The Elephant in the Room! The Piedmont Perspective, Vol 68, September 24, 2008

What's New?

No one got through last week without wondering where the failure of Lehman Brothers and other iconic financial institutions will personally leave us. The news seemed unrelenting on top of the government takeover of Fannie and Freddie Mac and the controversial taxpayer bail-out of AIG. All of us are waiting to see what this week will bring and whether or not that news will improve the country's financial outlook or add to the strain . . .

Like many of you, I have just seen my family's retirement and my boys'college funds take a substantial beating. (Ouch! ) And like you, I have worried about the long-term investment of my own home. On Friday I went to hear Leslie Appleton Young speak at the Oakland Association of Realtors. Ms. Appleton-Young is the chief economist for the California Association of Realtors and had this to say (I'm paraphrasing):

1) The decline of the market began roughly 3 years ago. Declining cycles in real estate typically last 5-6 years so we are more than half way through.

2) Investment opportunities will be abundant for those seeking to move dollars out of the stock market and into real estate - especially in the Central Valley. (Foreclosure sales are up 42% in the last three months!)

3) Foreign investors will be drawn to California's housing market - especially cities in and around San Francisco (that's us) due to the strength of their currency.

4) More entry-level buyers will enter the market due to increased affordability.

5) The sooner the bad debts are removed from the books, the faster liquidity should be made available and the faster the economy will experience a recovery. ("Hitting bottom quickly allows us to bounce back more quickly.")

6) REAL ESTATE MARKETS ARE LOCAL! HEADLINES ARE NATIONAL. PAY ATTENTION TO YOUR LOCAL MARKET! (And that's good news for those of us here in Oakland, Piedmont, Rockridge, Montclair and Berkeley. Locally, we remain relatively strong!)

Is there a silver lining?

Yes! Historically, responsible home ownership has proven a very sound financial choice and Ms. Appleton-Young expects it to remain so. The key word here is "responsible." In hindsight, mistakes were made and many people bought homes who were not qualified. Lured by the promise of cheap money, anticipated appreciation and the desire to own a piece of the "American Dream," banks, mortgage brokers, Wall Street and dare I say it - some realtors - all contributed to the idea that everyone could (and should) own a home. Together, it created a "house of cards" that, sooner or later, was bound to collapse. And so it has.

Let's hope the steps taken last week and in the next few, help calm the markets and reestablish trust. In the meantime, if you have been waiting to purchase a home, you are in luck! There is real value to be found in this more affordable housing market!

Are you selling? Let's look at this pragmatically. While you may have missed the top of the market, it is important to remember that markets are RELATIVE! You will also be buying your next home at a discounted rate.

Do we have a marketplace? Absolutely! The "fixer" on Highland Avenue received double-digit offers yesterday! (See What's Pending?)

Now, what can I do for you?


What's Coming?


Matt Heafey brings 48 Crest Road to market this week in Piedmont. This charming home in a serene tree-top setting offers 2bdrms/2bths, 3 fireplaces, gourmet kitchen, great room and indoor-outdoor living at its best. This cozy home lives like a penthouse and is ideal for downsizing OR for expanding (Graff conceptual plans available for a 5bdrm/3bth/3-car garage). Price: $1,049,000. Open Sunday 2-4:30. www.grubbco.com

Mindy Scott's newest listing at 3 Maxwelton is a newly- constructed Grand Mediterranean featuring 4+bdrms/4+bths, elegant formal rooms, gourmet kitchen with great room, bonus space down, 2-car parking and stunning details throughout. New homes in Piedmont are rare and this one lives for today's lifestyle. Price: $3,250,000. Open Sunday 2-4:30. www.grubbco.com

Anian Tunney's beautiful Tudor Traditional at 9 Wyngaard Avenue, designed by architect, William Schirmer features 3bdrms/2.5bths, formal living and dining rooms, kitchen with family room, beamed cathedral ceiling, hardwood floors and leaded glass windows. Make time to see this stunning home. Price: $1,995,000. Open Sunday 2-4:30. www.grubbco.com

Katherine Cooper's inviting circa 1938 listing at 125 Saint James Drive offers 3bdrms/2bths, spacious formal living and dining rooms, bonus family room down, lush front lawn and lovely woodland setting.
Price: $1,150,000. Open Sunday 2-4:30. www.grubbco.com

