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Visit www.BernardGibbons.com
for the Latest Listings and Real Estate Information
Market Update – July 2006
Trying To Make Sense of Our
Local Real Estate Market
Having
reached the mid-point of the year we can hopefully begin to make some sense
of the activities in the real estate market over the past few months and
possibly even forecast what is likely to happen as we move into the second
half of the year.
Considering real
estate sales year on year is much more meaningful than just looking at a
series of monthly activities as it makes allowances for seasonal trends. Here
then, is a summary of market activity over the past 4 months in the area’s
larger communities with the previous year’s figures shown in parentheses:
Actual Numbers of Sales Agreed
2006 – All Residential Homes
|
City
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March
|
April
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May
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June
|
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Danville
|
76
(66)
|
69
(73)
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75
(105)
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55
(82)
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San
Ramon
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85
(106)
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82
(87)
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98
(131)
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76
(117)
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Lafayette
|
26
(30)
|
30
(33)
|
45
(36)
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37
(26)
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Walnut Creek
|
81
(101)
|
86
(96)
|
91
(126)
|
82
(119)
|
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Concord
|
148
(208)
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159
(208)
|
138
(208)
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125
(243)
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Now let’s look at
the average sale price of a 4 bed, 2-2½ bath, 1800-2200
sq.ft. single family home with a 2-car garage in
June 2006 as compared to a similar home sold in June 2005 (shown here in
parentheses). Note that this is just an example though. Different types of
home will show different results:
|
City
|
Avg. Sale Price
|
% Chg.
|
|
Danville
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922K
(878K)
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-4.7
|
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San
Ramon
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867K
(820K)
|
-5.4
|
|
Lafayette
|
1079K
(1127K)
|
+4.4
|
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Walnut Creek
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886K
(857K)
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-3.2
|
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Concord
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732K
(696K)
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-4.9
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Price is generally a
function of supply and demand and the downward price adjustment seen in most
areas in the table on the left is the result. This is most likely the “soft
landing” that was predicted by real estate economists. Will prices fall further? Probably not.
This is an adjustment, not a “bubble” bursting. Note that Lafayette appears to have recovered
already. Other areas should soon follow. If you are thinking about selling,
you need a similar analysis on your type of home so you can price it
accordingly. It will sell! If you are thinking of buying, this is a great
time to do so with plenty of choice in most price ranges.
Footnote: On examining the closed sales figures for Danville through the month of June, I see
that 21% of them sold above listed price and 19% sold at list price. This is
surely a sign that things are getting back to normal here.
If you are thinking
about selling, you need to have this information as it relates to your type
of home so you can price it accordingly. Call me on (925) 997-1585 or send me
an email to bernard@bernardgibbons.com. I will be happy to provide you with a
similar market analysis. ■
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
Postino, 3565 Mt Diablo
Blvd, Lafayette
Postino is an historic
landmark in Lafayette.
This attractive brick building is set in attractive gardens with exposed
brick walls and slate floors throughout. The public areas comprise a
multitude of rooms of varying sizes, each with their own ambience and names
like the Tavalozza, the Library and the Family
Room. There is also dining on the terrace. The overall impression is that of
an upmarket European restaurant that could be hundreds of years old.
Sylvia and I dined in the Atrium on our
recent visit. This is the largest room with skylights above
and open to the exhibition kitchen. For a starter we shared the Fritto Misto - lightly floured
and deep fried calamari, onion rings and asparagus tips. It was delicious.
For an entrée, Sylvia had Lamb Sirloin that was served with fingerling
potatoes and seasonable vegetables on a cherry reduction. I had Papardelle in a duck bolognese
sauce with shaved assiago cheese. We accompanied
all of this with a bottle of Baileyana chardonnay
from Monterey
that was excellent.
Sylvia was a little diappointed
with the lamb which was served quite rare despite a request for medium. My
pasta, on the other hand, was outstanding. For pudding we shared a portion of
tiramisu that was ample for two people. This was light and fresh and
everything a tiramisu should be.
Overall, I have to say this is one of
my favorite restaurants. Good food, great ambience and excellent service.
