Now, personally, I don’t enjoy Panda Express. I have nothing against it, but it just doesn’t cut it for me when I’m craving Chinese food. In fact, I’m not so sure I’d call it Chinese food, but I can’t argue with the fact that it does have it’s fans, and it seems that every time I’m in a food court, no matter what time of day, Panda Express seems to always have an endless line. While Panda Express may not be my place of choice, I see it as a good addition to Belmont. I was sad to see A.G. Ferrari go, but having a viable business like Panda Express is better than having a vacant retail space, and can only increase the foot traffic to surrounding business. So, Welcome to Belmont, Panda Express!!!

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The suspect is described as a black male in his 30’s, about 5′7″ tall and 180 lbs. No description of the woman’s vehicle has been given yet, however anyone that may have seen anything are urged to contact the Belmont Police Department Investigators at 650-595-7400.

This must have been a frightening incident for the woman, and luckily she was able to get away with her child before her vehicle was driven off. It would be helpful if a description of the vehicle, I’m guessing it might be easier to catch the suspect that way.

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While this sales price of homes is not typical for Belmont, it can be an indication that buyers looking for more space or luxury properties are willing to compromise a bit on location in order to find a home that offers the amenities they want/need, and get more for their money.

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For example, let’s assume that a 3 bedroom/2 bath, 1700 Sq. ft. home that’s listed as a short sale closes escrow with a sales price of $800K. Had this property been listed as a regular sale, the sales price would have been closer to $875K (for simplicity, I’ll also assume that the property is in a decent location and in overall good condition). Now you’ve decided to put your house on the market and have received an offer of $900K. Now, unless your buyer is paying all cash for the property, the buyer’s lender will have to come in and perform an appraisal. If this short sale is right around the corner from you and has closed escrow withing the past 3 months, the appraiser is going to use it as a comparable sale. This leaves us with a $100,000 price difference, which means the appraised value will most likely come in at a lower value than your offer price, and in turn, the buyers will either have to come up with more down payment money or ask you, the seller, to reduce the price. I’m not saying that this will for sure happen, but I’ve seen it happen more and more frequently.

A good buyer or seller’s agent will meet the appraiser there and provide them with accurate comps, as well as point out any distressed properties that may have sold for less simply because they are a short sale or REO, and also be able to point out differences in comparable properties (i.e. a level yard vs. no yard, a view home vs. a home with no view, etc.). There are still a lot of REO properties that banks have been holding on to and are most likely going to be coming onto the market within the next 6 months to a year, so if you’re thinking of selling your home, be sure you speak to a local agent that can help you get your home on the market before values are further impacted by upcoming distressed properties.

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Another common issue I see with homes that are listed with out of area agents is that sometimes they are grossly under or over priced.  Overpricing or underpricing a home can result in a big loss for the seller.  If a home is totally overpriced, most likely, it’ll sit on the market, and require a price reduction, if not multiple price reductions, before it is finally sold.  On the flip side, severely underpricing a property may attract the attention of the buyers, but if you only end up with one offer, then the sellers will probably walk away with a lot less money than if the home were priced at fair market value to begin with. 

Lastly,  local agents should be on tour every Tuesday or see any new listing in the area in order to understand the market, know the inventory as well as be familiar with homes that have previously sold, and your potential competition as a seller. Local agents will generally have a good working relationship with other agents (after all, other agents are usually the ones that have the buyers!).   An agent that doesn’t work in the market where your home is being sold on a daily basis will have difficulty pricing your home accurately. Seeing previous home sales will enable you to add or subtract for different features (i.e., an attached garage vs. a detached garage, a level yard vs. one big deck).  Don’t get me wrong here, I’m not bashing out of area agents, in fact, many of them probably do a great job and are very knowledgeable, but they probably do best in their own areas of expertise.

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In a town where the average sales price in 2010 was $908,159, a sales price of $1,900,000 is rare and sure to cause a stir. This property is located at 2835 Wemberly Drive Belmont, CA. in the Hallmark area of Belmont, listed by Terrace and Associates. We represented the buyers in this sale, and they were drawn to it because it was a one of a kind property.

The highest sales price in Belmont in 2010 was the property located at
900 South Rd. . listed by Hometown Realty, which sold for $1,588,000.

So what did this house have that other Belmont properties don’t? The main selling point was the level lot that’s over half an acre. Usable lots this large in Belmont are not typical, the fact that this lot was almost entirely level and usable increased the value significantly. The yard was completely landscaped and offered a black-bottom pool, a patio area, fire pit, level lawn, and basket ball court. The interior of the home was also completely remodeled with high-end finishes, and offered 4 bedrooms, 3 full baths, with an interior living space of almost 3000 sq. ft.

While many homes in Belmont will warrant a higher sales price, this is the highest we’ve seen in a few years. Other streets in Belmont that will tend to have higher than average sales prices are Escondido, Miramar Terrace, since they are excluded from the City of Belmont’s maximum square footage allowance of 3500 Sq. Ft.

