Tidings of Comfort and Joy! The Piedmont Perspective, Vol 77 - December 18, 2008
What's New?
There's nothing that brings a smile to my face as quickly as the lights of Christmas. I'm giddy as a kid on Christmas morning (although my family celebrates Hannukah) as I drive the blocks taking in the bright strands of colors. I am especially thrilled when I discover new additions to the streetscape that light the night sky. Even the tackiest of displays brings me great joy. You have to admire the passion that goes into every gaudy plastic Santa or snowman. There's real pride in each of these holiday displays, be it Martha Stewart or Jed Clampet. Even the cemetery dresses up in full regalia (really - drive through it with your kids) and this year, we have snow in Tilden Park to add to the wonder. All of it is a reminder to me of the celebration of the holidays and the overwhelming love of home.
In a year where turbulence has ruled the day, not a week goes by that a friend or a client doesn't worry out loud about the value of their home. You've approached me at soccer matches, football games and school events; at cocktail parties, fund raisers, and the grocery store, at the bank, the gym and the hairdresser's; while pumping gas, dancing salsa or walking the dog. Suddenly I've become very popular!
In short, almost every homeowner has some concern about the current value of their home and why wouldn't they? In a climate that seems to serve up disconcerting news almost daily, it follows that people would worry about a deepening recession.
Given that many of us have a tremendous amount of equity invested in our homes and that many more of us are counting on their significant appreciation to supplement our retirements, we ALL have legitimate cause for concern. Don't we? Weren't we lead to believe that the ever-increasing equity of our homes would allow us to take our families on Safari, educate our children at Harvard and provide for our futures? (Yes, we were.)
Which isn't to say that your home won't provide these admirable ambitions in the end, but here's the thing - the value of your home is only relevant when you go to sell it! One more time because it's important - the value of your home is only relevant when you go to sell it! (It's like your weight is only important when you go to the beach!)
Like many of you, I bought my current property near the top of the market and in retrospect, I wish I had paid less (who doesn't?). Am I regretting my decision to buy? No. Why Not? Because I am planning on staying in my home for another ten years or so, which makes today's value essentially irrelevant. I'm not in the market!
For those of you that are in the market, the value of real estate is relative. You may be selling for less, but you are also buying for significantly less as well. This makes valuable sense (and cents) for those of you moving up and especially for those of you who are currently renting and don't have a property to sell in the current marketplace.
Believe it or not, there are sound arguments for taking advantage of this buyer's market (and the lowest interest rates in four years)! Even if you are losing on one end, you are more than likely gaining more on the other. Increased appreciation over time on the "up leg" should more than offset the losses on your current property.
Finally, the best advice I've heard is to stop thinking of your home as an investment . It's your home, first and foremost. As one smart friend (and savvy commercial real estate investor) insightfully stated, "I don't think of my home as an investment, I think of it as a proposition. It's where my kids live. It's where we gather as a family." (Thank you Peter, I couldn't have said it better myself.)
So save your anxiety for your stock portfolios (and for bathing suit shopping). Your home provides a unique "emotional value" that's hard to quantify and vastly different than the value of your stocks and bonds. But if it's peace of mind you seek, may I remind you that "Main Street" has historically outperformed "Wall Street" over and over again.
So string up a few more lights and honor your home - leaky skylights and all. You are one of the lucky ones. Tidings of comfort and joy!
What's Coming?
Debra Dryden has just listed a magnificent property at 38 Monte Avenue. This Stately Traditional on a exceptionally large corner parcel in central Piedmont, features 4+bdrms/3.5bths, grand foyer, sweeping staircase, elegant formal rooms with high ceilings and exquisite moldings, spacious study and sunny family room. Lovingly maintained, it boasts a new roof, professionally landscaped grounds, and upgraded bathrooms. Add a guest cottage and attic to the package and you have a true treasure! Price: $3,250,000. Shown by appointment only.
