BLOG - in Transition

Statistics from BAREIS MLS^® February 8, 2008. Information herein believed reliable but not guaranteed.
Copyright @ 2008 by Bay Area Real Estate Information Services, Inc. All rights reserved.
Adjusted average does not include the high and low sale data.

                        

Another positive trend since June 25th, 2008 weekly statistics.  Total inventory actually dropped by 1 while pending increased by 7. 

From a price range point, starter condos/townhomes as well as starter single family homes up to $800K, while $800K and up homes suffered slightly. 

With Fannie Mae tightening guidelines for people who are thinking about using their current home as a 2nd home or investment property, this might be the time to lock down that loan and purchase your dream home. 

Check with your mortgage broker for the details and how that affect the specific lenders they work with.

Check with your trusted Realtor about inventory on the market and what's the best house for your needs and wants!  

• Buyer’s Market  < 25%
• Neutral                25% - 40%
• Seller’s Market   > 40%

In today's Frank Howard Allen Office meeing, Andy Shine, mortgage broker with Residence Pacific Mortgage, discussed the new guideline by Fannie Mae, which will be effective on August 1. The guidelines affect loans for purchase a new home while retaining the current residence as 2nd home or investment porperty.

Might be time to buy the house you always wanted if you are sitting on the fence.

Here are the details:

Situation	New Requirement
Current Principal residence is pending sale but the transacction will not be closed (with title transfer to a new owner) prior to the new transaction	Both the current and the proposed mortgage payments must be used to qualify the borrower forthe new transaction
Coversion to a Second Home	- Both the current and the proposed mortgage payments must be used to qualify the borrower forthe new transaction, and - 6 months of PITI for BOTH properties is required to be in reserves.  Lender may consider reduced reserves of no less than 2 months for both properties if there is documented equity of at least 30 percent in the existing property
Conversion to an Investment Property	Fannie Mae continues to permit up to 75% of rental income to be used to offset the mortgage if there is document equity of at least 30% in existing property The rental income must be documented with: - Copy of fully executed lease agreement - Receipt of security deposit from tenant and into borrower's account If not meeting 30% equity requirement, rental income may not be used to offse the mortgage payment. - Both the current and the proposed mortgage payments must be used to qualify the borrowers for the new transaction; and - 6 months of PITI for BOTH properties is required to be in reserves.

ndependence Day is a heartbeat away and one of the beauties of life in the North Bay is the variety of fun events that our charming communities organize at this time of year. Read on to learn of the many unique ways to observe this all-American holiday. Happy Fourth!
 
Corte Madera-Larkspur
43rd Annual Corte Madera/Larkspur Chambers of Commerce 4th of July Parade - Elaborate floats, precision drill teams, classic cars and the Corte Madera Town Band.
Parade Time: 10:30 am
Route: From Redwood High in Larkspur, it moves down Magnolia into Corte Madera and continues down Tamalpais Ave to the Town Center.
Post-parade: Check out the festivities at Corte Madera's Town Park: arts and crafts, food and drink, carnival games, children's activities and live entertainment.
Info: (415) 924-0441.

Novato
16th Annual 4th of July Parade - Come see over 100 parade entries ranging from classic cars and vehicles from a military museum to Irish bagpipers and a Chinese drum and bell corps.
Parade Time: 10 am
Route: Downtown Novato, starting at the corner of Grant and Railroad Avenues  
Along the parade route, you will also find food and refreshment booths, and souvenir t-shirts.
Info: (415) 899-8900.

The 55th Annual Buckaroo Breakfast
Location: Redwood Credit Union parking lot: 1010 Grant Ave, downtown Novato
Time: Breakfast served from 7-10 am
Organizer: The event is presented by the Presbyterian Church of Novato.
Fee: There is a suggested donation of $5 for adults, $3 for kids. Proceeds will be donated to the Marin Community mission project.

