Archive for February, 2008
February 29, 2008
This week, I queried all my single young male friends as I know that the majority of the “newbies” to Silicon Valley are single young males. I wanted to know what the key components of the ideal bachelor pad were, for the Silicon Valley Male.
First of all, the Silicon Valley Male is a completely different breed from most American bachelors. For starters, he is typically an engineer with a 12-14 hour per day work commitment, very different from the ski bums of Colorado or the stock geniuses of Wall Street. Secondly, he is usually someone who delights in the latest technology - not someone who shuns his cell phone or satellite TV guide!
Here in Silicon Valley, the last statistic I have seen also put the male to female ratio at 11 to 1 - not great ratios!
Given these facts, the first criteria a young male will have is this; is it close to a major freeway? Otherwise, the majority of his day is spent commuting.
The second key criteria is whether or not it has easy access to high speed Internet access so all those work hours outside of work can actually be productive, and recognized.
After we get these two key criteria out of the way, here are the other considerations:
1) Does it have a large family/living room for movies - with lots of friends and acquaintances in attendance? This is key, as time for recreation is not abundant, but when it is, it has to count!
2) Is it close to a major grocery store, allowing quick trips for beer, chips, and dip?
3) Are the bathrooms spacious and nice, so that female vistors are not turned off? Believe it or not, most males in the world are hip to the fact that bathrooms are actually important to the female of the species……..
4) Does it have a kitchen that will allow for easy cleanup, and storage of key items such as pancake mix? You never know when a lady friend will want to stay over, and you want her to see you as a sensitive male who knows how to add water to that pancake mix!
Some great bachelor pad areas include Sunnyvale near El Camino (walking distance to Safeway as well as many great restaurants) the Cali Mill area of Cupertino ( walking distance to Starbucks and many wonderful Chinese restaurants), and the Capitol Ave area of San Jose.
All three of these locations mean easy freeway access - a great thing for young males needing to get to work quickly after a late and eventful night!
Other idea for bachelors wanting to impress their lady friends include:
- Always keeping a stash of fresh toilet paper - for some funny reason, women think that men tend to forget this detail.
- Actually having a clean and attractive looking towel to use in the main bathroom.
- Using air freshners - another detail that women are impressed when men remember
- Hiding the newly laundered clothes that haven’t yet been put away.
- Actually scouring the sink.
- Having healthy, well-cared for plants placed in strategic locations
- Including striking looking art work that captures the attention of all visitors to the unit upon initial entry
- Making sure that the area is clean , and free of papers, debris, and clutter.
Happy Bachelorhood, and welcome to Silicon Valley!
February 29, 2008
As a Marinite and a fairly devout cyclist and tree hugger, I confess that while I tell all out of towners that I’m from “San Francisco,” I have never lived in SF proper. Part of me definitely is a city dweller - I detest driving, I am convinced I was an urban transit planner in a prior life and I find myself walking to the neighborhood coffee joint more often than not to hang out and people watch. 
Surprisingly, I live in Marin. For those of you who don’t know Marin well, that’s why I love it. I have the best of both worlds. In 15 minutes, I can run to a lake and pretend I’m away on my 6th grade camping trip and in 20 minutes, I’m crossing the GGB to savor the finest dishes at some of the world;s top restaurants.
A MarinIJ article recently reported that Marinites do more than their fair share of walking and biking. “The percentage of daily trips made by bicycling or walking is an estimated 13.6 percent, according to the study. That’s better than the national average of 9.5 percent.”
So there… for all you city dwellers who give me a hard time about living in the burbs.
But, really, Marin is a hot spot for encouraging its residents to walk and bike. Selected for a federal grant to devise ways to encourage Marinites to get out of their cars, the county developed the WalkBikeMarin initiative..”to help make Marin more healthy, livable, and environmentally sustainable by encouraging walking and bicycling as everyday transportation.”
There is already a decent amount of biking and walking routes but this initiative will study and develop even more. What a dream! As you can see - Marin is not your average suburbia. We are walking and biking our way all around more than you think.
