March 13, 2015 American Canyon Update

Inventory throughout the Napa Valley continues to be tight, but there does appear to be some loosening in the market over the last week.  27 homes on tour in Napa on Friday and four new homes on the market in American Canyon.  The median home list price is currently at $504,000 for the city which bodes well for the spring selling season as we start to see more and more homes on the upper end of the American Canyon market start to pop up.

New Homes

• 163 Via Bellagio @ $439,900 – 3 beds, 2 bath, 1849± sf
• 422 Kensington Way @ $469,000 – 4 beds, 3 bath, 2796± sf
• 102 Tapestry Lane @ $535,000 – 4 beds, 3 bath, 2445± sf
• 14 Marcello Ct @ $549,000 – 4 beds, 3 bath, 2864± sf

Open Houses

• 163 Via Bellagio, Sat & Sun, 10am – 2pm
• 422 Kensington Way, Sat & Sun, 10am – 4pm
• 15 Truman Ct, Sat., 12 – 3pm
• 32 Bethany Dr, Sun, 12 – 2pm
• 14 Marcello Ct, Sat. & Sun, 12 – 4:30pm
• 102 Tapestry Ln, Sun, 12 – 4:30pm

Just Solds

• 220 W Carolyn Dr @ $315,000 (represented buyer)
• 210 Knightsbridge Way @ $389,000
• 40 Castellina Cir @ $493,000

Return of the Napa Tour!

It has been back to business as usual this week as agents come out from hibernation otherwise known as the Holidays. It was a robust tour for the first week of January (17 homes!) which is really nice to see.  There was also a diversity in the homes on tour today which is important to see.  Town homes, million dollar estates, and single family residences were all on display today.  There were two homes that really stood out for me today.

First was 9 Huntington Ct, listed by Jill Levy with Heritage Sothebys for $1,395,000.  It’s hard to talk about a million dollar home being undervalued, but it is.  It sits on over 1/2 acre backing up to Browns Valley Road.

With a dramatic entrance (I will be honest, I’m a sucker for columns!) outside and inside, this custom built home is a true masterpiece.  More columns! a vaulted ceiling and French doors with a view to the backyard invite you as you come into the home. It has an inviting, open lay out with room for entertaining, but not so overwhelming that one can’t snuggle up with a good book and feel cozy. It has a gourmet kitchen that looks out into the main living area with ample room for everyone to gather around despite your best intentions.

Kitchen

Backyard

The backyard has its own built in kitchen with multiple water features to help deaden the noise from Browns Valley Road behind (which isn’t all that bad to begin with). There is definitely some unique coloring and wall paper throughout the home, but these shouldn’t be a deterrent at all. It is a great home with a great feel.  If you like entertaining, this is a great buy.

Second was the town home on Cayetano in Oak Creek Village, offered at $515,000 through Mary Trumble with the Wine Country Group Better Homes & Gardens.  I was so taken with this home that I did a quick post on Facebook earlier. This is a 2 bed, 2 bath home, ~1750sf. It has a cute front yard that wraps around to the back.  The back deck that leads to a gate to the community pool. There are, essentially, two master suites – one down stairs and one upstairs. Walk through the bathroom of the master suite to a loft overlooking the entire living area; perfect for an office. It has an updated kitchen and a dining nook.  It feels very private which is a great plus.

Contact me today to take a look at these two properties or to get a list of available properties in the Napa Area: (707) 853-0797

Buyer Optimism at New High

The latest “cool thing” infograph released by CAR shows that 81% of buyers believe housing prices will continue to rise over the next 5 years.

This is virtually double the number in 2011 and shows that confidence in the housing market continues to grow. While much of the data that is being released these days shows something of a schizophrenic market, almost all economists agree that the underpinnings of the current real estate market is strong.  While some areas within the Bay Area are continuing to see price increases  at a stunning pace, much of the rest of the SF Bay Area market has been leveling out, suggesting that we’ve shifted from a seller’s market this past spring to a buyer’s market this fall.

