Hercules, CA

The biggest problem is getting a contractor out to bid the job in a timely manner.

In 2005 the FHA came out with the Streamlined k loan program. Light work, but included roofing, updating of bathrooms and kitchen, flooring, paint, etc, just no structural issues. It took off like a lightning bolt. Now, six years later there is allot of talk about lowering the construction amount to $10,000 (nothing formal as yet). This is being considered as too many of the Streamlined k loans are going south.

It sounds easy, just get a couple contractor bids and close the loan... lol. NOT quite. There is no oversight that there is enough money in the bid to do the job. If the contractors fail to bid on a repair like a cracked window or grading that is needed the loan then flips to a full 203k loan and mandatory repairs have to be added to the scope of work.

Lets get back to the biggest problem... getting a contractor or two out in a timely manner to get that bid ceated. How can you improve the time it takes to close a Streamlined k loan?

Simply have a consultant involved. Consutlants have a list of contractors who are likey already validated by the lender, they put the "scope of work" together so the contractors are bidding the same list, and they bid the job much faster than a contractor... this is what we do.

Advantage is that you get a bid in to the lender much faster, you get that compliance inspection so there will be no conditions by the appraiser that force this loan to the Full 203k realm. Your loan closes faster, smoother, and we guarantee you that the contractor's bid will follow close behind.

Victoria by the Bay Hercules homes for sale-real estate market report for October 2010 (As Of November 2, 2010)

Victoria by the Bay is a premiere recently built community situated on the San Pablo Bay in Hercules. Many of the homes have breathtaking views of the bay and have individual and unique floor plans in the 3000’s square feet range. In addition, many of the homes have upgraded interior features as well. The community is located both on the east and west side of San Pablo Ave along Victoria Crescent, which is just north of the Highway 4 off ramp leading to Hercules, CA. For an exclusive appointment to view any of the homes in this community, feel free to call or e-mail me. Following is a courtesy market report for Victoria by the Bay homes for sale as of November 2, 2010.

Victoria by the Bay homes for sale:

• Available homes in Victoria by the Bay: 11
• Average price in Victoria by the Bay: $555,709
• Price range: $365,000 to $849,000

Victoria by the Bay homes pending sale:

• Pending homes in Victoria by the Bay: 14
• Average home price: $491,110
• Prices range: $379,000 to $719,000

Victoria by the Bay homes that sold in October 2010

• Sold homes in Victoria by the Bay: 2
• Average price: $495,000
• Sold prices ranged from $420,000 to $571,000
• Average days on market: 104

Click here to search all of Victoria by the Bay homes now

If you would like any information on homes for sale, appointments to view, please feel free to call or e-mail me! I am a local agent who lives, works, and raises my family in Hercules, CA.

If you would like to know how I can sell your home quickly using my personal marketing plan, feel free to call or e-mail me for details.

*The information on this blog was based on statistics gathered from the Bay East Association of Realtors. The information is deemed reliable, but not guaranteed.

Hercules homes for sale/real estate market report for October 20102 (As of November 1, 2010)

Hercules, CA homes for sale:

• Active homes in Hercules, CA: 51
• Median price in Hercules: $365,000
• Prices range: $231,900 and the highest is 849,000
• Average days on market: 52 days

Hercules, CA condos and townhomes for sale:

• Active condos and townhomes now: 57
• Average price in Hercules: $147,000
• Prices range: the lowest is $80,000 and the highest is $335,000
• Average days on market for condos and townhomes in Hercules, CA: 59

Hercules, CA homes pending sale:

• Pending homes in Hercules, CA: 66
  • Median price: $350,000
  • Prices range: $99,900 to $739,900

Hercules, CA condos and townhomes pending sale:

• Pending condos and townhomes in Hercules, CA: 54
  • Median home price: $155,000
  • Prices range from $29,888 to $375,000

Hercules, CA homes sold in October 2010

• Sold homes: 11
  • Median price in Hercules was $375,000
  • Prices range: $256,000 to $571,000
  • Average days on market: 70

Hercules, CA condos and townhomes sold in October 2010

• Sold condos and townhomes: 8
  • Median home price in Hercules was $140,000
  • Prices range from $90,000 to $275,000
  • Average days on market: 40

If you would like any information on homes for sale, appointments to view, please feel free to call or e-mail me!

