From the JoeBurnsBlog: November 2009

Live on Top of the World: A San Francisco View Like You Have Never Seen Before

Next time you're sitting around the office playing that famous real estate game, "Name The Best Place to Live", consider this incredible San Francisco view property. 

Known as Wolfback Ridge in Marin County, this property is uniquely positioned atop a peaked ridge with views of San Francisco, the Pacific Ocean, Angel Island and Golden Gate Bridge.  Adjacent to the Golden Gate National Park, the recreational opportunities abound.  Sitting at the end of a private road, this property offers quiet serenity yet quick access to Highway 101 and San Francisco. 

 

Here is the front yard during sunrise.

 

 

 

The side yard.

 

 

   

The back yard.

 

 

 

The other side yard.

 

How many people can say they look out one window and see Angel Island, Mt Diablo and the East Bay, then look out their front window and see the entire City of San Francisco, (including the south bay beyond the peninsula), then the Golden Gate Bridge out another window and finally, the Pacific Ocean and Fort Cronkhite Valley out another window?  Let me tell you how many people, well, just one and that one could be you.

This estate property is already plumbed with utilities and has a natural build pad.  Wolfback Ridge is an exclusive private community high above Sausalito, CA and offers some of the best views in the Bay Area.  All of the above pics come from Lot 4.  Additional lots are available as well, prices range from $1,250,000 to $1,950,000.  Build your dream home high on the hill that beckons the wonderment from viewers below, "that must be the best spot in Northern California."

Brokers, if you have clients that want/need the very best, tell them about this property.  Contact me for any specifics.

 

If I can provide more information about Marin County real estate and lifestyle opportunities, please call me at (415)450.8855 or email me at JoeBurnsMail@gmail.com.

1 comment • Joe Burns • November 24 2009 05:24PM

Buy Then Bail... Go Straight to Jail (Do Not Pass Go)

A love this post from a  Bay Area mortgage lender, Janet Guilbault.  More than any question I get from new contacts is, 'how do I beat the system?'. 

Via Janet Guilbault California Mortgage Banker/Broker:

As a mortgage person in the current wild and wacky real estate market, I sometimes get clients who want to buy and bail. So what's a buy and bail?

The call goes something like this:

"Hello, lovely mortgage person? This is Babs ( Buy and Bail Soon). My house is worth $175,000, but I owe $300,000. Since I will never be able to repay this, I am going to walk away."

 

"But first, most lovely mortgage person, you will get me a loan to buy a house just like mine, which is only down the street, and selling for $175,000...?"

"You can get me this loan while my credit is still good, before I walk away. My payment will go way down,  and we can just tell the bank we are going to RENT my old house."

"Wow. Am I brilliant or WHAT? Buy the same house cheaper, bail out of the old one afterwards"

(I love the way they believe they are the first person EVER to think of this)

Okay, this has created a new mortgagespeak term: The departing house. And there are RULES in place so banks don't get stuck in schemes like this:

 

If your home is in a negative equity position, the lender would

•1)   Force you to qualify for the new home without using the rental income from the old home 

•2)  If the loan on the old home is adjustable, the underwriter has the ability to caluclate the payment on that house at the highest possible amount after adjustment (even if the loan is not adjusting in the near future)

•3)   If there is an equityline on the old house, the payment will be calculated at 1% of the amount of the equity line....even if the real payment is far less.

Even if these stiff requirements are met, without at least 25% to 30% equity in the old house, most lenders will decline the loan.

Why would they do that even if people really do plan to rent their departing house out and can prove it????

Because in the current lending environment, everyone is considered guilty (whether proven innocent or not).

Everyone is considered a potential foreclosure. And can we blame them?

Written by Janet Guilbault, Mortgage Banker/Broker Based Out of the San Francisco Bay Area

 

If I can provide more information about Marin County real estate and lifestyle opportunities, please call me at (415)450.8855 or email me at JoeBurnsMail@gmail.com.

1 comment • Joe Burns • November 17 2009 01:50PM

Marin County Home Sales for October

Average home prices for all of Marin County were down slightly in October 2009, from the previous month.  October average was $883,000 on 225 units and an average price/sf of $417, for all of Marin County, both single family residences and condominiums.   The average price was down 5.5% from the $934,000 of October 2008; price/sf down 7% year-over-year.

Sausalito, Mill Valley, Corte Madera and Larkspur pricing was up considerably in October from the prior quarter in single family residence sales.  Ross Valley was up just slightly in average sales price, yet down in price/sf, while San Rafael was up in both categories and Novato was relatively flat.  Volume across the board was up in October over any month this summer.  The overall condo market for Marin County was down slightly from September in average pricing, $376,000 from $386,000.

For a specific breakdown of all Marin County communities, contact me at the information below.

 

If I can provide more information about Marin County real estate and lifestyle opportunities, please call me at (415)450.8855 or email me at JoeBurnsMail@gmail.com.

0 comments • Joe Burns • November 14 2009 04:19PM