Julie Gardner Real Estate Grubbco Logo
Wednesday, April 11, 2012

Vol 227 – Delivering the Dream

What’s New?

“Did you notice I made the bed?” my husband playfully asked.

(How could I not?)

Apart from the fact, that my husband rarely makes the bed and when he capitulates, it’s a sloppy mess with sheets, socks, and books typically balled up under the duvet cover, this time he’d actually gone to the trouble of stacking the pillows so they formed a precariously tall tower in the center of the mattress that threatened to fall over at any second and spill onto the floor. (Really?)

“It’s art,” he chided, poking fun of my compulsive habits.

“It’s annoying,” I answered back, placing the pillows in their proper order and properly tucking in the sheets while snapping everything crisply into place.  Ahhh, order had returned to the Universe!  (A recent report on the Today show said that women spend up to three hours a week redoing their husband’s chores.  When did they meet my husband, Cliff?)

Some avant-garde artists would probably agree with him, given what passes for “art” in the world of elite collectors.  Mounted bathroom fixtures? Sculpted trash? Decapitated mannequins?  I don’t get it, but maybe I have a latent, budding artist on my hands.  Maybe not.  (Don’t give up your day job, honey).

One man’s trash, is another man’s treasure?

I was recently reminded of this by clients I hold near and dear.  Having successfully helped them sell their home, I was motivated to quickly find a replacement property – one that would meet ALL their needs, come in under budget, and provide the next stylish leg of their journey.  Given that they are among our closest friends – and not just important clients - their outcome wasn’t just professional, it was also personal.  I was intent on delivering them their dreams . . .

Determined to find the best home possible, we’d been shopping seriously for months, but with little luck. Either the timing had been off or the house was too expensive, or the competition too great. Nothing quite seemed to really sing, let alone satisfy, or even suffice.

“What about that fixer we saw in Crocker Highlands a few weeks ago?” my client asked, “Is that still available?”

“You don’t want that,” I stated emphatically, quickly dismissing her inquiry. “That’s gonna need way too much work.”  
Having “flipped” several of my own projects in recent years, I had a pretty good sense of the scope and the expense involved and I had decided that it would be too much for their busy and active lifestyles at this stage of the game. (As if I knew all the answers.)
 
“Let’s just go see it again,” Laurie gently instructed.  “Call us crazy, but we think it might work.”
 
In fact, I was right.  The home does need a LOT of attention, from foundation, to electrical and plumbing repairs, to roof replacement, to kitchen and bathroom renovations, this “fixer” requires an extensive overhaul, but Laurie was right too – not about the “crazy” part, but about her observation that the home will, indeed, “work” for them.  (Who am I to argue?)

Here’s what I was missing and finally “got” thanks to the patience and gentle prodding of my good friends.  Irrespective of its shortcomings or perceived defects, this home also provides great natural light, an expansive backyard, and a terrific “walk-to” location – none of which were affected by the negative findings we uncovered during their “due diligence” period. While far from perfect, this home meets their needs and if it doesn’t fulfill my fantasy for them, who cares?  It isn’t my call to make.  Almost everything that isn’t right, can be made so and for the price we negotiated, they’ll have the leftover funds from the sale of their last home, to do so.  (Light bulb moment!) 
 
For years, I’ve encouraged you to compromise, but wasn’t willing to heed my own advice when it came to my close, personal friends (shame on me). I should have remembered that NO property is perfect and every home requires some compromise (true).  And of course, I also needed to recognize and remember, that I don’t control the outcome. (What a concept.)

Now having successfully negotiated through ALL of the new discovery, my friends ARE happily in contract and should close within a few short weeks. Moreover, they are truly excited about the prospect and the journey that lies ahead (and I’m excited for them). Within their capable hands, I am looking forward to seeing where they take this new home and how it evolves over time.  Moreover, I know they will make it SING!

So maybe Cliff’s vision is worth reconsidering after all – uh, maybe not.  I think I’ll just make the bed myself – it’s clearly not worth the aggravation.
At least, that’s something I can control.

What’s Coming?

This weekend Mavis Delacroix debuts 9 Parkside Drive in Piedmont.  This pretty 3bdrm/2bth Traditional features a beautifully updated kitchen/family room, formal dining & spacious living room with random plank hardwood floors,and a walkscore of 80!   Open Sunday, 2-4:30pm.  List price: $909,000 www.grubbco.com

Katherine Cooper has listed 1 Sotelo Avenue.  This bbeautiful and completely level home in a prestigious and convenient location near Hampton Park, features a floor plan that appeals to many lifestyles, with 4bdrms/2.5bths, a tastefully remodeled kitchen, garage, basement, and inviting patios.  Open Sunday, 2-4:30pm.  List price: $1,425,000.  www.1Sotelo.com

My dazzling Temescal Condominium listing officially hits the market this weekend at 472 41st Street, unit C.  This spacious and gracious 2bdrm/1bth upstairs, end-unit, features formal living and dining rooms, gourmet kitchen, in-unit laundry, off-street parking and uber convenient location near trendy restaurants, shops and BART.  Open for Brokers’ Tour, Thursday, 10am-1pm and Sunday, 2-4:30pm.  List price: $399,000. www.grubbco.com

