Antioch, CA

Who is buying the bulk of the REO (Bank Owned) properties in your neighborhood? It's very frustrating for the 1st Time home buyers when the bulk of the homes they can qualify for are going to the 'all cash' buyers...which are typically investors. I know from experience and numerous offers that the banks don't care about selling their properties for the highest possible, fair market value. They opt for the less-risk offer which is all cash. I get it...I know they want the properties off their books...but it doesn't mean I have to like it! I just wish one of the bank's incentives were based on revenue rather than just number of units sold. I say that based on my experience and opinion.

One of the areas with the bulk of the REO homes for sale is located in Antioch, CA. The following chart shows the sales from Aug. 1 through Sept. 20, 2009. It covers detached, single family homes only. There were 232 homes that closed escrow during that time period. The "Cash" offers represent 28% of all sales and 75% of the REO (Bank Owned) sales.

So, who is buying the bulk of the REO's in your neighborhood...cash investors or 1st Time home buyers? (To me, I don't put 1st Time home buyers in the 'all cash' category!)

(The above figures were taken from the Contra Costa Assoc. of Realtor's MLS effective Sept. 21, 2009)

If moving to Walnut Creek or the East Bay of California, give me a call, search the MLS or view My Website for more information.

Antioch California Market Report – August 2009

I read an article saying homes sales are down in Contra Costa County. Well if Home Sales are down in Antioch CA it is because there are fewer homes to sell. This Antioch Market Report Focuses on Sales in August of Single Family Homes as compared to Sales in July. The information is pulled for the MLS from between September 15th and September 18th. I will be presenting some Special Market Reports on certain Market Segments in Antioch and other communities such as Short Sales, Bank Owned Home, First Time Buyers, and Higher End Homes in the near future.

In July of 2009 there were 206 Homes Sold in Antioch California. The Average Price was $203,133.00 and a Median Price of $200,000.00. The Average Price Per SF in Antioch California was $105.00 and the Average Days on Market was 40.

Compare July to August with only 156 Home Sales, but at an Average Price of $222,870.00 and a Median Price of $215,000.00. The figure I think is most important is Average Price Per SF and that is $109.00; this is an almost 4% increase in one month!

Currently there are only 185 Homes on the Market in Antioch; this is fewer than the number of sales in all of July and accounts for the drop in the number of sales. The homes still on the Market have been on the Market for an Average of 57 days and have an Average List Price of $228,980.00 and a Median List Price of $212,800.00. The Average Asking Price Per SF is $120.00.

Unless we see more homes on the Market soon and in big quantities prices will continue to climb fast.

Subscribe to Gene Riemenschneider's East Contra Costa Home Blog by Email

Why I like Walmart!

People either love or hate Walmart. Those that love it like the low prices they can get on a number of products and the ability to find everything they want (almost) in one store. Those that hate it feel it puts local mom and pop stores out of business and pays low wages.

By galaysobi on Flickr - They even have them in China!

I like Walmart because of the selection and low prices. I know when I come through the door I am not gonna have a personal shopper and it can be a bit of o chore getting help. But I like saving money and I like convenience.

For those of you that do not like Walmart I think that sometimes they do put small businesses out of business. This is sad, but the reality is if not Walmart then someone else will. Furthermore the business that thrive against Walmart are those focused on specialty items and customer service. Good things to focus on. Walmart cannot compete with my local hobby story for most of my hobby needs/wants. If you want a high end racing bike; don't go to Walmart. Don't try Walmart for really unique Lego Models either; Walmart only carries what it can buy in bulk.

As an aside I do not like Walmart's backing of the National Health Care Plan and this has been a turn off for me. But that is another issue for another day.

The Low wage issue is one of Walmart's best features. Walmart is one of America's job training grounds and we need to appreciate that. Yes, many people at Walmart do not make a lot of money. I bet they do make more money than many people at a lot of those small mom and pop stores you always whine about. They also make more than people at some other entry level jobs. No one has to work at Walmart; usually they have more applications than positions. But if someone does work at Walmart they can move up. A lot of top people at Walmart started at the bottom or they can learn job skills to take to another job.

The most important job skill people lack in this country is the ability to show up to work on time and work as a team. We don't need a government program for this. We need Walmart and more companies like Walmart. Young people and people new to the job market need to get these skills; they can get them at Walmart.

