Lauren Holloway’s Blog

10 houses sold in Alamo over this time period, and the details of those sales follow.  The year is off to an interesting start: 50% of these homes are short sales or REOs.  Of the ten homes, 4 were bank-owned and one was a short sale. 

Just to put this in perspective, last year 133 homes sold in Alamo, and only 12 of those were bank-owned—a further 10 were short sales.  Here we are only a few short weeks into the new year, and seeing a dramatic contrast.  It doesn’t seem likely that this can continue: our inventory in Alamo today is 77 and only 3 of those are bank-owned homes.  However, 14 of those are short sales, and a further 15 homes are pending short sales (so not part of the inventory).  Short sales that don’t work out become bank-owned, and it can happen right out from under a buyer with an offer in at the bank.  So…we’ll see.  The theme for today is REO, and the details of all 10 sales over this time period follow.

• 148 La Sonoma Way     $650,000    3 bedroom, 2 bathroom, 1390 sq feet, .48 acre lot, built in 1955.  This house, in an excellent Westside location, was priced to get lots of attention and it did.  A small house, still on septic (not uncommon in Alamo, please refer to my article “Is the Grass Greener over the Septic Tank” link: http://lauren4homes.featuredblog.com/?p=27), but location, location, location.  Priced at $468/sf, this sold for $780,000 or $561/sf.

• 110 Mountain Canyon Place    $714,900    4 bedrooms, 3 bathrooms, 2605 sq feet, .34 acre lot, built in 1977.  This house was on the market for ages as a short sale, but finally became bank-owned.  Very tough corner: the house backs not just to busy Stone Valley Rd but also Monte Vista High School.  The back yard looks directly across the street to the school.  That’s not a negative to everyone, especially for the kids that can walk to school, return for their sports, and never struggle to find a good parking spot.  Monte Vista HS is a closed campus so kids aren’t (or shouldn’t be) wandering off campus at lunchtime.  The bank started at $744,900, then reduced to this list price and sold it at that price: $274/sf, it sold for $714,900.

• 29 Sugarloaf Terrace    $871,138    5 bedrooms, 3 bathrooms, 3173 sq feet, .57 acre lot, built in 1989.  Here’s another bank-owned home in Alamo…the price tag is always a dead giveaway.  The bank started at $965,250, but when they reduce, they have a formula: this one looks like 5% every 3 weeks.  After 3 weeks, they were priced at $916,988; another 3 weeks brought us to the current list price.  They went pending almost a full 3 weeks later—right on the cusp of another price change, it would seem (which would have been $821,581).  This neighborhood is right off the freeway (pro: great freeway access; con: you know) and is a neighborhood of very pretty, elegant homes like this one.  The home sold for $800,000 or $252/sf.

• 101 Via Copla    $900,000    5 bedrooms, 3 bathrooms, 2855 sq feet, .44 acre lot, built in 1965.  What a Westside bargain—this house was on the market throughout much of 2008, priced right around $1.4 million.  It was off the market for almost a year when it came back on at this “catch your attention” price—as a short sale.  It went “pending subject to lender approval” on September 7^th, and just closed on 1/22.  Short sales require a LOT of patience, and this one was not a particularly long process—I’ve seen them sit at the bank for 8 months, which is not unusual.  Located in a great Westside location just off Hemme, this house is on a corner lot with a nice backyard and pool.  It sold for $925,000 or $324/sf.

• 1452 Emmons Canyon Dr    $1,099,000    3 bedrooms, 2.5 bathrooms, 3344 sq feet, .33 acre lot, built in 1981.  This home is in Bryan Ranch, a lovely and quiet neighborhood.  Priced to reflect the fact that the house needs some updating in kitchen and bathrooms, but the curb appeal is undeniable and the backyard setting with pool is great.  On and off the market in a blink (10 days), this house sold for $1,050,000 or $314/sf.

• 15 Royal Oaks Ct    $1,099,000    4 bedrooms, 3.5 bathrooms, 3383 sq feet, .26 acre lot, built in 1993.  Bank-owned home—another one—this home is in the newer part of Roundhill called Windsor Green.  Priced aggressively, this home sold quickly for list price or $325/sf.

• 28 Kemline Ct    $1,124,000    4 bedrooms, 2.5 bathrooms, 2693 sq feet, .54 acre lot, built in 1987.  This was one of many homes for sale on this little street—sometimes that happens.  This house wasn’t right on the corner of Danville Blvd, and wasn’t at the end of the court which would put it next to the freeway.  Kemline is one of the streets between Danville Blvd and the freeway, close to Hap Magee Park, and near Hemme.  This house started on the market in September of 2008 at $1,475,000.  In April of 2009 it was priced at $1,325,000.  Six more price changes to arrive at the current list price, this home sold for an even million or $371/sf.

• 1388 Virginia St    $1,125,900    4 bedrooms, 3 bathrooms, 4085 sq feet, .37 acre lot, built in 1980.  This was a bank-owned home in Bryan Ranch, originally priced at $1,199,900, and sold for an even million or $245/sf.

• 330 Bryan Drive    $1,599,000    5 bedrooms, 3.5 bathrooms, 4042 sq feet, .39 acre lot, built in 1984.  Another lovely home in Bryan Ranch: curb appeal, fabulous backyard and pool, gorgeous details throughout.  This home came on the market in August at $1,695,000 and sold for $1,535,000 or $380/sf.

• 116 Warwick Ct    $2,100,000    5 bedrooms, 4.5 bathrooms, 4662 sq feet, .48 acre lot, built in 1990.  This gorgeous home is in Stonegate and has a flat lot, beautiful pool, and wonderful views.  Inside the details are lovely, huge windows, great kitchen, nice floorplan.  The home sold quickly for $1,900,000 or $408/sf.