Hope Broderick brings 5446 Carlton Avenue to the market this weekend. This rare Craftsman in the heart of Rockridge, features Golden Gate views and offers 3+bdrms/2.5bths, and a chef’s kitchen that opens out to to private, level gardens.  Near College Avenue shops, restaurants and public transit.  Don’t miss it!  Open Sunday, 2-4:30pm.  List price: $1,295,000. www.grubbco.com

Colette Ford and Anja Plowright have listed the quintessential Rockridge Brown Shingle that seamlessly combines classic period details with modern family living at 5581 Lawton Avenue.  Elegantly renovated and beautifully updated, this inviting home features box beam ceilings, chef’s kitchen, top-of-the-line finishes, grand master suite, lovely gardens and coveted location near College Avenue and BART.  It’s a ten!  Open Sunday, 2-4:30pm.  List price: $1,450,000. www.grubbco.com

Last but certainly not least, Jennifer Bauer and Mavis Delacroix have teamed up to bring 5371 Shafter Avenue in Rockridge to the market this weekend. This 2bdrm/1bth Craftsman boasts stunning details that include leaded glass windows, box beamed ceilings, a large veranda with impressive columns and hardwood floors. Open Sunday, 2-4:30pm. List price: $789,000. www.grubbco.com

I haven’t mentioned every home, just a few worthy of consideration. For a complete listing and to receive the weekly Ad Review, email me at: jgardner@grubbco.com . 

What’s Pending?

Eighteen homes are currently pending in Piedmont.  This week, the stunning home on Highland Avenue received two offers and went into contract well above asking.  List price: $1,685,000.

In total, first quarter listings averaged only 16 days on market according to the MLS, and sold for $527 a square foot, at an average price of $1,305,000. Of the 17 posted sales, 11 homes have sold under $1,500,000, many of them considered ”entry level” by Piedmont’s standards. (“Entry Level” pricing is obviously “relative.”)

What’s Fun?

April is a busy month.  Last week I spoke about Notes and Words which is set for Saturday, April 28 at the Fox Theater in downtown Oakland.  Have you had a chance yet to vote on your favorite essays?  http://www.facebook.com/note.php?note_id=10151428654590023  If not, please do so.  I’m now a finalist (!)and would love your support.

This week, I am pitching The Heart Of the Home Tour, taking place on Friday and Saturday, April 27 & 28.  This popular, annual event sponsored by the Children’s Support League issues grants to organizations that serve children in need.  Five fabulous homes will be on display to “ooh” and “aah” over.

Afterwards, head down to the Piedmont Community Center to to shop the beautiful boutiques and purchase items just in time for Mother’s Day!  Bring a friend . . . it’s a great and and fun event.

To purchase tickets, go to www.wehelpkids.org.

Building community, One family at a time  . . .

See you next week!

Posted by Julie on 9:06 am — Leave a Comment

Thursday, October 22, 2009

Volume 115 – A Very Scary Tale! – October 21, 2009

What’s New?

Halloween is just around the corner and things are beginning to look frightening. Graveyards are popping up all over Piedmont and the ghosts are flying on Dracena Avenue once again. My younger son, Tristan, loves this time of year (What kid doesn’t? Costumes and candycorn? Seriously, it’s a winning combination – even for me). Unlike my sister’s darling daughters who tend to dress as flappers or Dorothy from the Wizard of Oz,no saccharin cartoon character costumes will do for him. If it doesn’t involve a medieval weapon, a black hooded cape and a scary mask, Tristan’s just not interested.

Recently, I had quite a scare when I called my local mortgage broker, Melissa Milton of LaSalle Financial, and asked her to do a credit check on me! Like many of you, I am keeping my options open and wanted to know: “Would I qualify for a loan in this “more conservative lending climate” – OR did I have some heavy housework ahead with respect to my “credit worthiness?”

While I never miss a mortgage payment, in the interest of full disclosure, I have to admit that I am occasionally tardy on the PG&E; bill and there was that one accidental overdraft last year . . . so I was legitimately worried. In the absence of any real knowledge, I had forecast all kinds of spooky scenarios!

This is where fear and denial walk hand-in-hand. For the last few years, I had been putting off obtaining a credit review even though I believe it’s the smarter choice – especially now. Still, I imagined the grim reaper delivering the bad news (not that Melissa’s the grim reaper. She’s more like Glenda, the good witch).

Would I be heavily penalized for my few brief lapses in time? Would my husband? Truth be told, I really had no clue. Invoices come in and payments go out (typically in a timely fashion) but how do I stack up where it really counts?

No, not St. Peter (I’m hoping Heaven’s gates are more forgiving) I’m talking about the big three credit bureaus; I’m talkin’ FICO SCORES!

So with courage in hand, I gave Melissa a call and guess what? After all that senseless worrying, I qualify as “good to excellent” and so does my husband (no sense in obtaining only half the equation). While neither of us is perfect (who is?) we are both in the UPPER range. Yoo hoo! (Credit scores, like SATs, range from a low of 300 to a high of 850.) Now that’s just good to know. Turns out, knowledge is a powerful sleeping aid.

