Archive for August, 2009

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Where in the World is Holiday Lake Estates?

By Ralph Chellino | August 31st, 2009 1 Comment

lake-best

Located in the east foothills above Lake Anderson, in Morgan Hill, CA lies a community like none other in Santa Clara County.  Holiday Lake Estates consists of just over 500 custom homes each situated on approximately ½ to 1 acre.  Most homes in Holiday are late 70’s vintage however with many homeowners updating and remodeling as of late, Holiday Lake Estates is taking on a new fresh look! Many newer customs have been built in the past decade as well.

Holiday homes are situated in a wooded riparian setting, with many homes enjoying lake frontage. Most homes boast grand views of Lake Anderson and the foothills that one can almost reach out and touch!

Holiday enjoys great community spirit as well. They share community events that range from summertime “Movies in the Meadow” to the annual picnic. Walking, jogging, and biking are daily events in Holiday Lake Estates.

Take Highway 101 to East Dunne Avenue exit – head east and follow the signs to Lake Anderson and enter this wonderful magical place just through the stone gates bearing its namesake.

“Why didn’t I know about this place before?” might occur to you as you drive through the private roads that amble through the oak groves. Oh, be careful of the wildlife because deer, quail and turkeys abound!

Who knows you might even run into Ralph, a resident for over thirty-five years! Why move when every day is a holiday!

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Shadow Inventory of Foreclosed Homes-Fact or Fiction?

By Russ Boyd | August 28th, 2009 0 Comments

You may have heard media stories of a so called “shadow inventory” of foreclosed homes that banks are holding off the market. According to a story in the San Francisco Chronicle, Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures said, “We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market.” He went on to say, “California probably represents 80,000 of those homes.”
The story suggests that there will soon be a torrent of bank owned homes flooding the market. I’m not here to second guess the data reported in the Chronicle article or the data compiled by RealtyTrac, however, I continually marvel at how media stories differ from everyday life experience. In the Bay Area, the inventory of homes for sale has been decreasing for many months and at the same time the number of sales has increased as has the median price.
According to bay area sales activity, in San Mateo County, the median price is up for the seventh month in a row, the number of homes for sale is down 25% from one year ago and the number of days on the market average down to its lowest point since September of ‘08.
In Santa Clara County, the median price is up for the sixth month in a row, the number of homes for sale is down 40% from one year ago and the number of days on the market average is down to its lowest point since March.
For Alameda County, the median price is trending up since the low in March, the number of homes for sale is down 49% from one year ago and the number of days on the market is down to its lowest point in a year.
In Contra Costa County, the median price is up for the sixth month in a row, the number of homes for sale is down 51% from one year ago and the number of days on the market is at its lowest point in a year.
A basic market fundamental is supply and demand. Keep in mind that a market in balance is considered a six month supply of homes for sale. For the four counties above, the highest is San Mateo County with 2.75 month of inventory and the low is Contra Costa County with 1.75%.
Shadow inventory or not, I can confidentially report that there is every indication that what we need in the Bay Area is more inventory. Multiple offers are common and, although qualifying for a loan takes, well, qualifications, there appear to be plenty of qualified buyers eager to buy in the Bay Area.

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Intero Insider: Are We Out Of The Woods Yet? No, But There’s Light Breaking Through Yonder Trees.

By Gino Blefari | August 28th, 2009 0 Comments

It might be a little early to start cheering, but we are seeing some signs of recovery in the real estate market.

Yes, even in California!

Though home prices have fallen to levels not seen since 2003, there is news that might have us exercising cautious optimism about improvements in the real estate market. The S&P/Case-Shiller Home Price Index Survey was released on August 25th, and we’re encouraged by their report.

Nationally home prices, while still down almost 15% from the second quarter last year, rose almost 3% from the first quarter of this year. That’s good news. One of the biggest reasons for a positive outlook is that this marks the first time in three years that there has been a quarter-over-quarter increase.

Since this Spring, market activity has been markedly higher, and we expect that trend to continue into the Fall.

What does this mean for consumers? Well, recently, fewer homes on the market have had price reductions than compared to Spring this year, which is typically the busiest time of the year for real estate sales. This is good news for sellers, as it means that their end point, while not at the level it might’ve been three years ago, is likely not going to keep declining.

