The three active listings are priced at $767,983 on average or $375 per square foot. The Concord Street property has been listed for about a year and a half but the other two have only been on market for 21 and 7 days, respectively.

There are four pending sales that have an average asking price of $798,000 or $328 per square foot. They have been listed for 35 days, on average. The house on Touriga Dr is a short sale. None of the others is a distressed sale (REO or short sale).

The seven closed sales sold for an average price of $691,279, which was $356 per square foot and nearly 99% of the asking price. On average, the homes sold in 44 days, however, five sold in less than 20 days. 885 Concord St. was a short sale. None of the other homes were distressed sales.

Located in the rolling hills east of downtown Pleasanton, Vintage Hills is a neighborhood of single family homes built in the 1970’s, with floor plans ranging from 1400 to 2300 sq ft or more. Lot sizes range from 6500 sq ft to 10,000 sq ft, with occasional lots in the 1/3 acre range. Some have views of the Livermore Valley.

The one active listing on Applewood Way has been on the market for 27 days and is listed at $560,000, which is $300 per square foot. It is a bank owned property, and has several offers on it.

The pending sale on Desertwood Way is also bank owned. It has been listed for 24 days at $699,900 or $282 per square foot.

The six closed sales sold for an average price of $632,317 or $378 per square foot, which was nearly 97% of the asking price. Ignoring 4603 Sandalwood Dr., which was on the market for 320 days, the remaining homes sold in 20 days, on average. 7608 Highland Oaks Dr. was a short sale. None of the other closed sales were distressed (REO or short sale).

Highland Oaks is situated in West Pleasanton off of Foothill Rd. The homes here have a very traditional, almost East Coast look and feel to them. It features Lydiksen Elementary School and a community pool & cabana in the neighborhood. This is a mature neighborhood, with lots of trees and some very nice views of the Pleasanton ridge.

Tao House was located in Las Trampas Hills with a view of Mount Diablo.  The O’Neill’s enjoyed a quiet life in Danville and of all the places they lived, Tao House was the one they most considered home.

Today, Tao House has been acquired by the Eugene O’Neill Foundation, and is one of Danville’s best kept secrets.  Visitors are welcome to tour Tao House by reservation through the National Park Service.  The Foundation and the National Park Service also collaborate to present events and programs that support arts and education throughout the year, such as the O’Neill Festival, performances, hosting visiting playwrights, and mentoring students.

In addition to Tao House, The Eugene O’Neill Commemorative honors O’Neill’s life and career, especially of his accomplishments while at Tao House.  Located across the Danville Library on Front Street, the quiet pocket park features a beautiful bronze sculpture with a quote from Long Days Journey Into Night.

Visit the Eugene O’Neill Foundation for more information on how you can visit Tao House and celebrate the life of the best playwright of American history, one of Danville’s very own.

Overall, there were 14 pending sales at the end of February, up from five in January and three in December. The inventory of single family homes remained relatively unchanged at 47 in February, compared to 48 in January and 46 in December. 85% of the inventory in February was homes priced over $1 million. The same was true in January and December. The increase in pending sales reduced relative inventory levels. At the end of February, there was approximately 3.4 months of inventory, down from 9.6 months in January and 15 months in December.

All Blackhawk Single Family Homes
Inventory Vs Pending Sales Feb 2010

Five of the pending sales were homes priced under $1 million (36% of all pending sales). There were only two pending sales in this segment at the end of both January and December. Inventory in this price range remained very low, with only seven homes on the market at the end of February, compared to eight and seven at the end of January and December, respectively. There is now only 1.4 months of inventory of homes priced under $1 million, compared to four months in January and 3.5 in December.

Blackhawk Single Family Homes Under $1 Million
Inventory Vs Pending Sales Feb 2010

Pending sales of homes priced over $1 million increased to seven in February, up from three in January and one in December. 42 homes were for sale in this price range at the end of February, which was 85% of the total in Blackhawk. There were 40 homes for sale in this segment in January and 39 in December. Again, with inventory mostly unchanged and pending sales up, relative inventory fell. At the end of February, there was approximately six months of homes available priced over $1 million, compared to 13.3 months in January and 39 months in December.

Blackhawk Single Family Homes Over $1 Million
Inventory Vs Pending Sales Feb 2010

With two consecutive months of gains in pending sales, things are trending upwards in Blackhawk. Pending sales levels are the second highest we have seen in the past 18 months, topped only by the 18 in August 2009. There is plenty of inventory in the over $1 million market but it is getting tight in the under $1 million segment.

