Today we saw four properties in Lafayette. The first one at 955 Diablo Drive listed at $629,000 with a three bedroom two bath 1587 ft.² house that needed some work. The house itself did not show well because it was very cluttered. The downside is that it only has a one car attached garage and is an upslope property. Property 2 was located at 853 Las Trampas Road listed at $1,295,000 for a four-bedroom, three bath house. The house is a two level house 3191 ft.² and has no yard. The house did have sensational views. House number three was located at 24 N. Ridge Ln. It was listed at $1,795,000 for a 4117 ft.² five bedroom, 4 1/2 bathroom house on two levels. The views were very, very nice. However the master bedroom was located downstairs. This house was on in 2011 taken off for the holiday and reintroduced this week. The fourth house was located at 804 Acalanes Rd. It is a 5620 ft.² house with five bedrooms, 5 1/2 bathrooms on 2.41 acres. The house offers tremendous amount of privacy in a beautiful estate setting. There is a shared tennis court and two wonderful pool sites available on the property. The house is a two level house, with four bedrooms and 3 1/2 baths upstairs and a separate family room and bedroom with two full baths located down stairs. The house has a wonderful light.
There were three houses in Moraga today. Two of them in Moraga country club. There was a two bedroom, two bath 2055 ft.² house at 101 Brookline St. , listed at $695,000. The other house in Moraga country club was located at 1753 Spyglass Ln. It is listed for $869,000. It is a four-bedroom, 2 1/2 bath home 2828 ft.² on .125 acres. It has wonderful views of the golf course but no backyard. Then we looked at 471 Millfield Place. It is listed at $1,299,000. It is a four-bedroom, four bath house 3644 ft.² on .27 acres. It was listed in 2011 for $1,360,000. It is a two level house with a swimming pool.
There were four houses in Orinda that we looked at. 88 Barbara Rd was on last year and is a two story home up a very steep driveway with 3 bedrooms and 3 baths in 2,121 sf. It is a difficult home to navigate up to. The second house we saw was 91 Wanflete Court in Orinda. It is a three bedroom two bath house. 1771 ft.² located on a 19,560 ft.² lot and listed for $775,000. It also had a very steep driveway up to the house. The backyard was nonexistent except for a small side yard and a concrete patio that was about 10 feet wide. The bedrooms were all hardwood floors and on the small side. 52 Rheem Blvd. was listed at $945,000. It is a three bedroom, three bath house in 2502 ft.² on .558 acres. It is a single level house that was built in 1949, and has a contemporary style. It is a lovely property, albeit sitting close to the Rheem Boulevard you certainly do get some traffic noise from the street. The last house we sort in Orinda was located at 8 Lost Valley Dr. It is a four-bedroom, three and two half bath house. 3265 ft.² on 1.1 acres. The house was built in 1965 and is a very nice house. The one drawback is that it sits close to a high tension wire. There is a pool and a waterfall.
Tuesday, February 21, 2012
Saturday, February 11, 2012
Saturday, February 4, 2012
Housing Crisis to End in 2012?
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.
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