The Pacific Union Blog unleashed it’s April update on Monday. There were quite a few interesting tidbits that came out of April, namely the median price for a single family home in San Francisco breached $1M for the first time in 5 years last month. Also of note, and of particular interest to those of us working on this side of the tunnel: The “Month’s Supply of Inventory” (or MSI) remained low at 1.1 months. This means that we continue to be in a seller’s market. According to our Pacific Union Blog, any MSI under 4 constitutes a seller’s market.
Pacific Union has some great information on its Real Estate Roundup blog this week. According to the Wall Street Journal, home prices are expected to rise 10% in the next year. This is great news and continued evidence of a strong housing rebound.
Even better news is that the foreclosure rate is going down. According to DQNews, foreclosures in California are at their lowest since 2005. This is good news not only for the housing industry in general, but for stressed homeowners as well.
For more of the real estate roundup, check out PU’s blog: http://bit.ly/10ZkVad
New to the market, 31 Vista del Orinda in Orinda, CA.
Exclusively offered at $795,000
Two in One! Two secluded parcels being sold together to create endless possibilities. Lush setting with filtered eastern facing views on 2.27± acres. Large FLAT areas allow for dream home, play yard, horses and great gardens. Rural and private yet close to great Orinda schools, Orinda Village and Highway 24.
Christie's Great Estates, Contra Costa County, Contra Costa County Real Estate, Lamorinda, Lamorinda Real Estate, Luxury Real Estate, Market Update, Pacific Union International, Quarterly Report, Real Estate
As we rush headlong into the holidays, let’s take a quick look back at the 3rd quarter with Pac Union’s release of it’s quarterly report. At first glance, all looks rosy for the housing market, with housing prices continuing to trend up throughout the Bay Area. In particular, in Lamorinda, housing prices were up last quarter. With the Fed agreeing to purchase mortgage-backed securities (up to $40 billion per month), it looks like mortgage rates will continue to drop, helping to boost home prices at the same time.
In Contra Costa County, we’ve noticed that there is a return of the bidding war for reasonably priced properties. It appears as though we will see a small spike in properties coming onto the market in the beginning of this quarter, and then the traditional holiday slowdown. For the complete report, click here.
Check out my newest listing, 1900 Las Trampas Rd in Alamo. On the west side, this 21+/- acre estate is surrounded by over 90 acres of dedicated open space. There are expansive views of Mt. Diablo and the Las Trampas Hills. Located on the trail head to thousands of acres of parkland, the property is still close to downtown Alamo shops and dining and easy access to I680 and Highway 24.
There is flexibility to create a compound with tennis courts, vineyards, gardens, equestrian center, guest houses and staff quarters. Or, because the estate is an assemblage of 4 legal lots (tentative map approved for 9 lots with conditions), you may use some of the land and sell off the rest. South facing slopes and a Mediterranean climate make the property ideal for a vineyard and landscape.
There is an existing 300+/- sq. ft. Sea Ranch style home on the property with 4 bedrooms, 3 bathrooms, and office loft. The 1000+/- sq.ft. deck off the kitchen and living room takes full advantage of the secluded and tranquil setting, perfect for watching spectacular moon rises.
Contact me for more information about the property, or visit the website: www.1900lastrampasrd.com for photos.