Market Survey Report for Dublin Ranch as of May 28, 2010

Active Single Family Homes:

  • 12 active listings
  •  2 are short sales- 17%
  •  0 bank owned
  •  Average days on market- 30

 Pending Single Family Homes:

  • 32 pending
  • 12 are short sales- 38%
  • 5 are bank owned- 16%
  • Average days on market- 16

Active Condo/Townhomes:

  • 18 active listings
  • 12 short sales- 67%
  • 1 bank owned- 6%
  •  Average days on market 30

 Pending condos/Townhomes

  • 50 pending
  • 42 short sales- 84%
  • 3 bank owned- 6%
  •  Average days on market 22   

 *Next week we’ll post the sales for May.

 What does all of this mean? There are very few homes on the market. If a home is priced right it will sell quickly. In the single family homes the number of short sales and bank owned properties is significantly less than the beginning of the year.

Unfortunately, the condos and townhomes are still experiencing a significant number of short sales. The values are going up with each closing so there is light at the end of the tunnel.

*To see all of the recent sales in Dublin Ranch visit our Dublin Ranch Market Activity Report

First Timers Don’t Give Up!

I have been working with my first time home buyer client for a little over nine months. Over the course of this nine month odyssey we looked and made offers on homes from Hayward to Concord, San Leandro to Livermore and everything in between. My client was using FHA for his financing so every time he made an offer on a single family home he was competing against investors with large down payments and even all cash offers. We tried moving over to the condo market, and that was fun. Only a small percentage of the condos my client was interested in were FHA approved, and of the ones that were FHA approved, FHA guidelines stated that to finance the loan the condos must be 70% owner occupied. To make matters worse the home owners involved in a short sale or going into foreclosure were not paying their HOA dues. FHA also had guidelines on the ratio of debt the HOA’s are allowed to have in order to finance a loan in a particular sub-division.

With the help of my amazing lender we were able to get my client to qualify under new 5% down financing that came out for condos instead of the more restrictive FHA requirements. I can’t express how important it is to have an exceptional lender. Darlene was awesome. I was determined to get my client a home and he put his trust in me even when he wanted to give up. I’m happy to say that he is now in contract on his first home. These are challenging times – I know that the day I hand this young man the keys to his first home, it’s going to go down as one of the best days of my career.

Nielsen Property Residential Project

The Dublin City Council has approved the Nielsen Property to be converted to a 10 acre residential development with a planned 36 residential units on 34 lots. The minimum lot size will be 5,000 sq ft. Each home on the Nielsen Property should have exceptional views and the yards should also be very generous. The small size of this community will make it a unique project, especially when seeing it tucked in between Silvera Ranch and Dublin Ranch. It will be interesting to see how this project turns out. I wonder if there will be some exceptionally large homes on this property. We will continue to keep you updated. I think this project definitely has a lot of potential.

Dublin to Extend Temporary Policy for the Rental of Below Market Rate Units

Since the slow down of the housing market, owners of Below Market Rate (BMR) units are having a very difficult time selling their homes. This makes perfect sense because Below Market Rate housing is no longer below market rate, they are actually in many instances priced above market rate due to the restrictions. Qualified home buyers are purchasing homes at market rate without all of the restrictions of a BMR.

In an effort to help out owners of BMR’s, the City of Dublin has extended their policy for the rental of BMR’s. There are stipulations to the policy. Some of them are:

  1. The BMR must be listed for at least 6 months
  2. The BMR owner enters into a Regulatory Agreement with the City
  3. The future tenant is an  Eligible Household in the same income category as the BMR unit.

We listed and sold a BMR in the Terraces last year. The owner lucked out because we had a quick sale and there were 5 other BMR’s that were just sitting on the market.

City of Dublin Named Finalist for All America City Award Competition

After hearing about this I thought it was great, but I didn’t know exactly what it meant to the City of Dublin so I decided to do some research and this is what I found out.

The National Civic League recognizes ten communities each year for outstanding civic accomplishments. To win, each community must demonstrate innovation, inclusiveness, civic engagement, and cross sector collaboration by describing successful efforts to address pressing local challenges.

 All-America Cities benefit by increasing community pride, networking with civic activists from across the country and gaining national recognition. The AAC designation has helped communities win grants and new resources and attract new employers.

So now that we know that it is a great honor and we know the benefits The City of Dublin must send a delegation to Kansas City, Missouri where the competition will take place. The City is responsible for raising private funding to send this delegation and so far the Delegation Committee, comprised of Mayor Sbranti and Vice Mayor Hildenbrand, has been able to raise nearly $30,000 with support from local businesses.

The All America City Competition is a three day event which will include a Rehearsal, a Spirit Day, the Competition, and The Award Ceremony.

These are some of the most innovative communities in the country,” notes National Civic League President Gloria Rubio-Cortes. “They give us hope and inspiration and teach us important lessons about leveraging the civic energy of ordinary people to address difficult challenges during some very tough economic times.”

GO DUBLIN!!!

allcity City of Dublin Named Finalist for All America City Award Competition

The Jordan Ranch Project Proposal

Jordan Ranch is composed of two properties that make up about 189 acres located within the future area known a Fallon Village (1,134 acres). The exact location is sketched out below.
The current application includes requests for:
  • Planned Development Rezone with a Stage 2 Development Plan
  • Site Development Review for the six neighborhoods within the project
  • Master Vesting Tentative Map 8024 to create 252 lots of 4,000 and 5000 square feet for single family detatched homes, 111 lots for detached cluster units, 94 lots for detached alley loaded units, Lots for 218 townhouse (condominium), Lots for 105 condominium units and up to 12,000 square feet of retail commercial uses, 3 parks, 1 site for semi-public uses, 1 elementary school site and various open space lots.
  • Development Agreement
  • CEQA Addendum

Source: City of Dublin

jordanranch 1024x418 The Jordan Ranch Project Proposal

Emerald Glen Construction

The City of Dublin has begun construction on the replacement of one of the playground structures at Emerald Glen Park. Dublin residents were complaining that there was a substantial amount of corrosion and paint debris that was causing a safety hazard to the children (2 years old to 5 years old) who use that structure. A portion of the project cost ($25,000 or 57%) is being funded from a safety grant from the City’s Liability Insurance Program. Construction is planned to be completed May 28, 2010.  

g3 300x209 Emerald Glen Construction

Proud to be a Part of The Hopyard Prudential Office!

Just received this e-mail from our manager: 

 Dear Hopyard Team:I want to this opportunity to tell you just how proud I am of what we accomplished as a team last month. As you know, we are one of thirty-six offices in the Prudential California Realty/Prudential Nevada Realty (PCR/PNR) network and we are ranked monthly by production & profitability.

For April, Hopyard came in at #3 and the only two offices that had a better performance have 128 and 107 agents respectively. I like to remind these office managers that we simply do more production per agent than other offices!! With four months of strong results behind us, we’ve now moved into the #9 spot overall YTD. Perhaps even more impressive is the fact that we have moved from a very slow start in January (#35 overall) to an office with some incredible momentum. We have the attention of every other PCR/PNR office now and May looks like it will be even stronger than April.

GO TEAM!!! 

Tassajara Prep Charter Petition Public Hearing

 Tassajara Prep’s appeal to the rejection of the charter petition by the Dublin Unified School Board will take place at the Alameda County Office of Education. This hearing will be open to the public and will be an important opportunity for parents of students in the Dublin School District and the Dublin Community in general to express thoughts and feelings about the charter petition at the county level. Tassajara Prep charter petition public hearing will be held on Tuesday May 25, 2010 at 10AM. Visit Alameda County Office of Education for their address and contact info.