I can only give you a general answer because I do sales, not rentals.
Generally, the rental market is soft. A client of mine had long term tenants vacate recently and he had to lower the rent to get new tenants. I also see the apartment complexes advertising free rent to get new renters in.... more
I can't speak for Sonomo but Napa's rental market is very strong with a very low vacancy factor. I am not a rental manager so I can't give you specifics, but I can refer you to a rental manager if you wish.
I suspect that it's the higher end in the Bay Area that is now being affected. Personally, I wouldn't invest in the higher end here either.
For Napa, I recommend a 2/1 in a good neighborhood or a 3/2 or 4/2 in a traditional neighborhood. There are a lot of terrific values in the market right now and Napa would be a good place to invest.... more
This is how I did it last time-
To find assessed value per county record, go to http://www.co.napa.ca.us/MyProperty
Get the parcel no. and paste into http://www.co.napa.ca.us/commerce/propertypayments for tax record.... more
Hi Mike. If I were to attend the seminar I would want to know about buying subject to the seller's existing mortgage and how it should be best handled. How do escrow companies deal with this kind of transaction. I am only familiar with transaction where the seller's existing mortgage is paid off when title is transferred.... more
Prices in Northern California were stratospheric at the beginning of 2004. However they coninued to climb that year to outer space by early 2005 by another 20% or so. So the bubble burst of a 20% decline in prices form 2005 to 2007 only brings us back to 2004. Expecting prices to fall all the way to where they were in 2001 or 2002 is as unrealistic as those sellers who are still trying to get top of the market prices today. By the way, an asking price might be no more related to a property's actual value than its parcel number. List price is just a number. Find out what the average completed closed (recorded) sales are for the type of house you want . That will tell you what the market value is. and offer 90 to 95% of that market value figure on any listing regardless of its list price. Be sure you love the house, and plan to keep it for at least three years. Even if you get it at a 5% discount, you will lose if you try to flip it quickly due to transaction costs.... more
There are a lot of reasons why sellers keep their prices high -- some are unrealistic, some feel their home is "better" than the competition, and some aren't highly motivated to sell. Napa sellers know that Napa remains a desirable place to buy, and isn't as affected by the so-called bubble as some other places in California. Relatively speaking, buildable land is scarce in Napa, and it still attracts willing buyers.... more