Archive for the ‘Uncategorized’ Category

San Carlos’ Thorny Artificial Turf Issue

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There’s a polarizing issue in the Highlands Park neighborhood of San Carlos these days, and it has to do with the potential to install artificial turf at the neighboring park.

How does this affect homes and home values? Since everything under the sun has to be disclosed when selling a house, here’s a simplified after-effect of installing artificial turf in a public park:

  1. Turf on athletic fields at public park  = Year round sports instead of seasonal
  2. Year round sports = Constant soccer, baseball, basketball games going on year round
  3. Constant games going on = Lots of cars parking on streets in front of homes
  4. Lots of cars parking on streets = Impact on ‘peace and quiet’ of neighborhood
  5. No peace and quiet = Perceived value of homes goes down
  6. Home values going down = Local residents do not want artificial turf

In the SJ Merc the other day was this article.  Here are some of the salient highlights from the article:

With San Carlos poised to start installing artificial turf at Highlands Park today, a group of residents who sued to block the project say the city is taking a big risk by breaking ground before a judge has ruled on the lawsuit.

They say the city shouldn’t start the project until a San Mateo County Superior Court judge weighs in on the lawsuit filed by Save San Carlos Parks, which argues the city didn’t properly review the new field’s potential environmental effects on health and traffic. Judge Marie Weiner is expected to rule by Aug. 25.

If Weiner decides the city must do further environmental work, it will have to pause construction and leave the park unusable and in a state of disrepair indefinitely, said Greg Harris, a member of the residents’ group. He said it’s worth waiting another two weeks for a ruling on a project that was conceived a decade ago.

City officials counter that they could take a financial hit if they don’t proceed with installing turf, which has been done without controversy in other Peninsula cities but has been one of the hottest topics in San Carlos for years.

Officials say the $1.7 million bid from Interstate Grading and Paving, which the city council accepted in February, is an exceptionally low price due to a job-hungry construction industry and an Italian turf manufacturer who is offering a discount to break into the American market.

Harris dismissed the cost argument, saying it’s possible the city could get the same bid or an even lower one if it advertises the project again after the judge’s decision.

The city plans to fence off the 3.5-acre lower athletic field at Highlands Park today for site preparation work. Excavation and grading work will start next week, said Public Works Director Robert Weil. If all goes well, the project will be finished by the end of the year.

Weil acknowledged that the park will be unusable if the city has to pause construction to do further environmental studies, which could take months, but he said officials will ensure the park doesn’t pose a hazard.

Proponents say the artificial surface will lower maintenance costs and allow the field to be used year-round. The grass fields, on the other hand, must periodically be closed so they can recover from heavy use.

But opponents have said the extra use allowed by the new surface will bring more traffic to the neighborhood. They also had objected to the use of rubber pellets between the grass blades, though the city has since decided to use an organic infill instead to address those concerns.

“We’re not going to delay a project that will benefit thousands of people because a small neighborhood group has filed a lawsuit against us,” Klein said.


Ah, Loan Contingency Periods, aka Scrutiny on Your Bounty

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One of the most critical things when getting your mortgage to purchase a home is the loan contingency.  Speaking from recent experience, and understanding the new reality of overly scrutinizing lenders, here are Ed’s must-know things when it comes to loan contingencies:

Don’t Take Shortcuts

Firstly, please, please, please, work with a mortgage lender who has a proven record of being able to secure a loan.  This has got to be one of the most important to-do’s before you go out shopping for a home.  This is as important, and may even be more important than the loan rate you lock in.

Yet, with still so many choices out there – direct lenders, mortgage brokers, etc. – you may ask yourself, how do I find a good one?  The best source, I’ve found, is to get recommendations from friends, relatives, or trusted realtors.

A good lender who’s truly looking out for your best interest should ultimately be able to tell you what you can and cannot afford.  A great lender will go above and beyond to get the job done.

Do Your Homework

Where are your downpayment funds going to come from? From your own savings? Cashing out some WebVan stock? A gift from your solvent parents?  Whatever the source of your funds, you have GOT to make sure you let your mortgage lender know early on in the process.  Any  funds that are NOT coming directly from your own savings, might be subject to major scrutiny by the lender – and you may find yourself having to provide a boatload of documentation showing where the money’s coming from, or, in the case of a gift, additional scrutiny on whoever was giving you the money.  And of course, as Murphy’s Law would have it, that kind of scrutiny can very well happen at the 11th hour when you least expect it, probably right before you’re supposed to close escrow.

