Homescopes

This is a weekly feature to keep you informed about the real estate happenings in Yountville. Besides just real estate info, I hope to give the readers of my blog some insight into the heart of Yountville using a variety of media including photos, tidbits, gossip and other fun things. If this is of interest to you, I would love hearing from you. If there are other cities here in the Napa Valley, such as St. Helena or Calistoga, you would like this feature expanded to, let me know. 

STATS FOR LAST 7 DAYS

new listing 0, sale pending 1, sold 0, expired 0, withdrawn 0

new listing              

new pending          6 Jasmine Street, $675,000, 3 br 2 ba, 1,204 SF

new sold

new expired                                                

price reduction    6769 Jefferson Street, $599,950, 3 br 2 ba, 1,178 SF         

AVERAGE PRICES, DAYS ON MARKET                  

current listings for sale    20   avg price $1,003,910 avg days on market 154

current sale pendings         2    avg price $985,000 avg days on market 124

sold in last 6 months           7   avg price $1,057,714 on market 150

          Facts, numbers, SF from BAREIS and/or Napa County

                     tax records,  accuracy is not guaranteed

Jackie Speier one of our US House representatives rightly believes the current limit of $417,000 for Obama’s refi plan will not help many folks in the San Francisco Bay Area.

The SF Chronicle published an article that indicates only 7% to 8% of the homeowners in San Francisco, San Mateo, and Santa Clara Counties will be helped under Obama’s plan.

Julie Joyce Coldwell Banker Piedmont/Montclaire informs her readers of Jackie’s proposal.

We will also keep an eye on Obama’s latest proposal to limit the mortgage interest deduction for high-income earners.

Article in the San Franciso Chronicle yesterday explaining the proposed Ammendment by Jackie Speiers to allow the majority of Bay Area homeowners in need of mortgage assistance to qualify for President Obama’s Economic Stimulus Plan.  

Arn Cendella, Coldwell Banker/Menlo Park provides a useful guide writen by Diane Tuman at Zillow.

They say a picture is worth a thousand words.

A Market Action index at 30 indicates a balanced market.

Above 30 is a sellers’ market.

Below 30 is a buyers’ market.

On the San Francisco Peninsula in the cities of San Carlos, Redwood City, Menlo Park, and Palo Alto; we were in a sellers market until about July 1, 2007. Very strong sellers market in 2005 cooling somewhat in 2006 but staying biased towards sellers until about Fall 2007 when the index dropped quickly below 30 into the 20 range and now all 4 cities are between 15 and 20.

From the shape of the graph, we appear to have hit a level point.

Are we near the bottom? Or is this just a temporary pause before we continue down?

I can tell you in the $700K to $900K, homes do seem to be selling.

I have two active qualified buyer clients in this price range - one looking San Mateo Belmont San Carlos and the other looking in Cupertino Sunnyvale - and many homes I want to show them are sold before we get there.

Is market picking up with spring quickly approaching?

All 4 communities saw inventory levels drop at the end of the year.

All 4 communities have seen inventory levels increase through 2009.

Palo Alto has experienced the greatest increase in inventory levels - very interesting!

440 Walnut St, San Carlos has just come on the market at $2,000,000 and is listed by Jocelyn Jamias of NAIBT Commercial.

This property consists of 10 one bedroom one bath apartments and 1 two bedroom one bath apartment and is located just 2 blocks from downtown.

Current gross income is $141,900 - priced at 14.1x gross income and offers a 4.4% CAP rate.

Rents are below market so this property offers an opportunity for rental increases.

Did you know you can buy this building using your 401K or other IRA funds?

Contact me and let’s find you a good investment.

17 new listings this week in San Carlos

6 pending sales this week in San Carlos

59 available listings currently in San Carlos

25 pending sales currently in San Carlos

 San Carlos market fairly balanced - entry level homes are selling quickly.

12 new listings this week in Redwood City

14 new pending sales this week in Redwood City

151 available listings currently in Redwood City

63 pending sales currently in Redwood City

the high ratio of pending sales to listings reflects the current strong demand for lower-priced properties especially REOs and short sales which are more prevalent in Redwood City than the surrounding areas.

22 new listings this week in Palo Alto.

2 pending sales this week in Palo Alto.

123 listings currently for sale in Palo Alto.

23 pending sales currently in Palo Alto.

As one of the agents in my office said after tour today, there sure are a lot of homes for sale in Palo Alto right now “a dime a dozen” says she.

Good opportunity to get into one of the Peninsula’s most sought after communities.

7 new listings this week in Mountain View

2 new pending sales this week in Mountain View

83 active listings currently in Mountain View

18 pending sales currently in Mountain View