Deadrich Real Estate

Fall Back!

2010-11-05T16:32:00.001-07:00

It's that time of year again!!

This Sunday it's time to set the clocks back an hour @ 2am. It's also a good time to change the batteries in the smoke detectors (and carbon monoxide detectors), change the filter in the furnace and check the gauge and expiration date of fire extinguishers.

Open Today! 2-4pm!

2010-09-19T09:18:00.000-07:00

Two great homes in Estudillo Estates open today from 2-4!

949 Bridge Road - new to the market and first time open to the public - a Mediterranean style home with beautiful architecture inside! Three or four bedrooms, two baths, formal living and dining rooms with hardwood floors, granite kitchen with breakfast room, rec room, inside laundry room, quaint backyard and detached two car garage.

Also open today 880 Estudillo, another darling Mediterranean style home in Estudillo Estates. Two bedrooms, one bath, original kitchen in great condition, breakfast room, formal living and dining rooms with hardwood floors under carpets, rec room and detached one car garage. A great find for under $400,000.

Now is a GREAT time to buy so take advantage of low rates and low prices. Come see these great homes and make your best offer - make one of these your home today!

New on the Market!

2010-08-14T12:50:00.000-07:00

NOT a short sale!! NOT an REO!!!

Charming original mediterranean style home in coveted Estudillo Estates! Two or three bedroom home with one full bath, formal living and dining rooms, cozy kitchen with breakfast room and a park-like backyard.

Will be open Sunday 8/15/10 from 2-4.

880 Estudillo Avenue, San Leandro

Pawathon 2010!

2010-06-10T10:02:00.000-07:00

Deadrich Real Estate is a proud sponsor of the 2010 PAW-A-THON, Saturday June 26, 2010 at the San Leandro Marina. Our Client Satisfaction Specialists, Fuego & Rumba, are actively seeking sponsors and/or walkers for this fun event. You can join Team Fuego & Rumba and come walk with us on the 26th, or you can sponsor them to walk. To join us in the walk, to sponsor them or for more information, just email us at Since1923@Deadrich.com or call Melissa, the Team Fuego & Rumba's organizer, at 510-759-1111.

Fuego & Rumba, Client Satisfaction Specialists

We would LOVE to have you join us and appreciate any support you can give us!
For more information online, you can go directly to the PAW-A-THON site at

http://www.fourpawssociety.org/PAWATHON.html

or you can learn more about Fuego & Rumba's involvement in this and other activities at

http://web.me.com/melissadeadrich/Rumba_y_Fuego!/Pawathon_2010/Pawathon_2010.html

Thanks in advance!

Fuego & Rumba

New Tax Credits Available for May 2010!

2010-03-31T11:39:00.001-07:00

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

SOLD! 249 Durant Ave., San Leandro

2010-03-01T15:30:00.000-08:00

Super cute home! Two or three bedrooms, hardwood floors, formal living and dining rooms, kitchen with breakfast room, large yard with fruit trees and vegetables, two car detached garage with workshop. Close to shopping and near downtown and transportation. Asking $349,000 (and NOT a short sale or an REO). SOLD FOR $350,000!

Credit Card Changes - Watch Your Statement

2010-02-23T12:03:00.000-08:00

The Credit Card Accountability Responsibility and Disclosure Act was signed into law and the bulk of the reforms took effect yesterday, 02/22. The credit cards companies are making changes to terms of agreements which will bolster their profitability over time. It is critical to watch your statements - check the interest rate and late fee terms. Have they gone up? If not yet, they most likely will. So read your statement carefully, double check your mail for new or changed agreement terms, and set up your card for automatic payments so you don't get charged late fees. For more information, read the article in the link.

New LOW price on darling studio rental!

2010-02-22T11:46:00.000-08:00

Just reduced!! This darling studio cottage, with a Tahoe-feel, is now just $550/month. New carpets, new appliances, and ready for a new tenant. Call today or email for more information, or to apply! Better hurry though, because at this price, this unit is bound to rent fast!

