Selling Dana Estates

Homes for Sale in the Dana Estates Neighborhood of Concord

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Dana Estates Posts by Peter Maclennan

Peter Maclennan is a real estate agent serving the Central Contra Costa market, including Concord, Pleasant Hill, Clayton, Walnut Creek, Martinez, Lafayette, Orinda, and Alamo. Peter writes about real estate and how it affects the Concord Neighborhood of Dana Estates.

Dana Estates Market Report – May 2016

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Can you believe Summer is here already? Maybe you can, because it seems to come every year.

Just as the seasons run their courses, the housing market runs its own. Below you will find a Dana Estates market summary for the month of May.

Currently Active Homes in Dana Estates
Number of Houses Active Average List Price Average Days On Market
2 $ 512,475 25

There are still not very many homes on the market. A few more have come on in June, but there are still many options out there.

Pending Properties in Dana Estates
Number of Houses Pending Average List Price Average Days On Market
7 $ 535,978 34.1

The number of pending and sold homes indicates that homes that are priced right are selling. In fact we probably could have double the number of active homes to meet market demand.

Sold Properties in Dana Estates – May 2016
Number of                Houses Sold

Avg. List Price

 Avg. Sale Price  Avg. Sale Price/   Avg. List Price Average Days On Market
5 $ 501,400 $ 517,500 103.21%

13

Much to the delight of sellers, properties are selling (on average) over their list prices after a short 13 days on the market.

 

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The chart below shows the number of houses sold each month since June of 2015. As you can see, October was the hottest month, followed by June, December, and March in terms of house sales.

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If you would like to see your home listed in the “Sold” category, please give me a call at 925.385.8798.

Based on information from the Contra Costa Association of REALTORS® MLS as of 06/10/2016. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Concord Summer 2016 Activities & Events

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Summer Events in Concord

Concord will be a busy place this Summer, with numerous activities, exhibits, and concerts happening right in the neighborhood. Don’t miss out on this year’s big Summer events in Downtown Concord & Concord Pavilion!

Downtown Events:

Thursday Nights Market & Music

The 28th annual Market & Music began May 19th and will run through September 15th on Thursday nights. The farmers market will operate from 4pm-8pm. The concerts will start at 6:30pm and end at 8pm. The series offers an electric mix of genres and bands. Soul, R&B, Funk, world music & latin, a David Bowie tribute, a Prince tribute, and Eagles tribute band will all be part of the series. Buy some fresh produce or dinner and enjoy it in the park while listening to great music with your neighbors!
6/9/16 – LUMBERYARD – Favorite Covers from the 60’s and 70’s
6/16/16 – The David Correa Group – Latin Guitar/World Music/Rhumba/Flamenco
6/23/16 – The Jean Genies David Bowie Tribute – A Concord Salute to the Late Great Master
6/30/16 – Kingsborough – Original Americana Rock and Roll
7/7/16 – Bay Bridge Beat – Funk / Soul / Classic Rock
7/14/16 – Hotel California – A Salute to the Eagles (and Tribute to Glenn Frey)
7/21/16 – DAKILA w/ special guest DA ISLAND WAY – Latin Beat with a Filipino Twist with Polynesian Dance
7/28/16 – FOREVERLAND – An Electrifying 14-Piece Tribute to Michael Jackson
8/4/16 – Zepparella – The All-Female Zeppelin Powerhouse
8/11/16 – Carlos Reyes & the Electric Symphony – Original Latin Jazz Harp and Violin Virtuoso
8/18/16 – Project 4 Band – High Energy Dance & Show band Pop/Soul/Funk
8/25/16 – Caravanserai – The Legendary Music of Santana
9/1/16 – PUSH–featuring ABC7’s Dan Ashley – Classic Rock with Original Roll
9/8/16 – Evolution – The Ultimate Tribute to Journey
9/15/16 – The Purple Ones – In Memoriam to PRINCE

July 4th Events at Todos Santos

The Todos Santos Business Association Arts Foundation is organizing the Concord July 4th festivities (www.concordjuly4th.com). The events begin with a 5k Run starting at 8:00am. Followed by the Parade which begins at Mt. Diablo High School and loops around Todos Santos Park. The Festival begins at 4:00pm at Mt. Diablo High School. Capping the day’s events off will be the Fireworks display beginning around 9:00pm.

