Pacita's Quick Bytes of Real Estate

"How's real estate?" is often asked. Here's an Alameda County snapshot

Thu, 09 May 2013 15:57:33 -0700

In any social setting once people find out you're a REALTOR, invariably the question asked is always "How's the real estate market doing?"

Fortunately for us who work for Alain Pinel Realtors, our hard-working Marketing Department provide us with such excellent resources to answer such questions. This is the latest local market report for the areas fanning out from Oakland CA. This photo is of Lake Merritt in Oakland, CA. I can see Noble Tower building where my folks live, facing the lake. How cool is that :)

Clicking on each zip code will prompt you to download the information about the city.

The housing market is always changing. In order to understand the dynamics of the local market, a familiarity with timely industry data is essential.

Located to the east of the San Francisco and San Pablo bays, the East Bay is a unique real estate environment, unlike any other in the country. While some news sources offer a big picture look at real estate markets, they don't accurately represent what is happening in the distinctive Alameda, Berkeley, El Cerrito, Emeryville, Lafayette, Moraga, Oakland and Orinda marketplaces. Our market reports help you make educated real estate decisions by providing you with accurate, insightful and current market statistics.

DOWNLOAD MARKET REPORTS

Alameda
City | 94501 | 94502

Albany
94706

Berkeley
City | 94702 | 94703 | 94708 | 94709 | 94710 | 94705 | 94707

El Cerrito
94530

Emeryville
94608

Lafayette
94549

Moraga
94556

Oakland | City & Piedmont | City

Dimond, Glenview, Oakmore (94602)
Millsmont, Chabot Park (94605)
Piedmont, Crocker, Trestle Glen (94610)
Piedmont, Montclair (94611)
Piedmont, Rockridge (94618)
Crestmont (94619)

Orinda
94563

Make sure you are clicking on the city/zip code you're interested in to see the market activity. Eye-opening!

Alameda County CA ---- what's happening in real estate?

Wed, 08 May 2013 17:07:22 -0700

Real estate truly is local.

The Marketing Department of Alain Pinel Realtors provides our REALTORS as many tools as we need to educate our clients. The easiest and most popular tools are charts like these. Take a look at what's happending in Alameda County, CA, since July 2012 through mid-May 2013.

Sales price going up
Days on market shows properties are in contract in fewer days after they are listed for sale
Price per square feet also on the upward trend
Inventory still quite low, but showing an uptick as we approach summer

Here are the cities in Alameda County, CA

·Alameda

·Albany

·Berkeley

·Dublin

·Emeryville

·Fremont

·Hayward

·Livermore

·Newark

·Oakland

REALTOR Code of Ethics: what about disclosing offer details to others

Wed, 08 May 2013 16:44:12 -0700

REALTOR Code of Ethics…..what does it say about disclosing offer details to other agents?

According to Realtor.com article about “What to disclose amid multiple offers”

Standard of Practice 1-13 is directed to the issue of disclosure of terms of offers.

“When entering into buyer/tenant agreements, REALTORS® must advise potential clients of: . . . 5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties.”

Whose instructions to disclose

Before Equator.com, when we could actually talk with short sale negotiators, there was a short sale negotiator whose instructions were to inform agents what price they have to beat, i.e., if one comes in at $300,000, then agents will need to submit a higher offer to be considered. As for the agents who submitted earlier, they are to be informed when higher offers come in to give them a chance to re-do or withdraw their offers. And the negotiator set a deadline for all offers to be in. It was like a phone/email auction.

I once heard a REALTOR tell another agent who called about her listing what the highest offer was. I asked her if that was allowed, and she told me that her primary objective is to get the highest possible price for her seller, and that her seller wanted her to tell agents about the bidding prices. So with those explicit instructions to stimulate a bidding war, she was not only authorized but also justified in disclosing this information. The agents were made aware of her instructions, so they were constantly calling and some revised their offers to have a fighting chance.

Is this a common practice?

I don’t know.

All I know is that it makes it very difficult to be a buyer’s agent in a seller’s market. Knowing what the sellers want is on the top of the list for the fact-finding portion when writing an offer.

Do we need a disclosure form or addendum that offer terms will be shared?

I wonder if it's necessary to have a disclosure form or addendum to inform buyers and their agents that disclosing offer terms to other agents is a pricing strategy employed by the seller and the listing agent?

More and more, it seems that the market is turning into an auction because or multiple offers and over bidding on real estate property for sale.

READ:

The Basics and Benefits of Real Estate Auction

What To Disclose Amid Multiple Offers

Expecting multiple offers but only received one..or none? Believe it!

Wed, 08 May 2013 12:42:52 -0700

Surprise! Only one offer!

In our crazy seller's market, it was practically a given that listings will receive multiple offers. Of course, it depends on the pricing strategy. Overprice, and the listing may be bypassed, or offers will be at less than list price. Underprice, and one may expect multiple offers.

I found a listing in Montclair (Oakland CA) that showed well, was staged, and even priced a tad lower than what I thought it should be.

An offer date ----a date to submit offers to buy the property --- was set by the listing agent and seller, at the explicit direction of the seller who may refuse to look at any offers until that time. This is quite common in our area where we have a seller's market.

When it was a buyer's market, we didn't see offer dates.

And on offer date, I received an email from the listing agent asking if I was going to write an offer. A day later, I received a call. Although there was no evident panic in her voice, there was a slight tinge of anxiety. I asked her why she was following up. Didn't she receive an offer? She said “Yes, but...”

Turns out she received only one offer, and it wasn't what they expected (i.e., not over list price).

Surprised? Yes, she was. And so was her seller who expected a deluge of offers.

Sellers expect more, higher….

From our office, some agents wrote offers right at list price. But sellers turned down their offers. Sellers' expected multiple offers at over list price, and would not entertain any offers otherwise. Which begs the question: why not list the property at the price you expect/want?

Is it coming to this? Sellers are so excited about multiple offers and rising prices that they expect no less?

What happens if they don’t get what they want? I see price reduction in the future…..

Agents/Buyers don't want to write offers when....

On the other hand, listing agents are reporting that buyers' agents are backing off from writing offers once they hear that multiple disclosure packages have been distributed, or when they hear there are multiple offers. Heck, that shouldn't stop them from writing offers. Who knows? Theirs might be the best and highest.

