THE SECOND STORY | October 28th, 2010

Contingent on the sale of how many houses?

Blog photo: It was my pleasure to accept an invitation from dear friends, to take a cruise on the USS Potomac this morning! I joined a terrific group of students from Vacaville, along with about 8 docents (including one of my friends who has been volunteering for the group for over 8 years) and the professional crew. Take a look at the link above and see some of the facts about the Presidential yacht of Franklin Delano Roosevelt.

Immaculately restored yet neither elegant nor over-the-top it bespeaks the era of restraint coming out of the Great Depression, compared to all thing presidential these days. It is a wonderful gem in the bracelet of treasures lining our fabulous bay. Berthed at Jack London Square, just west of the Oakland/Alameda ferry dock, it is beautiful to look at and lovelier to cruise on. The non-profit group offers many ways to use the yacht including tours, dockside tours, charters, and special events (like Fleet Week!).

Blog post: This week’s Winner of the Week brings back amazing memories of a transaction that involved 5 agents, 5 properties (of which 4 were in Alameda), representing 9 transaction sides (one side = the party either buying or selling).

This series of events is typical of neighborhood hopping in Alameda….but the extreme version. If I recall, it went down this way. I had the listing at 2904 Lincoln. My sellers wanted to buy a large Harbor Bay Home. They made an offer contingent on the sale of Lincoln. It was accepted but we had only a short time to get the Lincoln property into escrow. The owners of the house directly behind Lincoln, on Johnson, wanted to buy Lincoln. Johnson made a contingent offer on Lincoln. The owners of a cute bungalow on Mound (one of my co-workers told me it was Mound and I thought it was Fountain), made an offer on Johnson and it was accepted. Now to get the links in the chain connected, Mound had to be sold.

Mound went pending. Contingencies were removed. Johnson was able to remove their sale contingency for the purchase of Lincoln EXCEPT they didn’t want to accept the cost of the brick foundation replacement. And my sellers were not keen on paying for something that was not a problem for them. Aaahh. Stalemate. It so happened that all the agents involved worked for Harbor Bay Realty. All the escrows were placed with Placer Title.

One of our agents in the transactions did some simple math. If each agent contributed some dollar amount of each commission towards the cost of Lincoln’s foundation AND if the sellers of Lincoln would match the amount, we’d have a series of sales that could move forward, subject to the approval of the buyers of Lincoln (owners of Johnson). After pointing out that this was the key to getting everybody where they wanted to go….we had full agreement from the Lincoln sellers and buyers, and ready agreement by the agents.

I think this took place in the early 1990’s. The dollar amount of all the sales was 2.1M, a mighty amount back then. We closed all 4 Alameda properties concurrently on time! And everyone made their moves….I think we had some rent-back periods for everybody…with Mound having to rent the longest since those folks were at the bottom of the pile, waiting to get hold of their new home. And one of the coolest things, was that the sellers of Johnson simply knocked down the back fence separating them from their new home on Lincoln to commence their move.

Quick Glimpses:
Credit scores a moving target?
What’s the cost of a no cost loan?

Alameda real estate this week….
What a fun week! A gorgeous tour day for biking. Water heater and furnace permits got signed off for my client when the vendor/installer conveniently didn’t pull them a year ago. 207 Harbor Road closed one day late due to a backlog of files in a pile on the underwriter’s desk. Heard Alameda Interim City Manager, Ann Marie Gallant, speak at our office meeting about financial progress the city has made, about development projects in the works (Boatworks on Clement, Del Monte on Buena Vista, progress on the Park Street auto row properties, Harbor Bay Business Park new businesses, potential user(s) for the Carnegie Library, budget issues, pension issues, and of course interested users at Alameda Point (Veterans Administration use for a clinic, Lawrence Berkeley Lab request for proposal for their next project). Alameda is on the move!

Unsold properties this week 194, 199 last report
Pending listings this week 83, 84 last report


Highest and Lowest priced NEW listings

Tuesday Tour 12 with 2 repeats

New 7

BOM (back on market) 4

Repositioned properties (price changes)
10

Pending
15

Sold 8

Market rejected properties
2

Withdrawn/canceled
8

Alameda real estate awards this week…remember this is only my perspective!

Winner of the Week, Grand Dame award

That’s a wrap! Carry on….and carry that umbrella again. And GO GIANTS! YAY so far!

best, marilyn

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Marilyn

I arrived in Alameda in 1973, as a new bride...with husband Carl Schumacher, both of us from Newport Beach. He was embarking on his career as a Naval Architect (i.e. yacht designer) under Gary Mull. Please see the 'ABOUT ME' page in this website! www.MarilynSchumacher.com to see how it has all turned out! I'm so blessed!