The Wilkas Group

Labor Day Weekend is Looking Good for Fun: San Mateo CA

Lenore Wilkas — Thu, 02 Sep 2010 00:15:32 +0000

Labor Day weekend is traditionally the end of summer and that means the end of art festivals. There are several going on this weekend worth noting and taking some time to enjoy. The big ones in San Mateo County have been around for a long time and are well worth your time to go and enjoy.

Celebrating its 40th Anniversary is the Millbrae Art & Wine Festival and it’s gotten better every year, so it’s become a “do not miss event”. Art, crafts, and the usual fair items are for sale along with loads of food and fun. This is a wine tasting event, so there will be wines (and beers) to taste as you eat your way down Broadway. It’s an all day event form 10 AM until 5 PM and the weather is going to be picture perfect. So don’t miss it! It’s FREE for the looking if you are budget conscious.

Head to Woodside and the 47th Annual Kings Mountain Art Fair for another FREE festival. This is considered one of the top five best art festivals in California. Kings Mountain is a 10 mile stretch along Skyline Blvd above Woodside. Parking is always a challenge and they offer shuttle service to the fair. This fair was started in 1963 as a way to support the Kings Mountain volunteer fire department and now not only supports that but also the school. It’s a juried show with first rate artists who have competed for the ability to show and sell. You can see the art under the redwoods, and wander around eating wonderful food and having a good time. Plan to come early because parking is a challenge. You can find this either from highways 84 (Woodside Rd) or 92 turning at Skyline and heading south.

The 40th Annual Greek Festival is also taking place this weekend in Belmont. This is the annual event held at the Church of Holy Cross at Ralston and Alameda de las Pulgas. It has a $5 admission for adults, seniors and youth 13+ are $2.50 and is a major fundraiser for the church. You can eat, drink and dance Greek dances and have a great time. There are Arts and Crafts and events for children, too. This runs all weekend, Saturday, Sunday and Monday. Click the coupon on the left for a larger one so you can get $1 off admission. This is a huge event and always attracts large crowds. Parking shuttles are run for free so look closely at the map for where to park.

Attention FHA Buyers!!! BIG Changes are Coming October 4th – San Mateo, CA

Lenore Wilkas — Wed, 11 Aug 2010 01:05:25 +0000

One of the loan brokers we like to refer our clients to is Jed Thibodeau who is with Bankers Preferred in Burlingame. He often speaks at our weekly office meetings and told us about a major change coming to FHA loans beginning on October 4, 2010. This change will cost you money every month for the entire length of your FHA loan and it’s a huge change. If you think this change is short notice, it’s better than what we heard on Monday, with the original date in early September. Either way, don’t wait too long to make a purchase if you are planning on using FHA as your loan source. Take your time reading this because there is a lot of alphabet soup in it.

Please read below:

Avoid increasing costs of FHA financing. On Thursday, August 5, 2010 Assistant Secretary for Housing/Federal Housing Commissioner, David H. Stevens, issued a memo informing the housing industry of changes to Federal Housing Administration (FHA) mortgage insurance premiums. The changes are scheduled to take effect on October 4, 2010. These changes increase borrower costs for using FHA financing. To avoid this cost increase make sure to start your FHA loan prior to October 4. It is worth noting that these changes will not affect mortgage insurance premiums on existing FHA mortgages.

Before going further, it is important to know that FHA MIP factors vary, and will continue to vary, slightly with down payment amount, 30 year fixed and 15 year fixed loan programs. This article addresses the most common FHA financing scenario, a minimum down payment of 3.5% with a 30 year fixed loan program. You’re welcome to email me at jedt at bankerspref dot com to ask about the MIP factors associated with your particular financing scenario

To establish a frame of reference to help gage the impact of these changes, let’s first review FHA mortgage insurance premiums (MIP) in general, then review current FHA MIP factors and lastly, compare the current MIP factors with the MIP factors that become active October 4, 2010.

FHA has two types of mortgage insurance, an Up Front Mortgage Insurance Premium (UFMIP) and an annual mortgage insurance premium (MIP). The current UFMIP is typically added to the loan amount (loan amount = purchase price – down payment) in the amount of 2.25% of the loan amount. The annual MIP is calculated with a factor of 0.55% and is paid monthly with the mortgage payment. FHA uses the proceeds from these two mortgage insurance premiums to fund claims on FHA insured mortgages.