But to NOT write an offer because they don’t think they have a chance?

READ:

Set an offer date, or not?

Should you set an offer date for your home for sale?

Why overpriced homes are worth a second look

Real estate bust yields sellers market

Should realtors "pull" a permit? Why is the permit history important?

Fri, 03 May 2013 13:20:28 -0700

"Pull a permit" is oft used in the wrong context. Realtors get copies of the permit history. We don't "pull" the permit. Or at least, we shouldn't.

Homeowners and contractors pull -- or request/apply for a permit.

When working with a buyer or seller, realtors are likely to check the permit history of the property for different reasons. As a listing agent, if I publish the permit history, it's to prove that certain work was done. Nonetheless, I still urge the other party to do their own due diligence and delve as deeply as they wish as part of their own investigation.

As a buyer's agent -- If I write an offer on the property, I ask for proof of permitted work. I urge the buyer to do his own investigation which may or may not involve getting a copy of the permit history.

Some scenarios that I have personally encountered when I looked at the permit history

New roof was installed, but permit wasn't finaled. Fortunately, the roofing contractor's contact information was on the actual permit. And even better, he was still in business. So I contacted the roofer and told him that although he pulled the permit, the permit history doesn't show the work as having been inspected much less approved. The roofer, in the interest of maintaining good business relations (maybe even a referral) personally took care of going back to the city, arranged for an inspector to check the work, and had it finaled/approved. Thus, we could honestly claim on the MLS listing that the roof was replaced on a certain date.

Rooms, square footage don't match what is on the public records. On public records, the house had 2 bedrooms/1 bath, and approximately 1000 sq ft. But when I visited the owners, the house had 3 bedrooms/2 baths and double the square footage. So although the work was done with permits, it wasn't reflected on the public records. The owners mistakenly thought that because it was permitted, records would automatically change as well. Not so. The owners were advised to go to County records, while armed with their documentation (floor plans, permits). The city sent an inspector to physically measure the place, and then submitted the change for public records to reflect that actual configuration.

Seller claimed that sewer lateral was done. But after looking at the permit history, we didn't find a record of the work --- not even a permit. Since it is a local ordinance to have the sewer lateral certified, this became a negotiation tool.

Property was bought as a triplex. But public records show it as a duplex. The buyer's concern was that he couldn't get the loan for a triplex. The 3-R report was inconclusive because the permit history was unclear on whether the permitted addition of a bathroom in the basement was actually supposed to be the addition of a unit. To protect the seller, the post was changed to duplex. Both sides agreed to a price reduction.

Some cities may have been lax, or didn't keep good records of permits. But today, woe to the property owner who doesn't get permits for work done. If there are no permits, the owners should attempt to resolve the discrepancy. Because it can be a huge factor later.

Articles online:

See Realtor Magazine article on "Remodeling? Don't Forget the Permit."

AND...from Wall Street Journal, see "Avoiding the Pitfalls of Remodeling Permits".

"Whoever pulls the permit is responsible for the work being done correctly. While it is legal for you and unpaid helpers to take out a permit to work on your own property, if you tangle up the wiring or install the sink so it is off kilter, fixing the problem so it will pass inspections is on you.

If you sign the permit, you also become responsible for any mistakes, substandard materials, shoddy workmanship, bad engineering or other problems with the project's design and construction. Worse, if a worker is injured or does damage to someone else's property, you could be held liable as well."

Alameda CA: home values are rising, recovering. Hallelujah!

Sat, 27 Apr 2013 19:04:44 -0700

How does the first quarter in 2013 compare to same period of time the preceding years for Alameda CA?

Like many cities in the Bay area, and perhaps in other cities/states as well, the common plaint seems to be that there’s a dearth of inventory of homes for sale. Further, multiple offers at above list price seem to be common as we define the entry into a Seller’s Market.

What does Alameda CA’s market look like? The best way to find out is to look at the historical data of sales of detached single family homes during the first quarter of years 2008-2013.

Year 2008 showed the highest averages in terms of price and days on market. But things went downhill from there.

Year 2009 showed a drastic drop in sales values from year 2008 when in 2009 average sold price dropped by approximately $214,000 or 26%

The averages continued to drop through 2012. But there were signs the market was changing because although the prices were still lower than where they were at the peak of the market, sales started picking up. Home buyers became more confident about the economy, and sought to take advantage of the historically lowest interest rates in decade, coupled with still-low prices of homes.

Year 2013 tells a different story when the market values began to rise. And compared to year 2012, in 2013, average sold price rose by approximately $98,800 or 18.6%

Averages	2013	2012	2011	2010	2009	2008
Number of sales 1^st quarter	49	47	52	54	48	40
List price	629,360	564,854	631,305	665,678	643,867	858,841
Sold price	630,752	531,887	595,175	645,706	599,411	813,867
Sold price as % of list price	100%	94%	94%	97%	93%	95%
Days on Market	37	49	51	51	51	54

Although we are still not back at the peak, the home prices appear to be on the upward trend. And that's a trend homeowners like to see.

Home Sellers, note: He who represents himself has a fool for a client

Wed, 24 Apr 2013 11:24:31 -0700

“He who represents himself has a fool for a client”

Several months ago, I met with a potential seller who was interviewing a few agents. Days later, he called and said he had decided to do something else. And it turns out he wanted to sell the property himself. He met with the agents only to pick our brains and get an idea of what his property is worth.

He had pictures taken, got his property-specific domain, and put up a website, using Circlepix. It looked great. But months later, it is still not sold, while the other properties that have come up for sale in his neighborhood did.

He emails/calls me from time to time, so I kept up with the communications. He said that he has invited folks who go to the open houses to come look at his property. As of this time, still no buyers.

He is determined to do this himself.....he said he can pay a flat fee of $7,500 to get his property on the MLS (but he still hasn't), and he still doesn't want to hire a realtor because he doesn't want to pay the $50K for sales commissions. His mind is made up. He said he is a seasoned salesperson who knows what he is doing.

ForSaleByOwner.com founder hires a broker

There are numerous examples through the years of people who tried to sell their homes themselves, but resorted to using a professional. Heck, even I tried it before I became a realtor, and ended up using one, and sold my home shortly thereafter.

But the best known story is about the founder of ForSaleByOwner.com who, after months of no buyers, eventually hired a broker who sold his property for more than he originally tried to sell it for.

