Homescopes

My usual routine in the morning is to get up, let the dog out of her kennel and then check my e-mail.  This morning my e-mail had a shocker.  I received an e-mail from one of the Account Managers at the Los Altos Branch of Financial Title Company indicating that Financial Title Company was closing its doors effective immediately.  Not just the Los Altos branch, but the whole company.  Go to their website and you get this.

My first thought was “here we go again” because the Campbell based Alliance Title company had just shut it’s doors in December 2007.  Financial Title had a great office in Los Altos and was the largest title company in Silicon Valley.   The two escrow officers (and their assistants) who I have worked with over the years were very good and had a sarcastic bent to them, which I enjoyed.  It’s really sad to see the office close especially when you know the people involved so well.

Anyone who has an escrow with Financial Title will now have that escrow transferred to the First American Title office located at 161 South San Antonio Road.  Their phone number is 650 941-3523.  Note: First American Title has been the underwriter for all of Financial Title’s escrows.  An e-mail late today gives more information for those of you who have escrows with Financial Title:

• First American Title has secured the trust funds from all of the Financial Title Escrows
• There is a First American representative today in each of the local Financial Title offices.  They are going through each of the open escrow files and if the escrow has trust funds that have been deposited, they are contacting the clients to let them know the status of the trust funds.  They will also be finding out it the client’s want to keep the escrow with First American Title or move it to a different title company.
• First American has set up a general information number at (925) 249-2819 for general questions.  However, at this time, they do not have information about specific escrows.  Questions about specific escrows should be available in a few days.

Stay tuned.

Sarah Scafford of International Listings recently wrote a guest post in Pat Kitano’s Transparent Real Estate talking about the differences between timeshares and fractional ownership. Most of what Sarah writes is spot-on.

I am fortunate to own a fractional at Old Greenwood in the Truckee/Lake Tahoe areas and get to spend 3 weeks a year in a wonderful townhouse with attached garage overlooking the 18th fairway of the Nicklaus designed Old Greenwood golf course.  Amenities include the Pavillion a recreation center containing 2 pools, tennis courts, gym, bar, and restaurant. You can sit at the pool and see the backside of Northstar Ski resort which is about 15 minutes away by shuttle.

I declare this fractional as my second home and deduct both interest and property taxes.

I did not purchase as an investment though I am confident that in 20/25 years when I want to sell, I will get my investment back fully. In the mean time, I get to spend 3 weeks a year golfing and skiing to my heart’s content without the hassles of full vacation property ownership.

Let me know if you would like further information on Old Greenwood.

If you are out in your backyard tomorrow night (7/29/08) and hear a small plane overhead, it is possible that it is the one the Santa Clara County Vector Control District has sent out to find mosquito sources.

The plane will be equipped with digital photography equipment that will be aimed at your backyard looking for neglected swimming pools, ponds and other sources that could harbor mosquitoes that potentially carry the West Nile virus. 

If your backyard pool looks like this,

Expect to be contacted by Vector Control:

“Vector Control Technicians will contact and explain to property owners, identified through the aerial survey, the health risk posed by poorly maintained swimming pools and ponds. In cooperation with the property owner immediate steps will be taken to resolve the problem. Although formal enforcement has not been necessary, to date, property owners can be subject to fines of up to $1,000 per day for failure to abate a public health nuisance.”

In an aerial survey done earlier this year, more than 250 scummy green pools were identified.  Below is the map of the areas that will be surveyed.  Words of wisdom:  If you have a pool and like to swim in the nude, don’t do it tomorrow night otherwise you might end up on Youtube.

Having a little too much post-Inman fun and excitement…

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Dave Blockhous of Coldwell Banker Los Altos recently did an analysis of the current Los Altos market. In this post, Dave compares market activity (number of sales and listings & average and median prices) over the first six months of the past couple of years. His analysis comes to much the same conclusions as my analysis of the San Carlos, Menlo Park, and Palo Alto markets did: The number of sales are down from years past but the average and median prices have remained stable or increased slightly.

The Multiple Listing Service is our most efficient means to sell a home and the most reliable source of local market information.  The following information was take from our local MLS and is deemed reliable but not guaranteed.  

According to our local MLS provider (ProMLSlistings.com), there currently are 94 single family homes for sale in Los Altos.  Of these, 30 are under contract.  That leaves us with 60 homes that are actively being market for sale on the MLS. 

Above is the January through July semi-annual sales statistics for single family homes since 2005.   As one can see, over the last four years, listings have averaged 281 and sales have averaged 173.  However, there continues to be a downward trend for both listings and sales.  In fact, in the first six months in 2008, the number of listings is off by approximately 13% and the number of sales is off by approximately 17% over their four year averages. How has this overall decline in listings and sales affected Los Altos real estate values? 

In a word (actually two words), not much!  The graph below depicts the year over year sales prices (first half of each year) for single family homes in Los Altos over the last four years.

As one can see, both the median and average sales prices have gone up every year except 2006.  Although the year over year increases aren’t the large scale ones we saw from 1997-2000 or 2003-2005, they are trending in the right direction. 

An interesting footnote to these sales stats is the fact that the average sales price to list price ratio has also declined over the last four years.   In 2005,  The average sales price to list price ratio was 104.09%.  In 2006 it was 101.78%.   In 2007, 101.92% and in 2008, 99.77%.  I guess that explains why not too many listing agents are touting their sales price to list price ratio in their advertisements anymore.