Walmart also provides part time work for senior citizens needing a little extra income. Ultimately if someone does not like working at Walmart they should find another job. If there are no other jobs maybe we need an economy and a tax system that creates high paying jobs rather than tearing Walmart down.

Sticking Up For Antioch California in the Garrido Duggard Case

Some one needs to Stick up For Antioch California. With the recent news on the capture of Phillip Garrido in regard to the kidnap and rape of Jaycee Dugard and holding her captive for 18 years Antioch has another Black Eye.

This is not fair to Antioch. Antioch has had a lot of issues over the last few years with growing gang violence. I moved to Antioch in 1997 because of the affordable housing. There are problems in Antioch to be sure. A lot of these problems were the result of rapid growth and the affordable housing. Antioch became the location of choice for the county to put Section 8 residents. Most people on Section 8 are fine people, but in general home owners make better residents and Section 8 has brought in some bad apples.

The city of Antioch in the midst of budget cuts and a huge foreclosure rate has been doing everything in its power to turn the situation around. The police union has even accepted pay cuts to keep staffing up. Neighboring communities are helping out too. The primary tool has been a rapid response to crime and code enforcement. There have been a few voices charging racism. This is not the case; the focus is on the activity not the race of the people. Many of the people that have come to Antioch came to escape gang violence and do not want it to follow them into a new community. The steps Antioch is taking have broad community support. What I would consider racist is the County sending a large portion of the Section 8 housing to primarily one city and away from the affluent suburbs in the center of the County.

The Garrido residence is not in the city of Antioch and it was not the Antioch PD that dropped the ball on prior calls to the house. It is in an unincorporated section and is serviced by the Sheriff’s department. I do not want to knock the Sheriff department either, as the Sheriff Department duties are much broader than local police and they do not have the focus. (A good reason for an area to incorporate).

The map below shows roughly the city of Antioch and the Garrido residence in an out of the way area in the north east corner.

Antioch’s number of registered sex offenders is not unusually large and any citizen can check out were the offenders live on line. Be warned Sex Offender can be a large category; but they all get lumped together. As an example I heard about a guy that at 19 got arrested for statutory rape for having sex with his 17 year old girlfriend. He is tagged for life, but is probably not a threat to anyone.

There are areas of Antioch that are excellent places for a first time home buyer and offer very nice affordable homes. There are areas that are not nice. There are areas that are getting better that might prove a bargain right now.

My wife practices softball and let’s my kids play in the nearby playground while she practices less than a half mile from the Garrido residence. My church is in Antioch less than ½ mile away. I am not afraid to have my family in these areas.

In the area a within a half mile of Garrido’s house is excellent entry level homes that may be in one of the quieter parts of Antioch.

Finally I want to say one more thing. It seems Garrido did his crime in South Lake Tahoe, where he was convicted of a prior rape and kidnap. No one seems to avoid South Lake Tahoe; where the Casino’s and tourist can draw some rather strange people. You were safer in Antioch from Mr. Garrido than you were in the affluent South Lake Tahoe.

Subscribe to Gene Riemenschneider's East Contra Costa Home Blog by Email

Antioch Housing Market. This report on home sales in Antioch California is based Single Family Homes reported on the MLS as of August 13th 2009. Due to late reporting the numbers in this months Antioch Market Report might vary slightly from Last Months Antioch Market Report.

I have taken a hard look at Short Sales this month since they are dominating the local market. The number of Bank Owned Homes on the market continues to shrink. Last month it stood at 59 and is now down to 49, the slide continues.

Compared to the total number of sales there is a lot of pending homes. I suspected this might be because of the long wait it sometimes takes to get a short sale cleared through the bank. However, the numbers are unclear on this point. The number of Pending that are Short Sales is about 50% which is the same percentage of amount of Active Listings that are also Short Sales.

The high number of Pending compared to active and overall sales can also be tied to new lending restrictions and appraisal issues. I think getting a loan processed in 30 days is getting harder and harder to do, especially with FHA financing and minimal down payments. The new appraisal procedures have also hung up a lot of loans.

The Average Price Per SF for Homes in Antioch California, which is a key indicator I watch continues to climb steadily from $104.00 per SF to $105.00 per SF.  Homes for Sale in Antioch California represent a great buying opportunity for Investors and First Time Home Buyers.

Subscribe to Gene Riemenschneider's East Contra Costa Home Blog by Email