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Homes for Sale in the Dana Estates Neighborhood of Concord

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A Great Time to Buy or Refinance???!!! – Dana Estates Real Estate

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According to the article today on January 30, 2020 Mortgage Rates Basically at Best Levels Since 2016:

For top tier scenarios, the average lender is now offering rates not seen since 2016, with the slight exception of a few hours during the beginning of September 2019….  In other words, today is tied for the lowest levels in more than 3 years.

Matthew Graham

Time to Buy or Refinance

The graphic below indicates how purchasing power decreases as rates increase.

Graphic depicting the decreasing purchasing power as interest rates rise.

The inverse of the graphic is also true. As mortgage rates decrease, buyers can afford a higher priced home. Current owners can lower their payments.

This could be an opportunity to move up in home or to lock in a low rate mortgage. If you are interested in seeing how you could benefit, give me a call at 925-385-8798.

Update – Concord Naval Weapons Station News 1/9/2020

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We wrote earlier this week that the stalled negotiations between Lennar and the Building Trades Council were going before the Concord City Council regarding the amount of union labor to be used on the Concord Naval Weapons Station.

According to the East Bay Times, the City Council approved a motion to have the two sides return to the negotiating table. The issue remains unresolved and it remains to be seen whether Lennar will stay involved in the project or will decide to withdraw.

According to the East Bay Times article:

Lennar has already stopped work on it, having halted in October the $37,000 per month it was paying city staff for the redevelopment planning.

In an earlier article, the East Bay Times had reported that the City of Concord is having to pay out of pocket the staffing costs that were associated with the development of this project.

Because Lennar in October refused to continue paying for city staff to work on the project’s draft specific plan and environmental impact report until the project labor agreement issue is settled, the city staff who was working on the project have been redirected to work on other city things, where possible. But the city has to pay the $37,000 per month to sustain them while Lennar has halted funds.

Additionally, the city has to bear the cost to respond to three requests that the Building Trades Council made under the public records act for information about the project’s financial feasibility model and other documents and communications. So far, the city has spent about $50,000 to search, review and produce documents for the public records act requests.

If you were on the City Council, how would you have responded? Enter your comments below.

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.

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

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Concord CA Real Estate Map Search

Concord Naval Weapons Station News – 01/06/2020

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Concord Naval Weapons Station News

The Concord Naval Weapons Station (CNWS) is back in the news and on the agenda for the Concord City Council.

The main issue is the negotiation of a labor agreement between the developer, Lennar Concord, and the Contra Costa Building Trades Council.

The Problem

According to SFGate.com:

With the lead developer for the Concord Naval Weapon Station re-use project at an impasse with a labor consortium over construction labor agreements, the Concord City Council will soon have to decide whether that developer is living up to terms to have those agreements in place.

SFGate.com

Developer’s Perspective

According to a report written by City of Concord staff:

Lennar believes that it cannot afford the level of union labor sought by the Building Trades Council for the first phase of the project, while the labor representatives insist that previous city councils committed to including all the trades in a project labor agreement and that Concord would benefit economically from an agreement that commits the developer to hire locally and to provide training for veterans.

Eastbaytimes.com

Lennar may decide to resign as the master developer if the expected costs exceed any potential profit. Which could cause delays:

Creating a new development plan, which would likely have to happen if there is a new developer, would cost “significant” additional time and more tax dollars, according to report prepared by Guy Bjerke, the city’s director of community reuse planning. It also could complicate the transfer of the land from the Navy for the redevelopment.

EastBayTimes.com

Labor’s Perspective

Aram Hodess, retired business manager for Business Manager at Plumbers and Steamfitters 159 who has been working with the Building Trades Council on negotiations, said Lennar is going back on its promises to hire union labor for as much of the project as it previously said.

“If an enormous project like this is built non-union, it will result in lowering of wages in Contra Costa of organized workers,” Hodess said. “It couldn’t help but do that.”

EastBayTimes.com

Ramifications

It appears have already caused delays with the Navy’s transfer of the property to the City of Concord:

The Navy is awaiting a resolution of the project labor agreement issue, and progress on a draft specific plan on the former weapons station land, to resume negotiations with the city of Concord for formal transfer of the land to the city.

