Link To Listings
http://spreadsheets.google.com/ccc?key=rw41Us1MPKNrIpNLdtwCLMw
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Tuesday, June 30, 2009
New Listings for June 21-29
With so many graphs and spreadsheets yesterday I held off on the posting the new listings. So today's post is a video of Alameda's Single Family homes listed this week. I have included a list of all properties below.
Link To Listings
http://spreadsheets.google.com/ccc?key=rw41Us1MPKNrIpNLdtwCLMw
Link To Listings
http://spreadsheets.google.com/ccc?key=rw41Us1MPKNrIpNLdtwCLMw
Monday, June 29, 2009
Alameda Inventory Up to 14 Week High
June has brought the Alameda Real Estate market two trends, an increase in inventory and more price reductions. Inventory has been building at a moderate pace and has reached a 14-week high. Home sellers that have reduced their property at least once in the sale reached a four week high.
Inventory for the Island reached 173 units; the low was back on February 1 when the inventory dropped to 146 units. The inventory average days on market is 70.
Although inventory has been increasing the numbers have been small, it appears that the basically sales and new listings have been in balanced. As homes sell about the same number have come on the market.
This trend leaves the Alameda markets very stagnate. Unlike most of the state where Existing, single-family home sales increased 35.2 percent in May to a seasonally adjusted rate of 556,590 on an annualized basis.
This doldrums that the Alameda market has drifted in is due to the limited inventory and the high median home price. Alameda’s median home price in April was $592,500 and May $555,000, a month-over-month decline of 7-percent. The statewide median price of an existing single-family home increased 4.2 percent in May to $267,570, compared with April 2009.
Home sales increased 35.2 percent in May in California compared with the same period a year ago, while the median price of an existing home declined 30.4 percent, the California Association of Realtors (C.A.R.) reported.
Closed escrow sales of existing, single-family detached homes in California totaled 556,590 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local associations statewide. Statewide home resale activity increased 35.2 percent from the revised 411,770 sales pace recorded in May 2008. Sales in May 2009 increased 2.9 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.CAR’s Unsold Inventory Index for existing, single-family detached homes in May 2009 was 4.2 months, compared with 8.7 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
For Alameda inventory is at 6.6 months at current sales levels.
Link to Larger Chart
New Listings for June 21-27
Alameda Inventory: June 28, 2009
Inventory for the Island reached 173 units; the low was back on February 1 when the inventory dropped to 146 units. The inventory average days on market is 70.
Although inventory has been increasing the numbers have been small, it appears that the basically sales and new listings have been in balanced. As homes sell about the same number have come on the market.
This trend leaves the Alameda markets very stagnate. Unlike most of the state where Existing, single-family home sales increased 35.2 percent in May to a seasonally adjusted rate of 556,590 on an annualized basis.
This doldrums that the Alameda market has drifted in is due to the limited inventory and the high median home price. Alameda’s median home price in April was $592,500 and May $555,000, a month-over-month decline of 7-percent. The statewide median price of an existing single-family home increased 4.2 percent in May to $267,570, compared with April 2009.
Home sales increased 35.2 percent in May in California compared with the same period a year ago, while the median price of an existing home declined 30.4 percent, the California Association of Realtors (C.A.R.) reported.
Closed escrow sales of existing, single-family detached homes in California totaled 556,590 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local associations statewide. Statewide home resale activity increased 35.2 percent from the revised 411,770 sales pace recorded in May 2008. Sales in May 2009 increased 2.9 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.CAR’s Unsold Inventory Index for existing, single-family detached homes in May 2009 was 4.2 months, compared with 8.7 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
For Alameda inventory is at 6.6 months at current sales levels.
Link to Larger Chart
New Listings for June 21-27
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Alameda Inventory: June 28, 2009
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Friday, June 26, 2009
Alameda Snapshot: West End Industry
One of the great resources for Alameda History is the Alameda Navel Air Museum. In their photo gallery section they have some great snapshots of the west end and a photo of the Borax Refinery one of the first industries to set-up shop in Alameda. The plant constructed in 1893 operated along Alameda's western shoreline until the 1930s. It was constructed along the rails of the Pacific Coast Railroad and was the largest Borax Refinery in the world at the time and reportedly one of the first reinforced concrete buildings in the United States.
Thursday, June 25, 2009
Negotiating (Bingo)
So I was reading this article on the Inman News website titled, “Top 10 negotiating rules for Realtors” it is by Rich Levin and he caught my attention with his very bold statement in the lead: “Most agents have little or no specific training in negotiating, though it is a major component to an agent's success.”
