Alameda, CA

When I moved to the Bay area, I was literally jobless, homeless and friendless --- a trifecta of challenges. Having just been involuntarily retired (laid off) from a cushy corporate position, I was adrift in a sea of indecision. My love of architecture prompted me to be a realtor, at a time when it seemed that everyone wanted to be in real estate!

Starting as a realtor with no experience was daunting. But there were folks who helped along the way, and this is how.

Gallagher & Lindsey REALTORS based in Alameda CA, the company I joined at the height of the market, offered classes to would-be realtors, and brought us into the fold even before we took our test.

What they did for, and gave us

• Agent development team who managed our training program
• Guest speakers who held classes on a variety of topics including, but not limited to:
  • Basics of writing an offer
  • Strategies on writing a good offer
  • How to read a preliminary title
  • What to look for during a home inspection. A pest inspection.
  • Government compliance (in our city, it's sewer lateral and gas cut off valve)
  • Basics of using the MLS --- posting, searching, classifying
  • Basics of mortgages, loans and preapprovals
  • Farming
  • Quizzes to prepare us for our Real Estate Principles test
• Included us in company events, including the annual Christmas party for agents
• Caravan of newbies going on brokers' tours to get us familiar with the market and how agents promote their listings (it also enabled us to meet other agents --- and this was a real education in itself!)

Having this background enabled us to hit the ground running as soon as we passed our test and got our license.

And in our early days as REALTORS, the seasoned agents helped us by

• Inviting us to do open houses with them and giving us pointers on how to do it
• Showing us the importance of sign directional placement (and where NOT to place the signs where they would block the crosswalk, for example)
• Answering thousands of questions
• Guiding us when posting listings, and pointing out how to avoid MLS violations
• Sharing tips and tricks of the trade that include having a list of resources such as reputable lenders, helpful title company reps, etc.
• Guiding us when we wrote our first offers, and reviewing what we did
• Showing us how to maximize opportunities for up-calls during floor time
• Giving us feedback on our listing presentations --- and even coming with us for our first presentations for moral support
• Providing key information to include in our presentations
• Serving as cheerleaders when we needed it
• Telling us their own experiences --- when they stumbled, and when they succeeded --- to let us know that we can and will overcome the challenges of being newbies
• Guiding us through an escrow, making sure we remembered key steps like contingency release deadlines
• Advising us on how to practice safety when showing property

Now that I'm more experienced, I am truly indebted for all the help I've received these last years, and will always endeavor to pay it forward. Not only do I help the older agents(particularly with using computer programs and software), I also help the newbies with their own challenges. Along the way, I've encouraged others to participate in new ways to communicate with their target audiences, like blogging.

Here's a big THANK YOU to people who helped, and continue to help us thrive. I am eternally grateful.

Now that it's been declared that we're officially in a recession, it is even more note-worthy to point out some positive things that are happening in our local market.

Checking activity since October 1, 2008 in our little island of Alameda, CA

SOLD - on the market an average of 50 days, have an average sold price of $648,717 for an average of $367/sq ft.

• 23 closed escrow

PENDING - on the market an average of 67 days before getting offers accepted, Average list price is $497,166, and average of $365/sq ft. Total: 23 pending

• 16 pending sales
• 1 pending court confirmation
• 9 pending, show for back-ups
• 6 pending subject to lender approval

ACTIVE - on the market an average of 70 days, with an average list price of $646,077, and average of $389/sq ft. Total: 129 active as of this writing

• 5 active contingent
• 111 active for sale
• 8 just came on the market
• 5 just reduced the price

These numbers won't mean much, until one knows that our little island of Alameda only has approximately 72,000 residents. Just over half are property owners and the rest are renters.

Therefore, these numbers are encouraging. This shows we do have buyers, and they're looking in Alameda. The number of days properties are on the market are considerably less than surrounding areas. There's definitely activity, and we're pumped, joyful, thankful.

Thank you, thank you, thank you!

I've been sighing quite a bit these past few days. Having two escrows close this week just before Thanksgiving were euphoric, but the "Oh No!" events brought me down, hard!