SFGate.com

The City Council will be tasked to try to resolve the impasse:

At its Tuesday Jan. 7 meeting, the City Council is scheduled to address this impasse between the Contra Costa County Building and Construction Trades Council and Lennar Concord, LLC, the chosen lead developer of the Concord Community Reuse Project.

Patch.com

News Sources:

We would love to hear your comments below. What do you think the City Council should do?

Get Ready for the Rainy Season | Dana Estates Real Estate

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Get Ready for the Rainy Season photo

Don’t get all wet. Prepare for the rainy season while it’s dry.

According to USClimateData.com, Concord, CA and Dana Estates average over 16 inches of rain per year. The majority of that rainfall arriving between November and March each year.

We know. The last thing you are thinking about at the summer barbecue is preparing for the stormy season. But it really is worth taking a look around your house during fair weather, because finding out you have a problem during inclement conditions is at best inconvenient and at worst very costly.

“An ounce of prevention is worth a pound of cure.”

Benjamin Franklin, 1736

Tips to Get Ready for Rainy Season

Check your rain gutters.
Clear them out and make sure they are in good working order to prevent damage to the roof or house.

Look at your roof.
If you see loose or damaged shingles, get them repaired. Look for tears and buckling on flashing. Check the chimney and look for damaged bricks, cap or cracked joints. Don’t forget the flashing there too.

Check indoors for signs of roof leaks.
Look for discoloration and peeling paint on ceilings and walls. Check in the attic for damp rafters.

Check the trees.
Trim back branches and cut sections that could fall in a rainstorm.

Check doors and windows.
Make sure there are properly insulated with weather stripping.

Look for water collecting at the base of the house.
Redirect water with trenches or drains away from the foundation of your home.

Keep sandbags on hand.
If your area is prone to flooding, keep them filled and at the ready.

Check for erosion.
This is important if you live near a hillside. Shore hillsides up if necessary.

If I can connect you to a professional to assist with any of these tasks, please reach out to me.

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.

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

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

Millennials’ Scary Strategy to Afford Down Payments

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If you take a look at national home values over the last decade, you will not be shocked that few millennials are able to afford down payments in recent years. Yet, homes continue to sell, and first-time homebuyers are scrambling to make down payments by whatever means possible.

Millennials' scary strategy to afford down payments - savings graphic

As Bankrate mortgage analyst Deborah Kearns told MarketWatch.com, “[Millennials are] having to be very creative and diversify the ways that they’re coming up with their down-payment and closing cost money.”

One of these ways, according to a Bankrate housing survey, is dipping into retirement savings–a scary concept to financial advisers. Thirteen percent of millennials say they will use retirement savings to fund down payments, compared with just 8% of Gen Xers and 7% of baby boomers.

It is possible that millennials feel as though they have more time to recover the lost retirement savings after they buy a house, as they are still relatively far from retirement age. And although 13% is far from a majority, it worries financial analysts, who advise keeping retirement savings intact no matter what.

Among those millennials who do not yet own a home, the largest barriers to home ownership include: income too low (52%), cost of living too high (45%), and remaining student loan debt (23%). View the Bankrate survey infogram here.

It’s no surprise homebuyers are struggling to make down payments in high-cost residential areas of California. In Dana Estates alone, the median home price was $615,000 in 2018. See below for the Dana Estates market report for 2018Q1 through 2019Q1.

2018-2019 Dana Estates Housing Market Report

So what should you do if you still want to buy a home? Kearns advises that you leave your retirement savings untouched. Instead, carefully estimate what size mortgage you can afford and then start a savings account specifically for your down payment and closing costs.

And as always, consult a financial adviser before making large shifts in your budget. Even if you can afford it, protect your future by making informed decisions. Buying a house is a big decision, but that alone should not keep you from taking such an important step. Owning a home is possibly the most effective way you can build wealth and root your life in a community.

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.

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

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

PG&E Planned Power Outage

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Map Showing PG&E's planned outage beginning October 9th, 2019.
Map Showing PG&E’s planned outage beginning October 9th

Based on the map from the MercuryNews.com website, Dana Estates may be affected by a power outage on Wednesday 10/9 starting at midnight.

Unfortunately, PG&E’s website has also gone down, but check there for updates.

Below is a graphic from PG&E with information on what to plan for with the power outage.

Good luck neighbors!

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