While a move isn’t in my imminent future (college tuition is) perhaps, it is in yours. My advice is that you follow my lead, pick up the phone, obtain a credit history and line up your lending options BEFORE identifying the home of your dreams. Put your bank representative or your favorite mortgage broker to work for you. That’s part of the service they provide.

IF there is a problem, any experienced mortgage broker worth her salt (or sugar) will help you navigate the hurdles and rectify any outstanding concerns. (This can involve a few letters or it can be more complicated but the sooner you have the information, the better off you’ll be.) Whatever the outcome, it can’t possibly be as scary as your imagination might lead you to believe!

Now break out the candycorn and let’s bob for apples. Boo!

(Melissa Milton and the many other fine agents of LaSalle Financial can be reached at (510) 339-4300 or at www.lasallefinance.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 www.JulieGardner.com for more information as well.

Posted by Julie on 2:47 pm — Leave a Comment

Thursday, October 8, 2009

The Piedmont Perspective, Vol 113 – Negotiation; It’s A Brave New World! October 7, 2009

What’s New?

“How much is this?” I asked the pretty antique vendor as I eyed the small Stoneware pitcher on her table at the Alameda Flea Market last Sunday. “Twenty-eight dollars,” she politely answered. “Hmmm, can you do better?” I inquired as I carefully looked it over. “What were you thinking?” she said. “Eighteen?” I replied. “How about twenty-three?” she offered. “How about twenty?” I responded. “That’s a hard size to find,” she countered, “you’d pay much more for it in a shop.” (very true) “I’ll let it go for twenty-one.”

This is when I PAUSE FOR DRAMATIC EFFECT. “OK, I’ll take it,” I said with a smile (certain I’d just gotten a very good deal). “Terrific,” she said (knowing she’d made a few dollars on the sale). “Would you like that wrapped up?” “Yes, please and thank you.”

Another successful and happy transaction!

Back and forth negotiation at the flea market isn’t the exception, it’s the norm! There’s rarely a sale that doesn’t engage in this banter before settling on a mutually satisfactory price. Buyers are looking for the “find” and sellers are interested in making a profit. It’s the well-practiced give and take of human interaction. Not surprisingly, experienced vendors are far more likely to become truly competitive by the end of the day – then they are at the beginning.

I’m an early bird by nature and habit-up with the moon and at the front gate with the rest of the flea market junkies before the crack of dawn. For me, there’s a significant trade-off. Experience has taught me that the best finds go early . . . the best deals; however, come late!

The same is true for real estate. Homes that are highly coveted, quickly sell for close to or above their asking price while homes that languish on the market for awhile, tend to get discounted over time. (If you are looking for the “deal,” hone in on those properties that have been largely ignored. Those sellers are likely to be the most flexible as time goes on.) With dramatic changes in the marketplace over the last few years, buyers are quickly becoming much better versed in the concept of offering less than list. Indeed, buyers expect to negotiate on price!

Sellers, on the other hand, are still a bit slow to embrace this Brave New World and tend to object to a realignment of value. Unlike a few years ago, buyers are requesting time to fully inspect their purchase before removing ALL of their contingencies. While a buyer’s initial offer price should, ideally, factor in any known defects, sometimes a buyer’s inspection will disclose new discovery previously unavailable or perhaps, unknown which may give a buyer PAUSE before moving ahead.

When that happens, it may be reasonable to expect some push back from the buyers with respect to the costs associated with new discovery. Expect buyers to seek “to perfect” the deal. This can come in the form of credits to the buyer for the work required or a reevaluation of the purchase price altogether. Either way, it isn’t personal – it’s business. With some quantifiable discussion, you’re very likely to find a middle ground that achieves the goal for both parties.

Whether negotiating with a flea market vendor, a colleague, an agent, a client (or a spouse) I find that the best transactions come with well-intentioned and reasonable give and take. When both sides have left the negotiation table having given and having gained what’s truly important to them, you’re much more likely to have a happy ending – even if something unexpected should come up after the close of escrow!

When it’s a win-win for everyone involved, you can look forward to a happy and successful transaction!

(The Alamdea Flea Market takes place on the first Sunday of every month at the old naval base in Alameda. Start time: sun up!)

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 www.JulieGardner.com for more information as well.

Posted by Julie on 12:51 pm — Leave a Comment

Sunday, September 27, 2009

The Piedmont Perspective – It’s ALL About Perception! September 25, 2009

What’s New?

I was out in the garden yesterday evening mulching the beds, pruning bushes and generally, just decompressing from the day. The air had cooled a bit and the pine needles were landing all around me – a sure sign that change is in the air. It’s getting darker earlier, the kids are back at school and the celebrations are definitely more seasonal. We’re a year beyond the worse financial setback in decades and things are slowly beginning to improve.

The legacy of the recession is a common sense approach and a return to middle class values by and large. Let’s not forget that purchasing a home is typically driven by family values, but strong emotions are part and parcel of almost every home purchase as well. The desire to secure a “deal” combined with the need for “home” and all that title entails, has created a yin and yang of sorts for the majority of home buyers with whom I work each day.