Home Purchase Amount of $430,000

On October 4, 2010 the UFMIP factor for the aforementioned scenario drops from 2.25% to 1.0% and the annual MIP increases from 0.55% to 0.90%. The following table provides perspective on the actual dollar amounts of these changes with a $430,000 home purchase.

Here we see a reduction of the UFMIP by $5,187 and in increase in the monthly MIP by $121.03. More dramatic, is the total interest and MIP expense for the first 60 months of the loan. The MIP factors taking effect on October 4, 2010 will cost the homeowner an additional $5,891.

Home Purchase Amount of $750,000:

As the purchase price increases the dollar amounts increase. Let’s look at a $750,000 purchase.

Here we see a reduction of the UFMIP by $9,047 and in increase in the monthly MIP by $211.09 and an increase in total interest and MIP expense for the first 60 months of $10,275.

After October 4, 2010 FHA financing becomes much more expensive for the borrower. If you are planning to use an FHA loan program to purchase a home or refinance your home, it’s economically prudent to move quickly to avoid the increase MIP expense.

A copy of the memo can be found at the following link: http://portal.hud.gov/portal/page/portal/ver-1/HUD/federal_housing_administration/docs/August_Special_Edition_2_FromtheDeskOf.pdf.

If you have questions or if you would like to discuss your personal financing circumstances, you are welcome to email me at jedt at bankerspref dot com.

Burlingame Market Report – 08.02.10 – Burlingame CA

Lenore Wilkas — Mon, 02 Aug 2010 22:24:06 +0000

Here’s a snapshot of what’s going on in the Burlingame CA real estate market today. You can tell a lot by the number of houses on the market, or in real estate-speak, the Inventory, then the number of days a house sits on the market. Burlingame isn’t at a high for this year because it’s the middle of the summer but it’s really up there with 84 houses for sale.

Now let’s compare the Burlingame Inventory of houses for sale versus the Median Price. Remember, media price means the middle price, not the average price. It’s a great indicator of the real-time activity of a market. The Median Price is in orange the Inventory of houses is in black. We are definitely seeing prices receding from historic highs 3 years ago while inventory has climbed.

Now take a look at the Median Price for homes in Burlingame. Looking back one year we see the market bottomed in January 2010. This could have happened for any number of reasons, but probably because we see fewer homes on the market over the holidays and those that are for sale are there because they must be sold and prices reflect this. It’s also the best time to scoop up a bargain in real estate. This chart is showing both the 7 day Median Price, in black, and the 90 day Median Price in orange. First quarter 2010 was the time to find the great bargains out there. We’ve come up since then. One caution when looking at a chart like this is to be aware that a weekly statistic can be deceiving if there are only a few houses listed that week or sold that week. The 90 day picture is really a better snapshot of a market.

The Average Days on the market is another indicator of what’s going on. When we had a hot market in the mid- 2000’s, the average days on the market were short. Today it’s not, it’s around 75 days. Compared to the early part of 2010, it’s short, since we saw houses languish for several months before selling. We are really in a normal market for the number of days it’s taking to have a house sell. A normal market can take up to 90 days. This is the New Reality for Burlingame real estate.

The final chart for you is the Market Action Index, or MAI. This is data the Altos Research had developed to follow the quirks of the market between a Buyer’s Market and a Seller’s Market. They have set the divider of a Buyer’s Market and a Seller’s Market at 30. The closer the market gets to 30 the more balanced a market we have. Right now, Burlingame is at 17 and is still a strong Buyer’s Market. If you have the FICO score, money in the bank and have been pre-approved for a loan, you can find some great houses to choose from.

These charts are quick snapshots of the Burlingame market today. We have more in-depth information for our clients. If you want to see Burlingame homes, now’s a great time. Here are some of them below.