If Mid-Century Contemporaries are your preference, Angela Grubb's newest listing at 58 Crest Road, close to Hampton Field, offers a spacious living room, formal dining room and updated kitchen with granite countertops and large breakfast nook. Featuring three bedroom suites, attached 2-car garage and a permitted downstairs - perfect for a 4th bedroom, home theater or personal gym - this classic mid-century defines the "California lifestyle," complete with new deck, Bay view, level yard with built-in pool/spa and a changing room with half bath. Just in time for the new year! Price: $2,300,000
What's Pending?
The "fixer" at 138 Bonita Avenue has gone pending after only one Sunday Open and is in contract well above its asking price of $1,950,000. In spite of what might otherwise be considered tough timing, this brown shingle Traditional underscores the tremendous demand for central Piedmont and the willingness of buyers to commit to location, location, location - regardless of the season!
It also emphasizes the "sweet spot" that homes under $2,000,000 have carved out. Prudent buyers who may well afford more, are feeling justifiably conservative as a result of recent economic events and many are reassessing their needs. There's a sense that fancy cars and multi-million dollar homes are a bit extravagant in today's uncertain economy.
As a result, homes that provide "upside potential" are selling much more quickly than their counterparts, as demonstrated by the high number of "fixers' that have sailed off of the market in recent weeks.
And here's a few more to add to the list, the elegant Traditional listing on Sierra Avenue is now in contract as is the more modest Monterey Colonial on Oakmont Avenue, further suggesting that "upside potential" may be the new name of the game!
What's Happening?
The Yule Tide is here and I'll be taking a brief vacation with my family from December 20-27. I want to wish you all the happiest of holidays and a very Merry New Year! As we approach 2009, I am grateful for such good fortune but I am also cognizant that many others are struggling. As such, I am committed to contributing when and where I can and here's where you come in . . .
Throughout 2009, I will donate 10% of my net proceeds to the charity of your choice whenever I help you (or a friend) purchase or sell a home. Be it the SPCA, Habitat for Humanity, Glide Memorial Church, The American Red Cross, Piedmont schools, Children's Hospital Oakland, The Alameda Food Bank or the AIDS Grove - you pick the charity and I will promptly send a check after the close of escrow - and that's a win/win for everyone! So pass the news along and please send your referrals my way.
Together, we can truly impact some very worthy causes.
PS - The GRUBB Co. is an official Toys for Tots drop off site! We want to thank you for your generosity and remind you that we are still collecting unwrapped toys for children in need.
What's Fun!
Last week, my good friend Maureen, invited me to join her on a field trip to a private viewing of a Barn House in Sonoma (Fun!). This charming harvest home was quite literally, a working barn in a previous life, but is now an elegant country chateau.
Designer and owner, Barbara Johnsen, boldly bought the barn frame when it was nothing more than numbered boards and had it shipped cross country, where it was reassembled by a well-trained team in less than two weeks time!
Once built, her local contractor took over and finished this beautiful and historic abode, complete with silo and weather vane! Featuring hand-hewn beams, random plank floors and nutmeg in the air, this now restored and rejuvenated structure has a whole new life as an inviting contemporary home with all of the charm and age of yesteryear and all of the modern conveniences of today. I loved every single inch of it! Hmmm. . . there may be a barn in my future. (I already own the weather vane!)
The Piedmont Plug!
Is there a barn in your future? (Think guest house, think vacation home, think rebuild!) This really is an exciting and interesting option and your opportunity to own your own piece of historic Americana. To learn more or see how Barbara's house was built, go to: www.Californiabarndesign.com or call Barbara Johnsen at 707-318-1711. She's happy to share her experience and encourages you to consider a Barn House of your very own! Barbara can also be reached at bjid@earthlink.net .
Merry Hanukkah and a Happy New Year. See you in two weeks!
THANKS FOR READING!
For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or email me at jgardner@grubbco.com. I'd love to share my real estate tips and my experience in the Piedmont community with you!
