Limited Moments of Opportunity!

What's New?

Good news is on the horizon! After years of waiting for the conforming loan limit to increase in areas with higher than average median homes prices (that’s us) - Congress is working quickly to allow government-sponsored Fannie and Freddie Mac and FHA mortgage programs to adjust from the curent conforming loan limit of $417,000 to as much as $729,750! Stay tuned! (This may be a temporary one-year incentive.) Perhaps as soon as mid-February, you may be in a better position to enter the marketplace as a first time buyer, or increase the available equity on your current property towards a move-up purchase.

I will keep you updated on this exciting piece of news!

Last week, rates on 30-year fixed mortgages fell to as low as 5.25%. Today, that same loan stands at 5.75%. Astonishingly, lenders were so inundated with demand, they literally could not service all of the requests for loans. By last Wednesday afternoon, buyers were locked out as computers froze from the crush. If you have been waiting to refinance, now is the time to contact your mortgage broker and start the necessary paperwork. Seize these limited moments of opportunity. Should the right property come along, you'll be positioned to pull the trigger!

One caveat - expect ALL new loans to continue to require documented income and strong down payments - as well as better than average FICO scores.

What is FICO? (Fair Isaac Credit Organization) In short, it is your credit rating. A FICO Report generates a number, based on your credit history. In this more conservative lending marketplace, it is critical that your FICO scores be better than average (preferably above 700). This is where a qualified mortgage broker is paramount to the process. Aside from shopping lender to lender to secure you the lowest rate on any given day, a good mortgage broker is proactive in helping you correct or cure any black marks on your credit history. Need help finding the right mortgage broker? Please feel free to give me a call. I know several great brokers ready to assist you, or log on to LaSallefinance.com to select your own.

What's Coming?

Debra Dryden is bringing to market a Cityscape Jewel with bay views on McAndrew Drive on the Piedmont side of Montclair. This beautiful Miller Warnecke Tudor Traditional on manicured grounds, features sunken living room with original stone fireplace, beams, and leaded glass, formal dining room, library, chef's kitchen, 3+ bedrms/2.5 bths, and extensive upgrades throughout. Open Sunday, February 10, 2-5 pm.

Super Bowl Sunday is this weekend. Accordingly, The GRUBB Co. acknowledges and honors your need to be in front of the largest flat-screen television you can find by kick-off time (preferably with nachos and a beverage)! Need to stretch your legs at half time? The GRUBB Co. will have 33 properties open for viewing this weekend, but will be holding the bulk of these listings open from 1-3, instead of 2-4:30. With all due repsect to the Giants and the Patriots, the most important end-zone could be your new home!

What's Pending?

A gracious Traditional on Scenic Avenue went pending in quick time, with multiple offers, and well above asking! With so little inventory on the market, I believe now is an excellent time to list your property.

Did you have an opportunity to see 6030 Harbord Drive before it went pending last week? This cool Mid-Century Contemporary on the Piedmont side of Montclair has become the "market maker" for this neighborhood, procuring multiple offers and capturing the optimum sales price!

If these last few sales are any indication of demand, motivated and willing buyers are waiting in the wings!

What's Happening Now?

Last week, I had the opportunity to refer my newest buyers (a family from Chicago) to Tom Hart, a terrific REALTOR with Empire Realty, out in Danville. After listening to their objectives and concerns, it was clear to me, that their family’s needs were better aligned with the communities through the tunnel. (Say it ain't so!) While giving up well-qualified buyers is never easy, the truth is I know the Lamorinda destinations only well enough to get from ball game to ball game (chalk it up to Little League).

Real estate, by its very nature, is a local business. Limited time means that each agent and company is destined to become an expert in their own communities. Now in our 41st year, The GRUBB Co. proudly and expertly represents Oakland, Piedmont, Rockridge, Berkeley, Kensington, El Cerrito, and Albany - where we dominate in these marketplaces as a result!

The lesson here? Work locally! I have established a very qualified network of agents throughout the Bay Area. If you or any of your friends need assistance outside our community, give me a call.

What's Fun?

The latest Red Book has arrived! Each year, The GRUBB Co. mails out more than 25,000 Red Books, featuring some of our most notable and outstanding listings. This glossy publication is distributed to San Francisco, Marin and the Peninsula and highlights our finest, luxury properties. Look for this promotional magazine in the Nob Hill Gazette or stop by our offices in Montclair or Berkeley if you just can’t wait. It is stunning!

