Lamorinda Real Estate

Orinda Schools Shine Yet Again! - Del Rey and Sleepy Hollow Elementary Schools recognized by California Department of Education as 2010 California Distinguished Schools

Once again, the Orinda Schools are recognized at the state level for their excellence! Below is the email sent by the Superintendent, Dr. Joe Jaconette.

State Superintendent of Public Instruction Jack O'Connell announced Monday, April 19, 2010 that Del Rey and Sleepy Hollow Elementary Schools have been recognized as 2010 California Distinguished Schools. Glorietta and Wagner Ranch Elementary Schools received the recognition in 2008.
 
The California School Recognition Program is now in its 24th year and honors the state's most exemplary and inspiring public schools with the California Distinguished School Award.
 
Schools earning the Distinguished School title agree to share their signature practices with other schools and serve as a mentor to other educators.
 
Schools were identified for eligibility on the basis of their Academic Performance Index and Adequate Yearly Progress results, which are the state and federal accountability models, respectively.  The applicants were also identified by their success in narrowing the achievement gap that exists between higher-performing and lower-performing students. All applicants underwent a stringent selection process conducted by the California Department of Education with the help of many educators from across the state.  Each applicant was required to describe two signature practices that have led to an increase in student achievement. Selected applicants then underwent a thorough site visit to validate their signature practices.
 
Please join me in congratulating Del Rey and Sleepy Hollow Elementary Schools for this highly sought after award.  Both schools will be honored this June during a ceremony at the Disneyland Hotel in Anaheim.
 
 
Dr. Joe Jaconette
Superintendent

Congratulations Orinda Schools!

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$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”.

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 AVERAGE SALES PRICE STATISTICS YEAR OVER YEAR

Orinda, Moraga, and Lafayette, collectively known as Lamorinda, is considered a top-notch area when it comes to real estate. So it is interesting to see how the community has faired this year to date, compared to 2007 for the same period. Here is a chart that shows the results through the first three quarters.

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ORINDA - MORAGA - LAFAYETTE REAL ESTATE SALES VOLUME

Here is an interesting look at the sales volume numbers for Lamorinda, broken down into each community, Orinda, Lafayette, and Moraga. I've taken the first three quarters of '07 and compared them to the first three quarters of '08.

All three communities combined, Lamorinda, had a drop in volume of about 24%.

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Lafayette, CA Real Estate - Absorption Rate

 

  In the last 2 posts I’ve given you the Absorption Rate (AR) numbers for Orinda and Moraga. Today let’s take a look at Lafayette.
    Lafayette, for the year 2007, produced 295 residential sales. This gives us an average of 24.6 sales per month.
    Currently Lafayette has 64 properties on the market. If we divide 64 by the AR of 24.6, we find that Lafayette currently has a 2.6 month supply of homes.
    According to general real estate consensus, a 2.6 month supply is considered a seller's market. Read the Moraga Absorption post from yesterday to see some implications for a seller's market.

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Moraga Real Estate - Absorption Rate

Yesterday I looked at Orinda’s current market through an analysis called absorption rate (AR). For a definition of absorption rate, see yesterday’s post. Today I’ll plug in the Moraga numbers. Moraga requires a little different approach. Moraga has more condos and townhomes than Orinda, so I will differentiate between detached homes (DE) and condos-townhouses (CO & TH) for Moraga.

Let’s take a look first at the DE market. Last year, 1/1 – 12/31, 101 homes were sold. 101 divided by 12 months gives us an absorption rate of 8.4 sales per month. There is currently an inventory of 10 houses on the market in Moraga. If we then divide the current market of 10 by 8.4, we see that there is a 1.2 month supply of houses on the market in Moraga.
    Now let’s see the CO & TH numbers. Last year produced 68 sales, which gives us an AR of 5.7 sales per month. With a current inventory of 24, we have a 4.2 month supply of condos and townhouses.
    The DE market tells a different story than  the CO & TH market. The DE  market is more of a seller’s market, where as the CO & TH market is just on the seller’s side of a balanced market.
    When selling in Moraga it is very important to take these numbers into consideration. Your initial asking price is very important in getting your house sold for top dollar.
    When looking to buy a detached home in Moraga, be ready to write an offer quickly (see “Buyers Topics” in the sidebar of this blog) if you see a house that fits your needs and is priced right when it initially comes on the market. You would be best served by getting emails of properties that fit your parameters sent to you instantly as they come on the market. That way you can notify your agent (Me) to check into the property more closely and you can also see it within a couple of days of its arrival on the market.
    CO & TH buyers have a little more time with a 4.2 month supply on hand, but should also be ready to write an offer if they see what they like.

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