Archive for June, 2011

What is Really Happening in the Foreclosure / REO Real Estate Process / Market? One Agent’s Point of View

June 23, 2011

Is it possible there is a corrupted process at the very top (wall street executives, wall street investors, bank executives, hedge funds, etc.) Here is a thought: We know banks are not willing to reduce the principle loan amount for owners under water. That can easily be measured by the number of completed loan modification that include a principal reduction. Very (very) few: About 49,000 of all the proprietary modifications completed reduced both
the loan principal and monthly interest payments. Out of how many foreclosures again? About 1.2 mil? The ones that are done are merely to keep the politicians at bay so the banks can say they are following their guidelines.

But…….banks are very willing to foreclose on any property, and sell the properties in REO bulk at 55-60% of current market value. This allows rich “investors” to buy these properties, and then turn around and sell them back to the consumers market at 85% of value and make 20-25% of the investment in about 4 months. We are talking about $60 – 100 million REO investment per deal (read “tape”) . You and I cannot take advantage of these incredible returns, as we have no “insider” at the bank who will give us that opportunity. These opportunities go to “connections” so they can make a ton of money on foreclosed properties. Pretty easy money, no? Then here is this question: If banks are willing to write down the REO to 60% of value, then why  can they not do a principal forgiveness for say 25% to the home owner? The write off to the bank is the same “loss” no? The big difference is that in the first scenario, the profit goes to the big investors at wall street. In the second scenario  the “advantage” goes to the home owners.

So what would be the difference in the real estate market today (read values and prices), if we had used the second scenario? Well for sure there would be a lot less “distressed” properties. The home values would not have declined as much, which also means there would have been much less of a “recession” in real estate, and home owners would have felt very good about staying in their homes, so no strategic defaults, and thus a much “happier” consumer who might have been able to spend money on the economy.

When will we learn to do the right thing for all Americans?

Antoine E. Pirson, MBA, CCRM
Broker and Investment Consultant
Caldecott Properties
5251 Broadway, Oakland, CA 94618
Office: (510) 594 2400 x 234
Fax: (510) 594 2424
Lic Nr: 01372814

NEW LISTING! Gorgeous 5BR/3.5BA Home in Danville, CA

June 14, 2011

Attention to detail and high end finishes throughout. This home had a major cosmetic overhaul since purchased in 2005. Long, private driveway with row of roses on both sides leads you to the three car garage. Grand formal entry with travertine flooring and exquisit chandalier provides the first feel of home. Beautiful hand-carved Custom Gourmet Kitchenhardwood floors throughout the main level of the home. The kitchen and design is out of a magazine. Custom cabinets, granite countertops, and all stainless steel appliances. Sub-zero refridgerator, sub-zero wine fridge, 6 burner dacor gas cooktop, built-in espresso machine, walk in pantry, and large island with bar seating that opens into the family room.

Large family room with custom built cabinets for entertainment system. Family Room

Formal dining room with tasteful wetbar.

One master suite on main level. Beautiful custom wrought iron balisters and custom wood railings that match the hardwood flooring take you to the second story. Four large bedrooms and a huge attic space for storage. Huge master bedroom with walk-in closets, bathroom has separate shower and sunk in tub. Two zones for HVAC, three garage has epoxy flooring and built in cabinets for MORE storage. No HOA dues. You need to see this home!

To see the virtual tour, click here.

For more information about this listing, contact:

Mario M. Feusier
Broker Associate
ABR – Accredited Buyer Representative
Caldecott Properties
5251 Broadway | Oakland, CA 94618
t: 925.212.4514 | f: 510.594.2424 
DRE Lic. #01271169

Tattoo Artist Beth Emmerich Makes Her Mark in West Oakland

June 10, 2011

New Mural in West Oakland by Beth Emmerich

This beautiful mural is located in the corner of Campell St. and 24th St. off of Mandela Pkwy. in West Oakland. To see her tattoo portfolio, go to

The New Rheem Theater Celebrating One Year Anniversary!

June 8, 2011
Come help the New Rheem Theater celebrate its 1 year anniverary!
On June 25th, theywill be showing “Diary of a Wimpy Kid 2” at 3 PM, and Zachary Gordon, the star of the movie, will be in attendance as a special guest. It will be fun and exciting for all. There will have games for kids, cotton candy machine, and wheel of fortune for everyone to enjoy.

There will also be having a reception at 6 PM and then a showing of the move “The Majestic,” at 7 PM, and the writer and associate producer, Michael Sloan will be on hand for a live Q&A after the movie.

