“The Diamond in the Rough!” The Piedmont Perspective, Vol 83, February 12,2009
What’s New?
Truth be told, my pragmatic hard-working father was never a hopeless romantic. He was the kind of husband who gave my mother a dishwasher, a vacuum cleaner or a washing machine come the holidays and she – equally sensible – was thrilled to have them.
My mother had grown up in San Marino (the Piedmont of Pasadena) while my father hailed from the small town pastures of Davis. In her family’s eyes, Dad was a bit of a “Diamond in the rough” compared to Mom’s more genteel upbringing.
My mother said she married Dad because “he made her laugh.” In spite of her family’s strong objections to the pairing, their union stuck. They’ve weathered 56 years together – sometimes laughing, sometimes crying – but all of it together. That’s about as romantic as it gets.
So when it came time for me to choose a mate, I followed my mother’s example and married a man who made me laugh, who engaged my mind and who always believed in me – even when I faltered. Even without romantic gestures on Valentine’s Day -that’s true love!
With respect to homes, “the diamond in the rough” is the home that’s badly in need of TLC (tender loving care). The trick in this or any market, is getting the lump of coal for a discounted price in order to offset the costs of renovations and repairs that are necessary to bring out the “sparkle.” That seems basic but it’s a tougher challenge than statistics bear out.
Too often, I see hopeful buyers excitedly jump into a bidding war on these “fixer” properties with the expectation that they are achieving a “below market value” when all too often, the opposite result plays out. Unfortunately, the large number of “fixer buyers” often drives the selling price well beyond the asking price, erasing any potential appreciation the home may have had. Ironically, these homes often math out at much higher prices per square foot than their “fixed” counterparts down the street! Go figure! (Seriously, go figure!)
When buying a “diamond in the rough,” carefully do the math and understand your end game. If the goal is to “flip” the house in a short amount of time, be certain you are not overpaying for the project on the front end. If on the other hand, you plan on renovating and staying for many years, then the price you pay in the short-term may hardly be relevant.
If that’s the case – as with marriage – commit to the long-term and carve out the diamond of your dreams . . .
Happy Valentines Day Mom and Dad!
What’s Coming?
I am pleased to report that inventory has increased dramatically over the last few weeks and there are some really wonderful homes to consider, from Classically Traditional, to Elegant Mediterranean to Ultra-Chic Contemporary, so let’s get started . . .
I’ll begin with Matt Heafey’s new listing on 27 Muir Avenue set to debut this Sunday, February 15, 2-4:30. This stately home, featuring 5bdrms/4.5 baths, gracious formal rooms, spacious kitchen and family room, formal entry and detached office or gym, sits on a most-coveted, level tree-lined street in Piedmont. List price $2,295,000. www.27muir.com
My new listing at 308 Pala Avenue is ready for viewing a week ahead of time and will be open for Broker’s Tour tomorrow, Thursday, February 12 from 10am -1:00pm and again on Sunday, February 15 from 2-4:30pm. Please join me or my colleague, Michelle Winchester, on either day at this elegant Mediterranean which features 4bdrms/3bths, formal living and dining rooms, sunny spacious kitchen, bonus media/family room down and renovated rear garden in sought-after Central Piedmont. List price: $1,850,000. www.308Pala.com
Judy Cain has just listed 740 Calmar Avenue in Crocker Highlands. This stunning Mediterranean offers old-world charm, including Venetian plastered walls, vintage tiled fireplace, Tuscan-style kitchen and designer garden with fountain and shade trees. Featuring 3bdrms/1.5bths and terrific Lakeshore location, this home, near the Farmer’s Market, local shops, the Grand Lake Theatre and public transportation is a bit of Italy in Oakland! List price: $969,000 Available for private showings beginning on February 19 and open to the public, next Sunday, February 22. www.740Calmar.com
Moving from old-world charm to cool sophistication, Hope Broderick brings 2 Marsh Place on the Piedmont side of Montclair to the market this weekend. This luxurious remodeled oasis features 4bdrms/4bths, spacious open floor plan with Golden Gate and Bay Views, outdoor spa and shower, high-end kitchen and loads of natural light! List price: $1,295,000. Open this Sunday, February 15, 2-4:30 www.grubbco.com
“Fabulous” doesn’t begin to describe the sleek Contemporary at 45 Lane Court on the Piedmont side of Montclair. For those of you seeking a view home in the Oakland Hills, this artistic romantic retreat featuring 3bdrms/2+bths, Bay view sunsets and every designer amenity, is not to be missed! List price $1,795,000. Please call me for an appointment right away – this spectacular home won’t last long!
