Pash,

unfortunately, Pleasanton has more than one areas with sinking foundations. Valley Trails and Val Vista are the most known ones, but there are some along Bernal on the east side, on Touriga, and apparantly, in Del Prado as well. I guess you just have to look at the house, bring a marble with you and check the floor level. West side of 680 was our first choice, and we chased a couple of homes there. We were outbid on one, and the other had a common ditch in the back that collected water from the entire street, so we dicided not to make an offer. It was sold fairly quickly though. We also looked at homes off Paseo Granada and Paseo Robles, they appeared to be in good condition, no foundation issues. Other approach we tried was signing up for ForeclosureRadar site (3 days free) and monitoring notices of default and auctioned homes. Our agent was going to help us with contacting these homes owners in hopes to initialize a short sale and make an offer to the bank. It can take a long time to process, but we would go this route if we didn't find a house we bought. This strategy is worth considering if you can put a substantial deposit down.

Lora,
Congratulations on buying your home. It seems like you got a real good deal. I like the area west of 680 freeway ( close to Bernal Ave), but the home price in this neighborhood is high for our comfort level. Other reason was the possibly these home are closer to fault lines. I researched soil liquefaction map for the area on the east side of 680 freeway. In fact, we checked out a home in Del Prado area, and it had cracks in its walls and ceilings. I was under the impression this sort of issues are in Val Vista homes. So, now i am not sure about Del Prado. If you can shed some light on it, it will be great help.

thx
Pash

Pash,

we decided to get creative and expand our search to large 3 bdr on a good size lot. Believe it or not, 1 extra bdr can cost you an extra 50K, regardless of square footage. Our initial plan was to rent for a while before we buy as I beleive that we will see some good price reduction at least till spring. But unfortunately, it costs just as much or more to rent as it is to buy. So, when we came across a very spacious (almost 2,500 sq feet) 3 bdr house on a quarter acre lot in the area we want, we made an offer. That house was reduced in price twice, and we got a bargain price per square foot ($306.00). It also needs some updates in the kitchen and bathrooms, but with all the space we have now it will not be a problem to put in a 4th bdr thus increasing home value. BTW, the house was appraised at higher value than sale price. Home can be updated; location can not. Most of the homes that are listed for sale now are either next to the highway or to the railroad tracks or to apartment buildings or to water treatment plant. If we did not come across this home, we would still be looking. If you like Del Prado, you might get a very good price there if you wait. I know that at least one home there has been on the market since spring and was reduced in price twice or even three times, however, it is ranch style house.

Lora,
We have also been looking for a home with almost same criteria as you have. In my experience, homes are still overpriced in Pleasanton area ( compared to what you would get in San Ramon). But, i have started seeing the downward trend now. In fact, in last week or so, i have seen 3-4 good homes in Del Prado ( neighborhood of our liking, west side of 680 highway seems expensive). Are you actively looking right now?

-PK

Carl,

I agree with you for the most part -except for one thing. There WILL BE more homes on the market...Not a flood of forclosures, but still. I have been watching the listings, and there are a bunch of new once in the past two-three weeks. There are several on the West Side alone. This is not to mention almost daily price reductions in 600-800K range. Of course, it depends on the house - the good ones that are priced right do not last. But many Pleasanton sellers still have to get in touch with reality of sinking economy - that actually happens after certain overpriced home receives no offers and reduces price once, twice, or even thrice. There are more short sales as well. But people move for different reasons - retirement, work relocation, downsizing or upsizing, etc. I am also curious to see how listings are going to react to latest news of home sales slipping in August. The longer I watch Pleasanton market, the more glad I am that I did not purchase a home last spring.

Lora:

I personally don’t believe we are going to see a lot of inventory on the market any time soon. Normal sellers are only selling if they have a very compelling reason to do so (see my answer below), and we are coming into the time of the market calendar that is typically slower for normal sellers. In other words, we have far less normal sales than normal to begin with, and that number is going to go down even more as we progress into the fall and start approaching the holiday season.