Dana Cohen brings to market a magnificent 5bdrm/3.5bth Tudor- style Traditional at 1100 Ashmount Avenue in Crocker Highlands. Grand formal rooms, rich architectural details, sweeping views on an expansive parcel with level lawn, patio and beautiful gardens add up to an exceptional opportunity. (Elevator and wheelchair accessible.) Offered at $1,300,000Open this Sunday 2-4:30. www.1100Ashmount.com


Did you miss 1076 Mandana in Crocker Highlands? Take heart, Kelly Deal will be bringing it back to market a week from Sunday on October 5 and I will be holding it open for her at that time. Come back and visit this newly constructed Contemporary Craftsman. With a beautiful open floor plan, this smart home is filled with high-end finishes and thoughtful details throughout.Easy living!


What's Pending?

Just when you steel yourself for bad news, a property like 309 Highland Avenue comes along and proves you wrong. With an entry-level price tag of $795,000, buyers flocked in droves! (Many REALTORS believe it is nearly impossible to underprice a home - and I am one of them - as this result bears out. ) The seller's low list price attracted many buyers to the table and drove the price considerably higher than asking! That's a great result.

On the flip side, overprice a home or let greed rule the day and its easy to crash and burn. Several weeks ago, I wrote about a full-price offer my clients had written on a home in Montclair, only to have the sellers counter back $85,000 above asking! You guessed it, this home is still on the market and has reduced its asking price well below what my clients offered! Tough luck! (coulda, shoulda, woulda) . . . In the meantime, my buyers snapped up a larger home for far less and will spend the difference making their new home the house of their dreams. Smart move!

To quote Paul Harvey, "Now you know the rest of the story."

What's Happening?

Are you in the condominium market for yourself , your college kids or for your parents? Look no further than Michael Friedman's large and elegant 2+bdrm/2bth condo at 670 Vernon Street in the desireable Rose Park Terrace. www.670Vernon.com . This sophisticated condominium near Piedmont Avenue provides luxury living in a secure building and offers a fragrant, peaceful and picturesque setting. Overlooking the rose garden from its private balconies, this wonderful condo features spacious rooms, a separate office/guest room, abundant sunlight, a fireplace, updated kitchen and loads of closet space. I can smell the roses now! Price:$595,000.


Have you been waiting for an opening at the Park Bellvue Tower? Here is your chance. Tricia Swift's listing at 65 Bellevue Avenue #702, has returned to the market. Elegant sophisticated, serene, and perfectly appointed, this 2bdrm/2bth condo with limestone entry and halls, cherry cabinetry, gorgeous window treatments, pool and athletic club, 24-hour doorman, interior parking and round the clock security is ready to move in! Offering the best location on Lake Merritt with sweeping views of the lake, the park and downtown Oakland, this all-level living opportunity is tough to beat. www.grubbco.com. Price:$668,000. Open Sunday 2-4:30.

Finally, Tricia Swift's darling 2bdrm/1bth Traditional listing at 102 Oakmont has been reduced to $695,000! Close to Wildwood Elementary, the Piedmont High School's playing fields and Davies Tennis Stadium, this truly affordable home is a sweet value! Take another look! I will be holding it open this Sunday as Tricia will be at Park Bellvue Tower. Please stop by and say hello!

What's Fun!

Mark your calendars for the 9th Annual CAP Masquerade Ball on Saturday, October 18. Child Abuse Prevention is part of EBAC (East Bay Agency for Children). This year, this fun event featuring dinner, dancing and gaming, takes place at 503 Park Way in Piedmont.

For mor details, call 268-3770.

The Piedmont Plug!

Last week, my good friend Jan Kessler, invited me to lunch at The Terrace Room at Barbary Lane Communities (also known as The Lake Merritt Hotel). Not only did we have a fabulous lunch in the pretty and polished restaurant, overlooking the lake (order the Nicoise salad, the berry cobbler and a mint spritzer - heavenly!) but her friend and proprietor, Cheryl Berger, joined us and gave us a guided tour of the recently remodeled facility. This stunning property, built in 1927 and owned and operated by Cheryl and her husband Randy for the last 21 years has a long and interesting history.

