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Real Estate Informer

Real Estate News of the San Ramon Valley and Lamorinda

from Bernard Gibbons of Intero Real Estate Services

 

June 2006

 

 

925-997-1585 – Direct                    Bernard@BernardGibbons.com

 

State Of The Real Estate Market In The San Ramon Valley

As we move into June, there is no shortage of homes for sale in most price ranges throughout the San Ramon Valley as can be seen from the table below. It is unusual to find more than 3 months supply of homes for sale here. You would think then, that serious buyers would feel enthused by the fact that there is plenty of choice and having previewed those homes that meet their criteria, select their favorite and then write an offer. So why are the numbers of homes sold so much less than this time last year in most areas?

Area

Home Sales Closed in May 2006*

Homes for Sale at June 1, 2006

Alamo

15 (25)

61

Blackhawk

11 (17)

47

Danville

56 (60)

220

San Ramon (excluding Windemere)

62 (71)

282

Windemere

15 (8)

92

* Figures in parentheses show home sales closed in May 2005

The answer would appear to be that buyers are finding it difficult to make the decision to buy! Having spoken to many potential home buyers and real estate agents about this state of affairs, it seems there is a common thread. Many people who are in a position to buy are reluctant to do so because they think home prices may decline. Some have even moved into temporary rented accommodation while they wait to “see what happens”

Home prices do appear to have declined to some extent although it would be misleading to assume that your home has lost x% of it’s value over the past few months. The reality is that many homes were sold for more than they should have been in recent years as prices realized were driven by a shortage of homes for sale.

If you are thinking of making a move, now is a good time to list your home for sale, provided you are prepared to do so at a realistic price. Nice homes that are priced appropriately are still selling reasonably quickly although multiple offers are unusual. Homes that are dated or need work are taking longer to sell and homes that are over-priced are just sitting on the market.

Having found a buyer for your home, you are in a strong position. For you, now is truly a great time to buy a home. Motivated sellers are likely to accept an offer well below the list price so there are some great buys to be had.

There is also another factor that should be taken into consideration. If you delay making your move, it will probably cost you more in the long run. Interest rates appear set to climb upwards for some time now. Even if home prices were to fall slightly, the net effect is likely to be increased monthly mortgage costs. ■

 

 What’s Your Home Worth?

Thinking of selling? Home prices have increased at a phenomenal rate over the past few years. To get a Free Up-To-Date Valuation of your home without any obligation, together with suggestions for what you can do to maximize its appeal, visit www.BernardGibbons.com or for an immediate response call Bernard Gibbons on (925) 997-1585.

 

Restaurant Review

Uncle Yu’s, 2005 Crow Canyon Place, San Ramon

It may seem strange to recommend a Chinese restaurant in the East Bay when there are obviously so many good examples in San Francisco but Uncle Yu’s is a very different kind of Chinese restaurant and miles away from the stereotype. Situated in a small shopping center in a position that makes it appear to be much smaller than it is, the façade is unprepossessing, yet on entering one is immediately struck by the fact that this immediately feels well, different. The room is spacious and high ceilinged with an almost minimalist ambience. The walls are painted pale pink and there are well-spaced tables and even a number of banquettes. You are immediately greeted by your host and made to feel welcome although sometimes there will be a short wait before you are escorted to your table.

The menu is similar to most Chinese restaurant menus in the East Bay with a good choice of Mandarin and Szechwan dishes. Sylvia and I invariably share a Mu Shu Pork to start, a dish that they do very well. The Won Ton Soup is another good choice. The problem comes with deciding what to have for the main course (or courses – we generally order 3 or 4 dishes to share and take the leftovers home to finish later).

Particularly good are the Mongolian Beef and the Sweet and Sour Pork. And I have been very impressed with all of the seafood dishes I have eaten here.

But there is so much more to this place than the food. The total dining experience is what makes it all come together so well. The waiters all wear tuxedos and are particularly attentive yet friendly. The surroundings are elegant. The price is a little higher than most Chinese restaurants but it feels a bargain for an enjoyable evening out.

Finally, no review of Uncle Yu’s would be complete without reference to the wine list. This is the most extensive wine list I have ever seen in a Chinese restaurant (more than 8 pages) and the sommelier is extremely knowledgeable and will happily discuss what wine to drink to complement the various dishes. No mean feat with Chinese food. You can spend well over $100 on a bottle of wine here but you can equally enjoy a very good wine for around $25.

If you haven’t been to Uncle Yu’s, give it a try. They have another restaurant by the same name in Lafayette, which is also very good, and not a typical Chinese restaurant, but of the two I think the San Ramon one is the more interesting. ■

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.

 

 

 

 


Residential Rental Rates Set To Rise

Good News For Investors - Not So Good For Renters

If you're a renter trying to save for a down payment, it'll likely get harder this year. Rents are rising faster than they have in six years.