First Annual Novato 4th of July Race
Tamalpa, a Marin running club, presents a "4 on the 4th" four-mile road race and a "Mayor's Mile" one-mile family walk/jog.
Starting time/place: 7:20 am at 7th and Grant, downtown Novato
Entry fee: $15, which includes a race mug and post-race goodies
To register, go to the Tamalpa website.
 

Novato Real Estate - For my Novato Neighbors and FFIC Friends

Background -

I recently (June 17th) attended a neighborhood presentation by American Assests, developer of the FFIC Site, about the proposed plan for their new project for the site - “Commons at Mount Burdell”.

I attended the meeting as a member of San Marin Improvement Association (SMIA) as well as a concerned Realtor who lives close to the project site and an ex-FFIC employee.  I have a vast interest in the project, for me, for my neighbors, for my friends and for our local community.  

I was probably the only one from SMIA, while most others were residents across from FFIC. 

Since this will have a major impact on our neighborhood, I have decided to share with you the information I gathered at the meeting.  The following are notes at the meeting.  In the interest of accuracy, I asked Ms. Margi Goodman,  representative of American Assets, to review the notes and have made corrections accordingly.  

To start with, from the information I received, I have created a graph with current FFIC topography and  American Assets’ “Commons at Mount Burdell” plan for comparison.   

The Meeting -

John Chamberlain, CEO of American Assets, the owner of the site, was the presenter at the meeting. 

Since this is a project still being revised, please do check with the developer for details and updated plans (they are conducting meetings to get feedback from the community and will revise the plan if needed):

1. The project is called ‘Commons at Mount Burdell’, a place developed to serve the local community.  All the development is confined in the ‘LOOP’ – meaning the driveway surrounding FFIC campus with two entrances – West Campus and East Campus drive.

2. The plan is to keep and improve the three current FFIC buildings

3. The additional buildings will be built on the current parking facilities. All future parking will be underground with the exception of parking right in front of the center FFIC building, which they will keep as well as parkings for the two residential buildings.  Parkings for the two housing structures will be in the middle of the buildings and not visible from outside. 

4. There will be a new ‘world class’ hotel (similar to Sheraton Hotels) with a comprehensive health club (not a gigantic one but a luxury hotel quality facility). The health club will include swimming pool with possible retractable roof, weight room and will be accessible for FFIC employees.  (Note - Partridge Knolls neighbors wonder if they can get community membership)

The hotel will be located at the far east side of the property. The plan currently calls for a craftman style facility with 175 rooms, meeting facility, a large banquet room - capacity of 450, restaurant and the health club.  

5.  A residential facility in between the Hotel and FFIC building. The facility will house 150 units. The current plan is around 1/3 1BD/1BA units and 2/3 2BDs/1BA units. Rentals for 6 months to 12 months leases. All rental units will be on 2nd floor and up. 20% will be low income housing.

The first floor of the rental building will be shops and restaurants. Although after further inquiries (comments were there is really no need for restaurants and shops there), John said that the eateries will mostly consist of coffee shop, small stores, etc. for the hotel, apartment residents and office workers.

6. A few small office buildings will be built between the West Campus Drive and FFIC building. These will be built in the future pending needs.

7. They will donate a small parcel to Novato Rotary to build a community center.

8. The current ball park will increase in size. Some feedback is for multi purpose field. My personal feeling is that, the field and the community center for Novato Rotary, are part of what the developer wants to do to give back to the community and build local goodwill.  The exact plan is not clear at this point.  American Assets has contacted little leagues, etc, and will possibly be looking at a mixed use facility which they will build and maintain for local usage. 

9. The total projected usage will be for 5,000 people - the original maximum occupancy designed for the FFIC site. At the height of FFIC, there were 2,000 occupants and they currently have around 1,000 people on campus.

10. A big selling point is the green building aspect of the whole structure, hopefully a LEED Platinum (or exceeds Platinum) Certified complex. Platinum is the highest rating you can get from the LEED certification (Note - I did a research on this when making presentation at San Marin High School Green Week recently. So please do contact me if you need further information about LEED certification.)

