Courtesy of Barbara Conheim, Berkeley Hills Realty
1 cup pureed persimmons
2 teaspoons baking soda
1/4 pound butter (or margarine) at room temperature
1 1/2 cups sugar or 1 cup honey
2 eggs
2 teaspoons vanilla
1 teaspoon lemon juice
2 tablespoons rum (or brandy, or milk)
1 cup flour
1 teaspoon cinnamon
1/4 teaspoon salt
1/2-1 cup chopped nuts
1 cup raisins
Put persimmon puree in small bowl. Stir in baking soda (mixture will stiffen). Set aside. (The following steps may be performed in a food processor). Cream butter and sugar in mixing bowl. Add eggs, vanilla, lemon juice and rum; beat well. Add flour, cinnamon and salt; stir to blend. Add persimmon mixture; beat until well mixed. Stir in nuts and raisins. Grease the inside of a two quart mold. (A Coffee can may be used.) Place the mold on a rack in a deep baking pan or pot. Add water to the baking pan or pot until it is halfway up the mold. Remove mold and fill with pudding mixture. Close mold with well fitting lid or seal tightly with foil. Bring water to boil over medium heat. Immerse the mold the mold in boiling water and cover. Steam for 2 to 2 1/2 hours, test with toothpick. Remove mold from baking pan or pot, place on a rack to cool. With blunt knife or suitable implement, free pudding from mold and turn onto serving plate.
Note: This recipe appears in From Our Home to Yours, A Collection of Favorite Recipes
from the Berkeley Association of Realtors. The cookbook is available for purchase from the Berkeley Association of Realtors at a cost of $15.
Monday, November 23, 2009
Friday, November 13, 2009
Cash Buyers Flood the East Bay Luxury Home Market
At a recent Berkeley Hills Realty office meeting, the buzz was about a flood of cash buyers in our marketplace. Grapevine scenarios aside, we wanted to take a closer look at the actual data. After reviewing data for all of the homes listed over $1,000,000 (which have closed escrow within the last three months) we discovered a remarkably high percentage were all cash buyers. Below is a table which includes the researched sales.*
Through a search of tax records we were able to determine which homes had a recorded first deed of trust, which evidences a loan on the property. All recorded loans were noted. For the properties which did not have recorded loans, we contacted the listing agents directly to confirm that the offer was presented as "all cash." Our research confirmed that of the 42 homes listed in Oakland and Berkeley, 13 were presented with all cash offers. 31% of the buyers paid all cash. Nearly one in three homes in this demographic is selling to an all cash buyer. Many others had down payments that were greater than half the sale price.
Many of the homes received offers within the first weeks of marketing. As a result, some homes sold for more than their asking price. Buyers have returned, but they are not relying on government incentives to do it. The Economic and Housing Stimulus plans have not helped the upper end of our market. First time buyer tax credits and FHA backed conforming loan programs most often do not apply to homes sold over one million dollars. Currently, jumbo loans are more difficult to obtain and often have undesirable terms. There is nothing in the current bailout that supports the luxury real estate market. Cash has stepped into this void.
Local Realtors are still reflecting on the effect the influx of cash offers will have on property values in the area. Some sellers are willing to significantly discount the price of their property for the benefits of a sure thing and a quick close of escrow. In multiple offer situations, often an "all cash" offer is accepted even though it is not the highest offer the seller has received. Many believe cash is keeping neighborhood values artificially low.
Others feel that cash transactions help support property values because the post-mortgage-meltdown loan process often diminishes value. Banks are exceedingly cautious and our unique housing stock is difficult to appraise. Appraisers have trouble finding comparable homes which fit the lenders confined criteria. Buyers often renegotiate the contract price to reflect the lender's low appraisal.
Pending sales are up 20% over last year in the national market (see our last post.) More inventory is expected as the recession begins to create its own wave of foreclosures in the upper end, a market which had been the least affected by the original mortgage crash. In balance, any mix of buyers will help our housing recovery as faith in the market is restored and more homes exchange hands.
*Note: We have left the financial research off this chart to protect the privacy of the individuals involved. Data is pulled from the Multiple Listing Service. Berkeley Hills Realty may not have participated in the sale.
