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February 20, 20155 Foreclosure Myths of 2012
March 16, 2012
By Carl Medford
Beginning in 2007, foreclosures rocked the real estate world. Like an out-of-control freight train, they began decimating the market, peaking in 2009. Myths and rumors began propagating like mushrooms as consumers struggled to understand the new reality. Although many misconceptions have come and gone, we still encounter five myths on a regular basis.
1. There is going to be a flood of new foreclosures to the market.
This rumor has appeared every year since 2008 and has been routinely debunked. However, recent announcements that the Feds reached a settlement over the robo-signing scandal have reignited speculation. The idea is simple: Since the cork is now out of the foreclosure bottle, we’ll soon see another flood of REOs inundating the marketplace.
My personal opinion: don’t hold your breath.
Banks have learned that if they control inventory, they can affect local prices. By releasing homes in measured amounts, they realize higher prices than if they released a glut of homes. In addition, they’ve learned that if they can mitigate their losses by agreeing to a short sale, everyone wins.
2. You can go directly to a bank to buy a foreclosure.
Every few weeks I’m asked how to buy foreclosures direct from a bank. Someone knows a friend being foreclosed on and they want to step in and grab the house before it hits the market. Don’t we all? In reality, banks have a simple system – they first offer properties on the courthouse steps. The rest they assign to asset mangers who then hire local real estate agents to put them on the market along with all the other homes. Want an REO? Pay cash at the courthouse steps or get in line witheveryone else when they hit the local MLS (Multiple Listing Service).
3. You can get a killer deal by submitting lowball offers on foreclosures.
You would think this myth would be dead by now. Unfortunately, like Elvis sightings, it just won’t go away. Here’s the truth: Banks want REOs sold in 30 days or less, so they typically appear on the market priced slightly under comparable properties. If the property doesn’t sell quickly, the bank will lower the price after about 30 days. Lowball offers are ignored and are, quite frankly, a waste of everyone’s time and effort. You might get a deal by offering a lower price on a foreclosure that’s been sitting on the market for more than 90 days, but remember that there are good reasons it’s gone unsold for so long. And even if you have cash, your lowball offer won’t be accepted —seriously.
4. You can’t use foreclosures when doing an appraisal.
Or short sales, for that matter. That is no longer true. In fact, in many neighborhoods, that’s all that’s there. Therefore, foreclosed or distressed sales represent the actual value of homes in the area and HAVE to be used to appraise other properties. Don’t like it? Get over it. Times have changed and the ways neighborhoods are valued have changed as well.
5. Foreclosures are only affecting the bottom end of the market.
This used to be true. However, while foreclosure rates on the lower end of the market have actually decreased,they’re actually increasing on the upper end. According to Daren Blomquist, vice president of RealtyTrac, the market share of foreclosed homes under $1 million is shrinking, but those among properties valued over $1 million are rising – up 115% since 2007. And foreclosures on properties valued upwards of $2 million have increased by 273%. While some well-known jet-setters have melted down and lost everything, others are choosing to strategically default. They see it like liquidating a poorly performing portfolio – they have enough resources to cut their losses and move on. Historically, banks have been reticent to foreclose high-end homes and absorb a large loss, but defaulters are now forcing their hands and mansion foreclosure rates are moving on up.
Myths control behavior, and this has never been truer than in the housing market. Savvy agents will work hard to educate their clients, debunk myths, explain market trends, educate with solid facts – and actually close transactions.
Original article can be found…
Sales of single-family Bay Area homes continuing to surge (Alameda county sees a 26.2% increase in sales)
March 16, 2012
Posted: 03/16/2012 06:22:59 AM PDT
Updated: 03/16/2012 06:23:29 AM PDT
Continuing a promising trend, sales of existing single-family homes in the Bay Area increased by 10.7 percent in February compared with a year ago — the biggest hike for that month in five years, according to a report released Thursday.
“Sales have been up on a year-over-year basis for eight consecutive months,” said Andrew LePage of DataQuick, the real-estate information service that issued the report. “That is significant. It’s been driven by lower prices and ultra low mortgage rates. So that’s a good sign. People are out buying. We’re working our way back to a more normal level in the Bay Area, which you would expect with a gradually improving economy.”
Home sales were at their highest February level since 2007 for the Bay Area as a whole, as well as in Alameda, San Mateo and Santa Clara counties, LePage said. February sales in Contra Costa County were the most since 2009, when a huge number of foreclosed homes were snapped up in that area, he said.
The median price of single-family home in February was $348,000 in Alameda County, $242,500 in Contra Costa County, $490,000 in Santa Clara County and $565,000 in San Mateo County. It was $350,000 for the Bay Area as a whole, a 1.4 percent drop from a year ago. The median price fell in every Bay Area county except San Mateo County, where it rose 1.8 percent.