Remember this headline? For Sale by Owner Founder sells his home -- using a real estate broker

Highlights: 2012 Profile of Home Buyers and Home Sellers

This report from the National Associations of Realtors is worth reading, and sharing

89 percent of buyers purchased their home through a real estate agent or broker, similar to last year’s report—a share that steadily increased from 69 percent in 2001.
88 percent of sellers were assisted by a real estate agent when selling their home.
The typical FSBO (for sale by owner) sold for $174,900 compared to $215,000 among agent-assisted homes...or a difference of $40,100 or nearly 20% less

Read the some of the highlights report HERE

The oft-repeated adage still applies:

“He who represents himself has a fool for a client”

No photo, no description, and no show. Just write offer on short sale?

Mon, 15 Apr 2013 21:46:31 -0700

Hot seller's market = Crazy "rules"

Two weeks ago, my buyer and I encountered an agent who was handing out a WORD document to the folks going through his open house. He asked us to fill in the buyer's and agent's names and contact info, and the amount we would offer on the house.

Mind-boggling!

Then he calls us later to tell us what price we have to beat. In the end, the agent double-ended the sale.

Turns out the agent is working on a restricted license.

No photo. No show. No description.

Then now, as we search the MLS for active listings in Hayward CA, we find listings without photos even after already being on the MLS for a few days.

And worse, we find these instructions:

"Please do not disturb owners.

PLEASE MAKE OFFER SUBJECT TO INSPECTION!

Due to the high demand all OFFERS are due 4/19/13 at 5pm!!"

Yet, there are no photos.

No disclosures.

No detailed description of the property.

And no way to view it before writing the offer. And this is a short sale!

We know it's a seller's market. But have listing agents and their sellers gotten so cocky that they don't bother with the simple rules of attracting buyers by having good photos, good descriptions, or adequate market exposure, etc?

My buyers are aghast...and frankly, so are we!

RELATED POSTS

Short cut to offers: ask agents/buyers via WORD sheet at open house?

Why take a short sale listing if it's that much trouble?

RANT: 30% of listings don't have a single photo! What's wrong with these listing agents?

Hayward CA housing market: boom to bust. Over 60% of sales in 2011 were bank-owned.

Alameda Point in Alameda CA: Future plans for development. Mixed-use?

Thu, 11 Apr 2013 15:24:11 -0700

What is Alameda Point?

Alameda Point used to be the home of Alameda Naval Station (NAS) . This station, one of the largest and most complete naval stations in the world, closed in 1997. It was turned over to the city of Alameda in 2011. Most recently, the Navy received an additional $10 million in clean-up funds.

Since it closed, there have been numerous plans for what to do with this fabulous piece of real estate that is nearly one-third of the entire land mass of the island of Alameda CA. The Naval Facilities Engineering Command (NAVFAC) has a dedicated site about this station, and provides updated reports about its re-use/re-development.

Alameda Point Info explores its future. How should it be used? As a sanctuary for wild life? Mixed-use for housing, retail and commercial?

According to The Alamedan, that after several failed attempts, development may start next year.

“Ott and the city’s top planner, Andrew Thomas, said they’re working to assemble a framework that will offer potential investors some specifics on what can be built in certain areas of the Point, and also to generate fresh cost estimates for the roads, water pipes and other infrastructure needed to support as much as 5.5 million square feet of commercial space, roughly 1,400 new homes, parks and other development that could occur there.”

We’ve heard this talk before, so many will wait-and-see.

What’s in Alameda Point

See photos here.

For now, we are enjoying several places that are lively and kicking in Alameda Point. Although the former base has many vacant buildings and barracks, there are several areas in use.

Kids and grown-ups frequent the skateboard park with its fantastic backdrop: the San Francisco skyline.

History buffs tour the air-craft carrier, the Hornet, which is now a museum where they hold special events including overnight family events and big band dances.

Wine (beer and other spirits) aficionados flock to Rosenblum Cellars, Rock Wall Wine Company, St. George Spirits and Hangar One for tastings.

Antique shoppers attend the auction, or go the first Sunday of every month to the largest Antiques Faire in the Bay area.

Bladium Sports and Fitness occupies an entire hangar where it offers soccer, hockey and basketball courts, climbing walls, full gyms, etc.

The popular TV show, Myth Busters, films here. And believe it or not, one of the most exciting car chases on Matrix Reloaded was also filmed here.

Along the estuary, we have a dog park next to the Alameda Ferry to San Francisco.

And there are homes for rent to folks who want the experience of living in one of the best settings for a military base in the country.

Floating homes a.k.a houseboats --- oh, the romance of this lifestyle!

Thu, 11 Apr 2013 11:58:17 -0700

There have been three popular movies where living on a houseboat, a.k.a. floating home was romanticized. Later, I learned that folks who live in these homes prefer to call them as "floating homes" since they are berthed all the time and do not move around on their own propulsion.

Growing up, I only knew about these homes as "house boats". And my only knowledge of them is what I saw in the movie "Houseboat" with Cary Grant and Sophia Loren.
In the 70s, there was the "Foul Play" with Chevy Chase and Goldie Hawn.
In the 90s, "Sleepless in Seattle" with Meg Ryan and Tom Hanks. Since then, I always thought that seems like a really cool lifestyle. On my first solo visit to Seattle, I even drove to the area where they have them, and sighed with envy.

When we moved to the Bay Area, we looked for rentals in Sausalito. But there is a site for floating homes for rent called Luxury Floating Homes Vacation Rentals in various places in the world.

It's a lifestyle

It takes a special person to want to live in a floating home. And there are enough people who delight in saying that it's a personal choice. A good resource for information about this lifestyle is Floating homes...Coming Unmoored -- Life in a Tiny Floating Home. There is tab that provides info on books, blogs, pictorials.

But are they all tiny? Not at all. In 2011, Forbes Magazine featured "9 Outrageous Floating homes for Sale", among which the highest priced was listed at $3.5 million.

Floating homes may range from small (800 sq ft or even less) to large (up to 5,000 sq ft or more). Rightly so, floating homes aren't for folks who are claustrophic, or who are uncomfortable with being close to a next door neighbor. But space isn't the issue. Folks who buy and live on floating homes talk about the lifestyle.