And it got me thinking of the buzzword bingo that the Real Estate industry plays, no matter if it is a personal profile or a listing flyer.
I have seen, read thousands of profiles and even helped write a few and negotiating in the Realtor biz is a staple word (Bingo Top Row). Almost ever agent to the one, will tell you that they are a good negotiator.
But if every one of them is a good negotiator: Why is the industry thought so ill of by the general public?
Maybe, because negotiating is an expected trait/skill for a Realtor, It is service and customer care that people are looking for in an agent.
I have some other terms that make me shiver when agents describe themselves:
“Making the American Dream Happen”
“Passion for People”
“Member of . . . .President’s Club, Top Earner, 1% Club, Platinum Performer, etc, etc, etc (fill in the blank)”
“Available 24/7” – I will call you everyday of the week at 3:30 AM
“Any NAR Designation” – These are inside baseball (Bingo first row down) consumers could care less they just make the agents feel good.
You get the idea.
So the next time you hire a real estate agent I hope that you negotiate a with a true top performer that will assist you in fulfilling your American Dream and will be available every moment of ever waking day to get the deal that will put them in the President’s club and earn their net NAR designation.
And it got me thinking of the buzzword bingo that the Real Estate industry plays, no matter if it is a personal profile or a listing flyer.
I have seen, read thousands of profiles and even helped write a few and negotiating in the Realtor biz is a staple word (Bingo Top Row). Almost ever agent to the one, will tell you that they are a good negotiator.
But if every one of them is a good negotiator: Why is the industry thought so ill of by the general public?
Maybe, because negotiating is an expected trait/skill for a Realtor, It is service and customer care that people are looking for in an agent.
I have some other terms that make me shiver when agents describe themselves:
“Making the American Dream Happen”
“Passion for People”
“Member of . . . .President’s Club, Top Earner, 1% Club, Platinum Performer, etc, etc, etc (fill in the blank)”
“Available 24/7” – I will call you everyday of the week at 3:30 AM
“Any NAR Designation” – These are inside baseball (Bingo first row down) consumers could care less they just make the agents feel good.
You get the idea.
So the next time you hire a real estate agent I hope that you negotiate a with a true top performer that will assist you in fulfilling your American Dream and will be available every moment of ever waking day to get the deal that will put them in the President’s club and earn their net NAR designation.
Wednesday, June 24, 2009
No Improvement In May Home Sales
Yesterday existing home sales reported a rise of 2.4% in May of previously owned homes in the United States. This rose at a slower-than-expected pace in the month and much of it is being attributed to a sluggish recovery from the severe economic recession. Local the Alameda market saw a decline as home sales dipped below 30-units, making it five of the last six months where sales have not exceeded 29 units.
Alameda recorded, for May, a Year-Over-Year sales decline of 30-percent and a month-over-month drop of 20-percent. The swings are big for Alameda, because the numbers are low. The take away is sales just have not started to take off and it appears people are sitting to see if they will have jobs or the market will fall farther.
The news for our region shows that prices in the West Down over 30%
The National Association of Realtors said sales rose 2.4% to an annual rate of 4.77 million units from a downwardly revised 4.66 million pace in April. That compared to market forecasts for a 4.81 million-unit pace. However, sales increased for a second straight month in May. The Realtors report showed sales remained down 3.6% compared to May last year.
Data on new and existing home sales have backed suggestions that the three-year housing slump is nearing a bottom. With a surge in mortgage rates and unemployment highs have tempered any optimism.
The Realtors report showed sales of single-family homes rose 1.9% last month to an annual rate of 4.25 million, while multifamily units — the hardest-hit sector — surged 6.1% to a 520,000-unit annual pace. The supply of unsold homes fell 3.5% to 3.80 million. At the current sales pace, it would take 9.6 months to clear that supply, down from 10.1 months in April.
On the new home front, the government reported sales fell slightly last month, in another sign that the housing market’s recovery is likely to be gradual and prolonged. The Commerce Department said Wednesday that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 percent from May last year.
Overall the news is this housing downturn still needs a lot more to happen for it to turn.
Alameda recorded, for May, a Year-Over-Year sales decline of 30-percent and a month-over-month drop of 20-percent. The swings are big for Alameda, because the numbers are low. The take away is sales just have not started to take off and it appears people are sitting to see if they will have jobs or the market will fall farther.
The news for our region shows that prices in the West Down over 30%
The National Association of Realtors said sales rose 2.4% to an annual rate of 4.77 million units from a downwardly revised 4.66 million pace in April. That compared to market forecasts for a 4.81 million-unit pace. However, sales increased for a second straight month in May. The Realtors report showed sales remained down 3.6% compared to May last year.
