Home Prices Bottoming – Good Deals Everywhere

As the Assessor of Contra Costa County since 1995 and a student of the real estate market of the East Bay since 1971, I’ve never felt more compelled and stronger about advising anyone and everyone who ever thought about getting into real estate to do it now. – Gus Kramer

Kramer says that real estate values may continue to slide a bit in Contra Costa County through 2008, but now is the time to be actively engaged in the buying process. “You are never going to find it more affordable than today,” says Kramer.

Kramer tells a story of a friend who bought a home in Brentwood CA in October of 2007 for $530K. This same home was selling in August of 2005 for $890K. In March of this year a home on the same street was listed at $395K.

“We haven’t seen values this low since sometime between 1998 and 2000,” says Kramer.

Time to Invest in East Bay Real Estate

Buying a house for under $300K with today’s interest rates and soaring rental rates at a premium due to foreclosures creates positive cash flow opportunities – very rare for California real estate in the last 20 years.

Homes at the low end of the market are going to see the fastest appreciation when the market comes back. Antioch, Brentwood, San Ramon, Walnut Creek and Martinez are just a few of the Contra Costa communities with current low housing prices that are attractive to first-time buyers.

The final word from Gus Kramer – “I feel so strongly about the market going up that if you buy property in the next year and it doesn’t appreciate, I promise you, I will not raise your taxes.”

Paul Mees and I were attending Steve Pierce’s Short Sales, Foreclosures, and REOs training in Pleasanton on Friday when an unusual event occurred – Craig cried help!

It seems he was being bombarded with calls from buyers who wanted to look at properties Friday afternoon and he was running out of bodies to cover his needs. Tracey was at a training gig down in Union City with one of our strategic lending partners. Ginny was packing for Europe and preparing our listing at 213 Aptos Place in Danville CA for the wine & cheese twilight tour.

So, that left Paul and me. We managed to catch about half of Steve’s presentation which was loaded with good information. Steve is not only our broker, but an attorney as well.

When you’re taking on a subject as broad as short sales, foreclosures and REOs – it helps to have the legal knowledge readily available as well as the real estate marketing and transaction process perspectives.

Short Sales, foreclosures and bank owned properties are on the rise in the TriValley area. Keller Williams prides itself on agent training. There is always recurrent training happening on all of the basics as well as special trainings such as this on those areas of special knowledge and skills needed due to current market conditions.

In the past two months it seems like we are attending a workshop on short sales, foreclosures or real estate owned properties every week. These are hot topics. 

• Homeowners need help and good advice
• Buyers are looking for deals and need Realtors with experience and skills with these type of transactions
• Real estate investors are looking for good agents to help them secure the best properties available for their portfolios.

Our team can help you with any of these needs. It’s just one of the advantages of having a team with a great blend of skills and experience.

Give us a call today at 925–984–4910 if you are interested in any aspect of short sales, foreclosures or bank owned properties.

In my humble opinion, South San Ramon represents one of the best buy opportunities for real estate in the 680 Corridor. I’m not talking fix and flip or short term hold.

South San Ramon, the area bordered by Montevideo to the north, the Iron Horse Trail to the east, Pine Valley to the south and Tarryington to the west is an area that we feel will see a great deal of appreciation in value from 2010 to 2015.

A little far off in the future you say? Not really if you consider the elements involved in this perfect storm of opportunity.

• City Center Project – The completion of the San Ramon City Center Project is going to make real estate in South San Ramon very desirable. It will be close to downtown and allow access without having to come down Bollinger Canyon Road from the Dougherty Valley.
• From South San Ramon, you can access 680 without going through the new City Center or Bishop Ranch.
• The schools in South San Ramon are highly rated and desirable. All of them have adjacent parks. Cal High and Pine Valley Middle School are having major upgrades.
• There are some very nice-sized lots in South San Ramon. The houses in this area are well-suited to a major upgrade. Many houses in the area have seen additions in excess of 1000 square feet. Adding an extensive addition along with modern upgrades gets you a modern house in a well established neighborhood, with good schools, a large lot AND a lower tax rate.
• Lumber Prices are falling and contractors are hurting for business making this an ideal time for a major remodel.
• South San Ramon represents some of the lowest priced single family housing in San Ramon. This end of the market is feeling the downward pricing effect of of the current real estate market than the upper end of the market – making this a perfect time to find a great deal on a home.
• Great blend of neighbor demographics. South San Ramon, because it is a well established neighborhood, provides a great mix of neighbors – everything from 30–year residents to young professional couples just starting their family.

Today, South San Ramon represents an unique opportunity for forward-thinking families looking to maximize their investment for the long term. Ten years from now many people will be reflecting on how they – coulda, shoulda,  woulda.

Twelve to eighteen months from now some people are going to realize that the remodel they have been dreaming of, would have been 15% to 30% less expensive if they had taken advantage of the perfect storm opportunity.

Two other notes on San Ramon:

• A recent editorial comment by Aaron in the Contra Costa Times - I lived in San Ramon for a few years and that water is great. they should bottle it and sell it to Pleasanton.
• Garage Sales and Temp Storage Units may face regulation