So what is it about the lifestyle? For one thing, the best and deepest slumber I've ever had was in a floating home.

Google "floating homes" and you'll see so many pictures of homes in all sizes and styles.

It may float, but it is not a boat

Recently, there was a story about a man whose floating home was seized due to rent disputes, and was classified as a boat by federal agents. The Supreme Court reversed that decision. Justices ruled that it may float, but the home is not a boat.

Where are the floating homes in the Bay Area?

There are very few floating homes in the Bay area....and it's highly unlikely that there will be more. According to this article, Floating Homes Offer a Slice of East Bay Paradise

"Part of that rarity is due to stringent regulation by the San Francisco Bay Conservation and Development Commission (BCDC)....while BCDC's focus and planning are for water-oriented purposes only, many floating homes were grandfathered in at the time of the agency's creation.

It would be very difficult to get a new home marina approved," he explains, noting that the three marinas mentioned -- Barnhill, Berkeley, and San Pablo -- are the only three approved in the East Bay."

You'll also see them in Sausalito, San Francisco, Redwood City

Floating homes for sale

From time to time, there will be a few that will come up for sale. There isn't one resource that will have them all listed. If you're looking to buy in Alameda, CA, there is only one location: Barnhill Marina.

Need help finding one? Whether you want this lifestyle, or another type of home, contact me :)

Moving to Alameda? Excellent Reasons Why It's A Great Place To Live

Year 2013: Is there overbidding when buying homes in Alameda CA?

Mon, 08 Apr 2013 17:52:08 -0700

Someone asked if there is overbidding in our little island town of Alameda CA so she would know what to expect year 2013.

Like most Bay area cities, we are seeing our share of overbidding. However, we should be careful on how we characterize the market because it really depends on the pricing strategy of sellers and their listing agents.

Some sellers may think that because it is a sellers' market, that they can price as high as they want. As we know and as we've seen, price is still the primary factor that drives the sale. If the property is priced well and shows well, it can generate multiple offers and sell for over list price. But if the property is overpriced, it may inhibit buyers' interest, and may even sell for less.

In cases of short sales, the oft-employed strategy in the past was to price lower than current market to attract buyers who initially resisted writing offers on short sales where there are no guarantees. However, because of the increasing number of successful short sales, buyers are no longer hesitating to write offers. Furthermore, in the current seller's market, once they are in contract, they are far more willing to stay the course and wait it out.

This is Alameda's single family homes sales since January 1, 2013.

Of the 40 closed deals, 23 sold for over list price.

List Price	Sold Price	Days On Market	Price/SqFt
$199,000	$182,000	27
$350,000	$323,000	27	$668.74
$399,000	$389,000	13	$505.85
$425,000	$452,500	19	$383.47
$423,000	$465,000	14	$532.65
$399,000	$470,000	12	$393.63
$425,000	$495,000	15	$259.03
$439,000	$514,000	11	$408.59
$449,000	$525,000	17	$443.04
$499,000	$525,000	12	$440.44
$525,000	$530,000	13	$410.85
$539,000	$550,000	86	$525.31
$549,000	$555,000	17
$579,900	$570,000	184	$373.77
$575,000	$585,000	12	$591.51
$549,000	$605,000	16	$413.82
$625,000	$625,000	2	$483.75
$650,000	$625,000	0	$324.51
$639,000	$627,500	24	$495.66
$659,999	$629,000	116	$209.39
$629,000	$630,000	11	$564.01
$638,000	$638,000	1	$291.99
$675,000	$640,000	1	$375.15
$629,000	$664,150	8	$453.96
$675,000	$699,000	14	$367.70
$719,000	$700,000	14	$308.51
$729,000	$739,000	7	$265.45
$750,000	$739,988	17	$337.74
$775,000	$745,000	62	$265.41
$749,000	$748,000	0	$478.57
$648,000	$750,000	15	$465.55
$699,000	$765,000	10	$324.02
$739,000	$768,000	9	$353.59
$825,000	$770,000	124	$327.66
$725,000	$781,000	14	$534.93
$779,300	$784,300	9	$342.79
$799,999	$790,000	8	$331.38
$850,000	$825,000	119	$379.48
$849,000	$915,000	2	$345.67
$949,000	$1,025,000	3	$501.96

Based on this, one has a about a 50-50 chance of overbidding.

Your offer/name are published for other agents to see? See Trubric.com

Fri, 05 Apr 2013 01:00:34 -0700

Your offer and your name are published on the internet? See Trubric.com

As the say, necessity is the mother of invention. People anxious and desperate for something to happen get very creative. If the answer isn't available, they will find....or create... a way.

Word document....offer price and name are all that were needed.

Last week I mentioned that at an open house in San Leandro CA, the agent distributed a Word document for buyers/agents to complete with information about how much they are going to offer. No formal contract was submitted. It was his short cut to find out who are offering, and for how much.

Here’s another new development. Instead of Word, one submits basic info about the offer online. and it’s published for all to see! At least with the Word documents, nobody but the listing agent sees the info. But online, everyone sees what you offered, and who you (the agent) are!

Have you heard of Trubric.com?

Some local agents have run into a situation wherein they are told to submit the particulars of their offer for a property by uploading the information in a website which publishes the name and the offer. It’s literally an online bidding website. Where in normal auctions, the identity of the bidders are not known, in this case, they are.

Offer/name are published online

Check it out. This one is about a property for sale in Berkeley CA. The first screen merely explains how it works. There’s nothing on the website about the company offering this service. And one won’t get any information unless one signs in.

And here’s a screenshot of a what information shows up when you check out the property, who has bid, and how much. I blurred the names to protect the innocent.

So....who is Trubric?

All I can find, besides the website, is when the domain was registered, where it’s based (Orinda CA), how many employees they have (1-5), and who is a partner (via LinkedIn).

What do you think of this business model?

Tourist for a day at the Asian Art Museum in San Francisco

Sun, 31 Mar 2013 19:16:54 -0700

How wonderful to live in an area that is rich with cultural activities.

Today, we decided to go to San Francisco. The drive was short and sweet -- from Alameda, it took us less than 20 minutes to go downtown on a Sunday.