February 29, 2008
For those of us who are watching the value of our homes ebbing away, here’s a silver lining: as prices drop, your home may become worth less than the current assessment, and it’s possible to appeal that value and possibly lower your property taxes. Nearly a third of all people who appeal their property assessments end up with lower taxes, according to the National Taxpayers Union.
You usually have 30 to 60 days after you get a notice of assessment to appeal; in some towns, if you get your property tax bill, that is also an opportunity. To argue your case, go to the assessor’s office to look at your property card. Mistakes in square footage, lot size and other elements could be adding to your home’s assessed value, the AARP says.
Get a local real estate agent to tell you what “comps,” similar homes in your neighborhood, are selling for. Look for factors that might detract from your home’s value, such as proximity to the freeway. This varies from one jurisdiction to another, but in some areas, you can get an appraisal to support your case (some places forbid this, so ask while you’re at the assessor’s office). Here’s a URL for some local information: http://www.acgov.org/forms/assessor/decline_market.pdf
Good luck! And while we’re at it, here is some real-world evidence of how values are declining, with prices that look like significant bargains, in one of Contra Costa’s most appealing cities, Walnut Creek. (Photo: MoToMo on flickr.)
291 Kinross Drive, Walnut Creek: 3 bedrooms/2.5 bathrooms, 1,915 sq ft. Was $602,000, now $450,000. Now that is one heck of a price drop! It’s a condo that backs up to a golf course, and the monthly homeowners’ association dues include either the pool and spa or the tennis courts.
2901 Golden Rain Road #6, Walnut Creek: 2 bedrooms/1 bath, 1,054 sq ft. This is not a price reduction, but I’m running it because of the price: $179,000. The monthly homeowners’ association dues are a hefty $629, but regardless, this price is startlingly low. Of course, the listing references ominous “Other Disclosures (call agent),” so for all we know it’s built on a toxic waste dump or haunted or something. It has the iconic granite countertops and a deck, and is in Rossmoor, a development for older adults.
1109 Skycrest Drive #6, Walnut Creek: 2 bedrooms/1 bath, 1,054 sq ft. Was $317,000, now $299,000. Wow, the views really do look lovely in the photos, and it has crown molding and granite countertops. This one is also in Rossmoor.
2531 Lucy Lane #B, Walnut Creek: 2 bedrooms/2 baths, 816 sq ft. Was $329,000, now $319,000. The original price was $369,000 - ouch! There’s a nice view from the balcony, or else a very inventive photographer who figured out how to show only the trees and not the next-door neighbor in the shot. This is a condo in a large building built in 1985, which could help explain the fact that it’s been on Redfin 170 days.
February 29, 2008
That was the first question I asked myself when I saw one of today’s Daily Stat leaders. A 645 square foot 2/1 on a 2500 sf lot in Oakland, it has been on Redfin 115 days and has not received one price reduction. Not one! While the listing states that the owner (a bank?) will look at all offers, it is very unusual for a home to sit this long without cutting at least 3-5% off the price. Even at $290,000.
Love to tell you more about the house, but the agent, William Smith with Prudential California, has not put up any pictures, save the front of the house, and left me thoroughly confused as to the number of bedrooms. The home details show it as a 2/1. The listing
description says it is a 3/1. The further information, shown below the description, lists 3 bedrooms on street level and 1 bedroom on lower level (making 4 by my calculations). Same confusion on baths. One in home details, one on description, but two down in the further information section. What the *&^%$#? Someone is having trouble counting on one hand.
According to the comps, both listing and sales, it is priced $50/sf too high, unless of course the square footage is wrong, which is most likely it. My guess is that the finished basement has a bedroom and bath, but maybe was not done with permits, so doesn’t add into the sf equatio
n. Be nice if the agent told us this, or explain how the # of bedrooms varies so much.
