Pacita Dimacali

Reality check: 2 % of homes are foreclosing/foreclosed. Should we panic?

2008-05-30T21:49:00Z

Doom and gloom news are always sensationalized. So from time to time, it helps to have a reality check.

Kudos to First American Title Company who shares with us the Market Watch newsletter by a dynamo of a woman, Carole Rodoni. Carole is a sought-after speaker (and the much-revered ray of hope for the battered northern California market). We share this info with our clients, and everyone appreciates it!

She points out the following:

There may be close to 2 million homes going into foreclosure, but there are 110 million homes in this county. And 46% of those homes are owned free and clear.
Sales, compared to last year, were still down 14.2%, and median prices are still declining, down 26.4% to $530K.
GOOD NEWS: Sales in the San Francisco area show an increase in Aparil 2008 over March 2008. Sales were actually up 33.3%. This is the first increase we have seen in 6 months for the area.

She writes: "There are two sides to every transaction --- one selling, one buying. And right now, the market favors the buying side. So while many will avoid the market, sme will realize the timing is right. Why? Get in; get all the tax benefits; give it time to appreciate (at 3-5 years) and you'll do fine. Others will look bacn and say, 'If only we had bought back then.' "

Thanks, First American Title, for giving us Carole!

Twice today: Agents tried to discourage me from submitting offers on short sale and trustee sale listings

2008-05-10T06:21:00Z

I'm incensed!

Twice today, I was nearly rebuffed by two agents whom I called when I tried to submit my offers.

The first one was an REO. She said she already received an offer last night, and another one this morning --- as if two was enough. She tried to discourage me from submitting an offer since she thought the ones she had were good enough. I insisted that she present my offer since there isn't an accepted offer at this time. To make sure she submitted my offer, I asked that the bank acknowledge receipt.

The second was a listing already scheduled for a trustee sale next month. The agent did everything he could to discourage me, saying the seller has already received six offers and that they were forwarded to the lender. I stood my ground that if my offer turns out to be best of the bunch, that the lender would want to know. Turns out that the agent thinks he'll have a hard time getting hold of the seller and getting him to review my offer. So it's all about HIM! I reminded him that as long as there is no accepted offer, that it is his responsibility to submit/present all offers.

But geez.....why do I even have to nearly beg to submit my offers?

I know that several REOs are getting multiple offers. But it still shouldn't be the agent who decides when to stop presenting offers. Or am I wrong?

New restaurants in Alameda bring a taste of Italy, Cuba and Vietnam

2008-05-04T19:29:00Z

Alameda, in spite of being a small island, has its share of restaurants that tickle the palate. Whenever we want to go out and get something to eat, we fight the urge to go off the island because there are so many to choose from. When I meet new clients who don't know much about Alameda, I take them to different restaurants so that they will see and taste for themselves what Alameda has to offer.

Here are the three newest restaurants in town. Life is good!

ITALIAN - Acquacotta

The newest addition is AcquaCotta http://www.acquacotta.net/ on Webster Street. They don't take reservations, so we ventured on a Saturday night at 7 pm and waited for a table. It was packed and noisy (concrete floors). But we didn't mind the wait because the bartender was such a joy. She kept us all entertained. When we couldn't make up our minds which wine to order, she let us taste two of our choices before we settled on what we wanted.

As delightful as the bartender was, we can't say the same for the waiter who may either be inattentive, inexperienced, or simply not good. He let our food get cold before he brought it out. As good as the food was, it was hard to overcome the fact that it had to be re-heated.

CUBAN - Havana

Havana's is presented to us as a fusion Cuban restaurant http://www.havanarestaurant.net/alameda-contact.html on Park Street. The first Havana is in Walnut Creek. Because we're from Florida, we are always looking and craving for good Cuban food. What we have is "sort of" Cuban. The nearest that came to what I remember as good Cuban food is their Ropa Vieja. This place is always rocking. We like the retro feel of the coctail bar, the pitchers of mojitos, the colorful pictures of life in Cuba. Some of the appetizers were tasty, and our personal favorite is the crab cakes.

VIETNAM - Dragon Rouge

People will likely disagree, but I thought the food at the Dragon Rouge http://dragonrougerestaurant.com/ on Encinal Avenue is better than Le Colonial in Oakland, and the people are less pretentious. I like the fact that three cousins started this restaurant to showcase their mothers' culinary skills. It's a family focused labor of love.