Asian Art Museum

We went to the The Asian Art Museum to see the special exhibit featuring the famed Terra Cotta Warriors of China. I've always been fascinated by these life sized figures and hope to see them up close one day. Articles about this marvel say that

"Current estimates are that in the three pits containing the Terracotta Army there were over 8,000 soldiers, 130 chariots with 520 horses and 150 cavalry horses, the majority of which are still buried in the pits near by Qin Shi Huang's mausoleum. Other terracotta non-military figures were also found in other pits and they include officials, acrobats, strongmen and musicians."

Besides the terra cotta exhibits, the museum featured two other floors filled with exhibits from other Asian countries. One will marvel at the exceptional exhibits that include many buddhas, metal work, pottery, batik fabrics, etc. And what a fine building to house these treasures! The building itself is a work of art.

San Francisco City Hall

Taking advantage of the moment when there were so few people around, I took pictures of San Francisco City Hall, one of the most beautiful buildings downtown. I'll have to go back and take another picture when the trees lining the pathway are green once again. What I want people to see are the clear blue skies. Yes, folks, it's not always cloudy :)

Visitors who are driving into the City should know they have parking just below this fabulous promenade. And it's quite accessible by public transportation, too. San Francisco, like many great cities, encourages walking....and what you see are amazing examples of architecture like the City Hall that make it quite a delightful tour on foot.

What a treat to the senses by becoming a tourist for a day. There are more plans to enjoy what the City of San Francisco offers, one day at a time.

P.S. All photos were taken with an iPhone5.

Bottom Line Publications: Common Errors on Real Estate Web Sites

Wed, 27 Mar 2013 12:19:22 -0700

Much as I love the presence of websites like Trulia and Zillow where I can enhance my listings, answer questions, even blog.....from time to time, I get inquiries from people who "found the listing on the internet".

Oftentimes, the listing is either sold/expired, or it's not even listed (as in the case of RealtyTrac posts).

I love the opportunity to enlighten the folks who inquire, but I also hate disappointing them if the property they are really interested in is not available.

And then there are those who seem surprised, and even upset, that the listing is not mine. So I also try to educate them on why my name would appear in the post/listing site.

A lot of educating is necessary.

And lo and behold -- here's the article from Bottom Line Publications about "Common Errors on Real Estate Web Sites" that helps to explain to potential clients what they're seeing. More importantly, it places a lot of importance on the value of using a REALTOR.

If you haven't seen this, you should. And then share with other folks.

Here are the ways web sites can mislead:

Their home value estimates can be way off
Many of the listings are no longer on the market
The asking prices can be out-dated
Their "days on the market" figures could be way off the mark
Some of the most desirable properties don't appear on sites until they've sold
Listings on "for sale by owner" sites often have inflated or inaccurate property description

Source: Robert Irwin, author of Tips and Traps for Negotiating Real Estate

Single family homes values peaked 2000, dropped 2008 Alameda County CA

Tue, 26 Mar 2013 14:18:49 -0700

In Alameda County CA , I was under the impression that market values peaked in the mid-2000s. Actually, the highest percent increase in market values actually occurred in 2000.

Here are the cities with the highest appreciation in 2000:

Emeryville 33%
Oakland 33%
Union City 33%
Fremont 32%
Newark 30%
San Leandro 30%

And the cities that fell the hardest in 2008 and 2009:

Hayward -25%
Oakland -22%
San Lorenzo -22%
San Leandro -18%
Newark -18%
Emeryville -16%
Union City -16%

The cities that suffered least decline in market values in 2008

Albany -4%
Berkeley -7%
Alameda -8%
Pleasanton -8%
Fremont -9%
Piedmont -10%

And showing signs of recovery in 2012

Emeryville 7%
Berkeley 6%
Hayward 6%
Oakland 6%

What does this mean to the prospective buyer?

And how should a home seller use this information to his advantage?

Depending on one's situation, these numbers do speak volumes about market values....and underlines the importance of the adage "Location, location, location"

City/Year Average	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
Alameda County CA	0%	-2%	0%	6%	10%	16%	29%	13%	7%	9%	19%	21%	4%	-5%	-16%	-13%	1%	-5%	5%
Alameda	-1%	-4%	-2%	7%	13%	17%	26%	11%	9%	12%	16%	15%	4%	-1%	-8%	-8%	2%	-6%	4%
Albany	-1%	-2%	-1%	7%	10%	18%	29%	12%	10%	10%	16%	14%	2%	-1%	-4%	-5%	2%	-5%	2%
Berkeley	0%	-1%	2%	8%	13%	20%	32%	10%	8%	9%	16%	16%	3%	0%	-7%	-6%	2%	-4%	6%
Castro Valley	-1%	-4%	-2%	4%	10%	15%	25%	14%	9%	10%	19%	19%	2%	-6%	-12%	-10%	-2%	-6%	3%
Dublin	0%	-1%	0%	6%	12%	14%	24%	13%	4%	8%	18%	21%	0%	-6%	-13%	-10%	1%	-3%	4%
Emeryville	1%	-1%	-2%	5%	9%	18%	33%	18%	4%	9%	20%	23%	7%	-5%	-16%	-9%	6%	-7%	7%
Fremont	0%	0%	3%	11%	11%	13%	32%	8%	3%	6%	18%	21%	3%	-1%	-9%	-10%	2%	-4%	5%
Hayward	-1%	-3%	0%	3%	8%	16%	29%	17%	8%	10%	20%	24%	6%	-8%	-25%	-19%	0%	-6%	6%
Livermore	0%	0%	0%	6%	12%	14%	24%	11%	4%	8%	19%	21%	1%	-6%	-14%	-13%	0%	-3%	5%
Newark	-1%	-1%	1%	8%	12%	18%	30%	11%	5%	7%	19%	23%	5%	-5%	-18%	-15%	0%	-4%	5%
Oakland	0%	-3%	-1%	4%	8%	17%	33%	17%	12%	12%	21%	22%	7%	-6%	-22%	-17%	4%	-4%	6%
Piedmont	-1%	-3%	2%	9%	11%	18%	29%	7%	7%	8%	15%	13%	1%	1%	-2%	-4%	3%	-3%	4%
Pleasanton	0%	-1%	1%	8%	13%	12%	24%	8%	3%	7%	19%	18%	0%	-2%	-8%	-10%	1%	-2%	3%
San Leandro	-1%	-3%	-2%	4%	8%	17%	30%	17%	9%	11%	20%	21%	4%	-7%	-18%	-13%	-2%	-8%	3%
San Lorenzo	0%	-3%	-2%	3%	8%	16%	28%	18%	10%	11%	21%	23%	6%	-9%	-22%	-15%	-2%	-7%	5%
Union City	0%	-1%	-1%	5%	12%	16%	33%	11%	4%	7%	19%	21%	4%	-6%	-16%	-12%	0%	-5%	4%

Source: Alain Pinel Realtors Research Department

15 Sure-Fire Ways to Get Your Offer Rejected!

Mon, 25 Mar 2013 18:03:02 -0700

Fred Griffin from Tallahassee FL put many reasons why an offer may be rejected.

