City of Alameda Weekly Market Activity:
Data as of 11.25.09
Homes Active On Market: 88
Single Family Homes: 66 (75%)
on Main Island: 52
on Harbor Bay Island: 14
Condominiums: 12 (14%)
Town homes & duets: 10 (11%)
REO (bank owned): 10 (11%)
Short Sales: 18 (20%)
Days on Market (Active Listings):
29 days or less: 29 (33%)
30 to 59 days: 25 (28%)
60 to 89 days: 10 (11%)
90 to 120 days: 7 (8%)
120 days or more: 17 (19%)
Homes Pending: 76
Days on Market (Pending Sales):
29 days or less: 45 (59%)
30 to 59 days: 14 (18%)
60 to 89 days: 5 (7%)
90 to 120 days: 5 (7%)
120 days or more: 7 (9%)
All information provided is deemed reliable, but not guaranteed.
Kate McCaffrey
Realtor | Certified Green Building Professional | Specializing in Homes of Alameda
510.522.5223 | Info@HomesOfAlameda.com | www.HomesOfAlameda.com
Bayside Real Estate | 1812 Santa Clara Ave. | Alameda, CA 94501
Wednesday, November 25, 2009
Friday, November 20, 2009
What You Should Know When Hiring a Contractor In California
I recently responded to an e-mail regarding a woman who had hired a contractor who did not complete the job and ran with her money. This is the third time I have heard this story this week so I think it's time to share some valuable information with anyone who will listen about what you need to know when hiring a contractor in California.
Regarding Recourse for a contractor that did not finish the job or performed faulty work:
If he/she is a licensed contractor you can file a complaint with the Contractors State License Board - call them at 1-800-321-CSLB and the contractor will have to go through the mandatory arbitration system set up by the CSLB in order to avoid having a complaint filed on his license.
Also, he may have a bond because all contractors are required to have a $12,500 bond. I know Economy Bonds is a pretty large bonding company and you can call them at 1-800-278-0689 and see if they can search for the person's name or give you other ideas of how to look up a contractor's bond. If you find he has a bond you can file a complaint against the bond and if the contractor doesn't reply and argue against your complaint, you will get paid the amount which you feel is owed to you (up to $12,500). People say it won't happen - my cousin works for a bond company and trust me it happens all the time!
Even if he isn't licensed I would start by calling the CSLB (by the way if you press the number 3 three times you will get to an operator - otherwise they're prompting system will drive you nuts!) and see what other advise they can share with you.
Now here are some other general tips I would like to share that I only wish everyone would know prior to hiring a contractor:
1. It is ILLEGAL for a contractor to collect more than 10% or $1000 (whichever is less) prior to starting work. Which means that any time a contractor asks for more than $1000 before he has started he is breaking the law. We have had so many sub-contractors ask us for more than that and we just remind them of the law - many contractors don't even know the law because they learned it to pass a test and forgot all about it.
2. It is ILLEGAL for a contractor to collect more money than the cost of work that has already been furnished. In other words, if they have done 2 days of work and deconstructed a room for you and they want $5000, you don't have to pay them that amount because that is more than the amount of labor and materials that they have furnished. This can obviously lead to many arguments that no one wants to have. So the best way to get around potential conflicts on the "value" of the work completed and how much you are willing to pay is to have your contractor give you a payment schedule. Which says that he will get paid at different points throughout the job when certain things are completed that you can physically see. Example: once the counter tops are removed and the new counters have been installed your contractor gets $2,000. Once he has installed all the new appliances and they are in working order he gets another $500 or whatever. Then, before he starts, you can review the payment schedule to make sure that you agree that the amounts he is asking for at the completion of each phase is equal to the amount of labor and materials it would cost to do the work. So that way you can get the details ironed out prior to the start of the work.
3. It is ILLEGAL to work on time and material. Most people are shocked when I tell them this because every contractor they have ever worked with has worked on T&M. It's not that you can't work on T&M but you have to have a cap - a bid. In other words, if we bid on a job to remodel a kitchen and the cost will be $15,000, we can work on T&M as long as the cost of the kitchen is not more than $15,000. That way the client benefits from the possibility that the job will cost less than the bid and the peace of mind that they job wont be more than the $15,000 bid no matter what. Although this brings me to my next point...
4. Watch out for change orders!!! Many contractors will give you a bid that seams low and then once they've started they seem to run into all sorts of unexpected problems that they give you change orders for. This is a huge opportunity for contractors to give you change orders that are high because they've already started your job and you don't really think you have a choice. You do! I would tell your contractor that you will be getting bids from other contractors on the change order because you need to make sure that the cost of the extra work is reasonable. In fact, I'd tell your contractor this before he starts so that if he's that type of guy he can run the other direction before he has to deal with you because you're not going to let him get away with that!