We thoroughly enjoy their signature Phantastic roll, anything curry, anything lemon grass....as a matter of fact, we've enjoyed everything we've ordered. There is a good selection. It isn't the usual Vietnamese fare of long lista and variations of the Pho, but if Pho is what your crave, it is great here, too. Since Dragon Rouge opened, I haven't ventured to Oakland for Vietnamese food anymore. Why bother? We have a terrific one right here.

Antiques Faire by the Bay --- first Sunday of every month

2008-05-04T19:25:00Z

Folks who haven't yet discovered Alameda may want to come to one of the most fun events in the island -- the monthly Antiques Faire by the Bay http://www.antiquesbythebay.net/. It's billed as Northern California's largest antiques and collectibles show with over 800 dealers. According to theri website, everything sold at the show must be at least 20 years old, and no reproductions are allowed.

Whether you're a serious shopper or just want to hang out, this is a good place to be, especially with the City of San Francisco and the Bay as the backdrop, and with the wonderful climate. It's also a good excuse for people to get on their bikes and ride to Alameda Point (some folks from San Franciscos bring their bikes aboard the ferry for this event).

Here's what San Francisco Chronicle said about this faire: "Come early, Antiques Faiare is a buyer's market"

It's a bargain shopper's, home stagers' dream...all these wonderful stuff in one place!

And after you're all shopped out, go to Rosenblum's Cellars next to the ferry, for their wine-tasting until 6 pm.

This doesn't seem right....Short sale listing agent sent all offers directly to lender, bypassed seller.

2008-05-01T04:53:00Z

I submitted an offer on a short sale listing last week. I thought it was a strong offer --- full price, 10% down payment, 1% initial deposit, AS IS, standard contingency periods.

When I followed up with the listing agent to find out what the seller would like to do --- accept, counter offer or reject --- it appears she bypassed the seller. She told me she received four offers. So she decided to send all offers directly to the lender.

The seller still owns the property and still plays an important part in this process. Furthermore, the seller is her client, so her initial fiduciary responsibility is to the seller. She could have advised the seller to accept/counter/reject the offer. And after there is an accepted offer and back up offers, then and only then should she forward the offers to the Lender.

We recognize that the lender makes the ultimate decision, regardless of first or back up position, but the Seller still has a stake in this process. And again....it's still his property.

24% of listing are short sales, and 22% are foreclosures in Alameda and Contra Costa counties

2008-04-27T07:55:00Z

As of today, in our local MLS. there are 12,041 active listings of which 2636 are REO (bank-owned) or 22%, and 2852 are short sales or 24%.

Siince January 1, 2008, 1151 REOs closed, compared to 102 short sales.

Because of the painfully slow process of getting an acceptance, rejection or counteroffer to a short sale offer, I am more inclined to look for REOs for my clients who are interested in such properties. However, seeing that there are more properties that are on the short sale list, I don't want them to miss out on these either. As long as we set expectations that this type of transaction will involve a long waiting period, and that other buyers may submit offers that are better than ours, my clients are fine with continuing to look while they wait.

Along the way, I consulted with the California Associate of Realtors legal department about back up positions, etc. According to her, even if my client is the first accepted offer on a short sale and other offers are in back up positions, the rankings don't matter to the lender. The lender will make the selection and final decision on the best financial outcome for them regardless of whose offer was accepted first.

So the advice when writing an offer on a short sale property is to give it your best shot...unless you want to keep playing the waiting game or risk being out of the game entirely.

Writing an offer on a short sale is not for the faint of heart. Patience, patience, patience!

2008-04-06T04:16:00Z

No matter how many times you try to explain what a short sale is and what is involved, it is always a good idea to set expectations at the very beginning. Then follow up with a written explanation -- be it an outline, an email, a question and answer ---- anything that the Buyer can refer to because invariably, there will be some confusion as a result of short-term memory and impatience. It is so frustrating to get calls repeatedly from the buyer, asking the same questions. It is just as frustrating...(read more)

A favorite summer event in sunny Alameda --- what every Chamber of Commerce would love to have to feature a beloved city

2008-04-06T03:20:00Z

Every summer, for three consecutive months of June, July and August, we have a free outdoor concert each month at Crab Cove,

It's a scene that every Chamber of Commerce would die for, and event that residents and their guests thoroughly enjoy.

This venue features live performances by different musical groups ranging from rock and roll to jazz to hot latin numbers.

