6 comments » Don't Believe Everything You Hear or Read. It's ALL Local, Baby. Welcome to Fantasy Island.
We hear about the foreclosure disaster every day. This week alone, I saw two stories about this on network television. Sunday night on 60 Minutes with them featuring Ground Zero for Foreclosures, Stockton, California. Stockton is about 78 miles east of San Mateo and it might as well be 7800 miles because what's happening there, and to the other communities along the highway getting there just isn't happening here. The second story of the week was about the Inland Empire in Southern California's San Bernardino County on PBS's Nightly Business Report. Southern California and Northern California are like two different states, under the same umbrella named California, but very different places. All real estate is local. We have almost no new construction in our county. Almost means a little bit here and a little bit there, but no major developments, just in-fill. We have no land for them to build on. We are, in effect, built out. If you want to live here, you pay the exorbitant price for the little house sitting on a little lot. We also are very lucky to work with a whole bunch of really well trained and good Realtors, like me. We are also fortunate to be in the heart of the Bio-tech industry and Computer and Hi-Tech industries. We have many fine universities sitting on the island from Stanford to UCSF to USF to San Francisco State University, and several smaller schools, too. I'm not including Cal or Mills as they are across the bay and not on Fantasy Island. Fantasy Island has been just like the rest of the country with too many real estate agents and lenders. Maybe I should refrase that, we used to have too many real estate agents and lenders but about 30% of them have left the island. What is left are professionals. Professional Realtors are here, right here, and ready to explain how to buy or sell a home in an interesting market. Money is at all time low interest rates. It's a great time to buy a home to live in. Welcome to our island. How May I Help You? http://www.realestatedarwinism.com/001B6F 
Posted on Feb 01, 2008 @ 9:47 am by Lenore.Wilkas
Posted in Uncategorized
 Lenore.Wilkas  6 feedbacks »
Comment from: Marc Blasi [Visitor] · http://www.palmbeachrealestateandloans.comIf we can just get the whole LOCAL concept through to people - the mass media is so hell bent on making real estate conditions sound terrible EVERYWHERE - I think we'd see a big change.  Permalink Feb 03, 2008 @ 7:10 amComment from: Lenore Wilkas [Visitor] · http://www.SanMateoRealEstateNews.comYou are so right, Marc! Real estate is local and even drilling down to the local level it is defined in micro levels. Specific neighborhoods can be doing great while others within the same community sinking. This is why a seasoned Realtor is so important. Realtor's know exactly what's going in within the communities they serve. Permalink Feb 03, 2008 @ 4:53 pmComment from: Laurie Manny [Visitor] · http://www.longbeachrealestatehome.com/Here in Southern California, as you say, we are in a completely different market, our foreclosure rate is high and most available affordable properties are either short sales or bank owned. It is a buyers market, but buyers are still having difficulties because the homes are generally not in the best condition, require work to be livable and the after purchase dollars to consumate the repairs and upgrades are just not there. Many agents are leaving the business here, but not enough have been cleaned out yet. Those that are left would sell a buyer anything without a conscience. They wouldn't recognize a worn roof, damaged foundation or a bent ridge-board; they wouldn't advise their clients about the amount of after purchase dollars that will be required; they don't explain that it is going to take 5 to 7 years for these homes to appreciate enough to be sold and each dollar put into the home will extend that time frame to be recooped. Our industry will be much better off when it is returned to the professionals. Permalink Feb 03, 2008 @ 7:51 pmComment from: Lenore.Wilkas [Member] I once had an agent tell me to never point out potential issues to my clients as it could invite litigation. I couldn't believe what I heard. I always show my clients things to be aware of. In our area, it is normal to have all inspections done up front, before a house is listed. That way the buyer knows the condition of the property. If my clients are really interested in a property, I have them read the disclosure package carefully, and then go back and look at the house again with the knowledge gained from the inspection reports. If they have questions or want additional inspections after a contract is ratifed, we do it. But, generally the original inspection reports are pretty thorough. In my opinion a buyer needs to have as much information about their proposed purchase as possible. One can never have too much information about the condition of the house. When houses begin at $500,000 at the lowest price, these people are stretching to get into this house. I want them to feel comfortable with their decision. Permalink Feb 03, 2008 @ 11:52 pmComment from: Laurie Manny [Visitor] · http://www.longbeachrealestatehome.com/The agent who told you not to point out potential issues is a liability to our industry, unfortunately I can't say I haven't heard similar statements from agents here as well. Crappy agents are a dime a dozen. I actually like the idea of having inspections done up front and having the seller disclose issues, however, I can't see that working here - too much room for cheating. Here the inspections fall to the buyer who hires their own inspectors and satisfies themself as to the condition of the home. I agree that a buyer should know as much as possible about their potential purchase. There should be no questions. Permalink Feb 04, 2008 @ 1:42 amComment from: Kaye Thomas [Visitor] · http://beachcityrealestateinfo.blogspot.comMy market is about 20 minutes north of Laurie's market and we are not seeing a large number of either short sales or foreclosures. Permalink Feb 04, 2008 @ 4:16 pmComment on this article This post has no feedback awaiting moderation... |
I live in Fantasy Island. Yes, there is such a place and it's not on television it's in Northern California. Okay, stop laughing. I'm quite serious. There are three counties in California that have been generally missing the Foreclosure mess and I live in, and work in, and sell real estate in one of those three counties. San Mateo County. (The other two are Marin County and San Francisco County, just in case you're curious.) 