I feel a lot of optimism in the marketplace, and I think our new year is off to a great start.  Personally, I really enjoyed 2009—because while the market was strange and hard to read, it was certainly fascinating.  In the first half of 2009, I would find myself looking back about 2 months—no more—when I was running comps.  Without consciously making a decision to do so, as the year wore on, I gradually included more and more history when running comps.  By the end of the year, I was using 1/1/09 as my start date, and simply reviewing the sales for the year.  My subconscious was the first to alert me that I felt the market had stabilized.

I priced a home in Walnut Creek a few days ago using the following criteria: an identical floorplan sold in April for $650,000; that home was bank-owned (whereas my listing will be staged and beautiful), plus the inventory is very low right now…and the market feels healthier now than then.  Using this logic, I priced the home at $699,000.  (I’ll let you know what it sells for!)  If I were listing this home last May instead, I would have said, “our best comp just sold for $650,000, let’s price this at $635,000.” 

In Alamo, as I mentioned last time, it feels like more homes are selling each week.  It used to be a quick job to write about the homes that sold the week before, occasionally even with a simple sentence when there were none.  With the year closed, looking at sales by quarter, there were 49 homes that sold in Q4-09, up from 36 in Q3, 27 in Q2, and 21 in Q1.  Definitely showing an increase of sales volume.  I kept going, looking at 2008 and was surprised to find that while Q4-08 had only 29 sales, Q3-08 had 43, and Q2-08 had 35, Q1-08 had 20.  So (I’ll do the math for you), while we seemed to have a huge increase in activity, the bottom line is 133 sales in Alamo in 2009 and 127 in 2008.  In contrast, there were 174 sales in 2007.

Volume is interesting, but what about sales price?  In 2008, the median sold price was $1,300,000 and the average sold price was $1,482,000.  Priced did drop, no one will be surprised to learn this: in 2009, the median sold price was $1,150,000 and the average sold price was $1,294,000.  Looking back to 2007, the median sold price was $1,435,000 and the average was $1,666,000.

Just for perspective—let’s compare to my favorite foreclosure poster town: Antioch.  There were 2248 sales in Antioch in 2008 with both the average and median sales price of $245,000.  In 2009, there were 2431 sales in Antioch and the average and median price dropped to $190,000.  And, imagine the contrast looking back to 2007 when there were only 678 sales with an average sales price of $420,000.

Antioch’s prices in 2009 were about 77% of what they were the previous year; Alamo’s 2009 prices were about 88% of 2008.  And glancing back two years, prices in Alamo were 80% in 2009 what they were in 2007, and in Antioch 2009 prices are 45% of 2007 prices.

And sales in Alamo were strong, even in the last two weeks of the year.  Over the two holiday weeks (which were short and busy), seven homes sold.  The statistics table is below, and the details of these sales follow:

• 2704 Danville Blvd    $782,100    4 bedrooms, 3 bathrooms, 2954 sq feet, .54 acre lot, built in 1953.  This home, while located right on busy Danville Blvd, is secluded behind a private gate.  Bank-owned and priced right, this home sold for over asking at $800,000 or $265 per sq foot.

• 1440 Finley Lane    $874,665    4 bedrooms, 4 bathrooms, unknown sq footage, .70 acre lot, built in 2009.  Another bank-owned home (those nice round numbers they like always give it away!), this one was hard to price because it was an unfinished project, buyer to complete the construction.  And the home is adjacent to the freeway, which always makes a sale tougher.  The bank started at $920,700, and sold after 75 days on the market for $782,000. 

• 2425 Alamo Glen Drive    $1,100,000    3 bedrooms, 3 bathrooms, 3521 sq feet, .46 acre lot, built in 1979.  Charming and unique home, I found it lovely but it was very distinctive and sometimes that makes it harder to find the right buyer.  It first came on the market in April priced at $1,410,000, and sold for $1,040,000 or $295 per sq foot.

• 391 Castle Crest Rd    $1,185,000    5 bedrooms, 3.5 bathrooms, 3657 sq feet, .64 acre lot, built in 1973.  Dramatic and special, this home features amazing views.  It started on the market in March, priced at $1,400,000, and sold for an even $1,100,000 or $301 a sq foot.

• 1554 Serafix Rd    $1,500,000    6 bedrooms, 4.5 bathrooms, 4671 sq feet, .41 acre lot, built in 1998.  Located in Stonebridge, this home was a short sale with a surprisingly quick process.  It came on the market in July for $1.649,000, and went pending November 10^th.  An impressive (for short sale timelines) 6 weeks later, it closed for $1,500,000 or $321 a sq foot.

• 342 Golden Grass Drive    $1,906,990    4 bedrooms, 4.5 bathrooms, 4622 sq feet, .42 acre lot, built in 2008.  This is one of those brand new homes across from Monte Vista HS.  After 463 days on the market (without any significant price changes), the home sold for $1,906,500 (so very close to the asking price…) or $422 per sq foot. 

• 435 Legacy Drive    $2,595,000    5 bedrooms, 5.5 bathrooms, 6094 sq feet, 2.6 acre lot, built in 2008.  This is one of the new homes built up on the Ridge in Roundhill.  Days on market are unknown, but the homes have all been for sale even before they were completed—but they weren’t listed on the MLS necessarily.  This home sold for $2,250,000 or $369 per sq foot.

14 homes sold over this period, and some of these have been a long time coming.  It’s nice to see a house like 179 Vernal finally close…what a long road.  Homes like that one, and David and Piedras from the list below were on the market for so long, I started to think of them as old friends.  It’s pretty telling to see some of the older inventory finally turn over; also, have you noticed that it is no longer “normal” to have 1 or 2 sales a week in Alamo?  This blog is now over two years old, and if you scan back in time, you’ll see it was generally the case a year or two ago for the “sold” column to have a zero, 1, or 2.  Lately, I’m writing 4 or 6 just as often.