They also have a large, yet cosy, bar that can get
very busy at times. Price-wise, expect to pay upwards of $100 for two
including wine but plan for a dining experience. This is not just “somewhere
to go for dinner”.
For more information visit their
excellent web site at www.postinorestaurant.com.
Reviews such as the one above are
included as a service to introduce people to interesting restaurants in the San Ramon
Valley. We have no connection with
any restaurateurs in the area and all opinions expressed are strictly those
of the writer.
You can read
more restaurant reviews in the Newsletter Archives at www.BernardGibbons.com
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Why The Real Estate Market Has Changed
I think all agree that we are in a very different real estate market
from this time last year. In most areas there are a lot of homes for sale
and they are taking longer to sell. Price reductions are common and actual
sale prices, in many cases are lower than in 2005.
There are many reasons for this state of affairs. Rising interest
rates, although historically quite acceptable, are keeping many first-time
buyers out of the market and when low priced homes don’t sell, there is a
knock-on effect in all price ranges.
More significant though is that the rate of price increases in
recent years was unsustainable. It is unrealistic to expect 15% annual
increase in home prices for any period of time unless earnings increase at
the same rate.
Last year there were many buyers and few homes for sale. Buyers
responded by making multiple offers often way above asking price. Many
homes sold for prices that amazed their owners. Things got seriously out of
hand and inevitably, in due course, there was a backlash. No longer were
buyers willing or able to pay such high prices and thus there was a market
correction.
The Bay Area economy is strong and employment is high with many
new jobs being created so there is absolutely no reason to anticipate a
market crash. What we are experiencing now is truly an “adjustment”. Around
the third quarter of the year we should see a return to a more “normal”
market with moderate price increases around 5-7% annually and homes taking
an average of 30-45 days to sell.
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, go 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.
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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 Alain Pinel Realtors, the
most prestigious 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 Sold Price)
|
Address
|
City
|
Beds
|
Baths
|
Part
Baths
|
Sq Ft
|
Lot Sq Ft
|
List Price
|
Sold Price
|
|
2477 Biltmore Drive
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Alamo
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4
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2
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1
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2630
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16675
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$1,395,000
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$1,315,000
|
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111 Daniel Dr
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Alamo
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4
|
2
|
0
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2496
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20700
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$1,450,000
|
$1,350,000
|
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349 South
Ave
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Alamo
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4
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3
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1
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3418
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35260
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$1,599,000
|
$1,550,000
|
|
4050 Sugar Maple Dr
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Blackhawk
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4
|
3
|
0
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3086
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13650
|
$1,485,000
|
$1,460,000
|
|
2131 Deer Oak Way
|
Blackhawk
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5
|
3
|
0
|
3910
|
22936
|
$1,998,000
|
$1,998,000
|
|
409 Garden Creek Pl
|
Danville
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2
|
1
|
1
|
1090
|
1148
|
$495,000
|
$490,000
|
|
421 Sycamore
Hill Drive
|
Danville
|
2
|
2
|
0
|
1211
|
2210
|
$649,000
|
$649,000
|
|
10 Cottage Pl
|
Danville
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2
|
2
|
0
|
1060
|
3480
|
$649,950
|
$675,000
|
|
81 Fawn Pl
|
Danville
|
3
|
2
|
1
|
1590
|
3008
|
$699,000
|
$715,000
|
|
226 Abigail Cir
|
Danville
|
4
|
2
|
1
|
2396
|
4000
|
$799,950
|
$799,950
|
|
44 Summer
Hill Ct
|
Danville
|
3
|
2
|
1
|
1862
|
2880
|
$849,990
|
$842,500
|
|
24 Maplewood Drive
|
Danville
|
5
|
4
|
|
3738
|
10450
|
$1,599,000
|
$1,565,000
|
|
104 Edinburgh Circle
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Danville
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5
|
4
|
1
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3895
|
18224
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$1,604,500
|
$1,604,500
|
|
225 Montair Dr
|
Danville
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4
|
3
|
1
|
4056
|
72309
|
$1,875,000
|
$1,700,000
|
|
1005 Hawthorn Dr
|
Lafayette
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2
|
2
|
0
|
1580
|
10019
|
$829,000
|
$842,000
|
|
1134 Orchard Rd
|
Lafayette
|
3
|
2
|
0
|
2176
|
11326
|
$950,000
|
$939,000
|
|
3399 Woodview Dr
|
Lafayette
|
4
|
3
|
0
|
2974
|
25250
|
$1,098,000
|
$1,098,000
|
|
3954 El
Nido Ranch Rd
|
Lafayette
|
4
|
3
|
1
|
3459
|
20473
|
$1,295,000
|
$1,295,000
|
|
3207 Ronino Way
|
Lafayette
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5
|
3
|
1
|
3380
|
36540
|
$1,395,000
|
$1,395,000
|
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3350 Hermosa Way
|
Lafayette
