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It’s been a while since I’ve talked about the Marina Point/Sand Harbor area of Foster City. This area has two large condo complexes, Marina Point, San Harbor and Sand Harbor South with really spacious units that make great entry level home purchases. These developments have held value in comparison to other communities in nearby cities. They also haven’t been hit with the high number of foreclosures the way other communities have. Foster City is a planned community sitting at the apex of highway 92 and 101 so it’s an easy commute for anyone going north, south or across the bay. As is the case with Foster City’s focus on the water and with all kinds of housing getting water views, Sand Harbor South sits waterside and many of the condos there have lovely water views.
Let’s look at the activity in this area for the past 6 months. There are 6 properties for sale today, 6 that are pending close, and there were 7 sold between mid-August 2009 and today. The market has heated up and prices have come up, too. Last year we saw a few short sales and a few foreclosures which is why the prices were low, but not so today.
Another way to look at things is through these charts of the Median For Sale versus Median Sold between January 2009 and January 2010. Typical for year end, we saw nothing sold but the market has heated up today and prices have held pretty well, too.
 
The Wilkas Group has helped many people buy and sell in these two condo developments. If you’re interested in buying or need to sell here, give us a call or click the “Contact Us” button and we’ll be happy to answer any of your questions. These condos offer the largest bang for the buck in the San Mateo-Foster City area. We know this area very well and can give you the advise you need today.
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We are always being asked “how’s the market?” It’s not an easy answer because it depends on whether you’re a buyer or a seller. It’s different for each as we’re still in a strong buyer’s market with prices under former highs. So how was the market at the end of last year? The data has just come out and here’s your chance to see for yourself.
If you are in the market to buy a house you are keenly aware that we’re not seeing a lot of bank owned properties any longer but mostly short sales. We anticipate this will be the case for all of 2010. According the Prudential California Realty’s research division, where this chart comes from, San Mateo County saw rising home prices because the bank owned properties from north county and south county were depleted in 2008.
The County saw 1038 single family houses change hands during the 4th Quarter of last year, which was about 4% less then in Q3, but up 21% for 2008. That’s good news for you and for us. The Median sales price for the entire county was $851,543 in Q4, and was 12% above 2008’s Q4 median price of $758,067.
We saw a robust market everywhere but Daly City and East Palo Alto. As we begin to see more distressed luxury homes come on the market this year, we should see increases in sales there as well. These markets are Portola Valley, Hillsborough, Atherton, Woodside and Burlingame.
We think home prices are stabilizing. We are beginning to see multiple offers on properties due to low inventory, not low prices. Short Sales will be the norm, and these take time. If you are entering the real estate market for the first time, be patient, and understand the you will be competing with investors with cash. You will need Realtor’s who understand how to operate in this kind of environment. The Wilkas Group has the experience, the knowledge, and patience to help you find your new home. Pop us an email using the button “contact us” on the left side of this page. We’re here to serve.
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Can you spare an hour a week to volunteer with children? Brewer Island School, a K-5 elementary school in Foster City, is in dire need of 20 reading volunteers. You will work one-on-one with a child needing reading help. You don’t need to give a huge amount of time, maybe just an hour a week, but it would be a lifesaver to a child needing help. Age doesn’t matter, you can be a student, parent, senior citizen, you just need to want to make a difference in a child’s life.
Contact Brewer Island School for more information. There is one condition in volunteering. With all of the new laws that have passed the past couple of years, you must get yourself finger printed at the Foster City Police Department. This only takes a minute to do but it is mandatory in order to volunteer with children today. Hopefully you will understand that is has become a necessity of life today.
Give an hour of time and help a child. It will be a gift that will last a lifetime for that child, and for you, too. Please pass this on to your friends and family who might also like to do this. By the way, check out the need for this at other local schools. My bet is, they too, need this help.
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 Opportunity is knocking for all of you considering homeownership for the first time. We are seeing historically low interest rates, lower home prices in many areas around San Mateo and the first-time homebuyer tax credit – part of the American Recovery and Reinvestment Act of 2009 – brought first-timers to the market in droves this year.
In fact, these new first time buyers represented about half of all home sales logged during much of 2009’s first two quarters, according to the National Association of REALTORS®, a significant increase from historic levels. Plus, the favorable conditions that prompted many of these buyers to finally do something are likely to continue into 2010. Even the first-time homebuyer tax credit – set to expire Dec. 1 – may get a second wind as legislation is pending in both houses to extend it into next year.
Today’s opportunities aside, here are eight time-honored reasons why those of you still considering homeownership for the first time should make your move sooner than later.
1. Pride of Ownership
Owning your own home adds to your own sense of self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old. It really allows you to set down roots into a community.
2. Security of Tenancy
With homeownership comes stability. When renting, you never know when you may have to move because of new ownership, rent increases or other changes. As a homeowner, you decide when and if you want to move or if you want to convert your home into a rental.
3. Privacy
While there are usually some limits on the access landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. For many renters, this lack of privacy is a significant discomfort. Homeowners on the other hand generally have much stronger property rights, and experience an increase in perceived and actual privacy. No one has access to your home unless you have given them your key.
