In addition, it is common knowledge that within cities, certain neighborhoods are stronger than others.

We are also seeing different markets within cities depending on the price range of the properties being offered for sale.

Below you will see charts for San Carlos, Menlo Park, and Palo Alto broken down into quartiles - i.e. each city is divided into four quartile price ranges - one could label them “low price quartile”, “middle low quartile”, “middle high quartile” and “high quartile”. These prices are for LIST prices.

Here is the chart for San Carlos:

Let’s look at San Carlos…….

In the lowest price quartile in San Carlos, average prices have declined from $825,000 July 2007 to $745,000 July 2008.

In the middle low price quartile in San Carlos, average prices have were $1,075,000 July 2007 dropped to $925,000 in April 2008 and have recently risen to $1,000,000.

In the middle high price quartile in San Carlos, average prices have declined from $1,400,00 July 2007 to $1,300,000 July 2008.

In the high price quartile in San Carlos, average prices have declined from $2,100,000 July 2007 to $1,700,000 July 2008.

In San Carlos:

The lowest quartile price homes are found east of El Camino and prices in those neighborhoods have dropped over the past year. 

The very highest price range in San Carlos has dropped significantly over the past year.

The entry level price quartile (low middle) for homes located west of El Camino has remained fairly steady.

Here is the chart for Menlo Park:

In the lowest price quartile in Menlo Park, average prices have declined from $700,000 July 2007 to $500,000 July 2008.

In the low middle price quartile in Menlo Park, the average price of $900,000 has remained fairly constant over the past year.

In the high middle price quartile in Menlo Park, the average price was $1,325,000 July 2007 and has risen slightly to $1,400,000 July 2008.

In the high price quartile in Menlo Park, average price was $2,500,000 July 2007 and has risen $2,750,000 July 2008.

The lowest priced areas in Menlo Park are in Belle Haven east of Highway 101, property values in that area have dropped significantly.

The higer priced areas of Menlo Park west of El Camino (west Menlo) have increased over the past year even during a very tough market overall. The desirability of west Menlo is matched by the continued financial strenght of the people who want to own there.

The chart does indicate a slight cooling in all prices ranges since spring 2008.

Let’s look at Palo Alto……

In all four price quartiles in Palo Alto, average prices are about the same in July 2007 and July 2008.

The Palo Alto market has remained very strong over the past year.

The prince and princess dreamed someday of being re-united with their steeds on a home in the country that would fit all of them someday–but when would someday ever come? Would they have to wait years until retirement, with Seamus and Rohan growing greyer than they already were? Could they ever have it all, and sooner than later? After all, the prince had an opportunity for a new job up towards the area where the lovely vineyards, valleys and horse properties were–could they find a place to live now and continue to work but keep the horses at home? Should they try to find a castle further away that they could retire to someday, and maybe all visit together for summer vacations and holidays? They didn’t know what to do or think, they just knew they wanted to someday all live happily ever after on a farm with their animals, teaching their subjects (more about that later).

The princess knew she could stand a long commute 2 or 3 days a week, and she could spend much of her time tele-commuting. They owned their own home on the peninsula of the San Francisco Bay–it was worth a pretty penny. Surely there was a new home with room for the prince, princess and the steeds for what they could afford.

She needed to find a wizard or a good witch to advise them how to find their way to their true home. She consulted the Oracle of Google and found a good witch of wine country horse property, sealed her wishes in an email and sent them out to the universe. What happened next was very magical…

(To be continued..)

Can you figure out the location of each water bowl based on its photo?  It’s sort of a treasure hunt for dogs.  Click on photo to enlarge.

Click on the icon to get the name and address of the merchant providing the water.

View Larger Map

A city’s data can be viewed as one market, or broken down by quartile - in essence 4 micro-markets within a city, as shown in the Half Moon Bay reports below.  Quartile 1: Most expensive 25% of properties; Quartile 2: Next 25%; Quartile 3: Next 25%; Quartile 4: Least expensive 25% of properties.

This post will show, graphically, why some market activity appears different from others and can sometimes be confusing.  As we see below for Half Moon Bay, currently, the entry level markets continue their correction.  The higher end of the market is holding its own.  Half Moon Bay does have some distressed properties, but - to date - the number remains small compared to other counties.  They do, however, affect local values.  Value = that’s a topic for another post!…discussed following the first half of 2008 in this post.

