March 2008 
There are 6 blog entries for March 2008.
Permanent FHA Reform is Needed
Friday, March 28th, 2008 at 7:28pm. 533 Views, 0 Comments.
With all the turmoil in the mortgage industry, it's good to see that they have finally raised the FHA limits for high cost areas such as Oakland (and the whole Bay Area). However the bad news is that unless there is legislation passed to extend it, these reforms will expire at the end of this year.
I realize that the main driver for this reform was to allow people to refinance into these lower-rate loans, but the reality is that buyers need more options. The best way to allow for more options without creating another subprime mess is to give people better rates on loans that are in the median price ranges of the area they live in.
Before the revised limits, the most you could get an FHA insured loan for is $417,000, now you can get a single FHA…
Congrats To Oakland's McClymonds High Warriors!
Wednesday, March 19th, 2008 at 4:42pm. 551 Views, 0 Comments.
If you are at all into sports(and even if you aren't), then you know that 32-0 is a pretty good record...for ANY team. The remarkable part is that it's a record held by Oakland's own McClymonds Warriors who are the new state high school basketball champions! I haven't been following high school basketball much lately, but when I heard this news I got excited.
Being an Oakland native and a product of Oakland Public Schools, I'm especially proud. Hats off to you fellas! Undefeated for the whole season...WOW They deserve a celebration/parade of some sort to celebrate the victory!
Units in The 8 Orchids Building at 7th & Broadway Up For Auction
Monday, March 10th, 2008 at 1:47pm. 1812 Views, 9 Comments.
As prices adjust downward, we are seeing that many of the new condo developments are having a hard time selling units. As time passes, some developers are having to slash prices in order to sell.
At the 8 Orchids building at 7th and Broadway, they have reduced the one bedroom units to $225,000, and the three bedroom units to $375,000. The building is not new construction, but it has been totally gutted and tastefully remodeled. Only time will tell how many other developers might end up slashing prices .
My Colleague Has Listed The Lowest Priced Listing in Oakland!
Friday, March 7th, 2008 at 1:41am. 616 Views, 0 Comments.
A buddy of mine in the office just listed a bank owned, small two bedroom one bath home on a small lot. Although it's in a pretty rough part of Oakland and it's a total fixer, the fact that there is a single family home on the market in Oakland for under $100,000 is remarkable to me.
New Lofts In Oakland's Laurel District
Monday, March 3rd, 2008 at 2:57pm. 32764 Views, 0 Comments.
If you are familiar with the Laurel District in Oakland then you have probably noticed the new development on the corner of 35th and Macarthur across the street from Taco Bell. The lot that it sits on was vacant for many years, and I always wondered what was going to become of that real estate.
This is really the first new loft development in the heart of the Laurel District, so I see this project as being somewhat unique. There are nine units total, with the majority (seven) of them being 3 bed, 3.5 bath units from 1304 to 1410 square feet. There is also one 4 bed, 3.5bath unit and a 4 bed, 4bath unit that will be available starting late April. Pricing on the first units will range from $475,000-$525,000 and the HOA dues will be between $200.00 and…
Real Estate Auctions Can Be Risky For Buyers
Saturday, March 1st, 2008 at 4:30pm. 605 Views, 0 Comments.
The buyers market that we have been witnessing for the past couple of years has brought back the tactic of selling real estate at auction. Developers and Banks hold auctions to get rid of properties quickly, without having to wait for months while the property is marketed etc. Auctions usually draw large crowds, although usually only a handful of people actually end up bidding. There was one auction is Rockridge that brought 60 people, but only received ONE bid!
The most important thing for a buyer to know about most auctions, is that they do not allow for a contingency period for inspections, appraisal or your loan. This means that if for any reason you are not able to close (and close in 30 days or according to your contract) after having your offer…
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
