Avoiding Foreclosure & Sleepless Nights – Marin and Sonoma Short Sales

Posted on October 4, 2011 by verkozen

Short Sales are one (of several) ways to avoid foreclosure

                 Four Essential Facts About Short Sales

  • Procrastination is common in stressful situtations – take it easy on yourself
  • A short sale may help you find stress relief (mental, physical and financial) … and get on with your life …
  • Short sales help banks minimize their losses
  • In the last year the average time on the market for the 1391 Marin and Sonoma short sales (that succeeded) was … unnecessarily … over six months. 

Short sale def. The sale of a home where the debts exceed the net sales proceeds. 

Short Short Sales

11 days into a two-loan, Santa Rosa short sale, Wells Fargo called the homeowner to say, ‘The debt is being forgiven.’  The sale closed shortly thereafter. The owner, Michele and I high-fived because in Sonoma County last year the average short sale took 198 nights.

 

Long Short Sales

A San Geronimo Valley home I recently showed had been on the market 375 nights.  Imagine emotional toll and stress the 375 sleepless (?) nights of tossing and turning have had on this family.  Add to that, the lender is foreclosing and one of these days the owners will come home to a bold Notice of Sale posted on their door. Not fun.

Why do some short sales sail through with nary a hitch?

In the very quick Santa Rosa sale noted above, the seller (who has the most to gain), the buyer, banks, real estate agents, escrow officers and inspectors were a team.  This quick sale was documented in 97 emails.  Our key to helping you create a successful new beginning is …  Communications, communications, communications.

Tom Verkozen is a Certified Distressed Property Expert

A New Wrinkle

Since the passage of SB 458 some lenders will cooperate with the short sale and others will foreclose and go for deficiency judgments …

To find out more about short sales, which are constantly changing, go to:

Short Sales Q & A 

Pricing Your Home 

Debt Forgiveness — Taxes 

Is Your Home A Prudent Investment?

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Kent Woodlands Real Estate Update

Posted on May 17, 2012 by verkozen

Kent Woodlands real estate is strong with ten homes on the market of which twenty percent are in escrow, two closed escrow recently and one beautiful home was withdrawn.

The two new-too-the-market homes in Kent Woodlands are quite special. 33 Rancheria is a delightful four bedroom home in the flats that features a divine kitchen, great private grounds (over half an acre) and fond memories … like when Bunny Kehl sold it at the end of the last century for $2.1M. Now available and asking $3.3M this is a love of a home.

Also new-to-the-market (last week) is 212 Goodhill … this home features AMAZING grounds (over half an acre …. oh, that’s normal in the Woodlands) … six bedrooms, stunning pool … last sold in ’05 and was on the market last year but my oh my, this is a great home and not far up the hill. Asking $6.195M, this home shines!

The recent sales were 30 Upland Road — which went for over asking and sold in 16 days … nice to have a bidding war, isn’t it? (just short of an acre, previously described) … reported effective price $1.925M) – and 65 Ridgecrest, a beauty that went at $2.375M at the end of April.

Pulled off the market was a wonderful six bedroom home at 220 Evergreen Drive. This six bedroom beauty lives really well and the owners are staying … it was offered for about a month at $4.495M.

The two in escrow, just for your information … 31 Turnagain Road … a slightly different floor plan, previously described … and 81 Kent Avenue, across from Woodlands Market, also previously described and offered at $2.195M.

Ahhh, the Woodlands … yes there are some  wonderful pieces of Kent Woodlands real estate that aren’t on the multiple listing and if you call, we’ll talk. Best to you … until you call and say, “Let’s go shopping, Tom.”

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Your Kent Woodlands Real Estate Market Update

Posted on May 7, 2012 by verkozen

Success comes to those who believe

In this, a transitional market, an update of the Kent Woodlands Real Estate Market is in order. In the past few weeks we’ve seen two properties go into escrow (31 Turnagain Road, priced just under $1M; and 81 Kent Avenue, priced at $2,195,000), two properties close (30 Upland Road, a five bedroom home that sold rapidly for $1,875,000; and 65 Ridgecrest, which has been subject matter in this series). In addition, there are now two homes on Crown Road (both under $1.5M) and five other homes fully available.

Both 31 Turnagain Road, which came on at $999,000, and 81 Kent, which came on better staged (market ready) and at a lower price than it had in its last incarnation, zipped into escrow.

My favorite sale was 30 Upland because this home represented an opportunity for someone to fashion a great home in a lower Woodlands location, which is ideal when you have children.

I mention children because while Realtors can advertise neither ‘walk to town’ or ‘family home’ for two reasons: first, I’m not advertising these homes and second, a five bedroom home of over 3400 square feet is, in my mind at least, a family home. Not always, but often. And Kentfield, and particular the lower Woodlands provide a great community with tremendous schools in which to raise children.