4. Decorating
Homeowners are free to decorate, remodel and accessorize a home any way they want. Not only do you have the right to make improvements, but the value of those improvements becomes yours as well. Having your living space and exteriors just the way you want them can significantly increase your satisfaction with your living environment. I must, though, provide a caveat here, as the exterior changes you may want only can occur if you do not live in a Planned Unit Development, PUD. PUD’s have restrictions on exterior changes and sometimes on color of paint, type of windows, front door and the like so it’s important to know what kind of home you are buying and what is and is not acceptable.
5. Financial Predictability
When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes. Financial planning and credit are more easily managed with a fixed-rate mortgage compared to renting. And in California, your property tax bill can never rise more than 2% a year so you always have a good idea of what your taxes will be annually.
6. Building Equity
When you own your own home, you pay rent to yourself instead of a landlord. Most homeowners pay for their purchase by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Over time, that asset can work for you in many ways, such as a home equity line of credit. And of course, a home is a wonderful asset to pass along in an estate.
7. Investment Appreciation
There are certainly no guarantees of property value appreciation as we have all witnessed these past 2 years. In the long-term, however, real estate valuations almost always increase. This means that when you decide to sell your home, its value may be significantly higher than when you purchased it. The difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may wish to downsize and keep the value of that appreciation for retirement or other purposes. Today we anticipate an average appreciation of about 3% per year, so if you do the math, you will see you benefit from a home to live in and then leverage into another home.
8. The Tax Benefits
In the United States, the cost of home mortgage interest and property taxes are usually tax-deductible. Depending on your circumstances, thousands of dollars in taxes can be saved each year. These tax savings are not limited to federal taxes either. California follows their tax system on the federal system and offers similar incentives to homeownership. The interest you pay for your mortgage is huge in the few couple of years of the loan, which is deductible on your taxes. Some additional benefits are designed specifically for first-time home buyers, too. Your tax advisor can give you additional information.
Why are you still on the fence waiting to buy? We’re here to assist you with the process and to make it fun while selecting the perfect home for you and your family. Don’t wait any longer. Give us a call.
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 It happens every year and tonight is the night. Turn back all of your clocks before you go to bed. The good deal on doing that before bed is you’ll get an extra hour of sleep and will know what time it really is when you wake up. If you forget to do this, you’ll be confused about the time. So, don’t forget to do it!
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 If you’re like us, as we approach the end of 2009, we are beginning to do some financial planning for the new year and to try and rebuilt that nest egg that most of us lost. I’d like to introduce Rich Umanzio, my personal financial planner, who has an interesting idea to help us recapture some of the losses we all had from the stock market’s fall of last year. If your retirement investments includes an IRA, please read about his idea and see what you think.
Here is a financial planning idea for you to consider in 2010. It is an outstanding way to make lemonade out of lemons that exist in virtually all IRA portfolios due to the decline witnessed in 2008. It could potentially make you a considerable amount of tax free money in 5 years.
Here is a summary of what I propose so that you can take my idea to your CPA or if you prefer, I can call him/her on your behalf:
The new tax law allows virtually everybody who has an IRA to convert some or all of it to a ROTH, known as a Roth Conversion beginning in 2010. Before the change, most high income taxpayers were ineligible. That has changed. When you move investments within the IRA to the Roth, you will pay the tax on the conversion amount immediately upon the conversion. Except in 2010. The government is allowing you to pay only 1/2 in 2010 and the other 1/2 is not due until 2011.
Why don’t you do a partial Roth conversion and only move those assets that have significantly declined in value, and pay therefore less in taxes over the 2 year time-frame? This way you truly can make lemonade out of the lemons. For example, if you take 250 shares of Citibank trading today for $4.29 down 89% from a year ago and move it to the Roth you would pay 1/2 of taxes at your income tax bracket in 2010 on $1,072.50 (250 x $4.29). Move it to the Roth next year, pay 1/2 of the tax.. Any investment in the Roth would have to remain for a minimum of 5 years, afterwards it totally income tax free. In 5 years we could reasonably expect that the bank will be worth considerably more than it is today. Another example is General Electric trading at a fraction of its previous value before the crash. Consider any asset that you expect to grow back significantly as the ones to convert to the Roth. Citibank and General Electric are not the only examples of stocks that potentially could make you a lot of tax free growth.
You will pay less in taxes, have 2 years to pay it, move assets that could double, triple, or more into the Roth, and in 5 years have significantly more available to you and without any taxes to pay on the growth.
Let me know if you want me to talk with your CPA (supply the name and phone number). If you have questions, obviously give me a call. I see this as a gift that no one ought to pass up. You can reach me at (925) 472-5201 or <rich dot umanzio at wellsfargoadvisors dot com>
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As they say, a picture is worth a thousand words. Here’s a snapshot of the Burlingame housing market over the past 12 months. It’s taking longer to sell and prices are down. If you can qualify for that loan, you have your choice of some great properties. Burlingame is one of the prettiest cities in San Mateo County. What’s stopping you from doing a search for your dream house right now?
