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Petaluma’s Victorian Homes … a gift from the past

August 16th, 2009 by Armand Ramirez
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The Victorian Home.

While many a travel book may praise Petaluma for it’s former world egg basket glory, historically intact downtown, or continuing agriculture & dairy industry, I believe one it’s most enduring gifts are its wonderful historic neighborhoods.  Walking trails of pure Americana: tree-lined streets, lush parks, and gorgeous Victorian homes.

Not that Petaluma has a shortage of variety in it’s Vintage homes, ranging from Spanish-Ecletic, Neo-Classical, and even a few mid-century moderns, but any casual stroll will quickly reveal our town’s founders’ Victorian preference.  High-peaked rooflines, intricate trim pieces, three-section bay windows…for long time Westside residents these details seem to evoke feelings less of grace or beauty and more a feeling of, simply, “home.”  So in homage to a decidedly “Petaluma Style”, I offer up a brief history and commentary on the Victorian.

The Fairbanks Residence, Petaluma
The ‘Fairbanks Residence’ on D Street. +8500 SqFt Queen Anne

Though we’ve seen them hundreds of times, any casual glance at one of the many grand residences along D Street or Keller Street will certainly conjure up a feeling of awe or majesty.  Just look at these things: turrets, stained glass, spires, colonnades, as your 8-year old will certainly point out, they’re basically wooden castles!  Believe it or not, this description isn’t too far off from what the original architects were aiming at, the “Victorian” style (more accurately a home of the “Victorian Era”) was a reaction to the predominant Neo-Classical style of the early 1800s – designers of the time were shooting for the polar opposite and thus created the “Gothic Revival” style.

"Brown Residence", Oakhill Brewster

200 Prospect Street. Petaluma’s highest residential sale: $2,495,000

The term “Gothic Revival” adds a whole new dimension to these familiar homes – the whimsical turrets and widow’s walks now become imposing, it’s no wonder that this is the style of the Haunted House!  The early churches on 5th street or Western showcase perhaps more explicitly the design cues echoed in our early residences.

In homage to both this wonderful style and the home of my own clients, let us take a look at a turn of the century Victorian home on Keller Street.

218 Keller, Vintage Petaluma Home
218 Keller, Beautifully Preserved 1901 Queen Anne Victorian

Believe it or not, this was actually considered “modest” in it’s time, especially on account that it was built for perhaps one of the more wealthy early Petalumans, William Howard Pepper, founder of Pepper School, Petaluma’s first Kindergarten.  Construction was completed in 1901, and the Argus Courier then described it as a “Modern Cottage.”  Cottage at just under 3000 Square Feet or not, certain architectural elements pin this home as Victorian from just the facade.

218 Keller Facade, Petaluma

Wide plank horizontal siding, a rounded bay window, fishscale detail siding, decorative fascia, and corbels at the gable ends of perhaps could be called a “semi-turret”.

Vintage details 101: a few design goodies you’ll find on many a vintage home, be it colonial, craftsman, or even spanish.  In general, I find that if you find wood siding, peaked roofline(s) and any of these details, you’re most likely looking at a Victorian.

Corbels:

From Wikipedia, “A piece of stone jutting out of a wall to carry any superincumbent weight.” As the entry states further, “…(a detail) used since Neolithic times.”  Regardless of it’s stone age roots, I always think of corbels associated with classical architecture – around Sonoma County meaning vintage old Banks, government buildings, and antique furniture.

Two examples from Wikipedia

200px-Architecture-corbels 200px-Corbeau.cathedrale.Troyes


Conveniently enough, the second example is from a 15th century cathedral in France, the inspiration for the Gothic-Revival, “Victorian” style.

Vintage Detailing

Two Corbel styles on the front facade of 218 Keller

Fish Scale and Diamond shingles:

These details apparently aren’t noteworthy enough to find their way into wikipedia, yet any Vintage home buff would probably disagree on their importance.  An obviously more tedious and time intensive form of siding than just horizontal redwood or square cedar, Diamond and Fish Scale shingles in my opinion can differentiate between a large home and a grand home.  Below is an example from 200 Prospect Street, one of Petaluma’s great Queen Anne Victorian homes, and 218 Keller, which has both.

