Patience, Persistence and a little Pinor Noir ....

This week marked the closing of a deal a loooooooooooooooooong time in the making. My listing on Barnhill Marina is now SOLD! When I first sat down with my Seller, over two years ago, I told her these homes will sell within 1 week or it will take a year or more. Well, I guess if nothing else, I have the satisfaction of being right!

Okay first of all, yes you read that right; the home had been listed for more than 2 years before it sold. This lends to the question, “Why in the world would I be sharing this information with anyone, much less on my blog???"  Simple, I'm actually quite proud of the process and the results. You see when I made the statement about how long it would take to sell, I was being quite sincere. Floating homes are a specialized property. In the best of markets, the actual buyer pool for these homes is quite limited. Needless to say, the last few years would clearly not be defined as one of the best markets!

Now that's not to say there aren't a lot people interested in seeing these homes. I wouldn't be exaggerating to say I probably handled 250-300 inquiries on this home. First you go through the routine - buyers need to put at least 20% down; interest rates are 6% variable, 7.5% fixed; monthly berthing fees start at $450; homeowners are responsible for insurance and utilities; rentals are not allowed and finally, yes it really is a home floating in the water. That usually removes the first time home buyers, investors and the curious. For those still interested, you get to set an appointment for a showing. The marina requires the listing agent to attend all showings, so I probably visited the home about 100 times. Fortunately I love visiting the marina, but it is very time consuming, especially when you consider showings take about 45 minutes on average.

Now it goes without saying, when the buyer - now owner - walked through the door and immediately knew this was her house, I was thrilled! Not only because I knew I'd be updating my listing from active to pending, but because I knew she would really enjoy the home and marina living, and the deal would close!

So why am I proud of all this? Because throughout the two plus years this home was listed, I kept my client informed about the market, recommended price changes reflective of the times, kept her realistically optimistic without building false hope and when I told her I just put a buyer into a floating home that was on the market less than a week, she congratulated me and told me I was a due for an easy deal! That's when you know you've done a good job!!!!

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Buy Your Tickets Now!!!!  

Friday, November 12th, The Sun Kings and DJ Peter Fletcher are sponsoring a fabulous night for the Alameda Education Foundation; All Together Now! Doors will open at 6pm at Antiques By the Bay. Good food, good fun, good friends, GREAT CAUSE. There will be dancing in the aisles and I dare you to last the night without singing along to those classic Beatles songs incredibly performed by The Sun Kings. Tickets are $40.00 and proceeds will support Music, Arts and Drama in our schools. You can buy tickets online by clicking the link above or e-mail or call me, I've got tickets burning a hole in my pocket!!

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Tomorrow I head off to Ashland with a friend that's put up with me for almost 40 years!! We're visiting my folks and better be watching the game that gets the Giants in the World Series!!!  Have a great weekend!

A Summers View of the Forest from the Trees

Well, the traditional selling months have come and gone for Alameda real estate, and it's left most of us scratching our heads. There were properties we believed would sell in a heartbeat that stuck around all summer long while others were flying off the market receiving multiple offers for reasons we just couldn't figure out. I would often joke that the best tool in my REALTOR tool box this summer seemed to be my Crazy-8 ball!!


In order to try to make rhyme or reason out of the market, I decided to compare Summer 09 and 10 using several key indicators - number of homes sold, number of homes available, average price per square foot and average months of inventory on the market -broken down by type of property - Single Family Residence, Townhouse and Condo -and by location - All Alameda, Main Island (94501) and Bay Farm/Harbor Bay (94502). Once compiled, the data was averaged and compared. I found the results turned out quite interesting. Hold onto your hats, there's lots of statistics to wade though!

The 30,000 foot view….. It came as no surprise to find we had a slow moving market this summer. The number of properties sold dropped by 28% while the properties available for sale increased by 29%. The result; the number of months of inventory on the market almost doubled. Although movement lagged, the average price per square foot actually increased slightly - 1% compared to last year. So the question arises, if prices have stabilized why have sales slowed? Especially when you consider interest rates are the lowest we've seen in decades.

