Realty World – BLUE | Property Group, Inc.

In August, 50 homes SOLD in Brentwood.  The least expensive, with 864 square feet and built in 1947, sold for $128,000.   A home with 4820 square feet, built in 2005 was the most expensive Brentwood re-sale at $485,000. 
The average home sale was $303,000 ; with the average days on market being 27 days.  Homes sold for at/near list price, with the majority of homes selling for less than $400K.    (Here is a link to all August home sales in Brentwood.)

Labor Day weekend is the “official” ending of summer, but the pools here at Summerset will stay open until the end of October. Hot tubs are open year-round.  Summerset 2 is hosting a major fund raiser this month: Sip & Stroll.  A day to taste food from local restaurants, sip wine, enjoy a classic car show, listen to music and take part in a silent auction.  All of this to benefit our local Hospice!  This month events also include a Tribute to Johnny Cash and trips to Old Town Sacramento & Ghiradelli Square!
Weekly Bocce, happy hours and a monthly karaoke night will also entertain you as a Summerset resident.  Summerset, an “over 55 age-restricted” community located in Brentwood and made up of 4 communities: Summerset 1, Summerset II (The Palms), Summerset III (Vista), and Summerset IV (The Orchards).  Each community has its own HOA, recreation center, pool/hot tub, work out area, and activity director.  Now is a great time to take advantage of low prices (some at 2001 pricing) and interest rates in the 4% arena.   
Here is a link to current homes for sale at Summerset.  (Link is good for 30 days)
Here is a link to current rental homes for sale at Summerset.  (Link is good for 30 days)
I love living in Summerset, please give me a call for a personal tour and discover Brentwood’s original active-adult community!

Hellloooo My Wonderful Beautiful Bay Area!!… How many of you have gone through the home buying process and gone to the title company to sign off your loan documents and actually experienced waiting the day or two before your home finally became officially yours??… For those of you who have never gone through the process here’s a glimpse of what actually happens when you go to sign off your closing documents just prior to your home loan funding and recording at the County Recorder’s Office and getting your keys to your new home!…  the following video is an actual signing for one of my clients (who happens to be just 23 years of age, who purchased her first home without any financial help from her parents… (I want to make clear that this example is one that is happening much more frequently than ever before … and I want to emphasize that anyone I mean anyone no matter how young or old can achieve homeownership if the desire is there…)
I hope this will enlighten you and give you extra insight as to what happens towards the end of a transaction in escrow… By all means please feel free to contact me with any questions you may have… it will be my pleasure to assist you…

Maddi is now a very happy and proud homeowner and I’m very honored to have represented her!…
Thanks for checking in…
Isi
Isi Wu… the realtor for you
Serving Clients All Over the Eastbay…

The seven months of 2010 have flown by, and the home results are in for Brentwood (94513) home sales.  It is worth noting that most Brentwood homes sold at or ABOVE List Price, and the average days on market was 27!  Here are the results for Detached Home Sales in Brentwood:
            List Price         Sold Price
High  $1,7999,900      $1,350,000                 
Low   $       80,000      $     60,000
Avg.   $     318,304     $   320,644
Med.   $    299,900      $   310,000
Looking at Condos/Townhomes, there were 27 Condos/Townhomes/Duets that sold in Brentwood, below are the stats for the Jan-July period:
List Price         Sold Price
High    $215,000        $208,900                    
Low     $  91,875         $  93,000
Avg.    $153,245         $157,721
Med.    $159,900         $164,000
Included in the above numbers were 41 homes (detached and attached) that sold in Summerset (an active adult community in Brentwood).  Most Summerset homes are selling near or slightly less than list price, and the average days on market was 49 day.  Homes are moving if well-priced well and the buyer sees value in the home. (Click Here to see the Summerset Homes that SOLD – link not good past 30 days)  Here is the breakdown of Summerset Homes SOLD:
List Price         Sold Price
High    $598,500        $550,000                    
Low     $ 180,000        $ 182,000
Avg.    $314,054         $309,802
Med.    $274,500         $270,000
If you want additional information, please call me at (925)852-1659

