Rod Herman's Blog

Just One Minute Of Your Time Can Really Make A Soldier's Day

Rod Herman (Coldwell Banker Solano Pacific) — Wed, 16 Dec 2009 19:14:05 -0800

I just received an email telling about a wonderful program that Xerox is sponsoring, whereby you can click a few buttons and send a postcard to one of our sodliers overseas.

All you have to do is go to LetsSayThanks.com and select a card and a message, and fill in your name and hometown. Click finish and you're done. Xerox will print the postcard and send it from you to a member of the armed forces stationed overseas.

It will make their day and perhaps even their week. It only takes a minute or so.

A great feel-good way of reaching out directly to the men and women who help keep America safe and secure. And what better time of year to say Thanks than during the holidays!

Wonder What That Benicia Or Vallejo Home Sold For?

Rod Herman (Coldwell Banker Solano Pacific) — Sun, 13 Dec 2009 11:41:33 -0800

If you own a home, you're probably curious about what homes are selling for in your neighborhood. And even if you don't own a home right now, if you're planning to buy in the near future, the same is probably also true.

Well, if you live in or are intersted in Benicia or Vallejo, you can click on my recent post at HomeSection.com to see complete details on every home sold in Benicia or Vallejo in November.

You'll find the selling price, list price, original list price, days on market, and net price change from start to finish for every home that closed escrow last month (32 in Benicia and 146 in Vallejo).

Plus, you'll be able to what date escrow closed and even whether it was a traditional sale, an REO or a short sale.

And you'll also get the basic property statistics for each property: bedrooms, baths, square footage.

A few highlights from that report:

The lowest price in Benicia was $105,900 for a Bay View Villas condominium.
The most expensive home in Benicia was a home on West I that sold for $1 million. That was also highest sales price in all of Solano County last month.
The least expensive home in Vallejo in November was on Selfridge St. ($46,000).
The highest sales price in Vallejo last month was $469,000, on Marshfield Rd. in Hiddenbrooke.

In addition to the Benicia-Vallejo Home Sale Report for November, be sure to also see my Solano County Monthly Home Sales Report for November, which has city-by-city home sale statistics and all sorts of grist for a number-cruncher's mill, including a cumulative month-by-month recap for Benicia, Vallejo, Fairfield, Suisun and Vacaville.

Prices In Benicia & Vallejo Up 10% To 19% In One Month

Rod Herman (Coldwell Banker Solano Pacific) — Sun, 13 Dec 2009 11:10:18 -0800

Before you fall off your chair, that headline's not a misprint.

I just posted November's home sale statistics for Benicia, Vallejo and the rest of Solano County on our HomeSection.com web site and I must admit, even I was surprised to see the numbers climb that much in one month.

Based on everything I've seen happening in the marketplace in recent months, I expected to see another rise in the median price, particularly for Vallejo.

But when I saw a 10% increase in Benicia's median price -- from $374,000 in October to $410,925 in November, I was amazed.

And yet that paled in comparison to Vallejo, where the median price skyrocketed 19% from October's $150,000 to November's $178,175.

You read that correctly: Vallejo's median price was almost 1/5 higher in November than it was in October.

Now, before you read too much into these numbers, it's important to remember that a one-month report can reveal some skewed numbers due to the small sample size.

But even if a few high-end sales weighted the numbers disproportionately, there's certainly no denying that demand remains very high and with multiple- and above-asking-price offers on just about everything under $300,000.

For more details, be sure to read my post on Novembers's Solano County Home Sale Report, with city-by-city details on every city in our Solano market area,

And, be sure to see my Benicia & Vallejo Home Sale Report, with details on every home that sold in Benicia and Vallejo last month.

If You Liked RainCamp, You're Going To Love This!

Rod Herman (Coldwell Banker Solano Pacific) — Sun, 13 Dec 2009 10:29:15 -0800

My mind is still swimming with all sorts of new ideas and tech tools from RainCamp-SF a few weeks ago.

If you didn't have a chance to attend this dynamic, info-packed event or if RainCamp isn't coming soon to a city near you, don't despair.

Just block out Jan. 4th between 9 am - 4 pm PST. For that's when the second Virtual REBarCamp will take place. Best of all, it's FREE and since it's a VIRTUAL BarCamp, you can even attend in your bathrobe!

The event is hosted by Jim Cronin and his energetic crew at the RE Tomato. They held Virtual REBarCamp #1 in mid-November and it was, in a word: Mind-Blowing (I know, that's actually 2 words).

There was so much useful information, tech tips and practical advice on incorporating Web 2.0 and social media into your real estate practice. I was still in the process of assimilating all of this new-found information when I attended RainCamp a few weeks later. So you can see why, as I said at the top of this post, my mind is still swimming.

As I recall, the first Virtual REBarCamp had almost 2,000 attendees. I know they're expecting far more for the Jan. 4th event. Registration has only been open for 3 days. I just registered and 414 others had already beaten me to the punch.

The "virtual" format allows you to pick and choose which speakers you want to listen to. They have three separate "rooms" with different topics and presenters in each room. Each speaker presents in webinar format so you can follow along on your computer screen as they talk.

Each presenter speaks for about 45 minutes, with a short break between speakers, to allow you to get from one "room" to the next or for bathroom breaks, a quick snack, etc.

