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Concord Naval Weapons Station Update – September 20, 2023

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moon rising over the concord naval weapons station
Moon rising over the CNWS by Peter Maclennan

According to multiple media sources, the Concord City Council unanimously passed a resolution to an exclusive agreement to negotiate with the chosen master developer for the Concord Naval Weapons Station (CNWS) on Tuesday evening. Brookfield Properties was selected as the master developer.

From KTVU.com:

The Concord City Council has unanimously selected Brookfield Properties as master developer for the former Concord Naval Weapons Station project.

Concord enters exclusive negotiation to develop former naval weapons station – KTVU.com

Exclusive Agreement to Negotiate

According to Claycord.com –

The EAN allows for a 120-day initial negotiating period, to allow Brookfield to prepare and propose a term sheet to the city.
The agreement also specifies a 24-month period for the developer to complete a specific plan, environmental impact report, and a disposition and development agreement, all of which must be approved by the city.

Concord City Council Agrees To Exclusively Negotiate With New Naval Weapons Station Developer

This is the third time the City has attempted to strike an agreement with a master developer over the CNWS. The previous two agreements ended when the chosen developer and the City of Concord could not come to agreement on terms in a timely manner.

Selection of Third New Master Developer

Back in August, the City Council chose Brookfield as the master developer after Housing America Partners withdrew from consideration.

KPIX.com – Concord selects developer for former naval weapons station site – CBS San Francisco (cbsnews.com)

The selection was made just after a report was released by the Contra Costa Civil Grand Jury on the City Council’s handling of the CNWS. The report titled: Concord Naval Weapons Station Grand Jury Report A Promise Unfulfilled can be found online here.

The City and Local Reuse Authority response to the Grand Jury Report is available online as well.

Details of the Redevelopment of Concord Naval Weapons Station

The redevelopment of the Concord Naval Weapons Station (NWS Concord) is one of the largest and most ambitious redevelopment projects in the Bay Area. The 2,300-acre Inland Area of the former base is being transformed into a master-planned community with up to 13,000 homes, millions of square feet of commercial space, and hundreds of acres of parks and open space.

The redevelopment project is being led by Brookfield Properties, and it is expected to be completed over the next several decades.

The redevelopment of NWS Concord is expected to have a significant impact on the Concord community. The project is expected to create thousands of new jobs and generate millions of dollars in economic activity. It is also expected to help alleviate the region’s housing shortage and provide much-needed affordable housing options.

Here are some of the key benefits of the redevelopment of NWS Concord:

  • New housing: The project will create up to 13,000 new homes, including a significant amount of affordable housing.
  • Economic development: The project is expected to create thousands of new jobs and generate millions of dollars in economic activity.
  • Parks and open space: The project will include hundreds of acres of parks and open space, providing residents with places to recreate and enjoy the outdoors.
  • Improved transportation: The project will improve transportation infrastructure in the area, making it easier for residents to get around.
  • Sustainable development: The project is being developed with a focus on sustainability, and it will include features such as energy-efficient buildings and green spaces.

The redevelopment of NWS Concord is a major undertaking, but it has the potential to transform the Concord community and create a vibrant new neighborhood.

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.

Homeowners Out-Earned Job Holders in 2021

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Home appreciation outpaced income in much of the US.

One of the sharpest and best reads around is from Jay Voorhees @ JVM Lending. Earlier this week he wrote this:

Owning A House Was More Profitable Than Having A Job Last Year

A few weeks ago, I blogged about the reluctance of sellers to list their properties in the face of so much uncertainty.

But – there is another reason sellers are hanging on to their homes according to various macro pundits.

And that reason is massive appreciation.

According to this Motley Fool column, homeowners made more from appreciation last year on average than the average U.S. worker made from his job.

https://www.jvmlending.com/blog/why-higher-rates-could-save-the-housing-market/

According to the Motley Fool post, the average home appreciated by $52,667 in 2021. Meanwhile the average salary in 2021 was $50,000.

Here in Concord, California the average price from December of 2020 to 2021 increased from $754,553 to $884,716 according to the Contra Costa Association of Realtors®. That increase of 17.3% amounts to a $130,000 growth in net worth. This is above the median household income of $92,706 from the U.S. Census Bureau.

This is one of the reasons that owning your own high quality real estate (like a home in Dana Estates) is one of the best investments you can make.

If you are curious about the value of your home, you can use this link to get your home value.