Final Thoughts

Be realistic about your loan contingency period. Don’t put it at 14 days if you’re not 110% positive that your lender can do it. Better to be conservative and ask for more days than you think you’ll need.

Be sure your lender knows of any red flags during the contingency period. Find this out early on in the process. Continually ask your lender what the current conditions to close (CTCs) are, and are they being met.

Remove your loan contingency as close to on time as possible. No one, particularly the sellers and the sellers’ agent, get more stressed out when loan contingencies aren’t removed on time.


Intero Foundation Supports Two Local Nonprofits in Morgan Hill

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Two local nonprofits got some extra help this month thanks to a local nonprofit organization, The Intero Foundation. The Intero Foundation gave grants totaling $18,000 to Community Solutions and the Learning and Loving center. The grants will support the organization’s shared mission of providing help to children in need.

Community Solutions, a nonprofit organization based out of Morgan Hill, received $8,000. Its mission is to provide a comprehensive spectrum of prevention, intervention, treatment, and residential services to the communities of South Santa Clara County, South San Jose and San Benito County. The Learning and Loving, Education Center, also based out of Morgan Hill, is a non-profit educational project lead by the Sisters of the Presentation. The $10,000 grant they received will go towards the work of the Learning & Loving Education Center by providing educational opportunities and outreach to low-income immigrant women and their children who are living in south Santa Clara County of Northern California.

“In these challenging economic times, more and more people are in need of assistance and the Intero Foundation believes that by working together we can help solve these challenges,” said Russ Warrick, Realtor and Intero Morgan Hill Foundation representative. “We are proud to present a check for all the hard work these two wonderful organizations do to support the kids in our community.”

The Intero Foundation is a non–profit organization founded in 2003 that has raised more than $1.5 million to benefit children living in the communities we serve. The Intero Foundation is funded, promoted and governed by the real estate agents at Intero Real Estate services.  All members of the Intero community – executives, staff and agents – donate their time to further the Foundation’s mission.

To date, the Intero Foundation has lent its support to over 70 local charities – organizations that range in size and mission, but all work to positively impact the growth and well being of children by enhancing their education and personal development.


In Conclusion of a Successful Golf Tournament

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The 7th Annual Intero Foundation Golf Tournament, which took place at Cinnabar Hills Golf Course on Thursday, July 29th was a huge success, thanks to the team work of our real estate agents and leadership at Intero Real Estate Services. A fabulous time was had by all when over 190 golfers and several volunteers and sponsors showed up for this fun day in the sun to benefit the Intero Foundation!

The Intero Foundation, founded in 2002, continues to impact the growth and well being of children and youth in the communities we serve, by providing grants to organizations. Year to date, we’ve already given close to $1.7 million to non-profit organizations throughout the Bay Area – thanks to the real estate agents and events like the Intero Foundation Golf Tournament.

With a lunch provided by Old Republic Home Warranty and other generous sponsors such as Bank of America cheering on the golfers as they were teeing off, this was one of the best golf tournaments Intero has put on! Nearly $4,000 was raised in raffle tickets alone!

Gino Belfari, President and CEO of Intero Real Estate Services, added to the excitement, by riding around in a decorated golf cart and mingling with the golfers, sponsors and spectators. Many other supporters joined in for a dinner, auction and music afterwards providing a perfect end to a perfect day.

A big thank you to our sponsors:

Bank of America, Old Republic Home Warranty, Zoom Copiers, Fidelity Home Warranty, BJ’s Restaurant & Brewhouse, Health E Centric, Intero Santa Cruz Yacht Harbor, Franco Uomo, Campo Di Bocce, JCP-LGS Disclosures, Property I.D., Cutco, Homeguard, Citrusolution, Daddario Construction, Marvin Davis Construction Inc., Hammer Auto, Corefact, C.J. Olson Cherries, Beverly’s Baskets, Insightful Services, Win Home Inspections, Jon R. Crase Construction, Passport Unlimited, and Kris Myers & Cathy Jackson.

If you are interesting in donating to the Intero Foundation or know an organization that may benefit from a grant, please go to our new website at www.interofoundation.org. Thanks again to everyone for a great event and raising awareness to this wonderful cause.