As I mentioned in my response to Mikexue (see below), banks are not going to be flooding the markets any time soon either. You may have read many posts and answers on Trulia that state that there is another wave of REOs coming. I do not believe that will be the case. Both C.A.R.s (California Association of Realtors) Chief Economist, Leslie Appleton-Young AND National Trends Guru Stefan Swanepoel stated just this past week that banks WILL NOT be flooding the markets – it would be in their absolute worst interests to do so.

We may see less buyers out there after the tax credit expires, however, there is some SERIOUS lobbying going on right now to extend it. Couple that with the fed’s efforts to keep low rates well into the coming year and you have a recipe for a long, arduous haul.

That’s my take on it, anyway.

.

Mikexue:

The buyer’s market disappeared a while ago – unfortunately, many buyers are just starting to figure that out now. There are a number of factors involved – I’ve included some links to some posts below that may help you understand what is happening.

There’s been a lot of good advice here so far, and Lora, you are not a “bad” buyer!! You are one of the many who simply want to buy a home for a decent price but are caught on the horns of the current market dilemma. As a result, it’s a VERY frustrating time for buyers UNLESS you are buying at the top end of the market (not so, in your case) or can pay cash. The bottom half of the market has been on fire for some time now and multiple offers are the order of the day on most everything.

Mikexue, the reason properties are not becoming available in the pre-foreclosure period is very simple: they are upside down. In other words, the sellers owe more on the property than the property will bring at a sale. If you buy a property in pre-foreclosure, you have to satisfy the existing loan balances OR end up with a short sale. Since no one wants to pay more for a house than it’s worth, these properties go to foreclosure where the bank eats the difference. After the bank has picked up the property at the trustee’s sale, they then put it into their inventory and, at some point, release it onto the market as an REO (foreclosed home).

Here is the next problem: banks are in NO hurry to re-flood the market with foreclosed properties and drive the prices back downward as they did in the past. Even though there are hundreds of thousands of REOs out there, because of the bailout from Uncle Sam (and us), banks are now secure enough to hold onto their REO inventory and regulate prices. To add to the dilemma, “normal” sellers are trying to stay out of the market because of the current low prices (unless there is a divorce, death or need to relocate because of their job). In addition, because of record low rates, low prices and the tax credit, we are seeing record numbers of buyers flooding the markets trying to get a home.

Bottom line: many buyers and very little inventory. Not a fun combination, as you’ve discovered.

Bank Tactics Causing Repeat Of Crash Conditions in San Francisco Bay Area
http://www.trulia.com/blog/carl_medford/2009/08/bank_tactics…

Mad Dash To The Finish Line: $8,000 Tax Credit Soon To Be Gone
http://www.trulia.com/blog/carl_medford/2009/09/mad_dash_to_…

Artificially Low List Prices Are Wreaking Market Havoc: 6 MAJOR Emerging Problems
http://www.trulia.com/blog/carl_medford/2009/07/artificially…

MARKET ALERT: Starter Home Prices Rising Out Of Reach?
http://www.trulia.com/blog/carl_medford/2009/06/market_alert…

.

Mike,

I would not despair - you just need ONE home. Keep your eyes open and jump on it when it becomes available. Market is very confusing now because some homes sell like hot cakes and others that are similar in the value and location go through several price reductions. Many folks who own these are currently underwater and simply can not sell yet. If the market picks up, they might join the party. There is also another interesting experience that I had with Pleasanton seller's agents - many are very arrogant, play mind games and will barely talk to you, even if you are qualified and putting a substantial deposit on your offer. I personally have an agent who knows Pleasanton very well but is not from Pleasanton - way better, at least she does not encourage us to buy ANYTHING just because it is PLEASANTON...Like some Pleasanton agents do. Anyhow, while there are great schools, Pleasanton will be in high demand. But again, do not despair. There will be more homes.

Best thing to do is hire a Realtor who sells the types of homes you are looking to buy. They will know about homes before they come on the market and may be able to get you in before there are a ton of offers.