The Piedmont Plug!

Please mark your calendars for the CSL Kitchen and Home Tour. The Children’s Support League (CSL) will be celebrating its 20th annual Kitchen and Home Tour this April 25-26, featuring five lovely, local homes - four here in Piedmont and one in Upper Rockridge. After touring these fantastic properties, plan on visiting the Piedmont Community Center to enjoy a box lunch and some special shopping at the boutiques (just in time for Mother’s Day). CSL is currently seeking docents for this fun event and will provide a complimentary ticket for the tour in exchange for your time. Please contact Debbi DiMaggio at dimaggio@grubbco.com or at 414-6777, if you are interested.

(I have already signed up! )

See you next Week!

The Interest Rate is the Steal!

What's New?

Thank you to so many of you who responded to my piece "When Tragedy Strikes Close to Home," regarding the unfortunate shooting of Christopher Rodriquez at the Harmony School of Music. Many of you made donations to the trust account set up at Wells Fargo and one incredible Piedmonter went a step further, offering, pro bono, the services of his San Francisco architectural firm and design staff to retrofit the Rodriguez home for what’s sure to be an arduous journey. Now that’s putting our hearts into action!

With hearts and actions in mind, I hope you’ll join me in voting "yes" on Measure A. Measure A asks Alameda County property owners to provide $2 a month (less than a latte at Starbucks!) to rebuild Children's Hospital Oakland - a hospital that never turns a child away, regardless of family circumstances. Christopher’s tragedy points out the very real need to maintain a word-class trauma center in our own community. While Christopher’s trip to the trauma center made headlines, there are very few of us who don’t know a friend, or a neighbor, or have a child of our own, who hasn’t also greatly benefited from the world-class care they quietly received at Children’s Hospital Oakland.

Each day at Children's Hospital Oakland, pediatric specialists save children’s’ lives, help kids and their families manage chronic illness, and reassure parents that their child will be fine.

Please Vote Yes on Measure A! Let's rebuild Children's Hospital - a regional icon and a much needed health resource for all of our kids.

What's Pending?

The 2bdrm/2bth home on Oakland Avenue went pending this week. Congratulations to its new owners!

What's Happening Now?

With only four houses currently on the market in Piedmont, there’s very little to report, except perhaps your reticence. You’d have to live under a rock to be unaware that markets worldwide have responded unfavorably to the threat of recession here in the U.S. Like most of you, I also have my kids college funds and retirement accounts heavily invested in the ups and downs of the Dow Jones (I feel your pain) and understand .

That being said, Real Estate historically outperforms the stock market over time and the hesitancy on some buyer’s part to enter the real estate market right now actually makes this moment, an opportune time for you to purchase a home. Moreover, if you have a home to sell, it is generally relative. You may not have sold at the high end of the marketplace, but you aren’t buying there either and a lower purchase price makes for a lower tax base.

"But I am waiting for a steal." Don’t count on it. With very little inventory to show buyers, many homes are still seeing more than one offer materialize. This isn’t to say that all of these home are going over asking, but it does point out that well-marketed homes are still attracting multiple buyers who are qualified and, more importantly, willing.

Have you checked out the interest rates on conforming loans as of yesterday? 5.375% for 30-year fixed and 4.875% for 15-year fixed! The interest rate is the steal! Given the volatility of the stock market, savvy buyers recognize value and are looking to move their equity into property!

What's Fun!

P.A.I.N.T.S. (Promote Art in the Schools, Inc.) holds its annual Tri-School Art Show Wednesday, February 6 from 6-8:30pm in the Multi-Purpose Room at Piedmont Middle School. Art from all three elementary schools will be on exhibit. In addition, M.O.C.H.A. will be leading hands-on art projects for elementary students. Piedmont High artists will have a special display of their Memory Project, which features renderings from photos of orphans in El Salvador. For more information, please contact Katy Polvorosa at kpolvorosa@sbcglobal.netor 415-310-6166.

The Piedmont Plug!

Piedmont resident, Cindy Fritsch Fleming has recently started "Wags and Wiggles," a pet-sitting service, providing "in-home" care for your pets while you are away on vacation or at work! She also offers one-on-one dog walking services and a host of other accommodations benefiting you and your pets. For more information, contact Cindy at (510) 547-4677 or at asapwagsandwiggles@gmail.com



Feel free to visit my website at JulieGardner.com for more information as well.