This is an excellent list...and from a listing agent's point of view, it's extremely important in a very hot seller's market for the buyers and their agents to keep in mind all of these reasons why their offers may be rejected.

Via Fred Griffin, Tallahassee Florida Real Estate Broker (Fred Griffin Real Estate, LLC):

You found your Dream House! After weeks of looking at houses, this is it! Your Agent prepares an offer; you sign it. But wait - oh, No! Your Offer has been Rejected!

15 Ways to Get Your Offer Rejected

1.   Offer Price is Low!

     This is the first thing that a Seller looks at when in an Offer comes in! If you believe that a Lower Price is justified, have your Agent present some comparables or an appraisal to back up your offer.

2. Fail to understand your Local Market

     Is it a Buyer's Market, a Seller's Market, or just a Market? Look at actual sales data, including time on market, inventory (number of houses for sale), and sales price to list price ratios.

3. Fail to understand the Seller

     Moving out of town, moving up, investor unloading an asset, bank owned, short sale, Court-ordered sale... does your Agent know the motivation or reason of the Seller?

4. No Pre-Approval Letter or Proof of Funds Letter

      Is the Seller supposed to wait a week or two to see if you can afford it?

5. Ask Seller to Pay All Closing Costs

     Asking the Seller to pay $$$ Thousands of Dollars in Costs is effectively lowering the Price!

6.   Low or No Deposit

     In some States (including Florida) there is no monetary deposit required. Your "promise" is considered valuable consideration. But how do you think those Goose Eggs on the Deposit Line look to a Seller?

     Or maybe you presented a whopping $500 or $1000 deposit. The strength of your Offer is reflected in your Deposit! Even with a 100% USDA Rural or 100% VA Loan, you should still offer a significant deposit.

7.   Contingencies

     Financing and Inspection contingencies are common and expected. But for how long? Five days looks better than 14 days or 21 days!

     Other Contingencies can be detrimental to an offer. For example, "Buyer's Home Must Sell First".

8.   Asking for Personal Property

     The Seller has volunteered to leave the light fixtures, window treatments, and the appliances. You decide to ask for the Pool Table, the Flat Screen TV, and the Furniture.

8.   Closing Date

     The Seller has already moved out. Your Offer shows a Closing Date several months from now.

9.   Asking for Repairs

     Especially before Inspections have been done! Or, when the MLS Listing reads, "As Is, Subject to Inspections".

10. Trying to Get a Deal on a Foreclosure

     Forget it! The hucksters on those "Get Rich Quick in Real Estate" Infomercials are either in prison or under indictment.

11. Asking for Early Possession

     There is a lot of risk and potential liability for a Seller who allows Occupancy Prior to Closing.

12. "Creative Financing"

     Asking a Seller (who has not volunteered) to carry Owner Financing, or asking a Seller to do a Lease Option or Lease Purchase, or a Contract for Deed, or other "Creative Financing".

13. Ignoring Seller Requests

     Seller has made specific requests in the MLS Listing (preferred Title Closer, length of Closing, days for Acceptance, etc.) and your Offer blatantly disregards those requests.

14. Not Understanding "Multiple Offers" if you are in a Hot Market

     If you are in a Market where Multiple Offers are typical, you MUST come in with your Best at the very beginning! A low-priced, contingency-filled offer will not warrant a second look!

15. Your Offer is Never Presented (yes, it happens)

     It may be illegal and/or unethical, but sometimes Agents do not present Offers!

    Your Agent may be "embarassed" over your Low-Ball Offer, so he pretends it was rejected.

    An unethical Listing Agent has multiple Offers; she only presents the Offers that will net her both sides of the commission!

      It is up to you to verify that your Offer was presented!

     Every Real Estate Market is different, every Seller and every Property will be unique. But the same general principles apply. A Buyer must present an Offer that is attractive to the Seller.

     Don't do any of the 15 Things that will get Your Offer Rejected!

___________________

Disclaimer:   The author of this blog article is not an attorney; the author of this blog article is not a certified public accountant. Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice. For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

Frederick Griffin, Licensed Real Estate Broker       Tallahassee, Florida       850-339-4861

Hire an Experienced Professional

     Buying or Selling a Home in Tallahassee, Florida? You need the services of a serious, dedicated Real Estate Broker when making the biggest financial transaction of your life. Call Fred today! 850-339-4861



www.FredGriff.in

Frederick Griffin, Licensed Real Estate Broker       Tallahassee, Florida       850-339-4861

Short cut to offers: ask agents/buyers via WORD sheet at open house?

Sun, 24 Mar 2013 17:37:35 -0700

Has anyone else run into this?

My client expressed an interest in a property which we haven't seen yet because it just came up. The only viewing opportunity was during the first and only open house.

At the open house, the out-of-area agent asked buyers and their agents if they're interested in submiting an offer. And if such, the agent handed out a simple WORD document which had short questions, and asked the buyer/agent to complete.

Contact info for buyer
Contact info for seller
Offer price

The buyers and their agents were told that the deadline to submit "offers" was at the end of that open house, and that the offers will be discussed with the sellers immediately after the open house

At the end of that meeting with the seller, the agent then called the agents to let them know what the top offer was.

Remember...neither a formal offer nor a preapproval letter was submitted. Just a WORD document with basic information.

I suppose whoever comes out on top will then be instructed to submit a formal offer using the requisite purchase agreement. But for now, this is how the agent wanted to compare "offers".

What's wrong with this picture?

Don't be surprised if property sells for more today than a year ago

Sun, 24 Mar 2013 16:02:14 -0700

List price: Too low? Too high?

