Real-Time History, The Piedmont Perspective, Vol 85, February 25, 2009

What's New?

The nice thing about writing The Perspective week after week (after week) is that I have accumulated a fair amount of real-time history and can easily access the sales patterns with respect to Piedmont's unique marketplace. Wanting to compare the number of this year's listings, with last year's, I looked no further than my own newsletters (e-letters!) of February 2008 to comparison shop. As I chase these statistics, I realize we are on track for a robust Spring Market!

While many observers perceive that there is too much inventory on market, it just isn't true. (In Stockton - yes. In Piedmont - No!) Last year, the Multiple Listing Service (MLS) reported 16 homes for sale in Piedmont, with an average list price of $1,928,375 and average days on market (DOM) reported at 46 days. This year, the MLS reports 18 new listings since the beginning of 2009, with an average list price of $1,816,726 and an average DOM of just 14 days!

This seems to indicate that aggressively priced homes quickly find buyers, while homes that are stalling need to adjust the list price downward in order to meet buyer demand!

While it's true that recent bank upheavals, poor economic forecasts decreasing stock values and uncertain employment opportunities are all contributing to current buyer conservatism, the blunt truth is that the bulk of homes that are languishing, are simply overpriced for the market conditions - AS THEY EXIST! Which isn't to say that there aren't plenty of willing and able buyers about - there are. (They are even showing up in the POURING rain - and that's commitment!)

With mortgage rates at historical all time lows and a shiny new stimulus package on its way, designed to promote and reward home ownership, ALL buyers continue to seek good values, regardless of where they fall on the spectrum. As new buyers move into the marketplace, the market will in turn, experience improved health and better stability, restoring faith and encouraging other buyers to move UP the ladder. As has always been true, first-time buyers drive the marketplace!

Sellers, are you listening? Are you attracting buyers or are you mired in last year's values?

What's Coming?

There's a good deal of activity heading our way so grab a cup of coffee and let's begin . . .

Scott Hill brings 950 Leo Way in Montclair to the market this Sunday. This charming Cape Cod home - custom built in 1993 - sits on a quiet wooded street and features 4bdrms/3bths, formal living room and dining room with French doors to a patio and level grass yard, master suite with beautifully update bathroom, 2-car garage, and ample natural light! List Price: $1,125,000. Open Sunday, March 1, 2-4:30. www.950Leo.com

Anne Feste brings a truly appealing 2004 Tudor home to the market this week at 9 Woodside Glen in the enchanting, secluded pocket neighborhood of Westminster. This sharp and sunny newer construction home, on a mostly level lot, features many modern amenities which include a spacious master suite on the main floor, formal living and dining rooms and gourmet kitchen opening on to a lush garden. With an inviting open floor plan and a friendly cul-de-sac location, this wonderful 4bdrm/2.5bth home is listed for $1,050,000. Open Sunday, March 1, 2-4:30 www.grubbco.com

Dana Cohen has just listed 10 Buckeye Avenue - an adorable Upper Rockridge Traditional, featuring 3bdrms/1.5bths, Bay views, open living and dining rooms with stone fireplace and wonderful gardens that incorporate patios and play area for easy outdoor entertaining. Only one block from the Village Market and close to schools, BART and shops, this wonderful home is listed for $715,000. Open Thursday, February 26 for Broker's Tour from 10am-1pm and on Sunday, March 1, 2-4:30pm. www.10buckeye.com

Bebe McRae's newest listing is at 6150 Broadway Terrace in Upper Rockridge. This stately 5bdrm/3bth expanded Traditional features a wonderful master suite, separate au-pair/guest suite, family/media room, updated kitchen opening onto park-like gardens and garage with work room and easy access to the home. List price: $1,550,000. Open Sunday, 2-4:30pm. www.grubbco.com

Now that your home from skiing, make sure you see my listing at 308 Pala Avenue, open this Sunday 2-4:30 and always, by appointment! This elegant Mediterranean features 4bdrms/3bths, formal living and dining rooms, sunny spacious kitchen, bonus media/family room down and extensively renovated rear garden in Central Piedmont. List price: $1,850,000. www.308Pala.com