The total inventory of single family homes increased in February by 17 homes, a 17% increase over January. Because of the inventory gains in homes priced below $2 million, there is now approximately 2.3 months of inventory in Pleasanton, up from 2 months at the end of January. Pending sales increased by two to 52 at the end of February.

All Pleasanton Single Family Homes
Inventory Vs Pending Sales Feb 2010

Homes priced below $1 million saw the greatest increases in both inventory and pending sales in February. Inventory increased 12 units or 24% to 61 homes. That gets us back to the levels we saw in October and November of 2009 but still considerably short of the 128 homes on the market in February 2009. Pending Sales in this segment increased 25% or 9 units to 45 in February. That is a strong number for Pleasanton, especially compared to the 16 pending sales we had in February 2009. With increases in both inventory and sales, inventory remained nearly unchanged at 1.4 months.

Pleasanton Single Family Homes Under $1 Million
Inventory Vs Pending Sales Feb 2010

Inventory increased and pending sales decreased in the market for homes priced between $1 million and $2 million. Single family homes in this price range made up 32% of the inventory but only 10% of the sales in Pleasanton. Inventory increased by seven to 38 homes in February. Meanwhile, there were 5 pending sales in this price bracket in February, down from 7 in January. There were 7.6 months of inventory at the end of February, up from approximately 2.6 months at the end of January.

Pleasanton Single Family Homes $1 Million - $2 Million
Inventory Vs Pending Sales Feb 2010

In the luxury home segment, the market for homes priced over $2 million saw inventory decrease by 2 homes and pending sales remain the same at two. This segment accounted for 17% of Pleasanton’s inventory but only 3% of pending sales at the end of February. There is about 10 months of inventory, down from 11 in January.

Pleasanton Single Family Homes Over $2 Million
Inventory Vs Pending Sales Jan 2010

It looks like we may be starting to build some momentum heading into Spring. Demand is strong and inventory is looking up, particularly in the lower to middle range of the market. The low end is still very hot, and the mid range of the market is seeing some move-up buyer activity as buyers take advantage of lower prices and attractive interest rates. And to think, we are not even in the Spring market yet!

But rather than tell you what you can find, I thought it might be best to show you in pictures.

Overall, inventory increased to 116 single family homes at the end of February, up from 113 at the end of January and 100 at the end of December. Those are modest gains off December’s low. Demand picked up, though, with pending sales showing a 36% increase in February to 57. January’s pending sales were 42, up 35% from December’s 31.

All Danville Single Family Homes
Inventory Vs Pending Sales Feb 2010

The market for single family homes priced under $1 million got significantly tighter over the past two months. At the end of February, there was 1.4 months of inventory in this price range, down from 2.25 months in December. The absolute level of inventory increased modestly to 61 at the end of February, from January’s 60 and December’s 54. Pending sales, meanwhile, nearly doubled from December’s 24. There were 45 pending sales at the end of February and 34 at the end of January.

Danville Single Family Homes Under $1 Million
Inventory Vs Pending Sales Feb 2010

The market got tighter for single family homes priced over $1 million, as well. At the end of February, there was 4.6 months of inventory in this segment, down from 6.6 months at the end of December. In absolute terms, inventory in this price range increased to 55 at the end of February, up from 53 in January and 46 in December. Pending sales posted strong increases off December’s very low level of seven. January only had eight pending sales but there were 12 at the end of February.

Danville Single Family Homes Over $1 Million
Inventory Vs Pending Sales Feb 2010

Demand increased overall in Danville over the past two months and the market tightened up a bit. Single family homes priced under $1 million showed the greatest demand and that segment is significantly tighter than homes priced over $1 million. The absolute level of inventory is headed upward as we enter Spring, hopefully, a trend that will continue.

Overall, the inventory of single family homes increased by 9 in February, a 14% gain. There were 16 more pending sales at the end of February than January, a 50% increase. With sales increasing more than inventory, the San Ramon market tightened in February. There is now approximately 1.4 months of housing on the market, down from 1.7 months at the end of January.

All San Ramon Single Family Homes
Inventory Vs Pending Sales Feb 2010

Single family homes priced under $1 million were the hot segment in February. There were 45 pending sales at the end of the month, a 50% increase from January’s 30 pending sales. Inventory also increased but not as much. Inventory increased by seven homes or 16% in February. There is now just barely more than one month of inventory in this price range.