In any event, there are now seven homes in Kent Woodlands that are not in escrow. These homes range from the two on Crown … a three bedroom home listed by Legacy Builders at 315 Crown (they split off a lot and have their story poles up so you can see the new home being built next door) and the four bedroom beauty listed at 365 Crown (for $1,485,000) to 314 Woodland, a ready-to-move-in beauty listed for $5M (described earlier).

Consider this: in an area of multi-million dollar homes there are new listings, new sales and homes available.  The sale show that the real estate market is becoming much more fluid, the listings show that there is more inventory and the homes in escrow indicate that buyers are buying.

For comparison, three weeks ago in Belvedere there was one home in escrow out of the twenty-four on the market. Today there are six homes in escrow out of the twenty-three on the market.

The Kent Woodlands real estate market, like other higher-end property segments of the Marin market, is coming alive. Your chance to sell is now. Your chance to buy with great interest rates is now. So call me, now. Thanks.

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Belvedere Real Estate Market Update

Posted on May 1, 2012 by verkozen

Belvedere real estate is coming alive. Slowly. The real estate picture in Belvedere mirrors that of the Kent Woodlands of Kentfield, another wealthy Marin town.

Three weeks ago there were twenty-four properties on the market in Belvedere, a lovely peninsula of view homes jutting into SF Bay, and of the twenty-four homes only one (4%) was in escrow.  Since then the sole property in escrow, 316 Golden Gate, a lovely 3242 square foot home on a small lot on the crest of the ‘island’, has sold. Listed at $2,495,000 316 Golden Gate closed at $2,040,000 or $631 per square foot.

Today there are twenty-three Belvedere properties on the market of which four (17%) are in escrow. This is good news, a great improvement and a real indication of the upper end market picking up steam.  

The 17% in escrow rate for Belvedere is one of the lowest ratios of homes in escrow to homes on the market in Marin, but the reason for this is that the high end nature of the real estate on the island.  In Tiburon, another wealthy town where the average list price of $3.7M is slightly under half of Belvedere’s lofty $7.9M average, 23% of the homes are in escrow. In Mill Valley (average list price $1.4M) 38% of the homes are in escrow, and in San Rafael (average list price $911,000) 56% are in escrow.

Belvedere real estate is moving again and that’s good news for real estate in general. May the good times roll!

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Kent Woodlands Real Estate Update

Posted on May 1, 2012 by verkozen

With heightened interest in real estate and global uncertainty, Marin real estate, and particularly the Kent Woodlands, is sizzling. The good question is why has the Woodlands lit up? … for the answer, ask!

This week saw 81 Kent Avenue go into escrow, 31 Turnagain Road and 315 Crown Road come on the market and, as if that isn’t enough, 65 Ridgecrest Road now has new owners.

First, the four bedroom home on just short of an acre at 65 Ridgecrest didn’t last long. After coming on the market for $2,450,000 this beautiful one level view home sold for just under ask … $2,375,000.

Then there are the new homes … if you want to go see any of them, call me!  …

31 Turnagain Road, a two bedroom home with a one bedroom pool house which has been rented in the past is now available. Pool house? … what a great place to move those teenagers. This home has lovely land … a short (.84) acre … and isn’t too far up on the hill. All for under $1M.

315 Crown Road, a three bedroom home on over an acre on a road where many of us go to hike … with easy access to the whole of the GGNRA, Pheonix Lake, etc.  … I’m looking forward to my visit to this home tomorrow. On the market for $1,149,000.

Ahhh, then there’s 81 Kent Avenue, a wonderful three bedroom home directly across from the Woodlands Market.  In my last article I stated that this one wouldn’t last long … voila! it’s in escrow. Asking was less than last time and activity brisk.

Double Ahhhh, the totally graceful, 8814 square foot, six bedroom Georgian Colonial built for Edwin Cutmull (Pixar) came on the market last week for a smidge over $10M. Total delight, not in the Kent Woodlands but stunningly sited on a smidge over .6 acres in Del Mesa …. this is one fine, fine home.

Back to Kent Woodlands, the heart of Kentfield, replete with fine schools, great privacy, mostly over 40,000 square foot lots, and great pizzazz. Kent Woodlands has come alive. Limited inventory and what comes on the market, priced properly, sells quickly. Why?

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Kentfield Real Estate, Especially in the Kent Woodlands, is Torrid

Posted on April 25, 2012 by verkozen

Two recent Kentfield sales, both in Kent Woodlands, show how hot sales are in this wonderful neck of the woods.  Both of these sales went quickly and for more than asking.