Cool Concord Cars – July 5th 5:30pm-7:30pm

Free Car show! No registration fees, with dash plaques, goodie bags and prizes for the winners.

Tuesday Night Blues

Todos Santos Plaza will play host to blues music on Tuesday nights in the month of July.
7/5/16 – Annie Sampson – Concord’s Blues and Soul Diva
7/12/16 – The Fargo Brothers – Classic and Original Blues, Rock and Americana
7/19/16 – Willie G – A Cure for The Common Show
7/26/16 – The Shari Puorto Band – Melissa Ethridge, Bonnie Raitt, and Etta James with the soul of Janis Joplin

Concord Pavilion

Our local amphitheater will be hosting a number of concerts this Summer. Here is the lineup of events for the Concord Pavilion.
6/12/16 – Spirit West Coast: MercyMe, Jeremy Camp, Matthew West, Phil Wickham & Blanca
6/13/16 – Slipknot, Marilyn Manson & Of Mice and Men
7/9/16 – Bryan Adams
7/12/16 – Taste of Chaos: Dashboard Confessional, Taking Back Sunday, Saosin & The Early November
7/28/16 – Sublime with Rome
8/28/16 – Snoop Dogg, Wiz Khalifa, Kevin Gates & Jhene Aiko

Where do Millennials Prefer to Live? The Suburbs.

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Would you be surprised to know that millennials prefer suburban living to city living? According to a recent study by the National Association of Home Builders millennials prefer living in the suburbs.

Millenials Home Owner Preference

Where do millennials prefer to live?

  • 66% of millennials prefer the suburbs
  • 24% of millennials prefer to live in rural areas
  • 10% of millennials prefer to live in a city center

Why do millennials prefer the suburbs?

When asked why they prefer the suburbs, 81% of the respondents indicated that they were looking for a home with three bedrooms or more. Homes of this size are difficult to find in the urban core.

P.S. If you liked this post, you may want to join our newsletter.

Concord Naval Weapons Station Update – Feb. 9 2016

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The Concord Naval Weapons Station (CNWS) is in the process of being turned over to the City of Concord for reuse and development of the space. The City of Concord and the City Council were in the process of picking a developer for the massive project, when one of the two finalists asked for an investigation into the other finalist’s practices. You can find more information in the CNWS Archives on this subject.

Tonight, the City Council will be hearing a report from the special investigator appointed to see if one of the developers is guilty of improper lobbying or if anyone at the City acted improperly.

Meanwhile the Contra Costa Times has published a couple of interesting articles related to the CNWS.

As well, the Contra Costa Times has now published an editorial requesting that the report from the Special Investigator be made public: Contra Costa Times editorial: Backroom politics erode confidence in Concord Naval Weapons Station planning

The Contra Costa Bee has published online some of its findings relating to the development of CNWS:

https://contracostabee.com/concord-mayors-campaign-advisors-pressured-city-attorney-for-critical-vote/

Thankfully, in the United States of America people are “innocent until proven guilty”. It will be interesting to see the outcome of the Special Investigation and how the developer is finally chosen. Hopefully, it has only the appearance of “polotics as usual” and not the substance.

Remodeling Projects That Make Sense

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Are you thinking of a home improvement project? Wondering whether you should attempt the project on your own or enlist the help of a professional? The infographic below might be for you.

The Home Projects Council suggests which home improvement projects the homeowners felt comfortable doing on their own and which they felt the need to hire a pro for.

Infographic showing do-it-yourself projects versus do-it-for-me (professional) projects.
Home Improvement Projects DIY vs. DIFM

As well, Remodeling Magazine does a Cost vs. Value study each year. Based on the 2015 results the following infographic was produced comparing the relative cost of an improvement and the estimated return in additional value that a homeowner receives when the home is sold.

Not surprisingly the projects that improve the “curb appeal” of a home are the projects that seem to net the most value upon sale. Here are the results for the San Francisco Area.