From cautious pessimism, to cautious optimism, buyers are definitely more plentiful than they’ve been in quite some time and it’s palpable. It’s also tangible! Several recent sales have had multiple offers as a result of increased interest, coupled with incredibly attractive interest rates and some homes have received offers well above their asking price!

I’m not sure what creates this emotional “tipping point” for buyers but I am sure that “perception” has a great deal to do with it and that “perception” often has to do with what the mainstream media tells us to believe.

So how does one judge “real value” when it’s subject to seasonal changes and media hype? That’s a good question.

I’m often asked, “How much is this house really worth?” and the short answer is “What is it worth to you?” I am happy to provide clarity in the form of nearby comparable sales, market patterns and specific interest on a given property, but at the end of the day, I can’t tell you a home’s intrinsic or emotional value – only you can decide that.

I can predict a home’s probable selling price, based on facts, figures and experience, but I can’t tell you with certainty where it will ultimately trade. It’s divination on a professional level, but as always, the market determines “market value”- not the agents, nor the sellers.

Sometimes a home is so special that a buyer fearlessly jumps in with full abandon. He/she comes to the table bearing “the gift” – an offer so powerful that it clearly leaves the rest behind and often, makes little sense (or cents) to the rest of us from an economic perspective.

In that case, there’s little to be done with respect to your common sense approach. Purchases based on “emotional value” will always trump those based on “market statistics.” In short, value is relative and you’ll have to discover your own truth with respect to value and perception.

Here’s a quick and favorite story of mine about “perception.” Many years ago when my husband Cliff was at law school, he and his good friend and law school classmate Greg we’re nervously anticipating their final grades on an important test. (Before the advent of computers, scores were posted on the door by social security number and a student’s grade was based entirely on the semester final.)

Scanning the test scores, my studious husband shook his head in disappointment while his more carefree law school buddy breathed a sigh of relief and gave a hearty cheer. “What’d you get?” my husband asked Greg. “I got an 83,” was his happy reply. What’d you get?” “I got an 83,” responded Cliff with an ironic laugh.

Perception! (BTW, an 83 was the top 10% of their class.)

We each carry our own truths; our own perceptions about life and where value lies. Is there a baby in your future? Are the kids off to college? Are you changing jobs? Changing lifestyles? What’s your own personal truth?

What do YOU value most? Find it and let the rest fall where it may. It’s your home. It’s your life. You decide.

I’ll be here and ready to help when you do!

P.S. – You can always reach me right away by emailing me at jgardner@grubbco.com or calling me at (510) 326-0840. I look forward to hearing from you!

Feel free to visit my website at JulieGardner.com for more information as well. DRE License #01431765

Posted by Julie on 8:05 am — Leave a Comment

Thursday, September 17, 2009

The Piedmont Perspective, Volume 110 – Positioning, Power & Pace! – September 16, 2009

What’s New?

At the risk of giving myself away, I’ve been glued to the U.S. Tennis Open over the last week, enjoying the return of Kim Clijsters to the woman’s circuit, and the mounting epic battle between tennis great, Roger Federer and future great Juan martin del Potro.

There’s something incredibly mesmerizing about the Grand Slams and watching the tennis ball go back and forth, back and forth, back and forth – until an opening develops and the ball is SMACKED for a clear winner. Tennis is a game that goes far beyond the physical as toned minds match up against one another and well-honed strategy comes heavily into play. The truth is that every player in the top 100 has tremendous ground strokes, but it’s the mental game that separates the top ten from the rest of the pack and firmly establishes the marquee players!

The same can be said for Real Estate. There often seems to be a simple illusion that anyone can obtain a Broker’s license, hang a shingle and manage a profitable real estate business, but in every community, there are a few key players that seem to enjoy the lion’s share of the business – as has always been true for The GRUBB Co.

Understanding a community’s needs, building trust, defining market value and developing creative marketing strategies has often separated The GRUBB Co. from the rest of the pack. For more than forty years, The GRUBB Co. has enjoyed a dominate market presence here in the East Bay! www.grubbco.com

Watch enough tennis and you’ll see how a great player quickly establishes positioning, power and pace as the game unfolds, while the challenger defensively tries to keep up and second guess the stronger opponent. Should the momentum shift, the best players in the world learn to adapt and adjust which is why the top players tend to stay at the top and why The GRUBB Co. is the most recognized boutique agency in Piedmont, Berkeley and the Oakland Hills! (We’ve earned it one house at a time.)

So watch as The GRUBB Co. continues to grow, expand its Internet presence, design creative advertising, and retain and broaden its market appeal! As a company, we’re constantly learning, developing and adjusting to your needs and the market demands.

And so am I . . . every cross court shot, half volley, lob or service ace makes me a better player and a more astute Realtor as well. In home sales, every deal is a new challenge and each successful outcome requires careful strategy and market timing (positioning, power and pace!) and like any top performer – lots and lots of tenacity and hard work!

It’s an interesting time to be in real estate in general, to be affiliated with The GRUBB Co. specifically, and to be working with all of you as a whole. Like any great player, I’m constantly striving to improve my game and I look forward to assisting you (and your friends) with all your real estate needs now and in the future.

