Real Estate 680: Introducing Greater Walnut Creek's Real Estate Market, Real Estate Trends & Vibrant Lifestyle » Buyer advice

Active Adult Communities in Contra Costa County: What Are Your Options?

Sam Benson — Wed, 18 Jan 2012 01:54:13 +0000

After doing some cyber-sleuthing, I realized there isn’t a one-stop online resource for seniors interested in active adult communities in Contra Costa County. So to simplify matters, I’ve compiled my own handy list of our local communities for seniors aged 55+. I hope you find it helpful as you research options for senior living in Contra Costa County.

Rossmoor
1001 Golden Rain Rd.
Walnut Creek, CA 94595

Rossmoor is one of California’s most recognized active adult communities, and it’s a privilege to have it in our backyard. Located on 1800 acres in the Tice Valley area of Walnut Creek, Rossmoor’s residents make their homes in duplexes, fourplexes, apartments and single-family homes. Offering plenty of recreational options and prices for almost any budget, Rossmoor is the first choice of many seniors looking for an exciting, active lifestyle in an ideal location.

Photo Gallery Courtesy of Rossmoor

Summerset Orchards by Del Webb
770 Centennial Place
Brentwood, CA 94513

Spread across 1000 acres in Brentwood, Summerset Orchards is a haven for golf lovers, boasting its own 18-hole golf course that winds through the community. Other recreational options include a fitness center, tennis courts, walking trails, and swimming pools.

Summerset’s Charming Homes & Landscaping.
Photo Courtesy of Summerset Orchards.

Anchor Bend at Summer Lake
1033 Clear Lake Drive
Oakley, CA 94561

If you love the peaceful waterside lifestyle of the California Delta, Anchor Bend may be for you. Located on Summer Lake, which opens into hundreds of miles of Delta waterways, Anchor Bay is the perfect spot for anglers, boaters, and anyone who enjoys the scenery and culture of this aquatic playground. And with a Farmers Market and Almond Festival right down the road, you’ll never go hungry!

The Lakes
Discovery Bay, CA 94505

The Lakes offers yet another residential option for lovers of the relaxed Delta lifestyle. Built around three scenic lakes in Discovery Bay, The Lakes features walking trails, sports courts, picnic areas, and the security of a gated entrance staffed 24 hours a day. Discovery Bay Country Club and Yacht Harbor Marina are right down the road.

Trilogy at the Vineyards
1648 Gamay Lane
Brentwood, CA 94513

Surrounded by vineyards and olive trees, Trilogy may be the ideal choice for seniors seeking the scenery and relaxed pace of the wine country lifestyle. And with the recent opening of Club Los Meganos, a 34,000 sq ft community center with gourmet dining, two pools, an athletic club and spa, Trilogy now boasts one of Northern California’s most extensive recreational facilities.

Walnut Creek Country Estates in the Mt. Diablo Foothills

Sam Benson — Mon, 16 Jan 2012 00:50:52 +0000

In addition to its dynamic downtown scene, Walnut Creek offers equestrians, hikers, mountain bikers and other outdoor enthusiasts an array of scenic options a little further off the beaten track. If you’ve driven along our idyllic back roads into the rolling foothills of Mount Diablo, you’ve probably caught glimpses of the charming country estates nestled among beautiful old oaks and bay laurels, many with horses roaming the grounds just waiting to trot off on a quiet ride even further into the hills. It’s certainly a romantic image, and as you drove by, you may have even wondered if they ever happen to come on the market. The answer is, they do…but not often, so you’ll want to keep an eye out for those rare occasions when they do.

If you can’t resist the combination of country charm and stunning views offered by one of these stately homes, take some time to tour the Walnut Creek neighborhoods where they’re found. These tend to be clustered near the Lime Ridge, Shell Ridge, Diablo Foothills and Mt. Diablo parks and open spaces, and include Northgate, Rancho Paraiso, Pleasant Run, Rudgear Estates and Rudgear Meadows. Thanks to their proximity to so much parkland, their residents enjoy unparalleled opportunities for outdoor adventure. For example, if you’re luck enough to call Northgate home you’ll be right down the street from TruNorth Stables, which offers full-service horse boarding and access to miles of riding trails in the Shell Ridge Recreation Area.

View courtesy of TruNorth Stables

One of the most impressive properties currently for sale in this area is a 4 bedroom, 3 bath home located on 1.49 acres at 777 Castle Rock Road. With a swimming pool and panoramic views of Mt. Diablo, it’s already zoned for horses and includes a 20′ x 40′ barn and workshop.

777 Castle Rock Road, Walnut Creek

Or if you don’t need quite so much land but wouldn’t mind a bit more house for your money, take a peek at 3709 Waterford Lane, which boasts the dramatic landscape of Lime Ridge right out the back door…just beyond the swimming pool.

The view from the pool of 3709 Waterford Lane

Yes, there’s a premium to pay for such superb locations, and these neighborhoods certainly wouldn’t be my first choice for bargain-hunters. But if you love all the natural beauty that surrounds Walnut Creek, and love the idea of having it in your backyard, give these properties a look. And if you happen to need a guide to these hidden hillside treasures, I’ll be happy to take you on a tour!