In April, rising rents were largely to blame for a sharp jump in consumer inflation. "This is going to be the highest rental increase year since 2000, and it's going to be a broad based increase in rents, not just limited to a few markets," said Hessam Nadji, who manages research for Marcus & Millichap, a real estate firm in Northern California. "Renters are already facing higher energy prices and relatively moderate wage growth," Nadji says. "This is going to really squeeze a lot of households."

There are four forces driving this market:

Job growth: U.S. businesses have generated 4 million new jobs in the past two years. New hires typically look for rental property.

Rising home prices: From 1980 to 2000, the median price of a home was 12 times higher than the annual average rent. By this spring, it was 21 times higher, making the American dream a fantasy for more renters, whose competition for apartments then drives up rents.

Condo conversions: When the housing market was at its blazing peak, many investors who owned apartment buildings kicked out tenants and sold the units as condos. One out of three apartment buildings sold last year were converted into condos for sale. That took 191,400 apartments off the market, according to the NAR. In addition, the number of new apartment buildings under construction is down this year.

Hurricane Katrina:  About half the 100,000 displaced families in the New Orleans area haven't returned. Most of them were renters, says Lawrence Yun, an NAR economist, and "that's putting additional pressure on rental units throughout the country.

 

 

Thinking About Moving? – Get This FREE e-Book

Before you put your home on the market, get a copy of my FREE e-Book, “450 Ideas To Help Your Home Sell FASTER”. This is no lightweight brochure – 52 pages of useful information on preparing your home for sale.

For your FREE copy, point your web browser to www.BernardGibbons.com and click on the “FREE Home Preparation e-Book” link or just send an email to Bernard@BernardGibbons.com and I’ll send you a copy by return.

 

 

Spotlight San Ramon - Are Home Prices Headed Up Or Down?

 

Now we have 5 months of solid sales data in 2006, it makes sense to take a quantitative look at the direction the home sales market has taken so far this year, safe from the hype of the “reporters” who are mostly concerned with newspaper circulation figures.

 

People with homes for sale are generally finding that they are taking a long time to sell but that seems down to buyer uncertainty.

 

Let’s take a look at the facts (San Ramon figures from the MAX/Contra Costa MLS). Numbers of closed sales for the first 5 months of this year is as follows, with figures for 2005 in parentheses:

 

January         43        (46)

February        50        (57)

March             94        (99)

April                74        (91)

May                 77        (79)

 

That doesn’t look much like a failing market. Apart from April when sales were down 20% on 2005 figures, everything appears very similar.

 

Now consider median sale prices, again with 2005 figures in parentheses:

 

January         805K   (731K)

February        767K   (730K)

March             825K   (790K)

April                761K   (765K)

May                 815K   (791K)

 

That’s right! Median sales prices in San Ramon are actually up 4.3% year to date on 2005.

While it is true that homes are taking longer to sell and there is more to choose from than usual, I think most would have to agree that this does not look like a weak real estate market. Expect similar results from now through September and possibly higher price increases from October onwards.

 

LISTING ALERTS: Click here to get details of all new listings that could interest you sent from the Contra Costa / Alameda Multiple Listing Service direct to your email in-box

How Will You Decide Who Will List YOUR Home For Sale?

 

As housing inventory increases and interest rates continue to rise, it is more important than ever to work with a Realtor® who has the knowledge and experience to market your home to its fullest potential in order to obtain the best price for your home.

 

My High Impact Home Marketing Program is the most comprehensive home marketing system in real estate. This, combined with my affiliation with Intero Real Estate Services, the foremost real estate company in the Bay Area, ensures that your home gets the maximum level of exposure from start to finish. Through multiple channels and networks I market your home every day to potential homebuyers and real estate agents who represent buyers in your area. This targeted marketing approach ensures maximum exposure to potential buyers.

 

Communication is absolutely critical. I will keep you fully informed regarding the status of your home sale at all times and do everything in my power to ensure a smooth, stress-free transaction. Call me any time for a confidential discussion without any obligation - (925) 997-1585.

                                                          Bernard Gibbons

 

San Ramon Valley Market Update

Information To Help You Understand The Value Of Your Biggest Investment

The 40 most recently Closed Sales in Alamo, Blackhawk, Danville, San Ramon, Walnut Creek, Lafayette, Moraga and Orinda

(Sorted By City and Price)

Address

City

Beds

Baths

Part
Baths

Sq Ft

Lot
Sq Ft

Sold Price

DOM

547  Sycamore Cir

Danville

3

2

0

1390

2132

$610,000

2

81  Fawn Pl

Danville

3

2

1

1590

3008

$715,000

8

226  Abigail Cir

Danville

4

2

1

2396

4000

$799,950

5

719  Oakmont Ct

Danville

4

2

0

1948

5000

$800,000

8

44  Summer Hill Ct

Danville

3

2

1

1862

2880

$842,500

25

1107  Trowbridge Way

Danville

4

3

0

3349

7400

$1,329,000

17

4092  Sugar Maple Dr

Danville

5

3

0

4000

12028

$1,400,000

30

251  Kuss Road

Danville

4

3

 