There are several reasons heavily discussed in the media supporting why the market was slow this summer. Buyers are still wondering if we've hit the bottom, the overall fear of a double-dip recession and the assumption that banks are not lending. However, we have an additional concern in Alameda; “What will become of our schools next year?” Believe me, a week does not go by without hearing buyers state "We're waiting until the spring when we know about the schools." A survey taken by the National Association of Realtors found 27% of home buyers listed school quality and 21% listed proximity to schools as deciding factors in their home purchase. Interesting enough given we saw a 28% decline in sales volume over last year! Of course there is something we can do to remove this concern, pass a parcel tax this spring. Please visit and bookmark Alameda SOS Save Our Schools to stay informed ... but I digress...

Down to the forest level….. The decrease in sales volume was about the same for the 94501 area as compared to 94502, however the remaining indicators reflect the main island seemed to adjust to this new market faster. Though higher in 2010, the increase in available properties and months of inventory on the market on the main island were markedly less, about 1/3 the increase as seen on Bay Farm. In addition, 94501 saw a 4% increase in price per square foot whereas Bay Farm experienced a slight decline - 3%. So why would homes take longer to sell in Bay Farm and a sell at a lower price? I believe the real culprit is short sales These sales typically take longer to sell and sell below market. Currently 24% of properties on the market in Bay Farm/Harbor Bay are short sales, compared to 10% on the main island. This is definitely high enough to skew the summers results.

Now for a few of the trees…… Condo's (predominantly in 94501) represent about 15% of our market and continue to be the toughest market in Alameda. It experienced a 52% decline in sales volume, and a 241% increase in months of inventory on the market, still there was an increase in price per square foot of 3%. Townhouses make up another 15% (predominantly in 94502) of the market and fared a bit better in sales volume, declining 24% overall, but lost 7% in the price per square foot indicator.

Of course single family residences represent the majority of the transactions occurring in Alameda with the greatest number falling on the main island. Of all the property types, these seemed to fare best this summer. We experienced a 22% decrease in sales volume of single family homes, about the same throughout the island, with properties available only increasing by 9%. In addition, price per square foot increased 4% (6% increase in 94501; 4% decrease in 94502).

What is interesting to me is though the market felt like it was all over the board, the numbers reflect buyers were still apprehensive to pull the trigger, but when they did, values remained stable and Alameda continued to be a desirable market.

So there's my call for the forest and the trees of Alameda! If you're interested in getting an even closer look at the market, please contact me and I'll be happy to provide detailed information for your neighborhood of interest!

Information obtained from Trendgraphix Fact and Trends; deemed reliable but not verified.

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Alameda has many challenges ahead; protecting quality education in difficult economic times, balancing the development of Alameda Point with the effect of growth on our city and maintaining a strong fire and police department to keep our streets safe. In a few weeks we'll be electing a new Mayor, 2-3 City Council Members and 2 School Board members. Please be sure and vote November 2nd, your vote WILL make a difference!!

There's a reason they call them PERSONAL computers!!

My computer was about 2 years old, and given the way I drag it around, it was holding up fairly well. I'd noticed it was freezing up a bit, and the power cord was a bit troublesome (my puppy confused it with a chew toy) but overall I figured I had another year before I'd need to break down and a get a new machine.


Then it happened ... I was telling a great story, which required a good deal of animation - no, I can't talk without using my hands - and whack, I managed to smack my wedding ring into my computer screen! The good news is, diamonds always win! The bad news is, in a matter of moments, the little spot on my screen began to grow. Several hairline cracks swirled out from the center making what began as a lovely spiral design around the screen.

After I got over the initial shock I thought, no problem, I can work with this it's not like I can't see the screen. Well that pipe dream lasted a few more moments until the lovely hairline cracks started to bleed black, blue and an occasional red ink-like substance inside the screen. Still, my Scottish blood coursing through my veins, I convinced myself all would be fine. It's not like the whole screen was blacked out. It just looked, as a good friend said, like I had a tarantula smashed across my screen.

What I discovered in the weeks - yes weeks - that followed was if we can't use our computers in the same way we always have, we start finding reasons to limit the way we use them. I had figured out if I shrank my windows and move them to the lower left-hand corner of my screen, I could still read e-mail, check out websites and conduct business relatively well. Yes it was a hassle, but I could do it. Then I found myself using my blackberry for e-mail and web searches (ugh) even though my computer was sitting right next to me. Then I was asking my daughter for her computer or using my husband's when he wasn't working. Of course none of this really worked well, because all MY files, things I wanted easy access to and used all the time weren't available.