5. Finally, always get your contractor's license number and look it up at the CSLB website - check that the name of your contractor is the same name that is on the license, check that the license is not expired and check to see if they have any complaints against their license.
Good luck with your projects and remember there are many really good contractors that are not jerks - you just have to do your homework to find them!
Regarding Recourse for a contractor that did not finish the job or performed faulty work:
If he/she is a licensed contractor you can file a complaint with the Contractors State License Board - call them at 1-800-321-CSLB and the contractor will have to go through the mandatory arbitration system set up by the CSLB in order to avoid having a complaint filed on his license.
Also, he may have a bond because all contractors are required to have a $12,500 bond. I know Economy Bonds is a pretty large bonding company and you can call them at 1-800-278-0689 and see if they can search for the person's name or give you other ideas of how to look up a contractor's bond. If you find he has a bond you can file a complaint against the bond and if the contractor doesn't reply and argue against your complaint, you will get paid the amount which you feel is owed to you (up to $12,500). People say it won't happen - my cousin works for a bond company and trust me it happens all the time!
Even if he isn't licensed I would start by calling the CSLB (by the way if you press the number 3 three times you will get to an operator - otherwise they're prompting system will drive you nuts!) and see what other advise they can share with you.
Now here are some other general tips I would like to share that I only wish everyone would know prior to hiring a contractor:
1. It is ILLEGAL for a contractor to collect more than 10% or $1000 (whichever is less) prior to starting work. Which means that any time a contractor asks for more than $1000 before he has started he is breaking the law. We have had so many sub-contractors ask us for more than that and we just remind them of the law - many contractors don't even know the law because they learned it to pass a test and forgot all about it.
2. It is ILLEGAL for a contractor to collect more money than the cost of work that has already been furnished. In other words, if they have done 2 days of work and deconstructed a room for you and they want $5000, you don't have to pay them that amount because that is more than the amount of labor and materials that they have furnished. This can obviously lead to many arguments that no one wants to have. So the best way to get around potential conflicts on the "value" of the work completed and how much you are willing to pay is to have your contractor give you a payment schedule. Which says that he will get paid at different points throughout the job when certain things are completed that you can physically see. Example: once the counter tops are removed and the new counters have been installed your contractor gets $2,000. Once he has installed all the new appliances and they are in working order he gets another $500 or whatever. Then, before he starts, you can review the payment schedule to make sure that you agree that the amounts he is asking for at the completion of each phase is equal to the amount of labor and materials it would cost to do the work. So that way you can get the details ironed out prior to the start of the work.
3. It is ILLEGAL to work on time and material. Most people are shocked when I tell them this because every contractor they have ever worked with has worked on T&M. It's not that you can't work on T&M but you have to have a cap - a bid. In other words, if we bid on a job to remodel a kitchen and the cost will be $15,000, we can work on T&M as long as the cost of the kitchen is not more than $15,000. That way the client benefits from the possibility that the job will cost less than the bid and the peace of mind that they job wont be more than the $15,000 bid no matter what. Although this brings me to my next point...
4. Watch out for change orders!!! Many contractors will give you a bid that seams low and then once they've started they seem to run into all sorts of unexpected problems that they give you change orders for. This is a huge opportunity for contractors to give you change orders that are high because they've already started your job and you don't really think you have a choice. You do! I would tell your contractor that you will be getting bids from other contractors on the change order because you need to make sure that the cost of the extra work is reasonable. In fact, I'd tell your contractor this before he starts so that if he's that type of guy he can run the other direction before he has to deal with you because you're not going to let him get away with that!
5. Finally, always get your contractor's license number and look it up at the CSLB website - check that the name of your contractor is the same name that is on the license, check that the license is not expired and check to see if they have any complaints against their license.
Good luck with your projects and remember there are many really good contractors that are not jerks - you just have to do your homework to find them!
Thursday, November 19, 2009
11% Growth in Home Sales for 2010 Forecasted by Fannie Mae Economists
I just read an interesting article at Inman.com with some very interesting facts about where we are right now with the real estate market and what we can expect looking forward.
According to this article, "The deepest and longest recession since the Great Depression appears to be over, Fannie Mae economists say, projecting sales of new and existing homes will jump 11 percent next year and that national home prices will stabilize, remaining essentially flat".
The article goes on to say, "Real gross domestic product (GDP) grew at a 3.5 percent annualized pace in the third quarter, following five declines in the prior six quarters, they noted, but growth is likely to moderate in the final three months of the year before strengthening in late 2010."
The article also discusses how the extension of the first-time home buyer tax credit has helped both first time home buyers as well as repeat home buyers and had therefore given a boost to third quarter sales.
There was also a "23.3 increase in the annualized rate of residential investment (home sales) in the third quarter" which was, "the largest in more than two decades".
