Conforming Jumbo CHANGE on 12/1/08  October 6, 2008The maximum conforming-jumbo limit for California officially changes for Fannie and Freddie on 1/1/09 to $625,500, however just recently I've learned that the banks will not fund any loan over $729,750 after 12/1/08. If you loan is greater than $625,500 and you can't pay it down before your lock expires, you should consider completing a refinance into a 30 yr fixed ASAP. It'll take at least 30 days to process the loan as the lines get longer, so start the process today.Here are some pricing scenarios:Scenario 1: $729,750 loan amount, Loan to Value 80%, FICO 720, on a no-closing cost 30 yr fixed:Rate 6.625% APR 6.625%Scenario 2: $729,750 loan amount, Loan to Value 75%, FICO 720, on a no-closing cost 30 yr fixed:Rate 6.250% APR 6.250%Scen... 10/06/2008

Educated buyers are seldom shortchanged. For the most part, this post is designed to convey a general understanding of shortsale principles to buyers who want just a 5-6 minute crash course.It is, by no means, an exhaustive look at the foreclosure market and the economy. These are my opinions based on a behind the desk and on the field experiences related to the plunge of the real estate market since 2006. Anatomy of a Shortsale 09/28/2008

On Tuesday (9/23), the Fremont City Council reached a compromise position on second-story additions. They scrapped a proposed ordinance that would have allowed individual neighborhoods to ban such additions for a seven-year period and instead will place a temporary and limited moratorium on "monster home" additions. Responding to months of input from neighborhood groups, individual property owners and the real estate community, the council agreed to place a temporary, six-month moratorium on second-story additions and "tear-down" remodels in the Glenmoor and Mission Ranch neighborhoods. During the moratorium, the city will develop specific design standards for second-story additions - an action suggested by Bay East during earlier testimony to the planning commission and city council. ... 09/26/2008

Bart is considering putting in place a surcharge for travel during peak hours. That's going to really piss-off a lot of riders. The goal is to get more people to ride. Taxing riders will only dissuade them from riding. If you want to alleviate traffic at peak times, than instead offer discount to those who travel-off peak.  it will encourage existing riders to change their patterns but also encourage other groups ride. 09/23/2008

Fremont Proposal targets monster homes   the city councill will be voting on a ban to developing "monster homes on Tuesday at 7pm at City Hall. Homes with predominantly single story homes will have the chance to block construction of two-story homes adn additions for as long as 7 years. This is a big issue for the Glenmoor and Mission Ranch community, where existing owners want to preserve the look and feel of their neighborhood. 09/22/2008

You may not know this yet, but my blog needs readership. Yes, your reading it now, but just look at my comments on my previous blogs. My website gets quite a bit of traffic, but my blog?--I have next to 0. My Active Rain gets some readership due to the fact that Active Rain bloggers simply feed off Active Rain, kind of an obsession with bloggers here.But more on facebook is being published all the time. Lee Aase, the Chancellor of Social Media University, Global (SMUG) writes references to the news media about the applications of facebook below. Here are some links to major news coverage about Facebook: USA Today Newsweek cover story TIME LA Times on application development in Facebook Fred Vogelstein’s LA Times essay on Facebook. Two articles in MarketWatch (Lee Aase is quoted here and... 09/20/2008

I have a great mentor/broker friend that I as a broker confide in sometimes. We share ideas and sometimes war stories.I heard the latest doozy of his through his wife which allowed the story to leave more to the imagination, and it went something like this:Fred, mentor, had been working with a young couple who qualified as buyers for around $400k. Fred drove them around for months in and around a not so nearby city relative to Fremont homes for sale in an obligation to help them in buying a home. Cudos.Last week, an amazing listing became available for sale by an elderly couple selling their home. They had really fixed up their place with dual pane windows, granite counter tops, etc. Ready to move in, the offer was made, and very gratifyingly, accepted. Needless to say, the young buyer... 09/14/2008

Every home owner has found those "Just Listed" cards in their mailbox, then as an afterthought, tossed them in the trash. Well, as part of my GRI (Graduate, Realtor Institute) education a while back, I had the fortunate experience of learning some great marketing tricks while at the same time not upsetting the delicate ethical goings on of the real estate industry. One of these such tricks was a postcard.For the agent who represents the seller, (the listing agent) they get to mail out all kinds of things for the homes they are listing: Just Listed: Parkmont Beauty w/ Huge Lot Pending: The Parkmont House Just Sold: That Same House I've Been Telling You About For About a Month Well, there are many buyer agents out there that can use the exposure too. Often, the buyer agent's credit gets s... 09/08/2008

I wanted to pass along that the Fremont Unified School District (FUSD) board recently voted to reinstate bus transportation for secondary schools (Junior highs & High schools) for the 1st semester of the 2008-09 school year.  In Fremont, this means that from the beginning of the school year through January 30, 2009, students will have the option to take the school bus.  I'm glad to see the Fremont school board to decide this despite the budget shortfalls we've had at the state level.  The time and money savings that the bus provides to most parents, not to mention the fact that it can be self-funding in many ways, makes it a worthwhile service, in my opinion. Which students qualify?  The criteria is simple: any junior high students living beyond a distance of 1.5 miles from the school a... 08/28/2008

On Thursday (8/21), Jeff Schwob, Planning Director for the City of Fremont, briefed the Tri-Cities Marketing Meeting on community development issues that impact the real estate market.  Mr. Schwob reported on the General Plan and how it impacts land use and housing policies, the status of the Oakland A's plans to move to Fremont and the ordinance which will allow neighborhoods to ask the City for a temporary ban on second-story additions.  The Fremont City Council will adopt that ordinance at their September 23 meeting. REALTOR® Impact:  While the final decision on city policies are made by the City Council, it is the responsibility of city staff to actually research, develop and implement ordinances and regulations.  By hearing the staff perspective on city issues, the REALTOR® communi... 08/22/2008

