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.

CA Housing Market Graphics

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They say a picture is worth 1,000 words. Well hopefully these graphics below help you make sense of the current real estate market locally and at a statewide level.

Central Contra Costa County Median Home Value

The picture below details the change in the median home value for properties in Central Contra Costa County. The information was pulled from the California Association of Realtors® website. Prices have not yet reached the peak attained in 2006.

Contra Costa County Housing Statistics

Pending Home Sale Index

The CAR.org Pending Home Sale Index shows a year over year increase for California. From this August of last year to August 2015, the number of pending sales has increased. However from July 2015 to August 2015 the number of pending sales decreased statewide by 8.7%.

August Pending Home Sales in California

What This Means

I have been saying this and now I have the proof. The number of homes selling in October, November, and December tend to slow down. I think this is due to school starting and Thanksgiving & Christmas Holidays. Sales begin to ramp up again around the New Year with serious activity in March and April.

For Sellers…

If you are thinking about selling, getting on the market early next year is important! Call 925.385.8798 now to schedule a consultation on what needs to be done to get your home prepped for a successful sale next year.

For Buyers…

Your competition is going to ramp up after the New Year. Beat them to the punch and get out there now. Wouldn’t be great to be in your new home before the holidays? Contact me to get my free Buyer’s Guide.

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Dana Estates Market Report – September 2015

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Homes in Dana Estates
A typical Dana Estates home.

Market activity in the Dana Estates neighborhood has stayed strong. In fact the activity was so strong that it cleared the market of all active listings. (It is a good time to list.) Currently, in October there is one listing active.

The average days on market has crept up for both Pending and Sold homes from our last report in June.

Currently Active Properties
Number of Houses Active  Average List Price Average Days On Market
0 N/A N/A

There were no active properties at the end of September. The market had been cleared of homes for sale. Two properties have come on the market since then, but one is already pending.

Pending Properties
Number of Houses Pending  Average List Price Average Days On Market
8  $  470,343.75 23.8

At the end of September, 8 houses were pending in Dana Estates. The average List Price of those homes was $470,344 and they took an average time of about 24 days to go into contract. The rest of Concord is taking an average of 30 days to go under contract.

 Sold Properties 
Number of  Houses Sold  Average List Price  Average Sale Price Avg. Sale Price/ Avg. List Price Average Days On Market
6  $  484,141.67  $  491,666.67 101.55% 16.2

In September, 6 homes closed escrow. Homes sold for a tad over the list price. The average home took less than 21 days to go into contract.  Meanwhile homes in greater Concord are taking 27 days to go under contract.

We are still experiencing a brisk market. If I can be of any service or answer your real estate questions, please do not hesitate to call me at (925) 385-8798.

Based on information from the Contra Costa Association of REALTORS® MLS as of 10/5/2015. 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.

Concord Naval Weapons Station – Update 9/29/2015

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This week the City of Concord was set to make a decision on the chosen developer for the Concord Naval Weapons Station (CNWS). That vote has been delayed while the City investigates a possible violation of the “No Lobbying” clause of the contract award.

The choice had come down to two possible developers, Catellus and Lennar Urban. Catellus alleged that Lennar Urban had improperly lobbied a Concord City Council Member. Catellus Letter to City Manager

You can read more about the issues from these sources:

It looks like it may be some time before a resolution is reached on the chosen developer.

To read more about the plans for the CNWS click here.

Dana Estates Market Report – June 2015

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Beechwood Dr., Concord, CA - Dana Estates
Beechwood Dr., Concord in Dana Estates

Here we are in August already, and with it, we have a Dana Estates market update for the month of June.

See below for last month’s Dana Estates market report.

Currently Active Properties
Number of Houses Active Average List Price Average Days On Market
7 $ 558,377.00 41

 

Pending Properties
Number of Houses Pending Average List Price Average Days On Market
9 $ 492,206.00 25

 

Sold Properties
Number of  Houses Sold Average List Price Average Sale Price Avg. Sale Price/ Avg. List Price Average Days On Market
5 $ 486,567.60 $ 501,400.00 103.05% 12

Similarly to the month of May, several houses were sold last month, well above their list prices. The demand for houses is high in this area and as you can see, home-sellers are receiving well over asking price for their home.

