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August 2005

Existing Home-Sales Smash Record Again

Existing-home sales surpassed market expectations and reached another record in June as low mortgage interest rates and favorable market conditions continued to attract buyers, according to the National Association of Realtors®.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.7 percent in June to a seasonally adjusted annual rate* of 7.33 million from an upwardly revised pace of 7.14 million in May. Sales were 4.4 percent above the 7.02 million-unit level in June 2004; the previous record was 7.18 million in April of this year.
David Lereah, NAR’s chief economist, said home sales were expected to ease slightly from peaks reached over the last couple of months. “Just when you think sales activity is ready to settle into a more sustainable pace, the housing market continues to surprise,” he said. “We’ve been expecting sales to remain at historically high levels, but this performance underscores the value of housing as an investment and the importance of homeownership in fulfilling the American dream.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.58 percent in June, down from 5.72 percent in May; the rate was 6.29 percent in June 2004. “Job growth and economic improvement also are boosting home sales,” Lereah said.
The national median existing-home price for all housing types was $219,000 in June, up 14.7 percent from June 2004 when the median price was $191,000; this is the strongest increase since November 1980 when annual appreciation was 15.6 percent. The median is a typical market price where half of the homes sold for more and half sold for less.
NAR President Al Mansell, of Salt Lake City, said home sales are expected to ease as the year progresses. “When the housing market eventually slows from red-hot levels, we should see some cooling in price gains,” he said. “Home prices continue to be bid-up in tight markets across the country. Eventually, appreciation rates will slow and come down to normal levels when the shortage of homes on the market improves and comes closer into balance, hopefully, by the second half of next year.”

Restaurant Review

Basil Leaf Cafe, 501 Hartz Avenue, Danville

Regular readers will probably see that a common theme in my favorite restaurants is outdoor ding and the Basil Leaf Café is no exception. With two levels of outdoor dining, an upper, covered deck and a lower patio, this really is one of Danville’s most attractive venues for enjoying dinner while watching the world go by.

This is very much an Italian style restaurant majoring on pasta dishes but rather more upscale than most of the similar restaurants in the area. Appetizers include baked Portobello mushroom, an antipasto plate and fried calamari (which in my opinion is one of the best examples in the area). They also offer a wide selection of salads and the baby spinach salad with poached pear and gorgonzola is phenomenal.

Pasta lovers will not be disappointed with the range, quality or quantity of dishes on offer although with typical prices around $15-17 they seem rather more expensive than other pasta restaurants. The main courses, on the other hand, are priced very similarly to main courses in other restaurants of a similar standard.

Choices can be categorized into chicken, veal or seafood. All the chicken dishes are priced at $17.95 and the veal dishes are $19.95. The veal Marsala (or chicken Marsala if you prefer) is particularly tasty.

But the seafood dishes can be really special. I would come to the Basil Leaf Café just for the Cioppino – half a Maine lobster with crab and fresh mixed seafood in a very tasty broth for $21.95. This is a deal!

Other seafood dishes include scampi, sea bass, salmon and swordfish plus the most expensive item on the menu, a grilled seafood combo at $22.95.

They also have a range of well-priced sweets that I never seem to get around to although I do recall a rather good Tiramisu and the wine list, though fairly short, is a good one with California varietals including a La Crema chardonnay at $33 which seems good value.

Service here is relaxed and friendly, some may say a little slow but I welcome sitting in a restaurant and having a meal at a leisurely pace. So many restaurants seem to want to get you in and out as fast as they can.

The ambience inside also gets a high rating from me. Very much a European bistro feel with a most impressive copper ceiling. A very pleasant place for dinner in the winter months but in summer, you just have to sit outside.

Overall, this is a very pleasant restaurant. Not what you call a well kept secret though. Reservations, at the weekend in particular, are an absolute must. Visit www.BasilLeafCafe.com for more information.

Reviews such as the one above are included as a service to introduce people to interesting restaurants in the San Ramon Valley. They should not be taken as any form of recommendation. We have no connection with any restaurateurs in the area and all opinions expressed are strictly those of the writer.

Homes Currently Offered For Sale on the Contra Costa MLS as of August 16th, 2005

(Figures in parentheses show the numbers at the beginning of last month)

City	# of Homes	Price From	Price To
Alamo	44 (44)	$739,000	$3,895,000
Blackhawk	38 (38)	$796,000	$10,999,000
Danville	120 (112)	$439,000	$4,900,000
Diablo	13 (13)	$1,695,000	$6,199,000
San Ramon	130 (90)	$400,000	$2,980,000
Walnut Creek	129 (97)	$298,000	$1,999,950

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San Ramon Valley Market Update

Information To Help You Understand The Value Of Your Biggest Investment

Most Recently Closed Sales In Alamo, Blackhawk, Danville , San Ramon and Walnut Creek

(Sorted By City and Price)

Address	City	Cross Street	BR	Bth	½ Bth	SqFt	Lot Sq Ft	Sold Price	DOM
954 Danville Blvd	Alamo	Danala Farms	4	2	0	2246	25265	$1,200,000	26
1285 Danville Blvd	Alamo	La Serena	4	3		2700	20328	$1,250,000	7
20 Sara Lane	Alamo	Hillgrade Ave.	4	2	1	2799	17836	$1,360,000	9
1597 Hillgrade Ave	Alamo	Danville Blvd	2	2	0	1720	77101	$1,375,000	44
3258 Stone Valley Rd	Alamo	Stone Valley	4	2	1	2830	13200	$1,455,000	7
343 Jacaranda Dr	Blackhawk	Deer Meadow	3	2	1	2061	5150	$1,000,000	9
947 Redwood Dr	Blackhawk	Blackhawk Dr.	3	3	0	2140	6660	$1,092,000	3
1243 Whispering Oaks Dr	Blackhawk	Blackhawk Meadow	4	2	1	3244	8100	$1,200,000	20
116 Birchbark Pl	Blackhawk	Redwood	4	3	1	3320	10200	$1,275,000	9
4068 Sugar Maple Dr	Blackhawk	Full Moon	4	3	0	2680	14490	$1,454,000	3
10 Hidden Oak Court	Danville	Hidden Oak Drive	5	3	2	3588	25000	$1,660,000	19
3341 Blackhawk Meadow Dr	Blackhawk	Bent Oak	5	3	0	4350	18000	$1,810,000	20
4025 Skylark Lane	Danville	Shadowhawk Circl	2	2	1	1155	0	$578,000	6
1010 Cedar Lane Court	Danville	Shady Creek	3	2	1	1588	4165	$719,000	44
1 Rainbow Cir	Danville	Lilac	3	2	1	1586	3468	$760,000	16
226 Abigail Cir	Danville	Maison	4	2	1	2396	4000	$799,950	5
195 Santa Clara Ct	Danville	San Thomas	4	2	0	1939	13560	$911,000	5
1300 Mustang Drive	Danville	St. Patricks	4	2		2052	10100	$959,000	6
66 Milano Court