October 2007 
There are 8 blog entries for October 2007.
Real Estate Developers in the Central Valley are Slashing Prices
Friday, October 26th, 2007 at 2:56pm. 567 Views, 0 Comments.
I received an email from a representative of Meritage Homes who is a real estate developer in the Central Valley. They have slashed their prices on brand new homes that were just constructed. The oversupply of inventory is forcing them to cut the prices by large amounts. There simply isn't enough of a demand for the homes they have been building there.
Consider this: a 2300 square foot brand new home in Stockton was originally selling for $437,575. The same house has been reduced to $337,999! That's just about a $100,000 reduction. For buyers this is golden, if anyone has been planning to move to the Central Valley, THIS is the time!
Jack London Square Is Soon To Be The Largest Public Market On The West Coast
Tuesday, October 23rd, 2007 at 9:54pm. 525 Views, 0 Comments.
I was pleasantly suprised when I saw on the news last night that Jack London square is soon to be home to the largest public market on the west coast, even larger than the Pike Place market in Seattle.
I already knew that Jack London Square is in the midst of a 400 million dollar plus makeover by the Ellis Partners LLC, but I had wondered when we would start seeing the major changes.The building is going to be 170,000 square feet, and will house fresh fish, bakeries, produce and much more..up to 70 vendors in all. It is set to open for business in 2009.
It's exciting to see that big changes are coming to Jack London square, it will be a huge step toward bolstering the image of Oakland everywhere.
Attention First Time Buyers In Oakland and the Surrounding Bay Area: Acorn Financing Through Bank of America is Still Available!
Sunday, October 21st, 2007 at 1:50am. 587 Views, 0 Comments.
Bank of America has a program called Acorn, which is a special program for first time buyers in Oakland and the Bay Area. The great thing about Acorn is that qualification is not based on your Fico score alone, but more based on your income. It is one of the ONLY programs that will you allow to still get 100% financing on a property up to $515k.
To qualify for this program you must make under $84,000 per year, and not have any late payments or collections within the past year. The only other restriction is that the purchase price of the property cannot be over $515,000 for a single family residence.
If you are a first time home buyer looking at property under $515k , I would highly recommend trying to get qualified for the Acorn program before you…
You can still get 100% Financing on Properties Under $417k
Friday, October 19th, 2007 at 1:16am. 519 Views, 0 Comments.
There is much talk in Oakland and the surrounding Bay Area about how much harder it is to get financing now. The recent problems in the mortgage industry has many people thinking that getting 100% financing is not available anymore. The truth is that it pretty much can't be done, unless the purchase price of the property is $417k or under. Keeping the loan under this amount is what's called a "conforming" loan becaue it conforms to the FHA guidelines. There is currently pending legislation that would allow the FHA limit to be raised to the mid-600's, which would give buyers a lot more purchasing power.
Real Esate info for other parts of the country:Regent Property Group offers the highest level of service for Austin real estate buyers and…
Will Oakland Start Seeing 'Living Roofs" Soon?
Tuesday, October 16th, 2007 at 11:59am. 632 Views, 0 Comments.
Have you ever seen a home with a "Living Roof"? The concept of the Living Roof is getting more attention by those who are interested in "Green" Building. A Living Roof is flat and has several inches of soil over it which allows grass and other plants to grow on the roof.
This has several benefits, perhaps the biggest of which is the reduced need for drainage systems. A living roof will absorb much of the water that falls when it's raining, therefore preventing the water from pooling as much and creating drainage issues. Another benefit is the insulation it provides, allowing your home to use less heat in the winter and have a naturally cooler interior in the summer. Also, because the roof is somewhat protected from the elements by the layer of soil,…
The City Of Oakland Will Pay For Seismic Upgrades on Your New Home
Wednesday, October 10th, 2007 at 12:51pm. 706 Views, 0 Comments.
Seismic retrofitting is the process of reinforcing your home against the forces of earthquakes. In general, it includes "sheer walling" your foundation walls to help prevent them from twisting during an earthquake, and bolting your home to it's foundation to help prevent it from sliding off the foundation during a seismic event. Depending on the type of construction it is, there may be other things that can be done as well.
The City of Oakland is now offering a partial rebate of the city transfer tax to be used to pay for seismic retrofitting. The program works like this: Within 60 days of closing escrow on your new home, you must complete and submit your application to the city. Once your application is accepted, you have one year to complete the…
Why Do Lenders Take So Long To Decide on a Short Sale?
Wednesday, October 3rd, 2007 at 1:45pm. 842 Views, 0 Comments.
More and more short sales are coming on the market every week, and the lenders seem to be overwhelmed and unprepared to deal with the volume of short sales happening. It makes sense, because loan officers and bank employees who got in the business in the last five years probably haven't heard of one until 6 months or so ago.
Currently, if an offer is submitted on a short sale, it could be 2 or three months before you hear anything back from the bank. They are looking for the highest offer, and don't seem to mind waitng for months to see if another one comes in. What first time buyer (or any buyer for that matter) wants to go through that? In addition, the offer could be accepted, but if a better one comes along the lender could change their…
The Bay Area Needs it's FHA Guidelines Raised
Monday, October 1st, 2007 at 1:33pm. 482 Views, 1 Comments.
FHA financing helps to make home ownership a reality for many people, however in the Bay Area, because of our high home prices the FHA guidlines do not represent our market. Currently the limit for FHA financing is $417,000. However the Median price in the Bay Area is over $600,000. Fortunately, the House of Representatives passed HR 1852 which proposes to raise the FHA limit to better accommodate high cost areas like our market. Realtors in my market are pressuring our elected officials to push for this type of legislation which would hopefully raise the FHA limit to our median price range.
Also, lenders who provide FHA loans are publishing guidelines which will enable home owner’s whose rates have increased to refinance with a 97% LTV. This should…
The Oakland Real Estate Market is HOT
I'm happy to say, that there is definitely a significant increase in activity compared to this time last year. Multiple offer... Add Comment Read MoreShort Sale Debt Cancellation Set to Go Away
Originally, when you did a short sale you were taxed on the amount that you were forgiven by the lender. This was a seri... 13Comments Read MoreChanges To FHA Mortgage Insurance Premium
The Federal Housing Administration recently announced an increase in the upfront Mortgage Insurance Premium. Mortgage insuran... 4Comments Read More
