Open House: 4391 Pembroke Dr. (Concord)

The Kristin Lanham Team has another beautiful home going on the market – this one is in Concord, on Pembroke Dr. Take a look at some of the pictures below, and swing by for a peek at our Open House this weekend!
 
The home is a cozy, mid-century charmer with a serene, quiet backyard. There is room for an RV or a boat, which includes a spa and storage shed, all surrounded by professional landscaping and lots of plants and flowers.
An open concept makes it warm and welcoming. The updated kitchen with its expansive island is the centerpiece for family gatherings and additional storage. The open-beamed ceilings add to the interior charm. There are stylish updated bathrooms, dual-pane windows, lots of natural light and great flow from outdoor to indoor for entertaining.
 
This house has been meticulously loved – an updated, warm interior and a vibrant backyard planted specifically to attract hummingbirds, butterfiles, and bees.  A perfect place to call home!
Come take a look at the Open House this weekend from 1-4 p.m. on both Saturday (9/9) and Sunday (9/10)!
3 bedrooms | 2 baths | 1250 sq. ft. |.17 acre lot
Offered at $580,000
To take a virtual tour of 4391 Pembroke Dr., click HERE!

What is the most expensive zip code in CA?

If you had to guess which California city has the most expensive real estate, what would you say? San Francisco, maybe? Certain parts of Los Angeles – remember the show 90210?
Watkins-Cartan House, 98 Alejandra Ave., Atherton, CA
Nope, the honor goes to the 94027 zip code – Atherton, CA. For those not familiar, Atherton is right above Palo Alto and the average cost of a home there is…wait for it…$6.17 million. According to Zillow, home values in Atherton reached a low point in summer 2009, dipping below $3 million.
I asked my friend Jay Vorhees of JVM Lending what kind of average income would be necessary to afford a home in Atherton at 25 percent and 50 percent down.
Given that the average income in Atherton is about $250,000, I was wondering how exactly a median home price of $6.17 million was affordable there! Here’s his assessment:
Assuming no consumer debt, a 4.0% rate and a 42% debt ratio, with 25% down, PITI would be about $29,000 per month (rounded). This would require $69,000 of monthly income or $828,000 annually.
With 50% down, PITI would be about $22,000 per month (rounded). This would require about $52,500 of monthly income or $630,000 annually.
So how does the average income earner in that area afford Atherton? Most likely people have had these homes for years, thus the lower income. For new purchases, stock options from IPOs are not usually included in your annual income, thus allowing the the nouveau riche of Silicon Valley to buy with cash or put 50% or more down.

Art Town: Liliales

This piece by Cliff Garten was created in 2016 and blends aluminum sheets and mesh with LED lights. It currently adorns one of the new S. Broadway entrances to the Broadway Plaza parking structure.

According to its listing on walkwc.oncell.com, the abstract floral motif of Liliales references two flowers essential to the lives of the area’s original inhabitants – the Volvons, and one of the early Bay Miwok tribes based around Mt. Diablo.

Garten is an award-winning artist and often incorporates light and space into his large designs. His other work in town is the Walnut Creek Veteran’s Memorial.

The LED lights on Liliales change colors with each season, too! You can get more info on Liliales on one of the public art walking tours downtown.

How do appraisers value a property?

Our friend Jay Vorhees at JVM Lending has posted another great blog recently about appraisers. I have taken some liberty with his original blog and modified it to some of my personal experiences. Check it out below!

Lenders are not ever allowed to communicate directly with appraisers. They are only allowed to order appraisals through an Appraisal Management Company, which in turn contacts the appraiser. This arose out of the mortgage meltdown in the efforts to prevent fraud.  Overall, I think it hurt the buyer because the cost of appraisals rose.

Realtors, however, can communicate directly with appraisers and I highly recommend that they do so.  I meet the appraiser at the home, provide them with the comps I used to come up with the list price and let them know how many offers I had and the offer price of them.  It is important to be nice, and not tell them ‘how’ to do their job, but provide them with data that they may not have.

Below is the criteria appraisers use for Comparable Sales Data guidelines.

1. Size: Comps need to be within 20% of the size of the subject property. For example, they usually cannot use a 1,300 square foot comp for a 1,000 square foot subject property. Likewise, they cannot use a 700 square foot comp for a 1,000 square foot property.

2. Distance: Comps need to be within one mile of the subject property, and not over any major barriers like a freeway or a river.

3. Same Town/City: Comps need to be in the same city as the subject property in most cases, even if the comp is less than a block from the subject property.