Peter Maclennan
Real Estate Broker | Maclennan Investment Group, Inc.
DRE #01801793
925-385-8798

Why Now Is a Great Time To Sell Your Dana Estates House

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Why Now Is a Great Time To Sell Your House | MyKCM

As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners to make a move that addresses their changing lifestyles.

In fact, recent data from realtor.com shows a larger share of homeowners are planning to list their houses this winter. So, that means more homes are about to hit the market, which will lead to more choices for buyers too.

According to George Ratiu, Manager of Economic Research at realtor.com:

“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.“

If you’re thinking of waiting until the spring to sell your house, know that your neighbors may be one step ahead of you by selling this winter. If you want to stand out from the crowd, this holiday season is the best time to make sure your house is available for buyers. Here’s why.

Sellers Are Still Firmly in the Driver’s Seat

Why Now Is a Great Time To Sell Your House | MyKCM

Historically, a 6-month supply of homes for sale is needed for a normal or neutral market. That level ensures there are enough homes available for active buyers (see graph below):The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows the inventory of houses for sale sits at a 2.4-month supply. This is well below a neutral market.

What Does That Mean for You?

When the supply of homes for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This drives up competition among buyers, who then submit increasingly competitive offers to win out against others in the home search process. As this happens, prices rise and your leverage as a seller rises too, putting you in the best position to negotiate a contract that meets your ideal terms.

And while the low housing supply we’re facing won’t be solved overnight, sellers this season should move quickly to maximize their potential. As the data shows, with more prospective sellers planning to list their homes this winter, selling sooner rather than later helps your house rise to the top of a holiday buyer’s wish list so you can close the best possible deal.

Bottom Line

Listing your home over the next few weeks gives you the best chance to be in front of buyers competing for homes this holiday season. Let’s connect today to discuss how you can benefit from today’s sellers’ market.

Source… KCM Peter Maclennan Blog

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

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Numbers Don’t Lie – It’s Still a Great Time To Sell [INFOGRAPHIC]

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infographic with nationwide real estate statistics for september 2021
Infographic

Nationwide Highlights

  • Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says.
  • Housing supply is lower than last year, and home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.
  • Feeling motivated? If you’re ready to sell and capitalize on today’s market, let’s connect.

Diablo Valley Real Estate Update

Concord CA Real Estate Market Highlights

In September 2021*:

  • Average Days on Market increased to 15 days.
  • The Median Sales Price for single-family detached homes is $853,896 up 10.4% from September 2020. This is despite having a 12.7% increase in new listings year to date.
  • Houses are still selling above asking price (103%).
  • The market is still very active. Let’s discuss if you have questions about the market.

*Source: CCARToday.com

Dana Estates Your Home Equity is Growing!

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Your Home Equity Is Growing [INFOGRAPHIC]

CA Homeowners have seen the value of their home increase dramatically. The nationwide average is $51,500 in equity GROWTH!

Your Home Equity Is Growing [INFOGRAPHIC] | MyKCM

Some Highlights

  • If you’re a California homeowner, today’s rising equity is great news. On average, CA homeowners have gained $116,000 in equity since this time last year.
  • Whether it’s funding an education, fueling your next move, or starting a business, your home equity is a great tool you can use to power your dreams.
  • Ready to sell? Let’s connect to talk about how you can take advantage of your rising equity to reach your goals.

Concord Seeking New Developer for Naval Weapons Station

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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.

Diablo Valley Real Estate Market Update – Video

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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.)

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.

Does “Aging in Place” Make the Most Sense for Dana Estates Home Owners?

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Does “Aging in Place” Make the Most Sense? for Dana Estates Home Owners

The Dana Estates neighborhood in the 94519 zip code is home to residents from various stages of life.

A desire among many seniors is to “age in place.” According to the Senior Resource Guide, the term means,

“…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.”

There is no doubt about it – there’s a comfort in staying in a home you’ve lived in for many years instead of moving to a totally new or unfamiliar environment. There is, however, new information that suggests this might not be the best option for everyone. The familiarity of your current home is the pro of aging in place, but the potential financial drawbacks to remodeling or renovating might actually be more costly than the long-term benefits.

A recent report from the Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults explained,

“Given their high homeownership rates, most older adults live in single-family homes. Of the 24 million homeowners age 65 and over, fully 80 percent lived in detached single-family units…The majority of these homes are now at least 40 years old and therefore may present maintenance challenges for their owners.”

