This was a glorious evening: San Francisco in the background, Alameda’s Ballena Bay in the middle, and a paddler on his knees just a few days ago…spring became summer, then spring went back to winter cold.
BOOMER CHICK MUSINGS– my take (or lack of it) on what’s happening out there!
Refaults vs Defaults Loan mods don’t always work WSJ
Eminant Domain? How do you get the inventory fixed up? Reuters
I found a Fall 2008 Newsletter in my office file, the other day. I have all my newsletters saved from when I used to snail mail them out, to those I emailed my clients who opted in (before blogs), and then the blogs. The record goes back about 20 years!
Get this…in Alameda….
As of 11-23-08 there were 180 active listings (the 6 months before that there were 207)!
As of 11-23-08 there were 63 pending listings (the previous 6 months before that there were 71).
The average single family detached 2 bedroom was priced at $550,692 # of solds was 60.
The average single family detached 3 bedroom was priced at $690,147 # of solds was 75.
The average single family detached 4 bedroom was priced at $825,559 # of solds was 40.
The average townhome 3 bedroom was priced at $499,297 # of solds was 21.
The average condos 2 bedroom (apartment style) was priced at $326, 368 # of solds was 19.
The average residential income properties (4 units) was priced at $958,000 # of solds was 1.
The interest rates were just under 7%. Back in 2008 all you had to do to get a loan was to show a warm breath on a mirror signifying you could breathe intermittently, and then sign your name.
So run forward to today, and the rates have gone down again, after a couple of bumps up, and the best are about 3.45%. No wonder there’s a run on inventory since March 15th, 2012 (my date when the real estate market broke free)! You can almost buy twice as much loan for half the price! And no wonder prices are really heading up! They have gone up a HUGE amount since last year.
The ones who really won were those who had cash at the crash and watched the market dive because increasing prices can not go up infinitely or indefinitely. And rates have come tumbling down in the meantime. Low prices…low rates.
It will be interesting to see how the housing market moves ahead. Some of the real estate commercial finance guys I’ve spoken to just this week are comparing us to Japan, which into about 15 years of recession. Others are saying get it while rates are hot and low…because they will be heading up.
I wish I knew. Like I’ve said many times before, I don’t make the market….I just work it!
ALAMEDA REAL ESTATE THIS WEEK….
There is an increase in inventory this week and I have one of the properties…check out 329HaightAve.com I sold it to them at the end of 2007 and they have super-improved the house. See it at the open house on Sunday 2-4.
Broker Tour Tuesday 11 new on the market and several have been added to that this week. I rode my bike to see property on Monday, and then drove around yesterday and today.
Highest and Lowest Priced New listings this week…highest is 4 units in a Victorian conversion but it’s marketed as a SFR?
Active and Pending Listings this week 59, 83
ALAMEDA REAL ESTATE AWARDS THIS WEEK…remember this is only my perspective!
Winner yes I know it’s my listing…but this was the winner!
Get me to rehab! This one I call ‘mixed up wall-paper’ plus it has the pumping station right in front of it on the lagoon.
and finally…this one...I don’t know what to say…it’s been on and off the market regularly since 1-29-02 and it hasn’t sold and the photos this time….I don’t know what to say…and this is the 16th agent the owners have been through.
OK! That’s a wrap! Make it work! Carry on! Questions about the market? Let me know. Happy to try to answer them. Need a vendor referral…I may have one!