Inventory hits a low at the end of December, traditionally, and this year is lower than last year (which was 90) but not as low as the year before (64).  The stats for this period are in the table below and the here’s the complete list of the homes sold this period, and their stories:

• 81 Danbury Ct    $882,090    5 bedrooms, 3 bathrooms, 3052 sq feet, .20 acre lot, built in 1989.  This home was bank-owned and was priced far below the other homes in the neighborhood.  I was sorry to see the lovely Stonegate neighborhood get saddled with this comp.  It started at $1,016,900 (banks love those round numbers), and then reduced to the final list price after two weeks.  It spent 33 days on the market and sold for $865,000 or $283/sf.
• 146 S Jackson Way    $1,000,000    4 bedrooms, 3 bathrooms, 3600 sq feet, .54 acre lot, built in 1946.  This sweet house, oozing in curb appeal in a picket-fence-cape-cod fashion, first came on the market in January for $1,495,000.  Unfortunately, the home backs up to the freeway, which deterred buyers and the priced was reduced several times.  By the time it was reduced to the current list price, it was a short sale.  It sold for $950,000 or $254/sf.
• 1527 Las Trampas Rd    $1,079,000    3 bedrooms, 2 bathrooms, 2975 sq feet, .43 acre lot, built in 1912.  When I first saw the photos of this house when it came on in August at $1,129,000, I thought the price was excellent.  However, once I got to the house, I understood the pricing strategy.  Adorable 1912 farm house with an amazing kitchen/family room addition—but the project was unfinished.  Not in the sense of pipes sticking out of the walls, it was completely livable, but the final destination of the home, tying the old with the new in an elegant way, had yet to be accomplished.  There were two bedrooms upstairs, but the third bedroom was detached.  GREAT Westside location near the Trail, wonderful kitchen, and the delightful charm of the original farmhouse.  However, clearly not a perfect fit for everyone.  This house reduced slightly while waiting for the right buyer, and then sold for $1,003,970 or $337/sf.
• 506 Oakshire Place    $1,089,000    5 bedrooms, 3.5 bathrooms, 4117 sq feet, .70 acre lot, built in 1990.  Here’s one of those long stories I mentioned.  This home first came on the market in June of 2007 for $1,975,000.  Nearly a year later, in May of 2008, it went off the market and came back on with a different realtor at $1,699,000.  That relationship was short-lived; the home went off and came on with yet another realtor in July of 2008, priced at $1,549,000.  The price was reduced and reduced, until at $1,250,000 (making it a short sale), the home went pending.  You know my opinion about short sales (or if you don’t, I’ll sum it up for you: not short, long awful process that often ends in frustration), and this home was a case in point.  The short sale didn’t close, instead the home reverted to the bank, and it came on as an REO in October, priced so well that it sold for over-asking.  This home, located in Roundhill North, was beautiful, by the way.  The views are amazing…but the house has what so many Roundhill North properties have: a great view at the cost of being situated on a vertical lot.  The large house attracted families, but families want some flat play area.  The house sold for $1,150,000 or $279/sf.
• 335 David Dr    $1,099,000    3 bedrooms, 2 bathrooms, 2023 sq feet, .46 acre lot, built in 1960.  Goodness…another old friend.  This house started out on the market in June of 2008 priced at $1,339,000.  It reduced gradually, arriving at the final list price in July of 2009.  It was a nice home—price was the only issue.  Located in a great area near the Middle School off Miranda, this home was hard to sell at that price with only 3 bedrooms.  However, the enormous 5 car garage was appealing to many, and the seller’s patience paid off.  This home sold for $1,025,000 or $507/sf.
• 1445 Arbor Lane    $1,125,000    4 bedrooms, 2.5 bathrooms, 2361 sq feet, .54 acre lot, built in 1954.  Located on one of the sweet private lanes off Danville Blvd, this home is charming but has that unfortunate freeway looming nearby.  However, the freeway isn’t as much of a factor as you would expect when looking at the map.  Nice flat large lot–and the charm of Arbor Lane, such a nice street.  This home started at $1,278,000 in June, and sold for $1,050,000 or $445/sf.
• 216 Stone Valley Way    $1,149,000    4 bedrooms, 2.5 bathrooms, 2895 sq feet, .62 acre lot, built in 1984.  Here’s another home where the freeway probably worried buyers as they looked at the map…but it was surprisingly quiet with a hill somewhat blocking the worst of the noise.  The huge lot and the elegant street—this house has a lot going for it, although it was a bit dated inside.  It sold for $1,099,000 or $380/sf.
• 201 Carol Court    $1,199,000    4 bedrooms, 2.5 bathrooms, 3000 sq feet, .39 acre lot, built in 1983.  This home first came on the market in August of 2008, priced at $1,499,000.  Located in Bryan Ranch on a nice size lot with a roomy floorplan, this home finally sold for $1,150,000 or $383/sf.
• 1808 Piedras Circle    $1,295,000    4 bedrooms, 3.5 bathooms, 3300 sq feet, .41 acre lot, built in 1975.  What a long road for this poor house!  I loved this unique home and tried to find the right match for it.  The backyard is huge with a gorgeous pool and backing up to open space.  The master is on the main floor, with the other bedrooms up.  Truly a great house, but for some reason, unique enough to scare buyers off.  It first came on the market in December of 2006, priced at $1,795,000.  Three years later (!) after the sellers made some significant improvements to the home (adjoining the detached family room to the house in a beautiful and seamless way), and reducing the price repeatedly, the home sold for $1,150,000 or $348/sf.
• 1360 Laverock Lane    $1,299,000    6 bedrooms, 4 bathrooms, 4036 sq feet, .72 acre lot, built in 1991.  This home first came on the market in April for $1,480,000.  Really nice location, close to everything—and even though it’s close to the freeway, you would be shocked at how quiet it was (utterly quiet, and I’m very critical about freeway noise).  Huge lot with secluded woodsy setting.  The main house was a nice size, and the apartment was a great perk.  The only thing I didn’t like about this house was the incredibly steep driveway.  I liked the floorplan, although the abundance of stairs and levels would not appeal to all.  This home sold for $1,250,000 or $310/sf.
• 221 Glenwood Ct    $1,525,000    5 bedrooms, 4 bathrooms, 4192 sq feet, .64 acre lot, built in 1979.  This home came on the market in April (on April Fool’s Day, who thought that through?) and went pending with a contingent offer in June.  It’s hard to take a contingent offer in this market, but this one worked out—the home sold for $1,350,000 or $322/sf.
• 179 Vernal Dr    $1,649,000    4 bedrooms, 4 bathrooms, 2 half baths, 4660 sq feet, .47 acre lot, built in 2006.  This home, and its neighbor, first came on the market as brand new construction in August of 2006.  Located on a great street, and built with luxurious details, these homes did not appeal to most people looking in Alamo because they lacked the “big lot” feeling.  I realize the lot size is almost a ½ acre, but the homes do not feel like they are on parcels that large—and they are in a neighborhood that is all 1 acre or more.  Originally priced at $2,900,000, this home was reduced to $2,699,000 before it was pulled off the market in May of 2008.  It came back on less than a week later, with a new realtor and a new price: $2,300,000.  It was reduced to $1,849,000 before it was taken off the market in March of 2009.  It came back on in June with a new realtor and a new price: $1,775,000, and sold for $1,549,000 or $332/sf.  The house next door is still available—it’s larger, but has gone through similar price changes, and I was surprised to see that this one sold first.  The house that is still available has a traditional floorplan and beautiful details—it’s my favorite of the two.
• 109 Elliott Ct    $1,725,000    5 bedrooms, 5.5 bathrooms, 4057 sq feet, .60 acre lot, built in 1997.  Light and bright and with a huge lot—plus the great Trails location, this home flew off the market in 2 days.  It sold for $1,750,000 or $431/sf.
• 25 Kimberley Place    $2,400,000    6 bedrooms, 4 bathrooms, 2 half baths, 5263 sq feet, .74 acre lot, built in 2001.  Located in Alamo Springs, this home has an elegant floorplan and a large lot (but it is an upslope).  This home first came on the market about a year ago for $2,875,000 and when it didn’t sell, it took an 8 month breather, and came back on at the new price.  It sold for $2,250,000 or $428/sf.