Showing properties 1 - 20 of 43. See more Burlingame low to high.
(all data current as of 9/1/2010)

$595,000 : 812 Peninsula Av, Burlingame

2 beds, 1 full bath

Size: 900 sq ft

Lot size: 3,924 sq ft

Year built: 1920

Parking spots: n/a

Walk Score™: 74
$599,000 : 1112 Peninsula Av, Burlingame

3 beds, 1 full bath

Size: 1,200 sq ft

Lot size: 4,280 sq ft

Year built: 1912

Parking spots: 1

Walk Score™: 80
$649,000 : 506 Bayswater Av, Burlingame

2 beds, 1 full bath

Size: 925 sq ft

Lot size: 5,000 sq ft

Year built: 1914

Parking spots: 1

Walk Score™: 74
$725,000 : 812 Howard Av, Burlingame

2 beds, 1 full bath

Size: 1,010 sq ft

Lot size: 5,250 sq ft

Year built: 1926

Parking spots: 2

Walk Score™: 85
$749,000 : 1400 Sanchez Av, Burlingame

4 beds, 3 full baths

Size: n/a

Lot size: 4,000 sq ft

Year built: 1905

Parking spots: n/a

Walk Score™: 75
$749,000 : 1529 California Dr, Burlingame

3 beds, 2 full baths

Size: 1,380 sq ft

Lot size: 5,356 sq ft

Year built: 1939

Parking spots: 1

Walk Score™: 75
$779,800 : 118 Clarendon Rd, Burlingame

2 beds, 1 full bath

Size: 1,030 sq ft

Lot size: 7,900 sq ft

Year built: 1908

Parking spots: 1

Walk Score™: 71
$865,000 : 1300 Edgehill Dr, Burlingame

4 beds, 3 full baths

Size: 2,500 sq ft

Lot size: 7,400 sq ft

Year built: 1918

Parking spots: 2

Walk Score™: 80

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Market Report – Foster City CA – Condos/Townhouses – 7.22.10

Lenore Wilkas — Fri, 23 Jul 2010 03:39:03 +0000

Last week Foster City had 43 condos and townhouses for sale with an average list price of $575,946. These listings, had a median size of 2 bedrooms and 3.5 baths according to Altos Research our research company. Frankly I find that interesting since almost all condos have 2 baths and townhouses have 2.5 baths. Right now, it’s taking about 2 months for a property to sell. Only about 1/3 of these listings are seeing price reductions so they are generally being priced to market and that’s good. These are generally great values and allow buyers to get into Foster City, one of the communities around here that has generally held value over the real estate roller coaster these past two years with great schools, loads of parks and outdoor activities around, plus an easy commute across the San Mateo-Hayward Bridge to the east bay or up or down 101 to San Francisco, South San Francisco, Palo Alto or San Jose. Foster City sits in the middle of San Mateo County making it an easy commute almost anywhere.

Looking at the price trends for Foster City condos and townhouses above, the chart shows prices have held over the past 18 months so it’s a great time to consider buying here. The peak of the Condo/townhouse market in Foster city was in March/April of 2007. The bottom, which most everyone missed, was January through March of 2008. We’ve held steady every since.

Comparing Altos Research to Zillow’s home values estimates you can see some parallels.

Foster City Zillow Home Value Index

Foster City Home Values – Interactive chart

We live in, and know, Foster City’s market. If you’re interested in buying here give us a call or hit the contact button on the sidebar. Let us know what you’re interested in and we’ll help you find it. Take a look at what’s currently for sale in Foster City condos and townhouses today, below.

Showing properties 1 - 35 of 41. See more Foster City Condos.
(all data current as of 9/1/2010)