Gen Y Housing Preferences

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In reading up on Gen Y – loosely defined as those born between the late ‘70s and late ‘90s – something that struck me as significant was this notion that Gen Y and baby boomers view home buying as starkly different things. A baby boomer would say buying a home is an investment, whereas their younger counterpart would say it’s a lifestyle choice.

I came across an article that dove deeper into the reasoning behind why Gen Y delays home buying compared to boomers. Based on a panel discussion sponsored by the Urban Land Institute, the article mentions that most in Gen Y do not have the resources to buy a home in their 20s. They tend to take breaks from work to travel, which can cost them lost wages and earning potential at this point in their careers.

The article also looks at affordability:

“(T)he average Baby Boomer could afford a home with $48,000 annual income if they bought a home in the early 1980s whereas a Generation Y household would have to bring in $142,000 per year to afford a home today.”

Obviously, all of these things have an impact on the housing market as young, first-time buyers are essential to the move-up market.

What strikes me about this trend of Gen Y delaying home buying is that there’s not a bigger conversation going on. Is it really that Gen Y does not want to buy homes? Or is it that they can’t afford the homes that are available to them? Are they really looking for a different type of ownership than we’re used to?

I think it’s important to engage in this conversation. Statistics show that Gen Y, estimated at 70 million individuals, is even larger than the baby boomer generation. Their habits, preferences and economic situation will have a big impact on real estate.

The current slowdown we’re seeing in real estate is no doubt caused by economic forces – job loss, foreclosures, tightened credit. But in the recovery, there is this other aspect that’s not being discussed as much – this “lifestyle” choice that is a little fuzzier than what we’re used to.

The good news is that lifestyle is exactly what real estate agents are good at understanding. Who better can tell you the little things about a neighborhood or city that don’t get captured in an online listing or for-sale sign? I believe that the more we understand each other, the easier it will be to accommodate Gen Y’s lifestyle choices.


Intero Foundation 7th Annual Golf Tournament

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Mark your calendars! It is that time of the year again for our annual Intero Foundation Golf Tournament.  

The 7th Annual Intero Foundation Golf Tournament is coming up next month on July 29th and we’re looking for sponsors. If you’re interested please email dcatalano@interorealestate.com for more information. Players keep watching for registration details soon to come.

Click the sponsor and registration card images below to view and print. Mail forms to Deitra Catalano c/o Intero Foundation Golf Tournament 10275 N. De Anza Blvd., Cupertino, CA 95014 or fax to 408.715.0226.

The golf tournament will be held from 12:30 p.m. until 6 p.m. Thursday, July 29th at Cinnabar Hills Golf Club in San Jose.

Besides golf, the day features a BBQ lunch, dinner and a raffle.   

The Intero Foundation’s mission is “to create awareness in the community by demonstrating good corporate citizenship” and to support organizations that focus on assisting children, their education and their personal development.

It’s gonna be a great day, so see you there!

 


Show Me the Money — Redwood City Ranks #4 in VC Spending

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Good article in the Merc last week, comparing the amount of venture capital invested in startups in the region’s municipalities in 2009.

For us Redwood Citizens, this is good news, as Redwood City ranks #4, behind some pretty big “powerhouse” cities for startups.

The top 5 is as follows (along with the amount invested, in millions):

  1. San Francisco    1,013
  2. Sunnyvale              663
  3. Mountain View     574
  4. Redwood City       545
  5. Fremont                 528

What you Need to Know About Green Home Certifications

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Mirror, mirror, on the wall, who’s the greenest of them all?  As if we didn’t already have hundreds of eco labels to worry about every time we visit a store, now there are green home certifications that are mushrooming up all over the Bay Area and the country.  Understanding these new ways of classifying quality and operation costs is becoming a must, especially when you build, remodel or in the market for a home.  Yet another chief reason for being able to decipher these new terms is to avoid growing generalizations or greenwashing.

Frankly, most folks could careless about “green” homes. Very few want to pay extra for labels they don’t understand.  And why should they?! Price and quality are and should be the two high priority areas of concern.  However, green homes address much more than just fancy “eco-friendly” building materials.  They also encompass elements like energy efficiency, indoor air quality, water efficiency, materials use (recycled, reclaimed, sustainable), community and environmental impacts.