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1. Mr. or Mrs. Seller will only show their home strictly by appointment- Okay, I get it, people are busy, and don’t want prospective buyers trampling through your house at all times of the day, but if you want your house exposed to as many people as possible, which leads to a, you guessed it, quicker sale, your home needs to be available for people to see, especially in the first 2-3 weeks of it being on the market. Buyers are anxious, the minute a house that may interest them hits the market, chances are, they’re jumping in their car to drive by it. So do yourself a favor, make your house easy for people to see, and you won’t have to deal with the showings for that much longer.

2. Seller Follows Potential Buyer Around House- Ideally, as a seller, you would do yourself a favor to not be home when a prospective buyer walks through the door. Buyers want to open cabinets and closets, get a feel for the space, imagine themselves in it. Doing that becomes a challenge when Mr. or Mrs. Seller is yapping their ear off about how many times they’ve hosted Thanksgiving dinner in their dining room. If you must be home, let the buyers in, be courteous, then stay out of the way. Trust me, buyers feel uncomfortable walking through a house when the owner is there, and 90% of the time, will rush through the house because they don’t want to disturb the seller or take up too much of their time.

3. Mr. or Mrs. Seller have overly improved their home, and are unrealistic about their return on investment. While a spa and cabana in your back yard are nice amenities, they don’t necessarily mean that you will recapture the money you spent on it. Common mistakes I see: remodel is too taste specific (ultra modern finishes or bright colors). Sure, paint can easily be changed out, but that red granite in the bathroom may not appeal to all buyers. Some good improvements to make: Replacing the roof, it needed, dual pane windows, remodeling kitchens and baths in neutral colors that can be customized with accessories and paint to suit your taste.

4. Mr. or Mrs. Seller think their home is worth $1,000,000, when most other comparable homes have sold for much less. This has to be the worst, yet very common mistake, that many sellers make. Over pricing your home is probably the number one mistake that sellers often make. You get the most showings and interest when your home first comes on the market. Drastically overpricing your home from the beginning means that most likely, you will be chasing the market, and ultimately, sell your home for less than what you could have had you priced it at market value from the get go. My advice? Look at the comps, be objective, and look at your home through the eyes of a buyer. Things that you have learned to live with and don’t bother you can be glaring to a buyer.

There are a number of things that you can do to get your home ready for sale, and the best part of it, some if it costs little to nothing. Remember, be objective, and listen to your agent. A listing agent should be able to give you honest advice about changes to be made, pricing, and negotiating offers. If you don’t trust your agents advice, chances are, you’re not working with the agent that’s right for you.

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Last week, I attended a Spring Social for the Early Learning Center at Notre Dame, which was held at Ralston Hall, in Belmont. Now I have driven by Ralston hall on a number of occasions, but this was the first time I had actually been inside.

Ralston Hall is a true Belmont treasure, offering a setting of beauty, luxury, and history. The hall is decked with crystal chandeliers, intricate furniture, wood inlay flooring, and some serious antique pieces of furniture. Today the hall houses the administration offices for Notre Dame de Namur University, but was originally built by William Chapman Ralston. The hall took 3 years to build, and a lot of the architecture and design mirrors that of Versailles just out of Paris, France. Some believe the hall is haunted and stories of lights turning on and off, creaking floor boards, and eerie sounds have all been reported. While I’m not going to go investigate the validity of these claims myself, one thing is certain, Ralston Hall is a beautiful piece of real estate that only adds to the unique character of Belmont.

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While it’s a tough situation to be in, I was somewhat relieved that the people I met with are at least being pro-active about their situation and weighing their options. Some of them had contacted their lenders to see about modifying the terms of their loans, and are still waiting months later with no relief or even an answer as to weather their lender/s are willing to modify their loans. The fact is, the odds of getting a loan modification are slim to none.

I decided to do a little digging to see just how many Belmont homeowners are at some stage of the foreclosure process, and the numbers were somewhat astounding. As of today, there are 73 single family homes that are either in the beginning of the foreclosure process, have been foreclosed on, or have an auction date set.

The worst thing to do if you’re not able to keep up with your payments is simply not doing anything. It’s important to look at your options to see what you can do. Some options other than foreclosure is to market your home as a short sale in efforts to settle with your lender for a short payoff, which usually affects your credit less negatively than a foreclosure. Another option is to give you house back to the bank before they foreclose on you, also known as a deed in lieu of foreclosure. It is best to consult your tax adviser to determine which option is best for you.

So what does this mean for Belmont Sellers and Buyers? We are probably going to see an increase in short sales over the next year, so for sellers, it means competing with short sales if you’re trying to sell your home, and the value of your home can be affected by a sold short sale if it’s in your direct neighborhood. The opportunities for buyers increase as the homes sold as short sales can be more affordable than standard sales, but be prepared to wait, since the only thing short about short sales is the name. In actuality, they can take months. Overall, we are off to a good start for 2010, but the key to getting your home sold fast is making it shine above the competition, and pricing it right the day it goes on the market.

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