. - $499,000 Sat. 1 - 4 & Sun. 1:30 - 5
32526 Ithaca St. 3/2 - 1248 sq. ft. - $549,000 Sun. 1 - 4
3802 Horner St. 3/1.5 - 1035 sq. ft. - $549,950 Sat. & Sun. 1:30 - 5
4440 Queensboro Way 3/2 - 1120 sq. ft. - $579,888 Sun. 1 - 4
32519 Jacklynn Dr. 3/2 - 1320 sq. ft. - $629,000 Sat. 1 - 4
33041 Calistoga St. 3/2 - 1087 sq. ft. - $632,000 Sat. & Sun. 1:30 - 5
REAL ESTATE TERMINOLOGY:
Amortized Loan - A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity. Also called a Level Payment Loan.
June 29, 2007
All of us are looking at open houses as an opportunity, but apparently we don’t all share the same idea of “opportunity.”
According to the San Francisco Chronicle writer Henry K. Lee and the Berkeley Police Department, “a man posing as a prospective home-buyer and a woman claiming to be his mother were arrested today after they allegedly made the rounds at open houses throughout the Bay Area, stealing purses and wallets, police said today.
Since at least April, McClung and Chapman, who had claimed to be his mother, have shown up in a Jaguar in upscale parts of Berkeley, Oakland, Fremont, Newark, Piedmont, Kensington and San Francisco.”
And if you think about an open house, one in which the owner/s are still living, you realize this is fertile ground for theft. I’ve always felt weird, even apologetic, opening the home owners’ closets to see their dirty laundry stuffed in overflowing bins; still, that’s as invasive as most people get. Yet according to police, these two thieves would “visit open houses and realty offices, saying they are willing to buy homes for cash. While the woman distracted the real-estate agent with conversation, McClung steals wallets and purses, which they used to commit more fraud.”
Luckily, Paul McClung and Carol Ann Chapman were arrested “out-of-state while driving a Hummer they rented, allegedly with a stolen credit card, said Berkeley police Lt. Wes Hester. The car’s OnStar vehicle tracking system led police to the pair.” But if you are home seller, this story might give you pause; clearly you want to be present, and very alert, at all your open houses.