4. Closed: Comps need to have closed in the last 90 days. Pending sales and listings are not acceptable.

5. Lot Size: Lot sizes must be accounted for too. If the subject property is on a small lot of 6,000 square feet, for example, a comp and a 12,000 square foot lot will have to be downwardly adjusted significantly in most cases.

6. Adverse Influences: If the subject is on a busy street or abuts a school, a freeway or an industrial area, valid comps will need to have similar adverse influences or they will make adjustments to equalize the value.

7. Bracketing Comps: Valid comps need to “bracket” the appraised value. Hence, at least one comp needs to be priced higher than the appraised value, and one should be priced lower.

At the end of the day. Appraisals are still subjective based on the appraiser’s interpretation and experience. Most of the time they are trying to do their best, and as markets shift, they have to adjust. They do not always have some inside information about a neighboring sale or a credit and if you can make their job a bit easier, I find everybody’s job becomes a bit easier.

I should also note that Mortgage Bankers have AMC – Appraisal Management Companies, where they can cherry pick the appraisers that are in the pool, even though they can’t talk to them about value.  These are usually much better than the big banks and that is a whole other story that only frustrates me….

Brewery madness in the Bay!

I occasionally like a good beer and love trying new brews, especially with all the microbreweries popping up around the Bay Area. We had our annual Parkmead Community Associate block party this past Saturday and Adam, one of our Board members, was adamant about getting a keg of quality beer. He was given a budget and the task of ordering it. He got a beer called Simtra, a triple IPA by Knee Deep Brewery in CA with 11.25% alcohol. Apparently, there are folks who are very serious about their beer. This blog is for you.

We’ve blogged about Farm Creek Brewing and Calicraft in the past, and they remain standouts in Walnut Creek. There is also no shortage of amazing breweries in San Francisco, where the craft beer scene is unmatched in Northern California. Check out this list of lesser-known places to try next time you’re craving a beer in the city.

In the intro of that article, they mention my writer’s favorite local brewery, 21st Amendment. They recently built a massive new brewery and factory in San Leandro.

Of course, Oakland is also stocked full of good spots to check out the beer scene. Oakland Brewing Company, Faction, and Golden Gate Brewing come to mind, but I’ve heard great things about all the little breweries popping up in Oakland!

If you’re into beer, you’ll want to try as many of these cool places as possible. Start here in Walnut Creek and then move West from there. Make sure you take Lyft, and give a shout-out to your favorites!

Open House at 10 Stugun Ct. (Pleasant Hill) today and tomorrow!

Are you a family with kids looking for a new Bay Area home? Check out this spacious Valhalla North property, located walking distance from Valhalla Elementary!

It’s situated on a cozy court and has a massive, naturally-shaded hillside deck with a perfect view of Mt. Diablo. This home will adapt to changing needs – whether you have a small, growing family or one that spans multiple generations. The five bedrooms and three bathrooms will do the trick.

Downstairs, you have one large bedroom with a full bath that can serve as a master suite. Add to that newer stamped concrete, recessed lighting, plantation shutters, updated baths and ample storage, and you’ve got a winner here in Pleasant Hill.

You can check out a virtual tour of the home here.

Come swing by our Open House at 10 Stugun Court in Pleasant Hill from 1-4 p.m. both today (Saturday, 8/26) and tomorrow!

 

Join us this Saturday for the Dewing Park Pool Party!

Parkmead neighbors: come join us for our annual pool block party at Dewing Park this Saturday! We’ll be grilling burgers and dogs from 11-3 and the pool will be open to all.

Also, Adam (one of our board members) really wanted a keg of quality beer for the adults. So, he was given a budget and tasked with ordering: he decided on a triple IPA by Knee Deep Brewery called Simtra.

You don’t want to miss out on this Parkmead Community Association block party. The burgers, dogs, sunshine, 11.25% beer music by Funky Jams from Las Lomas and cool pool will be well worth your time on a hot day, temperatures are forcasted to be 95 degrees.

Living in the neighborhood all these years, I can attest to the close-knit community that is only grown through events like this. It is a great way to get to know your neighbors and be part of your community.

Check out some fun photos from years past:

 

Let’s talk about Millennials and Real Estate

My sons are Millennials. My Walnut Creek Lifestyle freelance writer is a Millennial. More and more of my clients and colleagues are Millennials, as that generation continues to age into home-buyers.

