Affordable Housing & Investment Opportunities in Brentwood CA
November statistics on the local Brentwood real estate market are available here.
Robert Taylor, Mayor of Brentwood, was kind enough to answer a few questions we put to him:
Is the housing market crisis worsening or stabilizing in Brentwood?
The data represents a trend towards improvement over last year at this time. In November, there were approximately 396 homes on the multiple listing service, a decrease of 33 percent or 194 units from the 590 homes on the market one year ago. The key to the market recovery, in Brentwood and California in general, will be the disposition of the foreclosed inventory.
Are the number of foreclosures rising or have they flattened out?
In general, the number of bank-owned homes and short-sales on the market have held steady for the last 6 months.
How do you, the council and the community feel about investors buying up foreclosures?
Stabilization of decreasing property values in neighborhoods will be dependent on foreclosed inventory being purchased by the private market rather than being held as bank assets. The best outcome would be to transition homes, which are already becoming very affordable as a direct result of the foreclosure condition, to market-driven ownership. It's the hope of all cities that homeownership is secured by its citizens, however, there's a reality that exists today of the uncertainty of sufficient funds to lend to credit-worthy families.
Has Brentwood implemented any programs that are actually helping people avoid foreclosure?
The City of Brentwood sponsored a foreclosure workshop earlier this year with more than 15 agencies ranging from lenders, attorneys, crisis counselors, and HUD community agencies, offering services and information to over 80 Brentwood homeowners. City staff continues to regularly refer homeowners to appropriate services and offers referral information on the City's website.
How will the housing crisis and the economic downturn affect Brentwood's financial situation in the next 18 months?
Like all cities, we are reducing our expenditures to insure that our budget is balanced with existing revenue and without using our reserves. The Council’s policy is to maintain reserves equivalent to 30% of the General Fund. Last year the non public safety staff was reduced by 10%; we are holding vacancies and deferring projects and expenditures to balance the budget. We are focused on providing our core services and will be reducing some programs until the economy recovers.
Will eBart be built?
eBART is a proposed extension of BART services into the east county. More specific information is provided on the eBART web site. The project will extend the BART system in the median of Highway 4 approximately 10 miles eastward from the existing Pittsburg/Bay Point BART station to a new station at Railroad Avenue in Pittsburg and a terminus station east of Hillcrest Avenue in Antioch.
Will the Highway 4 bottleneck situation at Loveridge Road ever be corrected?
Yes, it will be corrected as part of the Highway 4 widening project. For more information, visit the Contra Costa Transportation Authority.
What's your assessment on Brentwood's ability to weather the storm?
Brentwood is well positioned to weather this storm. The City’s major, backbone infrastructure has been completed. We have healthy reserves, which the City Council is committed to maintaining. We are also committed to maintaining the quality of life that has attracted people to make Brentwood their home or place of business. That commitment will guide the tough decisions that will need to be made in this economy.
What are you and the council doing to deal with affordable housing?
The City’s affordable housing ordinance provides for residential developers to either an affordable housing fee or to construct affordable units in their subdivisions. With the downturn in the economy, residential developers are not building homes. The operational costs necessary to manage the City housing programs are derived primarily from developer fees. In the meantime, until the residential building economy recovers, the City continues to provide a wide variety of affordable housing services to residents.
How is Brentwood dealing with so many empty houses and the impact they have on neighborhoods?
The four inspectors of the Code Enforcement section work with residents, property owners, and businesses to ensure that Brentwood continues to be safe and attractive community. Staff has been particularly focused for the past 18 months on working with banks and lending institutions to make sure that empty homes do not cause blight conditions affecting neighboring properties; for example, that weeds are cut, homes are secured, and pools are either drained or are maintained to not cause vector impacts.
Our FREE In-Depth Market reports are available for most communities in Contra Costa & Alameda counties- updated weekly, breaking data down by zip code and price point.
Contact Paul for information on residential real estate investing 925-963-4246
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