I live and work in Fremont CA. I used to live in Sunnyvale CA for most of my years growing up. So, when I took a listing in the Parkmont area of Fremont in July of 07 and got 2 showings in one month, (very low), I got a bit involved in some unique statistic gathering.I wanted to find out percentage of turnaround in competing areas. Percentage of turnaround is the number of homes that have been bought and sold within a measurable duration of time. It's important to know because this figure will tell us what areas are moving real estate.  What's more, is that turnaround determines both supply and demand.  Measuring the number of homes for sale on the market is one thing, but measuring the number of homes purchased within a unit of time reflects the demand for the area and completes it's e... 08/18/2008

A week and a half went by after the close of escrow on the cat pee house in Fremont CA. I went over my turn in sheet for my lock boxes and found that my combo box was still listed as being on the house with the cat pee. Well, I had to go get it. I was a little apprehensive about going to the house because I new the cat pee was going to be there in part. What if the new owner was there? I drove to the house and saw some activity at the front door. The new owner was discussing something with what it looked like to be a contractor of some sort. Was I going to just butt in and say, "Oh, excuse me. I was the one who warned you about the cat pee issue? I just came for my lock box. Oooh! Is that cat pee I still smell?" I made my way up to the walkway, and--Oh My G*d--I was hit all over again h... 08/12/2008

Most of us I'm sure have somewhat of a working knowledge about what to do about cat urine smells. Many good products are now available to help rid us of the ammonia smell that gives can pee it's notoriety. But what I am about to share with you here was so devastating that it had to become a matter of "material fact." And, for your amusement, this is how it all unfolded.Some months ago, I got a call from a homeowner who needed to sell her home in Fremont CA and move out to Modesto. I arrived at the home in my suit and tie, and I was on my way to the front door when I was  greeted by  the Mr. "T" of cat pee smell. I hesitated, then knocked on the the door with the light-hearted (rat tatta-tat-tat tat tat). I thought perhaps the cat pee smell was from a stray cat lingering around the front... 08/12/2008

This bit of news hasn't been highly publicized but one I find more interesting than the $7,500 interest free loan that has gotten a lot of press. The recently passed housing bill includes a provision to provide homeowners who in 2008 wouldn't benefit from itemizing but do have property tax expenses. These folks will be allowed an extra standard deduction. The maximum amount that may be claimed under this provision is $500 ($1000 for joint filers).  I read this in article published by Michelle Singletary of the Washington in my local paper this morning, but here's another article on the topic I found online. http://www.courier-journal.com/apps/pbcs.dll/article?AID=/20080728/NEWS02/807280446 I couldn't find the housing bill online, but some can direct me to it. I'd love to get a copy of i... 08/03/2008

Got this just now.I haven't done a non-conforming loan in so long, I'm not surprised Chase is the 1st to officially drop the product. This will impact the luxury home market the most, as they're the biggest users of loans over the conforming limit. Chase's reason for dropping the program is (1) that they're not seeing much demand for the product, (2) Investors aren't willing to buy it and (3) the ones they did fund are performing poorly.  link to letter from chase 08/01/2008

A while back, I wrote about my run-of-the-mill, non-short sale listing that I felt would be a good indicator of the current market. I called the post, "Consider the Tomato Frog." At first, I thought there may have been a problem with my L.I.P., Listing Indicator Project, after I had a talked to couple who were interested in the property. They happened across my sign post after just two days of placing the sign post in the ground. Their interest in the property was welcome, but it threw everything off. I would have welcomed this problem with open arms, but alas, the fluke buyers could not stomach the idea of $3,000 a month payments. That would have been a surprising piece of luck. Since the "DFT," (Deal Fell Through) We reduced the price from 508k to 481k. Things started to happen. Calls... 07/22/2008

http://missionsanjosefremont.wordpress.com/ 07/02/2008

On Tuesday the Fremont City Council approved an ordinance that allows individual neighborhoods to temporarily limit second story additions. They also directed staff to develop design standards for these types of additions. The ordinance is the city's response to the proliferation of large additions in some areas of Fremont and the wishes of residents from the Glenmoor and Mission Ranch neighborhoods to preserve the "single story" nature of their neighborhoods. After reviewing this issue and hearing a presentation from Fremont Planning Department staff at their May meeting, the Local Government Relations Council decided the ordinance would negatively impact private property rights, could complicate disclosures and didn't provide enough certainty about what additions a property owner coul... 06/27/2008

2/2 priced at $168,000 in Fremont. I've got a call into the listing agent, but if the price and unit description are correct, this seems like a great deal. 40321606 HOA is $341 I have a feeling this may be a 1 BR Unit. I sold a unit on Albany Common last month which is close by. It was a 2/1 for $290K. This would be a steal at this price even with the higher HOA amount. A 2/2 should rent for $1500-$1700 in this location near the bart. 06/03/2008

LinksProperty WebsiteMy WebsitePhoto GalleryDescriptionSingle story home that is seldom available in Ardenwood. Open and spacious floor plan with three bedrooms, two baths, electric kitchen with tile counters. Wood burning fireplace in family room and formal living room. The home features an inside laundry, skylights, sun tunnel, whole house attic fan and a southerly exposure.The private rear yard has a spa to relax in, bulb garden, garden shed and an apricot fruit tree for the caring gardener on a corner lot. The home sports a brand new 3D composition roof. It is close to award winning schools, shopping, churches and transportation. It is near to the Dumbarton Bridge, easy access to the Peninsula and South Bay. http://33500Bardolph.comFeaturesBedrooms: 3Bathrooms: 2Parking: GarageYear ... 06/02/2008