A review of 2nd quarter sales at Summerset (an over 55 community) in Brentwood CA (east Contra Costa County), shows that 12 homes closed. This number is down 30% vs. YAG 2010. One home closed in May 2011 and two homes in June 2011, which pushed the final number down. However, there is a heavy inventory of PENDING sales (foreclosures and short sales), so this could inflate the 3rd quarter numbers. Here is a link to 2nd quarter home sales.
Homes come on the market almost weekly and there is a strong demand for detached homes priced under $300K. Currently in Summerset, there are 35 homes for sale; sizes from 1252-2857 square feet, with prices ranging from $215-$549K. A great value just came on the market at 462 Summer Red Way for $159 sq ft. If you like a corner lot and a golf cart, this home is for you. As with this home, most homes in Summerset are gently used, but most buyers will want to update with granite countertops or stainless appliances that were not so important when these homes were built 7+ years ago. CLICK HERE to view all current Summerset listings. (Link good for 30 days)
Summerset is located in Brentwood and made up of 4 communities and approximately 2000 homes. This time of year residents enjoy picnics, bocce, BBQ’s, tennis, & golf; all part of experiencing Brentwood’s fun active-adult community. What fun to cool off in the evenings and share talk with your neighbors. Each community has its own 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, and can attend activities at any of the four Summerset locations.
I LOVE this time of year and I love living in Summerset! For more information, give me a call.
Memorial Day passed with many veteran residents wearing hats to show their service. Hopefully, with the rains now stopped, bocce can resume, water aerobics will be more enjoyable, and more folks will be out for daily walks. Summerset is an “over 55” development, with resale homes coming on the market almost weekly. There is a strong demand for detached homes priced under $300K.
Currently in Summerset, there are 35 homes for sale, and that is LESS than 2% of all homes in Summerset! Current Summerset homes FOR SALE were built from 1997-2003, with sizes range from 1048-2857 square feet, and prices ranging from $180-$550K. The best values per square foot are resales that need updating: a listing on Tayberry at $162/sq ft. and a bank owned on McPrince for $167/sq ft. Most homes in Summerset are gently used, but may have original kitchens/bathrooms, pastel carpets, wallpaper and brass fixtures; items which current buyers may want replaced. To view all current Summerset homes for sale click here! (Link is only good for 30 days)
Not quite sure you are ready to live in a retirement community? You may want to rent first and test the waters. See if you like living in a golf course community? Find out for yourself how friendly the residents of Summerset can be, and participate in all Summerset events. Rentals start at $1250 and go quickly when they come up on the market.
Summerset is located in Brentwood and made up of 4 communities: Summerset I, Summerset II (The Palms), Summerset III (Vista), and Summerset IV (The Orchards). Each community has its own HOA, recreation center, pool/hot tub, tennis courts, work out area, and activity director. 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.
I love living in Summerset! For more information, give me a call.
Several interesting articles came out recently on foreclosure/bank-owned properties, so I have attached the links for you to review. The first article was on Yahoo and mentions how the typical bank-owned home sells for 35% less than a “normal sale”. It will take 24 months to sell all bank-owned homes in the system. (Here is the link for this article.)
The second link discusses consumer confidence, and although it is higher; it is also 33 points below a 44-yr historical average. Although they believe that the road to recovery will be long, they note that the fundamentals for recovery are moving in the right direction. (Here is the link for this article.)
The 3rd article is from money magazine. Money states that currently there is a 36 month inventory of bank-owned homes for sale, and that they represent 45% of sales in California. (Here is the link for this article.)
You can make your own analysis of these articles. However, if a home is perceived to be of value to a buyer, it is being SOLD and not lingering on the MLS.
Most of my blogs are about real estate because that is what I do.
This blog is about IMPORTANT life things: health, friendships, love, happiness, trust and YOU! Please take five minutes and sit down, take three deep breaths and open the powerpoint presentation below. Take in the moment, reflect on the words and relax. Remember if you don’t take care of you, nobody will.
Orchidsandthoughts
Per Foreclosure Radar, foreclosure activity slowed in April, with California Foreclosures down. In Contra Costa county NOD’s were down 27% vs YAG *(year ago), notice of sale -31% vs YAG, Bank Cancellations +17% vs YAG, Back to Bank -18% va YAG and Sold to 3rd party (typically investors) -27% vs YAG. For a link to the complete Foreclosure Radar report, click below:
http://www.foreclosureradar.com/california/contra-costa-county-foreclosures
CNN posted an artlicle on selling a home in these tough times. They warned about listing a home over value, because 1/4 of sellers who listed too high were forced to knock the price lower; according to Trulia.com, even in cities that have held up well. Some other need to knows were: sellers need to leave a home when buyers arrive, the benefits of staging/getting your home to look like a Pottery Barn catalog, and the benefits of incentives. Click here to read the complete article.
Happy May! Don’t you love this sunshine, with cooler mornings and perfect temperature evenings? Now that May is here, the pool is now open at Summerset; awaiting folks to enjoy a water aerobics class, time shared with grandchildren or just an evening swimming routine. The Brentwood Golf Course, which runs throughout Summerset, has a much busier parking lot. The bocce courts are now being played, and people are working in the community garden and in their yards.
