The Sky's the Limit!

Last week, I wrote about the many great deals out there right now, especially for homes in the $500,000-$600,000 range. But what if you aren't looking for a deal? Perhaps you want to spend as much money as possible.

So, what is the most expensive home in the East Bay? Well, there is currently a 6 bedroom / 5.5 bath home listed for sale in Danville's exclusive Blackhawk neighborhood for $12 million dollars. It even has ponds and waterfalls, plus an office for the caretaker. And, perhaps there is a deal to be had! The monthly HOA dues are only $137. Not bad! But if that is too rich for your blood, there are over a dozen other properties listed in the East Bay in the $5-10 million range.


But the East Bay is no match for down south. The great Bay Area real estate blog Curbed SF points us to the most expensive home in the nation. For only $165 million, you can get the Beverly Hills estate that once belonged to William Randolph Hearst and Marion Davies (JFK and Jackie honeymooned there, too!). The property includes 29 bedrooms in four separate houses, one apartment and one cottage.

Who says the real estate market is wobbly?

The Nitty Gritty

So, What Happens at a Structural Pest Inspection?

One of the most important inspections that can happen during a property sale transaction is the structural pest inspection. Often times, the first question you might hear when selling a home is "How much is the pest?" So, what is going on here?

The structural pest inspection investigates a home for termite damage, dry rot, and other related problems. Sometimes the seller will have this inspection, but not always. If a home you are interested in has not had a structural pest inspection, it is advisable to spend a few hundred dollars on getting one done.

When looking at an inspection report, you will see descriptions of any problems found and an estimate to repair each problem. So, you are looking for the lowest number possible. Section one, which investigates current damage, is the most important section to look at closely. Section two looks at the potential for future damage.

Repair work on a house with significant damage can include anything from tenting a house for fumigation to replacing a deck. And, the costs for extensive repair work can easily escalate into the $10,000-$20,000 range. So, you can see how important this can be. But don't worry too much, as the pest report is often clear or might just require very minor work.


Inspections are not required by the state, but many lenders will require this as part of the appraisal and approval process. For more information, please visit the state's handy structural pest control website. Or, just contact me at 510-547-5970 x57 or MSmartt@jps.net. I'm always happy to help.

Going to Market

Say you are ready to sell your house. It is in good shape, but it might not be the best house on the block. You might find yourself wondering, "How much work do I need to do to make a profit when selling this house?"

For instance, should you install those popular granite countertops and stainless steel kitchen appliances even though your kitchen seems perfectly fine? Or perhaps you should do a major landscaping renovation to give the house amazing curb appeal?

The challenge here is to do just enough to help sell your house, without going overboard. You might spend tens of thousands of dollars on that fancy kitchen or pretty yard, only to then have the buyers re-do it themselves to their own desires. And, will you really get back the money you invested?

I think it is best to be pro-active but prudent in these situations. Remember, your goal as a seller is to sell the house, not completely renovate it for the buyer. Do the necessary cosmetic upgrades to make your home attractive to buyers, but don't go bankrupt trying to have the most desirable home on the market. There are lots of tips and tricks to getting your home ready for market.

If you are ready to list your home for sale and need advice on preparing it for market, please let me know. I'd be happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net

Market Update

Everyone is always talking about real estate, whether the market is booming or in flux. Right now, there is a lot of talk that the real estate market is in trouble...but is it?

Well, there is still a great deal of activity here in Rockridge, Berkeley and the surrounding areas. And, despite the rumors, interest rates are actually pretty stable. In fact, they are just about the same as they were one year ago.

The difference is that the character of the market is changing. Lately, it seems to be becoming more of a buyer's market again. While the expensive properties continue to skyrocket and demand multiple bids over the listing price, I'm pleased to see more and more homes being listed again in the mid-ranges of $500,000 and $600,000 ranges. And, these are very nice homes in great neighborhoods. This is perfect for the first time buyer and young professional group.

But remember, the market does continue to change like any dynamic system. Plus the market varies quite a bit from region to region, even from neighborhood to neighborhood. For more information and a more comprehensive look at the East Bay real estate market, let me know. I can be reached at 510-547-5970 x57 or MSmartt@jps.net

Green in the City

The modern homebuyer can often be conflicted when buying a new home about increasing their "carbon footprint." But, there are many solutions to investing in your personal future, as well as the future of the planet. One solution is to invest in newer buildings built to advanced green standards. Gate 48, a new condo development in Oakland's Temescal district, is one of the best green buildings in the East Bay--and one of the best deals around, period!

Gate 48 is a new 12-unit building developed by Ron Kriss and Lawton Associates...and it is among the first multi-family residential buildings to be certified at the highest level of Green construction by the statewide non-profit organization Build It Green. The building's energy efficiency exceeds California's stringent code requirements, which are by far the most demanding in the nation.

Even better...Gate 48 has incredible buyer incentives to spread the new urban green lifestyle. Buyers can receive up to $25,000 in credits...or a brand new Toyota Prius. And, with already affordable prices ranging from $399,000 to $549,000, this green deal is also one of the best deals in the East Bay.

Tour the Gate 48 project or Click here to read the San Francisco Chronicle article about the building's development.

If you would like to learn more about green options when buying a new home, or would like to consider making an offer on one of these highly-desirable units, please be in touch. I would be happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net

FIREWORKS!

Happy 4th of July Everyone!

While the City of Oakland may have cancelled their fireworks show over Jack London Square this year due to construction, you can still find dozens of great fireworks shows and other holiday event throughout the Bay Area.

Here is the San Francisco Chronicle's list of 4th of July events, so you can find the best one for you and your family and friends.

And what is your favorite place to watch fireworks? Chronicle readers chime in with their thoughts.

The Nitty Gritty

So...What Exactly is a Sewer Lateral???





One major issue in the transfer of single family homes, especially in Oakland and Berkeley, is the status of the sewer lateral. But, what exactly is the sewer lateral? And, why is it so important?


In short, it is the main pipe that connects your home to the municipal sewer system, and it is the homeowner's responsibility to maintain it. One reason it is so important is because leakage from a faulty sewer lateral can become a serious health hazard, affecting the local water supply and the bay.


While the responsibility for the sewer lateral lies with the homeowner, it gets complicated in the transfer of the home from the seller to a new property owner. Sometimes the seller must take care of it, and sometimes the buyer has to deal with, but it can almost always been negotiated as part of the offer.


If you have any questions about this important topic, let me know. I can be reached at 510-547-5970 x57 or MSmartt@jps.net. And, in the meantime, you can check out a very informative FAQ about it from the City of Berkeley.

(Illustration courtesy of the City of Berkeley)