It was a buyer's market in 2011. And yes, back then, buyers had more opportunities to negotiate lower offers, credits, and/or repairs.

But starting in 2012.....prices started improving. Buyers started getting off the fence.

And now, in 2013....it's turned into a full-fledged seller's market. Even if our CMA shows recommends a certain list price, the final value is whatever the buyer is willing to pay.

Out of area agent

A realtor from out of the area has a listing at Alameda's The Willows condominium complex where I sold a property about a year ago. He wanted to know more about the complex and whether it's FHA approved or not.

First of all, shouldn't he already know the answer to that question? He could just as easily log on to to at the HUD site for the list at https://entp.hud.gov/idapp/html/condlook.cfm to find out, or even ask a lender to check it out for himself

But what surprised me is his comment that I sold my listing early 2012 as "too low".

He must not have noticed that my listing sold for cash, and for over list price.
A simple review of listings sold in the last year of sales in that complex would have shown that

two other properties that sold after mine sold at even lower prices.
And prior to when my listing sold, the other listings sold for significantly less than mine

I told him that at the time of my listing, I was uncertain if we could even get the price we want considering that my listing didn't have the upgrades that the others did
If this agent tracks market activity, he should have known that in our area, certain properties have shown quite an appreciation in the year.

Times have changed...and it has turned into a sellers market resulting in multiple offers. This is now the norm, whereas it wasn't that prevalent at the time my listing sold.

Finally --- he's asking me questions. In a way, I'm doing him a favor by providing information about a complex he knows so little about. Does he realize how insulting he comes across?

He sold his own listing for less than list price in 2011

Then I remembered.....

He had a listing at The Essex in Oakland. I represented the buyer who paid less than his list price.

But the times were different then. In 2011 it was a buyer's market. His listing was listed in September for a much higher price.

He reduced the price a month later. But it didn't sell until another month had passed. And I submitted the only, and lower offer that was accepted.

Alameda CA has largest number of Victorians per capita in the world

Thu, 21 Mar 2013 22:35:33 -0700

Did you know that.... Alameda has the largest number of Victorians, per capita, than any city in the world.

San Francisco Business Times featured Alameda CA...and pointed out that Alameda

Has the largest number of Victorian homes per capita, than any city in the world
Has the second highest number of boat slips per capita of any city in the world, after Marina Del Rey
Home to the oldest operating municipal electric system in California.

Focusing on the subject of Victorians....

San Francisco is also famous for its many gorgeous Painted Ladies gracing the City. And to think that at one time, the City almost lost its Victorians due to an effort to "modernize".

In Alameda, we also lost many Victorian Treasures --- one can see pictures of some of those gorgeous buildings in the book Alameda: An Architectural Treasure Chest by Dennis Evanosky. Today, one can take a tour, as suggested by San Francisco Chronicle in an article "Alameda Victorians: Architectural Tour of the City."

Short walking tour of Victorians

But if one has very limited time to tour, go to this one place: Franklin Park in the heart of the famed Gold Coast. It's surrounded by many beautiful and historic buildings, many of them amazing examples of Victorian architecture. Walk around and you will see many Victorians as well as other architectural styles.

Here are some examples

P.S. All the photos, except for the top two, were taken using my iPhone, and edited using Picasa.

Alameda CA second highest number of boat slips per capita in the world

Wed, 20 Mar 2013 17:17:01 -0700

According to San Francisco Business Times in their feature article on Alameda CA

"Alameda has the second highest number of boat slips per capita of any city in the world, after Marina Del Rey."

Considering that Alameda is an island -- with access to San Francisco Bay and beyond --- and not mentioning that we're a stone's throw away from the Coast Guard island, one would expect, and will see a lot of marinas and boat slips.

There are several marinas/yacht clubs (about 11).

When walking the dogs, I particularly like going down by Fortman, Alameda and Grand Marinas because they provide a very nice pave path lined with flowers, and with views of the Coast Guard ships at dock, not to mention the many boats in their slips.

From time to time, we'll also see several kayakers as well as the UC-Berkeley rowing team practicing.

The marinas are by the trail that also meander by the Grand Marina Village, the latest development featuring 3-story homes by Warmington Homes.

Boaters who like to hear live music and unwind with a few brews and some finger-lickin' foods may stop by the Roosters on Grand Avenue....but that's the subject of another blog.

We're so lucky that Alameda has many sunny days with mild temperatures, and many places to see and enjoy. By the way, all these photos were taken using my iphone.

Front yard, back yard....Fruits and flowers thrive in Alameda CA

Wed, 20 Mar 2013 00:08:08 -0700

Gardens, gardens, gardens everywhere

Perhaps it’s the almost perfect weather....or perhaps it’s the rich soil. Whatever the reason is, it seems anything we plant in the ground thrives.

When I lived in Florida, my Lilies of the Nile (Agapanthus) bloomed just once: in the summer. But in the Bay area, it seems it blooms year round. And goodness, they grow profusely that one must divide and subdivide frequently in order to control the growth.

In our island paradise we call Alameda CA, we do have some seasons, albeit a lot milder than elsewhere.

In Alameda, we have the Alameda Backyard Growers.

Lately, we’re also seeing several vegetable gardens in the front yards.

In our backyard, our priority was to have some fruit trees. And happily, they have been quite productive. The Meyer and Lisbon lemon trees, for example, produce abundant fruits that we are happy to give away.

In the fall and winter, some of our fruit trees lose their leaves even while they are chockful of fruit. We have two persimmons trees, and they’re prolific producers. So in the fall, we have an abundant harvest.

The most fascinating to watch is the big plum tree that in the winter looks so gnarly that it may be mistaken for a dead tree. But in spring, it's like a Phoenix that comes back to life and literally bursts into white blooms that look like snow. And in the summer, it produces buckets of the juiciest, sweetest and most succulent plums.

Aaah.....the joys of living in paradise we call Alameda and why it’s a great place to live....especially when we have a big backyard.

The Mystery of the Old Coast Guard housing in Alameda CA

Tue, 19 Mar 2013 20:07:55 -0700

The Mystery of the Old Coast Guard housing in Alameda CA

Alameda is such a small island, and has its share of mysteries such as what they’re going to do with Alameda Point, a former naval base. That’s a big question mark.