Nestled in the hills of Brentwood, there is a new destination to live for those 55+ in a one-of-a-kind resort location.  Trilogy is a unique lifestyle that exceeds your expectations with its new private resort club: Club Los Meganos.  Trilogy has fabulous home designs from 1734 to over 2800 square feet, and prices starting from the mid-$400,000.  Here is a map of Trilogy Vineyards.
In celebration of their Grand Opening, on Sunday, August 1st, come to Trilogy for a Wine Education (1-1:30PM and 5-7PM), a Culinary Demonstrations on the art of sautéing (2-2:30PM), or an afternoon tea with a twist (3PM-4PM).  Guided tours depart the clubhouse every 30 minutes.
The fabulous Club Los Meganos at The Vineyards is now completed and it is GORGEOUS!  You owe it to yourself to tour this beautiful and relaxing destination and consider this for your retirement home.  This resort location has it all,(inside/outside pools, bocce courts, tennis courts, cooking areas, Wi-Fi, flat screen TV’s, pool tables, banquet facilities, concierge, fabulous spa facilities and a wonderful resort feeling. and you can partake in its amenities by purchasing your dream home in Trilogy.  Now is the time to get the best pricing and get in on the ground floor of this resort community; approximately 125 of 1000+ homes have been purchased. 
Surrounded by vines and located near shops, restaurants and medical facilities Trilogy and the 24,000 sq ft Club Los Meganos offers a great blend of luxury and value. If you don’t want new, here is a link to some resale homes in the Trilogy complex.

Our pools offer a place to gather for water aerobics, a nice lap swim or a place to float on your noodle.  Residents gather at the pools and hot tubs to catch up on events, like people around the coffee pot or water-cooler at work.  Water aerobics, BBQ’s, luaus, and family swim time are all part of the activities. 
Last weekend, The Summerset Singers’ 10th Anniversary Revue highlighted hit songs from their past stage presentations.  It was a wonderful mix of old and new, fast and slow; and the talent of our Summerset Singers is incredible!  If you get an opportunity to come to their next concert, do not miss it!
This Summer is destined to be a fun month on a gambling bus to Thunder Valley Casino, trips to Sausalito/Monterey/Capitola/Hearst Castle, and Earth, Wind & Fire/Harry Connick Jr. concerts.  There is something for everyone at Summerset.  The bocce, tennis, and golf playing are also favorite Summer activities at Summerset.  Happy hour and a monthly karaoke night can also keep the fun going.  FUN – yes we do fun, and do it well! Once you are a resident of Summerset, you will receive a monthly activity calendar, and can attend activities at any of the four Summerset locations
Summerset, an “over 55 age-restricted” community located in Brentwood and made up of 4 communities: Summerset 1, Summerset II (The Palms), Summerset III (Vista), and Summerset IV (The Orchards).  Each community has its own HOA, recreation center, pool/hot tub, work out area, and activity director.  might have what you are seeking.  Now is a great time to take advantage of low prices (some at 2001 pricing) and interest rates in the 4% arena.
I love living in Summerset, please give me a call for a personal tour and discover Brentwood’s original active-adult community!

Brentwood has two “sister” golf course communities located just east of the Highway 4 Bypass on the north (Shadow Lakes) and south (Deer Ridge) side of Balfour Road.  These homes can range in size from under 2,000 to over 4800 sq ft.  Many of these homes had values over $1 million+ at the height of the market, and now can be purchased from the low $300K to just under $600K.  Not every home is located on the golf course, but those homes that are located on the golf course are highly desirable.
Current homes range from $295K to $629K, with most priced below $425K.  Here is a link to Deer Ridge & Shadow Lake homes currently available. (Link lasts only 30 days)  The community is located near schools, shopping, sidewalks for walking, and health care facilities.
Recent Sales in Deer Ridge & Shadow Lakes had 46 homes SELL from $225K to $631K, with most homes selling under $410K.  Buyers like this area for its amenities, the value for the money and the age of the home (built in 2001-2005).  Here is a link to homes SOLD in Shadow Lakes/Deer Ridge since April 1st; link lasts only 30 days.
Rated BEST GOLF Value 2008 in Northern California, Deer Ridge & Shadow Lakes golf courses are a treat to practice your swing at the driving range, enjoy a quick meal or play 18 holes.  The golf courses also have “e-specials”, so be sure to sign up!   Here is the link to the Deer Ridge/Shadow Lakes Golf courses.
So, if you are looking for a golf course community set against the backdrop of Mount Diablo, think Brentwood’s Deer Ridge & Shadow Lake golf course communities!