11. Current FFIC buildings are up to 80ft tall.  The new buildings will be 40 feet at  most (most parkings will be underground).

If you are concerned, be sure to drive on San Marin Drive and imagine how it might look – which I do every time I drive by FFIC now. Good thing is that the trees at FFIC are more mature and the site sits lower than San Marin Drive.  My own feeling is that the new buildings might not be as intrusive as I first feared.  (Added 6/28- Also try to imagine how the site will look at night and when the leaves fall. It’s pretty dark now when you drive by, but it could be more lively at night with hotel, residential structures and community center. )

12. Per developer, they hope by doing this, they will be able to lower FFIC operating costs which will encourage FFIC to stay in Novato (there is always that speculation) and keep local employment rate up. With the new facility, they hope to attract other occupants, prevent the buildings from sitting empty and increase sales revenue for the city.

Major Concerns –

1. Traffic in and out of the site and how dangerous (per residents across from FFIC) it is currently and what it might do in the future. There are also concerns about the 101 interchange. Per developer, they are doing a traffic study including both and the plan will not go forward if 101 interchange needs to be improved – cost prohibitive.  In addition, the plan might change from Traffic Study Findings.

2. The effects on home values – opinions are divided on this. Some worried about what they will see out of their windows, some worried whether the residential units will affect the value of homes. Some thought the addition of world class facilities will add to home values.

3. Energy/water usage – see Green building plans

4. Views from residents who live on the hills across from FFIC

5. Noise level - from construction and from additional traffic

6. Secuirty (Added 06/28) - Another concern is the security of the site, especially the parking structures. The residential ones will be secured parking and public ones will have patrol - American Assets will be researching this.  

Design Review -

American Assets submitted the plan to the city on June 10th.  The city shall respond in 30 days after submission.  They will be conducting more neighborhood meetings to get feedback and anticipate revising plans from feedback received.   They will be going through Novato Design Reviews.  The high level time frame is estimated to be two years.      

Please make sure you attend future meetings for updated plans and let them know about your concerns. 

Comments -

I welcome your comments and do let me know if I have missed or misrepresented anything.  I will gladly make corrections. 

References –

1. City of Novato Planning Department - Redevelopment of the Fireman’s Fund Office Campus - including two PDF files for detailed information.  

2.  Marin IJ Article  This article basically talked about the Green building aspects of the project and did not touch upon the concerns of the neighbors who attended the meeting – mainly the additional traffic in and out of the campus with the new Hotel, residential units and office buildings. Note that the first picture showed the angle from Ball Park to the campus, but the truth is the green space on the proposed campus is much smaller.

3.  Novato Advance Article, June 11, 2008

4. Another Marin IJ Article - announcing the Sale.

Interesting Market Trend since April 30, 2008

As there are more Short Sales and Bank Owned (REO) properties on the market, the trend is driving prices for short sales and REO properties downwards; attracting bargain hunters while higher end properties move slower and more cautiously.   

Coupled with the new programs since the announcement of the new Jumbo Loan limits, the consumers are out shopping again and will not wait when the right property comes along.  Instead of two loan threasholds, conforming (up to $417,000) and Jumbo (over $417,000); there are now three brackets - Conforming (up to $417,000), Super Conforming (between $417,000 and $729,250) and Jumbo ($729,250 and up).  The consumers are certainly taking advantage of that! 

For the lower end properties, some borrowers are checking into certain low income financing plan as well as the revived FHA loans (Check out FHA loans in another post). 

Many first time home buyers and people relocating from out of state or other california housing markets are quite excited about the prospect of finally being able to own a home in Marin county.  