Home Improvements That Pay Off
Home Improvements that Pay Off

If you are thinking of selling your home, it is important that you don’t needless fix items that won’t return value to you as the seller. Speaking with a professional, full-time agent is imperative to get insight into what buyers are looking for.

What Can I Recycle in Concord?

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If you are anything like me, you like to save your money especially on necessary, but boring things like trash service. Consequently, I want to use the “free” recycling can as much as possible to limit the size of my garbage can and my bill.

I received my bill from Concord Disposal Service and found an insert detailing the items that they are able to recycle. Here is the list from the online version of that list.

Recycling Item List from Concord Disposal Services
Acceptable Recycling Items from Concord Disposal Services

Acceptable Recycling Items

Paper Products: Boxes/Packages, Cardboard, Catalogs, Chipboard (cereal boxes, shoe boxes, etc.), Colored Paper, Construction Paper, Copy Paper, Coupons, Egg Cartons (Non-Styrofoam), Envelopes with Metal Clasps, Junk Mail, Loose Newspaper, Magazines, Manila Folders, Newspaper Inserts, Office Paper, Paper Bags, Paper Packaging, Paper Towel Tubes, Shredded Paper (in plastic bags), Telephone Books and White Paper.

Plastic Products: California Redemption Plastic #1-#7, HDPE #2, Detergent Bottles, 5-Gallon Buckets, Juice Jugs/Cartons, Milk Jugs, Plastic Bags, Plastic Laundry Baskets, Plastic Water Jugs, Plastic Plant Pots, Rinsed Salad Dressing Bottles, Rinsed Yogurt & Margarine Containers, Shampoo & Bleach Bottles, Soda Bottles, Soft Drink Bottles: PET #1, Toys such as Plastic Tricycles, Water Bottles and Non- California Redemption Plastic #1-#7. Please remove lids and rinse containers.

Metals: Aluminum Cans, CLEAN Aluminum Foil, Aluminum Pie Plates,
CLEAN Food Cans, Pet Food Cans, Steel Cans and Tin Cans.

Glass: Glass Jars and Bottles.

All Containers should be rinsed & emptied!

Unacceptable Recycling Items

Electronics, Appliances, Ceramic, Styrofoam, Fabrics, Food, Liquid, Green Waste, Garden Hoses, Ropes, Chains, Wire, Rocks, Car Parts, Aerosol Cans, Household Hazardous Waste, Diapers, Paper Towels, Toilet Paper, Facial Tissues, Light Bulbs, Paper Plates, Drinking Glasses, Shoes, Video Tapes, CDs, DVDs, Batteries and Window Glass.

For information on how to dispose of these unacceptable items, please call Mt. Diablo Recycling at (925) 682-4518. This information was provided as of 2/5/2016.

Dana Estates Market Report – November 2015

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Sunrise on Lynwood Dr.
Looking south on Lynwood Dr. near Beechwood Dr.

The Real Estate Market Continues to chug along in Dana Estates. Here are the latest statistics for our neighborhood at the end of November.

Active Properties
Number of Houses Active  Average List Price Average Days On Market
3 $515,000 14.67

At the date this information was pulled on November 30 there were three active properties in Dana Estates with an average list price of $515,000. This is not surprising given the holiday season.

Pending Properties
Number of Houses Pending  Average List Price Average Days On Market
8  $  499,731 35

There were 8 Pending properties at the end of November. The average days on market had risen to almost 35 days. This could be due to aggressive pricing (see the days on market for sold homes) and to financing considerations.

In October the Consumer Financial Protection Bureau (CFPB) implemented new disclosure standards that may have stretched the closing times for purchases. This may be a partial explanation for some of the longer days on market.

 Sold Properties 
Number of  Houses Sold  Average List Price  Average Sale Price Avg. Sale Price/ Avg. List Price Average Days On Market
3  $  446,500  $  449,167 100.6% 8.33

What is most surprising to me is the average time on market for these sold properties 8.33 days. Looking at the graph below, you can see this is a slight dip from previous months.

Average days on market graph

This graph tells me that homes that are priced accurately are selling quickly. Overpricing a home is one of the major mistakes that agents and owners can make with their home.

Looking to 2016

My crystal ball is as cracked as the next guys, so I can only make an educated guess as to what the future holds.