Recent Sweet Digs Posts:
Put a Condo On: Glut, Freeze, Drop and Affordable Housing
Meet Me in Larkspur
Making Lending More Honest (and Some New Listings)
Along the Way…
February 29, 2008
So my partner recently signed up with a rock-climbing gym in downtown Oakland. The gym is pretty convient for us since we live fairly close to downtown and they have locations in San Francisco and Berkeley (which I supposedly could get to after work since I work in the City; NOT! I am too lazy). Anyway, every time I go over to the Oakland location on 20th and Telegraph, I notice this large swath of unfinished condos. In fact, there seem to be large swaths of condos everywhere in Oakland; especially in and around downtown. So it turns out that some developers have halted construction on several Oakland condo projects due to a difficult market. Additionally, proposed projects on the Town’s “Major Development Projects” list have been removed (all downtown).
So, getting back to the condos on 20th and Telegraph: what’s with those? All I can find so far is that they are a project of Doug Cain and Michael Panico’s, and were in the works as early as 2006. Let me know if you have any info.
Oh, and by the way: Oakland Mayor Ron Dellums has proposed that new construction condos include affordable housing units. The City Council is now considering his proposal amid much heated debate: affordable housing advocates say yay while developers say nay. What’s your take? As always, thanks in advance for your feedback!
In the meantime, here are some Oakland condos for sale with recent price reductions.
425 28th St. #204A 1bd/1.5ba Reduced $6,000 to $419,000. $399/sq.ft. Downtown Oakland/Pill Hill
2323 Magnolia St. #8 1bd/1ba Reduced $24,000 to $375,000. $324/sq.ft. West Oakland Described as “semi-raw”.
2933 McClure St. #13 2bd/3ba Reduced $27,000 to $498,000. $353/sq.ft. Described as “Lower Temescal” but in my book this is more “Pill Hill”.
466 Crescent St. #326 3bd/2ba Reduced $20,000 to $365,000. $311/sq.ft. Grand Lake/Adams Point
199 Montecito Ave. #402 2bd/2ba Reduced $20,000 to $579,000. $585/sq.ft. Adams Point area
1 Lakeside Dr. #1705 1bd/1ba Reduced $40,000 to $399,000. $479/sq.ft. Overlooks Lake Merritt/Dowtown side of Lake Merritt
February 28, 2008
That’s the catchy slogan that will be used by the city of Larkspur to commemorate and celebrate their centennial. Having recently returned west from my brief affair with the east, the one thing I do miss about the other coast is the history and lack of newness. Besides the trees and trails, what draws me to Marin is the smattering of citys with charming downtowns that scream of history and pay homage to a time long past. San Anselmo recently passed the century mark and this year, along with Larkspur, Ross is ringing in the big 1-0-0.
This Saturday kicks off a year long party with a big fiesta and parade in Larkspur. Come spend the day at an event I’m pretty sure none of us will be around for the next one. While you are at it, take a look at recent homes on the market and you may find yourself celebrating Larkspur all year.
378 Larkspur Plaza Dr - 2 beds/ 1 bath, 906SF - $549,000: This 2 bedroom unit is in the Larkspur Isle complex. Supposedly, this is one of the few that have its own washer and dryer, a big draw. The home looks well maintained and the wood floors and detailing definitely add a nice touch.
330 Madrone Ave - 3 beds/ 2 baths, 5,009SF - $1,249,000: On the market for over 90 days, this home sits in the woods amongst towering trees. The prices is $150K lower than its original ask. Remodeling has been done to this home which was originally built in 1908. Just like the town….
81 Diane Ln - 4 beds/ 3 baths, 2,200SF - $1,790,000: Be the first to live in this one, a new construction that seems very nicely done with all the high end touches.
February 28, 2008
Some time ago, I expressed frustration with the scenario through which an agent seemed always paired with a broker. Each agent would assure me his/her broker was the best broker in the city and could get me a better rate, would come through for me in the end, was “in the know.” After hearing this several times, each time applied to a different broker, I assumed it all a BS sales pitch, but was unsure what the motivation for the pitch could be. Oh yes, I was naive. But give me credit: I figured it was money; I just didn’t know how it worked until the novice wore off me and I began to understand many agencies work together with brokerages in a kind of you scratch my back, I’ll scratch yours, quid pro quo.
