Tom Schieber

Joe,

The newspapers need a story. Us agents all have different experiences - wether we're working with buyers/sellers/banks/etc.

To generalize about this market is to misunderstand it - there are various segments of this market - the REO market is acting very different than the distress sale or the traditional seller. And there are very different activity levels based on price points. The investors want one thing, the first-time buyer seems to be looking for something else.

And you're right, you need to find a house that's right for you. And the price on that house might be coming down still, or it may be one that's getting multiple offers. You won't know until you determine your criteria, start looking and tracking those specific properties. It takes some time and some effort, someting a journalist on a 5pm deadline doesn't have.

If you want 3500sqft in great shape, 3 years or newer, with a bonus room and a pool - get ready to bid. If you want to stay under $350,000 and are able to do some cosmetic work, you can take your pick. If you've got 20% down you can probably be less aggressive and still get the house you want. If you're 5% down FHA it's going to be a little different story.

But you're right, your situation is unique. Find an agent who will work with you to determine what the market is like in your price range, what values are like for the specific kind of house you're looking for. Determine how long you're going to be there, and what the financing is going to be like. (A 1% increase in your interest rate will probably have a more significant impact on your monthly payment than another 5% drop in the price. Which is more likely to happen between now and the end of the year?)

Lots of folks think the bottom is forming out here, but for you, it may be wise to wait a bit. - Sun Jun 8 2008, 12:10

Mary - if you can buy into a neighborhood BEFORE the switch to a better school district is made, that could turn out to be a great investment. There are significant differences (10% or more) between similar homes in neighboring school districts, when one is considered better than the other. (Even when it's just perception.) It's not the only factor, but it's critical.
Look at Dublin v. Pleasanton schools, Antioch v. Brentwood schools or parts of Castro Valley that fall into the Hayward school district. There are examples of it all over the Bay Area. Even within a disctrict - look at the premium that homes in the "Mission" district in Fremont get over the neighboring schools (Irvington) in the FUSD.
So yes, it has an impact. Find yourself a knowledgable Walnut Creek agent who can show you the numbers. - Sun Jun 8 2008, 11:48

Ravi -

There are a few nice homes in the Fairlands/Pleasanton Meadows area for sale. A four bedroom over there is going to range from the mid-$700k's to the mid-$800k's. The variance has to do with age, location, updates, etc. The lowest priced homes are either right on W. Las Positas or off of Kirkcaldy Cir where they're real close to I580 (3577 Brent Ct for $690,000 - backs right up to the freeway). As a rule it looks like $380 - $400 per sqft. Most of those 4br are 2000 - 2200 sqft.

I sold a 4/2.5 on Ascot Ct. in March for $780,000. It's a Ditz-Crane built in 1986 - it had an original kitchen but new windows and roof. It was right on the corner of W. Las Positas.

I have a 4/2 coming on the market at the end of the month on Berkshire Ct. It'll go on around $849,000 - over 2200sqft totally remodeled with a granite kichen, all hardwood floors and so forth. Really nice house. We're basing our price off of the house that recently sold over on Churchill that was very similar.

You should also look at the one at 3460 Park Place - I think it's a pretty good deal at $829k. The one across the street just closed at $810,000, so maybe there's some room in that price? The house is pretty nice.

I've talked to a couple of other potential sellers in that area - one with a four bedroom on Gulfstream that's probably right around $800k. So I believe there will be plenty continuing to come on the market in there - it's a good part of Pleasanton and the Fairlands Elementary is a top-notch school. The Cabana Club swimming pool is also a nice feature, but not all the homes over there have access, so you have to know where the dividing lines are.

You may wait until the end of the year, maybe prices drop another 5%? But unless you're a cash buyer, the risk of interest rates going up will have a greater affect on your payment. In fact, with the new Conforming-Jumbo rates having just come out (5.875% up to $729,950 on a 30 yr fixed!) I think it's a good time to be looking - especially if you want to get moved-in before another school year starts. - Wed May 14 2008, 12:24

If the schools are important and you're trying to get a little more house for your money consider commuting from Pleasanton - first rate schools, great neighborhoods and a wonderful sense of community. - Wed May 7 2008, 17:13

Tom - I think you've not gotten an answer because folks around here aren't terribly familiar with Silverstone, myself included. I do know that their project at Birch Terrace in Pleasanton is pretty nice, and seems like apretty good value given the latest price "adjustments" and it's proximity to downtown. - Wed May 7 2008, 16:35