Editor's note: Luxury homes in Berkeley and Oakland are not unique in attracting cash buyers. A recent home located on Carleton in Berkeley received seven offers, five of which were all cash. This home was listed for $425,000.
Through a search of tax records we were able to determine which homes had a recorded first deed of trust, which evidences a loan on the property. All recorded loans were noted. For the properties which did not have recorded loans, we contacted the listing agents directly to confirm that the offer was presented as "all cash." Our research confirmed that of the 42 homes listed in Oakland and Berkeley, 13 were presented with all cash offers. 31% of the buyers paid all cash. Nearly one in three homes in this demographic is selling to an all cash buyer. Many others had down payments that were greater than half the sale price.
Many of the homes received offers within the first weeks of marketing. As a result, some homes sold for more than their asking price. Buyers have returned, but they are not relying on government incentives to do it. The Economic and Housing Stimulus plans have not helped the upper end of our market. First time buyer tax credits and FHA backed conforming loan programs most often do not apply to homes sold over one million dollars. Currently, jumbo loans are more difficult to obtain and often have undesirable terms. There is nothing in the current bailout that supports the luxury real estate market. Cash has stepped into this void.
Local Realtors are still reflecting on the effect the influx of cash offers will have on property values in the area. Some sellers are willing to significantly discount the price of their property for the benefits of a sure thing and a quick close of escrow. In multiple offer situations, often an "all cash" offer is accepted even though it is not the highest offer the seller has received. Many believe cash is keeping neighborhood values artificially low.
Others feel that cash transactions help support property values because the post-mortgage-meltdown loan process often diminishes value. Banks are exceedingly cautious and our unique housing stock is difficult to appraise. Appraisers have trouble finding comparable homes which fit the lenders confined criteria. Buyers often renegotiate the contract price to reflect the lender's low appraisal.
Pending sales are up 20% over last year in the national market (see our last post.) More inventory is expected as the recession begins to create its own wave of foreclosures in the upper end, a market which had been the least affected by the original mortgage crash. In balance, any mix of buyers will help our housing recovery as faith in the market is restored and more homes exchange hands.
| Address | Original Price | Sold Price | % | DOM |
| | | | | |
| 1149 | $1,200,000 | $1,080,000 | 90% | 108 |
| | $1,295,000 | $1,300,000 | 100% | 9 |
| | $1,249,000 | $1,100,000 | 88% | 40 |
| 634 | $1,150,000 | $1,225,000 | 107% | 15 |
| | $1,195,000 | $1,178,500 | 99% | 12 |
| | $1,265,000 | $1,225,000 | 97% | 14 |
| | $1,090,000 | $1,260,000 | 116% | 16 |
| | $1,150,000 | $1,025,000 | 89% | 15 |
| | $1,075,000 | $1,177,000 | 109% | 9 |
| 715 THE | $1,600,000 | $1,492,500 | 93% | 39 |
| | $995,000 | $1,070,000 | 108% | 10 |
| 435 PANORAMIC WAY | $1,350,000 | $1,169,000 | 87% | 76 |
| | $1,800,000 | $1,544,000 | 86% | 69 |
| 14 THE UPLANDS | $1,340,000 | $1,147,000 | 86% | 89 |
| 60 THE UPLANDS | $1,490,000 | $1,450,000 | 97% | 28 |
| | $2,200,000 | $2,100,000 | 95% | 20 |
| | $1,075,000 | $1,110,000 | 103% | 18 |
| | | | | |
| | $1,295,000 | $1,226,000 | 95% | 13 |
| | $1,250,000 | $1,025,000 | 82% | 107 |
| | $1,195,000 | $1,174,000 | 98% | 20 |
| | $1,325,000 | $1,292,000 | 98% | 16 |
| | $929,000 | $1,007,000 | 108% | 9 |
| | $2,750,000 | $2,355,000 | 86% | 354 |
| | $1,650,000 | $1,465,000 | 89% | 137 |
| | $1,849,000 | $1,560,000 | 84% | 137 |
| | $1,250,000 | $1,185,000 | 95% | 93 |
| 5621 | $1,300,000 | $1,250,000 | 96% | 50 |
| | $1,375,000 | $1,300,000 | 95% | 13 |
| | $1,049,000 | $1,060,000 | 101% | 1 |
| | $1,080,000 | $1,060,000 | 98% | 11 |
| 9047 Broadway Terrace | $1,595,000 | $1,595,000 | 100% | 0 |
| | $1,199,000 | $1,150,000 | 96% | 38 |
| | $1,295,000 | $1,200,000 | 93% | 45 |
| | $1,625,000 | $1,240,000 | 76% | 55 |