100 Goodhill Road, a marvelous home with over 4500 square feet of living space, was listed at $3,795,000 and sold relatively quickly for $3,850,000. The last time this home was on the market (2007) it sold for $3,625,000 ($788 per square foot).  The most recent sale, at $3,850,000, meant that this five bedroom contemporary home on .588 acres sold for $842 per square foot. Not quite 10% more. Interesting.

6 Greenwood Way, a glorious four bedroom clapboard on slightly more acreage than 100 Goodhill Road but with only 2/3 the living space (3220 square feet) came on the market on 3/28 with a posting that offers would be reviewed on 4/4 … which they were. This home sold quickly at only slightly over asking with a sales tag of $1,700,000 or $528 per square foot.

These sales are indicative of the speed with which a well-priced, well-positioned Kentfield home (especially those in Kent Woodlands) will sell in this current hot market.

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More Homes Are On The Market in the Kent Woodlands

Posted on April 19, 2012 by verkozen

As of this, the post-Easter week, there are three new additions to the market in Kent Woodlands. Two of the three have been on the market in the relatively recent past.

51 Ridgecrest, Kentfield is a four bedroom home that was custom built in 1967 for the current owners. This half acre property has been on the market for much of the past few years. In 2007 it began its first year on the market at a nickel under $2M, then its price was dropped to $1,850,000. The next year (plus) of marketing was at a price of $1,695,000. This 2200 square foot, private, tranquil country home has a separate entrance to a bedroom suite that’d be ideal for a therapist or those dang kids who visit for 6 months at a time. Now priced at $1,495,000 the owners are motivated. How motivated we’d have to see … let’s go shopping!

Second home to return to the market after a rest, price reduction, and staging is 81 Kent Avenue. Talk about convenience … located across the street from Woodlands Market but tucked away, gated and private on a third of an acre of level land, this three (plus) bedroom home is right there in the heart of everything, has tons of on street parking and entertains beautifully around a lovely pool. Now priced at $2,195,000 it’s worth a look see.

The latest new addition to the market in Kent Woodlands is an elegant … really, east

This home has everything!

coast  elegant … six bedroom indoor-outdoor beauty that I’ve melted into each time I’ve visited. This home has sold quickly both times it has been on the market in its current state of grace. Offered at a price slightly below what it fetched in ’05, this stunning home will sell to someone else unless you’re ready to Go Shopping! $4,495,000.

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Kent Woodlands real estate update

Posted on April 12, 2012 by verkozen

view from great room into kitchen

Kent Woodlands real estate offerings have increased by yet another property as a truly wonderful home, 25 Westwood, is back on the market and available for you!

 

About this Woodlands beauty … this is an entertaining home with everything … great light throughout, fabulous schools, four bedrooms, 2854 square feet, privacy on more than gated ½ acres, 11 zone sound system, 600 bottle wine cellar, a salt water pool … I wonder how Jim and Cammy Kelly feel about having owned it years ago when it’s value was half the current price … but that’s a whole different story.

 

25 Westwood, originally a 1960s home, was beautifully rebuilt in 2006 by airline pilot Eric Braun and when it came on the market at $2,595,000 in 2007 it sold instantly for $2,800,000. A few months later it sold again, quickly, for $2,800,000 to the current owners, represented by Patricia Montag.

 

More about this wonderful home …

In 2010 the current owners tried to sell, willing to take a bit of a loss. Again, last May, 25 Westwood was on the market, and stayed available until this January. Now that the market is showing renewed signs of life, 25 Westwood is back. Come on, this is a marvelous home … call me so I can set an appointment … then let’s go shopping!

 

Another amazing home not too far away (same school district, totally different style of home) is 73 Madrone Ave, Larkspur. This three bedroom home has the most beautifully landscaped, private and serene quarter acre I’ve seen in ages. Totally worth the viewing, this 1988 constructed home is within a stone’s throw of downtown Larkspur and is offered at $1,695,000.

 

 

Flood Zones

 

Money saving thought: You may be able to thousands of dollars a year with a great service that Steven Strickland, area manager for JCP geologic series told me about. As it stands, in a large part of Marin you need flood insurance and the lenders may even require it, but with JCP’s Parcel Point Data they can literally pin point the zone location within a matter of inches to determine the correct zoning of your parcel, eliminating the need for flood insurance.

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Kent Woodlands Real Estate is even HOTTER than HOT

Posted on April 9, 2012 by verkozen

Update: There’s movement and more movement in Kent Woodlands real estate, due, I believe, to a flight of money to quality.

The most recent property to close escrow (Friday) was 204 Goodhill, a five bedroom Mid-Century Modern home designed by William Wurster. A large part of the value of this home was its location in the flats and the .775 acres. The property sold for $2,695,000 (the list price) with a mild set of concessions to the buyer resulting in a credit of $20,000.

