I had the privilege of listing (and having it sold) this house several years ago. The home has been completely updated, from top to bottom, during the current owners’ tenure. It was home to a large family who had grown up in it. My clients decided it was too big! It was sold for 625K in 1998 in 109 days. Now it’s on the market for $1,795,000. It will be interesting to see how it all works out! This is one of the windows in the house at 1100 Grand.
My weird take on sometimes weird stuff.
It’s always interesting to hear what the ‘experts’ are forecasting for the real estate biz, at the beginning of the year. It can be in very broad terms, and often whatever is said doesn’t apply to every individual market.
One of the things I’m hearing is how the lenders are being pushed around by the appraisers, who are being pushed around by the underwriters, and everybody is ready to blame everybody. I get it. Folks who have less money have less flexibility than those who have lots of money to put down. But I’ve always said (since I’ve been in the biz), those with less $$ for a downpayment, often make more money in order to be qualified for a less conventional loan. And those loans come with some rasty & nasty requirements like PMI (private mortage insurance) or loans that need special attention because the buyers don’t have the cash on hand to do certain repairs (FHA, and other high loan balance programs).
IF a buyer needs financing s(he) needs to work closely with their agent and the lender they have chosen, to make the loan make sense to the Sellers. By doing that the agent can make a case for why the buyer is super-qualified, perhaps even more than those with more conventional financing. It’s a fine line to walk..and it may take several tries for the buyers to find it all coming together.
I’m wondering if we might see some Seller carry-back financing on properties that have high prices and low existing loan balances? It can be one way to for the Seller to make more interest on the paper that may be carried back by the Seller, for a relatively short time. Just thinkin’.
Alameda real estate this week
Broker tour Tues 8 on the tour…only 7 were published but agents got the word out about the one that was missing. Only 1 was in 94502. Didn’t see that one but rode my bike to all of the others.
Active listings this week 31
Pending listings this week 35
Alameda Real Estate Awards..this is only my perspective!
Grand Dame already wrote about this!
Get me to rehab Bay Street (great location and lot) but needs everything….
Get me to rehab Regent Street (now pending, but it needs everything too!)
Put this on your calendars….