So, realtors like myself are starting to notice more trends with the market geared toward that age group. It’s a different real estate market for Millennials than it was for their parents – nowadays, they are graduating with huge student loan debts, having trouble finding lucrative work out of college, and then struggling to pay sky-high rents and mortgages once they do get jobs.

That said, Millennials are driving the real estate market right now, which has made the following observations more obvious.

From San Francisco realtor John Solaegui:

  • There is a low inventory of single-family homes in San Francisco
  • Millennial buyers don’t care about parking spaces (though this might be more prevalent in San Francisco – it’s contradicted by the graphic above!) with the rise of ridesharing apps – they’d prefer having decks or gardens for outdoor entertaining
  • Areas like Noe Valley, Glen Park, Bernal Heights and The Sunset in San Francisco are extremely popular with Millennial buyers right now

From the California Association of Realtors’ REALTOR Magazine:

  • Millennials are cashing in on equity at a historic rate, thanks to rising home prices
  • One-third of Millennials say they are considering applying for a HELOC (home equity line of credit) in the next 18 months – much more than Gen-X or Baby Boomers
  • HELOC’s are popular with Millennials because they can consolidate debt and afford home remodels with them

I think this is an interesting trend in our market. Home prices are high, but so are the debts and loans owed by Millennials, so we’re seeing more and more interest in new ways around that issue. And even more interestingly, Millennials are changing the way we market homes – who cares about parking when you don’t have a car, right?

Road Trips: Great American Solar Eclipse

Sky gazers are scrambling to find a spot where they can see the shadow of the moon completely obscure the sun for a few moments on August 21st.

Obviously, I wouldn’t expect you to actually make travel plans this late (you wouldn’t be able to anyway…any city in the path of totality during the eclipse has been fully booked for months!).   See what the eclipse will look like in Walnut Creek (or anywhere else) with the peak at 10:15 am Monday.

The eclipse path will stretch from Salem, Oregon to Charleston, South Carolina.  I know many people who have already left for Oregon to snag first come, first serve campsites. Ironically, Sun Valley, Idaho is in the path for a total eclipse and it is one my favorite spots to ski, not to mention it’s beauty for hiking in the summer. Already a popular tourist hotspot, Sun Valley will be overrun with thousands of tourists hoping to catch a clear glimpse (with eclipse glasses on, of course) of the rare spectacle.

Everybody is getting on the solar eclipse band wagon! In Hopkinsville, KY just two miles from the point of greatest totality, Casey Jones Distillery (makers of Eclipse Moonshine!) have dubbed their spirit the official drink of 2017 Solar Eclipse.

Those who have seen eclipses in the past described them as “magical” and “spiritual.”  It will be the first time in 38 years that a solar eclipse passes through the entirety of the continental United States, so it’s an event worth traveling for, but if you are like me – not making special plans  and at work – don’t forget to take a few minutes to step outside to marvel at this wondrous celestial event. Don’t forget to wear eclipse glasses!

Trail running in the Bay Area

This past Sunday, tons of people showed up at Joaquin Miller Park in Oakland to voluntarily run. For fun. At 7:00 a.m. on a weekend.

Coastal Trail Runs
Courtesy CoastalTrailRuns.com.

I don’t know why, but running for fun seems to be a thing here in the Bay Area. Give me an hour walking my dog or a light jog for exercise purposes all day, but full-on running for enjoyment? Yikes.

Anyway, as someone who passes along lifestyle options in the East Bay, I feel obligated to stop joking around and share this awfully cool organization with you! It’s called Coastal Trail Runs, and they just hosted the aforementioned Cinderella Run in Oakland.

There was a marathon, half-marathon, kids run, 5-mile run, and more. On Sunday, August 27th, they will be hosting another one on Mt. Diablo. This will consist of similar distances, and like most of the Coastal Trail Runs events, will get each runner a t-shirt and medal, and award the fastest finishers in each gender and age group separately.

forest person trail running recreation jogging race sports endurance mountain biking physical exercise outdoor recreation human action endurance sports ultramarathon duathlon cross country running cross country cycling

The Coastal Trail Runs group’s mission is to share trail running around the coast of California, and many of their events take place in the Bay Area. Though unaffiliated, their organization also brings to mind The Dipsea Run in Mill Valley that traverses the popular hiking trail to Stinson Beach.

Coastal Trail Runs organized more than 400 races in the past 16 years, and according to their website, about 25 percent of runners in a given race are first-timers. And they do have options for flatter, slower runs called “Zoom” and “Zombie.”

Almost makes me want to give running for fun a shot! Almost…