Data on new and existing home sales have backed suggestions that the three-year housing slump is nearing a bottom. With a surge in mortgage rates and unemployment highs have tempered any optimism.
The Realtors report showed sales of single-family homes rose 1.9% last month to an annual rate of 4.25 million, while multifamily units — the hardest-hit sector — surged 6.1% to a 520,000-unit annual pace. The supply of unsold homes fell 3.5% to 3.80 million. At the current sales pace, it would take 9.6 months to clear that supply, down from 10.1 months in April.
On the new home front, the government reported sales fell slightly last month, in another sign that the housing market’s recovery is likely to be gradual and prolonged. The Commerce Department said Wednesday that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 percent from May last year.
Overall the news is this housing downturn still needs a lot more to happen for it to turn.
Visit msnbc.com for Breaking News, World News, and News about the Economy
Tuesday, June 23, 2009
Congress Looking to Extend and Increase Tax Credit for Home Purchase
Although this is a National story it has a huge impact on local Alameda Real Estate and housing as a whole.
Congressional Lawmakers, the Real Estate industry and businesses are calling for increasing the credit's cap expansion and extending the timeline for its implementation. The tax credit for first-time home buyers that has helped spark home sales during the last three months nationally in an otherwise miserable real estate market.
Senator Johnny Isakson, R-Ga. authored and introduced a Senate Bill and with co-sponsored Senate Banking Committee Chairman Chris Dodd, D-Conn, to expand the tax credit to $15,000 for any home buyer regardless of income.
On the House side a bill to keep the $8,000 credit in place until June 2010 and expand it to all home buyers was introduced last month by Rep. Kenny Marchant, R-Texas. It also would provide a $3,000 credit to homeowners who refinance. A second bill in the House, introduced by Rep. Eddie Bernice Johnson, D-Texas, would extend the credit to all home buyers through 2010.
The goal is to get additional buyers into the market and current homeowners to trade-up. The parameters of the current tax credit does not allow singles earning more than $95,000 a year and couples who earn more than $170,000 to take advantage of the credit. Business leaders want the income caps eliminated to spur more sales..
The tax credit scheduled to expire December 1, 2009. A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before the deadline, but some business groups say the amount of the credit, now capped at $8,000, should be raised to $15,000 and applied to anyone who buys a home. The credit, introduced in July 2008, was expanded in February as part of the economic stimulus package.
According to the National Association of Realtors (NAR), first-time buyers account for 40% of home purchases, 5 percentage points higher than the historical average, .
The proposals may face strong opposition with growing criticism of government spending to rescue the economy and the widening budget deficit. Many economists believe that tax benefit is vital to continue the home buying trend and help stabilize prices.
Monday, June 22, 2009
Jumbo Market is Big Wait
I want to apologize for being little late on the post today. I have been traveling for work and was glad to get back home to Alameda. Now on to today's topic. . .
I have been reporting that Alameda home sales been tracking towards a decline Year-Over-Year, but given the governments effort to spur sales through keeping interest rates down and tax credits I wanted to see if they have had any effect on sales. The net result is we also get to see how homes in the Jumbo market are performing and the news is not encouraging for those who are selling at the high end of the market.
For the sales period of January 1 through June 15, Alameda sales are down 16-percent and we have about six months of inventory based on the sales for the first half of the month. When you break down the inventory into conforming loans ($0-$417,000), Jumbo Loans ($417,001-$650,000), and Super Jumbo (650,001 and higher) you get a sense of the inventory that is selling.
Homes that fall into the conforming loan market are up 9-percent over last year, but as you go up in loan type , sales have dropped dramtically. Homes that fall into the Jumbo market are down 6-percent and the Super Jumbo are of 42-percent. (see chart)
I have been reporting that Alameda home sales been tracking towards a decline Year-Over-Year, but given the governments effort to spur sales through keeping interest rates down and tax credits I wanted to see if they have had any effect on sales. The net result is we also get to see how homes in the Jumbo market are performing and the news is not encouraging for those who are selling at the high end of the market.
For the sales period of January 1 through June 15, Alameda sales are down 16-percent and we have about six months of inventory based on the sales for the first half of the month. When you break down the inventory into conforming loans ($0-$417,000), Jumbo Loans ($417,001-$650,000), and Super Jumbo (650,001 and higher) you get a sense of the inventory that is selling.