Only time will tell.

The next couple of months will be critical in determining if we’re on a true upswing. Generally, the market sees a nice burst of activity in the early Fall, prior to the Holiday Season, and December 1 marks the end of eligibility for the Homebuyer Tax Credit. Those events will likely have a surge of buyers flowing into the market.

Only time will tell. But from where we sit, we hope that time will have good things to say.

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Social Media

By Intero Real Estate | August 28th, 2009 0 Comments

Article offers ideas about social media

A Realtor Magazine article about the realities of the use of social media makes a great observation: “Using social media is like riding a bull-getting on is the easy part.”

How true that is. Keeping up with a Facebook or Twitter account takes time and other users will surely know if you aren’t interacting regularly on the site, the article says.

The good news, however, is that you don’t have to be too tech savvy to get involved, the article adds.

People shouldn’t be afraid of the Web, the magazine quotes Peter Kim saying. Kim is part of a team developing Austin-based Dachis Group, a social software startup. It does take time to learn about the technology that is used, he says. 

“But once that’s done, social networking should be no different from the work (real estate professionals) are already doing _ researching, networking with customers and marketing. It’s just using a new technology to get there,” Kim says in the article.

The complete article in the September issue of the magazine offers some wonderful insight, advice and realities about social media outlets. Check it out here. It’s worth it.

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Real Estate Conference

By Intero Real Estate | August 20th, 2009 0 Comments

Blefari to be featured speaker at RISMedia Conference

Gino Blefari will be among the featured speakers during the opening session of RISMedia’s Top 5 in Real Estate Network Leadership Conference.

The conference will be held Sept. 9-10 at the Roosevelt Hotel in New York. The opening session, Preparing for Tomorrow…Today – “The Perspective of Industry Leaders,” will be held from 2:30-5 p.m. Sept. 9.

Other panelists speaking with Belfari include Tami Bonnell, U.S. President of EXIT Realty Corp., Carter Murdoch, senior vice president of Bank of America, and Sherry Chris, President and CEO of Better Homes and Gardens Real Estate.

They will discuss the breakdown of market opportunities today and next year, banks, REOs, and credit challenges.

Other panels during the two-day conference will address social networking, tips and tricks for listing listing presentations, and the luxury market in recessionary times.

For a full schedule, click here.

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Intero lists Sunset Magazine’s Dream Kitchen of the West home

By Teressa Francis | August 17th, 2009 1 Comment

dream-kitchen1Newly-built home in San Jose’s Rose Garden neighborhood showcases the best in Western and green living

We are excited to announced that Intero was chosen as the listing brokerage for Sunset magazine’s 2009 Dream Kitchen of the West home. The home, located in the Rose Garden neighborhood of San Jose, was built by DeMattei Construction, a leading builder of fine homes in Silicon Valley including five Sunset Magazine Idea Houses. The dream kitchen was designed by famous New York City and San Francisco designer/architect Cass Calder Smith.

The creation of the Dream Kitchen of the West was documented on a special section of the Sunset magazine website located at http://dreamkitchen.sunset.com. The completed kitchen will be featured in the October issue of Sunset Magazine.

“We list many extraordinary and unique properties in Silicon Valley, but it is a true privilege to bring this home to market,” said Gino Blefari, CEO of Intero Real Estate Services. “Exceeding the expectations of our clients is always first and foremost. Intero’s out of the box approach to marketing our listings adds to our level of sales success.”

The 3,200 square foot home features five bedrooms and four baths. Constructed with green building standards in mind, this home features: HEPA filtration, cathedralized insulation, bamboo counters, recycled glass tiles and Low-E Anderson windows throughout.

The Intero listing agents are Leslie Heinrichs, Ian Humphries and Valerie Mein. More information on the Sunset Dream Kitchen of the West home can be found on their website.

Take a video tour of the completed Dream Kitchen of the West with builder Mark De Mattei.

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Intero Insider: Time to take a close look at the homebuyer tax credit

By Gino Blefari | August 14th, 2009 0 Comments

The much talked about American Recovery and Reinvestment Act of 2009 – otherwise known as the “Home buyer tax credit” – expires on December 1, 2009.

