Elaine King's Real Estate Blog

Email is like Forrest Gump’s box of chocolate, you never know what will end up in its inbox.  I received the email below from a friend and it made me smile.   We all have days when we need to smile, so enjoy this list from my friend to you… 

* Accept that some days you’re the pigeon, and some days you’re the statue. ISN’T THIS THE TRUTH! 

* Always keep your words soft and sweet, just in case you have to eat them.   

* Always wear stuff that will make you look good if you die in the middle of it.  SEE MOM’S WARNINGS WERE RIGHT!   

* Drive carefully.  It’s not only cars that can be “recalled” by their maker. 

* If you can’t be kind, at least have the decency to be vague.   

* If you lend someone $20 and never see that person again, it was probably worth it.  

* It may be that your sole purpose in life is simply to be kind to others.  THINK ABOUT THAT!!! 

* Never put both feet in your mouth at the same time, because then you won’t have a leg to stand on. 

* Nobody cares if you can’t dance well.  Just get up and dance. 

* When everything’s coming your way, you’re in the wrong lane. 

* Birthdays are good for you.  The more you have, the longer you live. 

* You may be only one person in the world, but you may also be the world to one person. 

* Some mistakes are too much fun to only make once. (I LOVED THIS ONE!) 

* We could learn a lot from crayons… Some are sharp, some are pretty and some are dull.  Some have weird names, and all are different colors, but they all have to live in the same box.  REMINDS ME OF A FAMILY REUNION, NO? 

*A truly happy person is one who can enjoy the scenery on a detour.  

Have an awesome day and know that someone has thought about you today; I did!

How does a life of living in a place where golf, a workout room, billiards, bocce ball and other activities are a short walk away?   Summerset, and “over 55 age restricted” community might have what you are seeking.  Now is a great time to take advantage of exceptionally low prices and interest rates. 

As of this date, Summerset currently has 22 homes for sale, ranging from a duet with a single car garage priced at $180,000 to almost 2700 square foot single story on the fairway, priced at $599,900.  A great value is a 1500 square foot home on the 3^rd fairway, with 2 bedrooms at only $279,000.  Prices like these have not been seen since 2000!  For a link to available homes, please see link below (link only lasts 30 days):

http://maxebrdi.fnismls.com/publink/default.aspx?GUID=ad21e6ae-372e-4d74-9471-4dee16e14898&Report=Yes

Summerset is located in Brentwood, a growing East Bay city of nearly 50,000 residents.  Brentwood is located off Highway 4, has a small community feel, and is surrounded by orchards.  In 2008, the Streets of Brentwood opened, offering upscale shopping, a multi-screen movie theater and outdoor mall.  For the grandkids, there is a skate park and two family complexes with athletic and aquatic options.

The Brentwood Golf Club is at the entrance of Summerset 2, and it winds throughout all four (4) Summerset locations.  To challenge the golfer, there are also two other golf courses: Deer Ridge and Shadow Lakes, less than one mile from Summerset!

If you are looking to leave your two story home, noisy neighborhood kids, or just enjoy a quiet resort-like setting, Summerset may be for you!  Summerset has four communities and once you are a resident, you can enjoy activities at all four (4) Summerset locations.  For more information, please call me at (925)852-1659.  I am a Summerset resident, and enjoy sharing the joy of living here with others!

Today I attended “The BIG EVENT”, hosted by California Association of Realtors’ (CAR) at the Lesher Theatre in Walnut Creek.  Two main speakers were there speaking: Gov Hutchinson, CAR’s legal counsel and Leslie Appleton Young, VP and chief economist for CAR.  The goal was to talk trends/forecasts to the Contra Costa realtors who were in their audience.  Below are some highlights of the talk:

• Effective immediately, no money/advance fees can be taken in advance for Loan Modifications; by either attorneys or loan officers.  Also, new disclosures must be given to clients regarding other low cost government options.
• Short sale negotiators MUST BE a real estate agent or attorney.
• On a short sale, if the lender does not give a release to the owner, then the lender can come after the seller for unpaid funds.  (Applicable on non-purchase money and refinance loans.)
• Loan brokers will now need a special endorsement on their DRE license, most likely a special test will now be required in 2010.
• If the APR on a loan that was quoted to a client changes, that client must receive a new HUD.  Please see CAR website for more information, see link below
• Tenant eviction is now 60 days on a month to month lease, if more than one year.  If in a lease, the tenant gets to stay to the end of the lease.
• If the buyer puts in an offer, and that the buyer will be an owner-occupant and live there at least one year, then the landlord can evict the tenant after 30 days.
• Property managers collecting rents for clients that live out-of-California, must now withhold 7% of the rental income for taxes.
• It is legal to make multiple offers on properties.   There is no law that states we must disclose this fact to the seller.
• There are two distinct real estate markets: 1) those with REO’s and 2) those without. The highest counties in California for distressed properties are Solano County (78% of sales) and Riverside County (80% of sales).
• There is low inventory of distressed properties and there is NOT enough inventory for the demand on distressed properties.  Inventory of these properties went from a 16 month supply to a 4 month supply.  There is stabilization in distressed inventory.
• There is currently a one year supply of homes priced over $1 million dollars!
• Over 50% of homes are getting multiple offers. 47% of buyers are 1^st time buyers.  Of the 1^st time buyers, 75% of them are using FHA loans.  58% of buyers had a tough time obtaining financing.  21% of buyers did not know the terms of their loan.
• We are at an all time high for delinquencies (9.4%) on loan payments.
•  Shadow Inventory (see blog below for more info on this subject) – Leslie feels that the banks are NOT holding back on distressed inventory; she called it a myth.  It is due to political and bank staffing issues. She feel that SB1137 which requires a certain length of time to do an NOD, Paulsen’s TARP program, the state and federal moratoriums on Foreclosures have all contributed to the Shadow Inventory issue.  She feels that next year 15-20 thousand more homes will be released in California as distressed properties, and it will NOT be the tsunami that others have talked about.  (We shall see.)
• The biggest concern is how the federal government and the Federal Reserve will control inflation and interest rates.
• Another huge issue is unemployment rates and jobs.  We are looking at a 12% unemployment rate in California.  741,000 jobs were lost from 8/08 to 8/09.  The biggest decline was in construction. We are not building enough homes in CA today for the future.
• For 2010, home sales will be slightly lower (-2.3%) and the medium home sale price will be $280,000 (up 3.3%).
• For a lot of great information, check out www.car.org