Fishscale Siding

Fishscale Shingles. 200 Prospect Street, Petaluma.


218 Keller Street Details

Diamond and Fishscale shingles. 218 Keller Street, Petaluma


Shiplap Siding:

I know … there are much more interesting features than siding that make up a Vintage home, turrets, colonnades, balconies, but consider this, there wasn’t one 19th century architect that didn’t have to consider exactly what type of siding to use – in some cases, the very siding alone determined the home’s style. (1) According to the venerated Abram’s guide, the Victorian style had four distinct sub-categories, which I believe can be in general classified by their siding: Stick and Queen Anne (horizontal wood siding), Richardsonian (masonry & brick), and the Shingle style (wood shingle).

Siding3_tcm12-778

Shiplap siding: horizontal wood siding with recessed edges to make an overlapping joint. Some siding has tighter seams to create an almost flush surface while others have distinct exposed grooves.  This type of siding is opposed to clapboard, a style found in the older Colonial and New England saltbox styles and, curiously, the 50s and 60s – both in the tract and custom homes of those eras.

shiplap

Shiplap siding on 218 Keller Street. While just creating horizontal lines,
this type of siding does a lot to break up large monotonous exterior surfaces.


Front Porch

The front porch is a great feature for any style of home.  Due to the doric columns, the this porch perhaps isn’t authentically “Victorian”, but I think authentically vintage and charming nevertheless.

218kellerporch

Interiors

As is the case today, the interior design of a certain home style hinges almost as much on the furniture as the physical architecture.  More specifically speaking, the function of a given room is just as telling of the historical period as the design of it.  For example, the contrast between the Greek Revival Parlor and the Victorian.

greekparlor

Greek Revival parlor, the Gentlemen’s room of the 1850s.

In the Greek Revival home, the parlor was the Man’s room and the house was probably that of wealthy business person or landowner who though himself to somewhat of an aristocrat.  Therefore the room was refined, sparse, austere.

victorian parlor
A particularly lively Victorian parlor, not a single square inch unaccounted for.

The Victorian Parlor, in contrast, was the Woman’s room, and the home could now have been of middle-class ownership.  The Victorian Woman, who often did not work, would spend hours a day with needlework which she proudly displayed on just about everything, from the curtains, to the pillow cases, to table cloths, to whatever other possible surface could be adorned.  As one could imagine, the room was also a place of gathering for her friends and the atmosphere and decor was fittingly cozy and inviting.  Furniture was arranged in intimate, conversation settings where one could imagine well to do women chatting, knitting, and gossiping for hours on end over tea.

100 years later, the Parlor of 218 Keller Street has been stripped of it’s Victorian wallpaper and furnishings (some would say thankfully) yet with its moldings, tall ceilings, bay window and sliding pocket doors it still has it’s trademark vintage details intact.

Victorian Parlor

218 Keller Street Parlor

Even with with it’s contemporary neutral colors, one could see how naturally overstuffed chairs, floral wallpaper, and a persian rug would fit. (That is, if you wanted it that way!)

So keep all this in mind the next time you stroll through a Westside neighborhood, those grand old homes weren’t just the product of our ancestors’ version of keeping up with the Jones’s, they’re a part of our history.

Built with old-growth, American Fir and Redwood, designed by local architects, built by local carpenters, or delivered mail-order from Sears, these buildings weren’t just the residences of stogy, “old money” landowners or businessmen, these buildings were the homes of the emerging middle-class.

Born in Aesthetic revolt to the classical architectural styles, and likewise to the mannerisms and politics of their patrician, Euro-centric owners, the style itself is an American invention, and pure Americana.  It was the home of shopkeepers, tradespersons, salespeople and budding entrepreneurs … take a hearty breath the nostalgia the next time you admire one, because for all intents and purposes, the Victorian home in it’s time was itself the American dream.

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10 Homes in Sonoma County Under $250,000

April 12th, 2009 by Armand Ramirez
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Here they are for all you Craigslist users!