Just wanted to share a new marketing idea that I am embracing.  Here is an example: http://www.youtube.com/watch?v=awYKiqTSufQ

The link above leads you to the YouTube video for a listing of mine in Lafayette.  It’s a beautiful home on a special lot in a great location, currently pending: www.OldJonasHill.com.  5 bedrooms, 5.5 bathrooms, 5000+ square feet, 3.7+ acres, offered at $2,095,000.  It’s interesting to imagine that in this market, at that price point, and in December, this home generated a lot of interest.  We had five offers, and we are currently pending with two offers in back-up position.

The video was done by Eric Robbins who was a pleasure to work with, and can be reached via lookma.net.  I plan to use this tool regularly in marketing my listings, so you may be seeing more great videos.

Snow in Danville!  How delightful.  Especially if you can enjoy this view!  This photo was taken from www.334CorriePlace.com.  A beautiful 5400 sq foot single story home located in Elegant Alamo Springs, offered at $2,299,000.

Happy Thanksgiving!  I love this holiday, such a wonderful time for family and friends to be together.  My family and I are having a non-traditional Thanksgiving this year…we may not even get pie much less turkey.  We are spending the day in Disneyland, the happiest place on earth (so my daughter tells me!).  But first, I have a market report to post.

The market stats are encouraging.  The inventory in Alamo is under 100 for the second week in a row, and while some homes are coming off the market for the holiday season, others are selling…14 homes sold over the past 5 weeks, described below and leading off with one of my favorite all-time homes in Alamo:

• 139 Erselia Trail    $1,999,900    4460 sq feet, 4 bedrooms, 5 bathrooms, .99 acre lot, built in 1991.  Beautiful brick single story home with amazing backyard.  This home, located in the close-in-yet-country-feeling street off Bunce Meadows, was absolutely lovely with a beautiful kitchen and great floorplan.  Stepping in the front door, the view of the backyard was captivating.  This home first came on the market in June of 2008 for $2,390,000 and I was astounded when it didn’t fly off the shelf.  Buyers for homes over $2 million are hard to find, but I still thought this home would be the one selected: it had the single story, huge wonderful lot, great location.  After a break, it came back on the market this year and then reduced to the list price where it finally got the attention it deserved.  Sales price was $1,766,088 or $396 a sq foot.

• 3206 Stonegate Lane    $1,699,000    4374 sq feet, 4 bedrooms, 3 bathrooms, .37 acre lot, built in 1990.  This home had wonderful views from both front and back, a nice backyard with pool, and the home had a nice spacious feeling.  This home first came on the market about a year ago (11/08), priced at $2,149,000, but sold for $1,679,000 or $388 per sq foot.

• 100 Mystic Place    $1,600,000    4337 sq feet, 5 bedrooms, 4.5 bathrooms, 2.97 acre lot, built in 2001.  A beautiful home in a quiet area (between Stonegate and Stonebridge), this came on the market in March for $2,099,000.  The large lot is deceiving; most of it is unusable upslope, but it is still land and provides privacy (and an energetic homeowner could do something creative).  The home sold for $1,510,000 or $348 a sq foot.

• 89 Amanda Ct    $1,395,000    3297 sq feet, 4 bedrooms, 3.5 bathrooms, .94 acre lot, built in 1983.  Wonderful home in Bryan Ranch with an over-size lot and great curb appeal.  Sold for $1,221,000 or $373 a sq foot after 129 days on the market.

• 508 Wild Flower Place    $1,379,000    3419 sq feet, 4 bedrooms, 2.5 bathrooms, .53 acre lot, built in 1989.  Located in desirable Bryan Meadow, this home was in need of some updating.  Sold for $1,300,000 or $380 a sq foot after only 23 days on the market.