So over the course of 7 hours, you can attend 7 different information-packed presentations.

And if in the middle of one presentation you decide you want to move to another room, just a few clicks of the mouse and you're there. Plus, you can join a chat room and converse with other attendees or even ask the speakers real-time questions.

I attended the last Virtual REBarCamp from my home office, but I know that some RE offices projected the speakers onto a big screen in a group setting and provided food and beverages, turning the VREBC into more of an "event."

Until I attended RainCamp, I thought that Virtual REBarCamp was the best thing since sliced bread. Naturally, then, right on the heels of attending RainCamp-SF, I was elated when I heard that VREBC #2 was coming -- especially since it was so soon after the first one.

Of course, that means that between now and Jan. 4th, I'm going to have to clear out some of my brain's internal memory to make room for all that terrific new info that's sure to come in Virtual REBarCamp #2.

I wouldn't consider VREBC or RainCamp an either/or proposition. I'd attend both if you have the opportunity to do so, as they each complement one another.

On a personal note, my hat's off to those who so willingly are sharing their time and their knowledge with the rest of us -- both at Virtual REBarCamp and at RainCamp.

I think it's really helping to advance the level of knowledge and professionalism in our industry -- at least for those of us who embrace learning new ideas and are always looking to improve our own skill-sets!

I've already implemented a number of the things I learned at VREBC #1 and at RainCamp. Heck, I even finally got on board with Twitter. But so far, I've probably only implemented about 5% of what I learned at these two events. I feel like I've really just scratched the surface so far. So I can't wait for VREBC #2 in January!

If you want to attend Virtual REBarCamp on Jan. 4th, be sure to register (see the link below). And remember, it's F-R-E-E...plus there's no limit to the number of people who can attend!

Here are some links and more details from the folks putting on the event:
Register.
Learn more.
See who is coming.
Check out the Session Calendar.
Get sponsorship info.

Potential Session Topics Include:

Facebook for Real Estate
Twitter 101
Driving Quality Traffic to Your Website
Beginning Search Engine Optimization
Advanced SEO
Getting Started with WordPress
Advanced WordPress Techniques
Using Flickr for Real Estate
Using YouTube for Real Estate
LinkedIn Business & Referral Strategies
Selecting an IDX Company
Single Property Websites
Getting the Most Out Of Your Mobile Devices
The iPhone and Real Estate
Photoshop for Real Estate
Video Blogging
Video Listings
Advanced Twitter Tips
Preparing to Start a Real Estate Blog
Google Analytics and Traffic Statistics

...and much more, with new sessions being added every day.

And if that wasn\'t cool enough, individuals from around the country are volunteering to host In-Real-Life MeetUps for after the event. Learn all day, and then meet to have a beer with local participants. This is going to be a blast!

Benicia's Holidays Off To Rousing Start

Rod Herman (Coldwell Banker Solano Pacific) — Sat, 05 Dec 2009 23:38:15 -0800

There's nothing to kick off the holidays quite like Benicia's annual Holiday Open House, which always takes place in the evening on the first Friday in December.

Last night's 2009 edition was a rousing success. As you'll see in this video, people were lined up outside our office all night long for free popcorn, cotton candy and visits with Santa, To see several more videos I took last night click here.

Everyone In Benicia Will Be Downtown This Friday Night

Rod Herman (Coldwell Banker Solano Pacific) — Thu, 03 Dec 2009 11:25:12 -0800

It only happens twice a year -- an event so large and so popular that lierally the entire town of Benicia comes downtown for a feel-good experience that words and even pictures can't describe.

The first is the annual July 3rd Torchlight Parade. The other takes place this Friday night in downtown Benicia.

I'm talking about the annual Holiday Open House, which is organized by the hard-working people from the Benicia Main Street Program (the same folks who put on the always-popular Farmer's Market and a host of other events throughout the year).

From 6-9 pm this Friday (Dec. 4th), First Street will be closed to traffic as townsfolk descend on the downtown area to stop by the various business for a cup of apple cider, a bag of popcorn, some holiday cookies or maybe even a visit with Santa. And it's all complimentary.

There's always musical entertainment up and down the street -- holiday carolers, brass ensembles, and other musicians. Plus, two wine-tasting gardens and holiday wagon rides. And, the Benicia Fire Department usually rolls out its vintage fire truck all decked out in holiday lights.

The best part of the annual December holiday walk is that it provides an opportunity to stop and chat with neighbors, friends, and other familiar faces. It's almost like stepping into a Dickens novel.

For more details, contact Benicia's Main Street Program.

Additional Reading At HomeSection.com :

Small Town Benicia Will Shine Friday Night

Why Nobody Leaves Benicia On The 4th Of July

Rod Herman (Coldwell Banker Solano Pacific) — Thu, 02 Jul 2009 01:14:10 -0700

When our kids were growing up, they never wanted to leave town for the 4th of July. It wasn't because they were homebodies or didn't like to have fun.

Rather it was because nobody does the 4th like Benicia. Just ask anyone who's visited Benicia over the 4th of July. And actually, when I say the 4th of July, I REALLY mean the 3rd and 4th -- for Benicia's Independence Day activities begin on the 3rd and run straight through fireworks on the 4th.

MORE THAN JUST ONE DAY OF FUN

The party actually begins early on the 3rd, when the townspeople start lining First Street with lawn chairs and placing their blankets out on the lawn on at the City Park in anticipation of the annual Torchlight Parade.