Gene Boomer has just listed 1126 Harvard Road in Piedmont. This inviting 4bdrm/3.5bth Traditional has been thoughtfully renovated and expanded to meet your growing needs while maintaining distinctive period details from the 1920's. Featuring formal living and dining rooms, updated kitchen with adjoining family room, rear deck, level play yard, hardwood floors and ornate fireplace, this spacious home is nestled in a peaceful and private setting, appointed with mature oak trees and wrapped by three vacant lots, owned by East Bay Municipal Water District. Close to schools, parks, recreational facilities and Lakeshore Shopping district and transportation, this elegant home also offers an excellent Piedmont location! List price: $1,449,000. www.grubbco.com

Carol Brown brings 168 Wildwood Avenue in Piedmont to the market on Sunday, March 8. This charming, all-level Mediterranean features 3bdrms/2bths and is centrally located near elementary, middle and high schools, playing fields and Grand Avenue restaurants, shops and transportation. Offering a sunny living room with craftsman fireplace, dining room that opens to an eat-in kitchen, master suite with bath, nearly level access to lovely back garden, large basement and two garages on a private back alley, this sweet home has been lovingly maintained and updated. List price:$985,000

Finally, if a "fixer" is in your future, don't miss the new listing on Manor Drive that features terrific street presence and "good bones" (as we say in the buisness) but requires more than just cosmetics. Please give me a call to go over the inspections in more detail and to book an appointment!

(I haven't mentioned every special home - just a few of my favorites! For a more complete guide, please feel free to email me at jgardner@grubbco.com or better yet, give me a call 510 326-0840!)

What's Pending?

The uber-sophisticated contemporary on Marsh on the Piedmont side of Montclair, went pending very quickly. This unique home had tried to find a buyer last year with a competitive discount firm, but had no luck. This year, the motivated seller listed with The GRUBB Co. and met buyer demand. He sold in quick time and with more than one offer! List price: 1,295,000.

Discount firms tend to provide discount services! Examine your goals and decide how you want your home positioned in this very complicated marketplace!

While one prospective seller recently suggested that "homes sell themselves," the example above proves the opposite is true. Now, more than ever, choose your agent and your brokerage carefully. This important decision may make the difference between selling or NOT selling your home!

What's Happening?

The Stimulus Package is the talk of the town (ours and every other town as well) but don't expect to see changes filter down for several weeks. Mortgage interest rates continue to shift daily,if not hourly.

While Buyers may be coming to the Sunday Open Homes willing and able, they frequently are surprised to discover that they aren't quite as ready as they previously thought.

Too often buyers work backwards. They find the house they want first and then begin the process of qualifying for the loan, only to discover that changes in employment or credit have harpooned their ability to buy in this stricter environment!

Working with a reputable mortgage broker or a private banker from the beginning of your home buying process not only qualifies you up front, it also brings great clarity to the process about your purchasing power! www.lasallefinace.com

At a time when terms are every bit as important as price, good preparation increases your chances at the negotiation table!

What's Fun!

Honigman Designs goes to the Oscars! Did you watch the Oscar ceremony on Sunday evening and happen to catch Amanda and Pete Doctor, of Pixar fame at the awards show?

It's no surprise to anyone who adored this sci-fi animated masterpiece (like I did) that WALL-E won for Best Animated Feature, but the unexpected surprise was that jewelry designer, Amy Honigman-Tobe, was a winner in her own right as well. Pete's wife, Amanda was adorned with an intricate sapphire and gold necklace and elegant moonstone and sapphire earrings which were both designed and created by Piedmont artist, Amy Honigman-Tobe!

Amy creates sophisticated pieces and currently sells her elegant designs through Pave, McMullen and Nathan & Co. Says Amy, "Custom pieces are my favorite as my customers get just the look they want." Now how much more fun does it get than attending the Oscars in custom jewelry designed specifically for you?

Amy can be contacted at HonigmanDesigns@comcast.net. Stay tuned for her upcoming web-site as well.

Congratulations to Honigman Designs and to all the creative folks at Pixar for your recognition and your showing at the Oscars!

The Piedmont Plug!

You wouldn't think that Montclair Village needs another coffee shop, would you? Between Nellie's, Peet's and Starbuck's, how much coffee can one village drink?

Here's where you'd be wrong. The Metro Cafe & Bar has just opened its doors and they offer not only gourmet coffees and teas, but innovative sandwiches, salads, soups and desserts - as well as premium beer and wine! Now coffee (and coffee houses) just got a whole lot better!