San Ramon Single Family Homes Over $1 Million
Inventory Vs Pending Sales Feb 2010

It was significantly quieter in the market for single family homes priced over $1 million. Inventory in this segment went up only two homes to 24 at the end of February. Pending sales increased by only one at the end of February to nine. There is now 2.67 months of inventory in this price range.

San Ramon Single Family Homes Over $1 Million
Inventory Vs Pending Sales Feb 2010

It’s good to see increases in both inventory and sales in San Ramon. Inventory is still at a very low level and demand appears to be strong so the market tightened up during February. We’re still looking for more inventory headed into Spring.

Perhaps more of a tear down but you never know – how ambitious are you?

Renovation financing through the 203(k) program allows the costs of needed repairs and improvements to be included in the FHA federally-insured loan amount instead of having the buyer come up with cash or a separate loan to do the work.

FHA home loans require certain health and safety standards be met and that needed repairs identified during the inspection process be completed before escrow closes. However, minor repairs and improvements costing between $5,000 and $15,000 can be done after escrow closes for borrowers who opt for a streamlined repair program.

A 203(k) loan can help buyers finance both minor and major repairs and improvements. It can also help buyers compete with investors when bidding for short sales and foreclosures, said Sheri Powers, director of the Homeownership Center at Unity Council.

The loans can also be used to pay for improvements such as new appliances, second-story additions, remodeled kitchens and bathrooms, and skylights, just to name a few examples.

At a time when equity loans are hard to get, the program can also be used as a refinancing vehicle for borrowers who want to do repairs and improvements, provided the value of the home is greater than the value of the loan.

The program is gaining in popularity but there were still only 219 203k loans issued in the Bay Area in 2009. There are some limitations to the program and, obviously, some government paperwork. But this can be a great vehicle to allow you to get into a home that needs some work or just do some renovation you would like done. With the number of short sales and bank owned properties out there, this program could see more applicants. It helps to have someone on your side that understands the process, so if you think you would like to pursue a 203k loan, give me a call and I can point you in the right direction.

Inventory increased seven units, to 36, from 29 in January. Pending sales, meanwhile, increased eight, from 29 at the end of January to 37 at the end of February. These are very strong sales figures, especially given the low inventory level. It appears that the Dublin market could absorb considerably higher inventory levels.

All Dublin Single Family Homes
Inventory Vs Pending Sales Jan 2010

It’s certainly good that we have an increase in inventory for two straight months but the level is still very low and it looks like we are going to need more to meet the demand. Normally, we would expect to see inventory increase as we enter the Spring. We could certainly use it given the strength of the demand in the Dublin market right now.

The art does not stop there.  Danville’s neatest gallery is incognito, operating under more utilitarian guises.  The next time you visit downtown Danville, take a closer look at the garbage before you throw away the paper vessel that carried your precious Starbucks Caramel Macchiato.  You might be surprised to see colorful tile art adorning the garbage can enclosure.  Now take a few steps down the street and check out the next garbage.  You’ll discover another one-of-a-kind piece.

Danville’s most public gallery of unique art is its collection of trash containers throughout the town’s downtown.  The Public Tile Art Enclosure Project began in 1996 in an attempt to replace and beautify the town’s old wine barrel garbage containers.  Each piece is unique, submitted by local artists and community groups, and displays themes representing the quintessential way of life in Danville.  There are tile art pieces on the local bird life, the historic train station, and even events such as Danville’s Hot Summer Nights.

What a wonderful way for the town and the community to work together to beautify even the most mundane and pragmatic objects.  It’s those little details that really make Danville a beautiful place to live.

The active listing on Raven Road is listed for $769,950, which equates to $380 per square foot. It has been listed for five days. It is not distressed (REO or short sale).

The three pending sales are listed for $751,283, on average. That is $332 per square foot. They were listed for an average 12 days. The Shearwater Ct. home is a short sale and the property on Starling Ct. is REO.

There have been approximately two closed sales a month in Pleasanton Valley/Birdland. On average, the 13 closed deals were sold for an average price of $642,100, or $345 per square foot, which was 97% of the asking price. The homes sold, on average, in 46 days.

Located in the geographic heart of Pleasanton, Pleasanton Valley and Birdland have easy access to schools, parks, freeways and just about everything in Pleasanton. They include one and two story homes with two and three car garages. “Birdland” is so named because the streets are named after common birds.