But first do you mind if I finish the men’s final? Roger Federer just took the first set 6-3 and Del Potro is ahead in the second set tie-breaker. Exciting stuff!

Feel free to visit my website at JulieGardner.com for more information as well or contact me directly at jgardner@grubbco.com or at (510)339-0400/264. DRE#:01431765

Posted by Julie on 2:15 pm — Leave a Comment

Wednesday, September 2, 2009

The Piedmont Perspective, Vol 109 – Take Me Out to the Ball Game! september 3, 2009

What’s New?

I am about to make you all a little jealous so I’ll apologize up front for gloating. Last Friday, good friends of mine gave me four premier tickets and a parking pass to the San Francisco Giant’s Baseball game. They were field level seats about five rows back at the first base line with a perfect and intimate view of the action. (These types of gifts make it hard to go back to general seating once you’ve been spoiled!)

Even better, San Francisco was experiencing record breaking temperatures that made for an incredibly balmy evening at the park – the kind that begs for a plate of nachos and an ice cold drink (I wore shorts and sandals)! And it didn’t hurt that the Giants won the game against the Colorado Rockies in brisk fashion. (Two hours and twenty-three minutes – that’s my kind of ballgame.)

During the seventh inning, the Giant’s mascot, Lou Seal (Luigi Francisco Seal) joined the party. Having danced a couple of seasons as Bugs Bunny for Great America (it’s true!) I get as excited as a kid when I see a fun-loving mascot doing his thing and Lou’s among the best in my humble opinion. He was leading us all in a crowd pleasing rendition of “Take Me Out to the Ball Game,” but failed to notice my waving arms and enthusiastic singing as he rewarded fans with free bags of Cracker Jacks. Hmmm?!? With all due respect to Tim Lincecum and his fantastic pitching, keep your foul balls, what’s a gal gotta do to get a FREE box of Cracker Jacks? I LOVE that mammal. Couldn’t he tell? Didn’t I deserve some love back?

No sooner had that thought popped into my mind when the spectator to my right turned to me and said, “We’re taking off soon and I packed extra snacks. Would you like some?” and handed me an unopened box of Cracker Jacks (I kid you not)! “The only condition is that if there’s a tattoo inside, you have to wear it.” Done!

Now how’s that for asking the universe to deliver? So without sounding too space age – I am a strong believer in the concept that we have a way of creating our own reality. This isn’t a touchy, feely kind of philosophy – it’s the understanding that we unconsciously move toward out dominate thought or to put it in other words – ask and ye shall receive!

So why not ask for the house of your dreams and I am betting you’ll begin to find it – even if the house isn’t perfect (remember perfection doesn’t exist). All kinds of opportunities will begin to present themselves and instead of finding objections, you’ll begin to see the possibilities!
See what a warm summer evening and a simple box of Cracker Jacks can do? (Although my husband says I set my sights too low and should have asked for a winning lottery ticket instead.) And thanks to the San Francisco Giants, their mascot, Lou Seal, and the unexpected but welcome generosity of my friends for a spectacular evening!

Posted by Julie on 8:30 pm — Leave a Comment

Thursday, August 27, 2009

The Piedmont perspective, Vol 107, Fascinating Rhythm – August 28, 2009

What’s New?

The truly fascinating thing about Blogs, e-newsletters, Twitter and the like, is the intimacy of the medium. Each week, I can count on several immediate responses from my loyal subscribers, but once in awhile, I get a rare response from someone completely anonymous to me that comes from the BIG BLOGOSHPERE out there (the final frontier?).

After recently publishing the two pieces about my favorite “Buyer and Seller Myths,” I received a thoughtful reply from one such reader who wondered if I would have the “courage” to print her favorite “real estate myths” and offered up the terrific suggestions below.

Yes Josie, I do have the courage (I find it helps to be a bit fearless in real estate) and thanks for your valuable input. The welcome give and take from readers like you is what keeps The Perspective relevant and I hope that an open and honest debate make for “fascinating rhythm” (I’m all a-quiver). Per your suggestion, I will offer my responses in turn (and in blue).

Myth #1 – “Housing is a great investment, it always goes up!” (Nobody says this anymore, but until two years ago, it was practically an article of faith among Realtors).

Unfortunately it’s true – real estate doesn’t always go UP, as the past few years have reminded us. Like any market, home values fluctuate and are subject to economic pressures – even here in the beautiful Bay Area. But I believe we make a mistake when we think of our homes as an “investment” only. For most buyers, homes represent more than a balance sheet. They are largely an emotional purchase; a fulfillment of the American Dream (as American as apple pie) and a tangible representation of our achievements. We want and often need, to own our own little piece of the pie. Even if there is no guarantee that the pie will appreciate – it shouldn’t keep us from appreciating the pie!

Myth # 2 – “Buy this house even though you don’t like it all that much. You can always trade up!” (With the exorbitant transaction costs of buying and selling, plus the pain and emotional toll of moving, this is usually terrible advice.)