This year's parade begins at 6:30 pm on the Third of July. It's a bit hokey, a bit folksy, and every bit Benicia. And something that most Benicians wouldn't miss. The entire town shows up -- food and drink in hand to celebrate a kickoff to our country's birthday.

The parade always has a little something for everyone. Horses, dogs and a spitting camel. Firetrucks, policecars and perhaps even a cement mixer or shiny new garbage truck. Marching bands, dancing school children, clowns, belly-dancers, even a gorilla on a bicycle.

JUST THE APPETIZER...

But that's just the appetizer, for the real fun takes place the following day -- on the 4th of July.

It all starts with the Picnic in The Park -- which runs from 12 noon to 7 pm at, you guessed it, City Park. The locals show up to eat, drink and enjoy a variety of local entertainment, which takes place in front of Benicia's hometown gazebo. There are food and beverage booths, things to do for the kids, even an arts and crafts fair. Many Benicians show up early and spend the entire afternoon at the park.

FIREWORKS OVER THE WATER

But the highlight of the day -- and the part that no 4th of July celebration can be without -- takes place at dusk. Of course, I'm talking about Benicia's always spectacular fireworks display. This year's show begins right after dusk.

The Benicia Main Street Program, which puts on the 3rd & 4th of July festivities, says the pyrotechnic display is scheduled to begin around 9 pm. But the entire town migrates down to the waterfront several hours before that. Most people set up camp either at the Marina or the First Street Green in preparation for the colorful fireworks show, which takes place over the water.

Some people prefer to watch the display from a favorite spot on one of the hills in Southampton that looks out towards the water. From some of these hillside vista points, you can see not only Benicia's fireworks show, but also those from several Contra Costa cities.

Anyone who visits Benicia over the Independence Day festivities really gets to see Benicia at its best. Back in the late 1980s or early 1990s, the Disney Channel filmed our 3rd of July Torchlight Parade as part of a network promo showing that Small Town America was alive and well.

If you long for a traditional 4th in a setting that feels like you just stepped into a Norman Rockwell portrait, don't miss this year's Independence Day festivities in Benicia. It's a slice of Americana that always keeps the townsfolk from leaving town.

For more information, contact Benicia's Main Street Program at 707-745-9791.

Historic Union Pacific Train Chugs Through Benicia

Rod Herman (Coldwell Banker Solano Pacific) — Fri, 15 May 2009 09:40:50 -0700

The last steam locomotive built for Union Pacific railroad was welcomed by several hundred history buffs, train buffs and curious Benicians as it rolled through Benicia earlier today as part of a 32-day tour celebrating the 140th anniversary of the driving of the Golden Spike.

Benicia planning commissioner Rick Ernst organized the event and said he didn’t expect more than 50 people to attend. To his surprise, four or five times that number showed up, including Mayor Elizabeth Patterson, Vice-Mayor Tom Campbell and Councilmen Alan Schwartzman and Mike Ioakimedes.

Ernst set up an impromptu Benicia train station (a tent) in hopes that the train would make a temporary stop along its way from Roseville to Oakland — the Western-most destination on its 32-day round-trip journey from Cheyenne, WY.

To Read The Rest Of This Post Click Here

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Sales UP, Prices DOWN In Solano For 1st Qtr of 2009

Rod Herman (Coldwell Banker Solano Pacific) — Fri, 15 May 2009 09:27:57 -0700

Sales figures in Solano County were either way up or way down, in the first quarter of 2009, depending on whether you’re looking at the number of sales or sales prices.

Sales were up 261% county-wide compared to the first quarter of 2008. Vallejo led the way, with almost four times as many sales this year as a year ago, followed by Suisun City (up 311%), Fairfield-Green Valley (+245%), Vacaville (+190%) and Benicia (+126%).

From January through March, Vallejo had 606 closed sales. A year ago, there were 161 over that same period. Put another way, Vallejo had almost as many sales in the first quarter of this year as occurred throughout the entire county (619) during the first quarter of ‘08.

While sales activity was up dramatically over a year ago, prices were another story. The median sales price county-wide plummeted 43% from a year earlier, dropping from $328,400 in Q1 of 2008 to $185,703 in 2009.

To Read The Rest Of This Post Click Here

Fairfield Claims Top Sales Honors For Entire U.S., According To Business Week

CLICK HERE TO View This Week's Solano Home Sales & Listings Report

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Will Obama’s Housing Plan Have An Impact In Benicia, Vallejo & Vicinity?

Rod Herman (Coldwell Banker Solano Pacific) — Fri, 15 May 2009 09:15:56 -0700

It’s been a few months since President Obama announced his Making Home Affordable housing plan. Unfortunately, in many parts of the country, including right here in Benicia, Vallejo and much of the rest of the Golden State, the plan likely won’t have much of an impact.

And, judging by what many of my colleagues in other parts of the state or country are saying, the program may be one of those that sounds good but has little impact in some of those areas as well.

In case you missed it, the Making Home Affordable Plan is supposed to help up to 9 million U.S. homeowners refinance or modify their loans in an effort to prevent responsible owner-occupants from instead becoming foreclosure casualties.