Call for more information: 510-632-1234 (ask for Melissa or press extension 2)
Email for more information: Since1923@Deadrich.com

HUD Extends Comment Period for Proposed SAFE Act Rules

2010-02-17T14:33:00.000-08:00

Assistant Secretary for Housing David H. Stevens announced yesterday that HUD is extending the public comment period on its proposed rule on the Secure and Fair Enforcement Mortgage Licensing Act (SAFE) Act to March 5, 2010. HUD’s SAFE Actproposed rule published in the Federal Register on December 15, 2009, and the public comment period was originally scheduled to close on February 16, 2010.
There has been quite a bit of concern brought up regarding HUD’s rule and how it will impact seller financing for homes that are not the residence of the seller. Paragraph F of the proposed rule discusses who would not be subject to the licensing requirements. Among other exemptions, HUD specifically indicates that a seller who is financing the sale of his/her own residence would be exempt from licensing requirements. However, HUD’s rule does not provide the same exemption for a property owner who is selling a home that is not the seller’s residence. The rule states:
“The commercial context implied by the taking of an ‘‘application’’ is also absent where an individual seller provides financing to a buyer pursuant to the sale of the seller’s own residence. The frequency with which a particular seller provides financing is so limited that HUD’s view is that Congress did not intend to require such sellers to obtain loan originator licenses. Accordingly, this rule would provide in § 3400.103(e)(5) that such individuals are not subject to State licensing requirements.”
Your NARPM® Governmental Affairs Committee wanted to ensure that you had access to all the pertinent information on this issue. We have provided additional background on the SAFE Act below. If you would like to submit a comment on HUD’s proposed rule for the SAFE Act, click here to visit regulations.gov. If you, as a property manager, work with any investors, you might consider passing this information on to them for their input as well.
BACKGROUND ON THE SAFE ACT
As published in a December 15th, 2009 press release from HUD, The SAFE Act was enacted into law on July 30, 2008, as part of the Housing and Economic Recovery Act of 2008. It is designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators. SAFE also mandates the creation of a Nationwide Mortgage Licensing System and Registry (NMLSR), and encourages all states to provide for a licensing and regulatory regime for all residential mortgage loan originators. While states are charged with enacting licensing standards that meet the requirements of the SAFE Act, overall responsibility for interpretation, implementation, and compliance rests with HUD. If HUD determines that a state’s licensing standards do not meet the minimum requirements of the Act, it is required to implement and administer a licensing system for that state.
638 Independence Parkway, Suite 100, Chesapeake, VA 23320
P: (800) 782-3452 | F: (866) 466-2776 | info@narpm.org

Fewer Homeowners See Home Values Falling...

2010-02-11T21:25:00.000-08:00

A recent report shows that one in five U.S. homeowners owed more on their mortgage than their home was worth in the fourth quarter; however, California’s housing market is bucking the national trend and is telling a different story.

KEEP THIS IN MIND

• Although the report by Zillow.com claims that the percentage of American single-family homes with mortgages in negative equity rose in the fourth quarter, the report does not account for seasonal changes. The traditional home-buying season is April through August. Historically, this time period also is when median home prices rise. In September, median home prices generally show a declining trend, and remain steady from November through February. The change in the median home price noted by Zillow.com is a typical year-end seasonality adjustment in price.

• Unlike the national median home price, the month-over-month changes in California’s median home price for 2009 were stronger than the long-run average. Low interest rates and tax incentives led to a rise in the demand for housing. As a result, housing inventory was constrained and created upward pressure on home prices.

• California’s housing market has shown signs of stabilization since early last year. Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009. In December, California’s median home price was 25.1 percent above the low for the current cycle.

• In December, the median price of an existing, single-family home rose to $306,820, an 8.4 percent rise year-over-year, the second consecutive year-over-year increase, and the 10th consecutive month- over-month increase, according to C.A.R.’s December sales and price report.

• Although home buyers should not focus solely on future home price appreciation, homeowners who purchase a median-priced house, live in their home for at least five years, and sell it at the then current median price, have averaged an annual rate of return of more than 11 percent, according to data collected by C.A.R. over the last 40 years.

To read the full story, please click here:

http://www.reuters.com/article/idUSTRE61438O20100205

San Leandro City Council Meeting

2010-02-10T17:45:00.000-08:00

Save the Date!

Monday, February 22, 2010 @ 7pm...

Mayor Santos will be presenting the State of the City Address. A good time to hear what is going on in the city...and see what hints we are given about budget and services cuts for the 2010/2011 budget year. This will impact everyone of us who either lives or does business in the city. Hope to see you there!