And finally, for a private hideaway in Montclair, look no further than Bebe McRae’s 1930′s listing at 1957 Gaspar. With 3+bdrms/2bths, peek of the Bay and level yard, this charming home has loads of space. Open Sunday, 2-4:30. List price: $825,000. www.grubbco.com
(I haven’t mentioned every special home – just a few of my favorites! For a more complete guide, please feel free to email me at jgardner@grubbco.com or better yet, give me a call 510 326-0840!)
What’s Pending?
Kelly Deal’s Contemporary Craftsman listing at 1076 Mandana Avenue sold very quickly after returning to the market with two offers and one in back up! This Crocker Highland’s showpiece went into contract well above its list price of $1,275,000 and other coveted neighborhoods are experiencing much the same interest.
While Buyers find it hard to believe that multiple offers are still at play in this marketplace, the fact is that Buyers are placing quality and location at the top of their priority list. Expect good homes to receive the attention they merit – even in today’s marketplace!
What’s Happening?
The GRUBB Co. is pleased to announce their new affiliation with London based brokerage firm Mayfair International Realty. As part of our ongoing expansion and global reach, The GRUBB Co. and its Buyers and Sellers are now internationally represented!
What’s this mean to you? It means that properties that are marketed here in the United State are also being aggressively marketed throughout England and Europe as well.
In an increasingly global marketplace, one never know where the Buyer will originate or where the Seller will move. Regardless of the continent on which you reside, you will be in professional hands and quality care!
What’s Fun!
Love is in the air and nothing says “I love you” like diamonds (Honey, are you listening?)
But if diamonds aren’t in the budget this year (or even “diamoneques” ) perhaps you’d like to see a show in San Francisco instead? – compliments of Dan Meagher, Director of Marketing and new Perspective reader. (Thank you Dan!)
Now in its third hit year, “Shopping! The Musical” is currently San Francisco’s longest running original musical. This award-winning revue features comedy songs about customers, products,Victoria’s Secret, those “oh-so-helpful” sales people, people who pay with nothing but change and much, much more!
Dan is offering a night of laughter, music, and “shopping” without maxing out your credit card to the first five readers who answer the trivia question below (sorry REALTORS, this is for customers only!)
Ticket certificates are good for two(2)FREE tickets to any future Friday performance at the Shelton Theatre in San Francisco’s Union Square. Show time: 8:00pm.
For show information, please visit:http://www.shoppingthemusical.com/.
Trivia Question: What do the initials “QVC” stand for?
I’ll personally deliver the tickets to the first five correct respondents – or you may pick them up at The GRUBB Co. office in Montclair. “Go Shopping!”
The Piedmont Plug!
Whether it’s roses or tulips (or roses AND tulips) that strike your fancy, no one puts together a more beautiful and fragrant bouquet than Piedmont floral designer, Alexandra Conroy of Conroy Designs. I’ve bragged about Alex’s stunning foral creations in the past but having had several occasions to utilize her talents last year, I speak from personal experience and encourage you to find out for yourself!
Good news Cupids – you’re NOT too late for Valentine’s Day (hint, hint). Give Alex a call at (415) 710-8831 or email her at: alexandra@conroydesigns.com. To see her creations go to: www.Conroydesigns.com but don’t delay, 24 hour notice required. Delivery charge of $5.00 within Piedmont.
See you next week!
THANKS FOR READING!
For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or email me at jgardner@grubbco.com. 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 or sign up for this e-letter at thepiedmontperspective.com