The program targets two different types of borrowers:

1. Those who have been unable to refinance and take advantage of today’s low interest rates due to their home’s drop in value; and,

2. Those who are either behind on their payments or struggling to stay current.

Part I — Refinance Assistance

The first program allows those who owe up to 105% more than their home’s current market value the opportunity to refinance into a lower-cost loan. Unfortunately, here in Solano and Contra Costa Counties as well as pretty much the rest of the Bay Area, most of the homes that are under-water have lost so much equity that they’re worth far less the 105% maximum that the Making Home Affordable plan allows.

To Read The Rest Of This Post Click Here

Fairfield Claims Top Sales Honors For Entire U.S., According To Business Week

Weekly Solano Housing Update

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FREE Job-Loss Protection For First-Time Buyers = More Peace Of Mind

Rod Herman (Coldwell Banker Solano Pacific) — Fri, 15 May 2009 09:08:51 -0700

The FREE job loss protection plan that I previously reported we would soon be able to offer most of our first-time home buyer clients is now available.

For those not in immediate danger of losing their jobs but nevertheless concerned about what the future may hold, this plan offers both peace of mind and an opportunity to buy now while prices and interest rates are still more affordable than they’ve been in years.

This new plan will provide job loss insurance payments of up to $1,500/mo. for the primary buyer and $750/mo. for a co-borrower for up to six full months.

And the best part…this job-loss protection policy is F-R-E-E to our qualified first-time buyer clients.

Some of the plan’s details:

To Read The Rest Of This Post Click Here

RELATED ARTICLES

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Confused About Which First-Homebuyer Tax Credit You Qualify For?

Rod Herman (Coldwell Banker Solano Pacific) — Thu, 26 Feb 2009 21:13:36 -0800

Law Passed Just Last Week; Tax Forms Have Already Been Revised To Reflect The New Regs

Ever since President Obama signed the American Recovery and Reinvestment Act (ARRA) into law last week, there’s been a lot of confusion here in Solano County over the first-time buyer tax credits.

Do I qualify? Do I get $7,500 or $8,000? Do I have to pay it back? When can I claim it? These are just a few of the questions that have been on the minds of many local first-time buyers in Benicia and Vallejo (and probably throughout the rest of the Bay Area and U.S.).

In the days before and since President Obama signed the stimulus bill, so much has been written about the tax credit (including here) that many first-time buyers are simply confused.

Well fortunately, in what seems like record time, the Treasury Department and the IRS have already amended the current tax forms to conform to the new law. So now we have something in black and white that hopefully will clear up much of the confusion. Based on what’s in Form 5405 (download it below), here’s what you can expect:

To Read The Rest Of This Post CLICK HERE

RELATED ARTICLES

Obama Signs Historic Stimulus Bill — $8,000 First-Time Buyer Tax Credit Is Now Official

Details On The $8,000 First-Time Home Buyer Tax Credit

What The New Loan Limits Will Be In Solano, Contra Costa & The Rest Of The U.S.

Breaking News: Congress Passes Stimulus Bill — Obama Says He’s Ready To Sign It

More Stimulus Bill News: Higher Loan Limits, First-Time Buyer Credits & More

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Search The MLS — Click Here to search the MLS for either Solano or Contra Costa Counties.

New Listing -- 824 Vassar Dr., Vacaville

Rod Herman (Coldwell Banker Solano Pacific) — Thu, 26 Feb 2009 16:34:59 -0800

824 Vassar Dr., Vacaville

BEAUTIFUL DUET HOME IN MOVE-IN CONDITION!

3 Bedrooms,2½ Baths
Approx. 1,528 Sq. Ft.
Priced At $235,000

Talk about pride of ownership! This beautiful duet home is in move-in condition and features all sorts of upgrades and custom amenities, including a gourmet kitchen with tiled breakfast bar, self-cleaning gas oven & range, over-the-stove microwave, and stylish laminate flooring.

Along with three upstairs bedrooms, there’s a family room, living room, dining area off the kitchen, and interior laundry. There’s a tile-faced gas-and-ceramic-log fireplace in the living room. The master suite features plant shelves, two closets & double vanity sinks. And, there’s central air plus a covered patio in the backyard. This home is a Short Sale, with VERY motivated and cooperative Sellers!

If you’d like to know more about this home or to arrange to see it, please contact us at 707-747-6600 or via email at rjherman@HomeSection.com.

Solano County’s Weekly Home Activity Reports For Feb. 23

Rod Herman (Coldwell Banker Solano Pacific) — Tue, 24 Feb 2009 19:47:46 -0800

As has been the case for most of the past six or seven weeks, all of the cities in our Solano County market area except Benicia have fewer active listings today than they did a week ago.

For the first time this year, Vallejo is under the 800 mark, with 796 active listings, thanks to a 25-home decrease from a week ago. In the last two weeks alone, Vallejo’s inventory has dropped by more than 5 percent.

Some of the recent decrease, no doubt, has been due to the moratorium on foreclosures, first by Fannie Mae and Freddie Mac and most recently by major banks like Bank of America, CitiBank, and Chase, all of whom agreed to halt foreclosures until early March in order to give President Obama an opportunity to release details of his recently announced Homeowner Affordability and Stability Plan (details of that plan are to be published next week).

In this week’s Pending & Sold Report, you’ll see that ...