Homes that fall into the conforming loan market are up 9-percent over last year, but as you go up in loan type , sales have dropped dramtically. Homes that fall into the Jumbo market are down 6-percent and the Super Jumbo are of 42-percent. (see chart)
The thing I learned from the data is home over $650,000 are just having a tough time selling. If you have one of those rare properties that fall into the conforming loan area sales are moving. Today Alameda Inventory | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Friday, June 19, 2009
Alameda Snapshot: Webster Street 1960
Today's Alameda Snapshot is of Webster Street, the year 1960. It is in front of Tempo Music. I love the mobile billboard for AC Transit promoting progress.
Wednesday, June 17, 2009
Alameda Foreclosures Up Slightly
Although the numbers are small, the listed number of foreclosures for the Alameda market reached a 17-week high as of Sunday. I t appears that the homes that are in default are being filtered into the market by banks at a trickle.
In 30-weeks of tracking foreclosures in both the 94501 and 94502, the high number was 17 homes for sales back in November of last year. This week saw seven consecutive of increases starting April 26 from a low of six homes to this week’s 13 homes that reverted back to the lender.
Of the 13 properties on the market, 10 are single family residences. The home at 1192 Park has had difficulty selling. It has sat on the market for 246 days and has just one price reduction back on June, 11 dropping the price by $40,000: $685,900 to $645,900.
In 30-weeks of tracking foreclosures in both the 94501 and 94502, the high number was 17 homes for sales back in November of last year. This week saw seven consecutive of increases starting April 26 from a low of six homes to this week’s 13 homes that reverted back to the lender.
Of the 13 properties on the market, 10 are single family residences. The home at 1192 Park has had difficulty selling. It has sat on the market for 246 days and has just one price reduction back on June, 11 dropping the price by $40,000: $685,900 to $645,900.
The remainder of the inventory has come on the market at two to three units per month since March.
Alameda has seen just a small portion of the foreclosure meltdown that has hit the region, the State and the Nation. The City’s small real estate market needs to be aware that a significant amount inventory still is in the default process. According to RealtyTrac (as of 6/14/09), 106 Alameda properties are in Pre-foreclosure. This is the group that needs to be monitored. If all a large portion of this group become banked owned this could significantly impact the local market.
In addition to the pre-foreclosures, Alameda also has: 57 homes in Trustee Sale, and 71homes are Banked owned.
Tuesday, June 16, 2009
Listings and Building
Busy day yesterday for Alameda’s Realtors, this morning my City of Alameda listing alert had five homes in the email. The email actually had six, but it listed 1415 Willow twice, one as a Single Family Residence and another as a Multi Family. Since the Realtor described the property as a “Beautiful 1915 traditional craftsman duplex,” I will count it as a multi family for today.
You can see the listings below the map.
On the National front a report by The Commerce Department show a big up swing in Housing Starts for May. Housing starts are the units of new housing construction and with housing starts jumping 17.2 percent to a seasonally adjusted annual rate of 532,000 units, up from April's revised 454,000 units.
The good news is home builders as beginning to build again, on the downside was much of the build is multi family. Construction of single-family homes rose 7.5 percent to a 401,000 rate. Work on multifamily homes, such as townhouses and apartment buildings, jumped 62 percent to an annual rate of 131,000.
Priced at $780,000
MLS# 40414844
Property Type: MFR
Lot Size: 4,600 Sq. Ft.
Year Built: 1916
Open House: June 16, 2009
1327 WEBSTER ST #B308, Alameda, CA 94501
Priced at $239,900
MLS# 40414933
Property Type: CONDO/TH
Bedrooms: 1Bathrooms: 1
Square Footage: 701
Lot Size: 36,939
Sq. Ft.Year
Built: 1970
1417 5TH ST, Alameda, CA 94501
Priced at $837,500
MLS# 40414891
Property Type: SFR
Bedrooms: 5
Bathrooms: 3
Square Footage: 2,778
Lot Size: 6,674 Sq. Ft.
Year Built: 1910
Open House: June 16, 2009
931 INDEPENDENCE DR # A7, Alameda, CA 94501
Priced at $450,000
MLS# 40414923
Property Type: CONDO/TH
Bedrooms: 2
Bathrooms: 2
Square Footage: 1,204
Lot Size: 19,123
Built: 1986
1336 LINCOLN AVE, Alameda, CA 94501
Priced at $675,000
MLS# 40414892
Property Type: MFR
Lot Size: 5,400
Year Built: 1906
You can see the listings below the map.
On the National front a report by The Commerce Department show a big up swing in Housing Starts for May. Housing starts are the units of new housing construction and with housing starts jumping 17.2 percent to a seasonally adjusted annual rate of 532,000 units, up from April's revised 454,000 units.