It will be interesting to see how sellers react to a glut of inventory that is just hanging around this fall.  Will they pull their homes and wait for the traditional spring selling season or will they stay active and hope for the best?

1571 Tallac, Napa – Open House, Sunday 10/5 from 11-2

Holding 1571 Tallac St open tomorrow from 11am – 2pm.

Exclusively listed by Stefan Jezycki with Pacific Union and offered at $435,000. 3 bedrooms, 2 baths and approximately 1144 square feet. According to the marketing description, this Bel-Aire home is in move-in condition.  Single level, the kitchen, bedrooms and living rooms have all been freshly painted. Beyond a fresh coat of paint, the kitchen has also been updated with a new gas range and counter tops.

10/2/14 – Napa Tour Update

What a great day for tour, today! For the first time in a while, there were some truly custom built homes.  As a Realtor(R), especially in American Canyon, I get used to seeing cookie cutter homes built and designed by the typical developer.  And while these homes aren’t bad, by any stretch of the imagination, it becomes very easy just to run in, check out the floor plan, nod knowingly and then scoot on to the next home.  Today was definitely not that kind of day.

There were 2 homes on the first half of the tour that really stood out for me.  The first is 1610 El Centro Ave (off of Jefferson).  It’s listed by Brendan Lesti with Windermere Napa Valley Properties and is selling for $729,000.

LR Bar

Master Bedroom

LR Fireplace

These pictures do not do this home justice.  It is a flip. It sold last October for $470,000.  In fact, I remember seeing this home last year and the difference is just stunning. Gone is the dated fireplace, replaced with a new, sleek marble fireplace; the orange shag carpeting has been taken out and replaced with strand bamboo flooring throughout the home. The kitchen has been almost completely redone with quartz counters and a 5 burner commercial refrigerator and a built in wine bar. The home is 4 beds, 4 baths and approximately 2458 square feet on almost 1/5 of an acre. It’s vacant and easy to show.

One of the great things about living in the Napa Valley is the views. This one is taken off the balcony from 170 Canyon Dr in the Silverado Country Club, listed by Teresa Davis with Pacific Union at $3.495M. The house is immaculate and is custom built. You can literally see across the entire Napa Valley. Unfortunately, my phone just can’t quite do it justice.

My last stop on the morning half of the tour was 1061 McKenzie Drive off the Silverado Trail (about 1 block down from First St). Listed by Karen Cherniss & Kim McPherson (more Pacific Union Agents) and offered at $975,000 this is a one-of-a-kind home. This home was on earlier in the spring (with a different brokerage) and brought back by Karen & Kim.  It was a last minute ad-on for me and I am extremely glad that I stopped by.  Unfortunately, I left me phone in the car so no (blurry) pics of this one.  It’s a little over 1 acre and the property goes all the way down to the Napa River.  Short walk to Oxbow (you can see Copia from the deck!) but I felt like I could be out on Big Ranch Road, 20 minutes away from town. This particular home is for a buyer looking for rustic charm while still being close to everything! I’ll be honest, when I walked in I felt like I was back home in UC Berkeley Professor’s home. It’s open this weekend, but is also easy to show.

Happily, the second half of the tour met the high standards that the first half set. 251 Caswall St. is one of those homes that just grows on you. Listed by Rob Pursell with Sothebys and offered at $1,15M. Single story, ranch style home; 3 beds, 2 bath and approx 2602 sf.

The lot is about 1.7 acres with a small “gentleman’s vineyard.” It’s on City Sewer & water which is a huge bonus for these homes on the outskirts.

The last home that I saw this morning was 4036 Browns Valley Rd. Set back from the street, this 5 bed, 3.5 bath, approx 3059 sf home exudes personality. It’s listed by Lauren Nicholsen & Elise Currey with Pacific Union (yep, we had a lot of them on tour today!) and offered at $1.395M. Traditional farm house, it’s the first time that it’s been on the market in about 30 years. The sellers have obvious pride in ownership of their home and upgrades are evident throughout.  They created a large formal dining room to allow them to entertain.  There is color throughout the home but is muted (and enhanced) by the black and white flooring as well as the black and white tiled kitchen. Complete with a large lawn and gated pool, this home is just special.