2658

49614

$1,650,000

1

3304  Lucille N Ln

Lafayette

4

2

0

1442

10010

$860,000

35

1725  Springbrook Rd

Lafayette

5

2

0

2375

31500

$975,000

9

3177  Stanwood Ln

Lafayette

3

2

0

1949

18295

$1,150,000

4

1340  Reliez Valley Rd

Lafayette

4

2

1

2716

21780

$1,360,000

29

3570  O' Connor Drive

Lafayette

4

3

 

2600

19549

$1,420,000

13

723  Glenside Circle

Lafayette

4

3

0

2925

19100

$1,807,000

12

1140  Rimer Dr

Moraga

3

2

0

1791

11000

$1,015,000

16

1108  Sanders Dr

Moraga

3

2

0

1756

16575

$1,100,000

5

1  Monte Vista Rd

Orinda

4

3

0

2327

12632

$1,324,950

2

24  Orchard Rd

Orinda

5

4

0

4119

44431

$1,650,000

18

328  Norris Canyon Ter

San Ramon

2

2

0

1070

0

$468,000

24

3109  Lakemont Dr

San Ramon

2

2

0

1252

0

$599,950

17

7538  Imperata Ln

San Ramon

2

2

1

1351

0

$650,000

24

9420  Broadmoor Dr

San Ramon

3

2

0

1489

8550

$690,000

8

1001  Vista Pointe Cir

San Ramon

3

2

1

1523

4200

$743,000

9

104  Cortona Drive

San Ramon

3

3

 

1992

3060

$829,000

15

9899  Brunswick Way

San Ramon

4

2

0

1882

7210

$839,900

26

4061  Reedland Cir

San Ramon

4

2

1

2323

4203

$890,000

12

7382  Hillsboro Ave

San Ramon

4

2

1

2800

12000

$920,000

24

727  Clifton Court

San Ramon

4

3

1

2589

5597

$965,900

10

524  Iris Lane(Court)

San Ramon

4

2

0

2312

7500

$967,000

11

1272  Ustilago Dr

San Ramon

5

3

0

3011

11349

$1,247,500

32

185  Sierra

Walnut Creek

1

1

0

490

0

$270,000

63

2723  Oak Road

Walnut Creek

2

2

 

1216

1000

$489,000

31

329  Preakness Ct.

Walnut Creek

2

2

1

1203

0

$519,000

35

180  Via Del Sol

Walnut Creek

3

2

0

2008

19500

$875,000

9

2237  San Miguel Dr

Walnut Creek

4

2

0

1908

12750

$890,000

5

117  Castle Hill Ranch Rd

Walnut Creek

3

3

1

4025

40293

$2,175,000

7

 

For more detailed information on home sales anywhere in Contra Costa or Alameda County , contact Bernard Gibbons on (925) 997-1585 or by email at Bernard@BernardGibbons.com

Are You Going To Sell Your Home This Year?

Look what you get when you list your home for sale with me:

▪         I will pay for a Seller’s Home Warranty from Signing the Listing Agreement to Close of Escrow

▪         I will have your home “Staged” at no cost to you

▪         Your home will be listed for sale on all the top real estate web sites including REALTOR.com where it will be showcased as an “Enhanced Listing” with multiple photos and many special features

▪         I will have a Multimedia Virtual Tour of your home on the Internet and also burned to CD-ROMs so prospective buyers can have their own copy

▪         I will advertise your home for sale continuously until a sale is agreed

▪         My Intero “For Sale” sign has only my phone number on it, not the office number, so that callers get to talk to me rather than somebody unfamiliar with your home

These are just a few of the features of my Home Selling System designed to get your home sold quickly and for the best price. If you would like to know more about how I market your home for sale, please call me on (925) 997-1585 or send an email to Bernard@BernardGibbons.com.

 

 

PS: I hope you enjoy reading this newsletter as much as I enjoy producing it but it is very much a one way affair most of the time. I really would appreciate an email from you now and then with comments, questions or suggestions for improvements or just to say “Hi”.

 

All The Best

 

Bernard Gibbons

bernard@bernardgibbons.com

 

 

This newsletter is produced and distributed by Bernard Gibbons of Intero Real Estate Services. It is provided for information purposes only and nothing herein is offered as advice. It is not Intended to solicit any properties currently listed for sale with a broker. All content is believed to be accurate but is not verified or guaranteed.

You have received this email newsletter because at some time in the past you have given me your email address and indicated an interest in buying or selling real estate. If you wish to be removed from the mailing list, please send an email to unsubscribe@BernardGibbons.com with your name in the body of the email.

Intero Real Estate Services, 15 Railroad Avenue, Danville, CA 94526

Please Visit My Web Site at www.BernardGibbons.com