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Concord Seeking New Developer for Naval Weapons Station

April 2, 2021 by Peter Maclennan Leave a Comment

Moon rising over concord naval weapons station photo by peter maclennan — Moon rising over Concord Naval Weapons Station by Peter Maclennan

The San Francisco Business Times is reporting that the City of Concord is on the hunt for a new developer for 2,300 acres of the former Concord Naval Weapons Station (CNWS).

The city has put an accelerated timeline on the RFQ process. With the RFQ slated to be released on April 16th and responses due by potential developers by June 16th.

The City has some stringent demands for any potential developer:

In the new RFQ, the city stipulates that bidders have to honor Concord’s 40% local hire policy; pay prevailing wages on all construction to avoid driving down area wage standards; and utilize a training and employment program for military veterans. Respondents also must explain how they intend to maximize business opportunities for local companies.
SF Business Times

The requirements of local hire and prevailing wage (union wages) will likely increase the costs to any potential developer.

As well, “The city expects the selected developer to rehabilitate a number of community facilities and build two new ones on land set aside for a veteran’s facility,” likely adding additional costs to the project.

The East Bay Times reports that the transfer won’t take place until the Navy has completed their cleanup.

The U.S. Navy, meanwhile, will be responsible for cleaning up toxic chemicals that may have built up at the site over its years as a weapons station. The Environmental Protection Agency is currently assessing the site’s soil for PFAS, a highly toxic fluorinated chemical.

Hopefully, this process is smoother and without the ugliness of the previous process.

California Dreaming Docuseries

February 18, 2021 by Peter Maclennan Leave a Comment

CA Dreaming Docuseries

Have you seen the docuseries produced by ABC television stations in California about the Future of the Golden State?

Then entire video is about 28 minutes long, but has been broken up into a number of shorter segments on the following topics.

Episode 1: State of the State
First, we’ll look at the population flux. Many of our friends, neighbors and co-workers are moving out, but most of us are staying put. We’ll find out where people are going and staying — and why.
Episode 2: Wildfires
We’ve sweated it out in record heat. We’ve stood strong against raging wildfires and stared in dismay at our smoke-filled skies. Now, we’ll share stories from the fire lines and gather wisdom from our brightest minds. Their big ideas that could save the West Coast.
Episode 3: Cost of Living
We share the same beautiful state, but live in completely different worlds: the wealthy and those who struggle financially. With the world’s fifth largest economy, what can we do to bridge California’s economic divide? It’s not only a question for the experts. We talked to everyday people tackling challenges they never imagined – and succeeding.
Episode 4: Earthquakes
THE BIG ONE. We’ve been warned about it for decades. With the disruption we’ve faced in 2020, have we forgotten about California’s most destructive environmental threat? There’s hope. We’ll check out the newest technology helping us prepare.
Episode 5: The California Dream
Californians have always shown resilience, no matter what comes our way. Maybe it’s the sound of the surf or the dependable sunshine that inspires us to rise together day after day. Meet the people making waves, and discover the places that still make the California dream come true for everyone.

California is a beautiful state in which to reside. It faces many challenges, but offers a number of opportunities.

If you have a real estate question, please reach out to Peter at 925-385-8798.

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

Concord, CA Home Search

homes for sale in concord ca — Concord CA Real Estate Map Search

Diablo Valley Real Estate Market Update – Video

December 16, 2020 by Peter Maclennan Leave a Comment

Questions about where the real estate market is as of December 15, 2020? Here are a few answers in the video below. (Hint: read the sign.)

To reach Peter Maclennan please call 925.385.8798 or email at peter@maclennaninvestments.com.

What is contributing to the shortage in single-family home inventory?

October 16, 2020 by Peter Maclennan Leave a Comment

Have you noticed that homes are in short supply even though we are in the midst of a pandemic?

JVM Lending published a great blog on the single-family home shortage last week. In the article he named the following as top reasons for low inventory:

Sellers are reluctant to list during the pandemic,
Demand is surging due to low mortgage rates,
New construction in California is woefully lagging,
Shifts in demographics – people are staying in their homes longer.

The Homebuying Gorillas

An additional reason touched on in the article for low inventory is the addition of Wall St. Money to the home purchase market place. Just this week, the largest home owner in America announced that they had raised another $1 Billion (with a B) to buy homes in suburban neighborhoods.

America’s Largest Landlord Adds $1 Billion for Its House Hunt WSJ.com

GlobeSt.com is forecasting that demand for single-family rental market will continue to grow.

What is the Local Impact?

Doing an address search for the mailing address of Invitation Homes provided approximately 350 homes owned by the company in Contra Costa County.

Tricon American Homes, the second largest home rental company, appears to own over 230 homes in Contra Costa County.

Combined this is nearly 600 homes that we should not expect to sell anytime in the near future as the investment model of these two companies is for long-term cash flow.

Bottom Line

What’s the conclusion we can draw from this? Housing inventory remains extremely low despite high demand and low interest rates.

Sellers can expect a properly price property to sell quickly.

Buyers should realize that the market is competitive and they should write a very strong offer.

If you are thinking of selling, now is a great time to capture equity and position yourself in cash for the next purchase. I would love to discuss this option with you.

Peter Maclennan
Real Estate Broker
925-385-8798
DRE #01801793

Historic Low Rates… Bad for Homebuyers?

August 13, 2020 by Peter Maclennan Leave a Comment

I enjoy reading smart people and Jay Voorhees at JVM Lending is a smart guy. He writes this:

… Here is my point: efficient markets theory applies to housing too, which means that subsidies in any form will usually drive up the price of housing.

And very low rates fostered by the gov’t policy are a subsidy of sorts, and they will push up the price of housing – again.

In the short run, lower rates are definitely a gift for most borrowers, but over the long run, housing prices usually adjust to reflect the impact of lower rates.

We are seeing a huge surge in demand for housing now, driven by pent up demand from buyers who were on the sidelines b/c of COVID-19 and by demographics overall.

But another reason demand is so strong is low rates, and we are already seeing the results.

July Bidding Wars Jumped 5x From 2019, according to this article from National Mortgage News.
Why Low Rates Are BAD For Homebuyers

Bottom Line

Demand for housing is strong in the East Bay. Some clients are moving out of denser areas and moving to our area for outdoor space, a bigger house, and for better schooling options in a Covid-impacted world.

For Buyers

If you are thinking of buying a home, be prepared to write a strong offer and to face competition. Make sure you have your financing lined up and that you are working with an experienced real estate agent.

For Sellers

With high demand and low rates, buyers are competing for well priced homes. It is a great time to sell your Dana Estates home!

Peter Maclennan
Broker
DRE#: 01801793
925-385-8798

To reach Peter Maclennan please call 925.385.8798 or email at peter@maclennaninvestments.com.

Flowers of Dana Estates

May 20, 2020 by Peter Maclennan Leave a Comment

Flowers of Dana Estates

Not only does the Dana Estates neighborhood have some wonderful real estate. It is home to some wonderful gardeners as evidenced by the beautiful flowers that abound.

All of the photos have been taken while walking around the Dana Estates Neighborhood under the Shelter-in-place.

Unfortunately, I don’t know all the names of the flowers. If you know the names, would you share them in the comments below?