Lamorinda Real Estate

Pause to Celebrate - Acalanes Union High Schools

Let's celebrate our schools!

This message was sent this afternoon by the Acalanes Union High School District (AUHSD) Superintendent, John Stockton...

(AUHSD includes Acalanes, Campolindo, Del Oro, Las Lomas, and Miramonte)

Life seems all too often to move at a frantic pace.  Spring Break brings with it a chance to reflect upon the many positives in our schools.  While there are constant struggles taking place in education today, the students of the Acalanes Union High School District are focused on success and are a source of pride for our area.

Much of what is special about our students and community was on display last Sunday afternoon in downtown Lafayette.  Performing arts groups showed their skills, visual art was proudly displayed, public speaking students demonstrated the highest level of oratory, and student leaders exhibited their deep commitment to their schools and communities.  While many students spoke of the fear of massive cutbacks, they also expressed confidence in the collective wisdom of the community at large.

Many extraordinary accomplishments have occurred throughout the district recently. The County Academic Decathlon was dominated by AUHSD schools, with Acalanes High School winning the event. Miramonte High School soared to victory in the County Mock Trial competition, while most of the strong competitors were AUHSD schools. Seventeen Las Lomas High School students were selected to the Contra Costa Honor Band (20% of the total band). Thirteen Campolindo High School students were recently named National Merit Scholarship Finalists, while 41 students (school record) attained Commended Scholar status. Many, many seniors received acceptance notices from the colleges and universities of their choice.

AUHSD students reach such heights due to the educational climate provided through numerous sources. Strong parental support of students aligned with the extra volunteer efforts necessary to have great schools Civic organizations, community leaders, and business groups that understand the financial value strong school systems bring to a community Students and staff striving together for continuous academic progress Knowledgeable district fiscal leadership which recently led to high bond ratings by Moody's and Standard & Poor's, the amazing one hour sell-out of AUHSD construction bonds, and the resulting development of quality student facilities

Spring Break brings with it the opportunity for physical, mental, and spiritual refreshment.  Please take time next week to celebrate the youth and support structure of our educational community.  There really is something special about the students, staff, families, and supportive organizations of this district.  This combination helps make Lafayette, Moraga, Orinda, and Walnut Creek destination communities.

Posted via email from The Lamorinda Real Estate Posterous

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

*Originally posted by the California Association of REALTORS, Realegal

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits.  To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.  Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied.  The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)).  California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)).  Other terms and restrictions apply to both tax credits.

For more information, C.A.R. offers a Homebuyer Tax Credit Chart with a side-by-side summary of the federal and California laws.  C.A.R. also offers a legal article entitledHomebuyer Tax Credit Update.

Posted via email from The Lamorinda Real Estate Posterous

4 Bedroom Homes For Sale In Orinda

 

 4 bedroom homes for sale in Orinda are  typically a hot commodity. As in most  communities, the 4 bedroom home in  Orinda is the most sought after model.  Since January 1st, 2009, 87 4 bedroom  homes have sold in Orinda. The average  price for these sales is $1,175,000 and  the median is $1,085,000. The average  number of days on the market was 53. 15  of those sales have taken place this year.  For those 15, the average price is  $1,063,267 and the median is  $1,160,000, with the average days on the  market number at 76.

 As of this writing, 3/29/2010, there are  15 pending sales in the 4 bedroom homes  for sale in Orinda category. 3 of the  pending sales are pending subject to  lender approval. In other words, they are  short-sales, or selling for less than what the owner owes the bank.

Neighborhoods represented in the 4 bedroom homes for sale in Orinda include Castle Gate, Charles Hill, Country Club, Del Rey, El Toyonal, Glorietta, Ivy Drive, Lost Valley, Miner Road, Claremont, Orinda Oaks, Orinda Woods, and Sleepy Hollow.

The Glorietta neighborhood weighs in with the most activity for all actives, pendings, and solds since January 1 of 2009 with 16.

I’ve created the following searches for home-buyers who would like to search current 4 bedroom homes for sale in Orinda in specific price ranges;

4+ bedroom homes for sale in Orinda for under $1m

4+ bedroom homes for sale in Orinda  $1m - $1.5m

4+ bedroom homes for sale in Orinda  $1.5m - $2.5m

4+ bedroom homes for sale in Orinda  $2.5m and Up

Market Snapshot

It’s that time of year when inventory is growing each week. If you are serious about buying in Orinda and want the best deal possible, of course who doesn’t, contact me and find out what it takes to successfully invest in this competitive market. More 4 bedroom homes for sale in Orinda are coming on the market each week, and the good ones go fast!

Posted via email from The Lamorinda Real Estate Posterous

Moraga Townhouses and Condos - Miramonte Gardens

Moraga Townhouses and Condos are the most affordable choice for families who would like to benefit from the excellent local schools, and Miramonte Gardens is at the top of the list. Located directly across from Miramonte High School, last years top rated school in the top rated district in the state, the students can sleep in a little later, roll out of bed, and walk to class. The other borders of the complex are Moraga Country Club and Moraga Way. Bus lines are within walking distance and BART is about a 10 minute car-bus ride.

Miramonte Gardens is one of many choices for Moraga Townhouses and Condos. The complex has about 200 units, ranging from about 927 square feet up to 1,828 square feet. All are at least 2 bedrooms and go up to 4 bedrooms. There are some 1 bathroom units, up to 3 bathrooms.

Some of the 2 bedroom and 2 bathroom units can actually live like 4 bedrooms. In addition to the 2 bedrooms, there are a couple of spaces designed as “studies” or “sewing rooms” that have doors and closets. I’ve seen units listed as 2 bedroom actually house 4 St. Mary’s College students.

