East Bay Real Estate

There are pockets of the East Bay that are a problem but the Tri-Valley is the “star”!
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All we hear is “blood & guts” from the media regarding the real estate markets. Foreclosures, pricing falling like rocks with no end in sight, and the economy in turmoil. Remember that “if it bleeds it reads”. What the consumer does not ever hear is that all real estate markets are “local”, they are not “national”! So, let’s look at the Bay Area’s East Bay’s real estate markets.I am not saying that everything is all roses in the East Bay. There are lives that are being ruined in the East County of Contra Costa – from Bay Point to Oakley. However, if you look at the Pleasanton to Orinda corridor you will discover a very healthy micro-economy compared to anything you are hearing about the national real estate market. This is not to say that there aren’t some price corrections happening today with the BIG run-up in home prices during the past five years. But, a disaster is not happening in real estate in this portion of the East Bay. Maybe in the past two years there has been up to a 15% price adjustment in the Pleasanton to Orinda corridor, but the pricing is impacted even by the neighborhoods in this corridor – even more mini-micro in this market.
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If you look at what region of the nine Bay Area counties have been fueling the it’s economy it has been the East Bay – at one point even more than all of the other regions combined! Our region has added as many new jobs in the past six years as all of the eight other Bay Area counties combined. The diversity of the corporations based in the East Bay has helped insulate our region from most of the effects of the past market down turns in other regions. We expect that to hold true all the way through 2008.
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“Days on the market” is one of the measures of a Buyer and Seller’s market. From Pleasanton to Orinda it varies from five months to ten months. There are parts of the Bay Area where there are 30+ months of inventory on the market! Yikes! A Buyer’s market is typically defined when there are four or more months on the market. So, we can all agree it is a Buyer’s market. But, when is a home is priced appropriately for the neighborhood, it is in turn key condition, it’s location is excellent, it will sell faster than the typical market time. ( We listing a home two weeks ago in Danville with all of these conditions in perfect order and it sold in two days for full price.)
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Obviously, Buyers have much more inventory to choose from today, so Sellers need to remember that Buyers are not using much imagination when they are previewing a home. They want to walk in, empty their moving boxes and start living. Mortgage money has gone up in price the last few month, but there are still some very attractive plans for Buyers that are allowing them to make the home purchases they want. Plus, mortgage rates are still the lowest in the last 20 years!
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So, as consumers are continuing to read the newspapers, we as Realtors – “the local economists”, need to be providing them with the local information about the real estate markets they are considering. It is and always will be a local real estate market, not a national one. Contact me if you would like the detailed real estate information about your specific neighborhood. I am standing ready to serve you! Until next time…

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What does it take to create a memorable moment for the world we touch each day?
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I was minding my own business yesterday, waiting in line for a sandwich at my favorite deli at Lunardi’s Market in Danville. Pamela, one of the ladies that always is smiling and engaging, welcomed me back to the deli since I had been gone all last week at the VICL Boat Show in St. Thomas. After she made my sandwich she said she had something for me and asked me to wait just a moment. She went in the back of the store and came out with a DVD of the movie “Pay It Forward”. She asked that I watch the movie and return it to her the next time I came in for a sandwich. I thanked her for her thoughtfulness, and let her know I had already seen the movie. She asked me to please watch it again. It took the DVD from her and promised to return it.

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So, I walked to the check out counter and Denise was there to ring me up. I fumbled around in my pockets and realized I had forgotten to put my wallet and money in my pants when I left the house. I embarrassingly let Denise know I had no money, but I told her I would go back home and get some cash if she would just keep the sandwich at her check out stand until I returned. She said, “No problem. I will pay for your sandwich today. Next time you’re in the store just pay me back.” I was blown over by her random act of kindness. I hurried home and then went right back to Lunardi’s to repay Denise.

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It takes so little to create an unforgettable moment for our customers – whether they are real estate clients, or just one of the retail stores or service providers in the Bay Area. ( Just so you know, I have similar customer service experiences all the time in the Bay Area. Maybe that is one of the reasons I love living here. The Bay Area quality of life is amazing.) My question for you today is, what are you doing to create unforgettable memories each day for the world in which you live? Please rent “Pay It Forward” and watch it. Also, click on “Johnny’s Story” right now in order to see “service above self” in action. Take a moment and send me some of your extraordinary customer service stories. I would love to here about them.

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