As always, if you’re interested in this or any other home, give me a call and I’d be happy to set up a showing for you.

Rich Peterson (707.853.0797; lic# 01931815)

Jumbo Borrowers get a “Jumbo” Break

Buried in the news cycle last week was a piece on CNNMoney titled, “For rich people, mortgages are getting cheaper and easier.” Our very own Pacific Union blog picked it up today and I thought that I’d add my own 2 cents (give or take a half pence). According to the article, many individuals who qualify for a jumbo loan are now getting a better rate on their mortgage than the average person. According to the PU blog, in fact, interest rates on jumbo loans have been lower all summer long. For example, last week the average rate on a jumbo loan was 4.30% compared to 4.39% for a 30 year, conventional mortgage. While .09% doesn’t sound like much, when talking about a $625,000 loan, the money ads up quickly.

In addition to this, it appears as though jumbo borrowers are also getting a break on credit scores as well as the amount of money required to put down. Many of these jumbo borrowers are now only required to put 10% down and some aren’t even required to buy private mortgage insurance (or PMI). PMI is put in place to protect banks from loss on high-risk loans. Apparently, if you have enough money, you aren’t high risk. Add to this that the minimum qualifying credit score has dropped from 700 to 650 on these jumbo loans and you have a perfect storm for the more affluent borrowers.

Unfortunately, this has little to no trickle down effect on first time home buyers. Although the minimum credit scores to obtain a loan have eased over the summer, for many people who are saddled with student loan debt, their own home is still out of range.  In addition, many people who have defaulted on or had to short sell their homes during the financial crisis are still forced to sit on the sidelines, waiting for these blemishes to be erased on their credit report. However, with the glut of distressed homes run through the market over the past couple of years, many of these people may now be in a position to come back to the home buying arena.  Perhaps this is why Freddie Mac’s Chief Economist (Frank Nothaft) put out an advisory notice today saying that he expected 2015 to be the best year for home sales since 2007.

42 Hahnemann Ln, Napa – Open Sunday 1-4pm

I will be holding 42 Hahnemann Lane in Napa open this Sunday from 1-4pm. Offered at $788,000.

This is a beautiful 4 bed, 2.5 bath home @ ~approx 2,634 sf. It features a spacious Living Room and Dining Room with Cathedral ceilings, crown molding, surround sound & lots of light! The Great Room features wood floors, crown molding, and fireplace. The kitchen features extra storage space and has a large island with bar seating and opens up to a lovely & inviting backyard with deck and fire pit! The upstairs has an open landing for office potential as well! Desirable North Napa location!

Open House Thursday, 8/21 @ 5:30

I will be holding 3478  Willis Drive open on Thursday, August 21 from 5:30-7pm.

This slideshow requires JavaScript.

It’s listed by Celeste de Tessan with Pacific Union at $245,000.  2 bed, 1.5 bath, ~950sf, it’s a little dated but is in the heart of Bel-Aire, right behind the Queen. Mere blocks from shopping and great restaurants (The Trancas Steak House is almost right across the street!) and easy access to 29. Light refreshments will be served.  Look forward to seeing you all there!

 

 

Aug 4 Weekly RE Roundup

What? Millenials are being shut out of the San Francisco Housing Market??! No kidding…

According to RealtyTrac, San Francisco is the least affordable city for Millenials looking to buy a home.  It’s a good thing that they aren’t looking…oh wait, according to last week’s infograph by CAR, 31% of the Gen Y’ers still think that buying a home is a good investment.  With Alameda County coming in at the 8th least affordable housing market for Millenials where does this leave them? Increasingly, it may put them at odds with investors who are looking for bargains as well as pushing them further out into the suburbs.