Open Sunday 12-2

2010-02-04T16:33:00.000-08:00

707 & 709 Peralta Avenue, San Leandro.

First time open to the public! Great property with two homes on one creek-side lot, complete with barn, water tower, and workshop. Come by on Sunday - special SuperBowl timing from 12 to 2pm - and see for yourself!

Questions? Give us a call or email us!

Beware Phoney Cragislist Postings

2010-02-02T10:33:00.000-08:00

Be wary of rental ads on Craigslist when they ask for a deposit first. Many scammers are, and have been, copying ads for properties for sale, and re-posting them as for rent in hopes of getting a deposit from would-be renters. If you suspect this, email the details to abuse@craigslist.org (make sure you include the URL or 10 digit post ID number in your email).

To avoid scammers, some helpful hints include:

1. Deal locally with people you can meet in person;

2. Don't wire funds via Western Union, Money-Gram or any other wire service;

3. Phoney cashiers checks and money orders are common, but you will be held responsible weeks later after the bank cashes them;

4. Never give out financial information;

5. Don't get involved in deals that involve shipping services, and know that only scammers will guarantee your transaction.

Other ways to file a complaint include:

-The FTC @ ftccomplaintassistant.gov or 877-FTC-HELP (877-382-4357)

-Better Business Bureau @ bbb.org or 804-648-0016

-Internet Fraud Complaint Center @ ic3.gov/default.aspx

-The non-emergency number for your police station

Questions? Send us an email or give us a call.

San Leandro Point of Sale Ordinance

2009-12-21T09:27:00.000-08:00

San Leandro to Consider Point-Of-Sale Ordinance: On Monday, Dec. 21, the San Leandro City Council will review a Climate Action Plan. Part of the plan is a recommendation that the city adopt a residential energy conservation ordinance that could require property owners to install energy efficient devices prior to selling or remodeling their homes.

We need your help to convince the San Leandro City Council there are other ways to improve energy efficiency that won't negatively impact homeowners or real estate transactions. If you live or do business in San Leandro, please contact your city council member and explain that the current real estate market can not handle the problems that a point-of-sale requirement would bring to a transaction.

Go to http://www.ci.san-leandro.ca.us/slcitycouncil.html for contact information for the San Leandro City Council.

For more information about the Climate Action Plan and residential energy conservation Ordinance, call or email us.

For more information about this issue or if you want to testify at the city council meeting, please contact David Stark at davids@bayeast.org or (925)730-4068.

Foreclosure sale and eviction suspension

2009-12-18T15:42:00.000-08:00

Just in from CAR Legal!

Fannie Mae and Freddie Mac will suspend foreclosure evictions from December 19, 2009 through January 3, 2010. To help struggling families over the holidays, both owner-occupants and tenants living in properties foreclosed upon by Fannie Mae will not be evicted. Freddie Mac's suspension of evictions will be limited to properties up to four units. Citigroup Inc. will suspend foreclosure sales and evictions for 30 days through January 17, 2010 for loans it owns. Citigroup's foreclosure moratorium, however, does not extend to loans it services on behalf of other investors. Given these developments, other lenders may follow suit, so check with the lender if appropriate.

Fannie Mae's Deed for Lease program

2009-12-09T10:41:00.000-08:00

Fannie Mae announced a new program it has designed to further assist homeowners facing foreclosure. The Deed-for-Lease Program (D4L) allows qualifying homeowners to remain in their homes by signing a lease in connection with voluntarily transferring the property deed back to the lender.

According to a press release from Fannie Mae,

“The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.

To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.

Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.”

To learn more about D4L please visit www.efanniemae.com. There you will find program details, eligibility requirements, and a helpful FAQ document. You may also want to take a look at recent articles from CNNMoney and the Wall Street Journal.

Updated Rental Listings!

2009-08-17T17:26:00.000-07:00

We've updated our rentals list with some new prices (both rent and security deposits), and have some property updates as well. If you or someone you know is looking for a rental, check the web site and call us with any questions, or email us at Since1923@Deadrich.com!