Third party sources play an important role in verifying that green homes are truly are as they are cracked up to be in their marketing.  Here are the three most prevalent green home titles you are most likely to see in our Bay Area neighborhoods:

Green Point – This rating program is a child of Build it Green, a non-profit based in Berkley.  GreenPoint uses a scoring system where a GreenPoint rater evaluates a home’s green features “allowing homes to be compared on a level playing field.”  The program rewards building professionals and homeowners who create green homes by allowing them to brand their products with a recognizable seal of approval.

Be aware though; it doesn’t take much to get yourself a “GreenPoint” title.  When you see this little word “Elements” next to the rating (up to 50 points) it means only a small part of the house has some sort of green feature.  When you see “Whole House,” stated next to the score, this is more exciting but again, pay attention to the score.  Some “green” homes are notorious for focusing on energy efficiency but very little attention is given to indoor air quality.  I’ve seen it and smelled it, it’s a fact.

LEED – (Leadership in Energy & Environmental Design) is an internationally recognized voluntary green building certification system from the US Green Building Council. It verifies that a building or community was designed and built using strategies aimed at improving performance across all the metrics that matter most: energy savings, water efficiency, CO2 emissions reduction, improved indoor environmental quality, and stewardship of resources and sensitivity to their impacts.

LEED homes have the potential to use 20-30% and some – up to 60% less energy.  Certifications have various levels of “greenness” and are categorized into Certified, Silver, and Gold & Platinum. Neither of these certifications is easy or cheap to get.  When you see a home owner or builder boasting a LEED seal of quality, rest assured they had to jump through some serious hoops to get it.

Energy Star – It is very likely that up until now, you thought Energy Star applies only to your appliances and electronics.  I was very surprised to find out that it pertains to homes also.  To earn the ENERGY STAR, a home must meet strict guidelines for energy efficiency set by the U.S. Environmental Protection Agency. These homes are at least 15% more energy efficient than homes built to the 2004 International Residential Code (IRC), and include additional energy-saving features that typically make them 20–30% more efficient than standard homes.

There you have it, the most common green home certifications in Bay Area.  As a general rule, it is always a good idea to dig deeper when you see a home that claims to be “green”.  Always look for third party verifications and other proof.  Let’s leave the “greenwashing” to the household cleaning product industry.

More on Green Homes:  http://SanJoseGreenHome.com


Intero in the News!

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Inman News, the leading source of independent real estate news, highlights Intero in its Top 25 largest brokerages in the U.S. article today!


Intero Insider: The News Is Up! And It Is…Good?

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Yesterday, the good folks over at Zillow released the results of its First Quarter 2010 Survey. Was the news good? Sort of. Maybe. A little.

First, the facts:

Home values in California appear to be on the rise. During the First Quarter of 2010, home values in Los Angeles, San Francisco, San Diego, Santa Barbara and Ventura County showed marked increases.

Nationwide, home values continued to decline in the first quarter of 2010. The Zillow Home Value Index showed a 3.8% decline for the same period last year — this makes thirteen consecutive quarters with year-over-year declines. In 106 of the 135 markets tracked, home values fell.

Negative equity is rising steadily. In the Fourth Quarter of 2009, 21.4% of single family homes had mortgages that were “underwater” or “upside-down,” meaning that more was owed on the mortgage than the home was worth. In the First Quarter of 2010, that number rose sharply to 23.3% — nearly ¼ of all mortgages on single-family homes.

Foreclosures reached an all-time high in March 2010. According to Zillow’s survey, more than one out of every 1,000 U.S. Homes — a startlingly high number — went into foreclosure that month.

It is interesting to me to compare this national level data with what I am seeing here in Silicon Valley at the Street level, which is always, in my opinion, the most useful way to look at the housing market. Here I am seeing lots of signs of market vitality. Recently, a listing in Cupertino received 14 offers. A listing in San Jose received 6 offers just this week. This seems to be going on at both the entry level – where one might expect to see such things – but also towards the higher end.

This is information that, especially if you’re planning on selling a home, is very important for you to understand. You need the big picture, but also the picture in your neighborhood or on your block.

Please talk to your Intero real estate professional. We’ll make sure you have all of the facts, and every tool at our disposal to make sure that you make educated decisions about your home sale. We’ll tell it to you the only way we know how: like it is.