A Tale of Two Markets

What's New?

With only five homes currently for sale in Piedmont (ranging from a low of $945,ooo to a high of $2,895,000) let's take this time to explore some wonderful listings that truly deserve your attention in nearby communities here in Oakland . . .

Before I leave our neighborhood, I should mention Piedmont's newest listing - at $2,895,000. It is a grand and stately 5bdrm/3bth Traditional on Mountain Avenue, offering a coveted central location, bay views, and room to spare on three finished levels! Open this Sunday from 2-4:30. If you would like to see this beautiful home sooner, please give me a call.

On the Piedmont side of Montclair is Anian Tunney’s stylish Mid-Century Contemporary listing, offering all-level living featuring 3 bdrms/2 bths and a sunny open floor plan on Harbord Drive. Only a hop, skip and a jump, from Montclair village, this beautifully renovated home is light, bright and very special. Don’t miss this rare Piedmont side of Montclair property. For more information or a photo tour, go to www.Grubbco.com.

Whether you are buying up or buying down, or entering the market for the very first time, if College Avenue factors heavily into your plans, consider Karen Starr’s meticulous and stunning Bungalow listing on Belgrave Avenue in the heart of Rockridge. Renovated from top to bottom, it features 3 bdrms/2bths, chef’s kitchen, formal dining and living rooms, plus spaces, skylights, and designer finishes throughout. (This is not your grandmother’s bungalow!) The well-designed layout is hip, urbane, stylish and above all, thoughtful in every detail. If easy access to fabulous restaurants, shops and BART are part of your "wish list," make sure you see this special home. For more information or a photo tour, go to www.Grubbco.com.

What's Coming?

As if Karen wasn't busy enough, she brings another "showstopper" to market this Sunday - a truly Magical Mediterranean in Crocker Highlands on an oversized, level, corner property with inviting lawn and garden.

Beautifully remodeled and restored, this home features 3 bdrms/2.5 bths, two sunny plus rooms, and a lovely master suite. It showcases a gracious step-down living room with original carved, craftsman fireplace, beamed ceiling, and beautifully refurbished, original, hardwood floors, as well as formal dining room, chef's kitchen with cozy adjoining breakfast room, large media/family room on lower level, and garage parking for three cars! This one has it all.

First open house, Sunday, January 20th. Price: $1,250,000 (Please call me for location and a private viewing.)

The wonderful thing about writing The Perspective is the "inside" information I often receive from my colleagues at other firms. Last week, I received just such an email alerting me to a "Coming Soon" (an e-lert!) that really looks quite special and is sure to get much attention. It is an absolutely wonderful Traditional on Scenic Avenue, featuring 4drms/2bths (including master) sought-after central Piedmont location, pretty and spacious living and dining rooms, remodeled kitchen with Wolf Range and a small adjacent family room. Level out to patio. Price $1,550,000. Open Saturday and Sunday. Have I caught your attention yet? I hope so.

What's Pending?

The 2008 market is off to a fantastic start with a very quick sale in the heart of Piedmont. This pretty 4 bdrm/3 bath Traditional went pending without a single Sunday Open and with multiple offers, proving once again that demand remains high in Piedmont and that well-priced homes continue to attract willing and well-qualified buyers. If this quick sale is any indication of what we might expect in 2008 in our marketplace, we are off and running!

What's Happening Now?

This really is the Tale of two markets. Right before the break, I wrote that 324 Sea View Avenue had found a buyer; however, it quickly returned to the market and is still very much available. Don’t assume that a property is inherently flawed just because it fell out of escrow or has been on the market longer than expected. Often, it is the buyer who questions his/her decision and changes his/her mind during the course of inspections, or the original list price did not reflect the market's demand at that time. Neither scenario is uncommon, so if you were considering Sea View before the holidays, you may want to take another look!

And while you are there, check out the listing across the street which has experienced a price reduction!

Contact me if you would like to review the homes that did not sell in 2007. These homes are often excellent opportunities for the savvy buyer!

What's Fun!

