Real Estate U p d a t e
for The Montc lair Village
2077 Mountain Boulevard
Oakland, C A 94611
office: 510.339.9290
direct: 415.290.4374
D o u g . F u l l e r @ p r urealty.com
w w w. d o u g f u l l e r. net
Real E s t a t e U p d a t e
3/15/2006
Highest priced home s o l d s i n c e Fe b r u a r y 1 , 2 0 0 6 : $ 1 , 4 5 0 , 0 0 0
Date sold: 3/10/20 0 6
Address: 1754 Manzanita Drive
Lowest Priced home s o l d s i n c e Fe b r u a r y 1 , 2 0 0 6: $ 5 5 0 , 0 0 0
Date sold: 3/9/2 0 0 6
Address: 6758 Saroni Drive
Highest priced ho m e c u r re n t l y f o r s a l e : $ 1 , 4 9 9 , 0 0 0
Number of days on the m a r ke t : 8
Address: 6700 Gunn Drive
Lowest priced home c u r re n t l y o n t h e m a r ke t : $ 5 7 9 , 0 0 0
Number of days on the m a r ke t : 8
Address: 6217 Thornhill Drive
Statistical summar y - M e d i a n S e l l i n g P r i c e : $ 1 , 0 2 5 , 0 0 0
A vg . Price/ sq. f t : $ 4 9 1 . 9 2
Avg. sq. ft: 1,922
Number of h o m e s c u r re n t l y f o r s a l e : 1 0
A verage da y s on t h e m a r ke t b e f o re s e l l i n g : 1 7 . 5
A S a m p l ing of Current Sales:
Address:
1947 Magellan Dr ive
6330 Chelton Dr ive
3951 Mazuela Dr ive
Bedrooms:
2
4
3
Baths:
2
2
2
Sq. Ft.
1550
1984
2065
Date Sold:
2/28/2006
2/16/2006
3/09/2006
List Pr ice:
$794,000
$895,000
$899,000
Sale Pr ice : DOM:
$770,000
4
$1,000,000
10
$1,050,000
10
I n for mation above is intended for infor mational purposes only. Named broker may or may not have represented par ties in the above listed
t ransactions .
Are you or someone you know curious about the value of your home? Please call me at 415.290.4374 or
drop me a line at doug.fuller@prurealty.com for a FREE market analysis, no obligation (really).
Housing boom unofficially over; no crash seen
By David Koenig, Associated Press
DALLAS - The five-year housing boom is indeed over, judging from growing statistical evidence and the performance of some of the nation's leading
builders, and the slowdown is already rippling through the economy.
In the past week, the Commerce Department reported that January sales of new single-family homes fell 5 percent -- the fourth decline in seven
months -- and the backlog of unsold new homes hit a record. And the National Association of Realtors said used-home sales slipped 2.8 percent in
January, the fourth straight drop and 5 percent below January 2005.
Builders also reported a few hiccups. Upscale Toll Brothers said signed contracts in the November-January period fell 21 percent from a year ago,
and KB Home reported more buyers backing out of contracts.
Still, the prospect of a housing slowdown appears less frightening than it did a few months ago, according to those who track the industry. There
seems to be little concern that a much-touted housing bubble will lead to a collapse in sales and prices.
New Federal Reserve Chairman Ben Bernanke said last month housing would enter a moderate slowdown but not a crash.
Explanations for the recent cooling-off vary. Many people bought homes during the past five years and are staying put. Some analysts blame a
decline in consumer confidence. And interest rates have been rising, especially for adjustable mortgages that allowed people to buy more expensive
homes than they could have afforded with a 30-year loan.
``We started to see the strain in July and August, and by the fourth quarter the market definitely had slowed,'' said Layne Marceau, president of the
Northern California region for Shea Homes, one of the nation's largest private builders.
Rising prices and interest rates pushed more buyers out of the market. When prices finally did cool, sellers couldn't command a high enough
price on their old house to buy the new one, said Marceau, who believes the slowdown is temporary.
Builders don't like to cut prices -- it angers customers who paid
more -- but last week, Centex advertised $25,000 off on select
homes in the Dallas area after making a successful similar offer in
California. Around the country, builders are throwing in incentives
ranging from financing help to free upgrades like swimming pools
and granite countertops. Some equal 10 percent of the home's list
price.
The median price of an existing single-family home has declined
since peaking at $219,700 in July to $210,500 in January, according
to the National Association of Realtors. Few analysts expect a sharp
drop in national averages, although they say there could be further
declines in some areas that have been among the hottest markets in
recent years.
David Seiders, chief economist for the National Association of
Home Builders, said California, Las Vegas, Florida and the Washington, D.C., area ``have the largest potential for a price slowdown.''
The rising prices in those markets were fed by speculators who
bought homes intending to ``flip'' or sell them for a quick profit,
Seiders said. ``The biggest fear I have is investor-owned units coming
back on the market in large numbers,'' he said.
The slowdown that is showing up in national statistics hasn't reached all parts
of the country.
``I've never seen a market as good as this,'' Mike Mishler said as he took a
break from making finishing touches on a $1.6 million lakeside home near
Dallas. ``Maybe it will slow down in a couple years, but right now we have
lots of California folks coming in, and empty-nest people looking for new
homes.''
Heavy Rotation:
One of my true passions is music. Below is what I have been listening
to during February and March
• Slicker: We All Have A Plan, Hefty Records, 2004
• Television: Marquee Moon, Elektra Records, 1977
• Theivery Corporation: Cosmic Game, ESL Music, 2005
• Brian Eno: Ambient 1: Music For Airports, EG Records, 1978
• The Bamboos: Step It Up, Ubiquity Records, 2006
Inside March’s Newsletter:
Your new neighborhood Real Estate Market Update
Housing Boom Unofficially Over
Doug Fuller
Heavy Rotation - On the turntable this month
...specializing in your neighborhood
2077 Mountian Boulevard
Oakland, C A 94611
Doug Fu l l e r
PRSRT STD
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