10 Homes in Sonoma County for under $250,000

For some very strange reason, craigslist.org won’t allow me to post links to the properties in the cragslist ad itself. So, my apologies, you have to visit my blog first to see the properties! Of course, if you’d like to see any of these, feel free to give us a call.

707 771-0550

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Just Sold – 393 Raven Way

March 26th, 2009 by Armand Ramirez
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Just Sold, 393 Raven Way – 4 bedroom in Turtle Creek: $575,000

Turtle Creek … in my opinion perhaps the most desired neighborhood in East Petaluma.  Newer homes, good school district, convenient location and downright beautiful architecture for a subdivision.  I don’t think any other neighborhood gives you as much for your money.  In fact, as far as price per square foot for newer homes is concerned, it’s not that cheap!  3 and 4 bedroom homes from 1900 to 2400 SqFt are selling for $50,000 to $100,000 more than the Chelsea Square and Southgate subdivisions built in 2005 and 2007.

Without further ado…introducing our latest buyer-represenation sale, 393 Raven Way:

393 Raven Way – Fantastic Spanish/Deco Architecture.  This is definitely one of my favorite subdivisions. 

Quick Stats:

Sale Price: $575,000
4 Bedrooms
2.5 Bathrooms
2407 interior SqFt
3-Car Garage
Built 2000
Last Market sale: 3/15/05 – $759,000

That’s right, a $184,000 discount from 2005, roughly a 24.2% drop in value.  Believe it or not, that 24% drop is actually a testament to the solvency of this neighborhood.  Go shopping on Maria Drive or Lauren Avenue in Petaluma, or W 8th in Santa Rosa and you’re likely to see homes that sold for $499,000 in 2006 go for $225,000 – more than a 50% drop!  Just goes to show that the sub-prime mess really was a socio-economic problem: by and large, there were far fewer option-ARM or “NINJA” loans (No Income, No Job, No Assets) done in neighborhoods like Turtle Creek than in “affordable” areas like the A-Section of Rohnert Park.

Brand new flooring, hardwood, tile, and carpet – nice!  Soaring 20′ ceilings!

What’s interesting to note, however, is that the “affordable” neighborhoods (the ones in the $200,000 range) are roughly at their 1999-2001 prices, right when the No doc, funny money loans were created.  These places on the other hand, the $550,000 – $800,000 range, are still holding fairly strong.


Huge picture windows and push-button gas fireplace.

Those stats definitely make you wonder where we’re headed.  On one hand, they’re certainly foreboding – will this house eventually sell at it’s year 2000 price?  Turtle Creek, by the way, hot off the press in 2000 sold in the mid $300,000s to mid $400,000s.  This particular home sold for $386,245 brand-new in 1999.

Do I think we’re headed back to those prices for Turtle Creek?  Probably not.  As I said before, the affordable neighborhoods have already dropped to their 1999 prices.  A home on Alta Avenue in East Petaluma would probably cost just about the same now as then – about $225,000 to $250,000.

Take this home, for example:


13 Alta – $249,000, in escrow with Multiple Offers. Listed by CPS Petaluma.

Numbers like these actually give me some hope.  Starter homes like these are at their pre- “funny money” sales prices, and they’re flying off the shelves to boot.

I hope this gives you a little insight into the marketplace.  And yes, 393 Raven had four offers.  Our buyers won the bidding war by writing $16,000 over the asking price.  Did 393 Raven sell for too low? In all honestly, probably.  Not to belittle the marketing done by this listing agent (but rather to showboat my own, I’ll be honest), Jennifer and I sold the exact same floor plan for $100,000 more just 5 months ago!

Here she is:

1824 Linnet, Petaluma.  Sold $680,000 10/29/08
Listed by Jennifer Aument and Armand Ramirez

Let me reiterate, this was the exact same floor-plan except for the wood-siding! Take a look for yourself, this was definitely a beautiful home. Virtual Tour
Was it $100,000 nicer?  Hey, marketing DOES matter!

Hope this was informative.  Feel free to give us a ring if you’re in the market for a Turtle Creek home … or if you feel like picking up something on Alta Avenue!  Click here to Search Petaluma MLS listings for sale.