To Read The Rest Of This Post And View This Week's Reports, Click Here

Related Articles:

Weekly ACTIVE LISTINGS Report (2-23-09)
Weekly PENDING & SOLD Report (2-23-09)
View The Most Recent Weekly Market Update
Vallejo January Home Sales
Benicia January Home Sales
Pre-Foreclosure Activity Down In 4th Qtr ‘08

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Search The MLS — Click Here to search the MLS for either Solano or Contra Costa Counties.

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NAR Chart Details The New First-Time Home Buyer Tax Credit

Rod Herman (Coldwell Banker Solano Pacific) — Mon, 16 Feb 2009 00:01:24 -0800

As the nation waits for President Obama to sign the historic American Recovery and Reinvestment Act into law, much has been written (including here) about the revised First-Time Home Buyer Tax Credit.

Our National Assn. Of Realtors’ governmental affairs unit has just come out with a handy chart showing the differences between the old law, which went into effect last April, and the law that will go into effect once the President signs it on Tuesday.

Under the new law, most first-time buyers who bought a home between Jan .1 of this year and November 30 will be entitled to an $8,000 credit. The 2008 law provided a $7,500 credit, which has to be paid back at $500/year over a 15 year period.

To view the National Assn. of Realtors’ chart CLICK HERE.

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Related Articles:

What The New Loan Limits Will Be In Solano, Contra Costa & The Rest Of The U.S.

Breaking News: Congress Passes Stimulus Bill — Obama Says He’s Ready To Sign It

More Stimulus Bill News: Higher Loan Limits, First-Time Buyer Credits & More

Foreclosure Freeze By Citibank, Wells Fargo, Bank of America & Chase

Breaking News: Compromise Stimulus Bill Axes Senate’s Proposed $15k Home Buyer Tax Credit

If Senate Has Its Way Tax Credit Won’t Just Be For First-Time Buyers

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Search The MLS — Click Here to search the MLS for either Solano or Contra Costa Counties.

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This Post Originally Appeared At HomeSection.com:

Download This Chart On The New First-Time Home Buyer Tax Credit

What The New Loan Limits Wil Be In Solano, Contra Costa & The Rest Of The U.S.

Rod Herman (Coldwell Banker Solano Pacific) — Sun, 15 Feb 2009 16:41:46 -0800

As I wrote the other day (click here), the Stimulus Bill that should be signed into law on Tuesday by President Obama will raise conforming (Freddie Mac, Fannie Mae) and FHA loan limits to what they were at the end of 2009.

For Solano County, that means both the FHA and Conforming ceilings will go up to $557,500. Since Jan. 1, they had been at $400,200 and $417,000 respectively.

In Contra Costa County, the limits will go from $625,500 to $729,750.

The new limits will mean an opportunity for buyers to obtain conventional and FHA financing on homes priced between the old loan limits and the new ones.

Our National Assn. of Realtors has prepared a table showing the new maximum limits for every county in the U.S. These limits aren’t official yet and won’t be until HUD publishes them (which should happen very soon after the bill is signed into law).

Click here for the new loan limits for the Entire U.S.

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Recent Articles:

Breaking News: Congress Passes Stimulus Bill — Obama Says He’s Ready To Sign It

More Stimulus Bill News: Higher Loan Limits, First-Time Buyer Credits & More

Foreclosure Freeze By Citibank, Wells Fargo, Bank of America & Chase

Breaking News: Compromise Stimulus Bill Axes Senate’s Proposed $15k Home Buyer Tax Credit

If Senate Has Its Way Tax Credit Won’t Just Be For First-Time Buyers

Want To Receive This Type Of News Automatically By E-Mail? Subscribe Here.

Search The MLS — Click Here to search the MLS for either Solano or Contra Costa Counties.

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This Post Originally Appeared At HomeSection.com:

What The New Loan Limits Will Be In Solano, Contra Costa & The Rest Of The U.S.

A Benicia Tradition Shuts Its Doors Today…But Before You Shed A Tear…

Rod Herman (Coldwell Banker Solano Pacific) — Sun, 15 Feb 2009 15:28:04 -0800

For anyone who’s ever eaten at The Shoreline Restaurant, Mike and Gayle’s Burgers-By-The-Bay or the erstwhile Washington House, today marks the end of an era.

That’s because when The Shoreline and Mike & Gayle’s close up later today, they’ll lock their doors for the last time in downtown Benicia, ending a 30-year legacy for the long-time Benicia restauranteurs.

Though, before you get too melancholy, city councilman Mike Ioakimedes and his wife Gayle aren’t leaving Benicia nor the restaurant business at all.

They’re closing their doors on First Street, yes, but plan to open a new restaurant in the Southampton Shopping Center several months from now, at the site of the former Country Waffles, near the entrance to the shopping center.

The new venture will be called Mike & Gayles Hometown Grill and they’ve set up a new web site for the restaurant, where visitors can stay abreast of their progress. They’re also soliciting menu suggestions, so if you have any favorites, now’s the time to let them know.

One of the trademarks of both the Washington House and the Shoreline location has always been the 100-year old marble soda fountain, a classic throwback to yesteryear that has been in the Ioakimedes family all these years.

From what I’ve heard, the soda fountain thankfully will remain a cornerstone of the new restaurant.

So if you’re hankering for a juicy burger, a Gyro, a plate of Spanikopita or one of Mike & Gayle’s famous breakfasts, if you didn’t get there today, you’ll have to put your tastebuds on hold for a few months.