If you’re in this spot, 40 years ago you may have had a growing family. For that reason, you probably purchased a 4-bedroom Colonial on a large piece of property in a child-friendly neighborhood. It was a great choice for your family, and you still love that home.

Today, your kids are likely grown and moved out, so you don’t need all of those bedrooms. Yard upkeep is probably very time consuming, too. You might be thinking about taking some equity out of your house and converting one of your bedrooms into a massive master bathroom, and maybe another room into an open-space reading nook. You might also be thinking about cutting back on lawn maintenance by installing a pool surrounded by beautiful paving stones.

It all sounds wonderful, doesn’t it? For the short term, you may really enjoy the new upgrades, but you’ll still have to climb those stairs, pay to heat and cool a home that’s larger than what you need, and continue fixing all the things that start to go wrong with a 40-year-old home.

Last month, in their Retirement Report, Kiplinger addressed the point,

“Renovations are just a part of what you need to make aging in place work for you. While it’s typically less expensive to remain in your home than to pay for assisted living, that doesn’t mean it’s a slam dunk to stay put. You’ll still have a long to-do list. Just one example: You need to plan ahead for how you will manage maintenance and care—for your home, and for yourself.”

So, at some point, the time may come when you decide to sell this house anyway. That can pose a big challenge if you’ve already taken cash value out of your home and used it to do the type of remodeling we mentioned above. Realistically, you may have inadvertently lowered the value of your home by doing things like reducing the number of bedrooms. The family moving into your neighborhood is probably similar to what your family was 40 years ago. They probably have young children, need the extra bedrooms, and may be nervous about the pool.

Bottom Line for Dana Estates

Before you spend the money to remodel or renovate your current house so you can age in place, let’s get together to determine if it is truly your best option. Making a move to a smaller home in the neighborhood might make the most sense.

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

Your 2019 Guide to Buying a Home in Concord, CA

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Realtor.com recently published an article detailing the savings needed to buy a home in the 11 largest metropolitan areas in America. Cities like New York, Los Angeles, Dallas, Philadelphia, and San Francisco made the list.

The author’s then tabulated the average down payment for that metropolitan area. Then they broke down the down payment into a daily savings goal over both a 5-year and a 10-year period.

Not entirely surprisingly, San Francisco’s median home price was the highest at $954,000. The average down payment was $171,836.

A San Francisco home buyer would need to save approximately $94 per day to save up this amount in 5 years or $47 per day to save up in 10 years. Converting this to Starbucks lattes resulted in cutting out 26 lattes per day to save up enough for a down payment in a 5 year period.

Buying a Home in Dana Estates

dana estates concord ca map
Roughly the map of Dana Estates in Concord, CA.

Let’s do an analysis for single-family detached homes in the Dana Estates neighborhood in Concord.

In the past 6 months about 22 single family homes in the Dana Estates neighborhood have sold as of 8/19/2019. That isn’t counting homes currently on the market or in pending status.

The median listing price for homes was $622,000, with a median sale price of $634,000. Using 15% as an assumed down payment, a buyer would need to save $95,100.

Five Year Savings Plan

To save $95,100 for a down payment in Dana Estates in five years would require saving $52.08 per day. Simply cutting out 14 Grande Lattes per day at Starbucks.

Ten Year Savings Plan

To save the $95,100 in 10 years would require, a more manageable, $26.04 per day. Thus only cutting 7 Grande Lattes out of your diet. (Note: Your waist and your heart will thank you for this sacrifice.)

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Buying a Home in Concord, CA

If we include condos, townhouses, duets, and other single-family homes to our analysis, what will a home buyer have to save in Concord, CA?

In the six months prior to August 19, 2019 there were 940 sales of single-family homes in Concord. The median sales price was $595,000. Assuming a 15% down payment, allows for a down payment of $89,250.

Concord Five Year Savings Plan

To save $89,250 for a down payment in Concord would require a daily savings goal of $48.80 for five years. On our Grande Latte scale that equates to 13.4 lattes per day removed from your diet.

Concord Ten Year Savings Plan

Over ten years the daily savings goal is decreased to $24.44 per day. The coffee habit would need to decrease by almost 6.7 lattes per day.

How to Save for a Down Payment?

While cutting out 14 lattes per day may not be possible, there are some unique loan programs that allow a buyer to purchase a home with a down payment of only 3.5% of the purchase price (FHA). A down payment of 3.5% equals $21,770 on the average Dana Estates home.

Peter Maclennan will gladly connect you with one of his recommended lenders to understand payment options and getting a mortgage.

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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