Oakland Ca Real Estate Blog

Congrats To Oakland's McClymonds High Warriors!

Wednesday, March 19th, 2008 at 4:42pm. 252 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!

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Units in The 8 Orchids Building at 7th & Broadway Up For Auction

Monday, March 10th, 2008 at 1:47pm. 1224 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 .

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My Colleague Has Listed The Lowest Priced Listing in Oakland!

Friday, March 7th, 2008 at 1:41am. 336 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.

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New Lofts In Oakland's Laurel District

Monday, March 3rd, 2008 at 2:57pm. 596 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…

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Real Estate Auctions Can Be Risky For Buyers

Saturday, March 1st, 2008 at 4:30pm. 308 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…

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IRS Allows Non-Taxable Debt Forgiveness

Friday, February 29th, 2008 at 9:31pm. 332 Views, 0 Comments.

If you are a seller facing foreclosure and attempting a short sale transaction, you could end up having a significant chunk of what you owe "forgiven" by your lender. Until recently, this forgiven debt was treated as income (and part of still can be) and you could expect to receive a 1099 form for the amount that was forgiven.

Obviously, for someone facing foreclosure this is just another problem to deal with as they attempt to bail themselves out of a tough situation. Luckily, the IRS recently changed the law to stop the taxation of forgiven debt in a short sale situation, however this only applies to the first loan. On many properties, there is a first and second loan, so any amount forgiven on a second loan is still taxable as income.

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Fed Interest Rate Cuts Don't Necessarily Mean Lower Mortgage Interest Rates

Thursday, February 28th, 2008 at 1:40pm. 266 Views, 0 Comments.

Some may have a perception that when the Fed meets and lowers interest rates, then that means mortgage interest rates are going to go down too. However when you look at the dynamics of our economy you see this is not always the case.

A good example is the recent cuts that the Fed has announced in recent months. The last cut was a whopping 3/4 point, but as we see this did not cause mortgage interest rates to go down...in fact they went up. Just a month or so ago the 30 year fixed interest rate was around 5 3/8%, now it's about a full percentage point higher...which is a HUGE swing. To put it plain and simple, Fed rate cuts actually hurt mortgage interest rates much of the time.

Whats happening is that when the Fed lowers the prime rate, this causes…

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Lake Merritt Makeover

Tuesday, February 26th, 2008 at 6:16pm. 345 Views, 0 Comments.

Oakland will begin construction this summer on a major makeover of Lake Merritt, including downsizing 12th Street to make room for a park, and bike and pedestrian paths at the south end of the lake.

The City Council this week approved most parts of the historic renovation of Oakland's beloved "central park," but residents are contesting the planned removal of 224 trees, which would be replaced with new ones. They also object to plans for replacing a grassy knoll with a parking lot to serve customers of a new restaurant at the lake's boathouse.

City leaders say most people who use the lake want the changes, despite the grumblings of some.

The changes are being paid for with money from Measure DD, the $198 million park-improvement bond that voters…

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Fannie Mae and Freddie Mac (Conforming) Loan Limits Raised Temporarily

Thursday, February 21st, 2008 at 3:44pm. 285 Views, 0 Comments.

So you heard that H.R. 5140 became a law 1 week ago on February 13th and will temporarily raise the $417k conforming limit until the end of 2008.

You ask, what are the details, what is the timeline and what does it mean for you and your clients? Let's take a look together...

The biggest issue is in the details. The law states the new conforming limits that Fannie Mae and Freddie Mac can purchase as 125 percent of the median home price of an area or a maximum of 175 percent of the current 2008 conforming limit which is $729,750.

The first step to be taken to implement the changes is determining the median house prices. The Secretary of  Housing and Urban Development (HUD) has 30 days to publish median house prices; this places the…

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A Living Trust Is A Good Idea

Monday, February 11th, 2008 at 5:58pm. 341 Views, 0 Comments.

When there is a death in the family, a properly planned estate can help avoid a lot of the issues and headaches involved with transferring or selling the property of the deceased person.  When it comes to real estate, perhaps the most important document that you want to have is called a Living Trust.

A Living Trust is a document which specifies without question who the property is to be passed to in the event that the current owner passes away. With a Living Trust, there is a Trustor, a Trustee and Beneficiaries. The Trustor is the owner of the property when the document is created, the Trustee is the person who is responsible for making sure the elements af the trust are adhered to, and the beneficiaries are the individual(s) who is to receive the…

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