$599,000 : 821 Peary Ln, Foster City

3 beds, 2 full, 1 part baths

Size: 1,340 sq ft

Lot size: 1,690 sq ft
$619,000 : 705 Foster City Bl, Foster City

2 beds, 2 full, 1 part baths

Size: 1,340 sq ft

Lot size: n/a
$622,000 : 217 Commons Ln, Foster City

2 beds, 2 full, 1 part baths

Size: 1,410 sq ft

Lot size: 946 sq ft
$500,000 : 860 Meridian Bay Ln #229, Foster City

2 beds, 2 full baths

Size: 1,350 sq ft

Lot size: n/a
$589,900 : 1021 Lido Ln, Foster City

2 beds, 2 full baths

Size: 1,490 sq ft

Lot size: n/a
$628,000 : 114 Cityhomes Ln, Foster City

2 beds, 2 full, 1 part baths

Size: 1,530 sq ft

Lot size: 920 sq ft
$599,000 : 844 Balboa Ln, Foster City

2 beds, 2 full baths

Size: 1,490 sq ft

Lot size: n/a
$599,000 : 112 E Court Ln, Foster City

2 beds, 2 full baths

Size: 1,230 sq ft

Lot size: 960 sq ft

Market Report for Burlingame, CA – 07.20.10

Lenore Wilkas — Wed, 21 Jul 2010 02:22:35 +0000

rliYes, it’s been a while since I’ve updated what’s going on with Burlingame real estate. If you’ve been driving around town, you are definitely seeing a lot of for sale signs so there’s no shortage of houses to pick from if you’re interested in buying here. There are 86 homes on the market today. Prices are trending downward, as the average number of days they sit before going into contract is now 82, and half of all listings have seen price reductions. Burlingame is still a strong Buyer’s Market and there are lots of houses to pick from.

Prices range from a low of $499,998 (believe me you don’t want this one) to a high of $6,500,000. According to Altos Research, the median list price of all homes on the market last week was $1,237,500. Burlingame has fantastic public schools, a quaint downtown and charm galore. It’s a desirable town to live in and with interest rates at historic lows, a good time to consider if you can qualify for a loan. We would be happy to talk further with you about your real estate needs, just click to contact us button and we’ll respond.

Today I’m introducing Zillow’s take on Burlingame as additional data for you. I am always hearing clients talk about Zillow this and Zillow that. They are getting much better with their data but they are not 100% accurate and you should never use them as the gospel for home values. They are only as accurate as the last sale in the neighborhood you’re interested in, so if you’re looking for data, ask your Realtor. Alex and I are here for more in-depth information on the market and the house you’re considering. We know the markets, and the neighborhoods, and can provide the information you want and need to make an intelligent decision.

Here’s Zillow’s data.

Burlingame Zillow Home Value Index

Burlingame Home Values – Interactive chart

Showing properties 1 - 25 of 46. See more Burlingame Homes Under $1.9 M.
(all data current as of 9/1/2010)