• 18 Ardendale Ct    $1,199,950    4854 sq feet, 6 bedrooms, 4.5 bathrooms, .98 acre lot, built in 1986.  Finally!  This beautiful home suffered more than most in this market.  It was a tough floorplan, with many levels and a steep lot.  The large lot did include some flat usable space, but it was a journey to it.  The kitchen was spectacular, the whole home was really quite gorgeous and large…and yet, it waited for the right buyer since March of 2008 when it first hit the market at $1,949,950.  I watched it drop in price more than I would have ever expected, but still it did not sell.  I’m happy to see it has finally changed hands, and someone got a lot of house for the money: it sold for $1,109,230 or $229 a sq foot.

• 347 Bryan Drive    $1,195,000    3414 sq feet, 4 bedrooms, 3 bathrooms, .40 acre lot, built in 1983.  Located in Bryan Ranch, good-sized single story home with nice backyard.  This one sold quickly with only 5 days on the market, and sold for $1,150,000 or $337 a sq foot.

• 1924 Park Meadow Dr    $1,169,000    2900 sq feet, 4 bedrooms, 3 bathrooms, .82 acre lot, built in 1975.  This home is in Whitegate (adjacent to Bryan Ranch) and is an unusual home for that area with its extra large lot.  The home is updated beautifully and the backyard with pool and horse setup is special—only 9 days on the market and this home sold for $1,158,000 or $399 a sq foot.

• 373 Bryan Drive    $1,165,000    2700 sq feet, 4 bedrooms, 2.5 bathrooms, .4 acre lot, built in 1985.  Very appealing, very sharp home.  Another Bryan Ranch…quite the run on homes in that neighborhood.  This one spent 26 days on the market and sold for an even million or $370 a sq foot.

• 229 Smith Rd    $999,000    2542 sq feet, 4 bedrooms, 3 bathrooms, 1.28 acre lot, built in 1961.  This neighborhood, Smith Road and its offshoots, near Monte Vista HS, is unusual because of the size of the lots.  All one acre plus, some still have the original 2/1 home, others have torn down the old and built large and even enormous homes on them.  This neighborhood is home to many horses, and this home had a horse setup.  This was a short sale, so it’s interesting to note that it started on the market on July 13th and closed on October 27th—just over 3 months, very swift for a short sale.  The home sold for $886,000 or $349 per sq foot.

• 264 Castle Crest Road    $979,000    1935 sq feet, 4 bedrooms, 2 bathrooms, 1.57 acre lot, built in 1974.  High on the hill with beautiful views, yet still has a flat usable yard area.  Beautifully updated single story home, this sold for $945,000 or $488 a sq foot.

• 25 Kemline Ct    $899,900    3266 sq feet, 3 bedrooms, 3.5 bathrooms, .56 acre lot, built in 1928.  This home was bank-owned, and one of many for sale on Kemline (for some reason), a short street between Danville Blvd and the freeway.  This home sold for $855,000 or $262 a sq foot.

• 126 Golden Ridge Rd    $899,000    2218 sq feet, 3 bedrooms, 2 bathrooms, .17 acre lot, built in 1985.  This home is in Bryan Terrace, located above Bryan Ranch, a small group of homes on smaller lots.  The neighborhood offers tennis courts and a swimming pool, yet reasonable HOA fees ($163/mo).  Sold for $822,000 or $405 a sq foot.

• 938 Danville Blvd    $785,000    1800 sq feet, 3 bedrooms, 2 bathrooms, .9 acre lot, built in 1940.  This home was originally going to be torn down and a large new single story home built in its place.  Then the builders decided to sell it as-is instead, and it was priced at $1,295,000.  The home is very original but the lot is large—yet the location right on Danville Blvd is not ideal.  The price reduction may appear dramatic, but at $785,000, the home is listed at $436 a sq foot…seems fair.  It sold at that same price.

My market statistics tables will follow, but if you don’t see them yet, please check back.  I’ve been having some difficulty making them read down rather than across, and on my own browser, I can only see one week at a time on some of these.  I hope your experience is different, but I suspect it is not.  I’m going to try something different, but it may not get completed before I take off for The Happiest Place on Earth!

An interesting question was posed by a reader who observed the incredibly high number of pending sales vs active listings in Antioch.  Are those pending sales largely short sales caught in the incredibly lengthy process of obtaining bank approval?

The answer is YES, short sales are skewing the pending sale number in every town.  Most notably in Antioch, where today there are 209 active listings (of which 66 are bank-owned and 97 are short sales) with 588 pending sales, 358 of which are grinding through the long hideous short sale process at the bank.  Of the others, 97 are regular sales and 133 are bank-owned.

But it’s not just in Antioch that the pending sales are skewed by short sales.  It’s been bothering me in Alamo as I watch the pending sale number grow and then realize it probably isn’t as meaningful as I would like when short sales are considered.

In Alamo today we have 106 active listings, 9 of which are REOs and 11 that are short sales.  With 32 pending sales, 3 are bank-owned and EIGHT are short sales.  That’s 25% of our pending sales that are just sitting there “awaiting bank approval” that may or may not close in our lifetimes.

My cynical attitude about short sales comes from a few bad experiences.  Twice I’ve had short sales listings with offers that sat at the bank for over 9 months, only to be rejected.  The first time was two years ago, a house in Blackhawk: after 9 months of waiting (a case of the 1st and 2nd being on different schedules), we gave up and took it off the market.  The owner tried again to short sale the house (with a realtor that specializes in short sales and my blessing), with the same results.  Now–literally two years later–two years since a mortgage payment has been made–the house again showed up on the MLS as a short sale.  I called the owner, a delightful person that I wanted to catch up with, to find out how this could be.  The locks had been changed, the house is vacant, but the banks still can’t seem to wrap this up.  I’ll be curious to find out how (and when) this story will end.

A case like this may not be the norm, but it is pretty amazing.  Some banks have a great system (Wachovia, for sure!) and are processing short sales effectively.  In fact, so far this year in Alamo, we’ve had nine short sales close escrow successfully (eventually).

Thanks for posting the great question, JP!