One of our favorite walks is along the Coast Guard near Alameda Point, and literally around the corner from Rosenblum Cellars and the Alameda Ferry on Main Street.

The old housing

I have a question about the old Coast Guard housing that caught caught my eye. Beautifully kept grounds.

At one time, this complex was teeming with people engaged in all kinds of activities. There are remnants of soccer fields, basketball courts, huge playgrounds. There are housing units, six to a building .... but today, all are vacant. There must be around 200+ units there. Each unit has an enclosed patio and storage building.

The Coast Guard does an excellent job maintaining the grounds. However, there are signs that vandals have slipped by and smashed some windows and doors. Nonetheless, this area still looks beautiful thanks to the people who make sure the grass is cut, the trash and litter picked up.

The new housing

The old housing complex is directly across a newer one where each unit has 3 stories with attached garages. Each building has a small play area, instead of a larger or master playground to allow families to mingle and interact. This new complex has units crammed together with less open space than the old one but somehow, this arrangement appears to foster less outdoor activities than the old one.

What are the plans for the old housing?

So the question is....what are they going to do with the old housing?

Because housing in Alameda can be pretty pricey, maybe the Coast Guard may consider renting it to our Alameda’s public servants ---- teachers, police officers, firemen, nurses and others who contribute in a big way to Alameda’s well being?

Or how about helping Midway Shelter of Alameda for abused and homeless women and children?

Or Alameda’s Housing Authority?

30 Photos in 30 Days -- my personal challenge

Tue, 19 Mar 2013 18:41:09 -0700

30 Photos in 30 Days -- my personal challenge

One of the challenges of blogging is that sometimes, writer’s block takes over, and when inspiration just isn’t there.

During our company meeting, one of the speakers said that to build one’s brand online, we should undertake various activities besides posting our listings online. Some activities should include participation in social media.

Got a camera?

So what if you encounter writer’s block? Just whip out that phone, tablet, camera. And for some of us, that smart phone may be all we need.

Take pictures!

Take pictures of what interest you...and share them. Don’t pretend to be a professional photographer, but to just be yourself.

Seems easy enough to do...so I looked for inspiration.

Traveling? Take pictures!

One of my favorite Facebook sites is Random Acts of Kindness Foundation where in they post a picture and ask people to guess where they are. Some of these places are phenomenal, and makes me want to do a travel bucket list.

But, since that would be an ambitious project, I can try on a very local level.

Panoramic feature of the iPhone 5

This will also give me an opportunity to keep practicing taking pictures using the panoramic feature of the iPhone 5.

But first, I need to learn how. And where do I find the resource? Why, You Tube, of course! Here’s one on How to take panorama photos in iOS 6 on the iPhone 5 - First Look

Real estate disclosures.....must provide, must complete.

Wed, 13 Mar 2013 21:05:12 -0700

Real estate disclosures.....must provide, must complete.

Knowing what the required disclosures are is critically important in the process. We already know the rule:

When in doubt, disclose, disclose, disclose!

Review the Nolo.com article on Required Disclosures When Selling U.S. Real Estate.

So what if there’s a ton of disclosure? They must be done!

In our state of California, we have a ton of disclosures that both the sellers and buyers must complete. Refer to California’s required disclosures in real property transactions.

Additionally, there are the state and local ordinances to which the parties must comply, most of them by close of escrow. There are some -- such as East Bay’s (California) Private Sewer Lateral Program -- that may be postponed for a certain period of time, but that requires an extension plus a deposit. That deposit is refunded only upon compliance.

Agents who don’t complete their disclosures on time

One of my biggest peeves is having to follow up, follow up, follow up with agents to complete and have their clients sign the disclosures. The transaction coordinators could only do so much. Ultimately, it’s still the agent’s responsibility to get this paperwork completed.

It’s never fun having to follow up. It’s a waste of time and energy. It shows lack of respect for the parties involved. And it destroys whatever goodwill there may have been.

Escrow file not complete? Agent won’t get paid.

Many brokerages are aware of this problem, and have instituted a rule that even if the escrow has closed, but the file isn’t complete, then the agent doesn’t get paid until that it is.That may be one incentive....but the best incentive should be to demonstrate to their respective clients their dedication, conscientiousness and attention to detail.

Real Estate transaction coordinators help keep us out of trouble

Which CMA (Comparable Market Analysis) to use for home seller/buyer?

Thu, 07 Mar 2013 10:23:28 -0800

Which program to use when preparing a CMA?

When preparing CMAs (Comparable Market Analysis) for home buyers and home sellers, I have found that it’s good to check different resources because the outcome can be quite different. One needs to know how to make adjustments based on one’s local market knowledge and familiarity with the properties used in the comps.

I recently received a request from a home seller who wanted to refinance his property. In 2010, his property was appraised at $720,000. In 2013 it was appraised at $665,000. So he asked for an explanation on the drop in appraisal value.

To begin with, I made sure he understood that a CMA is not the same thing as an Appraisal. The CMA is used primarily to determine a possible listing price. The appraisal is used determine how much a bank thinks it's worth in the marketplace according to the bank’s guidelines in terms of loans and the bank’s risk.

Which CMA method to use?

In this case, I used three...

At Alain Pinel Realtors, we have a program named “Estates On Line” we use to prepare a CMA by finding comps on the MLS, and then make adjustments plus/minus depending on the subject property’s features, condition, location. The program comes up with highs and lows, and a computer-generated recommendation for a list price.

Another method is CloudCMA...same principle. What I like about this program is the inclusion of several pages of information that includes the explanation of what a CMA is, and how it is different from appraisals. The interesting thing about CloudCMA is when it pulls up sold comps, it shows what Zillow’s zestimates were, and what the properties actually sold for.

Finally, I also use Realtor Property Resource which I like more and more. I like the ability of comparing properties to the subject property, and whether each comparable is better or worse than the subject. There are options as to the type of report to download --- a property report, a market activity report, or the seller’s report. I also like the ability to have different reports depending on whom I want to share it with -- the buyer, or the seller? They have videos you can watch to learn more, such as this one on preparing for your listing appointment.

I shared and discussed all three reports with the home owner, and determined that the 2013 appraisal was closer to what his property is worth today. I also showed that some of the comps in the 2010 appraisal probably shouldn’t have been used, or at least there should have been more allowances for the difference.