The Metro Cafe & Bar is located at 2058 Mountain Boulevard and is open Monday-Friday 6am-9pm and Saturday and Sunday 7am-8pm and according to my boss, DJ Grubb, "They make the best tuna sandwich it town." Enjoy and don't forget your laptop.(There's plenty of Internet access as well.)

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.

Quality, Value & Convenience! - The Piedmont Perspective, Vol 84

What's New?

Thank you to those of you who wrote back last week to respond to the Trivia Question "What does QVC stand for?" At least a dozen sharp subscribers got it right away and several other readers correctly identified two of the three initials. The correct answer was (drum roll please . . .) "Quality, Value & Convenience!"

And the lucky winners to two FREE tickets to "Shopping the Musical" are: Penny Robb, Alexandra Manoles, Jason Zeledon, Su-san Lichen and John McWilliams. Thanks again for playing and have a great time at the show!

It should come as no surprise that, Quality, Value and Convenience are also three important staples that drive home prices as well. Gone are the days when buyers conveniently "overlooked" flaws - minor or major - in order to remain competitive in the prevailing marketplace.

In today's more conservative marketplace, even cosmetic blemishes such as old carpeting or an anemic paint job can easily derail a prospective sale. Sellers, resist the temptation to save money by foregoing painting, staging and necessary repairs. The extra effort and investment upfront typically results in additional "value added" to the home and often mitigate any problems an empty or tired house might otherwise highlight (such as sloping floors). Bring a Quality home to market and you WILL get prospective buyers through it.

Selling quickly; however, depends on where you price a property. Whether the home is "picture perfect" or a total "fixer," price the home appropriately if you wish to attract purchase offers in quick time. (Hint: if your home has been on the market longer than 21 days, chances are its's overpriced!) While Buyers might wish for the "deal," it's hard to deny real value when they see it. Offer Buyers real Value and you are sure to attract and achieve the best result!

As for Convenience, expect homes with coveted locations to attract stronger interest. Being within walking distance of shops, markets, restaurants and public transportation all add to a home's desirability and Convenience and that's added value as well! (For a quick assessment of your home's walkability score, go to www.walkscore.com)

When markets become less certain, Quality, Value and Convenience become more important than ever!

What's Coming?

Like the Magnolia trees around town or the bearded iris in my garden, the market is beginning to bloom! There are currently 22 homes for sale in Piedmont and 13 of them have come on since the beginning of the year, signaling a strong start to the upcoming Spring market. Buyers donned raincoats, galoshes and hats and hit the Sunday Opens in BIG numbers in spite of very heavy downpours. Like the welcome rain, the winter real estate drought appears to be over! Let's begin with my Central Piedmont listing on Pala Avenue.

Are you free this Thursday night? Yes? Great! Please join me for an evening viewing at 308 Pala Avenue on February 19, from 5-7pm. This elegant Spanish Mediterranean featuring 4bdrms/3bths , bonus media/family room down and extensively renovated rear garden in a GREAT Central Piedmont location is wonderfully welcoming and "turn-key" ready. Please join me for wine and appetizers on Thursday evening and bring along an interested friend! www.308Pala.com List price:$1,850.000. Can't make it on Thursday? I will also be there on Sunday, February 22 from 2-4:30 as well. Hope to see you soon.

Matt Heafey's listing at 27 Muir Avenue is the quintessential classic Traditional Piedmont home, featuring four large bedrooms up and gracious formal rooms on the main level, including elegant living and dining rooms and inviting family room off a very spacious kitchen. Situated on a level and highly-coveted tree-lined street, this lovely 4+bdrm/4bth home with pretty rear garden is a dream in the making. List price: $2,295,000.
www.27muir.com Open Sunday, 2-4:30pm.

Last, but not least, look for a fabulous 50's Classic with Captivating Bay Views to hit the market this weekend on Dudley Court. This well-appointed 4bdrm/3bth level- in home is nicely located on a quiet Piedmont cul-de- sac. The lower level of this home features a versatile guest suite and a fantastic family room complete with a wood burning fireplace. This appealing space is further enhanced by its direct access to the large flat lawn and patio area. Exceptional livability! Open Sunday 2-4:30.

These represent just a few of the homes here in town. Please call me for a complete list of ALL homes that meet your criteria!

What's Pending?

The pretty Mediterranean home on Dormidera went pending last week while many other fine properties are still available and open to offers. With the average list price in Piedmont hovering at $1,889,404 - there may be room to negotiate on many of these wonderful homes. You'll never know what a seller will take unless you put pencil to paper and open a dialogue!