Thank you so much for missing me!  I’ve appreciated your emails and it’s nice to be missed.  It’s been a busy few weeks–the real estate market continues to be fascinating.

The question everyone asks, “How’s the market?” is getting harder to give a straight answer to.  Very different from one part of it to another, is the best way to sum it up.  If you are talking about the market under $500,000—it’s hot.  Sizzling hot in most cases.  Buyers are getting frustrated in this market because it’s so competitive.  I recently worked with first-time buyers in this range, and we were told “not to bother” to write an FHA offer on some properties.  Investors with cash are King in this part of the market.

But if you have $2 million or more to spend, you’ll find the atmosphere completely different.  You can shop around, you can negotiate, you can write a contingent offer…you can wait a few weeks and think about it.  If you are a qualified, non-contingent buyer, YOU are King in this market.

I had someone ask me earlier this week if it was a good time for a “move up” purchase.  It’s always a smart idea to buy and sell in a down market—if you are going to be both buying and selling a home, then doing so in a down market is a good strategy.  But imagine a move-up buyer with a home to sell around $500,000 who is shopping for twice the price—that would be the best circumstances a person could hope for—and with interest rates still so attractive.

I’ve collected four weeks of statistics (below, please remember to add $,000 to all dollar figures), and it’s interesting to see four weeks at a glance.  You’ll the inventory numbers are fairly steady, dropping slightly in most towns.  In Alamo, we’ve had 15 homes sell over these four weeks—very strong numbers for a town that usually sells one, two, and rarely four in a given week.  Here are the details on those sold homes:

• 337 Corrie Place    $3,375,000    5 bedrooms, 3.5 bathrooms, 5000 sq feet, .5 acre lot, built in 2008.  This beautiful and unique home first came on the market in the spring.  Located in the very elegant neighborhood of Alamo Springs and with incredible views, it was priced at $675 a square foot.  The sales price is unpublished, so I will respect that privacy, but I will tell you that the sellers were firm on their price, rejecting many offers under $3 million without bothering to counter.  And the good news is, if you missed this house, you can still move into the same wonderful neighborhood on an even larger (and flatter) lot—my listing at www.334CorriePlace.com is available for $2,299,000.

• 1562 Alamo Way    $895,000    2 bedrooms, 2 bathrooms, 1158 sq feet, .64 acre lot, built in 1945.  This was my listing, and it was interesting to see how desirable a small house on a large, flat, Westside lot is (even in this economy…I was anticipating the level of interest in a “project” to be far less than it was a few years ago).  We went on the market right before Labor Day priced at $773 a sq foot and were pending 6 days later.  The price per sq foot on a home like this, with the value mainly in the land, is hardly relevant—but with appraisals being the biggest headache for any escrow with all the new rules, it came into play.  As you might guess, the house did not appraise for anything close to asking price, and we had a bit of a renegotiation…but the buyer had enough cash to work with us and enough common sense to understand the value of the property regardless of the appraisal—we closed at $820,000.

• 447 Legacy Dr    $3,500,000    6 bedrooms, 4.5 bathrooms, 7000 sq feet, 2.79 sq feet, built in 2008.  This home is one of the new homes in the gated Legacy Ridge area of Roundhill.  Originally priced at $4,395,000, it sold for $2,950,000 or $421 a sq foot.

• 306 Las Quebradas Lane    $2,495,000    5 bedrooms, 6 bathrooms, 5324 sq feet, .47 acre lot, built in 2004.  This is a stunning home with lovely features…nice fountain in the front and beautiful pool and waterfall in the back.  The lot is upslope, but the builder made the most of the backyard—creating a very nice setting.  As a relocation sale, this was priced aggressively at $469 a sq foot, and sold for $2,150,000 or $404 a sq foot.

• 95 Jennifer Lane    $2,029,200    5 bedrooms, 4.5 bathrooms, 5700 sq foot, 1.01 acre lot, built in 1997.  This home is located on a quiet street off Vernal—a favorite neighborhood of mine because the lots are all huge, it feels like country with chickens and horses on some properties, yet it’s a very close-in location.  A lovely Victorian style home situated on a flat acre with a pool—wow—I loved this home, but was baffled to see it sit when it was priced at $2,500,000.  Once it was priced at the strange number of $2,029,200 (huh?), it moved quickly and actually sold for more: $2,100,000 or $368 a sq foot.

• 62 Medlyn Lane    $1,762,900    4 bedrooms, 4.5 bathrooms, 5025 sq feet, .52 acre lot, built in 2004.  This home was an REO and the home next door (74, same builder) is still available for $2.7 million.  This is located on a little lane between Danville Blvd and the freeway, less desirable than other westside location.  It sold for $1,812,500 or $361 a sq foot.

• 64 Ocean Pines Lane    $1,750,000    4 bedrooms, 3.5 bathrooms, 4000 sq feet, .80 acre lot, built in 1989.  Very lovely Roundhill North home—not typical for the neighborhood which has mostly contemporary homes, this gorgeous traditional home was also unique because it sits on a large lot that isn’t completely sloped.  Largely flat, but great views, this was a really nice choice for buyers…one of those homes that I walk through on Tour and then rack my brains to think who might love it as much as I did.  It spent only 22 days on the market, and sold for $1,625,000 or $406 a sq foot.

• 1650 Ramona Way    $1,299,900    4 bedrooms, 4.5 bathrooms, 3414 sq feet, .57 acre lot, built in 1973.  This home at the top of Ramona on the Westside is very lovely.  The lot isn’t flat, but the pool and much of the usable lot is on the side.  Gorgeous views and lots of privacy—this home sold for $1,188,000 after 134 days on the market or $348 a sq foot.

• 83 Amanda Ct    $1,179,000    4 bedrooms, 3 bathrooms, 3337 sq feet, .43 acre lot, built in 1985.  This street is located at the end of Bryan Ranch, a very quiet and elegant neighborhood.  This home first came on the market in March of 2008, priced at $1,545,000.  On an off the market since then, it sold for $1,100,000 or $330 a sq foot.