Lora, Jennifer,
My wife and I were trying to buy 4br/2ba/2000+sqft home for the past 2~3 months. We bid twice for 2 different house and lost due to multiple higher offers. Overall the market is shifted so dramatically and there is NO buyers' market any more! Pretty much you have to a price that is very very close to the listing price right now. Actually the price level is very close to the 2006 level, I could not believe myself as I am still filled with the saying of my friends for a some bargain...
I don't fully get it why the inventory for this kind of home is so low. Why wouldn't these pre-forclosure house be for sale as the market is getting much better? someone has any thoughts on this? we are hoping it would change a bit for september, october. It just seems so devastating...

Mike

Hi Lora,

You are not a nightmare customer - my husband and I have the same wants & needs! We are looking at probably similar neighborhoods as you - birdland/pleasanton valley, downtown. Mostly the walnut grove, harvest park, amador region. The inventory is really low, but everyone keeps telling me that it will pick up come this fall. We are very anxious to get a house, so I don't think we can wait till next fall , and I have a feeling (hopefully :)) that the economy will have picked up by then and there will be some stablization. Pleasanton is such a high demand town, I don't think there are much bargains here. But I've grown up here and love the area. We could get a lot more for our money in Livermore or even San Ramon, but it's too far of a commute for us and I think it's too spread out :)

Best of Luck! I feel your pain of not knowing when is the perfect time to pull the trigger! :)

Jen

Lora,

Thanks for your information.

Srini,

I'm interested. Could you tell me more details?

Thank you.

Hi Lora,

There are 9 homes that meet your criteria of 4 br+ under $750 K. 4 of the homes are 2 story homes. Have you seen these 4 homes?

Meena Gujral
Help-U-Sell Achievers Realty
510-279-9580

Srini,

thank you, but Stoneridge is too far north for us. We are looking in 94566 area code.

Pacita,

thank you for sharing the information. We are a nighmare customers for a real estate agent as we have very specific requirements, that's why we are doing our own search:)) Here are some of them: no Valley Trails/Val Vista, Del Prado is about how far north we are willing to go, west side of 680 preferred, not too close to highway or railroad tracks, no rental property near by, no HOA dues, can not be on busy street. We are getting ready for a mid-september moratorium ending, as there are several upcoming REOs just where we want to buy. We have an agent who is waiting for our signal to jump in and make an offer as soon as the right property becomes available.

Hollie,

we did not look at Knollbrook, but I'd say it is unlikely because the house is on the west side. West side, in my opinion, is the best area in Pleasanton, not just because of the view and elevation, but also low-risk ground liquification in case of earthquake. This map clearly shows what I am talking about:

http://www.abag.ca.gov/cgi-bin/pickmapliq.pl
Cheers!

Lora,

You mean that one in Knollbrook has fundation problem too?

Lora

I remembered that you were planning to resume your search in August/September and thought you might find this info interesting.

I have another buyer who is looking in Pleasanton and Dublin. I had pulled up some info for him, and thought perhaps you'd like to know about these, too. His criteria are that they have at least 4 bedrooms, 3 baths, minimum 2100 sq ft, a yard, 2-car garage and no pool, not too old, and up to $800K. Here's what I sent him to start.

• 3980 Mount McKinley is a short sale listed at $595K
• 6014 Sequoia Ct almost looks like an Eichler house. Regular sale. Originally listed at $625K, reduced to $599,950
• 3853 Stone Pointe Way. This is a short sale, and Wachovia says it could be 45-60 days from the time of submitting an offer before the buyer will get an answer of accept, reject or counter offer. Last sold for $789K in 2007. This is a duet
• 7254 Valley Trails – regular sale. They tried to sell this several times. Originally listed at $699K, down to $639,950
• 1545 Poppybank Ct – Regular sale. Another duet. Originally listed at $695K, down to $649,950
• 3115 Ascot – Regular sale. Last sold for $819,950 in 2005. Offered at $675K
• 5208 N Forestdale – Regular sale. Originally listed at $749K, reduced to $699K.
• 2815 El Capitan – solar power results in electric bill of less than $200 a year!
• 7493 Aspen – Short sale.
• 3897 Fairlands – Regular sale.
• 10753 Inspiration – Short sale. Two loans: GMAC and Green Tree. May be difficult to get approval from both lenders.
• 2927 Lethbridge Ct – Regular sale. Originally listed at $799K, reduced to $739K
• 7862 Knollbrook – Regular sale. Originally listed at $799K, reduced to $749.5K
• 3825 Muirwood – Regular sale.
• 502 Tannet Ct - Regular sale
• 3615 Portsmouth – Regular sale
• 6240 Camino del Lago – Regular sale
• 823 Country Club – 20,944 sq ft lot! Regular sale. Came back on market/
• 7799 Redbud – Regular sale.
• 985 Clinton – Short sale. Should negotiate.