The first half of 2008 has not been as bad as many had predicted.  We have been fairly insulated from the problems associated with short sales and REO’s .  The on-going problem is finding lenders who aren’t afraid to loan money to qualified buyers. 

This year’s market will continue to be driven by the first time Los Altos home buyer and those who want to move up.  Those are the two markets that appear to be the most active.  We are seeing multiple offers on many properties priced between $1,300,000 and $1,700,000.  On homes priced between $1,700,000 and $2,300,000 it’s hit or miss on whether the home gets an immediate offer.  On homes priced above the $2,300,000 price point, homes tend to be sitting for awhile and it’s the exception rather than the rule if a home in this price point sells right away.  As always, pricing strategies  and how one prices one’s home for the market is extremely important.

I was pleased to see a beautiful photo of the Pacifica coastline on the front page of the SF Chronicle’s Real Estate Section.  Dana Perrigan’s cover story about Pacifica, CA highlights its small-town feel, unique character and proximity to San Francisco.

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With Daly City to the north, Millbrae and San Bruno to the east, and Montara to the south, its 38,000 residents (as of U.S. Census 2000) enjoy easy access along with a healthy dose of recreation.  Yes, it’s a cooler climate than more inland areas of the peninsula, but as the article states, sunnier than non-residents might think.  As locals already know, micro-climates are distinct throughout the various neighorhoods along the entire coastside.

An additional point worth mentioning is Pacifica’s schools.  Pacifica offers good school choices, including a home school support system within the District.

City of Pacifica

Pacifica homes for sale in Pro.MLSlistings.com - July 27, 2008

Here are a couple archived articles about Pacifica from this site, Coastside Real Estate and Lifestyles. 

 Pacifica Trends Then and Now

Median Prices and Hyper-Local Trend Watch

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The inventory of single family homes for sale in San Bruno is shrinking. Currently there are 83 homes for sale. Compare this to 96 in June 08, 110 in May 08, 116 in April 08 and 134 at the end of July in 2007. 32 homes are on the market priced below $ 600,000. This is a great price point for anyone wanting to get into the Real Estate market on the Peninsula. So why are these homes still available ? 23 out of 32 homes are either bank owned (7) or are short sales (16). Anyone who has written an offer on a short sale property knows about the long, frustrating process. Haven’t heard back from the lender in several months? Find a  seller who  can make a decision and is motivated to get into contract. My favorite house in the under $600,000 category is the house at 360 Acacia Avenue in the Huntington Park neighborhood offered for $ 599,000. The home was built in 1927.  Some of the original woodwork has been preserved and the remodeled bathroom and up-dated kitchen are a big plus. Add the beautiful fruit trees in the backyard and the west of El Camino Real location and one wonders why this lovely home is still on the market!

Why is Burlingame such a desirable place to live? Here is one for all of you water fans. Burlingame has an Olympic size pool. Located on the Burlingame High School campus, the Burlingame Aquatic Center is open year around to the public for Lap Swim. This summer I decided to enroll in the adult swim camp. The 8 week class meets Monday and Wednesday nights. Our goal has been to improve our strokes, from freestyle to butterfly! It’s been a blast and an incredible personal challenge. Our coaches are members of the Burlingame Aquatics Club who are all part of the master program and apparently volunteer their time.  Some of these accomplished swimmers are former Olympians and every one’s enthusiasm for the sport of swimming is sure catching!

For more information about water-polo and swim classes for children and adults contact:

 www.burlingameaquatics.com or contact the Burlingame Recreation Department www.burlingame.org

Please come join me today at 5850 Gilmore Avenue in Cotati, my latest listing and a fantastic country property that is well-thought out, secluded yet convenient and very up to date.  You and your family and critters could just move right in.  When I looked for my current country property home I wanted a property like this–lots of usable land, nice house, really cute second unit and most importantly I wanted scenic beauty and a really peaceful location away from traffic so my cats and dogs would be safe, not to mention humans as well.

I also wanted to be convenient to town and services, and to commute to the Bay Area.  Don’t be mislead by the Cotati address on this cool property–it is actually on the west side of 101, north of 116 on the way to Sebastopol.  Don’t get me wrong, Cotati is a neat town with lots of fun shops and restaurants, but this location on Gilmore would just as easily appeal to someone wanting Sebastopol, Santa Rosa, Penngrove or Petaluma.  This little country pocket in Cotati is peaceful, has lots of horse properties and small farms as well as vineyards surrounding it, and many of the neighbors have been here for years.  My clients have owned the property since 1977 and their meticulous care and updating shows.  Yet this home is about5 minutes to 101 so it is a great commute location that feels miles away.

It is my experience that people looking for Sonoma County country property don’t first think of places such as Rohnert Park/Cotati or Windsor, but you can uncover some gems by searching and thinking a little outside the box.  Come see for yourself today.   This property could accommodate horses (and does with a 2 acre pasture (+-), stalls and tack room. It also is home to roller pigeons and has two coops and a small aviary.  There is a shop for painting autos with air compressor and 220 power plus another shop (called the “man” building) for hanging out.  Plus a cute 2002 small modular with kitchen, den, bedroom and bath, all in its own fenced in, redwood lined yard at one corner of the property for privacy.  There is only one home past this property on a sleepy lane, and many bigger parcels surround it, with views of the hills, vineyards and trees.  See you soon!