The loan contingency and stated terms of the financing section protects the buyer against sharp increases in interest rates or unanticipated changes in loan terms. For example, the buyer may have stipulated a loan amount of $900,000 at a rate not to exceed 5.5% fixed with 0 points. If the buyer is not able to obtain a $900,000 loan at the stipulated rate and terms, then the buyer may cancel the agreement. For example, if rates shoot up and the market rate becomes 6% for this loan, the buyer will not be obligated to proceed. Obviously, the buyer can still elect to move forward in this situation, but they are not obligated to.

As a seller, you should insist on a pre-qualification letter, or better yet, a pre-approval letter from a lender indicating that the stipulated rate and terms are obtainable at the time the buyer submits the offer. It is also important for sellers to pay attention to the financing terms specified. If the buyer stipulates an interest rate or terms that are not available today, you might be in essence giving the buyer a free option on the property, as they can indicate prior to contingency removal that they are unable to obtain this rate and terms, and thereby cancel the agreement. Make sure the rates and terms are achievable.

There is another side to this. Implied in any contract is the covenant of good faith and fair dealing. If a buyer purposely derails the loan process by not providing information to the lender, or instructing the lender not to order the appraisal, or otherwise sabotaging the process so they can claim that they were not able to obtain the loan, one could make a strong argument that the seller might be entitled to the buyer’s deposit on the basis that they acted in bad faith. Obviously, other factors outside the buyer’s control can also derail the loan contingency, such as a job transfer, loss of a job, or other financial catastrophe that makes it impossible for the buyer to obtain a loan. In these cases, the buyer can cancel the agreement if they have not removed their loan contingency.

Sometimes, Realtors do not stipulate the buyers rate and terms, and instead the buyer’s agent will add “buyer to obtain the best possible rate and terms available”. This can be dangerous, however, if rates shoot up or the lender the buyer was planning on using suddenly decides to discontinue the loan program the buyer was counting on. Strictly from a contractual perspective, that kind of language may obligate the buyer to get any loan available, regardless of the rate and terms, in order to fulfill the contract.

Lastly, the buyer should definitely lock in their loan rates and terms as soon as possible to prevent a situation where the rate goes up and they no longer qualify, especially if they have removed their loan contingency.

Like many clauses in the contract, the loan contingency is there to protect the buyer against unanticipated changes that might impact their capability or willingness to proceed with the purchase. Buyers should carefully consider the impact of this contingency, and (as always) consult with an attorney for advice relating to their specific situation.

The closed sales sold for an average price of $960,250 or $313 per square foot, which was 92% of the asking price. Most neighborhoods in the Tri-Valley have been seeing sales prices of 95% - 100% of the asking price. The homes were on the market, on average for 70 days. Only one of the homes (4931 Monaco Dr.) was distressed (it was bank owned).

Built in the mid-1980s, these Victorian inspired homes are located close to downtown Pleasanton near the intersection of Bernal Ave and First St. Several of the homes in this desirable neighborhood have fabulous views of the Pleasanton Ridge and downtown.

Estancia de Cafayate is the brainchild of the American financial author and investor Doug Casey, who calls himself an “anarcho-capitalist” and was a classmate of former President Bill Clinton at Georgetown University in Washington.

“Here we have fresh air, wonderful hiking, fine wines and great food, and Argentina generally offers an ideal combination of culture and climate at a low cost,” he added. “Think 10 percent of the value of anything comparable in Europe, for example.”

The development covers 1,360 acres, in a district where tourism and winemaking (midrange whites from the torrontés grape in particular) — not to mention subdivision preparation and golf course landscaping — are bringing evident prosperity. Some 500 of the 12,000 residents from the nearby town of Cafayate have worked at the development over the last three years. For the moment, only a handful of hacienda-style properties have been built, but when the foundations of more homes are dug, and residents are ready to hire staff, that number is set to rise.

Mr. Casey expects that, when the shared facilities are completed in 2014, the Estancia de Cafayate will have around 50 of its projected total of 360 homes. Plots are being sold for an average of a little more than $6 per square foot, and range in size from 16,145 square feet to 18,300 square feet. In Argentina, land for luxury residences is routinely priced in U.S. dollars. Building costs, meanwhile, are averaging about $400 per square foot.

With a climate similar to the western United States, this might become the next big thing. I just gotta brush up on my Spanish!

Source: NY Times