Previously, one of Oakland's finest hotels, its current incarnation features temporary executive housing and forward-thinking senior housing. Offering well-appointed studios, one and two-bedroom apartments, a personal spa, fitness center, a restaurant, meeting rooms, housekeeping and laundry services, Barbary Lane is a totally new concept.

"Barbary Lane is a place where seniors come to live," Cheryl proudly explains. "Because the public restaurant has always attracted Bat/Bar mitzvahs, corporate functions, and wedding and anniversary parties, the restaurant is a vital component of the life lead here, helping residents stay connected to the community."

With a philosophy that welcomes everyone, Barbary Lane is proud of its inclusive population. Close to Piedmont and downtown Oakland, this hotel lifestyle may be the perfect fit for your aging parents who aren't yet ready to surrender to "assisted living," but welcome the idea of a supportive and vibrant environment!

For more information, call Dave Latina @ 510-903-3600.

By the way - I can't think of a nicer spot for brunch!

See you next week!


THANKS FOR READING!

For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or simply respond to this email. 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.

What is the Value of My Home in a "Declining Marketplace?" The Piedmont Perspective, Vol 66 - September 10, 2008

What's New?

Nothing good ever comes from opening the mail anymore. (All the fun invites show up on email!) Last week I made the mistake of opening a letter from the County of Alameda Assessor's Office (that already sounds ominous) and choked on the "increased property assessment" of my home. You guessed it, per the county assessor, my home's value has gone UP (who knew?) - and so have my property taxes!

While rising values in our current economy should be cause for celebration (whoo hoo!) it seems inherently contradictory to current market indicators to raise taxes in what lending institutions have now deemed "a declining marketplace." (Have you tried to apply for an equity line recently?)

Like many of you, I bought and sold at the height of the market and like many of you, have experienced some depreciation in that number since. Not to worry, I plan on staying in my current home for a looong time. (I know that real estate is a long-term investment and that eventually, my home is going to recoup any decline in anticipated appreciation - and then some!)

Moreover, I believe the market has already hit bottom AND I expect the market to rebound in the very near future! Still, what to do about my impending "increased assessment?"

Or put another way - What is the value of a home in a declining marketplace?

That depends. For many of you needing to sell right away - your home has NOT depreciated in value (really!). You have remodeled and updated appropriately, your home is in "turnkey" condition and your expectations are realistic. While you may have lost some "anticipated appreciation," you haven't lost any "real value".(This is an important distinction.) Lucky you - your home is in high demand!

For others, your home unfortunately, may now be worth less than you paid for it just a few years ago or less than you anticipate in a sale. You may need to sit tight and wait out the market (historically, time is on your side) or take a loss now and realize the greater gain on the "up leg" as one seller did who bought in San Francisco (her new Nob Hill residence has much greater appreciation potential than her previous East Bay home would have ever provided). For her, it made sense (and cents) to cut her short-term losses and potentially realize a greater return down the road.

Define your goal and work in the market you are currently in!

There are real advantages to"buying up" in a "soft market" where favorable pricing and negotiable terms now rule the day - bigger house, better location and higher appreciation when the market kicks back in! The hard part of the equation is that you may need to sell your current residence at a "discounted value."

Remember, markets are relative. Sell high and you are likely to buy high. Sell low and you are likely to buy low. (Having done both, I vote for the latter.) In the meantime, I have appealed the tax increase. In the case of property taxes, "declining values" may merit a significant decrease in one's annual taxes that may well be worth pursuing.

Oh, and I have vowed to stop opening the mail . . .

What's Coming?

Look for Katherine Cooper's circa 1938 home in St. James Woods to hit the market in the next few weeks. This 3bdrm/2bth home offers charm, space and Hampton field location!

There are few homes that appeal to the senses as much as Anian Tunney's newest Grand Cape Cod listing at 334 Sheridan Avenue (my dream home!). Beautifully restored from top to bottom, this elegant Traditional could easily rival any Presidio or Pacific Heights mansion and features 5+bdrms/4+bths, finished attic, old-world front porch, mature gardens and gorgeous details throughout. Centrally located on a tree-lined street, this timeless beauty is built for memories - for garden weddings, for Christmas mornings, for lemonade on a hot summer afternoon. Shown by appointment only!
Price: $5,5959,000. www.Grubbco.com

On the other hand, if all-level living in a sleek contemporary setting appeals to you more, look no further than the sophisticated and spacious home on Farragut Avenue. This 5bdrm/4+bth home with soaring ceilings and abundant natural light packs an impressive punch.