Keep a close eye on the market. Make sure you get all your ducks in a row and jump in when a great deal comes along! you informed!   

category		Total Units/ In Escrow		% Active		% Pending	% +/- since 4/30
All SFD's and CID's		459/112		76%		24%	+3%
SFD's		326/70		79%		21%	+3%
CID's		133/42		68.5&		31.5%	+4.5%
$0 -$500K SFD		48/23		52%		48%	+24%
$500,001-$600K		41/10		76%		24%	-3%
$600,001 - $700K		43/9		79%		21%	-3%
$700,001 - $800K		51/12		76.5%		23.5%	+3.5%
$800,001 - $999,999		56/6		89%		11%	+6%
$1M - $1.25M		39/5		87%		13%	-7%
$1.25M - $1.5M		13/1		96%		4%	-12%
$1.5M+		25/4		84%		16%	+12%

• Buyer's Market  < 25%
• Neutral                25% - 40%
• Seller's Market   > 40%

Compare to four months ago, in the middle of winter, the number of inventories almost doubled (from 844 to 1586).  The good news is, the market has started to move again, after the dramatic slow down. 

The percentage of pending sales for bread and butter homes priced under $1M increased a healthy 6%, from 20% to 26% (brings it right to neutral market).  Homes priced higher than $2M stays the same at 15% and homes priced between $1M and $2M dropped 2% from 22% to 20%.  

The lowered price for start homes are allowing buyers who were not able to afford a Marin Home to start buying again. 

There is a silver lining in all that cloud! :-)  

As Marin property prices fall, the homeowners in Marin County are requesting their home to be reassessed, hoping to lower their property tax.

Assitant Assessor-Recorder Rich Benson said most homeowners seeking reassessments should receive assessor's office response by July 1, 2008.  The office is getting requests from across Marin that involve all values from condos to luxury homes. 

The county assessors' office expects to received 1,000 requests, which is about 1 percent of all homes and condos. 

State law requires county assessors to roll back assessments if tax values of real estate - those printed on property tax bills - are lower than the current market value. As real estate prices have been sliding, assessors in some counties have ordered reassessments without waiting for homeowners to file requests.

Joan Thayer, Marin County assessor said that the likely candidates for re-assessment are homes purchased after January 2006, when most local prices peaked. 

Richard Benson, Marin County's assistant assessor, estimated that more than 1,000 homeowners will have requested reductions in their assessed valuations - and thus their property taxes - by the end of June, the deadline for making such requests.

HOW TO DO IT: For questions, call county Assessor-Recorder Joan Thayer, an elected official, at 499-7215, or go to Room 208 of the county Civic Center in Sa-n Rafael on weekdays between 9 a.m. and 4 p.m.

Information and a form are posted at www.co.marin.ca.us/depts/AR/main/real_property.cfm under "Valuation Review.

Today, I received the ANNUAL FIRE LETTER from the Marin County Department of Parks and Open Space.

This letter is especially critical at this time of year when fire risk is increasing; particularly with the fact that we are already facing a very dry summer season.

Here is the information on the letter, which can be found on the county website Wildfire Safety Information as well.

Excerpt from Marin County Open Space District:

GUIDELINES FOR MOWING GRASS ON MARIN COUNTY OPEN SPACE DISTRICT LAND ADJACENT TO YOUR HOME

It is extremely important that your clearance work does not start a fire and that you follow the guidelines below:

• Confirm that the property you want to mow is owned by the Marin County Open Space District, not your neighbor or another agency. Information on lot lines and property ownership is available at the County Assessor-Recorder's Office (499-7215, or go to http://www.co.marin.ca.us/depts/AR/main/index.cfm) and the County Community Development Agency (499-6269, or go to http://www.co.marin.ca.us/depts/CD/main/index.cfm).

• Mow only grass. If you wish to cut brush or trees on Open Space District lands, you will need a permit; please call the District field office at 415-507-2816.
• Never mow under high fire hazard RED FLAG conditions; call 415-499-7191 for current conditions.
• In the heat of summer, mow early in the morning or during the evening when it is cooler and less likely that you could start a fire. Use extra caution with power mowers or other spark-producing tools.
• Keep a 5-pound "ABC" fire extinguisher AND a fully charged garden hose at the work site while mowing or other work is taking place.
• Do not use metal mowing heads on power scythes (weed whips) as they can spark from contact with rocks.
• Make sure spark arrestors are in place and functioning.
• Do not lay power tools in dry grass where hot metals may ignite flammable vegetation.
• Re-fuel tools away from vegetation -- on paved surfaces or cleared areas. Store gasoline away from site.
• If possible, have someone spot you (keep a close watch) while you are working to watch for problems.
• Watch for hikers and other open space visitors; cease work until they are clear from the work area.