Here's the "Buyer's Market" you've been waiting for. Now call your mortgage broker and be prepared! (Don't assume last year's pre-approval still holds. Credit viability and qualifications are changing daily!) www.lasallefinance.com

What's Happening?

Do you need to move or do you want to move? That's the $64,000 question, but the majority of buyers seem to be moving for sound "need-based" reasons such as a new baby, a job transfer or a practical downsizing - as opposed to those wanting to move just because . . .

However, for those seeking to move as an option, rather than an imperative, there is less competition and plenty of good inventory in the marketplace. Now could be an exceptional time to move UP in the market as value is more easily obtained.

And stay tuned to the new Stimulus Package which among other incentives will once again be increasing the "jumbo conforming" loan limit and will be offering an $8,000 credit to first-time home buyers as well. (Sorry, this won't apply to those of you who already own a home and will be moving up - or paring down.)

This influx of funds may take some time to filter through the system so don't expect these changes next week. Also recognize that once the money begins to make its way to the consumer, it will run out . . . There should be stiff competition for these finite funds.

What's Fun!

Your touching responses to my folk's true love story were really fun (for me anyway) and I was thrilled to hear from you. One reader - director, screenwriter and my neighbor and good friend, Kate Montgomery, responded with a funny tale of her own courtship and with Kate's permission, I am reprinting it here.

"Doug's first gift to me when we were dating was a Henkel 4 star chef's knife. Of course I acted thrilled but in truth I was just a bit perplexed by this, until my mom asked "is it one he already has or does it compliment his collection?" Sure enough - it was one he didn't have himself ... "I think he's serious" said my mom - and of course, she was right."

I am an equal-opportunity voyeur. For those of you similarly literarily inclined, please send me your own funny, ironic, embarrassing or profound stories and I will donate $50 for each one I print in The Perspective to the Tri-School Fundraiser.

Pick whatever topic you like as long as it represents a "slice of life." Turn your stories into cash for our schools!

The Piedmont Plug!

Now that Valentine's Day is behind us, perhaps there are a few frilly frocks in your closet that may no longer be needed? The Princess Project passes along gently used formal (think prom) and semi-formal attire to those in need and are currently accepting donations for their annual "dress drive."

You can reach the caring folks at The Princess Project at www.princessproject.org to learn more about this worthy cause. (Thank you Lisa Kieraldo for this timely and thoughtful suggestion.)

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 email me at jgardner@grubbco.com . I love sharing 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 Diamond in the Rough!" The Piedmont Perspective, Vol 83, February 12,2009

What's New?

Truth be told, my pragmatic hard-working father was never a hopeless romantic. He was the kind of husband who gave my mother a dishwasher, a vacuum cleaner or a washing machine come the holidays and she - equally sensible - was thrilled to have them.

My mother had grown up in San Marino (the Piedmont of Pasadena) while my father hailed from the small town pastures of Davis. In her family's eyes, Dad was a bit of a "Diamond in the rough" compared to Mom's more genteel upbringing.

My mother said she married Dad because "he made her laugh." In spite of her family's strong objections to the pairing, their union stuck. They've weathered 56 years together - sometimes laughing, sometimes crying - but all of it together. That's about as romantic as it gets.

So when it came time for me to choose a mate, I followed my mother's example and married a man who made me laugh, who engaged my mind and who always believed in me - even when I faltered. Even without romantic gestures on Valentine's Day -that's true love!

With respect to homes, "the diamond in the rough" is the home that's badly in need of TLC (tender loving care). The trick in this or any market, is getting the lump of coal for a discounted price in order to offset the costs of renovations and repairs that are necessary to bring out the "sparkle." That seems basic but it's a tougher challenge than statistics bear out.

Too often, I see hopeful buyers excitedly jump into a bidding war on these "fixer" properties with the expectation that they are achieving a "below market value" when all too often, the opposite result plays out. Unfortunately, the large number of "fixer buyers" often drives the selling price well beyond the asking price, erasing any potential appreciation the home may have had. Ironically, these homes often math out at much higher prices per square foot than their "fixed" counterparts down the street! Go figure! (Seriously, go figure!)

When buying a "diamond in the rough," carefully do the math and understand your end game. If the goal is to "flip" the house in a short amount of time, be certain you are not overpaying for the project on the front end. If on the other hand, you plan on renovating and staying for many years, then the price you pay in the short-term may hardly be relevant.