Such a situation sets up a conflict of interest, obviously, since although most agents are likely honest about this relationship, The New York Times points out
Mortgage brokers say real estate agents sometimes steer clients to in-house mortgage brokers without making such connections clear, thereby leading inexperienced buyers into costlier loans than they could have found if they had shopped around.
With the current mortgage meltdown, we should not be surprised that a brighter light is being shown on lending practices like these. In fact, in response to the current New York Attorney General’s investigation into lending, Fannie Mae has made a move to end in-house deals. Bloomberg reports:
Fannie Mae, the biggest source of financing for U.S. home loans, told lenders it will probably ban their use of appraisals by in-house employees or those arranged by brokers.
This change is spurred by the fact that “about three quarters of residential mortgage appraisals are arranged through brokers who only get paid if a loan closes.” This is clearly problematic since “it creates a financial incentive for mortgage brokers to push appraisers toward higher valuations. Higher appraisals also mean more homeowners qualify to refinance their homes and take cash out.”
Socketsite asks today:
Will Jumbo players follow suit? And is there any chance of extending the ban to those who hawk “instant equity based on last appraisal” as well?
All good questions, and to this buyers thinking, the answers should be yes.
On that note, if you’re buying now, carefully investigate your broker and shop around to know the information you are getting really is “the best.” Here are some of the freshest listings you can apply your new found savvy to:
2/2 condo at 116 29th St. (Noe Valley) for $898,000.
1/1 condo at 310 Stanyan, #103 (Lone Mountain) for $590,000.
3/2 single-family at 1250 41st Ave (Outer Sunset) for $725,000.
1/1.5 townhouse condo at 88 King St., #111 (South Beach) for $789,000.
Studio TIC at 237 Greenwich, #A (Telegraph Hill) for $529,000.
2/1.5 TIC at 28 Kent St. (Russian Hill) for $699,000.
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Photo credit: http://www.the-mortgage.co.uk/images/mortgage.jpg
February 28, 2008
I have to say that I had good intentions when I started writing this post, but in hindsight I see that it is all over the map, which tends to happen when you get in the car and drive around to take photos. Not only does the car make twists and turns as you roam the hills of Redwood City, but the mind seems to get on the same track. It all started with the need to take a photo of a new home on the market, one that made my Redwood City Editorial Pick of the Week. On my way, I passed two “Coming Soon” signs, so I stopped to note addresses and take a picture. Then along the way I saw some more homes, took some more pictures, and it all became a jumble. So I ask your forgiveness in advance, and hopefully you will find this more of a treasure hunt than a dead end.
First up is 3531 Highland, a 2400 square foot, three bedroom/two bath house located at the top of a fairly steep driveway. This is a “Coming Soon” property, but for a preview the agent has a website set up with 17 interior/exterior photos and a panoramic view of the kitchen/family room. The home appears to be completely updated, repainted, and in very good condition. My guess is that this home will be going on the market fairly soon, as it already looks staged. Price? No idea yet, but given the neighborhood and recent sales, probably in the $1.2mil range.
The second home I saw also had a “Coming Soon” sign. Located at 3567 Highland (photo above), I later found that this isn’t coming, it is one that has come and sat. It has been listed on Redfin for 50 days, so the sign is a bit outdated. A 4/2 with 1,792 square feet, it is listed for $1,239,000. While this price may have been spot on about a year ago, prices have fallen, as is evidenced by the home at 766 Canyon (4/3.5, 2450 sf), which is on its second listing, and has dropped it’s price (about 6 times) from the original $1,349,000 to the most recent reduction last week to $1,169,000. (To see this home, check out the open house Sunday from 1 to 4.)
Also on my little jaunt out and about, I came across 3724 Hamilton (photo below), a 3/2.5 split-level rancher on an 8,100 sf lot. A handsome home, it listed about a week ago at $1,359,000, which is considerably more than it sold for prior to remodeling (August 2005 for $1,025,000). There will be an open house this Sunday from 2 to 4.
