Elaine King's Real Estate Blog

 Last month, the season of giving was in full swing. Each Summerset collected groceries and personal products for 50 needy Brentwood families. Twenty-six (26) quilts were also donated by the quilt club.  In addition, by purchasing gifts or donating money, 175 local children were adopted by Summerset Palms .

New Year’s Eve was full of choices, because each Summerset had an event.  Vista had a party on the San Francisco Bay, Orchards and Palms had parties celebrating at midnight, and an “Eastern time zone” party, over by 9PM was held as SS1.  I laughed at this, but I was visiting friends out of state, and never made it to midnight. Perhaps, I will go to this party next year!

January events have crab feeds, a rock & roll concert, movie nights, a “50’s night”, book club, bingo bus trip, potlucks, happy hours, and local trips.  Each clubhouse also has a workout room, exercise classes and pool tables. Once you are a resident of Summerset, you will receive a monthly activity calendar, and can attend activities at any of the four Summerset locations.

Summerset, and “over 55 age restricted” community might have what you are seeking.  Now is a great time to take advantage of low prices and interest rates at Brentwood’s “original” active-adult community.  I love living in Summerset, please give me a call for a personal tour!

On October 2^nd, I wrote a blog on SHADOW INVENTORY  in the California market (see archives).  An interesting update is a report conducted by First American CoreLogic .  They found that there were 1.7-million-units now in pending supply of residential housing inventory.  This is a national number; an increase from 1.1 million a year earlier!   Pending supply is known as “shadow” inventor: REO’s by banks and mortgage companies and mortgages that are at least 90 days delinquent.  Generally, shadow inventory is not included in measures of unsold inventory.  At the current sales rate, the pending supply is 3.3 months, a rise from 2.4 months a year ago, according to the report.  The months’ supply measures how quickly the inventory will deplete given the current sales rate.  To view the complete report click the link above.

Here is a link to homes SOLD in Summerset in 2009.  This link lasts only 30 days, so if you click on it and it does not work, please let me know.   There were 56 homes that sold in SUMMERSET in 2009.  The least expensive home sold in SUMMERSET in 2009 was a 1048 square foot Rosebrook Model in Summerset 2.  It sold for $200,000 or $191 sq foot..  The most expensive was 2665 sq feet and sold for $585,000 or $219,50 sq foot.     Summerset is the ORIGINAL active adult community in Brentwood!

The best deal on this link is the home on Saint Claire that sold for $142 square foot.  The next great buy was the home sold on Regent for $153 sq foot.  (Yes, I did get my client into that home.)  There were many deals to be had in Summerst in 2009, but you had to be patient and you had to be ready to purchase.

Summerset 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.

If you are over 55 and want to join a group of active and fun folks, think of purchasing a property  in Summerset!  For more information, please contact me at 925-852-1559.

According to a recent report released by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS), the national bank and thrift servicers implemented more than 680,000 home loan modifications and payment plans in the third quarter of 2009.  This is a 69% increase, compared with second quarter 2009.  For those who make think that we are out of the woods, please read on…

Unfortunately, the percentage of current and performing mortgages declined for the sixth consecutive quarter.  Serious delinquencies rose to 6.2% and foreclosures in process surpassed 1 million mortgages!!!  Serious delinquencies at the end of the 3rd quarter increased to 3.6% of prime mortgages; a 20% increase over previous quarter and more than double a year ago.

What I find most interesting is that more than half of all modified loans re-defaulted within six months of modification, with re-default defined as 60 or more days delinquent or in foreclosure.  Is this because they remodify the monthly payment, but not the total amount due?  If the remodified loan is still an amount of $50-250K more than you can sell the home, would that be an incentive for you to keep paying on the loan?  However, what about the ETHICAL obligation?  Comments?

HELLO EVERYONE for a fun review of 2009, click this link to enjoy the “JIB JAB” guys annual video.  As you celebrate this new year, I wish you a very HAPPY & HEALTHY NEW YEAR and here is a little history of the New Year celebration:

• New Year’s was celebrated in ancient Babylon about 4,000 years ago, but it did not start in the Western Nations until some 400 years ago.  
• As for noise makers, the use of noise to welcome in a new year goes back to ancient times when it was felt that noise scared off evil spirits. 
• The Tournament of Roses Parade dates back to 1886, when members of the Valley Hunt Club decorated their carriages with flowers to celebrate the ripening of the orange crop in California. I would highly recommend you visit Pasadena the week before the parade to see the volunteers make the floats; it is incredible to watch. You owe it to yourself to experience the rose bowl floats either before the parade or view the floats after the parade at the stadium where they end.  It is a real treat for the whole family!
• The song, “Auld Lang Syne,” is sung at the stroke of midnight in almost every English-speaking country in the world to bring in the new year. At least partially written by Robert Burns in the 1700′s, it was first published in 1796 after Burns’ death.. An old Scottish tune, “Auld Lang Syne” literally means “old long ago,” or simply, “the good old days.” Here are the lyrics.