If that's the case - as with marriage - commit to the long-term and carve out the diamond of your dreams . . .

Happy Valentines Day Mom and Dad!

What's Coming?

I am pleased to report that inventory has increased dramatically over the last few weeks and there are some really wonderful homes to consider, from Classically Traditional, to Elegant Mediterranean to Ultra-Chic Contemporary, so let's get started . . .

I'll begin with Matt Heafey's new listing on 27 Muir Avenue set to debut this Sunday, February 15, 2-4:30. This stately home, featuring 5bdrms/4.5 baths, gracious formal rooms, spacious kitchen and family room, formal entry and detached office or gym, sits on a most-coveted, level tree-lined street in Piedmont. List price $2,295,000. www.27muir.com

My new listing at 308 Pala Avenue is ready for viewing a week ahead of time and will be open for Broker's Tour tomorrow, Thursday, February 12 from 10am -1:00pm and again on Sunday, February 15 from 2-4:30pm. Please join me or my colleague, Michelle Winchester, on either day at this elegant Mediterranean which features 4bdrms/3bths, formal living and dining rooms, sunny spacious kitchen, bonus media/family room down and renovated rear garden in sought-after Central Piedmont. List price: $1,850,000. www.308Pala.com

Judy Cain has just listed 740 Calmar Avenue in Crocker Highlands. This stunning Mediterranean offers old-world charm, including Venetian plastered walls, vintage tiled fireplace, Tuscan-style kitchen and designer garden with fountain and shade trees. Featuring 3bdrms/1.5bths and terrific Lakeshore location, this home, near the Farmer's Market, local shops, the Grand Lake Theatre and public transportation is a bit of Italy in Oakland! List price: $969,000 Available for private showings beginning on February 19 and open to the public, next Sunday, February 22. www.740Calmar.com

Moving from old-world charm to cool sophistication, Hope Broderick brings 2 Marsh Place on the Piedmont side of Montclair to the market this weekend. This luxurious remodeled oasis features 4bdrms/4bths, spacious open floor plan with Golden Gate and Bay Views, outdoor spa and shower, high-end kitchen and loads of natural light! List price: $1,295,000. Open this Sunday, February 15, 2-4:30 www.grubbco.com

"Fabulous" doesn't begin to describe the sleek Contemporary at 45 Lane Court on the Piedmont side of Montclair. For those of you seeking a view home in the Oakland Hills, this artistic romantic retreat featuring 3bdrms/2+bths, Bay view sunsets and every designer amenity, is not to be missed! List price $1,795,000. Please call me for an appointment right away - this spectacular home won't last long!

And finally, for a private hideaway in Montclair, look no further than Bebe McRae's 1930's listing at 1957 Gaspar. With 3+bdrms/2bths, peek of the Bay and level yard, this charming home has loads of space. Open Sunday, 2-4:30. List price: $825,000. www.grubbco.com

(I haven't mentioned every special home - just a few of my favorites! For a more complete guide, please feel free to email me at jgardner@grubbco.com or better yet, give me a call 510 326-0840!)

What's Pending?

Kelly Deal's Contemporary Craftsman listing at 1076 Mandana Avenue sold very quickly after returning to the market with two offers and one in back up! This Crocker Highland's showpiece went into contract well above its list price of $1,275,000 and other coveted neighborhoods are experiencing much the same interest.

While Buyers find it hard to believe that multiple offers are still at play in this marketplace, the fact is that Buyers are placing quality and location at the top of their priority list. Expect good homes to receive the attention they merit - even in today's marketplace!

What's Happening?

The GRUBB Co. is pleased to announce their new affiliation with London based brokerage firm Mayfair International Realty. As part of our ongoing expansion and global reach, The GRUBB Co. and its Buyers and Sellers are now internationally represented!

What's this mean to you? It means that properties that are marketed here in the United State are also being aggressively marketed throughout England and Europe as well.

In an increasingly global marketplace, one never know where the Buyer will originate or where the Seller will move. Regardless of the continent on which you reside, you will be in professional hands and quality care!

Isn't it nice to know that The GRUBB Co. is going the extra 5,371 miles to satisfy your every need?

What's Fun!

Love is in the air and nothing says "I love you" like diamonds (Honey, are you listening?)