393 Raven, listed by Home Front Lending.
Buyer representation by Century 21 Bundesen.

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REO of the Week! 227 Ridgeview Drive, Petaluma West

March 26th, 2009 by Armand Ramirez
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REO of the Week – 227 Ridgeview Drive, Petaluma West. 

227 Ridgeview Drive – $499,000

4 Bedrooms
2 Bathrooms
2220 SqFt interior living space + bonus area
6970 SqFt lot

In short, a lot of Westside home for the money!  In addition to pointing out a great property, I’ll also use this opportunity to test out my latest blog widget – the picasa photo slideshow:

Not bad, eh?  Runs a bit fast, I know, but click on any of the photos and you’ll be taken to a high resolution version on the picasa albums page.

227 Ridgeview is your typical foreclosure story: sold in 2005 for an exorbitant amount ($650,000) and now it sits vacant and lonely with tasteful upgrades and deferred landscaping maintenance.  Just take a look at these floors:

Real hardwood, tongue and groove with nice pin-striping detail – those alone will run you $7,500 to $10,000 and will keep you out of your home for a good three weeks!

227 Ridgeview is definitely one not to miss, if you’ve got a huge family, good room-mates and home office, or just want something with 4 bedrooms and cavernous living areas, this is the place for you!  Drop me us a line to take a look … before it’s gone!

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Foreclosureradar.com – my ‘chat’ with the founder

March 1st, 2009 by Armand Ramirez
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If any of you read the Petaluma Argus Courier on a regular basis, perhaps you came across my last article published on February 26th:

http://www.petaluma360.com/article/20090225/COMMUNITY/902250928

Feel free to read the full text if you like, but it was basically a piece about foreclosures and why sometimes the highest bidders don’t win in multiple offer situations.  At the close of the article I pointed out that contrary to what you may hear from various websites and talk-radio advertisements, you won’t be ‘flipping’ foreclosure properties for huge profits like it’s 2005.  Apparently one person was listening…

Sean O’Toole of Foreclosureradar.com and Foreclosretruth.com took ’serious issue’ with my comment, and posted the following reply on Petaluma360.com:  (see full post here)

Armand – I have to say that I take serious issue with your saying that ForeclosureRadar has ever claimed anyone can buy a foreclosure for pennies on the dollar. If you had ever visited our website, my Blog, our forums at ForeclosureTruth.com, read my posts at Inman.com, seen me on the news or heard me speak you’d know that not only does ForeclosureRadar not make those claims, we actively work to set the record straight.

I’ve personally purchased more than 150 foreclosures, but even with all my experience I have rarely bought a home for 50 cents on the dollar as other foreclosure services claim anyone can do.

Clearly you are frustrated with the REO process. We are working hard to provide greater transparency to the process and make it easier for Realtors(R) and the other professionals we serve to do business in this market. Unfortunately we can’t control the lenders actions, but we are doing our best to help.

Having recently purchased an REO, I will say that the terms of the offer are VERY important as you suggest. But that has always been the case. When the market was hot, sellers would often pick the best offer not only on price, but on contingencies, the quality of loan approval, and other offer terms – that is just good business sense.

My suggestion to buyers who are having trouble getting their offer accepted – find an agent with experience representing buyers in REO purchases, they’ll know how to submit a good offer.

Best Regards,
Sean O’Toole
ForeclosureRadar.com
ForeclosureTruth.com

Well Sean, thanks for your input.  Furthermore, I’m glad to hear that we seem to agree on a couple points. 

First, that even as founder of one of the most thorough databases of mortgage default data, even you agree that the best way to purchase an REO is to find an experienced Real Estate agent!  (foreclosureradar.com is a database of notice of defaults (’pre-foreclosures’), notice of trustee sales (’home auctions’), foreclosures and market stats)  If there’s any homebuyer who could manage on his own, it’d probably be you, and even you recommend using an agent. 

Second, that as you’ve found in your experience, rarely will you ever find a home for 50 cents on the dollar by scouring notice of default lists.  In Sonoma County at least, I’ll add, rarely will you find a home on the auction block that has any equity at all.  Local Realtors in this area are so on the ball, should anyone who’s late on their payments actually owe less than their home’s worth they’ll certainly be contacted and have the opportunity to sell their home before losing it to foreclosure. 