I would agree. Transaction costs are significant (they typically amount to as much as 8% of your selling price and include items such as transfer taxes, inspections, painting and staging and commissions) and packing up and moving is certainly no picnic either. You should LOVE your home or it should have the potential to meet your growing needs. Homes aren’t meant to be traded like baseball cards. If you aren’t planning on staying in your home for a minimum of five -ten years, the rental market may in fact, suit your basic housing requirements better.

Myth #3 – “The market is starting to heat up!” (For buyers, this never seems to change.)

OK, call me an optimist, but I do believe the market is heating up. Based on the heavy (and I do mean HEAVY) recent activity at Sunday Opens, the incredibly attractive and artificially low interest rates, and the more affordable housing stock currently available, pending sales are UP in the month of August and expected to grow in September as well. Barring any unforeseen circumstances, I believe we can realistically predict a healthy and robust market through Thanksgiving with a seasonal decline through the holidays and then a significant bump come next Spring. Savvy buyers are cognizant that this window of opportunity may be limited. Sellers should take heed as well!

Myth # 4 – “There was another offer that was the same price as yours. The seller wants another round of bids.” (Really? The EXACT same price? How was this house on the market for four months with no sale, and as soon as I bid, another bid appears at the EXACT same price?)

The EXACT same price? Maybe not. So close, they are virtually indistinguishable? That’s a very likely scenario and here’s why. Buyers tend to be conservative until someone else makes the first move. Like the gawky teenager who suddenly becomes incredibly attractive when your best friend start expressing interest (“Jessie’s Girl”) homes that sit for awhile tend to lose their appeal, until another interested buyer steps forward to “claim” the house.

Buyers often need their choices validated by another interested party before they are willing to commit. Once a move is made, any sharp listing agent will immediately contact those prospective buyers on the fence and leverage the first offer. (Don’t get upset, that’s part of our fiscal duties and why smart sellers hire aggressive agents to begin with!) That’s why you may suddenly have more than one buyer on a house that has sat virtually untouched for months.

And the identical offers? They are just a byproduct of time and market testing. (There’s a learning curve that works to an agent’s advantage the longer a house sits on the market.)

Myth # 5 – “It’s no big deal to … [add another bathroom, add a new floor above, build new stairs to an unfinished basement, replace a garage]. (Um, actually, it is damn expensive, and sometimes impossible!)

Upgrades, remodels and renovations can be a BIG deal. Make sure you read ALL of the disclosures provided and secure your contractual right to inspect the property. Ascertain up front the projected costs of any repairs or changes you are likely to make in the near future and then do the math! Inspections can and often do include engineers, contractors, home inspectors, roofers, arborists, geologists, etc, to help you pencil out these necessary (or unnecessary) expenses – as the case may be. This is especially true for “fixer” properties that may prove more expensive than anticipated. Are you better off buying the less expensive home and adding these upgrades to the cost of the price or are you better served paying the adjusted amount now and getting a house that comes closer to your current needs? Only you can make that decision, but decide with as much information as available in hand!

So there you have it. Thank you Josie for putting into words what so many of our buyers have been silently wondering. I’ll look forward to hearing what others of you have to say.

“Fascinating rythm –
You’ve got me on the go!
Fascinating Rhythm,
I’m all a-quiver. ”

Feel free to visit my website at JulieGardner.com or email me at jgarnder@grubbco.com for more information as well.

Posted by Julie on 2:36 pm — 1 Comment

Wednesday, August 12, 2009

The Piedmont Perspective, Vol 105 – Did You Myth Me? (part two) – August 12, 2009

What’s New?

Yeah! My first sequel! Here come my favorite “BUYING” Real Estate myths (thanks in advance to those of you who sent in ideas)!

MYTH #1* – “Sellers are desperate, I can write my own ticket.”

Not true. Many sellers would like to sell but don’t have to sell or prefer not to sell if the price comes up well short of their expectations. While some sellers really must sell due to lending pressures, death, divorce or job loss/transfer, many other sellers have had fantastic results – even in this more challenging marketplace. Regardless of the circumstances, well-priced homes continue to find a willing and able market.

MYTH #2 – “I can take my time. That house isn’t going anywhere.”

Maybe, maybe not. If the house is overpriced, it probably isn’t going to move quickly but many buyers are taking advantage of historically low interest rates and entry-level opportunities. While you wait, someone else is very likely to capitalize on the chance to buy a home or buy into a neighborhood that was previously unaffordable to them. Go on, make an offer. You have little to lose.

Remember that homes (especially here in Piedmont, Rockridge and Berkeley) are unique commodities. Some of them have never been on the market before and others won’t come back for decades. Some have no parallel; they are truly one-of-a-kind estates. If you LOVE the house and plan on living in it for the next 5-10 years, it doesn’t make much sense to wait – even if you believe prices may continue to correct (they may – or they may not!).

We may bump along in the bottom for the next several years or home prices may turn around rapidly as demand continues to grow and stocks climb. Either way, we won’t know until after the fact. Will you have missed your window of opportunity?

MYTH #3 – “Interest rates will stay low.”

This one is absolutely false! Interest rates are currently artificially low (courtesy of the federal government)specifically to encourage a faster recovery and it’s working – sales are up)! If you wait for a property to reduce in price, but the interest rate jumps up just .05% during that time frame, you are very likely to experience a net loss!