But if diamonds aren't in the budget this year (or even "diamoneques" ) perhaps you'd like to see a show in San Francisco instead? - compliments of Dan Meagher, Director of Marketing and new Perspective reader. (Thank you Dan!)

Now in its third hit year, "Shopping! The Musical" is currently San Francisco's longest running original musical. This award-winning revue features comedy songs about customers, products,Victoria's Secret, those "oh-so-helpful" sales people, people who pay with nothing but change and much, much more!

Dan is offering a night of laughter, music, and "shopping" without maxing out your credit card to the first five readers who answer the trivia question below (sorry REALTORS, this is for customers only!)

Ticket certificates are good for two(2)FREE tickets to any future Friday performance at the Shelton Theatre in San Francisco's Union Square. Show time: 8:00pm.

For show information, please visit:http://www.shoppingthemusical.com/.

Trivia Question: What do the initials "QVC" stand for?
I'll personally deliver the tickets to the first five correct respondents - or you may pick them up at The GRUBB Co. office in Montclair. "Go Shopping!"

The Piedmont Plug!

Whether it's roses or tulips (or roses AND tulips) that strike your fancy, no one puts together a more beautiful and fragrant bouquet than Piedmont floral designer, Alexandra Conroy of Conroy Designs. I've bragged about Alex's stunning foral creations in the past but having had several occasions to utilize her talents last year, I speak from personal experience and encourage you to find out for yourself!

Good news Cupids - you're NOT too late for Valentine's Day (hint, hint). Give Alex a call at (415) 710-8831 or email her at: alexandra@conroydesigns.com. To see her creations go to: www.Conroydesigns.com but don't delay, 24 hour notice required. Delivery charge of $5.00 within Piedmont.

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 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 or sign up for this e-letter at thepiedmontperspective.com

The Keys to the Castle! The Piedmont Perspective, February 4, 2009

What's New?

There was a time(before the introduction of The Multiple Listing Service)when Realtors held the keys to the castle - quite literally. As the gatekeepers for the majority of sale transactions in any given neighborhood, Real Estate Brokers and Realtors controlled and released the appropriate information on an "as need to know" basis.

Today's immediate access to Internet sites such as Zillow, Trulia, Realtor.com and the still closely guarded Multiple Listing Service (MLS) makes every prospective buyer or seller an instant expert - and herein lies the danger.

With public records as close as a click, prospective buyers can quickly and easily ascertain tax records, assessed value and purchase price for any given home and begin to form an opinion of value based on information that isn't exactly accurate, specifically relevant or in some cases, even true.

While it's good practice to understand the recent market activity surrounding a listing, the geographical demand and the larger economic picture, the price the current owners paid may or may not be relevant to the resale value in today's marketplace.

So let's begin by analyzing what is, what isn't and what may be relevant to a prospective purchase offer:

Seller/Buyer motivation is relevant - Understanding the reasons why the Seller or Buyer is moving sets the agenda.

Terms are relevant - How quickly would the Sellers like to close? How soon do the Buyers need to move? When can inspections take place? And are the Buyers preapproved through a reputable lender? Write a contract without ascertaining these answers and you are sure to be missing important key components.

Price and condition are relevant - Whether it's a dilapidated "fixer" or a pristine estate, the price must accurately reflect the condition of, and the demand for, the property. Grossly overpriced homes don't sell in any market while conversely, aggressively priced homes do! Ultimately, it is the market that determines the value of a home.

The previous purchase price isn't relevant (except in cases of a "short sale" - one where the outstanding loan is higher than the list price of the house. Sellers in these cases have very little room to move.)

What a Seller wants or needs isn't relevant - Buyers don't care about what you want or what you need, nor more than Sellers care about what Buyers can afford. Once again, it is the market that determines the value of a home.

Outstanding loans/liens may be relevant. Understanding how much money is owed on the note may give you valuable insight and inform your purchase offer. On the other hand, don't expect a "steal" just because the owner bought 40 years ago and now owns the house outright.


Days on Market (DOM) may be relevant -but only if the MLS is reporting them accurately. Agents have been known to manipulate the reported DOM by removing listings for a few weeks and then placing them back on so that they remain "fresh." When accurately reported, DOM may indeed signal a buying opportunity.

Finally, are Real Estate Websites relevant? - Tread carefully! "Zestimates" don't see the improvements an owner has made to a home or the number of offers the property down the street received in a recent sale. They don't personally visit a home so how can they accurately assess value?