Mindy Scott has listed a French Revival Chateau at 370 Hampton Road. This distinctive home complete with turret, designed by Newsom & Newsom, features 4bdrms/3 bths, master suite, au pair room, family room, formal living and dining rooms and pretty garden with pool. Price: $3,295,000. Open Sunday 2-4:30. www.Grubbco.com

Dana Cohen brings a wonderful Mediterranean to market this Sunday in Redwood Heights. Situated on a cul-de-sac known for its Spanish cottages, this authentic Guido Avenue beauty features 3bdrms/1bth, formal living and dining rooms, hardwood floors, coved ceiling, and a huge level back lawn and garden! Price: $689,000. Open Sunday 2-4:30.

What's Pending?

The home at 300 Wildwood Avenue went pending and closed in quick succession.

What's Happening?

Trulia.com has just made it easier for you to identify Sunday Opens! Utilizing GPS technology, your criteria and Google maps, agents and consumers alike can make quick work out of a formerly time-consuming process. Check it out! The more information you have, the better prepared to compete! (And yes, there is still heavy competition for the right properties!)

What's Fun!

If you missed last year's Birdhouse Gala and silent auction, you are still in luck and still in time! PAINTS Progressive Wine Tasting Party still has room for several more "strollers". This progressive party, on October 4, from 6:30-10:00 is set to wind its way through five wonderful Piedmont homes and gardens in the Park Way/Monticello neighborhood.

Beginning at the Scimens-Moss home at 4 Park Way, the party will divide into five smaller groups to sample fine wines and delectable homemade hors d'oeuvres. Each home will be staged with fabulous art for sale. * Tempting desserts and cool jazz performed by the JazKatz, will round out the evening at house number five! Tickets are $70 each.

Contact Lisa Scimens at 655-6540 or scimens@sbcglobal.net, for tickets. Send checks to:
PAINTS Inc., PO Box 20920, Oakland, CA 94620. Please support this fun event - and don't forget to wear comfortable shoes!

*Twenty percent of ALL art purchases will go directly to PAINTS, Inc. to support art in Piedmont's public schools!

The Piedmont Plug!

I am plugging the final Movie Night in the Park this week - not only because I help underwrite this fun annual series, put on by Piedmont's own fantastic Park and Recreation Dept., but because it's represents our Piedmont lifestyle in a nutshell!

Admission is FREE! Grab your lawn chairs, a picnic dinner and a blanket and head over to the main park this Friday, September 12 for the screeing of SKY HIGH. The movie starts at dusk (which is creeping in earlier and earlier now that fall is definitely headed our way.) Bring a jacket - the weather has grown a bit chilly.

See you next week!


THANKS FOR READING!

For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or simply respond to this email. 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.

The Turkeys Have Returned, So It Must Be Fall! The Piedmont Perspective, Vol 66, September 4, 2008

What's New?

Ahhhh! (That's the sound of me rested and revived!) I hope you had a wonderful and restorative Labor Day as well. Now that the last of the summer holidays are behind us and the turkey sightings are upon us (Have you seen the big male strutting his stuff on LaSalle Avenue?) we have officially entered the "fall season" in Real Estate terms. (Your calendar will record it as September 21, but we're talking real estate time here!)

What does that mean for you?

Expect a flurry of new listings to hit the market before the Thanksgiving holidays.

Let's begin with my new listing at 6217 Westwood Way in Montclair- open this Sunday from 1-4:30. Light, bright and airy, this sleek and sophisticated mid-century modern offers an open floor plan featuring 4bdrms/2.5 bths, inviting family room with adjacent courtyard patio, floor to ceiling windows, updated kitchen and bathrooms, magical front garden entry with level lawn and large fenced back yard. Close to the village and Montclair schools! Price: $789,000. www.6217westwood.com

"It sounds perfect, but I'm looking in Berkeley."