| | $1,550,000 | $1,460,000 | 94% | 32 |
| | $1,125,000 | $1,062,000 | 94% | 14 |
| | $995,000 | $1,110,000 | 112% | 9 |
| 157 | $1,395,168 | $1,201,268 | 86% | 108 |
| | $1,650,000 | $1,425,000 | 86% | 94 |
| | $1,195,000 | $1,080,000 | 90% | 52 |
| 5651 Colbourn | $1,199,000 | $1,135,000 | 95% | 48 |
| | $1,495,000 | $1,495,000 | 100% | 13 |
| Totals | $1,360,337 | $1,280,125 | 95% | 49 |
*Note: We have left the financial research off this chart to protect the privacy of the individuals involved. Data is pulled from the Multiple Listing Service. Berkeley Hills Realty may not have participated in the sale.
Editor's note: Luxury homes in Berkeley and Oakland are not unique in attracting cash buyers. A recent home located on Carleton in Berkeley received seven offers, five of which were all cash. This home was listed for $425,000.
Pending Home Sales Rise for Record Eight Straight Months
Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®. The Pending Home Sales Index rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8. Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
Read the Release
Read the Release
Thursday, November 12, 2009
How to rent your home from Fannie Mae
C.A.R. Mortgage Update
Fannie Mae last week announced a new Deed for Lease™ program. The new program allows borrowers to voluntarily transfer their property back to the lender and then lease back the house at market rate. The lease period is for up to 12 months, with month-to-month contract extensions after that period. The program is designed for borrowers who do not qualify for or have not been able to obtain other loan-workout solutions, such as loan modifications.
To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance also may be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31 percent of their gross income.
Homeowners thinking of participating in the Deed for Lease™ program should visit Fannie Mae’s loan look-up web site at http://loanlookup.fanniemae.com/loanlookup/ to see whether their loan is owned or guaranteed by Fannie. Mortgages backed by the Federal Housing Administration and other government agencies are not eligible for the Deed for Lease ™ program.
To read the full story, please click here:
http://blogs.wsj.com/developments/2009/11/06/qa-how-to-rent-your-home-from-fannie-mae/
To view additional articles, about new home loans, loan modifications, or mortgage refinances, please visit the following:
Housing plan reaches 1 in 5 borrowers
Fewer banks tightened lending standards last quarter, Federal Reserve says
Rates on 30-year loans remain below 5 percent
Fannie Mae last week announced a new Deed for Lease™ program. The new program allows borrowers to voluntarily transfer their property back to the lender and then lease back the house at market rate. The lease period is for up to 12 months, with month-to-month contract extensions after that period. The program is designed for borrowers who do not qualify for or have not been able to obtain other loan-workout solutions, such as loan modifications.
To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance also may be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31 percent of their gross income.
Homeowners thinking of participating in the Deed for Lease™ program should visit Fannie Mae’s loan look-up web site at http://loanlookup.fanniemae.com/loanlookup/ to see whether their loan is owned or guaranteed by Fannie. Mortgages backed by the Federal Housing Administration and other government agencies are not eligible for the Deed for Lease ™ program.
To read the full story, please click here:
http://blogs.wsj.com/developments/2009/11/06/qa-how-to-rent-your-home-from-fannie-mae/
To view additional articles, about new home loans, loan modifications, or mortgage refinances, please visit the following:
Housing plan reaches 1 in 5 borrowers
Fewer banks tightened lending standards last quarter, Federal Reserve says
Rates on 30-year loans remain below 5 percent
Thursday, November 5, 2009
Home Buyer Tax Credit Extended
Following the Senate’s favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. We expect President Obama to sign the legislation in short order.As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. We expect that number to increase dramatically in the months ahead with this new legislation in place.