This is an early reminder to please mark your calendars for Chase the Blues benefiting the Emergency and Trauma Services at Children's Hospital & Research, Oakland. This year's event falls on May 3, 2008 and is once again, hosted at the Nady residence on Glen Alpine. If you have never been to this stellar event, you are missing out on a truly fun-filled evening of music and dance in a very lively and informal venue. I am proud to be a part of the committee that chairs this event once again and prouder still that The GRUBB Co. is one of this year's main underwriters (thank you DJ). Please join us! You'll be thrilled you did. If you would like more information, go to www.chasetheblues.com.

Chase the Blues is always recruiting new volunteers. We invite any and all newcomers to become involved!

Feel free to visit my website at JulieGardner.com for more information about me.

Piedmont Perspective, Vol 32 - The Year in Review!

What's New?

Happy New Year! I’m back from vacation, having enjoyed a quick ski trip up in Canada(eh?) with my family and close friends and am ready to move into the New Year with renewed excitement and energy (and better powder technique!).

Would it help you make some decisions about buying or selling a home in the 2008 if I recap the real estate activity in Piedmont for the calendar year of 2007? (I thought so.)

However, a brief disclaimer first . . . I am culling these numbers directly from the Multiple Listing Service (MLS). As a result, private sales will not be calculated. In other words, these statistics aren’t perfect, nor do they show ALL of the sales activity in Piedmont, but they do represent a fairly accurate depiction of our local market last year, as published and reported by the MLS. Let’s proceed . . .

What Sold?

Per the MLS, Piedmont saw approximately 106 houses change hands between 2007 and 2008with an average sales price of $1,619,946. The highest home sale for the year was recorded at $7,600,000 - on Sea View Avenue (a grand estate on almost two acres) while the lowest home sale reported was $725,000 - on Greenbank Avenue.

One-hundred, plus transactions sound like a nice high number until you consider that it represents a very small percentage of home sales in our unique and wonderful community. With fewer than 4000 residences in Piedmont, this number amounts to less than 2.65 percent of properties that changed ownership in 2007! So count your blessings if you were one of the fortunate few who realized your goal of owning property in Piedmont and lucky you, if you had the good fortune of selling last year – you probably saw more than one offer. Congratulations!

How Did the Numbers Break Down?

Good question. Real estate, like many industries, has seasonal cycles. Our cycles are largely based on school dynamics, summer vacations, and holidays. Generally, you can expect the market to be the most active in spring when a summer close offers an easier transition, and the least active in winter when Thanksgiving and Christmas holidays dominate the landscape. It is important to note that most private schools require a commitment by February which often creates demand earlier than one might expect. As a consequence, Piedmont often attracts strong buyers in the very first quarter continuing straight through to summer.

Piedmont did spike, as expected last spring with 45 closings, but it also enjoyed a flurry of late activity in the final quarter with 23 transactions. The months of January, February, March were actually the least active with only 18 Piedmont sales posted to the MLS; however (and this is significant) the Median Price (half sold above, half sold below) during this same time period, was almost $300,000 higher, on average, than the Median Price in the 2nd quarter, suggesting that demand fuels value.

Why Was this Year Unique?

We all know the mortgage industry took a beating with sub prime lending practices that caught up to hard money lenders in late July. This fairly brief - but highly publicized - upset reverberated throughout the marketplace. Although everyone wasn't a sub prime borrower, suddenly the lending institutions painted all borrowers with the same wide brush, making available mortgage products scarce in August and September. As these institutions regrouped and reset a higher bar, most well-qualified buyers waited out the aftershocks. Availability of reemerging loans and/or new product late in the fall season, resulted in strong 4th quarter activity. The GRUBB Co, in particular, enjoyed a very busy 2007. Here at GRUBB Co, we are fortunate to represent communities in Piedmont, Oakland and Berkeley that continue to enjoy strong desireability and demand!

What's Happening Now?

That’s really up to you. Currently the MLS records only three Piedmont listings so now might be an ideal time to bring your home to market before competition increases later in the spring.

Ultimately, the decision to buy or sell in the first quarter is largely based upon your specific needs and goals. Have you already purchased a replacement home? Are you under a time line? What is your current risk tolerance for buying or selling at this time? (We know where rates are today, but won’t know where they will be three months down the road.) Has there been a change in the family dynamic? A new job? A new sibling? A retired adult? An aging parent? A change of scenery? A new adventure?

What's Coming?

Whatever life holds, remember that I am here to advise and guide you. I am here to provide answers and options, and I look forward to working with you to meet your goals now and in the future. Here’s to an exciting 2008!