For today marks the end of an era.

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This post originally appeared here:

A Benicia Tradition Shuts Its Doors Today…But Before You Shed A Tear…

Breaking News: Congress Passes Stimulus Bill — Obama Says He’s Ready To Sign It

Rod Herman (Coldwell Banker Solano Pacific) — Sat, 14 Feb 2009 11:50:02 -0800

$8,000 First-Time Homebuyer Tax Credit, Higher Loan Limits Included In The Final Bill

The Economic Stimulus Bill, which has consumed much of my attention for the better part of this past week, received Congress’s stamp of approval late last night and is now ready for President Obama’s signature. And according to all reports, he’s eager to sign the bill into law right away.

In terms of real estate, the new law will be a boon to most first-time buyers who purchase this year, as most will qualify for an $8,000 tax credit on their 2009 tax returns.

The old law, which was to expire in July, provided a $7,500 tax credit on homes purchased since last April. However, that law required the entire $7,500 to be repaid, in $500/year annual installments, which essentially made it not a tax credit but simply an interest-free loan.

Under the new law, the now-$8,000 tax credit won’t have to be repaid, making it a true credit for the first time.

There are income limitations (haven’t yet found out whether it’s changed from what it was under the old law, which was a maximum AGI of $150,000 for joint filers and $75,000 for individuals and phased out between $150k-$170k and $75k-$95k for those filing types).

The new credit will apply to all qualified home purchases in 2009; an earlier version of the bill had it expiring in September, but now home buyers have all the way until the end of November. And it now covers home purchases since the beginning of the year (an earlier proposal had it taking effect only after the bill was signed into law).

Here is a description of the tax credit directly from the Senate’s web site (for the Senate’s entire tax credit summary, Click Here):

Refundable First-time Home Buyer Credit. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase. This proposal is estimated to cost $6.638 billion over 10 years.

In addition to the tax credit, the new law also will return the Fannie Mae/Freddie Mac and FHA loan limits to what they were in 2008, when Congress temporarily raised them to help offset the disappearance of reasonably-priced ‘Jumbo’ loans.

In Solano County, Fannie/Freddie (conforming) loans were $557,500 a year ago and are now $417,000. In Contra Costa, they were reduced from $729,750 in ‘08 to $625,500 this year. The FHA limits are $400,200 in Solano and $625,50o in Contra Costa County (same as the conforming limit).

Once the new law takes effect, financing doors that closed on Dec. 31, will reopen for some borrowers needing to finance an amount above the current loan limits.

Last year, there were add-ons that made the jumbo-sized Freddie/ Fannie/FHA loans more expensive than their lower-balance counterparts. The assumption is that that will be the case again. As I hear more details, I’ll keep you posted (so check HomeSection.com often…or subscribe via email to receive these updates automatically).

Finally, the new bill did, I also noted yesterday, includes a provision providing eligible tax payers with a $1,500 tax credit for certain energy upgrades to their homes.

Keep in mind that all of this information is based on various news reports or industry advisories I’ve read. So it’s possible that some not-yet-publicized details may amend what you’ve read here.

So once the bill is signed into law by President Obama and all the nitty-gritty details are made public, I’ll write a new article, outlining the more details about the new law.

Stay tuned…

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Breaking News: Congress Passes Stimulus Bill — Obama Says He’s Ready To Sign It

Foreclosure Freeze By Citibank, Wells Fargo, Bank of America & Chase

Rod Herman (Coldwell Banker Solano Pacific) — Sat, 14 Feb 2009 10:20:01 -0800

No New Foreclosures Until Government’s Foreclosure Prevention Plan Is Ready

Four of the world’s biggest banks have all agreed to temporarily halt foreclosures while President Obama and his staff put together a plan designed to help people stay in their homes.

Heavy hitters JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo all have said they will not foreclose for the time being. All four banks received a public dressing-down by Congress earlier in the week for their apparent failure to use billions of dollars of government money that came their way as part of last year’s bailout for the purpose it was intended.

By the end of the week, four of the eight CEOs who were grilled and chastised by Congress publicly announced that they would put a temporary mortorium on new foreclosure proceedings, something that Rep. David Scott (D-Georgia) had sternly requested during Wednesday’s Congressional hearings.

President Obama has indicated that he expects to announce his foreclosure prevention plan next week.

Here’s what the four banks each announced, according to various news reports I’ve read:

JP Morgan Chase — A moratorium on new foreclosures of owner-occupied homes will be in effect through Mar. 6.

Citigroup — A moratorium on all principal-residence foreclosures through Mar. 12 or the date the government finalizes its loan-modification program, whichever occurs earlier.

Bank of America — A moratorium on owner-occupied homes owned or serviced by both BofA and its Countrywide unit will remain in effect through Mar. 6, with a possible extension beyond that date if warranted.

Wells Fargo – A foreclosure moratorium on its loans until the government’s foreclosure prevention plan is finalized. Presently, the moratorium will only apply to loans held by Wells Fargo or its Wachovia unit, though Wells is apparently also encouraging investors on the loans it ” services” to follow suit. (Note: many banks collect payments as a “servicer” for the actual owner (investor) of that loan.)