A very clear listing price trend viewed by quartile over the past 12 months…

If you thought you were confused by Days-on-Market before…  It looks like we’re trending back to where we were about a year ago, but the last year has seen DOM all over the place - a transitional market?

To see median prices for the cities of Half Moon Bay, El Granada, Moss Beach, Montara, Pacifica, Pescadero, South San Francisco, San Bruno, San Mateo and Burlingame, check the Local Stats widget on my home page.  It is updated automatically by Altos every Monday.

To see more reports like this -  for condos, inventory tracking, price per square foot, median and average prices, as a whole or by quartile, subscribe to this blog or contact me. 

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•  2008 - $1,250,000 (approx. 12% depreciation than in 2005; approx. 44% appreciation since 2000.)
•  2007 - $996,666
•  2006 - $1,176,500
• 2005 - $1,399,277
• 2004 - $1,371,900
• 2003 - $1,155,00
• 2002 - $1,003,920
• 2001 - $1,294,954
• 2000 - $694,750

The graph showing inventory (blue) and closed sales (red) spanning the last 8 years highlights a consistent trend in the earlier part of the decade and then a downshift in inventory and sales since 2004.  As expected, there is an uptick in available homes during the first half of the year.  Fewer sales have followed fewer available homes.  Inventory is very good right now, but it may continue to be somewhat limited if we continue to see sellers accept pre-emptive offers.
01 = January to June; 02 = July to December

This is what the current market looks like when we break down the four price points within Ocean Colony.  There are eighteen total properties for sale…

Spyglass homes

One active home for sale $1,850,000; 1 recent closed sale with 0 Days-on-Market for $3.5M.  Large ocean view homes 4-7 years old.

Detached homes

Thirteen single family homes for sale. - Average List Price $1,486,000; approx. 18 - 31 years old.

Attached homes and townhouses

Two active homes for sale - Average List Price $900,000; approx. 20 years old.

Ocean Corners condominiums

One condo for sale for $499,000.  (on market over 200 days; just reduced again, now 5.8% off original list price per MLS Listings).

Thirty day activity:

• 5 new listings that are still active; 2 of those have reset days on market
• 3 pending contracts (Eagle Trace - 54 DOM; Greenbrier - 0 DOM; Cypress Point - 1 DOM)
• 1 price reduction (Troon)
• 1 expired listing (Fairway)

Ocean Colony has experienced approximately 12% reduction in overall value over the last few years.  However, there are homes in this neighborhood that are garnering offers at List Price, minimal days on market and short escrow periods.  This contrarian activity has contributed to an overall slight increase in the sale price trend line within the last 12 months (Aug 07 to Aug 08). 

The other trend happening in this neighborhood is very quick or pre-emptive offers.  Of the seven (7) sales between January and August 14, 2008, approx. 40% (3) went into contract within one day of showing on the MLS - which means they were being negotiated before market exposure.  That will skew a days-on-market trend as shown in the graph link below.  Average days-on-market for Ocean Colony sales within the past 12 months is almost 5 months (144 days).

12-Month Ocean Colony Average Sale Price to Days on Market (DOM) trend.

MAP-BASED RESULTS PAGE OF OCEAN COLONY HOMES FOR SALE OR RENT.
 

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Some of the strategies that I have seen agents use in order to buy a listing include (but not limited to): 

1. Not including lower priced yet similar comparable homes in the CMA
2. Overvalueing a feature(s) of the home in an attempt to make it appear that buyer demand for that feature is extremely high and worth more
3. Claiming to have special inside information about a home(s) under contract that shows an upward trend in the market.  

Why would an agent want an overpriced listing? 

Marketing homes can be an expensive undertaking.  Local print advertisements alone can burn up a marketing budget real quick.  However, the key to buying a listing is the agent’s belief that he/she can get the seller to reduce the list price quickly.  The quicker the reduction the better…for the listing agent.  

Another agent benefit is the collateral business that comes from having a listing.  An agent is likely to pick up one or more buyers and /or sellers from an open house, from a call off of a “for sale” sign or from a “contact for more information” widget on their web site/blog.  These contacts can lead to future business.  Just think, how many of you know someone who walked into an open house and bought that house?  Now think, how many of you know someone who found their real estate agent at an open house?  Food for thought,  many more people find their realtor through an open house than buy the home during an open house.