That’s just a little over three months from now – not much time when you consider that the average buyer takes six to eight weeks just browsing online for homes before even contacting a Realtor.

What’s more, we are seeing increasing signs of a market bottom. According to Altos Research, a firm based in the Silicon Valley that tracks real estate data, median sales prices for San Jose, Saratoga, Los Gatos and Cupertino all increased in the first week of August.

At Intero, we sold more than 900 homes in July – a one-month record for our company.

My point: If you are thinking at all about buying, now’s the time to take a good look at the tax credit program to see if it makes sense for you.

The National Association of Realtors offers a comprehensive guide to the tax credit on their website, but here’s a quick overview:

  • The credit is equal to 10% of the purchase price of the home, up to $8,000.
  • First-time homebuyers who purchase homes between January 1, 2009 and December 1, 2009 are eligible. To be a “first-time home buyer” you or your spouse may not have owned a residence during the three years prior to your purchase.
  • Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit.
  • The credit does not need to be repaid if you occupy the home you buy for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Do your homework. Get advice from a legal or tax professional if you need it. But don’t let this landmark program expire without taking a closer look.

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A Night Out with the Kids in Los Altos

By Dawn Thomas | August 14th, 2009 0 Comments

As summer starts to wind down – check out Friday Movie Nights in Los Altos.  Enjoy fun (and free!) movies under the stars in the Village!   The movie schedule is:

•    You already missed “Back to the Future” which showed last week!
•    August 14 – Kung Fu Panda
•    August 21 – Tale of Despereaux
•    August 28 – Wizard of Oz (Dorothy, I don’t think we’re in Kansas anymore!)

If you have ever attended a Los Altos event like this – you know that securing a primo viewing spot is a competitive event!   Come early & stake your claim.    The movies are shown on Main Street in downtown Los Altos at the intersection with 3rd Street.   Main Street is closed starting at 5:30 p.m. and you can start setting up your family’s movie home base at 6 p.m.  Think blankets, chairs, sleeping bags and picnics!

The movies start at 8:30 p.m. – and until then the kids will enjoy face painting, balloon artists and bouncy houses.   If you are looking for a great picnic ideas – consider

Enjoy your last weeks of summer in Los Altos!   Race you to the bouncy house – last one there is a rotten egg!

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Hollister gives you a fairytale escape

By Kristen Para | August 13th, 2009 0 Comments

moviesunderthestarsThis summer Hollister, CA, a small family town about 45 minutes south of San Jose, has been filled with many unforgettable family events such as the Rodeo and Farmers Markets, but we even have some more adventures to wrap up the summer sun.  The Hollister Downtown Association has funded the request for Movies Under the Stars which puts on free weekly outdoor movies on the grass area near Fourth and San Benito Street.  Do not miss the last three movies coming up:

The great movie picks and highly advertised event attracts people of all ages to snuggle up on blankets and lounge chairs at dusk on Thursdays.  The retail community has really gotten involved in the family event by donating raffle items and providing concession stands to make the movie much more enjoyable.  While Hollister has been faced with a lot of foreclosures and short sale, people are still coming together with their families and enjoying the ones they love.  Sometimes we all must take a break from our hectic and stressful lives and get lost in a fairytale movie.

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Intero Asia Pacific

By Intero Real Estate | August 12th, 2009 0 Comments

Intero expanding in Asia and the Pacific Rim

Intero International Franchise Services, LLC, has announced its expansion into Asia and the Pacific Rim.

The new Intero Asia Pacific will offer master franchise opportunities in parts of Singapore this month and in Hong Kong next month.

“Intero was born in Silicon Valley, which is a crossroads of innovation for the entire Pacific Rim,” Intero President and CEO Gino Blefari says. “This is a natural move for us and one we are uniquely equipped to execute successfully.”

Javier Parraga leads Intero International and Al Mendoza is the managing director of Intero Asia Pacific. Their reputation precedes them globally, Intero Chairman Bob Moles says.

“Their vision and international expertise on franchise development within the real estate sector has driven notable growth and network expansion throughout the world,” Moles said.

For more information, click here.

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