James Liptak
2009 President
CALIFORNIA ASSOCIATION OF REALTORS®
Monday, November 2, 2009
City of El Cerrito Street Repairs Conflict with Stege Sewer Lateral Ordinance
Thanks to voter approval of Measure A: the El Cerrito Pothole Repair, Local Street Improvement and Maintenance Measure, the City of El Cerrito is in process of much needed repair to its city streets. However, with improvements underway, real estate agents have noticed a conflict with an existing Sewer Lateral Ordinance.El Cerrito (along with Kensington and part of Richmond) is included in the "Stege Sanitary District." In 2005, the District revised its Sewer Lateral and Compliance Policy, and now requires property owners to obtain a “Certificate of Compliance” upon the sale of property, prior to the close of escrow. Base on the the ordinance's definition of a lateral, compliance includes the connection to the main sewer. The main sewer in El Cerrtio often lies in the center of the newly paved streets.
According to Suzanne Iarla, Public Information Specialist for the City of El Cerrito, "this is a multi-agency issue." In short, the Stege Sanitary District would like home owners to comply with their 2005 ordinance, and the City of El Cerrito Public Works Department would like to maintain the integrity of the newly refurbished city streets.
Stege's official stance:
Because the City places a moratorium on recently paved streets that prohibits digging through new pavement for up to five years, a potential conflict exists between the City’s moratorium and Stege’s requirement to have a sewer lateral inspected and repaired (if necessary) before a house is sold.I spoke today with Rex Delizo, from the Engineering Department at Stege. His office would prefer that homeowners get proactive and repair the sewer laterals before the city street crews arrive. Barring such cooperation, he outlined three basic options for compliance in instances where the city's moratorium takes effect:
If you have any existing sanitary sewer lateral problems or plan to sell your house in the next five years, now is the time for you to do a sewer lateral inspection and any necessary repair/replacement work before the street is resurfaced.
- Video the sewer lateral and if the portion in the street passes, you can make all needed repairs to the line on the subject property.
- If the street section is in disrepair, you can opt to do the accessible portion now, and agree to complete the remaining section in the street once the moratorium has passed.
- Talk to Stege about new techniques which allow for full replacement and compliance without disrupting the newly resurfaced street.
Stege Sanitary District
7500 Schmidt Lane
El Cerrito, CA 94530-0537
(510) 524-4668 Office
(510) 524-4697 Fax
(510) 524-4667 24-hour
City of El Cerrito Public Works
10890 San Pablo Avenue
El Cerrito, CA 94530-2323
(510) 215-4300 Office
(510) 215-4319 Fax
Friday, October 30, 2009
Toxic Chinese Drywall
As reported by Greg Allen from NPR
Between 2004 and 2007, an estimated 100,000 homes in more than 20 states (including California) were built with toxic drywall imported from China. Emissions from the drywall corrode plumbing and electrical systems. Homeowners also blame them for headaches and respiratory ailments.Here is a video on how to detect the toxic product.
Tuesday, October 27, 2009
Breaking Down Berkeley's Median Home Price Statistics.
In our last post we provided the Median Home Prices for Alameda and Contra Costa Counties. We also stated that:
These two zip codes alone represent a 64 point statistical spread. The graphs stress that this area does not lend itself to blanket statements about "the current market." The city statistics can not accurately depict values for individual neighborhoods. National statistics and trends are even less telling. Talk to your Realtor (or one of Berkeley Hills Realty's qualified agents) to get a better understanding of this hyper-local phenomenon.
This is not an automatic indication of the depreciation of your individual home. Our area contains many unique geographic pockets and real estate is still acting in a hyper-local manner.This statement is more profound and dramatic than our previous post illustrates. In this post we have taken two Berkeley zip codes, 94702 and 94708, and charted a graph for each zip code's year performance.