Currently in Summerset, there are 29 homes for sale; sizes from 1250-2857 square feet, with prices ranging from $250K-$549K. The best values per square foot are an occupied BANK OWNED home located on Liberty Lane, priced at $155 per square foot and a private-party sale on Tayberry Lane, priced at $168 sq ft. (Both properties in Summerset 2) Most homes in Summerset are gently used, however few have granite countertops, wood floors or stainless appliances that are now important to today’s buyers. To view all current Summerset homes for sale click here! (Link is only good for 30 days)
Not quite sure you are ready to live in a retirement community? Renting is a great way to test the waters; however, very few rental homes are currently available in Summerset. There is a high demand for rental properties between $1250-$1600/month. Click here for rentals; link good for 30 days!
Summerset is located in Brentwood and made up of 4 communities, 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, and can attend activities at any of the four Summerset locations.
I love living in Summerset! For more information, give me a call.
Brentwood 94513 has two “sister” golf course communities located just east of the Highway 4 Bypass on Balfour Road. Homes currently on the market range in size from 2,000 to over 4800 sq ft. These homes had values over $1 million at the height of the market, and now can be purchased from $300K to just under $550K. Not every home is located on the golf course, but those homes that are located on the golf course are highly desirable. Here is a link to Deer Ridge & Shadow Lake homes currently available. (Link lasts only 30 days) The community is located near schools, shopping, sidewalks for walking, and health care facilities.
Recent 1st quarter sales in Deer Ridge & Shadow Lakes had 44 homes SELL from $299K to $688K, with most homes selling under $350K. Buyers like this area for its amenities, the value for the money and the age of the home (built in 2001-2005). The number of homes sold in 2011 is just slightly above 2010 numbers for the same time period. Here is a link to Jan-April homes Sold.
Rated BEST GOLF Value 2008 in Northern California, Deer Ridge & Shadow Lake’s golf courses are a treat to practice your swing at the driving range, enjoy a quick meal or play 18 holes. The golf courses also have “e-specials”. The golf course is public and not part of the community; thus, course maintenance is not reflected in the HOA fees.
Please email or call me for more information.
I listened to a great interview conducted by Bruce Norris, from the Norris Group and Leslie Appleton Young, Chief Economist of CAR. It was a 2-part interview and a very interesting view of the real estate market.
Leslie believes that the “trade up” market has diminished in California. 31% of homes in California are “underwater”. The “Net to Seller” was a median of $205K in 2005 and down to $35K in 2010. Sellers planning to re-purchase is down to 33% from 70% in 2010. Investors have helped to move the market forward; 23% of sales in 2010 were CASH. That number is higher in luxury markets. The California median price is at $300K compared to nation at $150K.
The $8,000 home buyer tax credits of 2010 was very effective at igniting buyers, and the data proves this motivation with higher sales in early 2010 compared to the 2nd half of 2010. However, 2011 will be left to its own devices on positive stimulus. There is an urgency in 2011 to purchase before the $729K loan limit ends on Oct 1st, and going down to $625K. Financing will be more expensive in the future and the direction to eliminate Fannie Mae/Freddie Mac and FHA changes will also change the landscape. She also can’t imagine lower rates, monthly payments, and down payments.
Bruce and Leslie discussed that many people can’t buy now and are in “pause mode” until their credit can be repaired. Migration is also on “Pause” and construction is LOW. Many families have also moved into together. When these factors change, the demand for housing will be increased!
Financing will be more expensive for down payments and rates. However, the goal of households is to purchase their own home. People do need a place to live. We will see a world where financing will be a bigger consideration and burden than in the boom. 30 year mortgage could be an endangered species. This will result in FEWER home owners. Bruce talked of having a loan playbook that worked: nothing down VA and FHA loans had VERY FEW foreclosures, we need to go back to that criteria! FANNIE & FREDDIE worked prior to 2005; if they would have stayed with the loan criteria that they had, things would be different.
Great information is on this two- 30 minute radio broadcast. Take time and listen to two great California real estate experts. Here is the link to the broadcast. (NOTE: To listen in order, the 1st broadcast is BELOW the 2nd) Check out this link for this and other real estate/investor information. Tne Norris Group does hard money lending and investor training in California.
Brentwood, located 50 miles east of San Francisco has two “over 55″ active adult communities: Summerset and Trilogy Vineyards. Here are two of the fun events taking place in Brentwood this weekend….
A semi-annual fundraiser for Garin Elementary School’s Library featuring 29 vendors will be held on Saturday April 16th, from 10:00 am - 2:00 pm at Summerset 4’s Orchard View Lodge. 770 Centennial Drive, Brentwood. The Easter Bunny will also be in attendance from 10AM-noon.
Come tour the new model at the Vineyards’ Tour Center on Saturday, April 16th and Sunday, April 17th from 11am – 2pm for hors d’oeuvres, wine tasting and the grand unveiling of their first model home in the new Marsh Design Series… created for those who place a premium on function while enjoying form. Be one of the first to see the newest addition to Trilogy at The Vineyards.
A review of 2nd quarter sales at Summerset (an over 55 community) in Brentwood CA (east Contra Costa County), shows that 12 homes closed. This number is down 30% vs. YAG 2010. One home closed in May 2011 and two homes in June 2011, which pushed the final number down. However, there is a heavy inventory of PENDING sales (foreclosures and short sales), so this could inflate the 3rd quarter numbers. Here is a link to 2nd quarter home sales.