Starting at 5:30 pm, people arrive using different modes of transportation. The local Bike Alameda organization even offers bike valet parking. Some do drive and never have any problems parking at the Crown Beach Memorial Park by the beach adjacent to the two dog parks and Crab Cove.

There are several picnic areas, but folks seem to prefer spreading out their picnic blankets and packing their choice of snacks. For people who don't bring their own food, there's a lot to choose from among the different food, wine and beer booths.

It's a merry mix of people from all ages and all walks of like. While listening to the music, turn your head to the side and you'll see an active game of soccer. Turn the other way and you'll see families and children wading in the water. Dogs who come with their owners are all well behaved and seem to revel in the festive air. There's a constant chorus of children laughing. How can one not enjoy such moments?

It's such a joy to attend these concerts --- just one of the many benefits of living in sunny Alameda.

Discover Alameda

2008-04-06T03:14:00Z

DISCOVER ALAMEDA
I live in Alameda, and many of my clients commute to San Francisco. When they couldn’t afford to buy in the City, they decided to look to East Bay. It doesn’t take them long to fall in love with our island that is so private and secure, yet so conveniently located for easy access to other cities. Alameda has great climate, great schools, and believe it or not, great food!

The immediate charm of Alameda is its vast collection of historic and picturesque homes. Beautiful Victorians, Craftsman, Tudors, Mediterranean --- it's a treasure trove for achitecture and history buffs.

We think we’ve “arrived” now that we have our a shopping center by the beach featuring Trader Joe’s, Old Navy, Bed Bath & Beyond, TJMaxx, and soon Border’s bookstore. And in May 2008, the historic and restored Alameda Theater will open its doors to our first 8-cineplex!

As for fine restaurants….the chef of the famous Baywolf Café in Oakland has opened his own restaurant in Alameda called Pappo’s. We also now have a new Cuban restaurant called Havana’s. There’s a really good Vietnamese restaurant called Dragon Rouge, the freshest sushi at Yume, dim sum at East Ocean, and more!

And to find out more about Alameda, here’s what Wikipedia says about our lovely island town CLICK HERE.

We commute to San Francisco via ferry and express bus to SF. Or take the regular bus to Oakland to catch BART. But the express bus and the ferry are the best and most enjoyable ways to go to the City.

CRIME STATISTICS

Incidentally, I found this really good source of info for comparing crime statistics between cities. CLICK HERE . You can see that Alameda truly shines!

ALAMEDA SCHOOLS

Alameda has great schools, and is the school scores are collectively better than Oakland and other surrounding areas.
Check this out: for the API CLICK oHERE

WINE TASTING

Short Sale does affect credit rating --- but by how much?

2008-04-04T06:46:00Z

I have searched several sites, blogs, etc. for a concise answer to the question on the effect of a short sale on one's credit score.

It was mind-boggling to find so many different answers. And I am just as befuddled. For sure the credit score has to be negatively impacted since banks will surely report late payments. To approve short sales, a homeowner must prove hardship, and most if not all lenders will look at missed/late payments.

But I've seen so many postings that say to save one's credit, one should opt for short sale instead of going to foreclosure.

Granted that short sales show effort on the homeowner's part to sell the property before it is foreclosed and thus lessen the Lender's costs, nonetheless a short sale still is indicative of the homeowner's failure to meet financial obligations, i.e. pay his mortgage on time (if at all!).

One popular website (About.com/ on homebuying and selling) says that the impact of a short sale is identical to that of a foreclosure or deed in lieu of foreclosure --- about 200-300 points drop in credit score. While others say it would not be as severe.

So who's right? And what IS the scoring impact? And who is this trusted resource?

2 Story For Sale in Central Alameda

2008-02-26T06:00:00Z

Entertain in style!

• 1,800 sq. ft., 2 bath, 3 bdrm 2 story "Main level on second floor" - $849,000 - Classic Colonial Revival

Central Alameda, Alameda - Entertain in style in this fabulous home. Enjoy the open plan of the formal rooms with newly refinished wood floors. Classic mantle frames wood-burning fireplace that enhances the fine dining experience.

Guests would love to cluster in this cheerful kitchen with a large island and skylight that can open for natural ventilation. Descend via a spiral staircase into a huge family/recreation/media room with a handsomely crafted entertainment center with built-in speakers. Extra large room allows for multiple activities --- watch TV, play games, work at a built-in computer center. Check out the wine cellar. Or have your party outdoors where beautiful landscaping complement the deck and the Japanese tea house that encloses an extra large hot tub/spa --- a great party experience.