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4
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3
|
0
|
3219
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84942
|
$1,749,000
|
$1,749,000
|
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4 Leeward Glen Rd
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Lafayette
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4
|
2
|
1
|
3900
|
96703
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$1,899,500
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$1,850,000
|
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9 Corte Holganza
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Orinda
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3
|
2
|
0
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1731
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13500
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$950,000
|
$970,000
|
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306 Norris Canyon
Terrace
|
San
Ramon
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2
|
2
|
0
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1070
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999
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$449,000
|
$449,000
|
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5012 Lakeview Drive
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San
Ramon
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3
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2
|
0
|
1300
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0
|
$579,000
|
$575,000
|
|
207 Treasure Ct
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San
Ramon
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3
|
2
|
1
|
1378
|
0
|
$609,000
|
$595,000
|
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9752 Tareyton Ave
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San
Ramon
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4
|
2
|
0
|
1383
|
7650
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$649,950
|
$657,000
|
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34 Terraced Hills Way
|
San
Ramon
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4
|
2
|
1
|
2133
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3787
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$809,000
|
$810,000
|
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1308 Canyon Side Ave
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San
Ramon
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3
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3
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0
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2404
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4340
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$889,950
|
$875,000
|
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2101 Mornington
Lane
|
San
Ramon
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5
|
3
|
0
|
3223
|
6467
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$1,036,900
|
$1,036,900
|
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2129 Mornington
Lane
|
San
Ramon
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5
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3
|
0
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3223
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9123
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$1,115,900
|
$1,080,000
|
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511 Danny Ct
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San
Ramon
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4
|
3
|
0
|
2373
|
12345
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$1,109,000
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$1,100,000
|
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1194 Canyon Side Ave
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San
Ramon
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4
|
2
|
1
|
2753
|
7700
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$1,149,000
|
$1,126,000
|
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62 Lansford Ct
|
San
Ramon
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5
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3
|
1
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3364
|
16720
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$1,350,000
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$1,335,400
|
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330 N Civic Drive
|
Walnut Creek
|
1
|
1
|
0
|
462
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0
|
$245,000
|
$244,000
|
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2734 Oak Rd
|
Walnut Creek
|
1
|
1
|
0
|
638
|
0
|
$304,950
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$304,950
|
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1541 Longford Ct.
|
Walnut Creek
|
4
|
2
|
|
1763
|
10450
|
$760,000
|
$740,000
|
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3226 Peachwillow
Ln
|
Walnut Creek
|
3
|
2
|
0
|
1856
|
8925
|
$824,000
|
$800,000
|
|
161 Gordon Road
|
Walnut Creek
|
3
|
2
|
|
1500
|
9775
|
$899,900
|
$900,000
|
|
915 Stonehaven Ct
|
Walnut Creek
|
4
|
3
|
0
|
2325
|
12000
|
$1,100,000
|
$1,100,000
|
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1235 Mountain View Blvd
|
Walnut Creek
|
5
|
3
|
0
|
3015
|
21780
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$1,499,000
|
$1,499,000
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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, the most visited real estate
site in the world
▪
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 Alain Pinel Realtors “For Sale” sign has a rider with my cell phone
number on it, 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
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This newsletter is
produced and distributed by Bernard Gibbons
of Alain Pinel Realtors. 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.
Please Visit My Web Site at www.BernardGibbons.com
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