Tickets are $8 for the 3 PM show, and $25 for the 7 PM show (includes the reception). More information on their website at

Which Oakland Condominium Buildings (Condos) Qualify for FHA Loans?

June 7, 2011

Close to half of all condo sales in Oakland in 2010 utilized FHA backed loans.  Though FHA guidelines have gotten a bit more conservative, most borrowers that meet FHA guidelines with credit scores above 680 qualify. 

The loan limit for single family homes (including condominiums) in Alameda County, as of 6/7/2011, remains $729,750.  In 2010, condominiums sold for an average of less than $300,000, so most condominiums qualify for FHA financing, right?  Wrong.

It has become a bigger challenge for a condominium building to qualify for FHA financing than for the borrower to qualify due to the condo building approval process implemented by the FHA.

As of 5/23/2011, there were 42 condominium buildings in Oakland that are approved by the FHA.  Here is a list of those buildings:

  1. 1755 Broadway, Oakland, CA 94612
  2. 360 Vernon Street, Oakland, CA 94610
  3. 3738-3740 Laguna Avenue, Oakland, CA 94602
  4. 407 Orange Street, Oakland, CA 94610
  5. 525 Mandana Boulevard, Oakland, CA 94610
  6. 532 30th Street, Oakland, CA 94609
  7. 55 Fairmount Avenue, Oakland, CA 94611
  8. 590 El Dorado Avenue, Oakland, CA 94611
  9. 666 Oakland Avenue, Oakland, CA 94611
  10. 77 Fairmount Avenue, Oakland, CA 94611
  11. 423 7th Street (8 Orchids), Oakland, CA 94607
  12. 926 Chester Street (Chester Street Lofts), Oakland, CA 94607
  13. 127 Bayo Vista Avenue, Oakland, CA 94611
  14. 1411 Center Street (Cigar Factory Lofts), Oakland, CA 94607
  15. 455 Crescent Street, Oakland, CA 94610
  16. 460-468 Crescent Street, Oakland, CA 94610
  17. 3721 Fruitvale Avenue (Diamond Park Townhouses), Oakland, CA 94602
  18. 424 Orange Street, Oakland, CA 94610
  19. 330 13th Street (Golden Bridge Lofts), Oakland, CA 94612
  20. 388 Santa Clara Avenue, Oakland, CA 94610
  21. 322 Hanover Avenue, Oakland, CA 94608
  22. 3403-3409 Haven Street (Haven Street Lofts), Oakland, CA 94608
  23. 2316-2324 Lakeshore Avenue, Oakland, CA 94606
  24. 10 Moss Avenue (Manor Park), Oakland, CA 94610
  25. 585 9th Street (Market Square), Oakland, CA 94607
  26. 7100 Mountain Boulevard (Monte Vista Villas), Oakland, CA 94605
  27. 4504-4508 Montgomery Street, Oakland, CA 94611
  28. 425 East 11th Street (Mutual Creamery Lofts), Oakland, CA 94606
  29. 567 Oakland Avenue, Oakland, CA 94611
  30. 1201 Pine Street (Pacific Cannery Lofts), Oakland, CA 94607
  31. 989 Webster Street (Pacific Renaissance Plaza II), Oakland, CA 94607
  32. 565 Bellevue Avenue (Park Bellevue Towers), Oakland, CA 94610
  33. 180-320 Caldecott Lane (Parkwoods Condos), Oakland, CA 94618
  34. 740 Canyon Oaks Drive, Oakland, CA 94605
  35. 288 Whitmore Street (Rockridge Manor), Oakland, CA 94611
  36. 388 Santa Clara Avenue (Santa Clara Commons), Oakland, CA 94611
  37. 401 41st Street (Temescal Station), Oakland, CA 94609
  38. 222 Broadway (The Ellington), Oakland, CA 94607
  39. 320 Lee Street, Oakland, CA 94610
  40. 3825 High Street (Villa Del Lago), Oakland, CA 94619
  41. 1695 15th Street (Willow Court Lofts), Oakland, CA 94607
  42. 1219 Wood Street (Zephyr Gate), Oakland, CA 94607

 If you are interested in obtaining an FHA loan for a condo project that is not on th list, it is possible to get a condo building approved.  I am happy to assist with this process.  It requires, among other things, the approval of the home owner’s association.

If you are interested in purchasing a condo in the East Bay with an FHA loan or getting your building approved for FHA financing, please feel free to contact me to discuss.

We also have a good place for you to see what listings are available in most of these buildings:  If you don’t see a building here, drop me a line and I can assist you with more information.

Andy Read
Caldecott Properties
510.594.2400 x 222