Monthly Archives: May 2008

New “Gory Details” Podcast – Focus on Home Security & Safety

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WIth June being “Home Safety Month”, today’s “Gory Details” podcast provides information to homeowners and buyers about home security and safety in today’s environment.

And joining us today as our special guest to the Gory Details is a long time local law enforcement official, Officer Garcia.  Today, we discuss:

  • Some of the common mistakes homeowners make when it comes to home security
  • Are alarm/security systems really effective?
  • Should I buy in a neighborhood where tennis shoes are hanging from the telephone wires?
  • Where to find crime statistics for your neighborhood

Take a listen, because the May edition of “The Gory Details Podcast” is now available! 

(1) iTunes users, get it right here
(2) Or, get it at
http://edgory.podshow.com
(3) And, always available at
www.edgory.com

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Filed under mt. carmel, Podcasts, real estate

New and Semi-New Mt. Carmel Listings

There’s been a flurry of activity in the Mt. Carmel area the last week or so. Lots of inventory out there, from a gorgeously updated one at 446 Grand (my fav for the week), to a current inventory of some fixers out there (like 421 Harrison, or 346 Grand, which just reduced to $899K). 

The following are what’s new since the last report:

449 Grand St: $1,295,516: this one truly is “grand”. 3br/3ba, 2430 sf on a 7875 sf lot. Gorgeously updated

435 Avenue del Ora: $1,149,000: 2400 sf on a 6800 sf lot: large lot, nice bonus room, elegantly landscaped. 

2031 Whipple: $1,348,000: 2360 sf on a 9100 sf lot; nicely landscaped, a nice big lot, and walking distance to Stafford Park (time to turn the water fountains on!)

157 Iris St: $998,800: 2410 sf on a 6500 sf lot: a nice, 1925 Craftsman that’s been expanded; detached garage; very “classic”

279 Hudson: $1,349,000: a wonderfully updated old classic bungalow. Nicely updated, but the word I’m hearing from all my buyers (and would have to concur, since I drive this street everyday dropping off the kids at school), is that it’s a hefty price to pay for a pretty busy street (compared to, say, Iris, or Jeter, or Grand).

232 Outer Circle: $1,2790,00: 2078 sf on a 6580 sf lot: back on the market again, and I can’t figure out why this hasn’t sold yet (102 days on market). It’s nicely updated, top to bottom. I think the fact that the driveway takes up a lot of the lot space, at the sacrifice of backyard space, might be a disadvantage, but hey, whaddya want for brand new?

 

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Filed under Community Info, mt. carmel, real estate, redwood city

This Just In: ARMs Reset, No Chaos Happens…Media Doesn’t Know What to Report On Anymore

Crack_in_the_earth And look, no crack in the earth opened up!!  As ARMs reset, little of the expected chaos is coming to fruition.  An interesting article here, from the SF Chronicle a few days ago.

Worries that subprime mortgages originated during the peak real estate market would sideswipe borrowers with giant monthly payment increases have been reduced by Federal Reserve rate cuts and other steps to stimulate the nation’s credit markets.  In fact, some borrowers with resets occurring today are finding their monthly payments staying much the same.

  • Many Adjustable Rate Mortgages (ARMs) start with a lower introductory rate that adjusts periodically (typically once a year for prime loans, twice a year for subprime loans) after an initial period of two, three, five or 10 years.  ARMs generally are tied to a Treasury or London Interbank (Libor) index, with the mortgage rate typically set at 2 to 6 percentage points above that index rate.
  • The good news is that Libor rates have been stable, thanks in part to the actions of the Federal Reserve to lower interest rates.   For example:  Let’s say a borrower in Spring 2006 obtained a mortgage indexed at five points above Libor (then at around 5 percent).  That would have meant an indexed rate at that time of 10 percent.  However, a two-year introductory rate capped the payment at 8 percent.  As of last week, Libor was at 3.08 percent, which means this fictional mortgage would reset at 8.08 today – only a slight change for the borrower.
  • Without the Fed’s rate cuts, more than $100 billion in subprime ARMs would have jumped at least two percentage points.  Now, only about $60 billion in these mortgages will adjust up by more than two points.

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