Feel free to visit my website at JulieGardner.com for more information as well.
There's nothing that brings a smile to my face as quickly as the lights of Christmas. I'm giddy as a kid on Christmas morning (although my family celebrates Hannukah) as I drive the blocks taking in the bright strands of colors. I am especially thrilled when I discover new additions to the streetscape that light the night sky. Even the tackiest of displays brings me great joy. You have to admire the passion that goes into every gaudy plastic Santa or snowman. There's real pride in each of these holiday displays, be it Martha Stewart or Jed Clampet. Even the cemetery dresses up in full regalia (really - drive through it with your kids) and this year, we have snow in Tilden Park to add to the wonder. All of it is a reminder to me of the celebration of the holidays and the overwhelming love of home.
In a year where turbulence has ruled the day, not a week goes by that a friend or a client doesn't worry out loud about the value of their home. You've approached me at soccer matches, football games and school events; at cocktail parties, fund raisers, and the grocery store, at the bank, the gym and the hairdresser's; while pumping gas, dancing salsa or walking the dog. Suddenly I've become very popular!
In short, almost every homeowner has some concern about the current value of their home and why wouldn't they? In a climate that seems to serve up disconcerting news almost daily, it follows that people would worry about a deepening recession.
Given that many of us have a tremendous amount of equity invested in our homes and that many more of us are counting on their significant appreciation to supplement our retirements, we ALL have legitimate cause for concern. Don't we? Weren't we lead to believe that the ever-increasing equity of our homes would allow us to take our families on Safari, educate our children at Harvard and provide for our futures? (Yes, we were.)
Which isn't to say that your home won't provide these admirable ambitions in the end, but here's the thing - the value of your home is only relevant when you go to sell it! One more time because it's important - the value of your home is only relevant when you go to sell it! (It's like your weight is only important when you go to the beach!)
Like many of you, I bought my current property near the top of the market and in retrospect, I wish I had paid less (who doesn't?). Am I regretting my decision to buy? No. Why Not? Because I am planning on staying in my home for another ten years or so, which makes today's value essentially irrelevant. I'm not in the market!
For those of you that are in the market, the value of real estate is relative. You may be selling for less, but you are also buying for significantly less as well. This makes valuable sense (and cents) for those of you moving up and especially for those of you who are currently renting and don't have a property to sell in the current marketplace.
Believe it or not, there are sound arguments for taking advantage of this buyer's market (and the lowest interest rates in four years)! Even if you are losing on one end, you are more than likely gaining more on the other. Increased appreciation over time on the "up leg" should more than offset the losses on your current property.
Finally, the best advice I've heard is to stop thinking of your home as an investment . It's your home, first and foremost. As one smart friend (and savvy commercial real estate investor) insightfully stated, "I don't think of my home as an investment, I think of it as a proposition. It's where my kids live. It's where we gather as a family." (Thank you Peter, I couldn't have said it better myself.)
So save your anxiety for your stock portfolios (and for bathing suit shopping). Your home provides a unique "emotional value" that's hard to quantify and vastly different than the value of your stocks and bonds. But if it's peace of mind you seek, may I remind you that "Main Street" has historically outperformed "Wall Street" over and over again.
So string up a few more lights and honor your home - leaky skylights and all. You are one of the lucky ones. Tidings of comfort and joy!
What's Coming?
Debra Dryden has just listed a magnificent property at 38 Monte Avenue. This Stately Traditional on a exceptionally large corner parcel in central Piedmont, features 4+bdrms/3.5bths, grand foyer, sweeping staircase, elegant formal rooms with high ceilings and exquisite moldings, spacious study and sunny family room. Lovingly maintained, it boasts a new roof, professionally landscaped grounds, and upgraded bathrooms. Add a guest cottage and attic to the package and you have a true treasure! Price: $3,250,000. Shown by appointment only.