The good news is home builders as beginning to build again, on the downside was much of the build is multi family. Construction of single-family homes rose 7.5 percent to a 401,000 rate. Work on multifamily homes, such as townhouses and apartment buildings, jumped 62 percent to an annual rate of 131,000.
Although new construction is relatively restricted in Alameda given the little land to build on and the Alameda point Project still years away, the construction news is good because it is a belief that people will again start buying.
New building permits, which give a sense of future home construction, rose 4.0 percent, the biggest advance since June last year, to 518,000 units in May. That compared to analysts' forecasts for 500,000 units. Compared to the same period a year-ago, building permits plummeted 47 percent.
(Just a quick note: The neighborhood map project is coming along and I have mad several changes from reader comments. Give a look to see if we are getting closer: Map Link)
View Alameda Neighborhoods in a larger map
Monday Listings
Priced at $780,000
MLS# 40414844
Property Type: MFR
Lot Size: 4,600 Sq. Ft.
Year Built: 1916
Open House: June 16, 2009
1327 WEBSTER ST #B308, Alameda, CA 94501
Priced at $239,900
MLS# 40414933
Property Type: CONDO/TH
Bedrooms: 1Bathrooms: 1
Square Footage: 701
Lot Size: 36,939
Sq. Ft.Year
Built: 1970
1417 5TH ST, Alameda, CA 94501
Priced at $837,500
MLS# 40414891
Property Type: SFR
Bedrooms: 5
Bathrooms: 3
Square Footage: 2,778
Lot Size: 6,674 Sq. Ft.
Year Built: 1910
Open House: June 16, 2009
931 INDEPENDENCE DR # A7, Alameda, CA 94501
Priced at $450,000
MLS# 40414923
Property Type: CONDO/TH
Bedrooms: 2
Bathrooms: 2
Square Footage: 1,204
Lot Size: 19,123
Built: 1986
1336 LINCOLN AVE, Alameda, CA 94501
Priced at $675,000
MLS# 40414892
Property Type: MFR
Lot Size: 5,400
Year Built: 1906
Monday, June 15, 2009
Moratorium Begins Today For Troubled Alameda Homeowners
Starting today, Alameda and California homeowners who are behind on their mortgages, will benefit from a 90-day moratorium being imposed by the State.
The law was enacted to make lenders/banks work harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.
Many experts and supporters of the legislation do not believe this will help the vast majority of homeowners currently behind on payments. The California Foreclosure Prevention Act is trying to stop thousands of foreclosures already in the system and the couple hundred here on the Island. There have been more than 365,000 foreclosures in California since early 2007.
For us locally, Alameda has seen just a small portion of the meltdown. According to RealtyTrac, 106 Alameda properties are in Pre-foreclosure, 57 are in Trustee Sale, and 71 are Banked owned. The Act is focused on those in pre-foreclosure.
The California bill passed in February is similar to the Obama administration's “Making Home Affordable Program” that began in March and has now just expired. The programs are to encourage lenders to cut interest rates or rewrite loans to affordable levels. Under the Act, Banks in California cannot foreclose a mortgage without either renegotiating the loan or giving the homeowner three months notice.
According to State Assemblyman Ted Lieu, the Torrance Democrat who authored the bill, “California is ground zero for foreclosures. We’re getting about 80 to 90,000 foreclosure filings every month. That’s one every 30 seconds, so until we start mitigating the number of foreclosures, our economic recovery is going to be hampered.”
California is second in the Nation for foreclosures.
The Alameda Inventory report is below.
Video from Mortgage Brokers Association
KCBS Radio Report
Link to chart
The law was enacted to make lenders/banks work harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.
Many experts and supporters of the legislation do not believe this will help the vast majority of homeowners currently behind on payments. The California Foreclosure Prevention Act is trying to stop thousands of foreclosures already in the system and the couple hundred here on the Island. There have been more than 365,000 foreclosures in California since early 2007.
For us locally, Alameda has seen just a small portion of the meltdown. According to RealtyTrac, 106 Alameda properties are in Pre-foreclosure, 57 are in Trustee Sale, and 71 are Banked owned. The Act is focused on those in pre-foreclosure.
The California bill passed in February is similar to the Obama administration's “Making Home Affordable Program” that began in March and has now just expired. The programs are to encourage lenders to cut interest rates or rewrite loans to affordable levels. Under the Act, Banks in California cannot foreclose a mortgage without either renegotiating the loan or giving the homeowner three months notice.