$2,998,000 : 1425 Benito Av, Burlingame

5 beds, 4 full, 1 part baths

Size: 4,800 sq ft

Lot size: 8,695 sq ft

Year built: 2010

Parking spots: 2

Walk Score™: 32
$2,725,000 : 3039 Hillside Dr, Burlingame

4 beds, 3 full, 1 part baths

Size: 3,490 sq ft

Lot size: 8,640 sq ft

Year built: 2007

Parking spots: n/a

Walk Score™: 15
$2,699,000 : 3066 Hillside Dr, Burlingame

4 beds, 4 full baths

Size: 4,129 sq ft

Lot size: 10,640 sq ft

Year built: 2008

Parking spots: n/a

Walk Score™: 14
$2,499,000 : 2212 Hillside Dr, Burlingame

4 beds, 3 full, 1 part baths

Size: 3,714 sq ft

Lot size: 6,000 sq ft

Year built: 2010

Parking spots: 1

Walk Score™: 49
$2,388,000 : 2930 Adeline Dr, Burlingame

4 beds, 3 full, 2 part baths

Size: 4,775 sq ft

Lot size: 1.19 ac

Year built: 1954

Parking spots: 2

Walk Score™: 23
$2,295,000 : 1480 Vancouver Av, Burlingame

5 beds, 5 full, 1 part baths

Size: 2,981 sq ft

Lot size: 6,000 sq ft

Year built: 2006

Parking spots: 2

Walk Score™: 49
$2,250,000 : 23 Tiara Ct, Burlingame

5 beds, 5 full, 1 part baths

Size: 3,940 sq ft

Lot size: 12,911 sq ft

Year built: 2005

Parking spots: n/a

Walk Score™: 12
$2,195,000 : 338 Pepper Av, Burlingame

5 beds, 4 full baths

Size: 3,670 sq ft

Lot size: 8,400 sq ft

Year built: 1996

Parking spots: 2

Walk Score™: 72
$2,175,000 : 113 Los Montes Dr, Burlingame

4 beds, 3 full, 1 part baths

Size: 3,000 sq ft

Lot size: 14,400 sq ft

Year built: 1948

Parking spots: n/a

Walk Score™: 15
$2,095,000 : 1486 Vancouver Av, Burlingame

4 beds, 4 full, 1 part baths

Size: 2,721 sq ft

Lot size: 6,000 sq ft

Year built: 2006

Parking spots: 1

Walk Score™: 52
$2,038,000 : 1408 Columbus Av, Burlingame

5 beds, 4 full, 1 part baths

Size: 4,000 sq ft

Lot size: 6,100 sq ft

Year built: 1927

Parking spots: 2

Walk Score™: 48
$1,998,000 : 1232 Cabrillo Av, Burlingame

4 beds, 3 full, 2 part baths

Size: 3,633 sq ft

Lot size: 5,987 sq ft

Year built: 1996

Parking spots: 1

Walk Score™: 78
$1,850,000 : 1101 Cortez Av, Burlingame

4 beds, 3 full baths

Size: 2,490 sq ft

Lot size: 6,000 sq ft

Year built: 1925

Parking spots: 1

Walk Score™: 72
$1,850,000 : 2867 Hillside Dr, Burlingame

4 beds, 4 full baths

Size: 2,800 sq ft

Lot size: 14,000 sq ft

Year built: 1937

Parking spots: 2

Walk Score™: 29
$1,828,000 : 2115 Hale Dr, Burlingame

4 beds, 3 full, 1 part baths

Size: 2,637 sq ft

Lot size: 5,040 sq ft

Year built: 2003

Parking spots: 2

Walk Score™: 45
$1,795,000 : 1001 Balboa Av, Burlingame

4 beds, 4 full, 1 part baths

Size: 3,073 sq ft

Lot size: 7,000 sq ft

Year built: 1930

Parking spots: n/a

Walk Score™: 75
$1,789,000 : 1701 Albemarle Wy, Burlingame

4 beds, 4 full baths

Size: 2,900 sq ft

Lot size: 5,985 sq ft

Year built: 1950

Parking spots: 2

Walk Score™: 83
$1,695,000 : 754 Walnut Av, Burlingame

4 beds, 2 full, 5 part baths

Size: 2,511 sq ft

Lot size: 9,800 sq ft

Year built: 1936

Parking spots: n/a

Walk Score™: 65
$1,675,000 : 1376 Vancouver Av, Burlingame

4 beds, 2 full, 1 part baths

Size: 2,450 sq ft

Lot size: 6,000 sq ft

Year built: 1952

Parking spots: 2

Walk Score™: 54
$1,551,617 : 1617 Forest View Av, Burlingame

3 beds, 2 full, 1 part baths

Size: 2,218 sq ft

Lot size: 9,156 sq ft

Year built: 1924

Parking spots: 2

Walk Score™: 71
$1,525,000 : 2517 Easton Dr, Burlingame

4 beds, 3 full, 1 part baths

Size: 2,470 sq ft

Lot size: 13,404 sq ft

Year built: 1928

Parking spots: 1

Walk Score™: 26
$1,490,000 : 2505 Valdivia Wy, Burlingame

3 beds, 3 full baths

Size: 2,070 sq ft

Lot size: 10,125 sq ft

Year built: 1957

Parking spots: 2

Walk Score™: 48
$1,489,000 : 1811 Montecito Wy, Burlingame

4 beds, 3 full baths

Size: 3,371 sq ft

Lot size: 7,971 sq ft

Year built: 1985

Parking spots: 2

Walk Score™: 31
$1,450,000 : 2816 Hillside Dr, Burlingame

3 beds, 3 full baths

Size: 1,940 sq ft

Lot size: 9,660 sq ft

Year built: 1950

Parking spots: 2

Walk Score™: 35
$1,449,000 : 2821 Rivera Dr, Burlingame

4 beds, 3 full baths

Size: 2,600 sq ft

Lot size: 10,000 sq ft

Year built: 1959

Parking spots: 2

Walk Score™: 28

Listing information deemed reliable but not guaranteed. Read full disclaimer.