How agents buy listings!

I have seen agents take a listing and within one week reduce the price of the home by 10%.  The scenario usually goes as follows.  Marcia, the home seller, interviews three agents (Jan, Greg, and Peter).   Jan convinces homeowner Marcia that her beautiful Los Altos home (which really is a tear down) is worth $1,700,000.  Marcia is so delighted that she is going to get 10% more for her house than either Greg or Peter thought it was worth and signs an exclusive listing agreement with Jan.  Apparently both Greg and Peter don’t know and/or understand the Los Altos real estate market because they valued the home at around $1,550,000.

The house hits the market and the agent community view it on the Friday Broker’s tour of new listings.  The house is open both Saturday and Sunday.  Unfortunately, not many people outside of a few neighbors come through the open house.  The neighbors seem quite happy, hoping the home sells for close to its list price.  There is only one showing the entire week.  Marcia begins to wonder….has something gone wrong?  Why aren’t people looking at my house?  After all, Jan said it was so beautiful and well priced. 

Marcia should be thankful that she has Jan working for her because Jan aptly notices a sudden downward change in the Los Altos real estate market.  She calls Marcia and says “Marcia, Marcia, Marcia… the market has changed and we must drop the price or we’ll be chasing the market down.”  The next day the list price is reduced to $1,649,000.  Marcia is excited in anticipation that her home will now sell and she can move back to her childhood town of Santa Monica.

Unfortunately, things don’t go as planned.  The home still isn’t having any showings, yet the open house traffic seems good.  Jan is meeting lots of good buyers, unfortunately none of them are for Marcia’s house.  Jan talks to Marcia about another price adjustment.  Fortunately for Marcia, she is still ahead of the game compared to what Greg and Peter recommended.  The home continues to sit.  It is reduced several more times until the list price is now $1,498,000.  Marcia is getting frustrated, its been over two months and the home has had 4 price reductions.  Finally, Jan receives an offer from Alice.

The offer is for $1,435,000., Marcia is mad and even more frustrated and flat out emotionally spent.   When this all started, Marcia had dreams of vacationing in Hawaii before moving to southern California.  Now she is looking at selling the home for $115,000 less than what Greg and Peter thought it should have sold for.  Why was Alice’s offer so low?

Mike, Alice’s agent, tells Jan that Marcia’s home has become stale and stigmatized because it has been on the market for so long.  After all, the average days on the market for a home in Los Altos hovers around 25 days and Marcia’s house has been on the market for almost 3 times that.  In Alice’s mind (and every other buyer), something must be wrong with the home and its reflected in Alice’s offer.  Marcia counters the offer and the home eventually sells for $1,470,000.  

As a home seller, what can one learn from Marcia’s situation?

• Get the right data.  If the homes (ie. the data) used in an agent’s CMA is different, ask why?  Why was one home included and another excluded?  Ask how recent the information is?  Do the comps go back 3 months, 6 months, or a year?  Why?  Is the neighborhood real estate market going up, down or even?  What type of home is currently selling well?  Is it the remodeled 4-bedroom home or are there more buyers looking for tear-downs/lots?  Lastly, have the agent explain specifically how the subject house compares with the homes used in the CMA.  This can weed out agents who really haven’t seen the homes and don’t know the market.  It’s common sense, but the more detailed the information, the better you can rely on it.
• It’s the Marketing Plan that leads to a higher sales price!  Talk to each agent about what they bring to the table and how specifically that agent will market your home.  The agent should be able to provide you with information about where buyers are coming from (Hint…Online!) and how to market to them (again, hint…Online!).   The agent should be able to give you a likely time frame on how long the home will take to sell and provide you with a realistic number that you can expect at closing.  What pre-sale inspections should you get (if any) and why?  What should you do during showings?  Will the agent walk you through the mandatory disclosure documents and explain how to complete them? 
• Don’t hire an agent solely on their commission schedule.  What I have found is usually the agents who try to buy listings also are the first to reduce their fees.  The seller is told their home will sell for more and it will be cheaper for them to do it.  What seller wouldn’t want this scenario.  It looks like a win-win to the seller, but in reality it isn’t.  I’m not bashing agents who discount, but rather want the seller focus on the services provided, the agent’s track record and then the agent’s fees associated with providing their service.  
• Take a step back and view your home as a buyer.  One of the easiest things to do when analyzing the value of your home is to look at it from the perspective of a buyer.  When you bought your home, you looked at all the market comps to see where the home fit into the market.  Do the same as a seller and you’ll be more realistic and the results will be better. 