Featured Properties:
777 Castle Rock Road
3709 Waterford Lane
599 Timberleaf Court
2571 Chinook Court

A Closer Look at Lafayette Real Estate

Sam Benson — Mon, 02 Jan 2012 23:58:47 +0000

For buyers house-hunting at the higher end of the East Bay market, Lafayette offers some compelling opportunities in 2012. With easy access to BART and highways 24 and 680, this charming bedroom community is ideally suited to commuters looking for a cozy, tranquil retreat that’s still close to jobs, shopping and services:

For the time being, home prices in Lafayette are still well below where they were a year ago. But with the economy showing signs of rebounding, upward price pressure is building, so there’s no guarantee that the great values we’re seeing in the market today will last much longer. Here’s a quick look at home price trends in Lafayette over the past year:

As you can see, median home prices (the black line on the graph) started 2011 around $1.18 million, and are currently hovering about 15% below that around $1 million. But while still significantly below prices in early 2011, current values have rebounded significantly from 1-2 months back. At the same time, the number of homes whose listing price has been reduced (the orange line) has been steadily dropping. So if you’ve been thinking about purchasing property in Lafayette, this might be the moment to start making offers before prices climb too much higher.

To view the latest home listings in Lafayette, simply click here. If you’d like to take a look at any of these properties, please don’t hesitate to give me a call or shoot me an email!

As 2011 Comes to a Close, Trends Point to a Hotter Real Estate Market in 2012…But Smart Buyers Will Still Find Plenty of Bargains

Sam Benson — Wed, 28 Dec 2011 02:12:42 +0000

With New Year’s right around the corner, thoughts turn to resolutions for the year to come…and when it comes to real estate, 2012 looks like it’ll be one to remember. A quick look at local market data (the next best thing to a crystal ball in the real estate business) shows home prices in the Greater Walnut Creek area rising while housing inventories fall. It’s not every day you find a clearer picture of the laws of supply and demand at work:

With mortgage rates still phenomenally low and the economy showing new signs of life, it makes sense that home buyers are deciding to take the plunge.

Another intriguing chart shows the Market Action Index (MAI) rising dramatically, while the percentage of homes with price reductions falls equally dramatically:

What does this mean in plain English? Not only are the number of local home sales increasing, but the likelihood of finding that amazing bargain home keeps going down. So if you’re in the market for a Walnut Creek home, you might be thinking of adding another New Year’s resolution to your list: pounce on that home you’ve had your eye on before the market gets too much hotter.

But before the charts get you too worried, remember that data can hide as much as it reveals…especially in a market that contains a lot of hidden or “shadow” inventory. Ask any local realtor and they’re likely to tell you that yes, the market’s perking up, but there are still plenty of homes “waiting in the wings” that for one reason or another haven’t been listed yet. The savviest buyers know this as well as the pros, and they know that asking the right realtor the right questions can lead to a great deal. Here are a few to ask in your next conversation:

“Is there anything we’re not seeing on the market yet?”
“Do you know of any properties we could look at if we waited a month or two?”
“I just learned this new real estate term, ‘shadow listings’. Can you show me some examples?” (You’ll enjoy the reaction to this one, believe me.)

You get the idea. The key point to remember here is that real estate isn’t all about data – it’s about asking your realtor the right questions, before the data becomes common knowledge. So maybe that’s the best resolution I can suggest as we head into 2012: ask more questions! Best of all, questions are free, and they could save you a bundle.

Best wishes for a wonderful 2012!

Intrafamily Loans

Sam Benson — Thu, 01 Dec 2011 20:07:03 +0000

Despite the continuous struggle within the job and housing market, buyers still want to become homeowners. The challenge revolves around financing. Phoebe Chongchua explains a possible solution to becoming a homeowner in “Family Mortgages Help Buyers Pursue the American Dream.” “The idea is that in a time when parents of grown children are looking to earn greater interest on their investment money and simultaneously their grown children are looking to buy a house at a lower interest rate, an intrafamily loan could help both sides.” Many parents wish to invest their money in a low risk way, in order to make sure they don’t lose what they have. Therefore instead of gambling with the stock market, parents are finding the opportunity to invest in a mortgage for their children a great alternative. These intrafamily loans have also been shown to help buyers appear more competitive in the market because they are able to make an all-cash offer. “According to the National Association of Realtors (NAR), last year, 9% of first-time homebuyers who made a down payment had received a loan from either a friend or relative. Also in 2010, nearly 30%, of those surveyed for NAR’s annual Profile of Home Buyers and Sellers, reported that they received a gift from a friend or relative.” Just because there is a difficulty with obtaining financing does not mean that you are out of luck with regards to the housing market. Today’s market comes with an array of options. Take advantage of these options efficiently with experienced agent Sam Benson who specializes in the greater Walnut Creek area, don’t miss out on living The American Dream, become a homeowner sooner than later.