More often than not, homes values on Internet sites are merely a matter of averages. Compare that to your personal home-shopping experience where many homes (especially those in competition) are far above average, while some are well below! Get caught up in this kind of faulty information, and you are sure to form opinions that work against a successful outcome.

When crafting an offer, I work to collect, organize and analyze as many facts as possible, but truth be told, decisions by Buyers and Sellers regarding Real Estate often have less to do with stats and more to do with feelings than anything else. While empirical evidence would make my job much easier, at the end of the day, there's a certain amount of leg work, gut instinct, subjective opinion and well-honed intuition that comes into play on every successful transaction.

That's when working with an experienced local Realtor pays off in spades! Find one and be open to his/her experience and you are sure to obtain a set of keys to your very own castle in the near future!

What's Coming?

I will be bringing a wonderful Spanish Mediterranean to the market in the next few weeks. This inviting 4bdrm/3bth home with potential au pair/guest suite down has a terrific Central Piedmont location on a shady tree-lined street and has recently undergone an extensive rear yard renovation.

Please join me for a special Piedmont Preview on Thursday evening, February 18 from 6-8pm with opens to the public on Sunday, February 15,and Sunday, February 22, 2-4:30pm. List price: $1,850,000. Please call me for more details.

What's Pending?

Here's a true Tale of Two Cities . . . while Liz Dickson's fabulous remodeled listing on El Cerrito Avenue jumped off the market in mere days, a much more modest 2bdrm/1.5 bth home on Oakland Avenue spent 120 days on market before attracting a willing and able buyer. Originally listed at $813,950 - it rode the market down, down, down, to $654,700 before doing so. (This illustrates my point above with respect to price and condition.)

Every house has a "tipping point," but finding it quickly, statistically has better results for Sellers. Setting a realistic list price may be the single most important component to a successful outcome!

What's Happening?

After last week's discussion of how critical banks have become with respect to Buyer's Fico Scores (above 740 to qualify for Jumbo Loan financing) one reader and good friend (we'll call him "A") wrote back to assert that his Fico score of 700 is still "good!" (Sorry "A," no offense. Please don't shoot the messenger!)

But he's right in one sense, because getting a loan is about so much more - including the home appraisal, the location, the down payment and the credit risk.

Which only emphasizes my point that before you begin to shop for a home purchase, it is indeed wise to put yourselves in the hands of an experienced loan broker or private banker to smooth the way and help cement the deal! www.lasallefinancial.com

(Here's a shout out to Patty Edmonds, my personal Wells Fargo Banker.)

What's Fun!

It's the Year of the Ox and as my neighbor and friend, Kevin informs me, "the year of the Ox signals a year of hard work."

Given the economy, it's only natural to dig in, pull up one's sleeves and work harder than ever, but as I pointed out to Kevin, "A year of hard work beats the alternative, which is a year of too little or worse yet, NO WORK. (Bring on the ox! I'm ready for it!)

San Francisco's China Town celebrates The Year of the Ox in all of its glory, this Saturday night, February 7 from 5:15 -8:00pm. Rated as one of the top ten parades in the nation, it is one of the few remaining night-illuminated parades and is the oldest in the country. Begun in 1860 this crowd-pleasing, fun event, celebrates the Chinese culture with singing children, floats, stilt walkers and a 201 foot long, Golden Dragon -"Gum Ling."

If you're up for large crowds, grab BART and view this exciting spectacle which begins at 2nd and Market Streets and winds it's way toward China Town! Best of all, it's FREE!

The Piedmont Plug!

Last week I wrote about the upcoming Beach Dad's Jazz Night and in an effort to avoid playing favorites, am now announcing the Wildwood Dad's Club Crab Feed this Saturday, February 7. Gates open at 6:00pm and everyone is welcome!

This fun, annual event, featuring fresh crab, no-host bar, lasagna, salad and great french bread, takes place this Saturday at the Piedmont Veteran's Hall in the center of town. (Clearly, the dads in this town, know how to have fun!)

Please join the Wildwood Community in this Funraiser!Tickets $40 in advance and $45 at the door! Childcare available at Haven's School Mates.

For more information or to secure your reservation, email Jeff Porter at jgport@pacbell.net or Jim Gardner (no relation) at jgardcon@sbcglobal.net.

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 email me atjgarnder@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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