Image via Wikipedia

 
Greetings My Wonderful Beautiful Bay Area!!…  Today I want to revisit what can happen to you if you enter into a Short Sale or if the Bank Forecloses on your property and sells it.
There is NO FREE LUNCH when it comes to the IRS… whenever your home is sold… whether by regular conventional means or if you sold your home at a loss and you paid the difference or by short sale approved by the Bank or involuntarily by foreclosure… be warned you may be subject to taxes!
It doesn’t seem fair and what’s worse… you may not even find out that you owe taxes until the day you open your mail and find a 1099.
The IRS has tax rules for foreclosures or repossessions by lenders of homes belonging to owners who have fallen behind on their mortgage payments.  There can be severe and unexpected tax consequences for any owner who simply walks away just because he or she has little or no equity and the lender takes over and sells the property.  When a mortgaged property is foreclosed or repossessed and the bank re-acquires it or the bank knows the owner abandoned the property… the bank will send Form 1099 to the owner and the IRS… it will include the foreclosed bid price, the actual debt (loan) amount and the amount short of the debt amount… that amount will be taxed as ordinary income… the same as for your salary.
Sellers of residences acquired within the past two years or so are going to incur losses.  Even assuming no price declines, losses will result because of expenses for real estate brokers, lawyers and the like.  Sellers will not be able to deduct those losses… it makes no difference that they are forced to sell because of ie)… job changes or health reasons.
**  There’s also information floating around that Banks where distressed properties have overtaken the area in certain markets…are taking steps where even after they approve and close a property for short sale… they will be actively tracking the owner of that short saled property over the next 6 years… during that time if their credit rating goes up and if they attempt to purchase another home they will be pursuing them for the  “short amount” they lost when they approved that person’s short sale 6 years prior… This bit of information is not fact – as of yet here in California… yet people… Everyone please do everything you can to protect yourselves BEFORE A FORECLOSURE OR SELLING… PLAN AHEAD… especially before attempting to sell on a short sale or going through a foreclosure… please get legal and tax advice… do the planning BEFORE ITS TOO LATE!!…
Thanks for checking in…
Isi
Isi Wu… the realtor for you
Serving Clients All Over the Eastbay!
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Frequently Asked Questions on Short Sales answered by my Short Sale partner IFR  visionaryrealtynews.com)
75% of modified home loans will redefault  money.cnn.com)

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REO  is the short form for Real Estate Owned.  The real meaning is the lenders, usually the banks, have taken over the properties and are actually owners of the properties.  When the properties put up to the market for sale, the lenders/banks had already come up to an agree upon for sale price so usually if the buyers offer the asking price, it will be approved.  However, some lenders/banks will still listen to the sale experts marketing strategy, i.e. to ask for a ridiculously low price to encourage strong competition and thus beat up the sold price.  Anyway, the buyers involved usually can close the escrow within a reasonable time like a normal sale.
Short Sale means even after the sold price of the property is still too short to pay the mortgage.  In this case, the individuals are still owners of the properties and not the lenders.  However, since the homeowners cannot bring additional money to pay back to the bank/lenders, the sold price has to be approved by the lenders.  Since in this case, it is the homeowners who initiated to sell the property to avoid foreclosure, the lenders/banks involved had not yet came up to an agreed upon price prior to the property put for sale in the market, every offer has to be reviewed by the lenders/banks involved.  Thus it usually takes a much longer time for closing.

“HUD” is an acronym for the U.S. Department of Housing and Development. When someone defaults on a HUD insured mortgage, the lender forecloses on the home. HUD pays the lender the balance and takes possession of the home. HUD then sells the home at market value through approved brokerages, such as Realty World – Blue Property Group.
 HUD foreclosed homes can be a great deal for homebuyers.  HUD tries to sell the house as quickly as possible.  You will need a loan pre-approval from a bank, not a mortgage broker.  We can assist in the pre-approval.
Anyone who can qualify for a mortgage or pay cash can buy a HUD home.  Contact us for a list of available HUD properties.

Definitely getting prequalified for a loan first, but you can get prequalified and start looking for homes at the same time.  A Realtor can help you with the process if you are unsure, even if you have a lender or bank that you want to use.  Knowing how much you can afford to buy will save you lots of time and effort. 
A Realtor will help with the details and the process of the loan and buying process.  Probably more importantly, especially in the beginning, they can help direct you towards loan officers that are good, as opposed to just available.
Once approved, you now have an established price range and can concentrate on identifying neighborhoods, as well as a Realtor who support your interests and shares your vision.

