Real Estate Addict

Community Redevelopment Agencies in harms way? I hope not, Downtown LA needs this!

2011-03-09T14:38:00.000-08:00

How anxious is the Community Redevelopment Agency feeling right now? Following a hastily-called meeting, this morning the Community Redevelopment Agency Board of Commissioners moved to freeze nearly $1 billion to pay for more than 200 planned CRA projects, developments ranging from the parking garage at Eli Broad's new downtown museum to the controversial 1601 Vine office tower in Hollywood.

With the entire agency facing elimination under Gov. Jerry Brown's budget cuts, the CRA quickly put together a draft agreement with the city that socks away $930 million for future projects.

Selling Your Home, Sometime?

2010-06-15T11:25:00.000-07:00

From Linda Schechner:

Selling Your Home, Sometime?

Welcome to 2010, a New Decade

2010-01-04T17:31:00.000-08:00

Many journalists, Wall Street Moguls and Main Streeters are referring to the past 10 years as "The Lost Decade"

NAR reported last week that 2009's median price for a home was $172,600 - supposedly up 25% from a decade ago when the median price of a home was $137,600 in 1999. But as CNN Money pointed out recently, if you consider the cumulative effect of inflation the median price of a home in 2009 is actually 3% lower than in 1999.

This is good news and good times for anyone who may still be employed! Friends of mine will close on their first home in two days. A top-floor (penthouse) loft in a recently-build complex in the City of Angels. Like many homes, it has been vacant for months due to foreclosure but for the price they paid - this is going to have an excellent increase in equity and will provide an excellent down payment on their next future home.

But for those who still cannot enter the housing market, please do not fret. If you recall Citigroup suspended its foreclosures for 30 days last month. At the time (Dec 18, 2009) this was going to relieve 2,000 borrowers scheduled to foreclose and 2,000 borrowers who were to receive notice of foreclosure..... approximately 20% of Citigroup's mortgage servicing and lending portfolio. Take a moment to consider all the other mortgage companies and borrowers who are in default and approaching foreclosure..................... get the picture?

There's going to be a glut of inventory in the housing market for years to come. We are certainly near the bottom of the market so if you intend to BUY LOW, now is the time to make contact with a REALTOR you trust and begin creating a plan of action for your house hunt.

Email me for more information at HeatherSoldonia@Windermere.com

A Couple Thoughts for First Time Homebuyers

2009-09-28T11:48:00.000-07:00

I'm so excited to be involved in your home-purchase experience! The following are a few things to give you some direction....

1. Find out how much credit you can qualify for
Even if you're only in the just-thinking-about-it stage, you should speak with a lender about getting pre-qualified. This is a quick step in which a lender determines how much you can borrow based on the financial information you provide. It will give you a clear picture of how much home you can afford!! This step is the most beneficial to you and your Realtor because you'll stop looking at (and falling in love with) homes out of your price range, I'm here to prevent broken hearts, lol. You will find a home you love, in your price range.... we just have to know that $ amount first =)

2. Do you have a green light?
After speaking with the lender, do you feel prepared to begin the homebuying process? A lot of times after this conversation, there is a new realization that you're not ready yet. That's ok! My job is to align myself with where you are in the process. If you are at Step 1, I'm right there with you and we can work together as you work towards that goal. If you have a clear understanding and you're ready, let's meet and discuss your expectations!

3. New or Resale Homes?
Having worked for a homebuilder, I understand the attraction to a new home. And as a real estate broker, I see the benefits of buying a resale home. It is all about your preferance, I can represent and advise you with either type of purchase. The tip of the iceberg is:

With a New Home:
- Opportunity to choose upgrades: flooring, cabinets, hardware, etc
- More energy efficient materials: insulation, windows, heating/cooling systems
- Home Warranty from Homebuilder
- Special financing and/or bonuses from Homebuilder
- HOA maintains front exterior of home

With a Resale Home:
- Opportunity to make upgrades & get a higher Return on Investment (ROI) aka Sweat Equity
- State incentives and rebates for home energy retrofits
- Home warranties available from HomeGuard and other companies
- Can use family-trusted mortgage brokers
- Can make paint color changes and landscape changes without HOA approval

For more tips and things to consider in your upcoming home endeavor, CALL ME FOR AN APPOINTMENT: 510.303.9709

Bay Area - among the top 25 largest economies in the world!

2009-09-10T10:39:00.000-07:00

On Tuesday, the SF Chronicle reported that the Center for Continuing Study of the California Economy estimated that the 2008 GDP (gross domestic product) of the Bay Area would rank 22nd among world economies!! So if the Bay Area were a nation, its $487 billion economy would top Sweden (who has a $480 billion economy)............... California, in its entirety, would rank as the 8th largest world economy.

