Maureen Kennedy

Our own Patty Brown once again gets in right in a Travel section cover story in the Sunday Times on Sea Ranch. Read it here, and contact me if you're interested in linking up with a great realtor up there (or in other area 2nd home destinations---).

Let me start out by saying that it's VERY hard to draw hard conclusions from the nine transactions that have closed since the first of October.

Some good news--No major banks have failed in the last few weeks. Several of the largest lenders have recently implemented foreclosure moratoria (maybe not good news for someone hoping to pick one up next month). Open houses are seeing more visitors these last two weeks. The number of homes going into contract in the East Bay Hills has increased over the last several weeks. Four homes are pending in Piedmont; three went into contract within 19 days on market and two of these are scheduled to close after just two or three weeks in escrow. Zoom zoom zoom. I heard NPR do a story this a.m. wondering if the market is turning. Moreover, we're now seeing loans in the over-$729,500 realm for well-qualified buyers purchasing homes with sizeable downpayments--not the case for the last couple of months!

The numbers say that:

1. Nine homes have sold since 10/1, compared to 16 in the same window in '07, 11 in '06, and 21 in '05. Nothing new there--we knew that the number of sales was down nearly 50% from last year---

2. Those homes that sold, sold quickly--in an average 17 days on market. Buyers are very focused and quick to act when they see value, and sellers aren't taking chances or waiting around. The average price per square foot was about $500, but these were mostly less-expensive fixers--one larger, beautifully located and cared-for home sold for a bit over $700/sf, and for over $2 million. I'm not comfortable suggesting a decline in average prices beyond the 5% or so drop from our late 2005 peak that cropped up in last quarter's numbers.

3. The 25 homes actively seeking buyers have typically been on the market for 54 days and many have seen price cuts. Their current average price is $588/sf (still a tad above last quarter's average for sold homes), but four are hoping for upwards of $800/sf or more. Five are distressed--already owned by banks, or the owner is likely to be short of funds to close, meaning the lender(s) must agree to ''eat'' a portion of the outstanding balance [realtors are required to disclose this fact in the MLS now]. Seven homes have come off the market since 10/1. This is a noticeable increase, and suggests frustrated sellers and/or those who don't have many degrees of freedom for price cuts.

4. While seven out of the nine homes sold recently cost less than $1.5 million; half of the active homes started out at over $1.5 million. Maybe buyers feel more confident in these uncertain times with less expensive purchases or maybe the shortage of financing and anticipated bonuses is taking its toll at the high end.

So, the bottom line is that our market is in much better shape than surrounding areas (85% of newly pending transactions under $500,000 in the ''inner'' East Bay last week were distressed), and serious sellers are still finding serious buyers for their homes along the price spectrum. As households move to reduce discretionary expenses, I imagine we'll see more demand for the great schools that go along with a Piedmont purchase (if you have friends or colleagues thinking about a private school to public school move, ask me for the link and password to my Piedmont Information site. Among many photos, links and factoids, it's got links to all the key PUSD backgrounders as well as a net present value analysis of a Piedmont purchase (with Piedmont schools) vs. an Oakland purchase just outside our borders (and private schools). And of course I'd love to assist anyone you know as they plan an East Bay purchase or sale).

When's a Jumbo Loan a Jumbo Loan?

Don't forget that starting Jan. 1st, loans in our metro area over $625,500 will be considered ''jumbo'' as to rates and terms--the federal agencies will reduce the maximum loan size they are willing to purchase from area lenders by about $100,000 from that emergency/temporary figure of $729,750 established back in July. Organize any refis or new purchases that will need a loan in that $625-$729K range before 12/7 or 12/15 at the latest to make sure the loan closes before the jumbo definition changes!

Here's the release:

Maureen Kennedy Recognized in

National Real Estate Marketing Competition

Maureen Kennedy won the coveted Overall Excellence in Personal Marketing award at this year's exclusive Leaders in Luxury conference in late October. Judged by Lisa Waldie of Dallas-based Brand Agent advertising and branding firm, the competition included submissions from among the roughly 100 meeting attendees, all members of the prestigious Institute for Luxury Home Marketing.

Entrants from across the country submitted material on their property ads and collateral material, blogs, websites, honors, media efforts, and logos, and were judged based on quality, creativity, and appropriateness for the luxury niche.

"Kennedy's approach to marketing crafts an individualized plan customized to each unique situation and client. Her stated core principles of Listen, Inform, Analyze, Market and Close communicate the very essence of successful luxury marketing. The result is a brand personality that is both unique and appealing to potential customers," said Waldie.

According to Kennedy, "Attendance at Leaders in Luxury is important to an upper-tier professional's success. By networking with the best in the business, sharing ideas, and learning about the latest trends and outlooks, I can help my affluent clients find success where others are finding challenges. It's a real honor to receive this award from among such an elite group of agents and brokers."

Kennedy, a Pacific Union agent in the Montclair office, is a licensed real estate broker. She was selected earlier this year as one of 50 Realtors on the Rise by Real Estate magazine, an influential national industry magazine. Kennedy also organized a session on Eco-Brokerage in the Luxury Market for the Leaders in Luxury meeting, held this year in Miami.

Hosted annually, Leaders in Luxury is an exclusive, invitation-only educational and networking opportunity comprised of real estate agents who work in high-end markets nationwide. The sponsoring Institute for Luxury Home Marketing, based in Dallas and founded by Laurie Moore-Moore, is the premier training and membership organization for luxury home real estate professionals internationally.

Since 1975, Pacific Union GMAC Real Estate has thoughtfully matched generations of buyers and sellers throughout the entire Bay Area. It is the only firm in California to receive a distinguished four-star International Property Award in association with CNBC Europe and the London Daily Mirror for superior marketing materials and client services in the luxury marketplace. A premier, locally managed brokerage with deeply experienced real estate professionals, Pacific Union GMAC applies cutting-edge technology to enhance the client experience.

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I remember years ago, when I was running Redefining Progress in the City, a rep from Tree People in LA came calling. Sounds very crunchy, I know, but he made a key point that I've remembered ever since: We in California get gobs of rain in one season and none the rest of the year. What if we could store that rain conveniently, and use it through the year for outdoor needs?

The New York Times has caught up with the topic. In July it published a story covering this exact issue. The piece outlines how to go about collecting water efficiently, and makes the point that while you won't save much money (water is still one of those resources that's almost ''too cheap to meter''), you'll avoid using precious drinking water for irrigation, and you'll divert storm runoff from the regional sewage treatment system (too much of our storm water still comingles with sewage!).

This Old House had an article a while ago (click through the photos for some good info) and just last month on water collection systems.

Last night I headed over to the Rockridge Library to participate in a remodeling workshop organized by Amy Hutton of Winans Construction. Amy did a fabulous job outlining how best to get from the beginnings of a vision to the completion of a project. We talked about perils and pitfalls as well as how the relationship should work if all team members are hitting their stride. ''Cost-plus'' vs. set-price bids, how to think about change orders and who pays (other than that they should be rare if the scoping out and planning's done well), how permits and soils engineers fit in. Amy's a woman who knows her way around a Gantt chart and the critical path!

If you'd like a pdf version of her How to Make your Project a Success powerpoint presentation, email me, and the first to ask for it gets a copy of the 70-page Home Remodeling Green Building Guidelines from Build It Green.