2008 Home Sales in Danville, San Ramon & Dublin, California

Home sales in Dublin California reflect the influence of new home builders slashing prices and adding financing and upgrade incentives. Dublin has more entry-level new home inventory than other surrounding communities. The large number of condos being sold in Dublin is helping to home sales figures climbing. 

The impact of foreclosures and short sales on home prices in Windermere and Gale Ranch in San Ramon, CA is driving the number of homes sold in these communities. We expect the second half of 2008 to show a stronger sales trend than 2007 for most East Bay communities because of foreclosures.

In the older sections of San Ramon, we have a higher percentage of home owners who have been in their homes more than 10 years. These neighborhoods also have a higher percentage of baby boomers that are reaching retirement age and have the luxury of riding out the current market.

Blackhawk in Danville, California reflects the impact of problems with jumbo loans in 2007 more than any other communitiy. August of 2007 saw a near collapse of jumbo loan mortgages. 2008 sales of homes in Blackhawk should fare better in the second half of 2008 than 2007.

Danville, California is one of theEast Bay communities where home owners are gambling away more equity in their homes than other communities. Home sales in Danville will probaly trend flat through the remainder of 2008.

If you live in Blackhawk California, you may have noticed all the screaming and yelling last Saturday, and wondered what was going on at the Blackhawk Country Club pool. Well, it was nothing more than the tightest swim meet between two cross town rivals: Blackhawk Country Club Hox and the 3-year county Champion, Crow County Country Club Sea Lions.

The Blackhawk Relays were the previous weekend, with Blackhawk beating Crow Canyon Country Club by a narrow margin. This past weekend, Blackhawk jumped out ahead, and the two Danville rival swim teams continued to go back and forth all morning, until the meet culminated with the Free Relays….and Crow Canyon Sea Lions won the meet by a relay or two.

The swim meet was so intense that many county times were posted as all the swimmers on both sides swam their hearts out, from the 6 and under swimmers to the teenager.

Crow Canyon Coaches Dan, Ethan, Dave and Jake sent the following message to their swimmers illustrating how hard their kids worked:“Congratulations to the Mighty Sea Lions. Today was the best example of how a team stuck together and triumphed over amazing odds. We are so proud of every swimmer that swam today (Thank you to the 13-14s that showed up after water polo to help us pull out a victory). You showed the true heart of Champions today. The Mighty Sea Lions are a special team (family). The younger swimmers cheering on the older kids during the relays at the end of the meet was truly inspirational and really showed how the Mighty Sea Lions support each other.”

Swimming builds the lungs, elongates the muscles, reinforces the fortitude and strengthens the heart!

If the activity on our site is any kind of indicator of today's buyer mindset, then interest in REOs (bank owned properties) is one of the top areas of interest for today’s home buyer. Our inbound leads with an interest in bank owned properties and foreclosures has increased about 30% over the last month.

In parts of Contra Costa County, home values have dropped more than 50%. Rents are continuing to rise. This is the perfect scenario for investors looking for real estate opportunities that can create cash flow or at least get near positive cash flow.

The situation in eastern Contra Costa County (Antioch, Pittsburg, Brentwood) is producing some of the best price values, but investors are showing some concern about those depressed home values bouncing back. The thing to remember is that the same housing affordability dynamics still exist in the East Bay and Contra Costa County.

East Bay communities like Antioch, Brentwood and Pittsburg still offer some of the most affordable real estate in the San Francisco Bay Area. With BART considering an extension into Antioch in the next few years, it is going to make these East Bay communities even more attractive to home buyers looking for affordable housing.

Large investor groups are beginning to look at these communities. It would not surprise me to see the lion’s share of foreclosures in these areas gobbled up by investors in the next 6 months.

As I noted in my post – Now is the Time to Buy that Retirement Home – this is a wonderful window of opportunity for East Bay baby boomers.

The interest in foreclosures and bank owned properties is not confined to eastern Contra Costa County. On Friday, we received an inquiry from an investor looking for a vacation home or second home in the Bay Area in the $3million range. There are foreclosures and REOs in all price ranges.

High-end communities like Blackhawk, Danville and Lafayette have their share of real estate deals to offer this summer. Communities like San Ramon and Pleasanton, CA continue to see value-priced homes entering the market, which is a real benefit for employees of companies moving into Bishop Ranch like PG (links to past posts).

We think that the second half of 2008 may be the best second-half real estate year the TriValley has seen is quite a while.

Dr. Bajaj, a financial economist is very optomistic on the possibility of real estate recovering from the subprime mess in the near future. A couple of good quarters with the banks not taking any more drastic write-downs, some relaxation of over-reactive lending guidelines – and we could see foreign investment in the U.S. economy return in a big way.

If you have an interest in foreclosures or bank owned properties, talk to our REO specialist - Craig - (925) 895-2694 

Here are the Months of Inventory as of June 5, 2008 for communities in Contra Costa County.  They are down a fraction from 5.30 months in May to 5.11 months in June.  This may be a sign that the loal real estate markets are stabilizing. 

Many sellers may be holding off on placing their homes on the market until their local real estate market shows more favorable signs of improving.  This could be one of the main reasons we don't see an excess of housing inventory for sale.  A high percentage of the sales are foreclosures and short sales, especially in the east county. 

First time buyers and investors are finding bargains compared to where prices were two years ago.  We will be dealing and hearing about foreclosures in the media for some time to come.  The continued higher lending standards are also having an affect on the market. 

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It’s no news that foreclosures are on the rise in California. Danville, San Ramon, Pleasanton, Dublin and Walnut Creek are feeling the efeects of the increased foreclosure activity.

Can’t Make Your Mortgage Payment?
You’re NOT Alone

We can help. The absolute best thing a homeowner in trouble can do is: first – recognize YOU are not alone. Many people are finding themselves in the foreclosure process. The downturn in the housing industry is affecting many peoples lives – many people have lost their jobs as a result of the housing slowdown.

The rise in foreclosures is happening in all price ranges. It is not just first-time buyers that are in trouble with their mortgage. Homes above $2 million are also in the foreclosure process.

If you’re having trouble with your mortgage payment – contact your lender or real estate professional NOW. The sooner you take action, the better.

The bank does not want your property. Lenders are facing difficult times with the number of properties entering into default. Every home the bank owns effects their liquidity – they do not want your house, it ties up their capital reserves and they cannot sell it for what you paid for it.

Many lenders, like Countrywide, are starting to get more aggressive in their attempts to help homeowners stay in their homes. Do not give up or lose hope – contact a professional.

Foreclosure Process Timeline

Approximate minimum timeline for the foreclosure process in California.

• Day 1 – Notice of Default recorded
• Day 14 – Notice of Default – must be mailed to borrower 10 days after recordation
• Day 91 – Notice of Trustee’s Sale – recorded, published and mailed (lenders usually file 31 days before the sale because of an IRS notice requirement)
• Day 115 – Deadline to Cure Default (5 business days before the trustee’s sale)
• Day 122 – Trustees Sale (deadline to pay off loan is any time before the trustee’s sale begins)

Can’t Make Your Mortgage Payment?
You Are NOT Alone
Contact Us – We Can Help

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