Seller’s need to do your homework, be knowledgeable, ask questions, be realistic and don’t let anyone paint a picture that doesn’t mesh with reality.

Every month I receive enough market statistics from Rick Laws, my broker, to fill reams of blog posts, even if there are no such things as reams when it comes to blogging. But you and I would be bored if all I wrote about was market stats.

Still this year more than ever, I am intensely interested in viewing trends looking backwards at the stats and comparing that perspective from that of being (literally) in the field live, with clients and other agents.

The chart below is from Brokermetrics and is based upon actual MLS (Multiple Listings Service) data from Bay Area Real Estate Information Services (aka BAREIS). It looks at the number of newly ratified contracts (pending sales not yet closed) versus the number of new listings month to month from July 2006 through July 2008, for all residential sales in Sonoma County, at all price ranges. This gives the most timely view of supply and demand based upon actual sales data, since pending sales take a couple of months to show up as closed sales. I can also slice and dice by price range, housing type and community, but won’t do that all today, promise.

An apparently typical seasonal rise in sales began in January with newly pending sales in March exceeding those of July 2006, leading to a dramatic increase in pending sales this July 2008 versus July 2006. Meanwhile the number of listings is trending slightly upward but is down overall versus two years ago. The vast majority of newly pending sales consists of bank-owned, or REO properties at the lower end of most markets. Month’s supply of inventory is down to six months, and fairly balanced, at the lowest point in quite some time. The market needs to digest these REO’s to achieve some stability, which it appears to be doing. If you have specific questions about Sonoma County real estate market trends, please contact me and I will pull some data for you.

My old friend and seasoned Loan officer, Sam Wright  from Washington Mutual Loan Center informed me about a window of opportunity WA MU’s has for select communities in cities like Concord.

Buyers may be eligible to save up to 1% of the loan amount, that’s $1,000 for each $100,000 they borrow.  This may be used for lowering closing costs or getting a lower rate.  This is only available to primary homeowners that qualify, not investors. 

This is the first time, since the “credit crunch” in Contra Costa County that a bank is stepping up to show the community that they are here to stay.  This offer expires September 30, 2008.  For more information, call Sam Wright at 510-502-0040 or email him at samuel.wright@wamu.net.

 Home owners that live in the North Concord area that want to sell their home may want to take advantage of this offer. 

If you would like to help the family with medical expenses, checks should be made payable to “Friends of Carol” and mailed to:

Jan McCorkle

COLDWELL BANKER

248 Main Street, # 200

Half Moon Bay, CA 94019

If you want to write a note to her family, call the office, 650-726-1100, for the Icard family mailing address.  You can also post a comment or check for additional updates on the Friends of Carol website.

I will post the date of a memorial service when we have details.

Related article:  “Friends of Carol” Launched

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The familiar mantra seemed like an echo…over and over…I repeated this to my animal-crazed daughter.  This was while we were in our Michigan house during the entire first two YEARS there.  I weakened when the local humane society asked us to foster - just for 3 weeks - a litter of 4 kittens that had just arrived from local police officers who had found them near the side of a road.  They were too young to be adopted at 4 weeks.  Oh the agony in that decision!  ok, I was weak.

Next thing I know I’m setting up the spare bedroom with litter boxes, towels, and water bowls.  They were too young to jump on the bed, yet….  I managed to get the powerful two-letter word out frequently enough, but apparently only semi-convincingly, until the last minute before we packed up the little furballs 3 weeks later to take them back to the Shelter for adoption.  We packed only 3 kittens.    Yes, “Tiger” won over our hearts and I did the thing I said I would never do - bring an animal home to the Michigan house. 

Tiger was just that - a wild thing, and the ultimate entertainer.  The kids’ friends couldn’t wait to see Tiger’s antics, the likes of which no one had ever seen in a cat.  He must have been a circus acrobat in one of his prior lives.  Then, the day came that we planned to move back to our Half Moon Bay house.  He was now over a year and quite content with his routine and limitless territory.

