BE IN THE KNOW!

As we continue to travel on the road to recovery of the housing market, we know that:
1. Inflation leads to higher interest rates, and
2. Houses are selling in higher quantities which may also cause an increase in prices. 

If you are a selle, it may be time to be more realistic with your listing price.  If you are a byer, now may be the time to purchase or you may miss out on the current financial opportunities. 

Look at the difference that just a 1% increase in the interest rate makes in these loans:
What if your loan amount is $729,750 and getting a 30-year fixed rate loan.  When your interest rate is 5%, your monthly payment will be $3,917.45, 6%, $4,375.22, and 7% $4,855.04 respectively.

Houses Are Selling in Higher Quantities

According to the National Association of Realtors’ April 22, 2010 Existing Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions article, “Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing home sales in March, marking the beginning of an expected spring surge.”

The report revealed that sales of single family, townhomes, condominiums and co-ops rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February and are 16.1 percent above the 4.61 million-unit level in March 2009.

Although many people are purchasing distressed properties in foreclosure sales, there are also a large number of purchases made on nondistressed properties. These market trends may indicate that we have reached the bottom.

Message to Buyers and Sellers

Buyers and sellers, our message is simple: Things are changing and the opportunities available today, won’t last forever.

Buyers: You may not want to make the mistake of waiting for everyone else to make a move before you feel comfortable enough to make a purchase. Many people have already made a purchasing decision and we never know what the bottom of the market is until it has passed. Here’s one thing that is certain: for buyers who need to finance their purchase of real estate, increasing the interest rate is the equivalent of a price increase.

Sellers: If you are serious about selling your property, you may want to adjust your price to where the market is moving, takeyour lumps and move on or you may be waiting a very long time. If you are ready to make an informed decision about your real estate opportunities, please contact me today:

Hiroko
510.409.3472
DRE #01842561


©2010 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC. DRE License # 00313415

Unfinished project in Claremont Hills, Berkeley = BARGAINS.

Once the fire destroyed many houses in the hills.  Then humongous houses were built.  They were 3,000, 4,000 or even 5,000 sq ft single residential properties.  Some houses are so interesting and architecturally appareling.  Investors and homeowners spent significant money to build their dream houses.

Now in the midst of real estate downturn, some of the properties were selling unfinished for bargain prices.


157 Vicente Rd
UNFINISHED CONSTRUCTION with framing & foundation! Spectacular setting for a large custom home with views. Unsafe to enter. Contact City of Berkeley for info on permits, zoning & other issues. Great potential. $304,980 --- Pending

1072 Siler Place
Spectacular Berkeley Hills home in un-finished condition. Your chance to finish this 5 bedroom 5 bath home at a price you can afford  $410,000 --- Sold

6983 BUCKINGHAM BLVD  Incomplete 5-Bedroom, 3.5 Bathroom home with view. Do not show without an appointment with the listing agent! Construction zone! Unsafe to enter...Great Potential. $290,000 --- Sold

Bay Area home prices and sales continue climb!

Good news for Bay Area home owners!  More details, read

http://www.contracostatimes.com/business/ci_14890565

Berkeley Real Estate Market Q1/2010

From January 1 to today (March/23), 55 detached homes in Berkeley exchanged their ownership. (See the back page for more details.) The properties that have price change percent- age ridiculously low were short-sale or REO. The regular sale properties seemed to be priced very well or some seemed to be priced lower to get multiple offers. When the property gets multiple offers, it normally exceed sellers expectation and the sales prices climb up high in even this tough market.
86 properties are currently listed in the MLS. The inventory is still low but it will be more since a selling season has been started. If you are thinking of moving or selling your proper- ties during the summer, it is a great time to start researching the market and interviewing potential listing agents. Make sure you interview three agents at least. Ask them their mar- keting plan specifically to your property, their thoughts on the market value of the property, and how they are going to com- municate with you.    Everyone has different approach but you will find the one whom you feel most comfortable and trust- ful. Selling your house is an intense emotional process, and your listing agent will be able to lead you through it.

If you would like to get more detailed info, go to www.sfbaymodern.com, and find my e- newsletter.

Have a wonderful day!
Hiroko

The Value of Architecture, is there?

Lately I am thinking a lot of the value of architecture. There is a house for sale in the Hollywood Hills. It is a steel-framed residence and a studio on a secluded .76-acre lot designed by Raphael S. Soriano for late Julius Shulman, who was the icon photographer for the mid-century modern architecture. His pictures helped promote the modern architecture significantly. I had an opportunity to meet Mr. Shulman and see the house when I lived in LA. It is a true mid-century house. After his passing last year, the house became for sale. Despite his genius skill to capture the beauty of architecture, the pictures of his property was rather disappointing. I wish that the listing agent have had courtesy to at least hire a decent professional photographer to capture the soul of the house. More than three months on the market, as far as I know, the property is still available. Is it because of the list price($2,495M) ? Or the house is falling apart? Do people pay extra for architecturally significant property? Is there any quantitative value for architecture? I hope so. In any case, it is a collector’s treasure and I wish someone who cares of architecture carefully restore and take good care of it. The house was designated a Cultural Heritage Monument by the city of Los Angeles. Please share your thoughts with me. — Hiroko

Market report - #35 most expensive zip code in America = Woodside (94062)

http://www.forbes.com/zipcodes/2009/zipspage.html?zip=94062&city=Woodside

Bay Area year-over-year median home price rises 20% in February

Bay Area year-over-year median home price rises 20% in February

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