As far as your website is concerned and the claims that it makes, yes, I do owe you a ‘retraction’ – to my knowledge, you or your site never made the statement that you can purchase homes for ‘pennies on the dollar.’ 

However, being a member of your site for the past few months, I suppose I’m entitled to my own customer review. 

As a ‘visitor’ to the site, you won’t see much, mainly just some text about the site’s benefits, features, etc.  Buy an account, however, and you’ll see that trademark mapquest screen with the blue, green, and red dots as seen on CNN that’s liable to send chills down your spine at first glance!  Those dots, buy the way, represent properties in the three stages of default – ‘preforeclosure’, auction, and bank-owned.  Don’t worry though, many of those green dots (preforeclosure) are short sales that are already on the market, some of which have accepted offers and may actually sell and avoid foreclosure altogether.  The blue dots represent properties in auction status, where there’s a set date for them to be auctioned off at City Hall, and the red dots represent ‘bank-owned’ properties (properties that were taken back by the bank in a foreclosure process) that are probably already on the market. (and depending on your market, probably already sold!) 

Even as an agent with access to the MLS (the most complete database and archive of listings – the one that feeds Realtor.com and the rest) I’ll say that I find the site impressive.  I’ve been searching ‘preforeclosure’ properties (also known as ‘notice of default’) for the past 18 months or so through my title company but seeing them on a map is much more slick and informative.  There are some financial calculators for determining potential equity of a property or return on investment, a favorite listings manager, and even an IDX solution for agents.  Perhaps the most powerful tool the site offers are the market statistic reports which have made their way into the LAtimes and other large media sources: http://latimesblogs.latimes.com/laland/2008/08/estimate-1300-f.html

However, with all the bells and whistles, we still have the question of value … is it worth it to the average homebuyer?  At $50 a month – yes and no.

Yes in what I call the ‘neighborhood watch’, that is, you can literally track the amount of pending foreclosures (and possible distressed properties) in any neighborhood that you’re considering.  Find a neighborhood or home that your like and then zoom in to see how many foreclosures will be popping up in the next few months.  In most cases, the more foreclosures there are, the more property values will drop.  And yes in pure entertainment value, log-in and appear savvy to your friends or colleagues!

No in the simple fact stated earlier by the site’s founder himself.  The best way to buy an REO property is to find an experienced Real Estate agent, period.  As far as bidding at auction is concerned (buying a true foreclosure and not a bank-owned property) in the lower price ranges I’d recommend against it 90% of the time.  Buying a home at auction is a complete as-is sale with no inspections or rights of rescission (most of the properties in the lower end in Sonoma County are moderate fixers or worse), many buyers don’t even have the financial resources to begin with, and furthermore, in case you haven’t noticed, there are plenty of REO properties available on the open market!  Many REO properties have also been rehabbed to qualify for FHA financing, making them an option for the low downpayment buyer, and tenant-ready for the investor. 

If you’re looking in the high-end market then inspections may not be as critical an issue.  However, the chances of someone willing to let his $600-$700K home slip away to foreclosure when he could have pulled out an additional $50,000 in equity isn’t too likely, he’d just sell the home first.  In other words, I doubt you’d find a high-end home even worth the opening bid amount in the Bay Area…you will find million dollar REO properties, however. 

So in the end, Mr. O’Toole, I’d say that your site does live up to it’s claim – it is the “professional’s choice for complete up-to-date information on every foreclosure in California”.  Super savvy investors, like yourself, who have bought many foreclosures before without a Real Estate agent will also benefit by using the financial analysis tools and just saving a heck of a lot of time in driving to the courthouse or title company every week to get the lastest NOD list.   As far as the average homebuyer is concerned, you probably won’t be buying a property at auction anyway, so find an experienced agent and tell her what you’re looking for.  She’ll get you to your ultimate goal of actually writing an offer and buying a home, not just looking at well-designed websites.

Thanks for the comment Sean,

-Armand Ramirez

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It’s not you, it’s them!