Information on the Open Space District is available on the internet at: http://www.marinopenspace.org.

For guidelines on fire protection, call your local fire agency or check the internet:

Fire Safe Marin
http://www.firesafemarin.org/

Marin County Fire Prevention Officers
http://www.marinfirechiefs.org/prevention

FireWise
http://www.firewise.org

Marin County Fire Services
http://www.co.marin.ca.us/depts/FR/main/fire/services.cfm#vmp

City of Novato Fire Services
http://www.novatofire.org/default.aspx

FEMA - Wildfire brochure
http://www.fema/gov/pdf/hazards/wfie.pdf

MARIN COUNTY FARMERS MARKET SCHEDULE 

May marks the opening of most Marin County Farmers Markets, other than the newly approved Ross Farmers Market which received the authorization from the Ross Town Council on  4/10/08.

The Ross Farmers Market will run from 4 to 8PM, Thursday nights from June through September.  The market will begin after Ross School goes on summer break, to avoid traffic issues downtown. 

The following is the list of market and respective schedule as reported by local Marin paper, Marin IJ. www.MarinIJ.com

Corte Madera Farmers Market, Town Center courtyard in Corte Madera noon to 5 p.m. Wednesdays year-round.. Call 382-7846.

San Rafael - Marin Civic Center Farmers Markets, by the lagoon Thursdays and behind the Civic Center Sundays, both from 8 a.m. to 1 p.m. year-round. Call 472-6100 or go to www.marinfarmersmarket.org.

San Rafael - Downtown San Rafael Farmers Market, Fourth Street between B Street and Lincoln, 5 to 8 p.m. Thursdays through Sept. 25. Fruits and vegetables, arts and crafts, baked goods and entertainment. Call 457-2266.

Fairfax Farmers Market, 124 Bolinas Road, 4 to 8 p.m. Wednesdays through October. Call 472-6100, ext. 113, or go to www.marinfarmersmarket.org.

Larkspur Farmers Market, Larkspur Landing Circle at Sir Francis Drake Boulevard, 10 a.m. to 2 p.m. Saturdays through September. Call 382-7846.

Novato Farmers Market, Grant Avenue, 4 to 8 p.m. Tuesdays through Sept. 30. Call 472-6100, ext. 104, or go to www.marinfarmersmarket.org.

Sausalito Farmers Market, Ferry Landing parking lot at Tracy and Bridgeway, 4 to 8 p.m. Fridays through October. Call 382-7846.

WHERE TO BUY US GAS?

WHERE TO BUY US GAS?   THIS IS IMPORTANT TO KNOW: 
 
Following up wiith the previous Gas Saving Hints, here is some information I found about where to buy Gas that produced in the U.S., ............

Gas rationing in the 80's worked even though we grumbled about it. It might even be good for us! The Saudis are boycotting American goods. We should return the favor. An interesting thought is to boycott their GAS. Every time you fill up the car, you can avoid putting more money into the coffers of Saudi Arabia.

Just buy from gas companies that don't import their oil from the Saudis. Nothing is more frustrating than the feeling that every time I fill-up the tank, I am sending my money to people who are trying to kill me, my family, and my friends.

I thought it might be interesting for you to know which oil companies are the best to buy gas from and which major companies import Middle Eastern oil.  

These companies import Middle Eastern oil:

  Shell............................ 205,742,000 barrels 
  Chevron / Texaco......... 144,332,000 barrels 
  Exxon / Mobil............... 130,082,000 barrels 
  Marathon/Speedway..... 117,740,000 barrels 
  Amoco.......................... 62,231,000 barrels 
  Citgo gas is from South America, from a Dictator who hates Americans.