We read up on the rules:  set up his space right away, keep doors closed when movers arrive, keep him indoors for a month.  We got him vet checked for travel,  got the appropriate carrier, had his health and travel papers, and reluctantly handed the wobbly carrier over to the airline attendant on travel day.  We picked him up at SFO and brought him back to my aunt’s house.  He was not a happy camper…mad as h***, and was not microchipped.

It happened in an instant.  In a moment of distraction one evening before the moving van arrived, the back door was briefly opened, he was loose and over the fence in a flash - never to be seen again.  Signs, ads, talking with the neighbors, nothing.  What could we say to each other at a time like that…we were in denial…he would come back…yeah, of course.  We ate dinner in silence.  I added an extra serving of guilt to my plate just for good measure.  None of the four of us wanted to talk about it.

How to Move Your Pet Safely from Humane Society of the United States.

• Plan Ahead so as to maintain your pet’s normal routine as long as possible.
• Notify your pet’s current veterinarian that you will be moving and tailor the list to your own pet’s needs.  Tell them you’d like to take a copy of their records with you to the new location.
• Get the appropriate pet carrier for the type of travel ahead of time and slowly introduce your pet to it, gradually encouraging your pet to get familiar with it and even spend a little time in it.
• As soon as you have your new address, get an updated ID tag if moving a dog.
• Find out a reputable veterinarian in the community you’re moving to and find out their location and hours in case of an emergency upon your arrival.  (We use Half Moon Bay Veterinary on Main St., HMB).
• Moving day is tough for a pet owner.  I can only imagine that it’s more difficult for them.  Place your pet in its carrier in a safe, quiet place with a “Do Not Disturb - Pet Inside” sign on the door.  Remember* Assign someone to check on your pet regularly throughout the day for bathroom and water/food breaks.
• Pack a separate Moving Day Pet Kit to include the water bowl, food, pet’s medications, leash, litter & litter box if a cat, and a recent photo - just in case.
• And something not on their list but very important…clip those sharp little nails.

* my edit.  Who has a fully functional memory when you’re moving?

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Just when you think you’ve heard it all; along comes another marketing idea that makes sense in a wierd sort of way.  I was listening to the Ronn Owens show on KGO radio this morning to find the conversation was about Rent-a-Dogs, or Timesharing a pet.

At first blush, I thought it was a good idea.  I love my five year old Yellow Lab, Shaymus, we have friends that take him for long weekends that also enjoy spending time with him.  We also have him approved as a “working dog.”  Shaymus spends time with local Walnut Creek dementia people as well as Hospice.

Back to the business at hand.  Rent a dog.  There are rent a dog companies in New York City, San Diego and Los Angeles. The cost is an initiation fee of about $150.00 plus a monthly fee based on usage.   Ronn Owens says that some five star hotels will rent you a dog too, probably not an 85 pound Yellow Lab, I’m thinking a five pound Bichon or a 2 pound toy something.

After listening to the radio show and thinking it through, it makes perfect sense.  People can’t commit.  I’m not talking about major things like marriage, but even simple things like cell phone plans.  Dogs are not that difficult to care for.  They like to eat, sleep, play and go for walks and boy do they give back a lot of love and loyalty.

Anyway, the idea of Dog timeshare interests me.  it’s like legal canine prostitution.  Don’t committ, just take the dog for a day or two and have at it!

The animal rights people must be going crazy with this one.

Yet fifteen new listings came on the market.  Of those 15, 12 were in Half Moon Bay, 1 in El Granada, 1 in Moss Beach, and 1 in Montara.  Of the 12 in HMB, 5 of those are in Ocean Colony; the other 7 spread among the various neighborhoods.

Also this week, ten listings went into contract (contingent/pending).  One of those is an Ocean Colony home that was on the MLS only one day.

Nine listings had price reductions.  Eight are residences and one is a lot.  Of the eight sellers with residences reducing their list prices, the average Continuous-Days-On-Market (CDOM) is 166 - minimum was 21 days and maximum was 325 days.  Homes with price reductions this week spanned all quartiles with slightly more price reductions in the higher priced homes.  The average square footage of homes with price reductions this week is 3,135 on an average lot size of 10,224 square feet.

Four properties closed escrow.

These include single family homes, condos, multi-family properties, and lots.  The only group excluded is rentals, of which there are very few input into the MLS.

