Monthly Archives: May 2009

New Listings in Mount Carmel (and Pending Ones, too!)

Tales of my disappearance from the blogosphere have been greatly exaggerated. Finally, after more than a quarter of being just crazily busy (recession, what recession?), your friendly Mount Carmel neighborhood blogger is “Back in the Saddle”, to quote one of my favorite Aerosmith songs.

Has nothing been going on in Mount Carmel? Apart from the Mt. Carmel festival last month, and with school almost done for the summer in a few weeks, the real estate market in Mount Carmel is definitely showing signs of rebounds. Lots of “sale pending” signs are now replacing “Open Sunday” signs. That’s always, ALWAYS a good thing.

So, without further adieu, here’s what’s new (and pending) in Mount Carmel:

 

45 Hudson St., $1,795,000 – 4br/2.5ba, 2720 sf on a 9100 sf lot. On the market last year most recently at $1.85M

1737 Brewster, $959,588 – 3br/1.5ba, 1590 sf on a 7150 sf lot

264 Elwood St., $978,000 – 4br/2ba, 1950sf on a 6500 sf lot

250 Myrtle St., $924,900 – 3br/2ba, 1620 sf on a 6500 sf lot

1603 James Ave, $959,000 – 4br/2ba, 1230 sf on a 9950 sf lot. What an amazing lot this home has. Truly a must-see.

1306 James Ave., $929,000 – 3br/2ba, 1490 sf on a 7645 sf lot

37 Fulton, $975,000 (sale pending) – 2br/1.5ba, 1614 sf on a 6110 sf lot. This one was an absolute charmer, and heartily deserved it’s “Best of Tour” award when it first came on the market.

171 Myrtle, $935,000 (sale pending) – 3br/2ba, 1680 sf on a 0.15 acre lot.

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89 Offers? And a good use of Twitter too?

 I’m reposting this from my general purpose real estate blog, “The Gory Details“, because, though it’s not specific to Mount Carmel real estate, it’s a good read for what’s going on out there in the market.

Ok, now this just sounds insane. Or maybe I should have started it as “I never thought this would happen to me, but…” (echoes of Seinfeld’s Kramer reading from Penthouse Forum).

It’s mind boggling, but the notion of multiple offers – particularly on the lower 1/3 of the market here in the Bay Area– is as prevalent now as it was 3 years ago. Now granted, the affected market segment is much more specific – I don’t really see this happening much on the higher end of the market (above $900K). But now that lending has thawed a bit from the catatonic state it was in Q4/’08 and Q1/’09, there are a TONS of investors and first time home buyers that are scooping up homes once priced in the $500K+ range which are now priced in the $200K-300K range.

There’s a huge “dang, this is a bummer” element for any agents like myself, representing buyers who keep getting outbid, or beat to the punch by others making offers on homes the day they come on the market.  It seems like in Q4/Q1, that a home would come on the market, and the buyer mentality was “I’ll just wait 2 months, and they’ll be lowering their list price”.  Let me opine here, that mentality is as long gone as Dick Cheney’s sanity.  My recommendation to any buyer out there is this: if a home seems priced ‘right’ (totally subjective), don’t wait to make an offer on it, because chances are someone else will. Oh, and making lowball offers?  Don’t even bother, as the window where you could go into contract offering 10% or more less than the list price has pretty much shut for good.  Lowball offers? You might as well just stand on the rooftop and say “I don’t really want this house.” Don’t try it, as that train left the station in Q1.

So back to the 89 offers.

Ok, so I (representing a buyer) present a good, slightly over asking price offer on an REO (bank-owned) home in South San Jose.  Couple days later, an automated email from the listing agent comes back saying they’re doing a multiple counter-offer, to ALL of the 72 offers they received.  I go to check the Listing Agent’s listing updates on Twitter, and they now have 89 offers. I wouldn’t make that up if I tried. Eighty….nine…offers.

I then picked up my jaw from desk upon which it hit….

Now here I venture to my geek side – this now, is actually a pretty good application of Twitter to real estate.  Many of these foreclosure-specialist listing agents have 20, 30, 100 listings – all foreclosures – they are juggling all at the same time.  Updating status on each listing in MLS with this amount could be a time-consuming task. Using Twitter, the agent gives to-the-minute updates on if offers were submitted to the bank, if they’re in counter-offer with a buyer, if they’re taking no more offers, etc. – much more useful information that could be gleaned from the “Notes” section in the MLS.

But back to this multiple offer topic. No matter what you read, the market in many instances in the Bay Area, is showing PLENTY of signs of life.  Yes, things slowed down early in the year, as did almost every micro-market in the world.  But even in price points between $800K – $1.3M, there are homes that are going in to contract within 2 weeks of coming on the market. It’s becoming less and less of an anomaly. If a house is priced right based on its location, it will sell.

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