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If Senate Has Its Way Tax Credit Won’t Just Be For First-Time Buyers

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Foreclosure Freeze By Citibank, Wells Fargo, Bank of America, Chase

More Stimulus Bill News: Higher Loan Limits, First-Time Buyer Credits & More

Rod Herman (Coldwell Banker Solano Pacific) — Thu, 12 Feb 2009 18:57:25 -0800

Details Still A Bit Sketchy, But Here’s What We’ve Learned So Far As It Relates To Housing

Though the actual bill itself hasn’t yet been made public, from what I’ve been reading in various real estate and general news outlets today, it looks like the Economic Stimulus Bill will, among other things, increase the maximum FHA and Conforming Loan Limits back to where they were in 2008.

Highlights of what I’ve cobbled together so far:

As I reported earlier today, the Home Buyer Tax Credit, which up until now has been essentially a 15-year interest-free loan, will become a true tax credit. But it will remain for first-time buyers only — with income limits — and will be increased from $7,500 to $8,000 (the Senate had voted for a $15,000 credit that would be good for ALL owner-occupants, not just first-time buyers).

Maximum loan limits for Freddie Mac/Fannie Mae and FHA loans will apparently return to what they were last year (the actual amounts haven’t been confirmed, so what’s shown here is based on the ‘word on the street’).’ In Solano County, Fannie/Freddie loans were $557,500 a year ago and are now $417,000. In Contra Costa, they were reduced from $729,750 in ‘08 to $625,500 this year. The FHA limits are $400,200 in Solano and $625,500 in Contra Costa County (same as the conforming limit). If the limits are returned to their previous ceilings, it would be easier for buyers of higher-priced homes to obtain mortgage financing.

Local and state governments will receive funding to help offset some of the impacts brought on by the onslaught of foreclosures and abandoned properties.

Increases the tax credit for certain energy-efficient home upgrades to $1,500 and extends the credit through 2010.

Provides up to $1.5 billion for short-term rental assistance or other aid for families impacted by the economic crisis.

Again, this list is by no means all-inclusive. And it’s subject to modification by lawmakers before Congress votes on it.

Once the bill is passed and signed into law by President Obama, I’ll post a follow-up article with details. And if things change again between now and then, I’ll provide an update as well.

So stay tuned…

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More Stimulus Bill News: Higher Loan Limits, First-Time Buyer Credits&More

Thursday A.M. Update On The Stimulus Bill's Home Buyer Tax Credit

Rod Herman (Coldwell Banker Solano Pacific) — Thu, 12 Feb 2009 12:42:56 -0800

UPDATE: 2-12-09 4:40 PM PST — The contents of the bill haven’t yet been confirmed, but the some the apparent details are coming forward, including a return to last year’s higher loan limits. CLICK HERE for a list of what I’ve learned so far.

UPDATE: 2-12-09 10:30 AM PST – If nothing else changes between now and the time Congress votes on the bill tomorrow, it looks like the Home Buyer Tax Credit proposed in the House version of the stimulus bill, with one minor change, will be the included in the final bill that goes to Pres. Obama.

That would provide an $8,000 tax credit to buyers who close escrow between the date the bill is signed into law and Aug. 31 of this year. And, there would be no repayment, making it a true credit, as long as the homeowner stayed in the home for at least three years.

The House version of the bill had recommended keeping the credit at its current $7,500, so the compromise bill increased the credit by $500, but the full $7,500 that the Senate had proposed.

However, I’ve read that the current $8,000 figure could be changed again before tomorrow’s anticipated vote.

Stay tuned…I’ll update things as I find out more information…

Read Yesterday's Late Afternoon Post

Breaking News: Compromise Stimulus Bill Axes Senate’s Proposed $15k Home Buyer Tax Credit

Rod Herman (Coldwell Banker Solano Pacific) — Thu, 12 Feb 2009 00:59:17 -0800

This just in from Washington — as the Senate and the House worked out a compromise Economic Stimulus Bill, one of the things that apparently was trimmed from the bill is the Senate-proposed $15,000 home buyer tax credit.

I haven’t seen details of the compromise bill — only various news accounts highlighting some of the items that were axed from the original House or Senate versions.

I detailed differences between the Senate and House bills in my post from a few days ago (see Related Reading link below).

Under the current law, the ‘tax credit’ is really nothing more than a glorified $7,500 interest-free 15-year loan, since it must be repaid in its entirety.

The original House version kept the credit at $7,500, but at least called for making it a true credit by eliminating the repayment requirement in most cases.

As of right now (Wed. evening), I’m not sure whether that repayment elimination feature was included in the compromise bill or not.

Once I have more details on the real-estate-related elements that have been incorporated into the compromise bill, I’ll post them here.

So be sure to check back soon…

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Breaking News: Compromise Stimulus Bill Axes Senate’s Proposed $15k Home Buyer Tax Credit

Solano County’s Weekly Housing Inventory Report For Feb. 9th

Rod Herman (Coldwell Banker Solano Pacific) — Tue, 10 Feb 2009 01:10:38 -0800

Inventory Up Throughout Most Of The County For The First Time In Four Weeks

Aside from Fairfield/Green Valley, this was the first time in four weeks that the other cities in our Solano County market area saw a net increase in their housing inventory.

The change from a week ago:

Benicia — Up 1%
Vallejo — Up 1%
Fairfield — Down 5%
Suisun City — Up 5%
Vacaville — Up 1.6%

Despite the increases throughout most of the county, the inventory is still down substantially everywhere except Benicia, where it has stayed fairly constant since the beginning of the year.