San Leandro Market Update

2009-07-31T13:00:00.000-07:00

As of June 2009, the number of active homes on the market in San Leandro totaled 125 - a 63.9% decline over June 2008 when inventory reached 346. But even that seemingly high number of active homes was below the levels in the early 1990's when nearly 500 homes were active at any given time. (See, it's not really all that bad out there!) The number of pending sales held relatively steady at 74 in June 2009 versus 82 in June 2008 - a marginal 9.8% increase. Combined with the decrease in active properties on the market, this is a good indicator of a stabilizing market. The supply has decreased from 4.5 months of inventory in June 2008 to just 1.4 months in June 2009. The average price has dropped 16.2%, from $419,837 in June 2008 to $351,745 in June 2009.

Spacing Issues

2009-07-31T12:47:00.000-07:00

Do you have an area in your home that you can't seem to figure out what to do with? Don't let it turn into unused space.

If it's a large space, divide it up into smaller "rooms" with each "room" serving a purpose. For example, carve out a library or reading nook, set up a home office in a corner, put together a space for crafts, or even create a small yoga or art studio.

If the room is small, be sure to use furnishings that fit the space. Forget about the overstuffed sofa if only a chair or two will fit. Use round furnishings in hard corners or place plants strategically. To give the illusion of space, use glass tops for tables. Also, curtains that run floor to ceiling create height and flow in small spaces.

Other considerations: paint an "odd" wall a different color, and use it to showcase art or photos; in unusual shaped or sized rooms, an area rug in the center will help draw the eye to the middle of the room, taking the focus off the shape or size of the room.

If you have any questions about what you just read, feel free to email us at Since1923@Deadrich.com.

San Leandro Sales - an Historical Look

2009-07-31T12:40:00.000-07:00

TWhat a change we've seen since 2005! Then, properties barely hit the market before going pending and selling at higher than asking prices. Now, we've been seeing longer times on the market and lower than asking selling prices. Many never thought we'd get there, but here we are. But are we coming out of the doldrums? Quite possibly yes.

As we settle into what appears to be a stabilizing market, let's look at just where and how our market has shifted:

In 2005, arguably the height of the market, San Leandro saw 453 homes close escrow. The largest number of closed sales was in the $500,000 to $599,000 price bracket with 187 closed sales (or 41.2%). The second largest price range was the $400,000 to $499,000 range which saw 113 closings (or 24.9%) . The third most active price range was the $600,000 to $699,000 range where 91 homes closed escrow (or 20%). Just 10.6% (48 homes) of the market was priced between $700,000 and $899,000, less than 2.5% (10 homes) sold below $400,000 and less than 1% (3 closings) were priced over $900,000.

Fast forward to the first half of 2009 - so far we have clocked 395 closed sales. Yes, I typed that in correctly. Remember in 2005 we closed 453? That means that as of the end of June 2009, we are already at 87% of the number of closed sales of 2005, which we've already established was arguably the height of the market. But, the closed sales price picture is even more astounding. Of the 395 closed sales in the first half of 2009, a whopping 74.7% (295 homes) were priced under $400,000. Of those, 37.7% (149 homes) were actually priced UNDER $300,000. That latter figure was unheard of in 2005! Literally nothing sold under $300,000. It simply did not exist. The second largest price range for closed sales in 2009 through June was the $400,000 to $499,000 price range with 14.9% of the closed sales (representing 59 homes). In 2005 that was the second largest price range for closed sales at 24.9%. Just 38 homes (or slightly under 10%) of closed sales fell in the $500,000 to $699,000 price range in the first half of 2009 - compared to a total of 278 closed sales for 61.4% of all closed sales in 2005. Barely worth mentioning are the 3 closed sales (less than 1%) between $700,000 and $999,000.

What does this all mean? Simply this...demand is still strong for housing in San Leandro and the greater Bay Area. Prices have come back to earth, and as long as a property is priced correctly and competively, the buyers are waiting in the wings, not sitting on the fence!

Questions? Want more? Email us at Since1923@deadrich.com

San Leandro Redevelopment Agency Buys Site

2009-07-29T22:26:00.001-07:00

The Agency bought the former Albertsons site for $6,175,000. The 1.7 acres site will be used for temporary parking while they construct the new downtown parking garage. The long term goal for the site is to develop it into mixed-use with retail on the bottom along E. 14th Street and housing above, which complements the City's Trasit Oriented Development Strategy.

Demolition will be complete is July, after which the City will take ownership of the site. The design and specs for the site were presented to the City Council on July 20.

Questions? Want more? Email us at Since1923@deadrich.com