Significant price reduction on this beautiful, custom property with terrific views. Now priced at $1,099,000, this home feels so private nested above Kottinger Drive yet it is within walking distance to our historic downtown. Click here to tour this home. Then contact us for a private showing.

Open House on Sunday 5/24 from 1pm-4pm.

Pleasanton Market Update for April 2009

The month of April showed a strong improvement in the number of homes that went under contract. 64 single family homes went under contract in April- a significant increase over the average of 33 homes going under contract in each of the 1st three months of 2009.

How many homes were for sale in Pleasanton during the month of April?

April 2009 showed a 6% increase in the number of homes on the market as compared with April 2008.

There were 354 homes (248 single family homes) for sale last month as compared to 333 homes in April of last year.

Of these how many were new listings for the month?

115 homes were new to the market in April of this year as compared to 118 new listings in April 2008, representing a 3% decrease in number of new listings from this same time last year.

How many homes went under contract in the month of April?

The sales pace in April picked up considerably compared to previous months this year. 64 homes went pending last month compared to 66 pendings in April 2008. This represents a 6% decrease in sales for the same month last year.

At the current pace of sales, what is the month’s supply of inventory?

At the current pace of sales, Pleasanton has approximately 3.9 months of inventory on the market (otherwise referred to as the unsold inventory index). In April 2008, there was 3.5 months of inventory on the market.

The 3.9 months is a statistic calculated by the number of homes available for sale at the end of April divided by the total number of sales in the month of April. 248 divided by 64 sales =3.9 months.

Pleasanton’s unsold inventory index is down substantially from as recently as February of this year when the unsold inventory index stood at nearly 10 months. Many experts believe that anything under 6 months is considered a sellers’ market.

In what price range are homes selling?

80% of the sales activity is happening in the under $1 million dollar price range where the unsold inventory index is under 2.5 months. In contrast, homes over $1 million dollars are showing a much greater supply of inventory with the highest being 20 months for homes in excess of $2 million. This is due in part to the difficulty of obtaining financing for loan amounts in excess of $729,000.

Mohr Park Market In a Minute

How many homes are on the market in Pleasanton?

As of 4/29/2009, there were 242single family homes available for sale in Pleasanton.  Since the beginning of this year, the inventory has increased at a pattern consistent with the 1^st quarter of the last two years.  By mid April, the inventory had increased to 255.  However, the last two weeks of April have seen strong sales activity with 60 “pending” transactions in April.

How many homes are on the market in Mohr Park?

As of 4/29/2009, only three homes are available for sale in Mohr Park.  This includes the Glens, the Gardens and the Estates of Mohr Park.  Unfortunately the two homes on Rheem Drive are “short sale” transactions so both prices are far below market value.

*Short Sales are distress sales where the current owners mortgage debt exceeds the current market value. Negotiations are in progress with the lender to accept less than the amount owed to complete the sale and avoid foreclosure.

How many homes have gone “pending” in Pleasanton in 2009?.
 

May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan09	Feb09	Mar09
55	50	44	52	58	31	22	25	33	30	43

As of 4/29/2009, 60homes have gone to “pending” status during the month of April. This will represent the highest number of monthly “pendings” since April of 2008.

How many homes have gone “pending” in Mohr Park?

1987 Rheem	List Price $519,000	Sales Price	Calliope(Glens)	1314 SF	2 BR	2.5 Bath	COE Date6/2/2009
2092 Eilene Dr	$599,750		Woodstar(Glens)	1586 SF	3 BR	3  Bath	COE Date5/31/2009
2223 Oakland	$525,000	Short sale	Woodstar(Glens)	1586 SF	3 BR	3 BATH	COE DATEUnknown

 

No Mohr Park homes have closed escrow thus far in 2009.

Two steps: Second liens now covered by modification program; servicers must offer eligible borrowers principal reduction under Hope for Homeowners.

The Obama administration is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program.

The president’s $75 billion program has gotten off to a slow start. Loan servicers only recently started taking applications and many delinquent borrowers have complained about being left in the cold because their home values have dropped or they’ve lost their jobs.

The administration is seeking to address some of the concerns by tweaking the original modification plan, which calls for adjusting eligible borrowers’ loans so monthly payments are no more than 31% of pre-tax income.

Servicers covering 75% of the nation’s mortgages are now participating in the program, which also allows some homeowners with little or no equity to refinance their mortgages.

During the housing frenzy, many borrowers obtained second mortgages to allow them to put little or nothing down when buying a home. Up to half of at-risk borrowers have second liens, according to the administration.

These loans have complicated the modification process. For one thing, they add to troubled homeowners’ debt levels. Also, mortgage investors have balked at reducing payments on first mortgages when the second loan was left intact.

Under the administration’s new program, the interest rate on second mortgages will be reduced to 1% on loans where payments cover interest and principal and to 2% for interest-only loans. The government will subsidize the rate reduction, with the money going to the mortgage investor.

Servicers will be paid $500 for each modification and an additional $250 annually for three years if the borrower stays current. Borrowers can receive up to $250 per year for five years to pay down their first mortgage.

Investors can also receive a payment in exchange for extinguishing the second lien. They would receive 3 cents on the dollar for loans more than 180 days delinquent and between 4 cents and 12 cents for less delinquent loans, depending on the borrowers’ debt levels.

Servicers who join the new program must modify second loans when a borrower’s first mortgage is adjusted. It will likely take a month to implement, but it should not slow down the modifications of primary mortgages, the administration said.

“By bringing both the first lien and second lien program together, we can reduce monthly payments for borrowers and make it much more likely that they can stay in their homes,” a senior administration official said.

Hope for Homeowners option:

The administration said it is now requiring servicers to offer troubled borrowers access to Hope for Homeowners as a modification option if they qualify.

Expanding Hope for Homeowners would address one of the major holes in the original Obama foreclosure prevention plan. It helps homeowners whose homes are now worth far less than their mortgages.

Servicers had balked at participating in the Hope program because it required they reduce the mortgage principal balance to 90% of a home’s current value.

Hope for Homeowners, which began in October, is being revamped in Congress. Servicers would have to reduce the principal to 93% of the home’s value. The change would also reduce the program’s high fees, which turned off many troubled borrowers.

As an incentive to participate, servicers will be paid $2,500 for each refinancing, while lenders who originate the new loans will receive up to $1,000 a year for three years, as long as the loan remains current. (Source:CNN)

Click here to read the entire article.

Just listed and debuting on the market tomorrow!

5517 Paseo Navarro is a beautifully upgraded single story home in the Del Prado neighborhood. Priced at $685,000, this home has a gourmet style kitchen with granite counters and Brazilian hardwood flooring.

Click here to tour this property.

469 Kottinger Drive is a custom built home on an oversize premium lot with breathtaking views. Boasting over 3300 square feet of living space, this home has been upgraded with many special features.

Click here to tour this property.

Both homes are close to our historic downtown, top rated schools, and nearby freeway access.

An Open House for both homes will be held on Sunday, 4/24 from 1pm-4pm.