The Regillus -- the grand Beaux Arts building facing Lake Merritt in Oakland CA

The first time I saw this 8-story condominium building, I was in love. It was like being transformed in time and place. It harkens to a New York state of mind.

Everything about this property is first class. Circular drive with cobbled stones. Beaux Arts architectural style with balconies and balustrades. Delightful gardens. Marble grand entrance. Formal lobby attended by a concierge. Formal salons overlooking the garden and Lake Merritt. A carriage building serving as parking garage.  Luxurious estate in an exquisite setting.

Rare opportunity to buy at The Regillus

When a rare 3 bedroom, 2 bath unit became available, I jumped at the opportunity to show this to my clients relocating from Ohio.  It was pure joy --- mine, and my clients'. In Ohio, my clients had a 4000 square foot home with lush gardens, but they were looking for a more urban experience where they can walk around. They were prepared to downsize, but they didn't want to sacrifice location. They couldn't have asked for more. This historic address has everything they want. Best of all, this has fabulous views of Lake Merritt.

The Regillus was a perfect fit

Not only did this unit meet their minimum requirements, it was in a tremendous location across from Lake Merritt, with a high WalkScore of 94.

Oh....the romance of living in one of the most fascinating and historic addresses on Lake Merritt!

According to An Architectural Guidebook to San Francisco and The Bay Area, this building was designed by Willis Lowe in early 1920s. It replaced  the big house on a big lot owned by August Schilling, a retail businessman from San Francisco.

In keeping with the historic significance of this property, the carriage house and the gardens remain. This photo is from the Postcard History series for Oakland.

I am wondering if The Regillus was named after a person, or it was meant to commemorate the Battle of Lake Regillus.

Clients are happy and so am I

What I do know is that my clients are thrilled to be the newest owners of one of the most fantastic units in this extraordinary building. I am honored that I played a part in their adventure.

Now and then someone will ask me, “What’s a trustee sale like?”

Trustee Sales or Foreclosure Trustee Sales in Alameda County are held at 1225 Fallon St. Oakland CA Monday through Friday from noon to 2 pm.

It’s another real estate market, the last step in the foreclosure process.

The investors gather at the courthouse steps. The auctioneer calls out the properties and begins the bidding. It’s hard to hear the auctioneer but the investors can hear him just fine. The buyers are savvy investors resembling a group of Vegas gamblers. In a sense they are gambling, and they are addicted to the thrill of the auction.

The investors walk around with their papers letting no one see their numbers. Their homework done, they mill around waiting for the right deal. Each one has a way of checking out the properties. Some subscribe to special research services. These guys are serious. Many of them have been doing this for 10 to 20 years.

Most of the properties go back to the bank. The bidders know what’s a good deal, and it’s all about the bottom line. If they don’t get something today, they’ll be back tomorrow.

You need to bring cashier’s checks in denominations of ten thousands and twenty thousands. How would you feel carrying a load of cashier’s checks in Oakland?

For most buyers this market is not an option. It takes guts to plunk a hundred or two hundred thousand dollars on a house you know very little about, and once the bid is accepted the buyer can’t back out…not with the deposit anyway.

For curiosity, it’s good to see the trustee sale process, but I don’t recommend it for rookies or for people with low tolerance for risk.

On a side note, just this past month in Alameda and Contra Costa counties, three investors pled guilty to collusion and twenty other ones will be indicted by the FBI for participating in private auctions. Kind of paints a dark picture, doesn’t it?

How can I help an investor? By giving my opinion as to whether or not it’s a good deal and an idea of resale value.

December 18, 2011. Slow open house doesn’t mean an unproductive day.

Just because there were few people who came to my open house isn’t reason to call this day a loss.

Au contraire!

From my conversations with those who came, I found out that one couple currently owns a condo at The Essex on Lake Merritt in Oakland CA, and literally just one door away from one unit that I recently sold, and one floor below another sale this year. This is the view from those units.

We had a good conversation about their wanting to move to our island city of Alameda CA. However, they have a quandary about their current condo which they bought at the peak. Although they can afford to keep up the monthly payments, they are contemplating just walking away.

I hope that I was able to give them some things to think about -- the effects of a short sale versus a foreclosure, how long it will take them to be able to buy another house, etc. One of the benefits of being a CDPE (Certified Distressed Property Expert) early on was having the confidence to give the owner ideas and options to consider besides strategic default.

I offered to talk with them more in depth after they have a chance to think of what their next step or option may be.

Stimulating discourse --- now, in my book, THAT is an accomplishment.

As for the rest of the open house --- I answered emails, wrote some personal notes, and for a few moments, simply took time to take deep breaths and relax.

For the rest of the evening, I took a break....

The biggest and most important activity for the rest of the evening: making a list of things to do tomorrow.

• Naturally, short sale follow ups top the list.
• Prepare for two property showings in the afternoon
• Attend to the renovations at my place ---- I can see my home office taking shape, and subsequently, more inspiration and motivation!
• Attend to a problematic tire -- must take care of my vehicle which I depend on to take care of me and my business

RELATED POST

SHORT SALE PRIMER for sellers --- setting the groundwork and expectations

The Essex is an impressive building overlooking Lake Merritt in Oakland CA. It iss located on a bend, and as such has views of nearly the entire lake.

The Essex is a relatively new complex that was started in 2001 and made a tremendous impact when it was completed in 2004. It was first introduced to the public as a 20-story luxury apartment complex with 270 units. I remember that when I inquired about rents, it reminded me of San Francisco prices where even the parking space had a price.