As you also see, the sale period for homes in this neighborhood is short (now under two weeks!), so do not hesitate to give us a call if you are considering buying or selling your home!

Based on information from the Contra Costa Association of REALTORS® MLS as of 8/5/2015. 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 Market Report – May 2015

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Here is the May 2015 Market Summary for the Dana Estates Neighborhood. We’d like to keep residents and potential buyers/sellers in the loop with the recent real estate market.

See below for a market report of Dana Estates in May 2015.

Currently Active Properties*
Number of Houses Active Average List Price Average Days On Market
7 $ 499,679 23
Pending Properties*
Number of Houses Pending Average List Price Average Days On Market
2 $ 512,450 11
Sold Properties
Number of                Houses Sold Average List Price Average Sale Price  Avg. Sale Price/ Avg. List Price Average Days On Market
2 $ 564,444 $ 577,500 102.31% 17.5

As you can see, a number of houses in this area have been purchased or are currently being considered for purchase by investors and home buyers. Of those properties that have closed their sales this month, the sale price has been considerably higher than the list price, which shows a high demand for property in this area.

In addition, the average time that these houses are on the market is short–just over two weeks–so if you are considering buying or selling your home, contact The Maclennan Team as soon as possible so that you can take the next steps in buying your house before it’s too late!

*As of 6/29/2015

Are Bay Area Rents Headed Up?

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Being a tenant can be great. Each month you pay rent, but don’t have to take care of the little things around a property. Your toilet leaks, call the landlord. The sprinklers aren’t working, call the landlord. The hot water heater quits, call the landlord. You get the idea.

The downside of being a tenant comes when your lease expires and your landlord determines market rent. Are they going to raise the rent? If so, how much? Where will we move?

Historical Rents

Rents have historically risen over time. Look at this chart tracking rents from 1986.

Chart indicating rent growth
Median Asking Rent Growth from 1986

Where Are Bay Area Rents Headed?

Which way are San Francisco Bay Area Rents Headed? All indications are that rents will continue to rise in the Bay Area.

Bloomberg.com recently reported that one of the largest single-family landlord is planning on raising rents across the nation. The article indicates that these publicly traded REITs are planning to raise rates 4% on renewals and as much as 5.7% for new tenants.

According to an Associated Press report, rents in San Francisco have jumped almost 15% in the past year. Some rents in downtown Walnut Creek are rising by as much as 35% for longer-term tenants that haven’t seen a renewal in a while.

Equivalent Mortgage

What can the equivalent of $2,000 per month in rent get you? For high quality borrowers with a 20% down payment, the principal and interest on a loan of $417,000 is approximately $1,960 at 3.875% (excludes taxes and insurance costs).

Are you tired of paying rent and ready to start building equity? Call me at 925.385.8798 to discuss getting your own home.

Concord Naval Weapons Station – Update

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Lennar Urban's plan for the Concord Naval Weapons Station
Lennar Urban’s Rendering of their Redevelopment

The redevelopment of the decommissioned Concord Naval Weapons Station is still advancing. This weekend the final three developers are slated to present their plans and to answer questions at a special session of the Concord City Council.

Concord Naval Weapons Station Reuse Plan

As well, the San Francisco Business Times has published an article with more quotes from the three developers. The individual plans from the developers vary is scope and density. It is interesting to note that one of the developers has plans to create an orchard/farm to be a buffer against some of the existing neighbors.

To follow the progress of the development you can receive updates from http://www.concordreuseproject.org/.

Catellus Development Company will present from 8:30 to 10:00 a.m., Lennar Urban from 10:15 a.m. to 11:45 p.m. and SunCal Development Company from 1:00 to 2:30 p.m., followed by public comment from 2:45 to 4:15 p.m.

The meeting will be held in the City Council Chamber at Civic Center, 1950 Parkside Drive and will be televised live on Concord Cable TV channels 28 (Comcast), 29 (Astound), and 99 (AT&T), and streamed on the City’s website, www.cityofconcord.org. Videos of the meetings will also be available for viewing the next day from the website.

 

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