MYTH #4 – “Everybody’s in my shoes. I’ll write a “contingent offer” when I find a home I like and then sell my home after I am in contract.”

OK, but you will be in competition with those that have already sold their homes. Many people are selling their current residence first so that they have a clear idea of what they can afford on the “buy” side. Those that choose to identify their next home before selling, have a much tougher hill to climb. Conversely, those that have sold or are in contract on their current residence are clear for takeoff!

The contingent purchase” continues to be the weakest offer on the table and generally, last in line (although admittedly, a more frequent part of the landscape). If you employ this strategy, make sure your current home is ready to place on the market immediately and price it aggressively. Sellers who agree to “contingent offers” will have limited patience and expect to see quick results!

Myth #5 – I’ll buy a foreclosure and get a cheap deal.”

There are a couple of problems with this line of thinking. First, foreclosures (or REO’s as they are known in real estate lingo) are few and far between here in Piedmont, Montclair, Rockridge and Berkeley. (Now if you want to move to Stockton, Antioch or Modesto, you’ll have plenty of inventory from which to choose).

Neighborhoods in Oakland where foreclosures are more prevalent, greatly reduce the value of the surrounding homes and bring neighborhood values down as a whole. These communites will have a slower recovery and may not be where you ultimately want to hang your hat. (However, there may be great investment opportunities in some of these neighborhoods if you have cash resources.)

Second, buyers in the foreclosure market are generally heavy hitters. These ALL CASH buyers can be stiff competition! Don’t get discouraged just yet – these professional investors tend to offer wholesale value, so if you find a REO that meets your needs (it could happen if you are exceedingly vigilant and very, very lucky!) you will likely outbid the professional investor. Make sure you have a dependable loan and a decent down payment on your side to offset the all cash offer he is likely to present.

Myth #6 – “What do I have to lose by bidding low? The seller can counter the offer.”

Warning Will Robinson!!!:You stand to lose the house!
Holding back is a reasonable strategy IF your offer is countered, but don’t count on it. I worked with a seller recently who received three offers on his home and took the highest one on the spot. When the buyer in second position found out, she was devastated and phoned to say, “I could have (and would have) gone higher, if I’d known. I assumed the seller would counter.” You know what they say about assumptions . . .

Assume nothing when it comes to the house you desire and always put your best foot forward - especially in a multiple offer scenario. It is very likely you won’t get a second chance to improve your offer.

Myth #7 – “I’m looking for the perfect house!”

(This one was sent to me by my good friend Jan, and it will always be my favorite.) Listen up! Perfection doesn’t exist - in a home, in a mate, in life. If “perfection” were the standard we lived our lives by, none of us would ever get into a bathing suit, let alone purchase a home!

Find a home that meets the majority of your needs and be prepared to compromise on the rest. Decide what’s “non-negotiable” (for some of you that’s location, for others, it’s a back yard) The point is that some items on your “wish list” are less important than other items. Clients I recently worked with were certain they wanted a house in the Wildwood School District until they found a wonderful home in the center of town (and no, it wasn’t “perfect”). Be open to possibilities and be prepared to adjust. (This is true for ALL price points!)

Besides, perfection is boring – just ask my husband – whom I’m sure would never have asked me to marry him if perfection had topped his list! Sometimes it’s the imperfections that we really grow to love (at least I hope so).

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

Posted by Julie on 3:49 pm — 1 Comment

Tuesday, August 4, 2009

The Piedmont Perspective, Vol 103 – Did You Myth Me? August 4, 2009

What’s New?

Whenever I take a break from writing, I really miss hearing from all of you so I am pleased when you write to tell me that you missed me as well. Or to quote one as my youngest fans(he’s only two-and-a-half!) “Juie, I mythed you.” Which got me to thinking about some of my favorite Real Estate myths -(I’ll limit these to “selling myths” this week and share “buying myths” with you next week.)

MYTH #1 – “It only takes one buyer!” I often hear this phrase from hopeful sellers, prior to placing their home on the market (usually for more than the listing price I have suggested). Yes, it’s true – it does only take one buyer to sell a home – however, it takes two buyers to get your list price and it takes three to get above it. In today’s marketplace, it often takes many more than that. (Conversely, if you haven’t received a full price offer within the first two weeks, you aren’t likely to get it.)

Even with multiple offers, your home still may not go above asking in this much more conservative marketplace. Recently, a Mid-Century listing with bay view, sold well below asking, even though it had received several well-intentioned offers on its predetermined date, closing for more than $150,000 under its retail price (not an infrequent scenario these days)!

What happened there? Well, the market clearly disapproved of the price, judged it too high and came in with a more appropriate estimation of the home’s true market value. (Remember, the value of your home is what a willing and able buyer will pay for it in any given market.) If three or four offers come in well below asking, it’s time to adjust your expectations. Your home just found its real “market” value. (Don’t forget that there is a difference between “intrinsic” value and “market” value.)

MYTH #2 – “That’s only the first offer, I’m sure the second will come in higher.” Not usually. While there are a few bargain shoppers out there who make a habit of throwing lowball and unrealistic offers at every home that strikes their fancy, the adage that “the first offer is usually the best,” is as true now as it has ever been.

