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Napa, CA

August Multifamily Sales Update By RE/MAX Napa Valley

09-05-08
Mike Bolen
Mike Bolen: Commercial Real Estate Agent in Napa, CA

In July of 2008 we witnessed the sale of 23 Napa county multifamily units. For August we see nearly a 50% reduction in sales to 12 units all with "special" attributes which skewed prices upwards and none were true multifamily investor deals. Here is a breakdown:

August 2008 Napa County multifamily sales:

August 2008 average unit sale price- $263,750

6778 Yount Street - $223,750 per unit (8 units)

5200 Wragg Canyon - $325,000 per unit (2 Units)

618 Seminary - $362,500 per unit (2 Units)

In June of this year I commentedon the extreme valuation of this property and how a bank would be hard pressed to lend on this property. I search of tax records reveals the new owners borrowed a meager $600,000 of the purchase price and put down $1,190,000!!! Holy cow!!! The seller Jim Keller purchased the property in September 2002 for $850,000 netting over $1,000,000 on this sale 6 years later after tax depreciation and rental income...not bad. Buying opportunities like the one Jim Keller found in 2002 exist right now in the city of Napa. In 2002 Yountville was depressed and forgotten much like Napa now. Although Napa is going through a massive transformation much like Yountville in 2004-2006. The future Napa can be seen, the likes of Ritz Carlton, Westin, La Toque, Oxbow and many others backed by "smart" money are now pouring into Napa. Multifamily in Napa has never been cheaper when compared to money paid for rents received.

So it is now possible to purchase a Napa Valley multifamily apartment real estate investment with 100% financing and still have positive cash flow after paying principal, interest, taxes, maintenance and management. Coupled with extremely strong rents and an ultra low vacancy rate it makes you wonder why we still don't have more buyers for multifamily.

I am a real estate broker agent at the RE/MAX Napa Valley office RE/MAX Cornerstone I specialize in selling just multifamily apartment investments. My colleague Armando Lincoln 707-299-9779 part of the team handles all real estate commercial and residential that is not multifamily. Over 65% of our sold real estate deals are never advertised. Most are offered to sale only to buyers represented by our team. To gain access to the off market inventory or to learn how we work with buyers contact Mike Bolen for multifamily Mike@MikeBolen.com or 707-254-9999. Contact Armando Lincoln 707-299-9779 for all other commercial and residential ie. homes, land and other real estate opportunities, and Ken Dunbar 707-365-9070 for all commercial leasing needs.

We also work with over 20 investment buyers in an exclusive buyer agency agreement if you are looking to sell no one has more commercial real estate investment buyers than our team.

Advice from Rhonda: Dryer Vent Cleaning Schedule

08-27-08
Rhonda Nole
Rhonda Nole: Environmental Services in Cotati, CA

How Often Should Professional Dryer Vent Cleaning be done?

You know you need to make sure you get the proper maintenance done on your dryer, but you may have a tough time deciding how often to do what you can yourself and how often you should call in a professional to do the rest. Here are a few things to consider that will help in making a responsible decision:

How old is the dryer?

The age of your clothes dryer is something you really need to consider. The older the dryer is, the more likely there is lint clogged up in the system. It's a fact, time means more loads have gone through the machine and more lint has gone through the system. Another thing to keep in mind about older clothes dryers is that they were not built to the same efficient standards as today's dryers so they may need more maintenance to keep them going more efficiently.

How active is the dryer?

Do you just do a couple of loads of laundry on the weekend or less frequently; or do you have a large enough family to have you drying clothes every other day? The more active your clothes dryer is, the more often you will need to clean the dryer vent system.

How long is your dryer vent?

The length of a dryer vent is a major factor to consider when scheduling regular maintenance. If you have a dryer vent that is more than 10 feet long (meaning from the back of your dryer to where the line terminates outside your home), this means a lot more space where lint can be trapped along the path and a higher need for more frequent cleanings.

What path does your dryer vent take?

If your dryer vent takes a turn that is at a 90-degree angle, that is a hard space for the lint to make it's way around and safely out of your house. This type of vent is more likely to be trapping some amount of lint or dust in the line and that dust can slow down operations of your machine. If this design cannot be altered, you will want to consider having it professionally inspected more often.

Maintenance

You should start with the maintenance you can do which is cleaning out the lint trap before every load. You can also clean out the chute that the lint trap sits in with a specialized cleaner or the nozzle portion of your vacuum cleaner.

Eventually you should call in a professional who can look for the lint trapped inside your machine as well as in the vent line. This should be done at least once a year for moderate use and more frequently if you use your machine more often.

This article was written by Rhonda Nole, owner of Dryer Vent Wizard of the Greater North Bay area, http://www.dryerventwizard.com servicing Sonoma, Marin, Napa, Lake and Mendocino Counties and the following cities in California: San Francisco, San Rafael, Santa Rosa, Petaluma, Cotati, Windsor, Napa, Ross, Kentfield, Bodega Bay, Healdsburg, American Canyon, Corte Madera, Rohnert Park, Sebastopol, Guerneville, Greenbrae, Sausalito, Marin City, Larkspur, San Anselmo, Sonoma, Glen Ellen, Cloverdale, Mill Valley, Woodacre, Novato, Tiburon, Belvedere, Stinson Beach and other near by areas.

Napa Foreclosure Update for January 2008

Melanie Ross, GRI Benicia Ca & Vallejo Ca Real Estate: Real Estate Agent in Benicia, CA

Foreclosures occur across all states and cities. NO city is immune to people losing their home. Napa is a sought after location to live and work. Foreclosures do happen in Napa. This is an update to a blog written last year.

So what is happening in Napa? This information is for the city of Napa, not to be confused with the entire Napa Valley real estate market. As of Bay Area Real Estate Information Service 1/12/2008, there are 503 homes for sale. The median price is $578,000 for homes listed for sale. The price of homes for sale range from a low of $265,000 to a high of $11,425,000!!

How does this compare to foreclosed homes for sale in Napa? These homes are bank owned and the banks have contracted with Realtors to sell the homes in their inventory. Banks are not in the ownership or rental business. They have to get these sold. As of 1/12/2008 per the Bay Area Real Estate Information Service, Napa has 26 homes listed as foreclosures. The median price for a foreclosed property for sale is $429,950. The lowest price is $274,500 and range up to $903,000.

Napahas a rich supply of housing to meet the most discriminating buyer's wants. Historical homes, bungalows, contemporary, traditional to name a few. Close to the wineries, commutable to San Francisco, a day's trip to Lake Tahoe, Napa is an ideal choice to consider.

Read my blogs for foreclosures in Benicia and Vallejo.