I no longer had a Personal Computer, I had a machine I could use if I had no other choice. Not the best way to run a business!! So I bit the bullet headed to Best Buy and bought the cheapest decent machine I could find. Fortunately, all this did happen as students were heading back to school so I was able to get a really good deal on a Gateway, but I still didn't have a Personal Computer. The real fun was about to begin; loading software and files, re-establishing wireless connections and setting up e-mail options, getting used to the new keyboard set-up and changes related to System 7.

It's taken about a week and a half, but I realized today I once again have my very own personal computer and suddenly I was ready to get back to my blog. That's when the light bulb went off! It wasn't that I didn't have anything to say (God forbid!!) or I was lofty enough to have writers block, I simply couldn't face blogging without the right tools! Shame on me, lesson learned, sometimes being cheap is very costly!!

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Stay tuned, next week I'll be analyzing what really happened in the Alameda market this summer. What areas were hot, what areas were not. Was it the house, the price or the location that made a difference in the sale of a home. Or was this truly a schizophrenic summer with no rhyme or reason? We'll see....

School's Back in Session!!!

Both my kids graduated from High School some time ago so it's been quite awhile since I've experienced the "First Day of School." Thanks to Facebook, I've seen pictures of friends children dressed in their new outfits, fresh new back packs with lunch bags in hand and that special first day glow! I also get to chat with my friends daughters and hear about how they like/hate/love their new teachers, how easy or hard their schedules are and whether their in the same class as their best friend.

We may not have kids in school, but we still get to enjoy part of the school experience. We live half a block from Lincoln Middle School, so once again we get to watch the kids streaming off to school. Some of them have a great skip in their step, others drag along at a snail's pace. We get to hear girlfriends giggling away and the boys testing out their latest swear words. I get the greatest kick out of my husband. We often walk the dogs at the same time the kids are heading to school. He loves to chat them up "Hello Son", "Hi Ladies","Ready for a Good Day?" Most of them are friendly and nice and enjoy the conversation, some walk by as if he doesn't even exist, but others get this "Oh God here he comes" look about them that totally cracks me up! But the best is when the kids say Hi to the dogs and call them by name, it absolutely makes my husbands day!!

It's bittersweet this year, we know all this could change in the next year. But for now, we're going to continue to enjoy our middle schooler's and hope for the best.

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School appears to be back in session for me as well. In the past few week's I've begun working with several first time home buyer's. I've always enjoyed working with these clients, I really think the idea of helping someone purchase their first home is what brought me into real estate. Too many times, you hear horror stories of people buying a home without really knowing what they're getting themselves into. Fortunately, many times it all works out, but often people wind up taking risks without even realizing it or winding up buying an absolute nightmare.

When I work with first time home buyers I commit to the following:

(1) to be sure you are always prepared and know what to expect as we move forward in the process. For instance, at our first meeting we'll discuss  the entire process in general then what needs to be done first, pre-qualification, in detail . We'll talk about why it's important to be qualified for your loan before we even begin looking at property and the importance of understanding the difference between what you're qualified for and what you're comfortable with.

(2) to be with you every step of the way. I understand this is one of the largest financial decisions you've made. I'll attend viewings, inspections, signings, if it's related to the purchase of your home, I'll bee there.

(3) to provide you with the information and education needed so that YOU are making confident decisions on your home purchase. As I tell my clients; this won't be my house or my loan, so I shouldn't - and won't - tell you what you should do, including how much to offer the seller, when we sit down to write your contract. I will provide you with all the latest data of similar homes sold in the area, what the standard practice is for assigning contractual and closing costs and what is required to protect your good faith deposit.

(4) to remain even-keeled on as we navigate the process. Buying a house is exciting, frightening, exhilarating, nerve-wracking, you name it. No matter how carefully or hard I work, things will happen. Right now it's not unusual to have the loan process get crazy at one point or another. My job is to inform you have any situations as they arise and provide solutions for your consideration. It's okay for you to be nervous, but not me.

Of course each situation is different and we'll discuss what's most important to you and how I'll address those concerns, but I'll also make the process enjoyable, after all buying your first home is exciting.

In the spirit of full disclosure, I do hand out homework!

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That's it for now, go out and make it a great Labor Day weekend.open house If you're between 2 and 4 on Sunday, stop by my open house at 1100 Post and say Hi!!