According to State Assemblyman Ted Lieu, the Torrance Democrat who authored the bill, “California is ground zero for foreclosures. We’re getting about 80 to 90,000 foreclosure filings every month. That’s one every 30 seconds, so until we start mitigating the number of foreclosures, our economic recovery is going to be hampered.”
California is second in the Nation for foreclosures.
The Alameda Inventory report is below.
Video from Mortgage Brokers Association
KCBS Radio Report
Link to chart
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Friday, June 12, 2009
Alameda Snapshot: Graduation Week (1983)
With both public high schools holding their commencement ceremonies this week, I thought a classic Encinal High graduation photo would be perfect for today's Alameda Snapshot. Check out the cool Ray Bans, thanks Tom Cruise and Risky Business. The photo is courtsey of my high school friend Vivian Young- McDonald. 
Thursday, June 11, 2009
Real Estate Three Dot Round Up . . .
There are a few National Real Estate stories I wanted to lump together, none were worth a post by themselves, but overall the information is worth a quick read.
According to the National Association of Realtors, 84 percent of buyers now use the Internet to search for properties. The shift in technology is has loosened Realtors' long-standing control of vital information and cutting into their sales commissions. For more than 100 years, Realtors have guarded the details of homes for sale via their multiple listing services, looking at homes on the Internet has been about 10-years with the first few had big restrictions. Over 900 regional MLS systems exist nationwide. . .
NAR has called on Congress and the Obama administration to expand the first-time home buyer tax credit to all home buyers, regardless of income. In addition, it is imperative to maintain mortgage interest rates below 5 percent. The Association is pushing for a $15,000 tax credit that could be used by anyone. Congress last year approved a 10% tax credit up to $7,500 for first-time homebuyers, and in February boosted the credit to $8,000 and extended it until Dec. 1. The current credit phases out for buyers with incomes exceeding $170,000 for married couples and $95,000 for individuals . . .
The Wall Street Journal reported the supply of homes available for sale in 28 major metropolitan areas at the end of May was down 3.9% from a month earlier, according to figures compiled by ZipRealty. The ZipRealty data cover all single-family homes, condominiums and town houses listed on local multiple-listing services in metro areas where the firm operates. The inventory listed is now three consecutive months. . .
The foreclosure crisis continues to spread like the flu as it migrates from subprime to prime mortgages. The pace of prime borrowers going into foreclosure is accelerating, especially in states with mounting unemployment or property values that saw a big run-up during the housing boom. Through the Mortgage Bankers Association (MBA) reported almost half of the overall increase in the start of foreclosures was due to the increase in prime, fixed-rate loans. . .
More on foreclosures, LA Times reporter Peter Hong is reporting that Southern California may not have seen the light at the end of the tunnel. "In April, 7.16% of Los Angeles County mortgages were in default, up from 4.67% in April 2008, according to First American, which reports on foreclosures as a percentage of active mortgages, rather than as a share of total households as some other firms do." Which means? "That means a whole lot of distressed inventory is on its way to being resold on the open market, putting more downward pressure on home prices . . .
These national stories have local impact and I thought it was worth a read.
According to the National Association of Realtors, 84 percent of buyers now use the Internet to search for properties. The shift in technology is has loosened Realtors' long-standing control of vital information and cutting into their sales commissions. For more than 100 years, Realtors have guarded the details of homes for sale via their multiple listing services, looking at homes on the Internet has been about 10-years with the first few had big restrictions. Over 900 regional MLS systems exist nationwide. . .
NAR has called on Congress and the Obama administration to expand the first-time home buyer tax credit to all home buyers, regardless of income. In addition, it is imperative to maintain mortgage interest rates below 5 percent. The Association is pushing for a $15,000 tax credit that could be used by anyone. Congress last year approved a 10% tax credit up to $7,500 for first-time homebuyers, and in February boosted the credit to $8,000 and extended it until Dec. 1. The current credit phases out for buyers with incomes exceeding $170,000 for married couples and $95,000 for individuals . . .
The Wall Street Journal reported the supply of homes available for sale in 28 major metropolitan areas at the end of May was down 3.9% from a month earlier, according to figures compiled by ZipRealty. The ZipRealty data cover all single-family homes, condominiums and town houses listed on local multiple-listing services in metro areas where the firm operates. The inventory listed is now three consecutive months. . .
The foreclosure crisis continues to spread like the flu as it migrates from subprime to prime mortgages. The pace of prime borrowers going into foreclosure is accelerating, especially in states with mounting unemployment or property values that saw a big run-up during the housing boom. Through the Mortgage Bankers Association (MBA) reported almost half of the overall increase in the start of foreclosures was due to the increase in prime, fixed-rate loans. . .