They estimate that between now and 2017 about 100,000 jobs will be created for transportation and wholesale trade, 400,000 jobs in professional, technical and information services sectors, and about 100,000 in the tourism and entertainment fields. They also point out that in addition to job creation, there will also be a surge of opportunities for job replacement as baby boomers move into retirement, estimating that for every 100 new jobs created in the next 10 years, 150 replacement jobs will be available to replace existing workers.

Hopefully, this sheds some light on our road of recovery here in California. Onward and upward!

Real Estate Market Revived?

2009-09-01T11:40:00.000-07:00

After the July increase in pending homes sales, the big question on CNBC this morning has been "Is the real estate slump over?"

The answer: Residential, yes. Commercial, no.

What we are witnessing is a pick up among residential real estate. Yes, residential real estate is beginning to reveal a silver lining. But please remember to balance this with the many Notices of Default that may result in short sales and foreclosures across California.

In terms of commercial real estate, we are only starting to get a peak of what is to come. When residential real estate began to waiver, commercial real estate still remained untouched for another 18 months. Now that we've seen the worst of the residential market over the past 18 months, what do you think is about to happen with commercial??

In the past week, the SF Chronicle has been discussing the rise of commercial defaults. Almost 1 million square feet of empty office space is sitting on the market downtown.

If you're considering investing in real estate, now may be a good time to invest in homebuilder ETFs and consider REITs in about 8 months..... for more detailed investment insight check out http://www.alphajunkie.blogspot.com/

iPhone App

2009-09-01T11:25:00.000-07:00

Out property shopping? Click on your Redfin App and locate nearby listings or open houses displayed on Google Maps..... then forward your favorites to me so I can tell you whether one is already in contract or if we should make an offer!

Made available yesterday (and only citing 7 markets outside of the SF Bay Area), The Redfin App is free from the App Store on iPhone at
http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=327962480&mt=8

Questions about other helpful market tools?
Email me: Heather.Soldonia@gmail.com

East Bay Still Among the Best!

2009-08-27T18:08:00.000-07:00

Despite the doom-and-gloom about the housing market these days, California still holds some of the strongest property values in the country!

Today, Forbes Magazine released its annual article of America's 500 Most Expensive Zip Codes. Among them? Our very own East Bay towns: Alamo, Danville, San Ramon, Pleasanton, Castro Valley, Hayward, Fremont, Oakland, Berkeley, Lafayette and Walnut Creek.

For those of you grumbling about how unaffordable and/or overpriced California still is, don't fool yourself. In 2008 California accounted for 96% of Forbes Magazine's list of America's 50 Most Expensive Zip Codes and this year, 2009, California accounted for less than 50% which shows how much correction we've seen in our local market.

Property tax assessments statewide dropped this year for the first time since the California Board of Equalization started keeping records in 1933, the SF Chronicle reported yesterday. Contra Costa experienced a 7% drop and Alameda County saw 2.5% decrease.

What does all this mean for you?
Answer: While California has maintained its market value, it has also experience price corrections in actual value..... meaning it's a buyer's market!

Questions? I've got answers...... call me at 510.303.9709

To Find a Good Deal: Time is Running Out.......

2009-08-26T08:57:00.000-07:00

No one knows yet if the $8,000 federal tax credit will be extended. But one thing is certain:
Short-sale and REO inventory is decreasing in the Bay Area.

This morning the SF Chronicle reported that "Theresa Marquez of Re/Max Accord in Castro Valley did an analysis showing that ultra-cheap inventory ... have averaged about 27 a month this year.... but right now there are just 9 properties listed for sale at less than $60,000. 'We have less supply and more demand for these houses' she said."

What does this mean for first-time homebuyers?
Answer: Time is of the essence!

REO (or bank-owned) properties are taking about 45 days to close; and short sales take about 60-90 days to close escrow.

So if you're interested in pursuing one of these types of properties you should consider putting in an offer immediately!!

Soft Bottom Appears For Home Prices

2009-08-25T13:53:00.000-07:00

“In the San Francisco Bay Area and across California we continue to see the market moving gradually back toward a more normal balance of sales across all price ranges. The high end of the market finally has a pulse and that has led to a swift rise in the median sale price. It’s the opposite of what we saw two years ago, when the credit crunch slammed the brakes on jumbo lending and sales of more expensive homes screeched to a halt. That triggered a near free-fall in the median sale price,” said John Walsh, MDA DataQuick president (August 21, 2009).

What does this mean for first-time homebuyers?

Answer: The timing is right!

The California Association of Realtors determined that (as of 2Q 2009) the "First-Time Buyer Housing Affordability Index" is at 55% in the SF Bay Area. The same time last year it was only estimated that 33% of households could afford to buy an entry-level home here.

Additionally, "creative financing" seems to be showing glimpses of reviving itself. DataQuick reported that Bay Area homes purchased with adjustable-rate mortgages (ARMs) rose 6.6% in July.