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One weekend the prince and princess drove their son to his first year of college at Humboldt State University. On the way home, they drove through many beautiful valleys and over beautiful hills and mountains, passing vineyards, forests and meadows. They thought “Would this be a beautiful place to live happily ever after some day with Seamus and Rohan?.. I guess we will have to wait till we retire. Sigh…..” And they returned home to suburbia and their high-powered jobs.

The prince and princess wondered how they could live happily ever after with Seamus and Rohan all on the same property and keep their high powered jobs?  Maybe they didn’t need to wait until someday?

TO BE CONTINUED…..

According to our local MLS provider (ProMLSlistings.com), there currently are 101 single family homes for sale in Mountain View.  Of these, 35 are under contract.  That leaves us with 66 homes that are actively being market for sale on the MLS. 

Below is the listing and sales activity for single family homes in Mountain View for the first six months for each year since 2005.

As one can see, over the last four years, listings have averaged 233 and sales have averaged 151.  However, there continues to be a downward trend for both listings and sales.  In the first six months of 2008, the number of listings is right at its four year average (233).  The number of sales is off by approximately 24% over their four year averages.  How has this overall decline in sales affected Mountain View 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 Mountain View over the last four years.

As one can see, both the median and average sales prices have gone up until a slight drop for this year.  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.   This year we have seen a higher percentage of entry level homes in Mountain view sold versus the higher end or west of El Camino Real homes.

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 106.63%.  In 2006 it was 101.98%.   In 2007, 104.42% and in 2008, 100.77%. 

The first half of 2008 has not been as bad as many had predicted.  Although we have been fairly insulated from the problems associated with short sales and REO’s, we are seeing more of them in Mountain View, especially east of El Camino Real.  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 Mountain View home buyer and those who want to move up.  These are the two markets that appear to be the most active.  Short sales will continue to have a slight downward pressure on sales prices east of El Camino Real. 

We are seeing multiple offers on the few homes available west of El Camino Real and those neighborhoods that are within the Los Altos School District.   As always, pricing strategies  and how one prices one’s home for the market is extremely important.

As the market continues its twists, spins, and capricious nature, let me help you understand what market you are really in, Mr/Ms Seller.  In other words, you must know who is YOUR buyer.

1. Is it the lifestyle market, where buyers can pay all cash to get THAT home in THAT location?

2. Is it the lender/developer market where sales are increasing but prices are decreasing?

3. Is it in an area where sales are decreasing and prices are also decreasing, i.e. no investors yet?

4. Is it the “soft” market where it’s a little bit up or a little bit down and values are all over the board?

If you don’t know where you stand, how can you compete?

Bringing it back to our Half Moon Bay-Coastside market, we MOSTLY (not all areas) fall into the fourth category.  So I’ll address the the most important points for this type of market:

As a seller, your ideal position is to enter the market at the best possible price.  Let me add in the caveat that while price is not everything when listing your home, it is definitely the lion’s share of the equation in this (#4) category.  Back to “best possible price”…What does that mean?  It means you understand what is happening on that street, neighborhood, town around you, know about the 2-4 most comparable homes, and set your list price accordingly.  Otherwise, a seller will begin to get into the “discount business”, according to Carol, and that’s not where you want to be!

Instead of continuing to reduce the price…offer buyers a reason to pay attention to your home.  Does yours stand out in the sea of listings?  If not, why not?  Is your Realtor not discussing ideas with you or are you rejecting them?  Sellers benefit when they can be flexible.  Flexible is a state of mind, an attitude; not carte blanche.

From my own experience, a story.  I went on a listing presentation.  We discussed everything.  This couple planned to interview 2-3 real estate agents.  I went over my price range recommendation and why, along with the marketing plan, the market, etc., etc.  Can an agent guarantee that a listing will sell at the price they recommend…no.  Why, because the market changes daily.  I had an arsenal of ideas…one idea was consider buying down a point as part of the strategy…I think the seller thought I was a little “out there”.  I did not get that listing.  The seller chose another broker, had their home on the market for many months, reduced the price, still no sale, then took it off the market.  Much time and money was lost for all involved.  I smiled to myself when I heard Carol say we could suggest to our sellers that they offer “buy-down” solutions instead of reducing the price.

Buyers and sellers are confused and it is our job to bring clarity, creativity and calm.  Thanks for reading.  More to come…

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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.

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.