Seller’s Market. I expect that, barring any major act of terrorism or financial crisis, early 2016 will be a seller’s market. The expected Fed rate hike will likely get some buyers off the sidelines for fear of rising mortgage rates.

For Buyers: It is still a great time to buy real estate with interest rates near historic lows. Making sure you are preapproved for a mortgage from a quality lender is imperative.

For Sellers: The peak sales months have been March through June the past few years. Making sure your property hits the market during those months is imperative. It can take some time to adequately prepare your home for sale, in some cases 2-8 weeks.

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Email me to set a time for a complimentary, no obligation, sales consultation. I will help you identify the items that you need to address prior to the sale of your home.

Based on information from the Contra Costa Association of REALTORS® MLS as of 11/30/2015. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Dana Estates Christmas Lights Contest

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https://www.youtube.com/watch?v=zHsD249_Ulg

Merry Christmas!

I am going to be sponsoring a Christmas Lights Contest for Dana Estates Residents. If you live in Dana Estates, I want to encourage Christmas spirit and invite you to participate in decorating your home. Official Rules are below.

I will be giving away a $100.00 gift card to Home Depot­® to the winner with the best light display in Dana Estates (map). Please enter your name, email and address below to enter. If selected as a finalist, your fellow Dana Estate residents will have the opportunity to vote for their favorite display.

Contest Entry Form

all fields required

We hate spam, too. We will never rent or sell your information.

Official Rules

NO PURCHASE NECESSARY. ALL FEDERAL, STATE, LOCAL, AND MUNICIPAL LAWS APPLY. VOID WHERE PROHIBITED BY LAW.

  1. Eligibility. Open to U.S. residents over 18 years of age that live in Dana Estates Neighborhood (see map) of Concord, CA. Employees of Maclennan Investment Group, Inc. their parents, subsidiaries, affiliates, immediate family members, and members of their household are not eligible.

    map of dana estates neighborhood in Concord, CA
    Map of Dana Estates
  2. Sponsor. The contest is sponsored by Maclennan Investment Group, Inc. whose mailing address is PO Box 2564, Walnut Creek, CA 94595 and phone number is 925.385.8798.
  3. Contest Period. The Contest begins on 12/5/2015 and will be closed to new entries at 11:59pm on 12/19/2015. Entries submitted after the Contest Period will be disqualified.
  4. Agreement to Official Rules. By participating, Participants are agreeing to being bound by these Official Rules and the decisions of the Sponsor.
  5. How to Enter. Participants may enter by completing entry form at http://www.sellingdanaestates.com/2015/12/christmas-lights-contest/. Limited to one entry per household.
  6. Prize Award. Entries will be pared down to a top 3 finalists at Sponsor’s discretion. The Grand Prize winner will be determined by votes received from the general public for the best decorated home as determined by voters. In the event of a tie, the Sponsor will cast the deciding vote. The Sponsor will attempt to notify the winner via telephone or email on or about December 28, 2015.
  7. Prizes. Grand Prize (1) – Gift card valued at $100.00 for Home Depot® will be awarded to the home that receives the most votes.
  8. Odds of Winning. The number of eligible entries received determines the odds of winning.
  9. General Conditions. In the event the Contest is impaired in any way or in the even the Contest is unable to run as planned for any reason, the Sponsor may, in its sole discretion, (a) suspend the Contest or (b) terminate the Contest and award the prize at random from among the entries.
  10. Rights Granted by you: By entering this content you understand that Maclennan Investment Group, Inc., anyone acting on behalf of Maclennan Investment Group, Inc., or its respective licensees, successors and assigns will have the right, where permitted by law, without any further notice, review or consent to print, publish, broadcast, distribute, and use, worldwide in any media now known or hereafter in perpetuity and throughout the World, your entry, including, without limitation, the entry and winner’s name, portrait, picture, voice, likeness, image or statements about the Sweepstakes, and biographical information as news, publicity or information and for trade, advertising, public relations and promotional purposes without any further compensation.
  11. Disputes. Any and all disputes will be resolved in accordance with California law.

Problems with PACE Financing for Single-Family Homes

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Solar Panels on a Home - PACE Loans

What are PACE Loans?