February 23rd, 2009 by Armand Ramirez
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It’s not you, it’s them!
Still getting “dumped” by REO properties?  What you can do to win in your next multiple offer situation.

Taken from the Petaluma Argus Courier, written by Armand Ramirez

 

If you’ve ever heard the words “it’s not you, it’s me”, it probably wasn’t a particularly fond memory.  Both Men’s Health and Cosmo would probably agree that it’s the most cliché way to soften the blow of a failed relationship, but putting that subject aside, it’s actually a good analogy for why your offer on that REO didn’t get it accepted. You were probably well qualified, highly motivated, and maybe even willing to pay the most money – the reason why someone else got the property probably had more to do with a rather strange lender requirement than you being the best buyer.  So, here are a few steps you can take to make sure that you don’t get dumped in an REO multiple offer situation again.


127 Alden, Rohnert Park. $219,900 – over 20 offers received!

Cash is king, not purchase price.

If you were selling a house, would you wait an extra ten days for an extra $10,000 dollars?  Sure you would, that’s an extra $125.00 per working hour!   But then again, you aren’t Fannie Mae, and you don’t own an estimated $100 billion or more in risky loans.  That being said, an all-cash offer with a 20 day escrow at $250,000 is much more attractive to a large bank than an offer at $260,000 with 10% down and a standard 30 day escrow.  With competing buyers (in multiple offer situations) banks want the surest deal, not necessarily the most money.  In fact, banks don’t even don’t even calculate their P&L in the same manner as you might – they write off their losses in advance, estimating the loss in equity on a property before putting it on the market.  Sound odd?  Write-off enough losses and shed enough toxic assets (i.e. defaulted mortgages) and you become a superb candidate for bailout funds…or so the rumors in the ‘blogosphere’ go!  Lesson to be learned, streamline your financing and make it a quick deal for the bank.  If it’s your first home, ask for a family down payment loan or lower your purchase price to make your down payment as large as possible.  If it’s an investment, pull out equity on your primary residence to forego secondary financing or mortgage insurance – two words that send chills down any bank’s spine.  If you simply don’t have a large downpayment, get all of your loan paperwork in order an write as short a loan approval contingency as possible, cut it to 12 or 10 days from the standard 17 – just make sure that your lender can perform.  Remember, the sellers of REO properties are the sellers of mortgages; they know how volatile the loan approval process is.  Make your loan as attractive as possible and your offering price will look more attractive in return. 

 

22 Payran, Petaluma. $162,000 - all REO properties are somewhat of a gamble

22 Payran, Petaluma. $162,000 - all REO properties are somewhat of a gamble

“As-is”

REO properties are a roll of the dice, period.  Many of the homes have had disgruntled owners or tenants (as you can imagine), little or no information on the permit status of improvements or repairs, and some have sat vacant for months.  Like any property, a lot can come up on inspections – banks know this well, and make every property an “as-is” sale.  “As-is” sales still come with inspection rights and rights of rescission, but if anything scares off a bank, it’s a buyer who demands their standard 17 day inspection period.  This issue goes to the heart of the ten day question, if you write a 10 day inspection period and another buyer asks for 15, all other things being equal, you will get the property.  Lesson to be learned, line up your inspectors ahead of time before your offer is submitted and ask for a shorter inspection contingency.  You can always cancel an inspection if your offer doesn’t get accepted, but scrambling for inspectors at the last minute or demanding too long an inspection period could cost you the deal.

  

REO stands for “Real Estate Owned” not “REaltor Optional!”

Question: “Can I just make an offer directly to the bank before it his the market?” Answer: “no.”  1) No bank will ever look at an offer before it is assigned to a listing agent and has decided a price. 2) No bank will ever look at an offer from a buyer without an agent (buyer acting as principal).  That’s just how it’s done.  Put yourself in the shoes of a Chase Manhattan.  You own a few thousand properties that you’d like to sell, only problem being that you have no idea what they’re actually worth.  They’re being sold in 50 different states, from $5,000 or less in Detroit to over $1 Million in our backyard in Sonoma County.  Sure, that all-cash offer for $300,000 a property in East Petaluma sounds great, but what if the home’s actually worth $350,000, or $400,000?  Only thing to do is to make a standard of practice in selling all of these thousands of homes, a practice that begins with a Realtor and ends with one – at least that’s what the vast majority of banks have decided.  In every bank that I have dealt with in the past two years: a) the property must be listed on the MLS before taking offers, b) all buyers must submit an offer through a Real Estate Agent.  Regardless of what the latest talk-radio advertisement or realtygimmick.com website may claim, you will not steal properties for pennies on the dollar and flip them to your early retirement (this isn’t 2005), however, you will see prices that in some areas haven’t been as low since the late ‘90s.

