Michael J Kelly,CRS,SRES

Alicia, Remember, asking price for a short sale has NOTHING to do with reality. We have certain price points here in Sonoma County which are either Short-Sales or REO's (bank owned). The Short-Sale folks price them way too low suggesting your ging to get a bargain price. The "Asking Price" could be hundreds of thousands off the loan amounts!! So going in at "Asking Price" isn't that big a deal! Our "Continue to Show" category has ballooned as these time wasting "Short-Sales" get reported as an opened escrow. Of all the short sales on the market 8% actually closed last month. So you've got about a 92% chance of NOT getting the house. You may wish to try it but don't order any moving vans!! - Earlier today

For the holders of the 1st and 2nd, if these are both Non "Purchase Money" loans, or loans made when you bought the property and NOT refinances, then the recourse for them is the property. If these are "recourse" loans, refinances, then they would have to pursue a "judicial foreclosure" in order to attach assetts other than your home. We have NOT been seeing the courts overwhelmed by "judicial foreclosures"! If you attempt a "Short-Sale" then they are asking you to cut them a unsecured promissory note for the money owed or another sum. You DON'T have to sign this but you may NOT then close the "Short-Sale" transaction. Either way, consult with an attorney who is versed in real estate foreclosure and/or bankruptcy. - Earlier today

I ran some number today for my real estate show and saw some values dropping 33 to 51%!! I looked for a "Short-Sale" or "REO" and then did a property "history" through our MLS. Yikes!! Now this was concentrated in the SouthWest and NorthWest areas of Santa Rosa; the epticenter of the 8.6 foreclosure quake with its many, many aftershocks!! - Sun May 11 2008, 21:48

DK, The market, as Alise states below, has seen some remarkable price drops. Many of the more dramatic shifts have been located in areas of new housing which were released over the past 3-4 years. The SW area of Santa Rosa is just such an area as our areas of the NW. But if you track sales in Bennett Valley or areas of the NE you'll not see this big discrepancy. We are almost micr-neighborhood in Santa Rosa and Sonoma County. Remember, you can't apply generic price drops across the board. A Realtor whose been through this type of market 3 times prior can help--that would be me!! Tune in to my weekly real estate show on KSROAM, 1350, sundays, 9 to 10am. Or check out my blog below. - Sat Apr 12 2008, 09:48

I was going to suggest Willie's Wine Bar for a glass of Chardonnay and some nosh and then let's see what happens! But It dawned on me--Heck--I'm married!!! Oh well!! - Sun May 11 2008, 21:46

We divide Santa Rosa into 4 parts as per our MLS; Northeast, Southeast, Northwest, Southwest. Schools which are in demand seem to be clustered in the NE/SE areas. In the NE area you have the older areas starting with the Historic "Downtown" area which is in a historical preserve, Burbank Gardens aptly named as the neighborhood is anchored by the home of famed Horticulturalist Luther Burbank. These homes are fairly modest and built 1920's 1960. Heading back north you've the JC area. This is named for the Junior College which is along Mendocino Avenue. My brother who attended the JC back in the 50's had a map of the JC and an arrow pointing saying, "To Santa Rosa"!! These homes have historical significance some dating to the late 1800's and is a fairly large area running from College Avenue to the south, boarded by 101 to the West and Steele Lane to the North with "North Street" the eastern line. Beyond this and marching up the towards Montecito Heights is the Town and Country Area, McDonald Neighborhood with the stunning and lovely grand dame of homes McDonald Mansion (They filled Pollyanna there!), then you go through the Grace Tract up to Montecito Heights and prices march UP accordingly. Price point for JC area $300-800,000, McDonald $600-$3,000,000, Montecito Heights about the same but different type of terrain and home. Very similar to the Oakland Hills.
A community unto itself is Fountaingrove with its many sub communities. Skyfarm, very expensive and running over to Rielbi Road/Markwest Road. The Fountaingrove Golf and Country Club is now private but is very affordable. You've got many different price points in F/G and the new F/G III is an eyesore to the overall Santa Rosa area but fetches prices in the upper tier. Rincon Valley is over the hill from F/G and is comprised of mid-century development up to the late 70's and newer infill project. SkyHawk which took over 25 years to get built is in the affordable to upper tier price points.
If you are over 55 then Oakmont is just beyond Skyhawk and is one of Northern California's premier retirement areas built in the 70's with two golf courses, public, and with homes ranging in size from smallish "triplex" units of 1100sqft to mini mansions in the later stages of development. Also, behind Oakmont abutting Anadale State park is Wild Oak which has some utterly unique homes of great style and price! Also, Polo field for those into the ponies!
The Southeast area has Montgomery Village which was built in the WWII post war boom. Cute, but tiny 2bed/1 bath homes on 6,000sqft lots. Very desirable. Mayette Village is cute but funky, and then you get into Bennett Valley with some older residences in the 60/70's but with strong construction bones. You then have the "Heights" areas starting just off Summerfield road and then moving south along the hills. Anadale 1,2,3 then Bennett Valley heights finishing with Golf View by Bennett Valley golf course. Prices from $500-$4,000,000 for ridgeline which backs to Anadale state park. You then have the old "Holland Heights" area which was built 1950's to present. Older septic tanks, mutual water, super views and wooded settings. Newer homes now sit at the base of Holland Heights to the West and represent the last vestiges of our "Boom" market!! Great to watch the fireworks from and listen to the Monster Truck pulls!!!
The Southwest area is the epicenter of the boom collapse. This is an area inundated with foreclosures as man first time homebuyers attempted to realize the American Dream but fell short with too ambitious lending practices and lack of resources. Be careful buying here! I'll add to this later on! - Sun May 11 2008, 21:43