To see the full report, which includes week-by-week totals since the beginning of the year, CLICK HERE.

Related Articles:

Current Week’s Market Update

Vallejo January Home Sales

Pre-Foreclosure Activity Down In 4th Qtr ‘08

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Solano County’s Weekly Housing Inventory Report For Feb. 9th

A Taste Of First Returns To Benicia Feb. 26

Rod Herman (Coldwell Banker Solano Pacific) — Tue, 10 Feb 2009 01:05:24 -0800

A Great Way To Sample Benicia’s Many Flavors

Who says you never get a second chance?

If you missed A Taste Of First last fall, you’re in luck, because the popular culinary event is back for a third time later this month — Feb. 26th to be exact.

For $35, you get a plate, a glass of wine and the opportunity to stroll up and down First Street, where the various participating restaurants will each fill your plate with an assortment of culinary delights.

Participating restaurants in February’s Taste of First will include:

Aroma
Camellia Tea Room
Captain Blyther’s
Double Rainbow
First Street Cafe
Java Point
Pacifica Pizza
Randy's Mexican Grill
Sahara Mediterranean Cuisine
Union Hotel Restaurant
Venticello’s

Additionally, 18 other non-restaurant First Street merchants will also be participating this time. The flyer bills it as An Evening of Food, Wine, Live Music & Fabulous Prizes.

Venticellos & Sahara are two of the participants in the popular 'A Taste Of First' Feb. 26

The first Taste of First, last February, sold out. I missed that one, but made sure I bought my tickets early for the encore last September. I’m planning to be there for #3 as well.

Along with the chance to sample some of Benicia’s finest treats, the event also offers a great opportunity to casually meander down First Street, visit with friends and other Taste of First diners, and enjoy some live outdoor music along the way.

The event is put on by Benicia’s always-energetic Main Street Program. For more information, Click Here for the Taste Of First flyer or call the Main Street office at 707-745-9791 for ticket information. The Main Street office is located at 90 First St. — inside the old train depot.

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A Taste Of First Returns To Benicia Feb. 26

If Senate Has Its Way Tax Credit Won’t Just Be For First-Time Buyers

Rod Herman (Coldwell Banker Solano Pacific) — Tue, 10 Feb 2009 00:58:31 -0800

Though Congress or the President may have made more alterations to the Economic Stimulus Bill by the time you read this, if the final bill follows the Senate’s lead, the housing market could get just the jolt it’s been waiting for.

That’s because the current draft of the Senate’s version of the bill includes a provision providing for a tax credit of up to $15,000 for EVERYONE who purchases a home as their principal residence between the time the bill becomes law and Sept. 1 of this year.

That’s far different than the current law, which provides a $7,500 tax credit (or 10% of the purchase price, whichever is less), but it must be repaid in 15 annual payments over 15 years, beginning in 2010 (or all at once if the home is sold prior to 2025).

So it’s really not a credit, but rather an interest-free loan. And currently, the credit is only available to first-time home buyers.

The House of Representatives’ version of the stimulus bill made a few modifications to the existing credit; the biggest one being the elimination of the repayment requirement as long as the home isn’t re-sold in the first three years, thus turning it into a true Tax Credit.

But the Senate’s currently proposed version of the bill makes the most sweeping changes, including:

Doubling the maximum credit to $15,000

Making the credit available to ALL homebuyers (not just first-timers) as long as its for their principal residence

Repayment ONLY if the home is re-sold in the first 2 years

Applies to purchases completed by Sept 1, 2009 (under the House proposal and current law it would expire July 1)

The one huge technicality that could affect those presently in escrow is that both bills provide that new tax credit rules will only apply to purchases that occur AFTER the new law is signed by President Obama.

So if you close escrow the day before the law takes effect, you’d miss out on the new credit and would instead be subject to the old rules (first-time buyer, full repayment, etc.).

It remains to be seen, how all this will shake out, for before it can become law, the full Senate must approve the bill, then the Senate and the House must merge their bills into one, and finally the president must sign it.

So a lot can happen between now and then, which is why I said at the top of this post that what you’re reading now could be obsolete by the time you read it. (I’ll keep a close ear to what’s happening and will update this post as I hear more news.)

At any rate, if the bill that gets President Obama’s signature mirrors the current Senate proposal at least in terms of the home buyer tax credit, then it could be just the tonic the real estate market has been waiting for, since it would give most buyers who purchase between late February and the end of summer a huge financial incentive to do so.

That could be just the impetus that’s needed to get more opportunistic buyers who have been waiting to see if prices or interest rates will drop further to jump back into the market.

And when the market starts to heat up, it usually fuels more of the same.

Personally, I’m encouraged by our legislators’ frenetic attempt to get things back on track as quickly as possible. Congress and particularly our new president seem to be on a mission to right the ship quickly and effectively. So far, the emphasis fortunately has been on solutions, not politics, which is very encouraging.

At least that’s how it looks from my perch.

Our National Association of Realtors created a chart outlining the Tax Credit differences between the current law, the house bill, and the current draft of the Senate’s version. To view that chart CLICK HERE.

Chart Courtesy of National Assn. of Realtors

Related Article: Senate Bill Could Help Military Transferees

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