Yes, there are quite a few reasonably priced regular sales that are priced to compete with short sales. I didn't find an REO, though, because those are instantly snapped up.

Hope you find this info interesting, if not helpful.

Good luck!

Hi Lora,

It's difficult to say what time of year is best, but...the next wave of foreclosures are likely to hit in the next 60 days or so, and there tend to be fewer buyers once school starts, so September might be a good time to look.

As far as agent selection, I am a bit different from the others in that 1) I am my own broker, so I don't have to pay a split to my broker, but instead 2) pass that money back to my buyers in the form of a buyer's rebate, up to 50% of my commission. That could be more than $10,000 in your pocket!

For details, or to learn more about my services, visit http://www.Sidewalkhomes.com.

Good Luck!

Will Bateson, Broker
Sidewalk Homes
925-455-0845 http://www.sidewalkhomes.com

Lora,
Congratulations on your search for a new home, it is an exciting time. My partner and I are both very familiar with Pleasanton (she was born, raised, and still lives there) and the different areas that would fit your needs. We would be delighted to speak with you more specifically about your needs and timing. Typically there is more inventory during the warm months, but you also see more buyers during this time so to get the good deals it's important to work with someone who is experienced and knows the market. Since you are flexible with regard to timing, you put yourself in a really good position to avoid the summer craziness that happens because everyone is trying to move before school starts. We've had a number of clients who have had time flexibility and we've found some great deals in Pleasanton. We would be happy to provide those references for you.

Something to think about, have you been preapproved for a loan? Since you are just beginning your search it is the perfect time to get preapproved. Having a preapproval in hand is one of the key factors to getting the house and the deal you want. Most sellers will not accept an offer without one so it's best to have one before you begin your search so you can act quickly if you find the right home. I can send you some names of lenders if you need a referral.

Feel free to browse our site and check out our state of the art search engine at http://jscarealty.com/mls-search-c10346.html. Again we would love the opportunity to speak with you directly.
Please let us know how we can be of service.
Best,

Erica

Erica Jones Starkey
Broker, Co-Founder
JSCA Real Estate Group
Providing Superior Solutions for Your Individual Real Estate Needs http://www.JSCArealty.com
office: 925.989.1613
fax: 925.905.2417

Lora - you can see by the MLS trends graph located here: http://www.theharperteam.com/buyers-info/local-re-trends/ that pending sales in Pleasanton are skyrocketing. You can receive market reports on Pleasanton via the link below. Both of these resources are updated weekly to help you track the market. One of our team members grew up in Pleasanton and is as knowledgeable as you can be on the area, the schools and the market. Two other team members lived there 6 years and had children in the schools.

It's probably more an issue of timing than inventory to get the home that would fit your needs. The recommended course of action is to get prequalified and have all of your ducks in a row so you can act quickly when what you want comes on the market.

The current market is a different animal from years past. The inventory tends may not reflect the traditional cycle. Personally, I think we may see more inventory than normal entering the market the second half of the year.

We're always ready, willing and happy to help.

John Harper
Harper Mees & Associates
(925) 895-2694

Thank you everyone. I do not agree with the statement that there is almost zero REOs in the area, I personally visited 3 of them in past two months. Unfortunately, all 3 had foundations issues although only one of them is located in Valley Trails (6 bdr near 680 that is still on the market, Mt Mccinley address I think). There are plenty of shortsales as well. Taking general economy conditions , high unemployment rate and rising interest rates, not mentioning CA foreclosure moratorium ending in September, I will take my chances and wait till first part of 2010. I figure we will start actively shopping around January and see where it will take us. Thanks again.