Have you had a morning where you were angry for some reason and it was not even 8AM?   Did you fight this week with your spouse, child or friend over something stupid?  Do you feel that you do not have enough time for yourself?  You are not alone and we often feel that we are the only one trying to figure out this game called LIFE.   

Please don’t take yourself so seriously! Commit each day to give a complement, take a 15 minute walk, and smile/laugh more.   Today is special and you are in charge of your happiness! 

Take a miute to listen to the link below, for it puts some perspective to our lives.  Sit back, relax, enjoy the music and take away one thing to treat yourself better each day.  Oh yes, keep this link bookmarked to those days when you need a hug, friend or uplift! 

http://www.youtube.com/watch?v=9HkOnn0p0HA

 Summerset is an over 55 age restricted community in Brentwood, CA, and it is made up of 4 communities: Summerset 1, Summerset II (The Palms), Summerset III (Vista), and Summerset IV (The Orchards).  Each community has its own home owner’s association (HOA), recreation center, pool/hot tub, work out area, and activity director.  Once you are a resident of Summerset, you will receive a monthly activity calendar.  Activities range from: bowling, water aerobics, chi ball, cribbage, bingo, poker, bridge, bocce, tennis, line dancing, zumba, cribbage, potlucks, happy hours, ceramics, scrap booking, pinochle and much more.  Each activity director plans day and/or week long trips to different attractions.  Once you are a resident, you can attend activities at any of the four (4) Summerset locations.

Are you a golfer?  The Brentwood Golf Club is located just outside of Summerset II, and this 27-hole public course winds within the communities.  Many homes are located on this public course, offering wonderful views of the greens.  Summerset residents receive discounts for play and lessons.

As I mentioned, Summerset is an age restrictive (over 55 ) community located in Brentwood CA, whereby one resident must be OVER 55.  The community is made up of mostly single family homes with 2-3 car garages; however, sprinkled in the community are several duets with a single car garage.   The duets are 2 bedroom and are 984 square feet.  The single family homes range from 1000 to almost 2700 square feet. 

Currently, there are 24 homes for sale in Summerset, ranging from $139,000 to $700,000.  The HOA costs range from $84-$125 per month, depending on the location.  Each home owner is responsible for the outside yard maintenance of their property. 

The community is close to shopping, highway 4, the Delta and is extremely QUIET.   Come check it out; you won’t be disappointed!  When do you want your personal tour?

Have you seen vacant homes in your area, but no activity or “For Sale” sign in front of it?  Why are they not on the MLS?   Why can’t you purchase them?  It could be part of the growing SHADOW INVENTORY in the real estate market.  Properties are “shadow inventory” when they are foreclosed by the bank, but have yet to come back on the market.  They can also be shadow inventory when the owners move out or stop making payments and the banks have NOT foreclosed.   

Peter Hong of the LA Times wrote this fascinating article on August 12, 2009 on the subject.Peter believes that there are almost 125,000 of these properties in California.  However, at the I Survived Real Estate @ the Nixon Library (see below BLOG), they mentioned that the “shadow inventory” number is closer to 306,000 homes.  That number is 2 ½ almost times greater than mentioned in the article below. 

 Shadow Inventory  is a contributing factor in escalating prices and lower inventory versus last year.  The reduction in homes available is NOT evidence of a recovery, but of inefficiency and control.  Also, the bank’s assets appear higher if they can count the original loan amount as an asset, rather than the actual liability of its current value, at half or more of the value of the original loan. 

Thus, patience is the word to remember.  More properties are coming your way, you need to wait for the banks to cut loose of these shadow inventory homes.  One thing is for sure, we are in unchartered waters and interesting times!  Here is a link to Peter’s article:

http://8.12.42.31/2009/aug/12/business/fi-foreclose12