26 units have been sold from January 1st, 2007 to today, 3/27/2010. 7 were sold in 2007. 12 traded hands in 2008, and 6 changed ownership in 2009. So far this year, only 1 has sold. The average price of all of these sales is $482,076. The highest priced unit went for $605,000 in 2007, while the least expensive home went for $350,000 in November of last year.

Word has it the Miramonte Gardens Home Owners Association set regulations on the number of units allowed to be used as income properties, or rentals. Back in the beginning of Miramonte Gardens it was a retirement complex. I’ve heard that the age requirement back then was 55 and older in order to be an owner. Today there are young families, college students, professionals, and retired people.

Other Moraga Townhouse and Condo properties include the Ascot Court and Ascot Highlands, The Casitas, The Cedars, Lomas Moraga, Moraga Country Club, Moraga Manor, Moraga Ridge, Moraga Terrace, Paseo Moraga, Rancho Moraga, Rheem Gardens, Rheem Terrace, Woodminster, and more.

Posted via email from The Lamorinda Real Estate Posterous

Orinda Real Estate - Market Sales Trends

The Orinda real estate market has definitely felt the effects of the economy. The most common question I hear at the holiday parties is, “How’s our market?”

Well, the average selling price for 2009 year to date is 23% lower than it was in 2006. Most of that drop came in the ’08-’09 period with a 14% drop.

The total volume measured in $$ from ’06 -’09 is 35% lower while the number units sold is only 16% lower.

Marketing time has more than tripled from 2006-2009, while the median sales price has dropped about 23%.

Interestingly, the number of homes sold year over year is up 7% from last year, while marketing time is up 39%, with the 14% drop in average price.

With mortgage rates remaining historically low, all of this together leads to the conclusion that it is a great time to buy! See the Business Week article by Marc Roth, “If You Don’t Buy A House Now, You’re Stupid or Broke”.

Orinda Schools Shine Again!

CONGRATULATIONS ORINDA SCHOOLS!!!

Each school in the Orinda Unified School District was recognized recently by the California Business for Education Excellence (CBEE) as "2009 Scholar Schools".

Wagner Ranch Elementary, Sleepy Hollow Elementary, Glorietta Elementary, and Del Rey Elementary, along with Orinda Intermediate School were recognized by California’s business community for having demonstrated consistently high student academic achievement and have made significant progress toward closing achievement gaps among all their students.

First-time Buyer Tax Credit Window Closing

Two recent articles, one written by Reuters and the other by The Los Angeles Times, is each stressing the window opportunity for first-time buyers to take advantage of the $8,000 tax credit is closing rapidly.

“Start house hunting now to qualify for tax credit for first-time home buyers”, is the headline for the LA Times.

“Race is on as U.S. home buyer tax credit nears end”, is the Reuters headline.

The bottom line is the clock is ticking FAST! Qualified borrowers need to have house offers ACCEPTED by the end of September to assure lenders enough time to beat the November 30 federal deadline to close deals. Even then, the way escrows have been delayed lately by third parties involved, there is little time for delays.

For loans backed by the Federal Housing Administration (FHA), which require a minimum 3.5 percent downpayment, the $8,000 can be applied upfront toward the purchase rather than later on tax returns like other mortgages.

So GET BUSY first-time buyers!

FIRST-TIME HOME BUYER TAX CREDIT

For answers to your questions regarding the First-Time Home Buyers Tax Credit, click on the link below.

Frequently Asked Questions About the Home Buyer Tax credit

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Lamorinda Real Estate - Moraga Fixer Wins Broker's Tour

I have declared my winner for the Lamorinda Broker’s Tour this past Tuesday, January 29th. The property is located in Moraga, but not in a prime location.

The address is 620 Rheem Blvd. It’s a 4 bedroom, 2 bathroom house built in 1971, sitting on a nice .35 acre lot. The listing agent claims, “1ST TIME ON THE MARKET!! WONDERFUL 1 STORY TRADITIONAL!! COSMETIC FIXER WITH LOTS OF UPSIDE POTENTIAL!! PRIVATE WOODED & SERENE BACKYARD SETTING! LIGHT, AIRY, OPEN & FLEXIBLE FLOOR PLAN WITH ROOM TO ROAM. FANTASTIC BARGAIN!”

The problem is that it sits right on Rheem Blvd. I feel the appropriate discount for the location has been taken, but when all is said and done, you are still on Rheem Blvd.

The asking price is $799,000. The square footage is 1936, which gives it a $413 per square foot cost.

Considering it is a cosmetic fixer on Rheem, this is a pretty fair asking price, if you are up for the project and can live with the location.

What makes it a winner is it’s fixed up value. 2,000+ updated square feet in Moraga has appeal. A contractor who fixes this place up while living in it for a while will enjoy a pretty decent return.

One thing to keep in mind, the tough locations are harder to sell in a shaky housing market. If this house were on the market when the market was hot, it would sell no problem. Let’s see what happens.

If you are thinking about buying or selling in the Lamorinda area and would like information on your specific price range, call or email me.

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Getting a Legitimate Lender and Getting Pre-Approved

It used to be that buyers could go house shopping and when they found their dream home, they would get pre-approved. However, in today's market, that has proven to be one of the least effective methods in landing the dream home.

Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are two different things. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.

A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.

In addition to being pre-approved, it's important to be pre-approved with a legitimate lender. Legitimate lenders include: banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders.

Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information.

Do no hesitate to contact Bill Buehler, or Mike Ahr to get your loan approval process started. Both Bill and Mike provide superior customer service to my clients every time.

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