If Mid-Century Contemporaries are your preference, Angela Grubb's newest listing at 58 Crest Road, close to Hampton Field, offers a spacious living room, formal dining room and updated kitchen with granite countertops and large breakfast nook. Featuring three bedroom suites, attached 2-car garage and a permitted downstairs - perfect for a 4th bedroom, home theater or personal gym - this classic mid-century defines the "California lifestyle," complete with new deck, Bay view, level yard with built-in pool/spa and a changing room with half bath. Just in time for the new year! Price: $2,300,000
What's Pending?
The "fixer" at 138 Bonita Avenue has gone pending after only one Sunday Open and is in contract well above its asking price of $1,950,000. In spite of what might otherwise be considered tough timing, this brown shingle Traditional underscores the tremendous demand for central Piedmont and the willingness of buyers to commit to location, location, location - regardless of the season!
It also emphasizes the "sweet spot" that homes under $2,000,000 have carved out. Prudent buyers who may well afford more, are feeling justifiably conservative as a result of recent economic events and many are reassessing their needs. There's a sense that fancy cars and multi-million dollar homes are a bit extravagant in today's uncertain economy.
As a result, homes that provide "upside potential" are selling much more quickly than their counterparts, as demonstrated by the high number of "fixers' that have sailed off of the market in recent weeks.
And here's a few more to add to the list, the elegant Traditional listing on Sierra Avenue is now in contract as is the more modest Monterey Colonial on Oakmont Avenue, further suggesting that "upside potential" may be the new name of the game!
What's Happening?
The Yule Tide is here and I'll be taking a brief vacation with my family from December 20-27. I want to wish you all the happiest of holidays and a very Merry New Year! As we approach 2009, I am grateful for such good fortune but I am also cognizant that many others are struggling. As such, I am committed to contributing when and where I can and here's where you come in . . .
Throughout 2009, I will donate 10% of my net proceeds to the charity of your choice whenever I help you (or a friend) purchase or sell a home. Be it the SPCA, Habitat for Humanity, Glide Memorial Church, The American Red Cross, Piedmont schools, Children's Hospital Oakland, The Alameda Food Bank or the AIDS Grove - you pick the charity and I will promptly send a check after the close of escrow - and that's a win/win for everyone! So pass the news along and please send your referrals my way.
Together, we can truly impact some very worthy causes.
PS - The GRUBB Co. is an official Toys for Tots drop off site! We want to thank you for your generosity and remind you that we are still collecting unwrapped toys for children in need.
What's Fun!
Last week, my good friend Maureen, invited me to join her on a field trip to a private viewing of a Barn House in Sonoma (Fun!). This charming harvest home was quite literally, a working barn in a previous life, but is now an elegant country chateau.
Designer and owner, Barbara Johnsen, boldly bought the barn frame when it was nothing more than numbered boards and had it shipped cross country, where it was reassembled by a well-trained team in less than two weeks time!
Once built, her local contractor took over and finished this beautiful and historic abode, complete with silo and weather vane! Featuring hand-hewn beams, random plank floors and nutmeg in the air, this now restored and rejuvenated structure has a whole new life as an inviting contemporary home with all of the charm and age of yesteryear and all of the modern conveniences of today. I loved every single inch of it! Hmmm. . . there may be a barn in my future. (I already own the weather vane!)
The Piedmont Plug!
Is there a barn in your future? (Think guest house, think vacation home, think rebuild!) This really is an exciting and interesting option and your opportunity to own your own piece of historic Americana. To learn more or see how Barbara's house was built, go to: www.Californiabarndesign.com or call Barbara Johnsen at 707-318-1711. She's happy to share her experience and encourages you to consider a Barn House of your very own! Barbara can also be reached at bjid@earthlink.net .
Merry Hanukkah and a Happy New Year. See you in two weeks!
THANKS FOR READING!
For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or email me at jgardner@grubbco.com. I'd love to share my real estate tips and my experience in the Piedmont community with you!
Feel free to visit my website at JulieGardner.com for more information as well.
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