Condo sales rose 14.4 percent in the Bay Area as a whole, 32 percent in Alameda County, 10.6 percent in Contra Costa County, 5.2rcent in Santa Clara County and 91.9 percent in San Mateo County.
LePage cautioned that “it won’t be until March and April when we have a much better understanding of where we are at,” because it’s hard to make predictions based upon February sales. It was a leap year, which added an extra day of sales that month, he noted. Moreover, traditional homebuyer tend to be scarce during the first part of the year and usually don’t start shopping in earnest until spring.
Of all Bay Area homes sold last month, 26 percent were to so-called absentee buyers, mostly investors who don’t plan to live in the homes. Absentee purchases were 23.4 percent a year ago and have averaged 14.2 percent for every month since January 2000, DataQuick reported.
“The market definitely has turned,” said Barbara Lymberis, president of the Santa Clara County Association of Realtors. She noted that the number of houses on the market continues to be low, because prices have been so low many homeowners have resisted listing their properties for sale. Consequently, she said, “if a home is priced right and the condition is decent, there will be a buyer.”
In fact, these days, “multiple offers are pretty much the norm” for any house with a for-sale sign out front, Lymberis said.
Barbara Safran, president of the Contra Costa County Association of Realtors, said she also has seen “a definite increase” in sales, fueled by multiple offers on many properties.
“The buyers have waited long enough and they are finally ready to purchase,” she said, adding that she expects more people to soon start putting their houses on the market, especially those who don’t owe more on their homes than they can get from a new buyer.
Distressed property sales made up about half of the Bay Area’s resale market in February.
Homes foreclosed on in the past 12 months accounted for 27.4 percent of resales, according to DataQuick. That was up from a revised 27.2 percent in January and down from 32.6 percent a year ago. Foreclosure resales had been as high as 52 percent in February 2009. Over the past 15 years, the monthly average for foreclosure resales has been about 9 percent.
About 23 percent of Bay Area resales in February were so-called short sales, where the transaction price was less than was owed on the property. That was up from about 20 percent a year ago.
Original article can be found…
Discover Dogtown!
April 14, 2010
What is Dogtown?
Dogtown is a small and diverse neighborhood in West Oakland named for the dogs that once guarded the local junkyards. A mix of artist studios, modern loft houses, and revived Victorian homes has since replaced the guard dogs and the junkyards. True to its history, the area retains a balance of residential, light-industrial and work-shop uses.
Dogtown presents an excellent opportunity to live and work in an exciting and developing community situated in the heart of the Bay Area.
The Dogtown Arts District is conveniently situated on the Emeryville border adjacent to the Bay Bridge on-ramp. Dogtown features an eclectic mix of architecture ranging from Queen Anne Victorians to modern live/work lofts. An easy walk to Starbuck’s, Brown Sugar Kitchen, Can’t Fail Cafe, Home Depot and other retail outlets.
What’s happening in Dogtown?
Extra Space Storage is putting the finishing touches on arguably the best looking mini-storage facility in the Country! In addition to providing a new colorful structure to the neighborhood the building will have a glass-walled, 3,000 square foot retail space on the corner. The owner has been in conversations with local vendors and is planning on a coffee shop, a florist, and other neighborhood serving retail services in a market hall style format. Look for this to wrap up this summer!
City Slickers Farms has started construction on what will be a beautiful urban organic farm. City Slickers is a West Oakland based non-profit that focuses on growing affordable fresh produce on urban farms throughout West Oakland. When completed, the park will have produce fruits and vegetables that will be sold on location on Saturdays. The park will have a community space in the front and be surrounded by a beautiful fence made from reclaimed wood and lined with espalier fruit trees.
The Dogtown Neighborhood Association (DNA) has recently applied for a City of Oakland grant for $75,000 to add street trees, motion activated lights, a new modern fence and to paint the façade of the building on the corner of 34th and Hollis St. The façade improvement will make the corner of 34th & Hollis one of the most bright and colorful in the East Bay!
Who lives in Dogtown?
In addition to the many homeowners who have lived here for 20 + years, Dogtown has become home to an influx of new working professionals and first-time homebuyers that have found Dogtown the best place to make their initial home purchase. The neighborhood has also seen tremendous growth in small, local businesses that have decided relocate to the warehouse shop spaces in the area.
For more information about Dogtown, please contact:
Michelle Vasey, Co-Owner
mvasey@Caldecott.com
510.594.2400 x 223\
Andy Read, Broker
aread@Caldecott.com
510.594.2400 x 222
caldecottproperties
East Bay Real Estate: Caldecott Properties 