If you do the math, at $30/barrel, these imports amount to over $18 BILLION!  (Oil is now $90 - $100 a barrel).

Here are some large companies that do not import Middle Eastern oil:

            Sunoco..................0 barrels
            Conoco.................0 barrels
            Sinclair.................0 barrels
            BP / Phillips / 76....0 barrels
            Hess.....................0 barrels
            ARC0...................0 barrels
 

All of this information is available from the Department of Energy and each company is required to report where they get their oil from and how much they are importing.

But to have an impact, we need to reach literally millions of gas buyers. It's really simple to do. Now, don't wimp out at this point.... keep reading and I'll explain how simple it is to reach millions of people!!

If each of you (assume 10 of you read this article) sends it to at least ten more (10 x 10 = 100)...and those 100 send it to at least ten more (100 x 10 = 1,000) .. and so on, by the time the message reaches the sixth generation of people, we will have reached over  ONE MILLION consumers !!!!!!! If those three million get excited and pass this on to ten friends each, then 10 million people will have been contacted! If it goes one level further, you guessed it . .. ONE HUNDRED MILLION PEOPLE!!! Again, all you have to do is send this to 10 people. How long would all that take?

With Gas price skyrocketing ($4.00+ per gallon in Marin), I really appreciate getting the follwing tips on how to effectively pump gas and save the precious commodity - money and Gas.  And yes, I have been doing everything wrong until now...

1) Only buy or fill up your car or truck in the early morning when the ground temperature is still cold.

Remember that all service stations have their storage tanks buried below ground. The colder the ground, the more dense the gasoline. When it gets warmer, gasoline expands, so buying in the afternoon or in the evening...your gallon is not exactly a gallon.

In the petroleum business, the specific gravity and the temperature of the gasoline, diesel and jet fuel, ethanol and other petroleum products plays an important role. A 1-degree rise in temperature makes a big difference.  The service stations do not have temperature compensation at the pumps as the distributors do.  So make sure you only pump the gas when the temperature is low.    

2) When you're filling up, do not squeeze the trigger of the nozzle to a fast mode. If you look, you will see that the trigger has three (3) stages: low, middle, and high. In slow mode you would be pumping on low speed, thereby minimizing the vapors that are created while you are pumping. All hoses at the pump have a vapor return system. If you are pumping on the fast rate, more of the liquid that goes into your tank becomes vapor. Those vapors are sucked up and fed back into the underground storage tank, so you're getting less gas for your money.

3) One of the most important tips is to fill up when your gas tank is HALF FULL (or HALF EMPTY). The reason for this is, the more gas you have in your tank, the less air there will be occupying the tank's empty space. More air = more evaporation.

Gasoline evaporates faster than you can imagine. Gasoline storage tanks have an internal floating roof. This roof serves to create zero clearance between the gas and the atmosphere, so as to minimize the evaporation of the fuel.

4) Another reminder:  If there is a gasoline truck pumping into the storage tanks when you stop to buy gas, DO NOT fill up--most likely the gasoline is being stirred up as the gas is being delivered, and you might pick up some of the dirt that normally settles to the bottom of the tank.

Hope this will help you save a little when you pump those precious gas!

According to Marin Independent Journal (Marin IJ), the populaton in Marin Country grew by 2,326 in 2007, almost a 1%  growth, the largest jump in 4 years.

Marin population grew from 255,080 to 257,406; a 0.9% growth from 01/01/2007 to 12/31/2007; which is in line with those of the state of California, which measures growth from 07/01/2006 thrun 06/30/2007.

Mill Valley had the largest growth percent wise at 1.1%, or 154 residents; San Rafael, on the contrary, saw the smallest growth of 0.7% or 392 residents. 

Property type wise, Novato has the most single-family detached homes, at 12, 196; and the largest number of mobile homes at 718.  San Rafael has the largest number o multi-unit apartments, at 2,070.  Ross has the laragest number of people per househ