Fortunately, the real estate industry is highly regulated and as a result, numerous laws, regulations and restrictions mean that the margin for issues is higher than other professions.  By and large, though ethics and good morals rule the day, complaints do occur – some unfounded, others valid.  If a complaint does exist, dig deeper and find the root of the problem and how the agent or brokerage handled the outcome.
In California, check the agent’s records under the Department of Real Estate, which can be done online at www.dre.gov.  Also check with the local Realtor’s Associations, the California Association of Realtors and the National Association of Realtors.  I would also recommend contacting the Better Business Bureau. Find out if their company is an accredited member, then check for complaints. 
 
 

The qualification process is the same in that qualification is for the loan, not the house.  Both foreclosures and new homes will likely require a loan pre-approval.  The question should really be “Is it harder to buy a foreclosure or new home?”…the answer, depending on your area, might be yes.  With foreclosures in hot markets, you will be competing with multiple offers, some of which are all cash with no loan contingencies.  In this case, you will likely lose your bid to purchase. 
Although foreclosures can be a great way to get a fantastic deal, it is often easier to purchase a standard sale with a willing seller.
 

If you’re an agent, homeowner or potential buyer that is somehow involved in a short-sale transaction, you already know that delays from the bank can easily take months for a response…any response. 
Good News!  The Treasury Dept has released a new set of rules scheduled to take place in April of 2010.  Banks will have a scheduled time frame with which to respond to short-sale offers with strict deadlines and specific, approved documents for use.  In addition, banks will need to approve the list price before the house is offfered, which should also help to speed up the approval process.
But the program is not perfect…the program is voluntary for lenders who hold secondary loans.  More than half of homeowners have a second loan, with that number likely greater in high-priced California.
Nevertheless, short-selling is usually still a better option than having a foreclosure on a credit report.  On average, with a foreclosure, an individual will not be able to qualify for another loan for 7 years, whereas with a short-sale the time frame is a much more manageable 2 years.

Qualification for the new program is reasonable:

must be principal residence
must be delinquent
loan must have been made before 1/1/09
loan amount must be below $729,750
borrower’s total monthly mortgage payment must be greater than 31% of the before-tax income

One of the first things I tell my clients is to not buy a house that they cannot afford.  Sounds easy, huh?  Not always.
All of us are guilty at some point of spending foolishly…just because we like what we’re about to buy.  Why not?  It’s fun.  It makes us feel good;  maybe even look good.  Ok, definitely makes us feel good.  At least for the time being.  It’s not until reality sets in after the initial euphoria wears off that we realize that our purchase was based primarily on emotion.
With minor purchases, not so much a big deal.  But with a house…whoa!  Overspending on a mortgage payment every month for 30 years is not something anyone wants to face.  It’s easy to do, but keeping a tight reign on your emotions will save loads of financial issues and stress down the road.
Always get pre-qualified for a loan first.  At a minimum, the pre-qual will provide a good sense of how much you can afford.  When buying a house, going over or under 10 or 20K is generally not  a deal-breaker.  But 100 to 200K?…different story.  Stay within budget and you will enjoy your new purchase much more than the consequences of not doing so.
 

Any price with that many 8’s is considered lucky by Chinese.  The number 8, when spoken, sounds like the word “luck” or “good luck”.  Expect the same when offers are being made.  The more 8’s the better and any combination of 8’s is good.

For Chinese, the most unlucky number is the number 4, because when spoken in Cantonese it sounds like “death” or “die”.  Other Asian cultures also believe in this.  Generally having a 4 in the address, phone number, offer price, etc., is considered bad luck.
Some combinations of other numbers are considered lucky or unlucky as well, but the big ones are 8’s and 4’s.  Keep this in mind and perhaps the superstitious overseers will look upon you with gilded light.

Well, a good first start is by being on social media sites such as Trulia and Zillow. Agents need to be proactive in advertising their listings on these sites and many others. The majority of buyers these days search for homes online and social media is the “next big wave”.
Agents need to get listings in front of people in as many ways as possible. For example, with my company all of our listings are automatically syndicated to over 200 websites as soon as they are posted, including social media sites dedicated to real estate.
In addition, invest in traditional advertising as well. Let the neighbors know the property is on the market. You will be surprised at how often they will know someone who wants to move to their neighborhood, especially if there is a lack of available properties on the market. Good luck!