More on foreclosures, LA Times reporter Peter Hong is reporting that Southern California may not have seen the light at the end of the tunnel. "In April, 7.16% of Los Angeles County mortgages were in default, up from 4.67% in April 2008, according to First American, which reports on foreclosures as a percentage of active mortgages, rather than as a share of total households as some other firms do." Which means? "That means a whole lot of distressed inventory is on its way to being resold on the open market, putting more downward pressure on home prices . . .
These national stories have local impact and I thought it was worth a read.
Wednesday, June 10, 2009
Followup: What's in a Name (Map Revision)
I have gotten some good feedback from yesterday’s post about Alameda Neighborhoods. I want to invite you to forward any additional comments about the map, and understand what you call the neighborhood you live in . I would love to add more information to the map and get it to be the best representation of Alameda Neighborhoods.
Neat! Wouldn't you need to divvy up Park Street though into North of Lincoln and South of Lincoln given the new effort to give the North of Lincoln area a new identity?Also, isn't there a swath that self-identifies as some sort of triangle near the old Island High site
And the section you have designated as North Housing, shouldn't a portion be "Coast Guard Housing" and then the remainder North Housing?
Although I am not ready to break up Park Street into NOLI and SOLI until some critical mass starts to referring to the business district in a new way. I did take her suggestion and add The Triangle/Wedgwood. I live one block from this neighborhood and it is a pretty accurate physical description.
Back in the mid to late 80s, when I grew up in North Housing the new homes were official Marina Village at North Housing. They were not Coast Guard Housing at the time so based on my old knowledge I lumped them together. I thought having two Marina Villages would be confusing, so I stuck with North Housing. But based on the suggestion I broke them up, since North Housing will be developed separately in the near future.
Your Fernside is about 2x the size of the actual Fernside. Best to divide into Fernside & East End.
Technically he is correct. The Fernside Western border was/is High Street. Over time those who live West of High between Broadway from Tilden to Central also call their neighborhood the Fernside. So I lump those together, if there is a more accurate name I not sure what it is.
Sam also added:
North of Lincoln btw Grand & Park is "Oklahoma."
Oklahoma??? In 30+ years I have never heard that name used for that neighborhood. I would love a historical story on how that name came about and/or if it still used by the residents.
Again let me know about your neighborhood and will update the map with neighborhoods I may have missed. If you have a recommendation please include the boundaries.
Tuesday, June 9, 2009
What's In a Name
I was reading this interesting article on SF Gate titled “Familiar S.F. neighborhoods gain new names” and the crux of the article is the San Francisco Board of Realtors is pushing to rename some neighborhoods through a new map they are publishing to make them more attractive to a buyer.
The attempt is to take established names like the Western Addition - to NoPa (North of the Panhandle), Financial District - Barbary Coast and the gritty Hells Angels enclave known as Dogpatch. Dogpatch is 10-block of industrial neighborhood from Third and 22nd streets the Realtors now Central Waterfront.
What is in a name, especially when it comes to neighborhoods, is difficult to say: since neighborhood by any another name, may not be the same neighborhood.
Changing the boundaries changes perceptions and for San Francisco that is serious business in terms of asking prices. The real estate map was last updated in 2005 and is directly tied to the City’s Multiple Listing Service. Listings automatically assigned to districts on the map, a factor buyers and real estate appraisers use to help size up a home.
In Alameda we have our own neighborhoods, thirteen by my count. These are not official and I am sure people would differ, but it brings me to the topic of Alameda Point.
I hate the name Alameda Point. It dismiss the history of the West End, it sound blah and most of all do I would not want to say I live in the Alameda Point neighborhood, in Alameda, CA in Alameda County, California.
In the beginning we had "Old Alameda" referred to the village at Encinal and High, Hibbardsville at the North Shore ferry and shipping terminal, and Woodstock was on the west near the ferry piers.
Then came other neighborhoods like: Gold Coast, Fernside, South Shore, Bay Farm, Harbor Bay Isle, Park Street, Northern Waterfront, FISC, North Housing, Ballena Bay, West End, Marina Village and Bayport.
When I lived and grew-up in North Housing it was just the West End. Inside the fence was “The Base,” which I think is a better name than “The Point.” At some point the Point became Alameda Point, and I’m not even sure how that happened.
So what to name the NAS Alameda?
We can look at the areas old industries to come up with a hip name. The Central Pacific's ferry, the Alameda Mole, the First Transcontinental Railroad, the China Clipper, Benton Field, and Alaska Packers Association can provide inspiration. Just like the Dogpatch which grab its name for the stray dogs that roamed the area for scraps along district that was lined with meatpacking factories.
