7826 Georgian Oaks Court – Dublin

Panoramic View Lot Hansen Hill
Premium End of Cul-de-Sac Location with no backyard neighbors
Plan 3 – The Valley Oak Built by Warmington Homes
Approx. 100 acres of open space within the community
Hiking trails running along Martin Canyon Creek

4 Bedrooms Plus Bonus Room
3 1/2 Bathrooms
3 Car Garage
2936 Sq. Ft.
7229 Sq. Ft. Lot
$869,900

For more information visit: www.7826GeorgianOaksCourt.com

C.A.R. reports July sales up 12 percent, prices declined 19.6 percent
Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent, C.A.R. reported yesterday. “The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers,” said C.A.R. President James Liptak. “Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered. Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers.”

Closed escrow sales of existing, single-family detached homes in California totaled 553,910 in July at a seasonally adjusted annualized rate. Statewide home resale activity increased 12 percent from the revised 494,390 sales pace recorded in July 2008. Sales in July 2009 increased 8.1 percent compared with the previous month. The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during July 2009 was $285,480, a 19.6 percent decrease from the revised $355,000 median for July 2008, C.A.R. reported. The July 2009 median price rose 3.9 percent compared with June’s $274,740 median price.

“July marked the fifth consecutive month of month-to-month increases in the median price,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “This was the largest increase on record for the month of July based on statistics dating back to 1979. The yearly decline in July also was the smallest in the past 19 months.”

The family that owns El Balazo is getting into the pizza business, with a new Pleasanton hang called MAMA ROSA, opening this month in the former Bakers Square spot near Trader Joe’s.  Go there to enjoy an upscale beer and wine bar, pizza, pasta, and gelato – in a cozy brick spot reminiscent of an Italian trattoria.   Speaking of trattorias, my personal favorite is in Florence , Italy.  It is call Il Latini and it is not only fun but the food is great too!  Click here for a review of this Florentine restaurant.

Gourmet East Bay is coming again.  Saturday, November 7, 2009 from 7-10 p.m. at Broadway Plaza in Walnut Creek.
Premier restaurant and beverage tastings, dancing to the musical stylings of Livewire, silent auction and more!
Tickets on sale now – www.gourmeteastbay.com

J. Rockcliff is one of the sponsors of this fun event.  Last year it was well attended, possibly even sold out, so get your tickets early this year!

Yes, it is true!  Stacey’s closed sometime in July.  Here is an interesting article about the restaurant and the owner – click here.  They still operate a restaurant in Pleasanton.  Let’s all hope that the space attracts a fantastic restaurant as the location within the shopping center was great.

Housing inventory in San Ramon, Dublin and Pleasanton, California is continuing to drop quickly.  Active listings in Dublin are declining – faster than other surrounding communities.  San Ramon continues to chug along with active listings and pending sales still far apart.

The MLS shows active listings for Dublin CA down to 81 total. That’s not much of a choice for home buyers looking for homes for sale in Dublin.  The Frazzano Team has 2 new listings coming on the market this week, both are regular sales and will be outstanding values.  One in particular offers the most incredible location in all of Hansen Hill, offering amazing panoramic view at the end of a cul-de-sac.  More info coming soon!

We are discovering from talking to many past and future clients that most lenders are not modifying mortgages and many that are not offering very favorable terms. Even after the Obama administration has stepped up pressure on lenders and the mortgage servicers. On Aug. 4th, about 3 dozen companies have been forced to publish data on their loan modifications thus allowing the public to see what are the odds of a favorable outcome.

It is estimated that about 6% of the eligible loan modifications are actually approved.

It is being advised to NOT give anyone any upfront money with the hope and promise of a successful loan modification. We work with a few reputable companies that we are happy to share with you. You may call us at 735-7653 for a referral.

Purchases and refinances suddenly surged as they had not in months. An important indicator of where housing is headed. Meanwhile mortgage interest rates dropped to their second lowest level in nearly two decades, according to the Mortgage Bankers Association. Thirty year fixed rates averages 4.96% and fifteen year rates dropped to 4.5%.

This is important as new financing applications to buy homes point to rising purchase contracts and closed sales in the months ahead. They also suggest that prices have hit a level in many markets that is attracting once hesitant buyers off the sidelines.

In 2008, the Frazzano Team sold 59 homes. AS of August 17th, today’s date, we are up to 58 homes with a target of 100 closed sales. Many of our own buyer sales today are from people that we met last year or that started looking about 9 months ago. Of course we still have many past client and referral sales in which the clients are looking to make a move now.

RECORD NUMBER OF FORECLOSURES SCHEDULED FOR SALE
California Foreclosure Prevention Act fails to slow filings

ForeclosureRadar.com, the only website that tracks every California foreclosure, and provides daily auction updates, issued its monthly California Foreclosure Report for July 2009. Once again, foreclosure stats were mixed, with Notice of Default filings flat, Notice of Trustee Sale filings rising by 31.6 percent and foreclosure sales dropping 22.7 percent. The number of properties scheduled for foreclosure sale – new Notices of Trustee Sale minus those sales that have cancelled or sold – rose to a record level of 124,874, nearly double the levels reached during the foreclosure peak last year.

An estimated 44,167 new and resale houses and condos were sold statewide last month. That was up 13.1 percent from 39,051 in May, and up 25.5 percent from 35,202 for June 2008. Sales have increased on a year-over-year basis the last twelve months. California sales for the month of June have varied from a low of 35,202 in 2008 to a peak of 76,669 in 2004, the average is 50,698.

The median price paid for a home last month was $246,000, up 7.0 percent from $230,000 in May, and down 25.0 percent from $328,000 for June a year ago. The upturn in median the last two months is the result of a relative increase in sales of more expensive homes.

Of the existing homes sold last month, 45.9 percent were properties that had been foreclosed on during the past year. Last month was the first since August last year where it was below 50 percent.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,108. That was up from $972 in May, and down from $1,628 for June a year ago. That typical mortgage payment was below the $1,000 mark from January through May. The last time it was below $1,000 was in 1999. Adjusted for inflation, last month’s mortgage payment was 48.0 percent below the spring 1989 peak of the prior real estate cycle. It was 57.9 percent below the current cycle’s peak in June 2006.