Not only is The Essex one of the tallest structures facing the lake, it also features tremendous amenities that continue to draw the buying public. The lakefront units have amazing views. In this case, the rule for valuing each unit is simple: the higher the floor, the better the view, and the higher the price.

Condo conversion

When it was converted to a condominium complex, the renters rejoiced and took advantage of being among the first to buy their choice of condos.

But when the economy took a tumble, some of the residents found themselves unable to continue living there --- and in the last few years, there has been a number of foreclosures and short sales. Unsurprisingly, as soon as the listings are posted, and as long as the prices are perceived to be reasonable, they immediately get into contract.

This can be a classic example of how one man's misfortune becomes another's good fortune. People who have longed to live in the Essex now find themselves in the enviable position of being able to buy the condos at prices that are more affordable to them.

The amenities are tremendous. 

A resident can forget his membership in an outside gym because The Essex has a professional level gym that is fully equipped with floor to ceiling windows to maximize the views of the lake. The lobby is well-appointed with some of the plushest leather seating. It's not unusual to see parents bring their toddlers to play in the lobby.

The courtyard, which also overlooks the lake, has a large heated pool, a spa, and spacious barbecue area. There's a huge grille for the residents' use. And the clubhouse. WOW. What a great place to have a party -- it has a fireplace, a kitchenette, comfy sofas, tables and chairs.

As an added benefit -- they also have a space used as a book exchange area where people can drop off books they've read, and get new ones they haven't read. Many of the books are even hard-bound.

People who work at home can also use the large conference room and the business center for business meetings as needed.

Security it top notch.

There is 24-hour security and on-site management and maintenance staff.

One needs a key fob to get to the parking garage, to enter the building, to ride up the elevator. If a guest wants to go up the elevator, only the security guard or the resident can take him to the upper floors because without the key fob, the elevators will only go down.

Great location. Low prices. Tremendous value. That's The Essex!

Why, or why, will some realtors still use someone else's picture to use in a listing, without at least attempting to see who took the picture and getting permission?

This is a pet peeve.

,,,,since we now have so many digital cameras of all shapes and sizes, at all budget ranges...

....and since many phones today have high-quality, high megapixel built-in cameras...

It smacks of laziness, lack of effort, lack of imagination, and in my opinion, a broken promise to do one's best to service a listing if one simply copies someone else's work, be it a photo or text description.

It's not that hard, folks!  Even a non-professional photographer with an old camera (some folks simply use their phones) can take decent pictures.

I took this photo using an "old" circa 2004 Lumix digital camera

It was nearly at dusk, and I was facing the sun. Thank goodness for the free Picasa photo editing software and the wonders of Microsoft Office Picture Manager, I was able to make this photo quite nice-looking. Nice enough that some folks have used it for their listings at the same building!

OAKLAND MUSEUM OF CALIFORNIA

OAKLAND MUSEUM OF CALIFORNIA.  Its a hidden treasure in Oakland.  Located near Lake Merritt the Museum is a wonderful illustration of the diversity and charm of the State of California.  When it was built it was hailed as a museum that serves as a vibrant urban park and public space.  The Oakland Museum of California was created by City of Oakland when it merged three smaller museums, The Oakland Public Museum, Oakland Art Gallery and the Snow Museum of Natural History.  The museum's architecture, designed by Kevin Roche, combine three-tieres of galleries, terraces, patios, sculpture gardens, and ponds.

Built in 1969 as the Museum for the People the museum offers three continuous galleries, Art, History and Natural Sciences and changing special exhibits.  "The mission of the Oakland Museum of California is to connect communities to the cultural and environmental heritage of California.  Through collections, exhibitions, education programs and public dialog, we inspire people of all ages and backgrounds to think creatively and critically about the natural, artistic and social forces that characterize our state and influence it relationship to the world."  

SCULPTURE  AND POND ON THE NATURAL SCIENCE LEVEL 

 The Natural Science Gallery showcases one of the world's ten biological hot spots.  The State of California.  California contains the greatest biological diversity in the nation. The 25,000 square foot gallery showcases seven specific locations in California, their habitats and wildlife.  I worked in the Natural Science Gallery for 11 years as a docent conducting tours for school groups and others.  It was wonderful and fulfilling and I loved it.

The Art Gallery features 70,000 works form the early 1800 to the present by California artists.   Paintings run the gamut from huge, imposing landscapes of Yosemite by Thomas Hill and Albert Bierstadt painted in the late 1800s to modern art by noted artists such as Wayne Thiebaud.  The gallery and the Museum grounds feature many sculpture.

The History Gallery demonstrates California as a place of great diversity.  Starting with the indigenous people followed by the great hoards of people who have come to California.  There is a wonderful collection of native baskets and other Native American artifacts. Gold Rush era items are displayed as are artifacts from the Great Depression including a 1930 truck fitted for the move from Oklahoma to California.  There are over 17 millions items representing California's history and culture from before Europeans arrived to the 21st century. 

The Oakland Museum of California is 300,000 square foot of landscape and gallery space and is located near BART and near Lake Merritt . 

SPEECHLESS SUNDAY

SPEECHLESS SUNDAY:  photo of a black crowned night heron looking for dinner on the grounds of the Oakland Musuem of California in Oakland.

The heron is sitting on a tree branch over a pond containing humengous coy and some smaller fish.