East Bay Real Estate

After 20+ years of planning and speed bumps, the long awaited San Ramon City Center project has begun!

The new San Ramon City Center Project is now launched! You can tell by the challenging traffic that is being created on Bollinger Canyon Road with the reconfiguration of the lanes between Alcosta and the 680 freeway. The project will feature a new City Hall and Library, world class retail and entertainment centers, along with residential loft living and commercial office spaces. And, it is expected to be completed by 2010! Sunset Development will be the partner with San Ramon in the build out of this world class city center.

City Manager Herb Moniz said, “The City Center has been a dream for more than 20 years and dates back to San Ramon’s incorporation in 1983. The Mayor and City Counsil are very excited about the prospects of creating a City Center that meets our economic development goals, and provides a gather place for all of the residents of the San Ramon Valley.”

The new Plaza District at the San Ramon City Center celebrates the sophisticated urban life of the Bay Area’s contemporary lifestyle. The Plaza District is intended to be the shopping and dining destination of the East Bay. It is to framed with distinctive retail stores, outdoor cafes, and restaurants presenting inventive cuisine and GREAT wines – for thirst is a dangerous thing. There is also planned a 5-star hotel, and a six screen arts cinema. The breakfast club, lunchtime crowds, and patrons of the wine, and the after theatre diners will all find the perfect table in the Plaza District! ( I have also heard on “the street” that there is even going to be an outdoor ice skating rink as part of the Plaza District.)

The City Hall will be located on the southwest corner of the intersection of Bollinger Canyon Road and Camino Ramon. There will be a dramatic fountain as part of the design which will create a welcoming and inviting environment for the community. The very large landscaped open space will create the space to enjoy public events, and outdoor and literary events associated with the Library. They have even designed a transit center as part of the entire project in order to create public access from all over the East Bay.

There have two very key people that have been the vision keepers of this project over the last several years – Mayor Abrams, and Alex Mehran – President of Sunset Development. My editorial comment is that these two visionaries have pulled this project through a variety of minefields over the past years and have finally delivered a City Center plan that will be the envy of the Bay Area. One of the immediate tangible impacts on San Ramon and the surrounding communities will be an increase in property values, especially the homes that are closest to the new center of the San Ramon Valley. This is a win/win project for the East Bay, and one that I have been waiting years for. As always, there may be some that have a different opinion and I welcome any of your comments. Until next time…your East Bay real estate detective is on duty!

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With 1,100+ members from 60 countries, this is the organization to find and market your East Bay luxury properties!

Last week at the Grand Del Mar in San Diego, California, the Who’s Who In Luxury Real Estate produced their Spring Conference where they highlighted the latest technology to be used by both the Broker/Realtors and the consumers in luxury real estate markets.  Jim Walberg and Ann Marie Nugent were part of this exclusive group of 240 participants from all over the world sharing their best practices in serving the needs of their luxury propety clientele. One of the important breakout sessions I attended was facilitated by Pat Hoferkamp - President of Burgdorff Realtors headquartered in New Jersey.  She presented the mission / vision of her company and reviewed the best practices they use in creating a luxury experience for both their Realtors and their customers.  It was worth every moment of the session. An added feature of the conference was having Ben Stein as the keynote speaker on Thursday night. ( You know, the world famous writer, director, and actor.  His comments about the importance of owning real estate was actually compelling to the point of him getting a standing ovation.  In addition, he was darn funny.)

Who’s Who In Luxury Real Estate was founded by John Brian Losh almost 20 years ago.  He had a vision of gathering the best Broker / Realtors in the world into one organization in order to create a synergy in the luxury real estate markets worldwide.  Each selected member has been recognized as a leader in the marketing of distinctive and luxury properties, committed to high performance, professionalism and quality service.  The members are truly the “Who’s Who In Luxury Real Estate!  Not only has Mr. Losh succeeded, but today it is the dominant luxury real estate network in the world!

Mr. Losh commented, “As I interview brokers and work with organizations through my consulting services, I continue to be profoundly impressed by the quality and integrity of the people represented in Luxury Real Estate. I am pleased to see a steady increase in the use of our logo in print advertising, and our 50% growth over the past year. Each year we set high goals and work diligently to improve the network in every way.  I am confident that doing business with any one of our Broker/Realtors would be a delightful and rewarding experience.”

He also said, “Each year I travel to all sections of the United States; the villages of New England, the resorts and cities of the East Coast, the great state of Texas and the Gulf, the deserts of the Southwest, the grandeur of the Rockies and America’s heartland, and this year to Europe and Asia. As a result of this effort, we have added many excellent firms from all over the world.”

By the way, the Grand Del Mar has created a breathtaking resort!  It is San Diego’s newest 5- star resort destination. From its Tom Fazio-designed golf course and The Villas, to a luxurious spa and award-winning dining, The Grand Del Mar delivers a world-class resort experience.  This is a must resort for those seeking the BEST level of service and amenities I have found in California.  I promise you will be hearing more about the developments of the Luxury Real Estate’s world wide expansion of members and luxury property opportunities. We were honored to be invited into this exclusive organization last year  Until then…

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East Bay real estate prices are NOT being helped by new home developers “dumping” their unsold homes!