• 220 Pebble Court    $1,090,000    4 bedrooms, 2 bathrooms, 2251 sq feet, .48 acre lot, built in 1975.  Very nice home with a sweet backyard garden with meandering trails.  This first came on the market in May of 2008 for $1,265,000, and finally sold for $1,012,500 or $450 a sq foot.

• 2335 Royal Oaks Dr    $1,048,000    3 bedrooms, 2 bathrooms, 2553 sq feet, .43 acre lot, built in 1964.  Roundhill home on the golf course.  Originally priced at $1,148,000, this home sold after 78 days on the market for $965,000 or $378 a sq foot.

• 197 La Colina Dr    $999,000    5 bedrooms, 2.5 bathrooms, 2700 sq feet, .60 acre lot, built in 1949.  Wonderful Westside location off Las Trampas.  Gorgeous large lot with pool—potential was the appeal of this property.  Originally priced at $1,200,000, it sold after 161 days on the market for $992,005 (precisely) or $370 a sq foot.

• 2388 Danville Blvd    $699,000    3 bedrooms, 3 bathrooms, 2200 sq feet, .62 acre lot, built in 1960.  You’ve passed this house many times as you drive up and down the Boulevard.  It’s the home near Livorna, set back behind a gorgeous brick wall and gated.  The owners did a lot of nice things to this home, but it was on the market as a short sale, so the price was right.  Short sales require a lot of patience and often end in foreclosure anyway—but this one did close: it sold for $735,000 or $334 a sq foot.

• 148 Alamo Square    $698,000    3 bedrooms, 2 bathroom townhouse, 1639 sq feet, built in 1975.  Light and bright townhome in Alamo Square with HOA dues of $380 monthly.  This originally came on the market in April at $748,000.  When it came back on in August at the current price, it sold in 21 days for full price or $426 a sq foot.

• 208 Alamo Square    $619,000    3 bedrooms, 2 bathroom townhome, 1639 sq feet, built in 1975.  Obviously the same exact model as the last sale above, but even identical models vary in condition and appeal.  This one sold for $590,000 or $360 a sq foot and spent 96 days on the market. 

Week of 10/12/09

Week of 10/12/09

                      Week of 10/5/09

Week of 10/5/09

Week of 9/28/09

It’s getting busy out there…a new energy is coming to the housing market.  I’m hearing more and more people say “seems to be the bottom,” which is encouraging.  Buyers are out shopping; there is a huge amount of increased activity on the active listings…I compare notes with my fellow realtors, and we’re all seeing it; our sellers are feeling it.

I’m surprised that this surge of energy is coming right now, as summer ends and autumn is officially here (so says the calendar, not the 100+ degree days we are “enjoying”), but I don’t expect it to hold steady through the holidays.  Hopefully this energy will sustain itself through October, but November and December are always sleepy months.  Then, if the new year can lead us off with some strength, it should be a good 2010. 

In Alamo, the inventory has been steady–still down from last year at this time.  We’ve had 6 homes sell in the past three weeks; here is the information on those sales:

• 714 Anderson Ranch Ct    $1,398,000    4 bedrooms, 3.5 bathrooms, 3382 sq feet, .49 acre lot, built in 1998.  This was my listing, so I have all the details on this sale, and it was an interesting journey.  Throughout July, when other listings were being ignored by too few buyers, this home had showings almost every day.  We had a total of 6 written offers over the course of the time on the market (80 days), but one of those offers was a lowball, two of them were in the $1.3 neighborhood with no room to go higher, and two of them were creative (for example, we were trying to work out the details on how a one-year escrow would play out).  This home is lovely: a great single story home that was absolutely immacculate with a backyard that is a WOW.  Our 6th offer was a breath of fresh air: agreeable in price, quality buyers, and without imaginative terms.  The home sold for $1,370,000 or $405 per sq foot.

• 154 Marks Road    $3,985,000    6 bedrooms, 7.5 bathrooms, 7100 sq fet, 1.26 acre lot, built in 2004.  This house is located in Alamo Oaks, the wonderfully “country” neighborhood off Smith Road near Monte Vista HS.  This gorgeous home came on the market in June 2008 for $4,950,000.  It reduced to its current price in April, and sold for $3,500,000 or $500 per sq foot.

• 30 Camille Place    $1,739,000    5 bedrooms, 4.5 bathrooms, 4500 sq feet, .8 acre lot, built in 2002.  Absolutely gorgeous home at the end of a court on a large, creekside lot, with access to Hap Magee Park across a pedestrian bridge.  This home came on the market right before the holidays (12/17), and the photos still feature the Christmas tree.  Originally priced at $1,998,000, it was lowered to its current price at the beginning of August.  It sold for $1,525,000 or $339 per sq foot.

• 1481 Cedar Lane    $1,499,000  4 bedrooms, 3 bathrooms, 3083 sq feet, .48 acre lot, built in 1949.  This charming westside home was only on the market for 20 days.  Situated on one of the long narrow lanes between Danville Blvd and the freeway, this single story rancher has a fabulous backyard and pool.  Sold for $1,390,000 or $451 per sq foot.

• 23 Mott Dr    $1,150,000    4 bedrooms, 3 bathrooms, 3508 sq feet, .57 acre lot, built in 1963.  This home, located in a great Roundhill location, came on the market in October ‘08 as a short sale, priced at $1,399,000.  Short sales are never quick, but this one actually closed…for $1,150,000 or $328 per sq foot.

• 138 Golden Ridge Rd    $999,000    3 bedrooms, 2.5 bathrooms, 2620 sq feet, .33 acre lot, built in 1985.  This home, located in Bryan Terrace (past Whitegate, past Bryan Ranch) first came on the market in May for $1,079,000 and sold for $907,000 or $346 per sq foot.

The stats for the last three weeks follow (please add $,000 to all dollar figures), and remember you can always view the current listings on my website: www.Lauren4Homes.com.