 

So if you’ve missed out on an REO property in the past, don’t worry because it really wasn’t your fault, it was probably theirs!  Now that you know a little more about what qualities banks are wanting in a buyer, get your ducks in a row and get back in the game.  Getting preapproved, lining up inspections, determining how much to offer…looking for a place to get started?  Of course, look no further than your local Realtor. 

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4 Sonoma County homes under $150,000

December 29th, 2008 by Armand Ramirez
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Still think that you’re priced out of the market?  Here are 4 homes (detached residences, not condos or townhomes) for under $150,000.  In terms of monthly payment, that’s less than you’d pay for rent with even close to 100% financing.  In terms of an investment, that’s instant cash-flow with just a modest amount down.  Without further ado, here are four of the Wine Country’s most affordable digs.

Home #1
2543 Shawnee Street, Santa Rosa – $140,900
3 Beds, 2 bathrooms
1100 Sqft, 6011 Sqft Lot
Listed by Keller Williams Realty 

Pro:
Decent square footage & lot, 2-car garage and “retro” rock siding right out of the Flintstones.

Con:
The listing reads “Completely Damaged by fire”, so yes, it’s a fixer.

The Dirt:
It’s been on the market for almost a year now as a foreclosure; with a decent agent at your side, there’s probably some wiggle room on price. 

Home #2
823 Link Lane, Santa Rosa – $145,000 
4 beds, 1 bath
1103 Sqft, 6534 SqFt Lot
Listed by Creative Property Services

Pro:
Definitely the lightest fixer of the bunch with a decent looking kitchen remodel (80% complete) to boot. 4 bedroom would generate good rent, backs to elementary school – exercise the dog with ease!

Con:
Missing that second bathroom! Roof looks to be shot (what would you expect), busier street than others in the West 8th neighborhood, T-111 siding. 

The Dirt:
A great deal for the price.  With minimal repairs, this would be a great rental or even residence.  Homes on this street sold in the mid $500,000s…that’s not a typo either!

Home #3
710 West 8th Street, Santa Rosa - $149,900
 
3 beds, 2 bath
1105 Sqft, 6011 SqFt Lot 
Listed by Keller Williams Realty

Pro:
Cute, up & coming neighborhood with less traffic than Link Lane. Cool 1950’s Rancher architecture with wonderful redwood siding.

Con:
Definitely a fixer, creepy lino floors (easy fix) – not many complaints

The Dirt:
I’ve recently sold 2 homes in this neighborhood (for $40K more) and my buyers have found tenants with relative ease.

Home #4
1221 Grand Avenue, Santa Rosa - $99,900

2 beds, 1 bath
581 Sqft, 4400 SqFt Lot 
Listed by Coldwell Banker

Pro:
A home for under $100,000. (period)

Con:
A fixer of a home – no bank would lend money one it.

The Dirt:
Hey, it’s a home for under $100,000.  I haven’t seen this one in person yet, but just reading comments from previous listing agents in 2005 and 2003, the home looks to be roughly 1600 SqFt including a garage-conversion studio.  If you’ve got the cash, this would be a great cash buy, fix up, then refinance. With about $50,000 down, you’d have some decent retirement income. 

So there you have it…four homes for about the same as a Porsche Sport-Utility.  Even in this market, I can guarantee that the car would lose more equity!  Feel free to call if you’d like to know what else is available in Sonoma or Marin.

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REO of the Week…672 Casella Way, Petaluma 94954

December 23rd, 2008 by Jennifer Aument
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REO of the Week, 672 Casella Way, Petaluma 94954
2006 prices … at a 40% discount!