Hi Lora -

There are some neighborhoods that suit your needs. Pleasanton has a fairly diverse range of housing in that range, but not as many newer homes as other areas in the Tri-Valley.

You can get some information by visiting the Pleasanton neighborhood guide here

http://www.680homes.com/pleasanton/neighborhoods/

There is excellent information on the community here

http://www.680homes.com/pleasanton/

Inventory typically peaks in the late spring/summer, and starts to decline after August. Feel free to call me if you would like a quick phone consultation and I can fill in some of the blanks for you!

Doug Buenz
(925) 463-2000

Hi Lora,

You are right, the homes you are looking for are in short supply. The inventory is highest in Spring and Summer when most people make their move. However, at the same time there are a lot of buyers as well. I have a home coming to market in the next 2-3 weeks that will fit your criteria perfectly. Please contact me directly for the details.

Best Regards,

Nahid Monahelis, Realtor
925.216.9380

Hi, Lora,

Pleasanton is a wonderful community. You will enjoy living here.

You saw a report that showed Pleasanton inventory was high in January. Do not be misled. Inventory was high everywhere in January. The holiday season and into January are always slow times for real estate sales. After all, there are many distractions during the holiday season. Most buyers have other things on their minds. Purchases slow during the holiday season and inventory rises. In addition, real estate sales in general were slow in January because the buying public was being very cautious in the face of falling real estate prices and an uncertain economy.

We do not know what the market will be like in the months to come. Interest rates have risen of late. Increased interest rates will drive up home purchasing costs of your new home even if prices stay the same or decrease somewhat.

It looks like you are doing your homework in preparing for your move. If there is anything that the Medford Team can do to help, please contact me. Our office is in Pleasanton and our team members have extensive experience working with relocating buyers.

John Juarez, REALTOR
Windermere Properties of the East Bay
1056 Division St.
Pleasanton, Ca. 94566
510-673-0686
John@CarlMedford.com

Hi Lora,
Since growing up most my life in Pleasanton and our family being here over 30 years, we know Pleasanton very well. Biggest things to consider are schools and locations. For that price you can find what you are looking for in Pleasanton, but might not fit all your needs unless you really investigate the neighborhoods. Oour team sells homes primarely in Pleasanton/Dublin so we know the area inside and out. Pleasanton hardly has short sales in that rangea almost zero REO properties as well. Lets talk more and also visit our website MoxleyTeam.com. If you send me an email I will forward you some relocation information on different neighborhoods in Pleasanton that match your needs.

Thanks,
925.621.4064
homes@MoxleyTeam.com

Thank you for responding. We are thinking sometime between Sept and May 2010 - it looks like inventorty is pretty high in January, according to AMO report.

Hi Lora,

At this time there are 24 homes in Pleasanton under $750 K that are 4+ bedrooms. Pleasanton is a great city to live in with so much going on for kids and adults. I would love to help you move into Pleasanton. I really enjoy being here.

If you are not working with an agent, please call me at 510-279-9580 and I can start sending you automatic e-mails of any house that comes on the market that fits your criteria. You can also go to my website at http://www.helpusellachievers.com and sign up there.

Meena Gujral
Help-U-Sell Achievers Realty
510-279-9580
925-425-9491

Hi Lora, yes, you can afford Pleasanton at your price point. The inventory is low due to the decpreciation of value. We see most short sales and a few bank owned properties. Generally the summer is the highest inventory with kids out of school and families wanting to make the move during this time. WE are seeing multiple offers in this market but you should be able to successfuly bid on many of these propeties.

For the most current and up to date MLS listings please visit my website at http://www.joyelliott.com and register for the search engine. Any time you see something you might consider, just shoot me an email or call me and we can take it to the next level

Joy Elliott, Windermere Real Estate
San Ramon
joy@joyelliott
joyelliott.com
510-326-2716