 Having an old dog is like having a new born baby…at least the sleepless night part.  Otto, our half dauchshund, half cocker spaniel, sweet old dog, is a cancer patient and doesn’t always sleep well.  When Monday morning rolls around, I’ll be groggy and struggling to start my busy day, but Otto will find a quiet part of the house and sleep the day away.  Why he can’t just sleep at night is beyond me, but I love the little guy and was heartbroken when he was given 6 months to live (14 months ago, go Otto!), so I have a lot of patience for him.

But my real point is that I’m awake at 3:00 am, and sleep doesn’t seem to be an option for me any more than it is for Otto, so maybe this is a good time to catch up on the Thursday Tour news.

Three Thursdays have come and gone since my last report, so I’ll recap chronologically:

The Thursday before the long Labor Day weekend was a very light tour.  I had a listing on tour: www.1562AlamoWay.com, which was wonderfully attended.  Partly because there was almost no where else for agents to go that day—the Thursday before the long weekend isn’t considered a great time to enter the market—and partly because any home in Alamo under a million dollars is going to get attention.  In fact, the house went pending later that same day.  It’s been a topsy-turvy escrow so far, largely because a small house on a large lot is worth more than an appraisal might indicate, especially in today’s crazy appraisal world.  Consider that at 1168 sq feet and priced at $895,000, the price per square foot doesn’t line up with the sales we’ve had lately in Alamo.  But it’s a beautiful, flat, 2/3+ acre in a prime Westside Alamo location, and the value is really in the land.

The next Thursday, I was again hosting tour: www.334CorriePlace.com.   Now we are talking about Alamo’s upper end, which has been seeing some encouraging activity lately.  In fact, 3 doors down, and listed for over a million dollars more, the 5000 sq foot home just went pending at $3.4 million.  My listing has a wonderful secluded location—end of the court, and then tucked away at the end of a long driveway, and amazing views.  It’s a special property: the fact that it’s newer construction, 5400 sq feet all on a single story is rare.  Plus the fact of the mostly flat, very generous, 2/3+ acre lot combined with spectacular views is also rare.  Priced right at $2,299,000.

And that brings us to 3 days ago, the most recent Thursday.   The new home development called Alamo Crest was on tour, which is an interesting thing to consider.  It’s a new home office, it’s always open, but by putting themselves on the tour sheet (and offering food!), they made themselves noticed.   For myself, I hadn’t been through the homes in over a year, but didn’t realize it had been so long.  I’m glad I went by to refresh my memory—the neighborhood has grown up a lot, and it’s now possible to picture what it will be like when it is established.  I toured three homes in this Davidon development, and they were:

• Treetop Terrace Court    $1,742,990    4 bedrooms, 4.5 bathrooms, 4522 sq feet, .44 acre lot, built in 2008.  This was the only two-story home of the group, and it’s interesting to compare prices.  Builders have moved away from single story homes because they cost so much more to build.  This home has a cozy round-shaped breakfast nook and a kitchen with large island.  There is a huge oak tree out front, not on this lot, but as part of the construction an enormous retaining wall was created to protect it.  The result is a sort of weird looking fake rock look, but I guarantee if my rock-climbing son had this in his front yard, he’d be thrilled.  The rest of us would enjoy the beautiful oak tree.  This home, like the other two, has a landscaped front yard, but nothing has yet been done in the back.  One bedroom/bathroom down, and the rest are up.  Priced at $356 a sq foot.

• Treetop Terrace Court    $1,789,490    4 bedrooms, 3.5 bathrooms, 3906 sq feet, .62 acre lot, built in 2008.  Adjacent to the last home, the large oak is situated on this lot, creating a flag lot with the home tucked away at the end of a long drive and not visible from the street.  Dark wood kitchen overlooking the backyard–which like the neighbor, has views that include Monte Vista HS.  This is a single story home, priced at $458 a sq foot.

• Treetop Terrace Court    $1,937,490    5 bedrooms, 4.5 bathrooms, 4697 sq feet, .57 acre lot, built in 2008.  This home, like the other two, is situated at the very end of the court, and this one is placed at a bit of an angle on the lot.  Consequently, the front door is not visible from the street, and that’s sort of nice because it has a pretty courtyard area at the front of the house that is very private as a result.  There is a formal office at the front of the house, and another room like it in the bedroom wing that could be used as a bonus room or as an office.  The bedrooms are generous in size; two with a jack-and-jill bath, one with its own bathroom, plus the master which is large and has a stunning bathroom.  The kitchen is white, antique finish, with stainless appliances.  The lot is large, particularly the side yard, off the bedrooms.  This single story home is priced at $412 a sq foot.

Two new litings were also on tour:

• Bryan Drive    $1,165,000    4 bedrooms, 2.5 bathrooms, 2700 sq feet, .4 acre lot, built in 1985. This is a lovely home on a quiet street.  There aren’t too many locations where I am confident you can’t hear the freeway—that freeway noise bounces all over the valley, and stretches so much farther than you would expect.  But Bryan Ranch is a very quiet location.  I have been told many times by buyers looking in Alamo, that this location is “too far,” and it is a bit of a drive to the freeway—but the other side of that coin is that you don’t have to listen to it.  Curb appeal with its shake roof, and all the homes on the street are absolutely lovely.  A great neighborhood feeling.  Priced at $431 a sq foot.

• Stone Valley Way    $1,149,000    4 bedrooms, 2.5 bathrooms, 2895 sq feet, .62 acre lot, built in 1984.  This is a Pacific Union listing: Serafino in my office is the listing agent, and he invites you to tour the website at www.216StoneValleyWay.com.   This is a beautiful home on a large lot, with a close-in location on a street of elegant homes.  Sheltered from the freeway by a large hill, this home is priced at $397 a sq foot.

That’s the Tour update for now—and later today (or maybe in the middle of the night if Otto has his way), I’ll post the last three weeks of market stats and the homes that have sold in Alamo.