THE SECOND STORY | July 11th, 2013

Interest rates up…all around including Alameda

This was the bridge to nowhere.  Except not now!  I took this 4 years ago from our boat and “they” are talking about it being open on Labor Day.  The new Bay Bridge has had some problems but we’ll see!

BOOMER CHICK MUSINGS – my view on wha’s happenin’ out there, in the big world.

COMMENTARY
If you haven’t noticed…interest rates have climbed (see previous post on Monday July 8).   Jumbo loans (over 729K) are now at least 4.75%, up from 4.2% just one month ago.  And some of these lenders are quoting up to 2 points!

You can get better rates if you get to a reputable lender/mortgage broker, who will work to lock you into an interest rate, but that means in order to do that you have all your paperwork in, verified, and looked at by too many eyes!

If you start online you’ll find most every rate imaginable…it’s not worth working with somebody who doesn’t have a name: a full name you can refer to.  If you can’t get a name then say goodbye to the one who doesn’t love you.  That means they are working like a line cooks in a kitchen…just get it on the plate and move on.

But if you do get a name from somebody you trust…talk to him/her.  It could be a great place to start.  And if you are working with a real estate agent/broker…ask him/her.  They have a team and they all work for you..to put it all together.

I outta know.  I just completed a refi on my 5 unit building with a commercial mortgage broker who started as a real estate agent when I did at the same company!  He decided he didn’t like sales, but did like financing.  And he became a great lender..with an institution.

His team did a great job for me. You can’t even find a fixed rate of any kind on those types of buildings..  So for over 25 years we’ve had adjustable mortgages…and they’ve work out just fine.  But if you are considering such a loan….let me know.  I can forward a list of questions that are still applicable today, as they were over 20 years ago when I wrote that article!

ALAMEDA REAL ESTATE THIS WEEK…
Broker Tour Tues  13 on the tour…a big bike ride way out towards the east end of Bay Farm Island, then way up toward Alameda Point (BayPort).

Highest and Lowest priced New listings

Active and Pending inventory this week  52, 97

New  14
BOM Back on Market  2
Price Changes 1
Pending  15
Sold  16
Withdrawn temporarily  2
With/drawn cancelled  2

ALAMEDA REAL ESTATE AWARDS THIS WEEK…remember this is only my perspective!
Wiiner plus Cute, Charming   Okay, so this isn’t the greatest location…but the previous owner let this house go, lost it, and then the contractor came around and fixed it up…and did a great job!  But the house has an easement for parking and quite a small backyard.  The glory is the front yard is gorgeous and has a lovely low fence around it.  This is my guess: it was probably a double wide lot and back in the ’60’s when everybody was doing it…subdivided that lot and a multi-unit building was put in…and that’s just a shame.  This is a huge home, with beautiful woodwork, and has LOADS of extra storage, too!  It should be open this weekend.  Check it out if you are out driving, riding a bike, or walking.

Big House (new award)  BayPort is hot again for the last several month.  Sure they don’t have much yard (like a patio), but they don’t look like you are buying a two car garage because those are stashed at the back of the house off alleys!  So this is the second largest floorplan.  They have space for all ages/generations and matching baths as well.

Get me to Rehab – nice house, nice street but needs a new foundation (which was not called on the pest report because I guess it wasn’t damaged.  But more and more insurance companies are not placing policies on brick foundations…so who ya gonna call?  Maybe ghost busters.

Alrighty!  That’s a wrap!  Make it work!  Carry on!  Want to choose a subject for some blogs?  Let me know!

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!