The first buyer does typically represents the most willing, enthusiastic, and motivated buyer and is usually willing to pay the most for your home. While you may get lucky with a second or even a third offer, counting on “luck” to achieve a higher end result is not the wisest strategy. Too often the story becomes “Did you hear that the offer they finally accepted was far less than their first offer?” Think long and hard before sending away your first buyer and avoid becoming a cautionary tale!

MYTH #3 – “I’ll take it off the market and get more next year when the market recovers.” Maybe, maybe not. No one can predict where the market will be next year. Market indicators suggest a 3 – 5 year recovery at best. You could find yourself netting far less.

MYTH #4 – “My home is worth more than my neighbors’ home.” Unless it is substantially larger, recently remodeled, or very well-appointed, it probably isn’t. Taste is largely subjective. What you view as special, may have little or NO value to someone else. Even if it is “more special,” your neighbor’s sale two doors down, just set the new comparable for the block - and that’s what today’s appraiser is basing his/her offer upon.

(Sales that were previously private, are all part of the public record and are easily obtained via the Internet. Everyone knows what you paid and how long ago, what permits you took out and what work was accomplished. Buyers begin to do the math . . . While it shouldn’t be relevant, it often comes into play.)

Myth #5 (and my current favorite) “Nobody’s showing any interest, so we don’t want to lower the price.” Huh? No one’s showing any interest BECAUSE the price is too high. Here the sellers are making the assumption that some other unidentifiable reason is keeping buyers away. Let me assure you that EVERYTHING will sell at the right price – everything! List price is always relevant.

The constant with each of these myths is “ego.” I’m reminded of the line from the Lord’s Prayer (Don’t laugh, I’ve been known to pray) ” . . . lead us not into tempataion, but deliver us from evil. . .” With respect to Real Estate, the line should say “. . . deliver us from ego . . .”

Here’s the skinny, more deals fall apart due to ego than to market conditions (this may be true in marriage as well). Check your ego at the door and you are bound to consummate a good deal!

Look for my favorite “buying” myths next week in Part Two of Did You Myth Me? – and send me yours as well. I’m counting on hearing from you!

(Feel free to visit my website at JulieGardner.com for more information as well.
Real Estate License #R01431765)

Posted by Julie on 1:53 pm — Leave a Comment

Thursday, July 30, 2009

The Piedmont Perspective, Vol 102, Wag Your Tail!

What’s New?

My dog, Buck, never gives up. No matter where we walk, he will vigorously hunt until he finds his prize: a castoff ball of some sort (lacrosse, tennis – he’s not particulary discriminating – the older the better) which he then proudly places at my feet. Big dog smile and tail wagging rapidly, he knows that even if I ignore him at first, I will eventually give in and toss him the ball. Together, we will engage in a prolonged game of fetch and he will be happily rewarded for his unyielding tenacity (not unlike many buyers). Buck is the ultimate optimist!

And so am I when it comes to real estate. (No, I don’t hunt for old tennis balls or chase after them for that matter). Sure, I read the papers, listen to the news reports and gather all of the relevant statistics I can with respect to our specific marketplace (I too, can be obsessive) so there’s no denying that home prices have softened and that overall, sales are down.

Still, I remain optimistic as to our future. Why? Because the dream of home ownership is very much alive and well. Yes, buyers are more discriminating than they used to be and certainly, they are purchasing more conservatively, but buyers are also undeniably and intimately engaged in the process: often times, asking me about a new listing even before I have had a chance to alert them to it.

They are keenly interested in what is selling and for how much, they anticipate every beat and nuance of the market and they collect sales information as eagerly as my dog collects used tennis balls! Like all good detectives (or an excited Black Lab) these buyers are constantly tracking each and every opportunity that presents itself.

In many cases, their tenacity is paying off. Buyers who are stepping in to take advantage of this more conservative marketplace, are often times, securing homes that were previously unaffordable and unattainable just a few short years ago. (This is true for every segment of the marketplace from budget foreclosures to three-million dollar estates!) With a relative market in hand, they realize their upside often offsets any down side.

So if you find yourself increasingly attracted to the marketplace at this time, you are in very good company. There are wonderful opportunities to be had in nearly every community and at every price point.

So wag your tail, jump for joy and get excited. It’s ok to be optimistic! (just don’t run into the street!)

Feel free to visit my website at JulieGardner.com for more information as well.
Real Estate License #R01431765

Posted by Julie on 2:23 pm — Leave a Comment

« Older Entries

Julie Gardner (DRE# 01431765) is a Piedmont, California Realtor affiliated with The Grubb Company. Julie is a member of The Oakland Board of Realtors, The California Association of Realtors, The National Association of Realtors and she is a designated "Luxury Home Specialist." She offers personal attention, care, answers, vision, and experience to motivated buyers and sellers who thrive in a collaborative relationship. Her weekly newsletter, "The Piedmont Perspective," has earned rave reviews with its friendly flair and high-quality information about the Piedmont real estate market. Call Julie today at (510) 326-0840 if you are considering moving to Piedmont or any other city in the East Bay.