• There's this little cottage fixer.
  • Before I activated it on the MLS, we received an offer from a contractor client. The owner, at her son's advice, said no. Two days after we listed, I received three offers. The owner, again at her son's advice, said they will wait until after one week to see if other offers come. When none did, they tried to accept the highest offer which had already expired.
  • Two weeks later, an all cash offer came, and the owner countered. But the buyer balked, and walked.
  • Last week, we received two offers. But the owner's son took his mother on the road from California to New York, and didn't tell me! When I finally reached them, they said they want to wait until after Thanksgiving holidays to respond. Then I was told a third son whom I didn't know about, will make the recommendation.
  • Since it's been on the market, we've received 7 offers. And they've been getting lower as time goes.
• Buyer writes offer --- but uses another agent
  • Last week, I showed a buyer a property, twice. I even showed him another property to compare this one. He said he'd like to offer an all-cash (but very low ball offer). I advised him that the offer is too low but that we can certainly negotiate.
  • Next thing I know, he's submitted the offer using someone else who speaks his language, but who hasn't even shown him this property.
• Loan is "approved" but...
  • I have a client in contract on an REO.
  • Property appraised at purchase price
  • BUT underwriter wants repairs to be done before loan is approved.
    • One of the required repairs? Remove the dilapidated but detached garage.

Photo from http://www.reallyfunnypictures.co.uk

Having information so available at your fingertips is liberating in the sense that you feel empowered to do so many things on your own. If that were the case, one can learn how to do a root canal, and do it yourself, right?

Oh, you don't think so?

But how do you explain people looking to buy a house without first speaking to a lender?

During today's and previous open houses, I've spoken with several first time buyers. Some are more prepared than others. And there are those who start going to open houses, following signs, "just looking around." When asked if they have spoken with a lender to get pre-qualified, they say that they want to find a house first, and then they'll talk with a lender and with a realtor.

Does that make sense? Shouldn't the buyer first talk with a lender, find out how much they can afford, the monthly payments they think they can live with, and then focus their search on the homes within their budget range?

Even more important, how would they know if they even qualify for a loan?

Buyers, you may already know that the days of NINJA (no income, no job, no assets) or NINANE (No income, no assets, no equity) loans are over. Today, there are three things that lenders will look for (and this is just the beginning):

• Down payment
• Good credit
• Proof of income

And that's not all

....after you find a house and you get into contract, the appraiser and the underwriter will look at the property with a fine tooth comb. If they find something that is a serious safety or health hazard, they will flag that item and insist that this be fixed first before they will approve the loan.

Buyers need an advocate on their side. And a good buyer's agent will be that person who can guide the buyers from finding a lender who can offer the best loan programs, getting inspections of the house, negotiating credits or repairs, managing the escrow process and more. And after the sale, the realtor can also provide lists of resources who can help with the house (electricians, plumbers, contractors, cleaning people, etc).

So yes...we can find out all kinds of information on the net. But doing-it-yourself is not that easy. Nor is it the best route to take.

On the way home tonight, Gary and I decided to stop at Alameda's The Fireside Gastro Pub for a drink.

A gastro pub is defined as a pub that also serves gourmet fare, a few notches above your regular pub grub. And Alameda is happy to see the rejuvenation of The Fireside into a fabulous gastro pub.

"Gastropub (n). A new type of eating place bridging the gap between booze joints and upscale restaurants. These cuisine-conscious taverns started to appear about 15 years ago in England. Gasropubs have become the Anglo equivalent of the French braseerie, serving good food that's also a good value." ----www.FiresideGastropub.com

This place, formerly known as The Fireside Lounge, has undergone quite a transformation from the "rowdy bar into a chic cocktail lounge." It is the project of the proprietor and chef, Patrick Brown, a California Culinary Academy grad and San Francisco chef.

We settled in at a tall bistro table and chairs and were immediately impressed. High ceilings. Art deco bar with fabulous drop lights. The place was divided into three distinct areas ---the bar, the dining area and the sports section with pool table. Yet, everything blended seamlessly.

I was happy to see Malbec on the wine list --- I never see that in the many restaurants we've been to, ever! Cristi. who is part owner and who served nearly every one at the restaurant, said they also have 220 beers from all over the world. I don't drink beer, but that sounded impressive.

The menu was delightful and had so many things we wanted to try. However, since we've already had dinner, we settled on dessert.

We ordered a Granny Smith apple tart. Omigosh, was that ever tasty. The apple was sliced super-thin and layered in the chef's own home-made pastry that was so flaky and crisp it was like phyllo. That must have been the best apple tart I've ever had. Needless to say, we nearly licked that plate clean.

If you're looking for an alternative to the popular Forbidden Island Tiki Bar in Alameda, run, don't walk to the Firesound Lounge. It's a gastronomic discovery. We plan to go back and dine --- they have a macaroni and cheese entree that I must get next time.

Here's where you can find them:

The Fireside Gastro Pub --- proudly pairing artisanal food w/ international craft beer

1453 Webster Street, Alameda CA 94501

510 864 1244

www,FiresideGastroPub.com

By the way, I took this photo of the bar using my iPhone. No flash. Lighting at the table is by tea lights. Not bad for a camera phone, eh?