Property Assessed Clean Energy (PACE) program is a means of financing energy-efficient upgrades by attaching the costs of the upgrades to a property’s tax bill.

Under PACE programs, municipalities and counties form special tax districts to help property owners finance energy retrofits by allowing a property owner to place an additional tax assessment on his or her property. Property owners who invest in energy efficiency (EE) measures and small renewable energy (RE) systems repay these assessments over 15 to 25 years via additional annual payments on their property tax bills.

Many homeowners are using these loans to finance solar panel installations, energy-efficient window upgrades, and other projects to improve their home’s energy efficiency.

Which Contra Costa Communities are Participating in the PACE Program?

According to CaliforniaFirst.org, a public/private financing program that allows you to receive upfront funding for EE improvements, the following cities in Contra Costa County are participating in the PACE program:

  • Antioch
  • Brentwood
  • Clayton
  • Concord
  • Danville
  • El Cerrito
  • Lafayette
  • Martinez
  • Oakley
  • Pittsburg
  • Pleasant Hill
  • Richmond
  • San Pablo
  • San Ramon
  • Walnut Creek

What’s Wrong with PACE Financing?

PACE itself isn’t a bad program. However, it may affect the ability of a homeowner to sell a home because of financing.

How? Well, according to the Federal Housing Finance Agency (FHFA), the two biggest purchasers of mortgages on the secondary market, Fannie Mae & Freddie Mac, prohibit the purchase of a mortgage that may be subordinated to a PACE loan. As well they won’t refinance a mortgage with this type of financing in place.

From the FHFA Website:

​In issuing this statement, FHFA wants to make clear to homeowners, lenders, other financial institutions, state officials, and the public that Fannie Mae and Freddie Mac’s policies prohibit the purchase of a mortgage where the property has a first-lien PACE loan attached to it.  This restriction has two potential implications for borrowers.  First, a homeowner with a first-lien PACE loan cannot refinance their existing mortgage with a Fannie Mae or Freddie Mac mortgage.  Second, anyone wanting to buy a home that already has a first-lien PACE loan cannot use a Fannie Mae or Freddie Mac loan for the purchase.  These restrictions may reduce the marketability of the house or require the homeowner to pay off the PACE loan before selling the house.

What does this mean?

Basically the FHFA is saying that because PACE loans go on the tax bill, they have a priority over a loan from Fannie or Freddie. Consequently, should Fannie or Freddie foreclose on a property, they would be responsible for repaying the debt incurred through the PACE program. This is an additional risk that a lender doesn’t want to take on. Consequently, they won’t finance properties with this type of lien on title.

Since most mortgage companies make loans with at least the option, if not the intention, of selling the mortgage to Fannie Mae or Freddie Mac this makes finding financing a home with an outstanding PACE loan very difficult. Lenders don’t want to limit the pool of interested buyers for their mortgages, especially to the two largest buyers of mortgages.

What are the solutions?

What is a homeowner to do if they want to sell their home and they have a PACE loan in place?

1) Don’t sell. Just hold the property until the PACE loan is repaid. This is fine if this is your dream home and you plan on living there through the life of your loan.

2) Find a cash buyer. Cash buyers don’t need a mortgage so it won’t impact them. They may have a slightly higher tax obligation, but the benefits of energy efficiency should offset that.

3) Pay off the PACE loan at the sale. This is the most likely scenario. The PACE loan will likely have to be repaid from the sales proceeds at the time of sale. This means that if you borrow $20,000 to install new windows or a new solar system, likely you will have to repay that $20,000 at the time of the sale of your home during escrow. This will decrease the proceeds you obtain to buy your next home.

4) If you plan to sell in the near future, avoid using a PACE loan to finance upgrades. Until this situation is resolved, it may be best to avoid financing energy-efficient upgrades with this type of loan program.

PACE may be a useful tool to finance energy-efficient upgrades to your home. However, it may hinder your ability to refinance or sell your home.

If you have other real estate related questions, please feel free to call Peter Maclennan with Perception Real Estate.

Additional Reading:

*Photo Credit: Solar Panels by wallheater used by Creative Commons License 2.0

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