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 If you’re a First Time home buyer, how would you like to join in on a Challenge to get a Million Dollars worth of tax credits for 125 San Mateo County home buyers? We are trying to do just that through education on how to buy your first home and take advantage of the $8000 tax credit Congress is offering you. Come to Foster City’s Park and Rec’s Lagoon Room on Tuesday, September 15, 2009 and attend a free seminar, 6:15PM to 8:15PM . This will last no longer than two hours and all of your questions about buying real estate for the first time will be answered. I promise! You can sign up for this free seminar, now.
Learn about:
· Who Qualifies Today for the $8,000 Tax Credit
· Do I Have to Wait Until Next Year to See My Tax Credit
· Will the Home Buyer Credit be Extended
· What Other Government Incentives Exist Today for Home Buyers
· Becoming Credit Ready to Maximize Savings
· What’s Changing with Short-Sales
· What Should I Know About Condos
· Local Real Estate Market Statistics
· Brokerages vs. National Banks
· Programs for Non-First Time Home Buyers
· How To Select an Expert Team Who Will Get the Job Done Right
Listen to:
Lilyette Uriarte, Certified Mortgage Planning Specialist®
Lilyette is an active member of the Society for Financial Awareness, a non-profit organization where professionals such as estate planners, financial advisors, CPAs and mortgage planners come together and donate part of their time year round to educate the community on financial matters helping them become more fiscally literate. She is a top producer of loan mortgages and is on track to help over 50 families this year find the right loan product for their specific needs.
Lenore Wilkas and Melinda Horwitz, Realtors with Prudential Fine Homes®, Burlingame, CA
Lenore Wilkas brings many years of residential sales experience serving a multitude of first time buyers. The Wilkas Group is in the top 9% of all real estate sales professionals worldwide with Prudential Real Estate. Lenore has earned a GRI designation as a Graduate Real Estate Institute, SRES designation, Seniors Real Estate Specialist, and RCS-D designation, Real Estate Collaborative Specialist, Divorce.
Melinda Horwitz is a member of a husband/wife broker team with the Prudential Fine Homes Real Estate office in downtown Burlingame. The Horwitz Team has earned the highest awards Prudential Real Estate can bestow. Melinda has kept her focus on the first time buyer market for many years working with them and educating them about real estate.
Special Guest Speaker:
Real Estate expert Carole Rodoni
Carole Rodoni is a highly regarded dynamic speaker, author and advisor in the Bay Area Real Estate Industry. Formerly President of Fox & Carskadon Realtors, COO of Cornish and Carey Real Estate, President and COO of Alain Pinel Realtors, and now the President of her own consulting firm, Bamboo Consulting she is a lively speaker and will tell you what’s really going on with real estate today in San Mateo County and how to use your new knowledge to help you buy your first home .
Carole has shared her experience and knowledge with Realtors, Brokers and Managers all over the Bay Area and State. She writes for the Wall Street Journal and has been a speaker and consultant for First American Title Company for many years.
Carole has been featured in many major publications such as USA Today, The Hawaii Star Bulletin, The Wall Street Journal, The Philadelphia Inquirer and The District 5 Diary.
If you can’t make it on September 15th, this seminar will be repeated at two other dates and places. For more information about those, and to sign up, go here. Make sure to tell me I sent you and stop by to introduce yourself. Will you help us get $1 million dollars in Tax Credits into the hands of San Mateo County First Time Buyers? That’s 125 first time buyers and wouldn’t you like to be one of them? Come and find out how!
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 Mortgage APR or the APR on a mortgage loan is also known as the Annual Percentage Rate. Your monthly mortgage payment is not affected by mortgage APR. Your monthly payment is worked out using factors like the loan amount, interest rate and the loan term. Mortgage APR always incorporates origination points, discount points, private mortgage insurance, prepaid interest, loan processing fees, underwriting fees and documentation fees. APR reflects your true borrowing costs for a loan. If you have a good credit score (such as 720 or higher), you can easily be approved for a low APR.
Mortgage APR might also incorporate credit life insurance and loan application charges. The goal of mortgage APR is to stop lenders from advertising low rates and hiding upfront costs. The Truth in Lending Act (TILA) has made it mandatory for the mortgage lenders to disclose mortgage APRs when they are advertising their loan products.
Calculating Mortgage APR
Since mortgage APR might incorporate credit life insurance and loan application fees, there is no definite method of calculating the APR. Actually, various lenders apply various formulas to calculate this.
On the whole, you can calculate mortgage APR by summing up any additional costs with the interest rate. If two mortgage loans carry equal interest rate but one of them has a lower APR, the loan with the lower APR is usually considered as a better offer. For calculating APRs, you can use a wide variety of APR calculators available from different websites.
Additional Details
APR is not only necessary for calculating mortgage payments, but also for working out credit card payments, personal loans, auto loans and various other loans. In any type of circumstances, APR works as a good parameter for comparing loan options. However, it must not be the only element to be taken into consideration. Prior to choosing a home mortgage loan, you must analyze the monthly payments and fees associated with the loan.
Lastly, make sure to receive a good faith estimate from the lender prior to making any commitment. This document has been made compulsory by the federal government and lets the borrower have an idea about all the fees related to a home loan.
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