(Click on the graphs for a larger view)
These two zip codes alone represent a 64 point statistical spread. The graphs stress that this area does not lend itself to blanket statements about "the current market." The city statistics can not accurately depict values for individual neighborhoods. National statistics and trends are even less telling. Talk to your Realtor (or one of Berkeley Hills Realty's qualified agents) to get a better understanding of this hyper-local phenomenon.
Monday, October 26, 2009
Sep 2009 Median Prices for Alameda and Contra Costa Counties
This chart depicts statistics for median home prices in Alameda and Contra Costa counties. Median home prices for additional California counties can also be found on the CAR website. This data is a reflection of a general year-to-year trend based on an analysis of limited inventory. This is not an automatic indication of the depreciation of your individual home. Our area contains many unique geographic pockets and real estate is still acting in a hyper local manner. To get a comparative market analysis that reflects the true value of your Berkeley, Albany, Kensington, El Cerrito, Richmond, Oakland, Piedmont, Emeryville, Lamorinda or Alameda home contact one of Berkeley Hills Realty's experienced agents.
Median home prices contained in this chart were generated from DataQuick Information Systems.The price statistics are derived from all types of home sales -- new and existing, condos and single-family. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Median prices can be influenced by changes in cost, as well as changes in the characteristics and size of homes sold. Due to the low sales volume in some cities or areas, median price changes may exhibit unusual fluctuation.
| Sept 2009 | Sept 2008 | Y-T-Y | |
| Alameda County | 357,000.00 | 385,000.00 | -7.3% |
| Alameda | 502,000.00 | 564,750.00 | -11.1% |
| Albany | 480,000.00 | 694,000.00 | -30.8% |
| Berkeley | 581,000.00 | 660,000.00 | -12.0% |
| Castro Valley | 449,000.00 | 476,250.00 | -5.7% |
| Dublin | 415,000.00 | 460,000.00 | -9.8% |
| Emeryville | 265,000.00 | 315,000.00 | -15.9% |
| Fremont | 515,000.00 | 500,000.00 | 3.0% |
| Hayward | 265,000.00 | 310,000.00 | -14.5% |
| Livermore | 434,000.00 | 445,000.00 | -2.5% |
| Newark | 337,500.00 | 405,000.00 | -16.7% |
| Oakland | 219,750.00 | 275,000.00 | -20.1% |
| Pleasanton | 616,000.00 | 737,000.00 | -16.4% |
| San Leandro | 294,500.00 | 350,000.00 | -15.9% |
| San Lorenzo | 320,000.00 | 337,000.00 | -5.0% |
| Union City | 340,000.00 | 410,000.00 | -17.1% |
| Contra Costa County | 259,500.00 | 300,000.00 | -13.5% |
| Antioch | 200,000.00 | 221,000.00 | -9.5% |
| Brentwood2 | 285,000.00 | 353,500.00 | -19.4% |
| Concord | 242,000.00 | 317,000.00 | -23.7% |
| Danville | 852,500.00 | 905,000.00 | -5.8% |
| Discovery Bay | 312,000.00 | 362,500.00 | -13.9% |
| Hercules | 311,500.00 | 335,000.00 | -7.0% |
| Lafayette | 765,000.00 | 899,000.00 | -14.9% |
| Martinez | 305,000.00 | 335,000.00 | -9.0% |
| Oakley | 220,000.00 | 250,000.00 | -12.0% |
| Pinole | 293,000.00 | 350,000.00 | -16.3% |
| Pittsburg | 180,000.00 | 200,000.00 | -10.0% |
| Pleasant Hill | 494,000.00 | 449,500.00 | 9.9% |
| Richmond | 135,000.00 | 180,000.00 | -25.0% |
| San Pablo | 175,000.00 | 220,000.00 | -20.5% |
| San Ramon | 568,000.00 | 755,000.00 | -24.8% |
| Walnut Creek | 495,000.00 | 580,000.00 | -14.7% |
Median home prices contained in this chart were generated from DataQuick Information Systems.The price statistics are derived from all types of home sales -- new and existing, condos and single-family. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Median prices can be influenced by changes in cost, as well as changes in the characteristics and size of homes sold. Due to the low sales volume in some cities or areas, median price changes may exhibit unusual fluctuation.
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