The central East Bay cities have had an increase of pending sales of 45.3% (single family homes) in the month of May 2011 compared to May 2010.  The actual number of listings for sale was 1,476 and the number of pending sales was 577.   This gives an indicator of 2.5 months of inventory for the May 2011 market compared to 3.7 months of inventory last May.

Townhouses and Condos had an increase of pending sales of 102.6% compared to last May. This is a great sign of recovery.

To view:  Central East Bay Market Conditions

Cities included in market report: Alamo, Blackhawk, Clayton, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, Rossmoor, San Ramon, Walnut Creek

As you know that the east bay real estate prices have been declining over the past few years.  However, this area will eventually rebound because of the micro-climate of the area (including economic, tourism, weather, etc.).  At any rate, if you were to rent a home at $1,600 per month for the next ten years, you would be paying your landlord $192,000.  That doesn’t include any increases in rent over the next 10 years.

So, I truly believe that with the tax deductions available to homeowners, great interest rates today and affordable home prices in the east bay, you would build wealth by investing in real estate here.

Give me a call today to discuss the opportunities!  Jill Cruey, 925-207-8992

I have a client who recently email the question, “Why invest in Bay Area real estate?”  It just so happened that I attended Carol Rodoni’s seminar a few weeks ago and had the obvious answer to that question.

Why invest?  This is what Carol had to say:

1. Builds wealth
2. Real estate is an asset
   Appreciates over time
   Land is valuable
   Bay area has limited land resources
3. Finance with immediate equity (20 - 25% down payment)
4. Long term investment - 5 to 7 years
5. Bay area is  economic area that stands out from the crowd
   90,000 new jobs in the bay area in the 1st quarter of 2011
   Technology, weather and tourism  in the bay area
6. Interest rates will remain low throughout 2011
7. There are properties that will cash flow positive

Now is the time to invest and build wealth.  It would be best for us to talk about your goals for investing.  Let me know when you are available to sit down and talk.  Give me a call today, Jill Cruey, 925-207-8992

Many people ask, “How is the market?”. The media paints a broad image of the real estate market. Here in the east bay, 680 Corridor, we are seeing some positive numbers year to date numbers in comparison to 2010.

• Alamo Market Stats
• Blackhawk Market Stats
• Clayton Market Stats
• Concord Market Stats
• Danville Market Stats
• Diablo Market Stats
• Martinez Market Stats
• Moraga Market Stats
• Orinda Market Stats
• Pleasant Hill Market Stats
• San Ramon Market Stats
• Walnut Creek Market Stats

Today there are 812 short sale single-family homes for sale on the Contra Costa MLS.  This number has not changed much compared to my report from April of 2010:

• January 27 2010 — 547 Short Sales in Contra Costa
• April 28, 2010 — 824 Short Sales in Contra Costa

Laws vary from state to state. In California, however, the house is not publicly advertised until the 110th day of the foreclosure process.  Once notice of default  is filed there are 90 days plus 20 days before the property is auctioned for sale at the court house.

If you are in danger of foreclosure, there may be options to avoid it such as short sale, loan modification, deed in lieu of foreclosure, or declaring bankruptcy.   These are options that should be discussed with an attorney.  For a reputable attorney, ask for a referral from your local Realtor.  In the east bay, call Jill Cruey, Realtor, 925-207-8992, for a referral.

Realtytrac reported in February that foreclosure activity is down 27%.  However, this is a nation-wide figure.   California posted the nation’s third highest state foreclosure rate in February, one in every 239 housing units with a foreclosure filing.

Last year, I reported on 4/28/10, Contra Costa MLS currently listed 464 bank owned single family homes for sale.  Today, the Contra Costa MLS is showing 464 single family homes for sale.   This number is down compared to 570 homes reported on January 20, 2011.

• Antioch Bank Owned Homes - 82
• Bay Point Bank Owned Homes - 10
• Brentwood Bank Owned Homes - 37
• Clayton Bank Owned Homes - 6
• Concord Bank Owned Homes - 71
• Danville Bank Owned Homes - 10
• Lafayette Bank Owned Homes - 5
• Martinez Band Owned Homes - 25
• Moraga Bank Owned Homes -0
• Orinda Bank Owned Homes - 5
• Pittsburg Bank Owned Homes - 41
• Pleasant Hill Bank Owned Homes -9
• San Ramon Bank Owned Homes - 12
• Walnut Creek Bank Owned Homes - 13