I am a local agent who lives, works, and raises my family in Hercules. I can provide you with quality information on not only Hercules, but also the surrounding cities of Pinole, El Sobrante, Rodeo, Richmond, San Pablo, and El Cerrito.

Click here now to search all of the available homes in Hercules, CA.

If you would like to know how I can sell your home quickly using my personal marketing plan, feel free to call or e-mail me for details.

*The information on this blog was based on statistics gathered from the Bay East Association of Realtors. The information is deemed reliable, but not guaranteed.

AFFORDABLE HOUSING-HOMEBUYER ASSISTANCE LOAN PROGRAM IN HERCULES, CA

Hercules, CA has an affordable housing program for the new home construction project, Sycamore North! According to the City of Hercules website,

The 49 units in the rental residential component will all be rented to very low-income households (earning less than 60% of the area median income) for a period of at least 10 years, at which time they will be sold to low- and moderate-income households (earning less than 120% of the area median income).The units in the for-sale residential component will be sold upon completion of construction. Of the 47 units in the for-sale residential component, 26 will be sold to low- and moderate-income households (the “affordable for-sale units”). The total number of affordable units will thus be 75 (49 rental and 26 for-sale), with the remainder of the for-sale units (21) being sold at market rate. The affordable for-sale units will carry some form of re-sale control (whether in the form of limitations on re-sale, a second mortgage in favor of the Agency, a right of first refusal to purchase in favor of the Agency, or a combination of these elements).

Drawing courtesy of the City of Hercules

I had the opportunity to correspond via e-mail with Michelle Harrington, the Community Relations Officer for the City of Hercules, regarding the Sycamore North project as well as Affordable housing.

According to Michelle, the development (Sycamore North), including the townhomes, will be completed in September/October 2011. Sycamore North is the first phase of a larger project called Sycamore Downtown. We (Hercules, CA) have lots of information on our website about this larger project and many of the projects planned for Hercules. Our Community has a vision for Hercules and we continue to pursue that vision with various projects, including Sycamore Downtown. Given the current economy, this project is extra unique. It is only because of the Redevelopment Agency that Hercules is able to move forward with this project.

We (the city of Hercules, CA) are working with Main Street Property Services for the retail side…all the residential units are affordable housing units and the City’s Affordable Housing will handle the income eligibility requirements as well as the underwriting for the second mortgages under the first time homebuyer and State BEGIN monies.

Michelle also provided the webpage for information on the begin grants:

http://www.ci.hercules.ca.us/index.aspx?recordid=121&page=23

In a down economy, it is great to hear that Hercules will be offering such a great program! If you need any additional information regarding Sycamore North or the Affordable housing program, feel free to contact me! If you are also looking to purchase or sell a home in Hercules, I would be happy to discuss your options.

NEW HOME CONSTRUCTION-SYCAMORE NORTH, HERCULES, CA

Hercules, CA is undergoing a major transformation as it begins ground breaking new construction! Hercules is underway on many city projects such as Sycamore North. According to the City of Hercules, CA website:

The project (Sycamore North) consists of three distinct components: a for-sale residential component (47 units), a rental residential component (49 units), and a retail component (approximately 40,000 square feet), contained within two contiguous buildings that are joined at the center of the site by a plaza and tower. The residential components are located on the 2^nd through 4^th floors and the retail is at the ground floor. The retail component also includes parking on a set of “ramps” along the north side of the building, sloping downwards from the two ends of the site (Tsushima to the west, and South Front to the east). The residential components share an underground parking garage located directly under the buildings, with a single entry/exit accessed at the base of the ramps.

Here is a drawing courtesy of the City of Hercules, CA on Sycamore North upon completion:

Sycamore North, Hercules, CA is approximately 25 miles from San Francisco, 19 miles from Oakland, and 60 miles from San Jose. Hercules residents place a high value on quality education. Hercules, CA is served by two public school districts: John Swett Unified School District and West Contra Costa Unified School District.

For more information on the Sycamore North project or any real estate in Hercules, CA, feel free to contact me.