Extra large master suite features a step-up section that can serve as the fitting area. Master bath has exquisite tiled shower, while guest bath has a beautiful claw foot tub.

Lots of storage in this home...but if you need more, there's room for expansion in the large full basement, or at the tall attic. POSSIBILITIES!

Property information

Architecture Digest design quality and construction --- NEW home in Martinez

2008-02-09T06:00:00Z

NEW home with views

• 2,600 sq. ft., 2 bath, 4 bdrm 2 story "Dramatic Contemporary" - MLS® $750,000 - Architecture Digest Style

Mountain View, Martinez - Architecture Digest quality and design in this fabulous custom-built home.

Designed by and built by a team consisting of an architect and an engineer, this home features exceptional quality and workmanship, dramatic architectural details, wonderful features. Situated atop a hill, it has panoramic views from the main level deck as well as the lower level deck.

Rich hues of wood floors and exquisite cabinetry are played up by the abundant natural light streaming from the elegant windows and doors.

Upon entering, one is immediately awed by the dramatic two-story foyer with beveled glass door and twin Doric towers. There is an incredible and truly great room with high vaulted ceilings, rich hardwood floors, and views from every window.

The kitchen is the piece de resistance. Look at the dramatic lighting that surround this kitchen with its magnificent styling. Granite counters and backsplash, built-in bar, gas stove, stainless steel appliances, exquisite maple cabinetry, large walk-in pantry, and more!

Imagine having two decks. The main deck is accessed from the great room., And the second deck is accessed from the bedrooms at the lower level. Both decks connect and lead to the terraced backyard.

The master retreat...ahhhhh......Luxuriate in the spa-like bath tub, or the fabulous shower with multiple shower spray heads for a truly tingling sensation. Don't miss the extra large walk-in closet with the fabulous and carefully-selected organizers.

There's more to see....come and take a look!

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Single Story For Sale in Maxwell Park

2007-12-30T06:00:00Z

Lovely Spanish Bungalow

• 1,096 sq. ft., 1 bath, 2 bdrm single story "Spanish Bungalow" - MLS® $399,000 - Best Value, Short Sale

Maxwell Park, Oakland - Delightful bungalow is in a wonderful enclave of other vintage homes near Mills College. It's like a storybook village. Located in area that is identified as Lower Maxwell Park or Millsmont, it's literally a couple of blocks away from Mills College with easy access to I-580 and public transportation for commuters.

You'll be pleased with the endearing architectural accents such as archways and niches of this home. Hardwood floors throughout. Wood-burning fireplace with vintage tile surround. Large, light and cheerful kitchen with breakfast nook. Indoor utility/laundry room with nearly new washer and dryer. Formal living and dining rooms in a very open plan. Many windows that provide abundant natural light. Fenced in yard for garden or play or private entertaining.

Priced below comps in the area for a quick sale. Call today!

Property information

Duplex For Sale in Downtown

2007-12-19T06:00:00Z

• 1,667 sq. ft., 2 bath, 3 bdrm duplex "Colonial Revival downtown" - MLS® $650,000 - FIXER DUPLEX DOWNTOWN!

Downtown, Alameda - According to the reference book "Buildings of the Edwardian Period, City of Alameda 1905 to 1909" by Geroge C. Gunn, this was built and owned as a residence by Willis C. Chamberlain who built the house next door at 2318 Pacific which is also for sale. There are very few if any alterations to the exterior.

As such this is a classic example of a Colonial Revival home.

Through the years, the property was converted into a legal duplex. At first glance, one can see the beautiful lines --- classic "good bones" --- of this property. However, it is evident that this is in need of rehabilitation.

This is a FIXER DUPLEX that any visionary re-modeler would love.

The best value of this property lies in its location --- just half a block away from Park Street shopping district with its marvelous restaurants, shops. Near City Hall and the newly restored Alameda Theater cineplex. Easy access to highways and public transportation.

The next door property is also for sale. If the same buyer bought both properties, the combined lots will be 100 feet wide by 150 feet deep --- downtown!

AND...this is zoned Commercial/light manufacturing (CM) To see what one can do with a CM zone, check CIty of Alameda's zoning by visiting http://www.ci.alameda.ca.us/gov/municipal_code.html, go to Chapter XXX (30.4 - 10) for Development Regulations and District Uses.

Property information