Look no further than Matt Heafey's newest listing at 1033 Middlefield Road. This 3bdrm/2.5bth Park Hills mid-century features an open living room with fireplace, dining room with canyon views, eat-in kitchen with cool checkered floor and downstairs bonus/game/exercise room with half bath. It also offers an inviting front garden with level lawn and two-car garage. Price: $749,000. Open Sunday 2-4:30. www.grubbco.com

Tricia Swift's 2bdrm/1bth listing at 102 Oakmont Avenue is a "little gem" and it is also currently the most affordable home in Piedmont! Now that the tenants have moved out and new staging has moved in, this nifty home is worth revisiting and reconsidering! Price: $745,000. Open this Sunday 2-4:30! www.grubbco.com

What's Coming?

A "contractor's dream" on Highland Avenue for a very affordable price, a stunning and magnificent 5-bedroom traditional in a much-coveted location, a French Chateau near Hampton Field, a circa 1938 home with charm and space in St. James Woods, and the Jesse Wetmore 1878 Folk Victorian, adjacent to City Hall - the only nationally registered home in Piedmont!

Have I wet your whistle?

Terrific. Now give me a shout back and I'll fill you in!

What's Pending?

Several Piedmont homes went pending during the month of August, including 77 Oakmont Avenue, 54 Lake Avenue, 18 Blair Avenue, 125 York Drive, 300 Wildwood, 211 Lafayette Avenue and 25 Sea View Avenue!

Many of them attracted more than one offer!

What's Happening?

The Piedmont Appreciating Diversity Committee (PADC) and the PHS/MHS Wellness Center have invited Brian Copeland, star of the award winning show Not a Genuine Black Man, to perform in Piedmont this Sunday! KGO talk show host and comedienne Brian Copeland will perform at the Alan Harvey Theater at 800 Magnolia Avenue in Piedmont on Sunday, September 7 at 3:00 PM. Please join your community and feel free to invite your friends for a funny and thought- provoking afternoon. For more information about the show please go to: http://www.briancopeland.com.

This event is a joint fundraiser for PADC and the PHS/MHS Wellness Center and is appropriate for middle school children and older.

PADC promotes global awareness, inclusiveness and an appreciation of differences by providing grants to teachers and supporting diversity programming for all students in the Piedmont Unified School District.

The Wellness Center -- now just a year old -- provides services to promote emotional, physical and social well being for Piedmont and Millenium High School students.

BUY YOUR TICKETS NOW AT: https://enrollment.piedmont.k12.ca.us/BrianCopeland/


What's Fun!

On the subject of diversity, my friend and I met last week to see the documentary - A Man Named Pearl; the tale of a southern black man, discouraged from buying in an "all white" neighborhood, due to community prejudice. Rejected because the neighbors were concerned that "he wouldn't keep up his yard," Pearl has spent the last 25 years proving them wrong.

"Everyone comes up against obstacles,"Pearl says. "The important thing is that you don't let those obstacles define you."

His 3-acre garden, largely comprised of "throw away" plants by the town's professional nursery, could rival any at the Palace of Versaille and is now visited by tour buses from far and wide! This touching story told through the gravity-defying shapes Pearl has created with NO formal training and little more than his imagination and a pair of electric hedge clippers will absolutely mesmerize you (even if you don't like to garden).

Pearl has created living sculpture from boxwood, juniper and anything else he can shape, train, curve and cut. En masse, the garden creates a sea of stunning shapes and sizes. Geometry in motion. His yard isn't just one man's hobby; it's a life lesson in passion and what commitment to a goal can accomplish. This film is a must see!

You will never look at your garden the same way again.A Man Named Pearl is playing at the Elmwood Theatre on College Avenue.

The Piedmont Plug!

Deidre and Michael Coen invite you to join them for a potluck gathering for PRAISE - Piedmonters for Resources Advocacy and Information in Special Educationon o September 9, at 6:30PM at their home in Piedmont - 107 Pacific Avenue. RSVP to Deidre Coen at coenco@earthlink.net.

Deidre has been at the helm of this important support and educational group for the past few years and does an unbelievable job of booking speakers and organizing events for PRAISE meetings. PRAISE seeks to support families and parents of kids with learning disabilities and special needs.

If you haven't yet discovered PRAISE and you have a child who is developmentally, socially or academically challenged, PRAISE welcomes your membership.

PRAISE meets next on October 28 from 7:30-9:00 PM . The topic will be "homework strategies."

See you next week!

THANKS FOR READING!

For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or simply respond to this email. 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.