And speaking of Open Homes, if you are up in this neck of the woods, there are 3 homes open on Lakeview Way, all within 2 blocks of each other:
555 Lakeview Way, 5/4 $ 1,949,000 Sat 13:30-16:30 Sun 13:30-16:30
628 Lakeview Way, 4/3.5 $ 1,299,950 Sun 13:00-16:00
744 Lakeview Way, 4/3.5 $ 1,899,950 Sun 13:00-16:00
Miscellaneous Bonus: I just want to point you in the direction of a blog post over at San Francisco Schtuff, which illustrated, to my horror, a conversation between agents. No names are listed, so we can’t steer you away from incompetence, but you should know that not all agents have your best interests at heart. Check out “Can We See The House Before Writing An Offer?“
February 28, 2008
You Redfin fans are bloodhounds, to be sure. Putting us to shame, you are. Lately you’ve been finding the homes that have the biggest reductions, like the home I wrote about on Tuesday in San Pablo, which had endured 8 reductions for a total of 57%. Today’s home atop the Daily Leader Board, while not quite the cut-rate “bargain,” is in that same category. Down in Santa Clara County, there is a 4/1.5 rancher that went on the market in September for $660,000 (having last sold in 2005 for $580,000). The home is typical of the Evergreen area of San Jose, with 1,120 square feet on a slightly larger-than-standard lot. Although there is only a picture of the exterior, the listing description notes a remodeled kitchen, new interior paint, new front lawn and fence. Despite the fact that this is not a trashed home (like this one last week), it has sat unsold for over 5 months. During that time it has been reduced 3 times for a total of 43%. So what started out at $660,000 is now $390,000. That’s just $348/sf, which is about $150/sf lower than other comps in the area.
Recent Sweet Digs Posts:
Darn Good Deals in Danville
It Could Have Been Us…
Ridin’ the Waves
Morgan Hill - Far Enough to Get Away, Close Enough to Commute
February 28, 2008
Behold, even amid the sacrosanct streets of Danville, one of Contra Costa’s most upscale cities, there lurks a home under $500,000. Okay, it’s $499,950, but still. With the market in the shape it’s in, a smart shopper might be able to bargain even this price down. While you’re in the neighborhood checking out this phenomenally low price, you might want to take advantage of the open houses for three other properties priced more typically in the million-dollar range. Who knows? In another three to six months, there might be even more homes priced for the average pocketbook in this area. Danville hosts the Eugene O’Neil National Historic Site, Danville Livery & Mercantile and an excellent farmer’s market currently featuring bok choy. (Photo: Pacific Coast Farmer’s Market.)
220 Garden Creek Place, Danville: 3 bedrooms/2.5 baths, 1,357 sq ft, $499,950. Not only is it affordable in Danville, it looks really sweet in the photos. Gleaming hardwood floors and sliding glass doors affording a view of the patio; fireplace; crown molding; backs up to San Ramon Creek. Ooh la la! Open 1-4 p.m. Sunday.
134 Santa Clara Drive, Danville: 4 bedrooms/2.5 baths, 3,201 sq ft, $1,125,000. This place is close to downtown, has a pool, fireplace, sports court, game room, granite kitchen with island, hardwood floors and easy access to Interstate Highway 680, the listing tells us. Open 1-4 p.m. Sunday.
842 Matadera Circle, Danville: 4 bedrooms/3 baths, 2,709 sq ft, $1,099,000. The owners just cut the price $183,888 - yikes! If this were a car, it would be described as fully loaded - two fireplaces; pool; spa; patio; decks; hardwood, parquet flooring; tub with jets in the master bedroom; and it’s surrounded by some nice-looking trees, but close to downtown, we are told. Open Saturday and Sunday 1-4 p.m.
108 Camaritas Court, Danville: 4 bedrooms/3 baths, 2,676 sq ft, $1,490,000. The photographer wisely caught the breathtaking view of the nearby hills, unadorned with anything but trees, bushes and grass, from the poolside, as well as the views from a few other rooms. Open Sunday 1-4 p.m.