http://bit.ly/tBInbj

The Future of Mortgage Approval

Sam Benson — Wed, 30 Nov 2011 20:50:55 +0000

8 in 10 Americans think that buying a home is the greatest long term investment that one can make. Lenders know the importance as well. Through these rough times in the housing market, lenders are making it clear that they never want to experience hardships like the ones that have recently occurred ever again, which is why they are going to be approving clients with even more caution then before. Mandi Woodruff explains additions to the approval process in her article “Start Cleaning out Your Closet If You Want Your Mortgage Approved.” Lenders will be looking back into ones financial history, bringing up cell phone payments, rent, utility and more. Additionally, Fair Isaac Corp. (FICO) explains that a combination of information based off of one’s payday loans, evictions, and child support payments will be shown in a separate score that will be available to all mortgage lenders. With the prevalent challenges that already exist in being approved today, one can only imagine what bringing forth more information from different financial sources will do to the approval process in years to come. http://read.bi/u5B4Kp

Foreclosure Filings decreasing for Contra Costa County

Sam Benson — Tue, 17 May 2011 19:32:08 +0000

Foreclosure filings are dropping for Contra Costa County. Access to properties on the “Court House Steps” are less as well. Does this mean we are seeing an increase in appreciation? My answer is yes. Neighborhood, by neighborhood are going to see prices increase very slowly.

Buyer Confidence is Very Important

Sam Benson — Thu, 24 Mar 2011 19:11:16 +0000

Click here to view the embedded video.

FHA Loans Are Fulfilling Many Walnut Creek Home Buyers Needs

Sam Benson — Fri, 18 Mar 2011 18:59:19 +0000

FHA loans are administered by the Department of Housing and Urban Development (HUD). There are many FHA lenders in the Greater Walnut Creek area. Private Mortgage Advisors, the in-house lender of Alain Pinel Realtors does a great job. Christina Stratton, the lender in the Walnut Creek branch is well qualified to do these mortgage loans.

As a result of lending institutions tightening their lending guidelines the last few years and requiring larger down payments on home mortgages, FHA loans have gained popularity with first time home buyers because of their low minimum down payment requirement of 3.5%. Borrowers who do not have a large down payment saved are opting for an FHA mortgages which give them more flexibility and allow them to attain home ownership sooner.

FHA Highlights

The source of the borrower’s funds may come from a gift, savings or checking account, IRS, 401(k), bonds, stocks, employer assistance program, funds from proceeds of a prior sale, a disaster relief refund or grant or tax refund.
All borrowers must purchase FHA mortgage insurance. The insurance protects and insures the lender in case the borrower defaults on their loan.

Credit scores average 620 for most lenders.
There are no requirements for cash reserves.
No pre-payment penalties.
A 30 year fixed loan is available.

FHA loans are a great alternative to traditional financing especially for first time home buyers, many of whom have a steady income, but don’t have a large down payment required for a traditional home mortgage. A FHA loan solves this problem because borrowers only need a 3.5% minimum down payment. This way borrowers can use any extra cash beyond that for rehabbing or decorating costs. Also, with an FHA loan, FHA permits the seller to pay the buyer’s nonrecurring closing costs up to 6% of the purchase price of the property. This feature allows the buyer to save substantial amounts of money. Walnut Creek, Contra Costa County, California FHA loan limits are as follows–as of March 18, 2011:

$729,750 for a single family home
$934,200 for a duplex
$1,129,250 for a triplex
$1,403,400 for a four-plex

For interest rates and more information on FHA loans, you should check with Christina Stratton at 925-627-3025 or your approved FHA lender.

Home Financing Options for Professionals

Sam Benson — Wed, 16 Mar 2011 17:46:23 +0000

BBVA Compass has a special home financing program tailored to professionals including physicians and medical professionals, attorneys, CEO’s, CFO’s, COO’s and other executives. Qualified individuals may be able to obtain a home mortgage up to $1,000,000 with no down payment or private mortgage insurance for their Walnut Creek real estate including single-family homes, condominiums, townhouses and lofts. If you are interested in refinancing your Walnut Creek home under this program, guidelines include expansion of loan to value ratios and exclusion of student loans deferred for 12 months in determining qualifying ratios.

Documentation You Will Need

In order to apply for your special home financing program for professionals or your refinance under the program, you will need to provide the following documentation:

A social security number for all borrowers.
Your home address for the last two years.
The last two year’s employment information and list of income.
1099’s or W-2’s for the past two years and your paycheck stubs for the past month.
Income tax returns for the past two years for self-employed borrowers and a balance sheet for your business.
All bank statements for the past 60 days.
List of your current expenses and other obligations including child support or spousal support.
Sources of closing funds.
Copy of any divorce decree of bankruptcy discharge.
Copy of your purchase contract if you have entered into a contact on a Walnut Creek or surrounding area home.

Now more than ever is the perfect time to purchase a Walnut Creek property with affordable prices, abundant housing inventory and low interest rates. There is no excuse not to invest in Walnut Creek or surrounding area real estate with loan programs like the BBVA Compass special home financing program for professionals.