The Dirt - 
Address:         627 Casella Way
Bedrooms:      3
Bathrooms:     2.5
Interior SqFt:  1538
Garage:           2-Car
Year Built:       2006 
Asking Price:  $350,000 

672 Casella Way … the “like new” “cosmetic fixer”!

This townhome (attached on one side) is part of the Chelsea Square complex completed in 2006 by Delco Builders.  I can still remember the lines the morning of the auction…buyer’s names were literally drawn out of a hat to place offers on the units.  There weren’t any overbids, oddly enough, but they were going like hot-cakes … $550,000+ hot-cakes to be specific.  Conveniently enough for the builder, just after selling the last units at prices nearing $600,000, the first wave of NODs (notice of defaults) began to show up on the the public notice section of the Press Democrat.  

Walnut cabinets with white-tile countertops … sorry, no appliances.

“Short Sale, what is this, the stock market?”  Few had even heard the term before, and even fewer knew what it meant for our market.  Yet like a fringe, doomsday prediction come true, the prices started to fall…and fall, and fall!  First the overbids stopped, then prices stayed stagnant, and then, WHAM, it hit us … the market is falling through the floor!  Just two short years later a home that sold in the construction phase for close to $600,000 now sits 50 days on the market with no offers at $350,000 – roughly a 40% drop in value, that’s $9,375 in lost equity PER MONTH!  


636 Casella – a virtually identical, beautified unit in the same complex @ $485,000 in 2007.   

“Are we at the bottom”?  If I’ve learned anything, it’s to hold my tongue when asked to make Real Estate predictions.  What I do know, however, is that with today’s 30-year fixed rates approaching 4.5% at only 1 point, with a modest sum of cash to put down on this unit you’d possibly be paying less by purchasing than renting!
 
These units have HUGE master suites with 2 closets & dual vanity sinks in the bathroom. (636 Casella)

However, if you’d like a different sort of prediction, try this … if you don’t see this property within the next week or so, it will probably be gone!


Cows as seen along the walking paths by Chelsea Square. 

Give me ring if this property looks interesting to you.  If 2006’s prices were a bit steep, take 40% and see how you feel – we’ll make that your starting budget and go from there!

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Worst Best Man Ever

December 23rd, 2008 by Armand Ramirez
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My cousin’s fiance just sent this to me.  I suppose it’s sort of a reminder to watch my step at their wedding…but who would you stand so close to the edge anyway?

That’s a tough one to recover from!

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Welcome to Aument-Ramirez.com

December 17th, 2008 by Armand Ramirez
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Well, this is it.  The first blog post of Aument-Ramirez.com.  

This is, after all, our all-new website to our predecessor site (still in business), at Jenniferaument.com
But as Jennifer and I are now officially a team, we figured we may as well get a site with both of our names in it…I prefer it this way too!

So check back here in the months to come, we’ll have plenty of posts on everything from Real Estate to Politics, cooking to electronics.  For example, a blog about why the new Blackberry Storm, after all the hype, truly is no match for the venerable iPhone.  Hands down, even from a texting/online documenting junkie, the iPhone is the device to get.  Sure, the Blackberry Storm’s screen actually does click (press down and you’ll feel it depress about 1mm) – in my opinion it’s more novelty than functionality.  The iPhone touch screen is cumbersome at first try, but in a week you’ll never want to touch a smartphone keypad again.

What’s more interesting is Apple’s iPhone spellcheck system – I’m convinced that it really does read your mind.  A few days into using the phone it began to learn what words I most used (and made corrections to my misspellings accordingly), and even reminded me to capitalize my name…how flattering.  Throw in iTunes (even if you hate it, it’s easy and it works) video/audio/home movie viewing capability, Microsoft Exchange server compatibility, and a relatively massive 8GB of storage space for only $199.00, I don’t see how you could justify buying any other smartphone.    …if only it would cut and paste (owners know what I’m talking about)

So there you have it, our web-log.  Expect to see many gripes about technology, foreclosures, and references to Mina, our baby who happens to be the cutest little girl on earth. 

Until next time, 

-Armand

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