Next to close will be either one of two homes:

30 Upland is a five bedroom home that just came on the market and went into pending status (pending means don’t show, we’re just waiting for the moving van) directly after the offers were heard on April 3.  This custom ranch home has great potential and my bet is that it was purchased all cash by a contractor hoping to flip it. Could be wrong but $1,695,000 is a great entry price in the Kent Woodlands.

Another possibly next to close, also pending, is another home in the flats of Goodhill.  100 Goodhill is a stunning five bedroom property priced at $830 per square foot home and listed at $3,795,000.

If you’re buying or selling a home in Kent Woodlands, let’s talk … the market is hot and the flight to quality (location, privacy, sun, schools, resale value) is bringing lots of all cash buyers to Kentfield.

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Fairfax Real Estate update, Short Sales and Foreclosures

Posted on April 9, 2012 by verkozen

You can downsize your debt!

Any Fairfax real estate update would say that sales are strong … with ten of the twenty-two properties on the market in escrow and nine of the properties distressed (one bank owned foreclosure, eight short sales).  The price differential between the short sales and foreclosure (priced at $324 per square foot) and the regular sales (priced at $438 per square foot) is rather large. Thus 2/3 of the distressed properties are in escrow and there’s value in them thar hills!

Of the ten properties that are not in escrow (these homes are fully available, as in call me and let’s go shopping) there are some which you may have read about in past articles.  One of my favorites is the dominant Fairfax property at 300 Bolinas Avenue. The four bedroom historic home built for Henry Frustuck, at the corner of Frustuck and Bolinas, is sited to overlook the entrance to the cascades.  This home is now, after over seven months on the market, priced at $1,495,000. Great home, formal, built-ins, updated in many respects. Listed by Doug Engel.

Another beauty is the home at 120 Laurel Drive, on the top of the hill in the cascades, which is bathed in the sun and has numerous great upgrades, including electrical, plumbing and more. This home (listed by Melann) has been brought down in price from slightly over $1M to $889,000. Want to see? Call me and let’s go!

If you don’t mind stairs, there’s the private, sunny, close to town property 119 Olema, a three bedroom home now priced at $575,000. Drawback: the bank owned property at 127 Olema dashed into escrow when that home (which needs work) was priced at $339,900. This odd drawback may be hard to stomach but it’s a fact of life, so ….  If you want to see 119 Olema, call me … 257-2039.

There are three short sales that are available in Fairfax, two on Glen (11 Glen, which came on the market a week ago and 32 Glen which came on the market a few weeks ago but was reduced in price when the market said the price was too high.

The last of the three short sales is the two bedroom condo at 2 Arboleda Circle.  Priced at $260,000 this condo shouldn’t last on the market (dues are $385/month).

Fairfax real estate is solid, and even with three of the ten fully available homes waiting for you, this is a good time to go shopping as well as a good time to be selling (not too much competition).

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Kent Woodlands Real Estate is HOT, HOT, HOT

Posted on April 4, 2012 by verkozen

There's gold in Kent Woodlands real estate

Kent Woodlands real estate is doing better than Kentfield in general.  In Kentfield there are 26 homes on the market. Of these, eight (30%) are in escrow. If you want numbers, the average list price is $633 per square foot and the average days on the market is 103.  

Kent Woodlands is a different story from Kentfield in general. In the Woodlands there are eight homes on the market and of these, half are in escrow. The average list price in the Woodlands is 30% higher than the average for Kentfield on the whole, a value based on the quality of the homes, the address and the privacy. In the Woodlands the average list price is $695 per square foot … and the average listing is $2,757,857.

The best deal in the Woodlands is 6 Greenwood Way, a four bedroom, 3200 square foot home that is vacant and staged by Federighi. Offered at $520 per square foot this quality home on over .8 acres is a delightful bargain at $1,675,000. It won’t last (so say many real estate agents) and offers on this new listing are being heard on April 4.

My favorite of the available homes is a dramatic five bedroom, three bath home on just shy of a full acre.   314 Woodland is a delightful home I’d love to show you because the value shines … listed at $5M this property is noteworthy for the attention to detail and the stark beauty of the grounds.

And then there’s 85 Rock Road, an awesome, dramatic and fun. It has been on the market for nearly 10 months and the price has dropped over $1/2M … now priced at $2,075,000 this home may be your lottery ticket.  Shall we go see?

Another favorite, for reasons you may ask but I won’t write, is 365 Crown Road, a Christensen designed modern home with an open floor plan now offered at $1,595,000.

The value of the Kent Woodlands real estate is a combination of the address, beauty, views, privacy and the great schools.

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