Meanwhile, As I snooped around the Pacific Union Blog, it seems that the San Jose Mercury News reported that the sales volume for $1M+ homes is at an all time high.  Over 5,700 homes have sold for over $1M in the second quarter alone…more good news for Millenials.

The National Association of Realtors recently released a study showing that Millenials are increasingly out of the housing market nationwide (not just the SF Bay Area), and have the lowest rate of home ownership in almost 2 decades.  This isn’t exactly bad news, however.  According to the study’s summary:

The strange pattern of more homeowners but a falling homeownership rate…will continue for the next 2 years…because household formation of young adults who had been living with their parents will seek out their own housing with an improving economy, first as renters before the shift to homeowners.

So then perhaps not all doom and gloom for the millenials after all. They’re graduating, living with their parents until they pay down some of their debt, moving out on their own and then making a responsible decision to purchase a home once they can afford it.  So perhaps the real reason we’re seeing the lowest rate of homeownership among Millenials in a generation has less to do with homes being unaffordable and more to do with making sure that they’re solvent before purchasing a home.  This sounds – to me – that perhaps they are taking some sound financial advice rather than that the sky is falling because they are being prudent.  Just a thought.

 

Napa Brokers Tour 7/31/14

I have to admit, I have a pretty great vocation: Not only do I help build communities by helping people purchase their (for right now) dream homes, at least twice a week I get to run around and look at other people’s homes, architecture, design styles, etc.  It’s a pretty unique situation and I feel pretty lucky that I get to be a Realtor for a living.  Days like today, where it’s bright and sunny in Napa and not (yet) too hot make Brokers Tours a highlight of the week. And then!! when I have the opportunity to see a few special homes on top of it, it makes it even better.

It’s not entirely fair to say that a $2.145M custom-built home nestled within Browns Valley is the home of the tour, but it was.  19 Huntington Ct is listed by Stefan Jezycki with Pacific Union and is a 4 bedrooms, 4.5 baths, ~5700sf; a creek runs through the back yard.  My hope for the general public is that there is an open house slated for the weekend of August/9-10 because it is worth seeing. First showings are on August 4th with 24 hour notice.

There are a couple of other gems that I found along the way today.  The first home that I think is absolutely great is 755 Joseph Ct, about 1.5 blocks from Pueblo and literally across a cul-de-sac from O’Brien Park and McPherson Elementary School. Just an absolutely wonderful location. This home is also exclusively listed by Stefan and is offered at $514,900; 4 beds, 2.5 baths and ~2000SF, it shows much, much better than the pix.  

 

I’m not always a fan of the split level homes, but for whatever reason this one really works for me.  Hardwood floor throughout the entry way, main living area and kitchen provide a polished and updated look. Stepping down, there is a separate family area with fireplace and a sliding glass door that opens out into the backyard. There is a medium-sized patio with arbor; the backyard has recently been landscaped using a black tanbark & mulch mixture with a mind to the current drought, but also making perfect soil in case someone wishes to re-sod it. It’s open on Sunday from 1:30 – 3:30pm; it’s also easy to show, contact me to make arrangements to view it.

My other favorite home today was 71 Homewood, exclusively listed by Tracy Warr and offered at $350,000. Wonderful 2 bed, 2 bath home, ~900SF. This home was bought as an REO in 2009 and the current owners did a remarkable and loving job of updating this home. 

Hardwood floors throughout the primary living area gives an elegant touch. Black tile in the kitchen gives it a contemporary feel while the white cabinets provide a rustic counterpoint that I think works very well. Huge backyard with room for a pool, lawn and a standing hammock. This would be a great starter home for a young couple or family. 1 hour notice to show, the home is not currently scheduled to be open this weekend (although that could change); they’re taking offers on Wednesday 8/6 @ 5pm so take some time to get over there.

Contact me for any of your real estate needs: 707.853.0797 or richard.peterson@pacunion.com