How about:
“The Landing or The Dock” for NAS Alameda
Or
“WOW” for West of Webster; WOMA for West of Main
Or
“Winward District” since it will get the wind first
Or
“The Hangers”
This is not a very good start, but I would love to start a movement to rename the area. I have mapped the neighborhood, that I think exist, let me know what neighborhood you live, with the boundaries and I will try to add it to the map.
The attempt is to take established names like the Western Addition - to NoPa (North of the Panhandle), Financial District - Barbary Coast and the gritty Hells Angels enclave known as Dogpatch. Dogpatch is 10-block of industrial neighborhood from Third and 22nd streets the Realtors now Central Waterfront.
What is in a name, especially when it comes to neighborhoods, is difficult to say: since neighborhood by any another name, may not be the same neighborhood.
Changing the boundaries changes perceptions and for San Francisco that is serious business in terms of asking prices. The real estate map was last updated in 2005 and is directly tied to the City’s Multiple Listing Service. Listings automatically assigned to districts on the map, a factor buyers and real estate appraisers use to help size up a home.
In Alameda we have our own neighborhoods, thirteen by my count. These are not official and I am sure people would differ, but it brings me to the topic of Alameda Point.
I hate the name Alameda Point. It dismiss the history of the West End, it sound blah and most of all do I would not want to say I live in the Alameda Point neighborhood, in Alameda, CA in Alameda County, California.
In the beginning we had "Old Alameda" referred to the village at Encinal and High, Hibbardsville at the North Shore ferry and shipping terminal, and Woodstock was on the west near the ferry piers.
Then came other neighborhoods like: Gold Coast, Fernside, South Shore, Bay Farm, Harbor Bay Isle, Park Street, Northern Waterfront, FISC, North Housing, Ballena Bay, West End, Marina Village and Bayport.
When I lived and grew-up in North Housing it was just the West End. Inside the fence was “The Base,” which I think is a better name than “The Point.” At some point the Point became Alameda Point, and I’m not even sure how that happened.
So what to name the NAS Alameda?
We can look at the areas old industries to come up with a hip name. The Central Pacific's ferry, the Alameda Mole, the First Transcontinental Railroad, the China Clipper, Benton Field, and Alaska Packers Association can provide inspiration. Just like the Dogpatch which grab its name for the stray dogs that roamed the area for scraps along district that was lined with meatpacking factories.
How about:
“The Landing or The Dock” for NAS Alameda
Or
“WOW” for West of Webster; WOMA for West of Main
Or
“Winward District” since it will get the wind first
Or
“The Hangers”
This is not a very good start, but I would love to start a movement to rename the area. I have mapped the neighborhood, that I think exist, let me know what neighborhood you live, with the boundaries and I will try to add it to the map.
Monday, June 8, 2009
Alameda Inventory, Sale and Listing
Lots of numbers for you today. I am trying out a new format, along with the Inventory numbers for the week, I am also including sales and listing data. I hope that it is not overload, but I would like to get all of the numbers out of the way one day a week.
Inventory declined this week but remained with in the range of 160. The 94501 had a decline of 12 units from the prior week; the 94502 posted an increase of six units. The biggest decline in the numbers, I track, was the homes with price reductions which saw 11 fewer units on the market.
Inventory declined this week but remained with in the range of 160. The 94501 had a decline of 12 units from the prior week; the 94502 posted an increase of six units. The biggest decline in the numbers, I track, was the homes with price reductions which saw 11 fewer units on the market.
Last week's low listing of $169,900 went off the market, I was unable to see if it Sold, it may not have posted as of yet. The new low is a $199,000 one bedroom, one bathroom, Condo at "The Shores." It is the only property under $200K currently listed, the next lowest property is $270,000.
The high listing continues to be a 16-unit apartment building on Santa Clara that is asking a cool $2.3 Million. The highest priced single family house for sale is 7 Castlebar Place. This four bedroom, five bathroom three level home is listed at $1,899,000. This three level promontory home has over 1000 square feet of den and master suite. It also has a deck with panoramic views of Bay Bridge and San Francisco. By the way you also get an elevator.
The Island saw 17 new listings for the week. Eleven of the listings are single family home, and five are condos.
The first three sales of the month were squarely in the sweet spot for sales. All three were close to both May's average and median home sale prices of $560,000 and $579,900.
Link to Charts
http://spreadsheets.google.com/pub?key=rHT_qAKPiodUiqr2YOnh45Q&output=html
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