The East Bay real estate markets continue to feel the impact of the price corrections, and the credit meltdown that have occurred. However, there is another BIG factor effecting real esate prices, too - new home developers “dumping” their unsold inventory.  We just assisted a family in the sale of their San Ramon home that was only two years old - 3-bedroom, 2-bath, 1,600 square feet, 2-car garage, and on a 3,500 square foot lot.  They needed a larger home because of their growing family and they wanted to stay in the community because of the great school district.  They sold the home for a fair price and came out with some profit from when they purchased it. It was in a great location in San Ramon and in walking distance from two great schools.  We began their home search two weeks before the close of escrow on thier San Ramon home.  As part of the home search process we suggested they check out several of the new home develops as options. What an education we all received! (Remember, in order to get the benefit from us regarding negotiating with a New Home builder, you need us to go with you to the new home develop and register you in during your FIRST visit. If that does not occur you will be on your own, and the commission paid to us by the new home developer is not refunded to you.  That increases their net profit and they love it when a Realtor is not representing you!)

The home they sold was built by Linnar Homes.  They learned if they purchased their next home from Linar’s new home division they might qualify for some incentives. That was an understatement. They just completed their purchase contract on a new home built by Linnar Homes in San Ramon.  Here is the summary of what we were able to negotiate.

• Price: only $140,000 higher than the sale of their present home - $785,000!  Two months ago this same home was listed for over $1,000,000 with Linar!!!
• 3,300 square feet, 4-bedrooms plus a den, 3-baths on a 9,000 square foot lot, plus a 3-car garage!
• Located in an upscale community in Danville!

This transaction just changed all the comparable sales within that neighborhood - dropping home values of those that purchased at the original price by over 20%!  This is now the new comparable price that appraisers will be using when confirming sales prices of homes for the mortgage company.  So, are you starting to understand the impact of new home developers “dumping” their unsold inventory on the price of your home?

Another example is happening in Dublin right now.  Greenbrier Homes has a small new home development that they have been selling new homes in for several years.  We have a listing in this small little subdivision built along an open space trail system along a creek.  It is beautiful.  Our clients bought their new home one year ago.  It is the best floor plan, they purchased the upgrades that were offered in order to make it even more sellable, and it is a corner lot facing the creek.  The home is listed for $749,000 and it is beautiful.  Greenbrier Homes has one last new home to sell.  It is the same floor plan as our listing, and it has all of the comparable upgrades.  Last week Greenbrier announced they were selling it for $649,000!  Our clients just took their home off the market and have concluded that they will not be able to sell it for a year or more because of the new comparable sale this event will create.  Business is business.  Any developer can sell their new homes for any price they want to.  My comments are meant to have you understand an additional factor that is having an effect on the prices of some of the communities in the East Bay.  Do you have any similar experiences you want to share?  Let me know…leave a comment below!

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The 18^th Annual Blackhawk Film Festival is May 15^th!  Don’t miss it!

For the last 18 years the Danville/Sycamore Valley Rotary Club has hosted the Blackhawk Food, Wine, & Film Festival at the Blackhawk Car Museum. This is THE social event of the year that has raised over $500,000 to support the needs of East Bay community service needs. And, Realtor, Jim Walberg, plus many other Realtors have supported this important event. The format is elegant, from walking up the steps to the Blackhawk Car Museum to entering the front door and stepping into a gourmet lovers delight.  There are only 900 tickets available each year, and it is always a sellout!  The donation for an entry pass is $50 this year and it is THE bargain for these types of East Bay social events.

The event always has a movie theme and this year it is Marilyn Monroe!  So, you will be watching some of the classic Monroe movies ever made. Before the movies begin there is a two+ hour food and wine reception in the Blackhawk Car Museum. Not only will you be previewing one of the most extensive classic car collection in the world, but there will be 30+ East Bay restaurants, plus over 25 wineries from Northern California pouring their best wines - such as Bodegas Aguirre Winery from Livermore Valley.  It is a time for the culinary and wine communities to show off their “stuff”…and they have dazzled the guests each of the past 18 years.

Rotary International focuses on serving the needs of local communities and the world. They took on the project of eliminating polio in the world in 1985 and completed this daunting project by 2007! Each of the local Rotary Clubs focus on their local community service needs and the Danville/Sycamore Rotary Club has done such an outstanding job that they received the community service award from The Town Of Danville for several years since they were chartered in 1989.

At last year’s Blackhawk Food, Wine & Film Festival this Rotary club raised $80,000 to support local East Bay community projects.  They expect to exceed this amount at their 2008 event on May 15^th.  They also feature local school entertainment groups. The last several years the San Ramon High School Jazz Band wowed all the guests. Besides the food, wine and entertainment, the Festival has a live auction, silent auctions, and raffle opportunities throughout the evening. These items range from charter sailing vacations, cases of premium wines, dining opportunities at your favorite restaurants in the East Bay, JEWELRY, and much more!

The event is always looking for corporate sponsors, businesses who want to feature their products, and restaurants and wineries.  This is a “must” event for 2008!  It is an unforgettable night of entertainment, gourmet moments, dazzling wines, auction opportunities, and non-stop fun.  For more information contact me and I will send you information as to how you can be a part of this unforgettable night as a guest or as a sponsor.  Stay tuned…I will keep you updated as to more specific details of this event in the next month.  

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