Many of you are aware that Charter Properties, owner of the land designated to become The Promenade, asked the City of Dublin to rezone 50% of the land to allow medium to high density housing. They want to build more condos. The city is currently reviewing the proposal.
After speaking with city council members last week, we realized they are unaware that homeowners in Dublin Ranch and Dublin Ranch Golf are opposed to the zoning change. We were all promised an upscale shopping center within walking distance to our homes. It is important to our lifestyle and it is important for our property values.
Please email the city council members and the mayor to let them know how you feel:
Mayor-Tim Sbranti: firstname.lastname@example.org.
Vice Mayor- Kevin Hart: email@example.com.
Councilmember- Don Biddle: firstname.lastname@example.org.
Councilmember- Kasie Hildenbrand: email@example.com.
Councilmember- Eric Swalwell: firstname.lastname@example.org.
I saw a post on another blog saying that the medium home price in Dublin has fallen by 26% when compared to September 2010. They combined single family detached homes and attached homes. According to the statistics published by Bay East Association of Realtors it was actually a 9% drop.
Market Update October 2011
7 homes sold in an average of 27 days on the market. 43% were distressed properties- 1 short sales and 2 bank owned. Currently there are 33 active listings 39% are distressed properties- 8 short sales and 5 bank owned. There are 10 new pending sales in October- 60% are distressed properties- 5 short sales and 1 bank owned.
The market has slowed down substantially since August. The number of active listings has doubled and the number of distressed properties has tripled. We can attribute this partially to a normal slowdown for this time of year. However, since Dublin Ranch is a high cost area and FHA loan limits were rolled back to $625,500 at the end of September, many of our buyers can no longer afford our homes.