Happy Valentine’s Day!

What’s New?

The sunshine is out and so are the shoppers! Homes that have been on the market for several weeks were experiencing brisk business at the Sunday Opens this week and first-time Opens were swamped, as new buyers entered the marketplace in earnest. These buyers are buoyed by news of lower interest rates and promises of higher conforming loan limits up ahead and are ready and willing to jump in! It is shaping up to be an active and interesting spring market!

That being said, buyers are still looking for “value.” Overprice your house and you are likely to see it sit, even as similar homes on the same block or just around the corner sell in short order.

On the buy side, wait for “the trough,” and you will likely miss the boat.

As an example, 120 Dracena is back on the market this spring with a substantial price reduction. This quintessential Piedmont Brown Shingle home, across from Dracena Park offers 5+bdrms/3 bths, formal living and dining rooms, large kitchen with pantry, basement family/media room, and finished attic with au pair space. It is three stories of charm and the response to the new price has been met with renewed interest. Pay close attention!

Anian Tunney adds to the excitement of the spring market with flair and panache. Her latest introduction on Sea View Avenue is an ultra cool Mid-Century California Contemporary featuring an all-level, U-shaped floor plan with four bedroom suites, Zen-like spaces, 10-foot ceilings, walls of glass and private patio on nearly ¼ of an acre! Don’t miss this rare treat on one of the most sought-after streets in Piedmont. Open Sunday, 2-4:30!

Mindy Scott and Ann Feste team up to bring to market a light-filled Storybook Tudor with bay and city views, in Wildwood Gardens! This lovely home features 3bdrms/2.5 bths, formal living and dining rooms, spacious kitchen, attached two-car garage with workshop and storage. Open Sunday, 2-4:30!

Adding to the mix of Piedmont properties for sale is yet another Mindy Scott listing on LaSalle Avenue. This interesting Mediterranean is full of nice surprises, offering 4bdrms, large family/media room down, spacious kitchen and room to grow. Make sure you stop in and visualize the possibilities! Open Sunday 2-4:30!

What’s Coming?

Judy Cain and Ben Kahn (The GRUBB Co.s own dynamic mother and son team) bring to market a romantic Craftsman home on Kingston Avenue, with 3bdrms/2bths, spacious rooms and open flexible floor plan in prime location. Look for this to hit the market a week from Sunday.

Anthony Riggins brings to market a charming Brick Colonial on Ardmore Avenue in Crocker Highlands. This sweet home features 4bdrms/3bths, formal living and dining rooms, office and kitchen with adjacent family room and rear garden. It’s the total package! Open this Sunday.

The GRUBB Co. is busy! What can we do for you?

What’s Pending?

A few weeks ago I wrote about a spectacular Modern Contemporary on Ajax Place in Berkeley. As predicted, this $2,200,000 home with city and bay views went quickly and in heavy competition! (Forget the reports about a market correction. THIS is what OUR market is experiencing!) Congratulations to our own Mavis Delacroix, for her quick thinking and sharp negotiating skills!

What’s Happening Now?

How does one determine value? This is the $64,000 question and the blunt truth is that value is largely subjective. Let’s repeat that because it’s important – “value is largely subjective!”

As professionals, we often start by looking at recent home sales in the neighborhood to determine an estimate that often begins with “price per square foot.” We specifically identify homes that have the same number of bedrooms and bathrooms and offer similar features such as square footage, lot size, architectural style, east of commute, and market dates. (Comparing a home that sold last year to one that sold this year, wouldn’t be very helpful to you. We need to compare ‘apples to apples.’) As much as we all enjoy a good apple, one doesn’t buy a home by the pound the way one buys “apples” – or by the square foot either. If that were the case, REALTORS would always know what price to set and buyers would always know exactly what to pay! (Now wouldn’t that make it easy?)

Once we determine a general value, we begin to hone that number further by moving from tangibles to intangibles . . . What makes the property unique? What improvements have been added? How much natural light enters through the windows? Does the home have street presence? And finally, what is the emotional appeal? Let’s face it. Homes are largely, emotional purchases, even as we work diligently to make them practical ones.

When you are selling, you need to remain realistic and impersonal. (This is business. It isn’t personal.) Try to be objective about your home’s attributes as well as its inherent flaws – are there two flights of stairs to the front door, for example? Set a list price that takes into account the pluses and minuses of your particular house and be prepared to be flexible if the market does not deliver the expected price. Please note, purchase value and appraised value are not the same thing although an “appraisal” is often a requirement of the loan in today’s tighter money market.)

When you are buying, the selling price is often determined by the number of other offers that are vying for the same home. With more than one offer driving the price, your offer may be less a product of the math and more the result of your desire. (Are you more committed to the purchase than the other buyers or can you walk away?) In the end, the value of a home is determined by what a willing buyer will purchase a home for and what a willing seller will sell it for.

In short: a negotiated fair market value!

Truth: The market ultimately determines the value of every home!

What’s Fun!

Happy Valentine’s Day! Whether it is roses or chocolate that warm your heart and spark your romance, may LOVE be a part of the equation on February 14th! As for me, my husband and I are hoping to steal a little time for a romantic evening together. With lots of fabulous nearby restaurants to choose from, we may actually have a date! (I think he’d like that). Note to husband, your chances are much improved with a BIG bunch of tulips!

See you in two weeks!

For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or simply respond to this email. I’d love to share my real estate tips and my experience in the Piedmont community with you!

Feel free to visit my website at JulieGardner.com for more information as well.