The Piedmont Perspective, Vol 57, Consider Custom Designing a Financial Fit! July 9. 2008
What’s New?
Bebe McRae has just listed 16 St. James Drive in Piedmont. This sophisticated Tanteau-designed Contemporary offers 3bdrms/2bths, L-shaped floor plan, interior courtyard, large open living and dining rooms, walls of glass, polished concrete floors, updated kitchen and excellent Hampton Field location. With soaring ceilings, lush landscaping and private gazebo, this mid-century, all-level home is a fantastic opportunity on an expansive parcel. Open Sunday 2-4:30.
Kelly Deal joined The GRUBB Co. several months ago and she not only added her experience and talents to the fold, but also brought her husband’s extraordinary skills to bear as well. Kelly’s builder/husband, Melvyn Deal, has just completed yet another dazzling and sophisticated showstopping residence on Mandana Avenue in Crocker Highlands that exudes yesteryear’s charm, but lives for today. This 4bdrm/3.5bth Contemporary Craftsman with airy open floor plan, great natural light, high-end finishes and appliances, two-car garage, charming front porch and mature landscaping, lacks for nothing. Do make time to see it. It isn’t likely to last long! Price: $1,495,000. Open Sunday 2-4:30 PM
Tricia Swift brings to market a very sweet 2bdrm/1bth “starter” home at 102 Oakmont Avenue in Piedmont for $745,000. Built as a summer cottage for a San Francisco maiden, this pretty home boasts high ceilings, fine details, generous proportions, an office alcove and superb location near Wildwood Elementary School and Davie Tennis Facility. Kathy Cooper will hold this charming home open on Sunday from 2-4:30 PM, while Tricia shows her grand penthouse listing at Park Bellevue Tower on Lake Merritt, which has been reduced to $1,288,000.
(If a penthouse is more than you are seeking, consider Tricia Swift’s other Bellevue Tower listing instead-#702 This handsome 2bdrm/2bth condominium offers secure and sophisticated living, stunning Lake Merritt views and every amenity the Bellvue Towers offers, including pool, gym, parking and 24-hour doorman. Price: $685,000)
To see any of these properties, go to www.Grubbco.com
What’s Coming?
Ms. Swift has also been busy marketing two beautiful neighboring Hiller Highland condominiums – both on Spyglass Hill - and they each offer fantastic living opportunities:
The first town home features, 2bdrm/1.5bths, patio garden, enclosed garage, open floor plan and handsome finishes while the second unit features a 2-story floor plan offering 3bdrms/2bths, sleek interiors, large laundry room and media office/family room down. One unit has partial views while the other has dead-on views. Take your pick!
Since I am focusing on bay views and fabulous Hiller Highland’s condominiums, this list would not be complete without mentioning Sherry Benninger’s newest listing at 50 Starview Drive. This large, 2-story town home end unit boasts 2 bdrms/2bths, including grand master suite, chef’s kitchen, media room, high-end finishes, impressive scale and yes, you guessed it – stunning bay and Golden Gate views!
If you have been considering a move to Hiller Highlands, these three town homes offer three distinctly different opportunities from which to choose. One of them is sure to fit your lifestyle and needs. Having recently helped buyers obtain a condominium in Hiller Highlands, I have the pleasure of sharing with you how thrilled my clients are, not only with their new home, but with their new community as well. What started as “interim” housing has quickly become their new permanent residence!
If ease of living sounds enticing, consider any of these wonderful condominium offerings. www.Grubbco.com
What’s Pending?
Pending sales came quickly in June and the beginning of July. The mid-century home on Calvert Court went pending with two offers, the charming home on Kingston Avenue found a buyer, the property on Cambridge is currently pending and finally, the lovely renovated blue-shingle on Mesa Avenue went quickly into escrow as wekll – lucky buyers, one and all.
In total, 17 homes are either pending or have sold since May 1, 2008. Our market remains vital and active!
What’s Happening?
Just as buyers are finally embracing their current home buying opportunities, lenders continue to proceed with newfound caution (as the past several months have illustrated). While Conforming Loans have increased through Dec. 1, 2008, to a temporary high of $729,750 – Jumbo Loans (anything above $729,750) have become pricey by comparison. (Keep in mind that from a historical point of view, jumbo money is still under 8% which is considered “historically” low. Interest rates are relative!)
Please speak with an experienced mortgage broker about the difference between traditional conforming loans and the temporary higher balance “conforming” loan limits, between FHA loans and conventional loans. There are subtle, but important differences between these programs.
Sellers – this may be an opportunity for you!
Consider carrying back the first or second mortgage for the well-qualified buyer by underwriting an interest only loan with an established balloon payment down the road. By supplementing the conforming loan limit, you will have sold your previously out-of-reach property, put an excellent buyer into contract, and created a potential money making opportunity for you as well! This may be a win-win for all parties involved.
*With good intentions and your flexibility, buyers may be in a better position to meet your selling expectations!
(Due to a contracting money market, I suspect creative financing is going to come into play for the next several years. )
Consider custom designing a financial fit!
*Always speak to your tax advisor before investing.
What’s Fun!
Thanks to those of you who stopped by my 4th of July Open House at 324 Sea View Avenue after the parade last Friday afternoon: www.324seaview.com. This proved to be a marathon open house for me and I am grateful for your continued interest.
Prospective home buyers (and future Piedmonters) who had come to town for the parade and for a glimpse of the Piedmont lifestyle, met me at the door at 1:00 and I served up root beer floats until 5:30 that evening while pointing out the many advantages of Piedmont living (that’s conversation that comes easily). Thanks for making this “out-of-the-box” open such a big success!
And thanks also to the folks on Mesa, Pala and Monte Avenues who let me crash their annual 4th of July block party after closing up shop. The food and wine was really welcome after being on my feet all day.
Now those folks know how to have fun!
The Piedmont Plug!
I grew up spending summers camping at the picturesque Pinecrest Campgrounds, above the town of Sonora in the Sierra Mountains. Without fail, my family returned year after year
for a two-week stay. While camping isn’t for everyone (my city-slicker husband has never really embraced it) Pinecrest is full of great memories for me; hiking the stunningly beautiful trails, soft ice creams, horseshoes, badminton, my first kiss (don’t tell) and whole afternoons spent splashing in the cool clear mountain water with my twin sister, Jill, and our best friend, while we all turned dark shades of brown. Some of my fondest memories involve watching movies under the stars and sneaking away to the beach (for that first kiss). We’d pop our own popcorn over an open fire (Jiffy Pop) and head on over to the amphitheater with treats in hand.
These joyful memories are probably the reason I cosponsor movie nights in the Piedmont Park year after year. The next movie night is this coming Friday, July 11, at dusk. (about 8 PM). Curious George will be the main feature. Grab your children, your lawn chairs, a blanket, a picnic dinner and a bottle of wine and enjoy this free evening with your family and friends (and if your son or daughter should sneak away for his or her first kiss, well that’s kind of a right of passage, isn’t it?)
I will be away on vacation from July 20 – 27 and will suspend The Perspective while I am gone.
See you when I return!