If you are considering purchasing a home in Alameda, I would not wait any longer. There are some great deals right now and a number of well priced beautiful homes have just come on the market this last week. Interest rates are incredible! What are you waiting for?
Kate McCaffrey
Realtor | Certified Green Building Professional | Co-owner of McCaffrey Custom Construction, Inc.
According to this article, "The deepest and longest recession since the Great Depression appears to be over, Fannie Mae economists say, projecting sales of new and existing homes will jump 11 percent next year and that national home prices will stabilize, remaining essentially flat".
The article goes on to say, "Real gross domestic product (GDP) grew at a 3.5 percent annualized pace in the third quarter, following five declines in the prior six quarters, they noted, but growth is likely to moderate in the final three months of the year before strengthening in late 2010."
The article also discusses how the extension of the first-time home buyer tax credit has helped both first time home buyers as well as repeat home buyers and had therefore given a boost to third quarter sales.
There was also a "23.3 increase in the annualized rate of residential investment (home sales) in the third quarter" which was, "the largest in more than two decades".
If you are considering purchasing a home in Alameda, I would not wait any longer. There are some great deals right now and a number of well priced beautiful homes have just come on the market this last week. Interest rates are incredible! What are you waiting for?
Kate McCaffrey
Realtor | Certified Green Building Professional | Co-owner of McCaffrey Custom Construction, Inc.
Info@HomesOfAlameda.com | 510.522.5223 | www.HomesOfAlameda.com
Wednesday, November 11, 2009
Green Homes Selling Faster, For More - Healthier Dwelling Article
Peter Waring, a Green Point Rater for existing homes in Marin County has an article on his website that documents the recent analysis and conclusion that green homes sell faster and for more money.
Click here to read the article as well as look at lots of very helpful information and resources directly on Peter's website at www.HealthierDwellings.com or read more below.
Green Homes Selling Faster, for More
by Aubrey Cohen, July 1, 2008
A recent analysis of the Northwest Multiple Listing Service (MLS) of King County, Washington demonstrated that third party certified energy efficient homes sell faster and have higher values.
For the past year the Northwest Multiple Listing Service has included information on a home’s green design features to its property listings database. The MLS listings also indicated whether the home was third party verified. The MLS is a critical tool used by real estate agents in showing homes to potential homebuyers and by appraisers in identifying comparables in developing the market appraisal for the home.
The Seattle based GreenWorks Realty completed an analysis of the market performance of homes that were certified as energy efficient green homes in the MLS. The analysis found that certified energy efficient homes in King County sell in up to 18% less time and for 28 – 37% higher value per square foot than non-certified homes. Single family certified homes sold in 18% less time and were valued at 37% more per square foot. New certified condominium units were valued at 28% more per square foot.
Below is a comparison of new construction certified green homes to non-certified homes sold in King County from September 2007 through May, 2008:
Certified
Non-Certified
Non-Certified Number of Single-family Homes Sold
424
2,113
Median Sale Price
$487,000
$470,000
Median Square Footage
1,751
2,322
Number of Condominiums Sold
100
435
Median Sale Price
$355,475
$345,000
Median Square Footage
811
1,011
Additional data from the analysis is posted online at www.greenworksrealty.com
GreenWorks Realty founder Ben Kaufman led the charge to introduce energy efficiency and green certification search categories in the market’s MLS. He commented, “The new data shows buyers are indeed going green and certified homes have more value. This is good news for our kids, our communities, our planet … for all of us. We also see green homes command a higher return on investment. This information encourages savvy remodelers and builders to make green a priority.”
Aaron Adelstein, Executive Director of Built Green of King and Snohomish Counties had the following comments on the study, “Until now, the idea that people are willing to pay more for environmentally-certified housing has mostly been based on surveys and expectation. Now we have the first hard data to back up what many of us have believed for a long time – green homes have greater value.”
Distributed by Healthier Dwelling: helping homeowners & realtors increase the value of their homes by doing 3rd Party Certification of Green/Sustainability/Energy efficiency. Contact: peter@healthierdwelling.com 415.717.5697
Click here to read the article as well as look at lots of very helpful information and resources directly on Peter's website at www.HealthierDwellings.com or read more below.
Green Homes Selling Faster, for More
by Aubrey Cohen, July 1, 2008
A recent analysis of the Northwest Multiple Listing Service (MLS) of King County, Washington demonstrated that third party certified energy efficient homes sell faster and have higher values.
For the past year the Northwest Multiple Listing Service has included information on a home’s green design features to its property listings database. The MLS listings also indicated whether the home was third party verified. The MLS is a critical tool used by real estate agents in showing homes to potential homebuyers and by appraisers in identifying comparables in developing the market appraisal for the home.
The Seattle based GreenWorks Realty completed an analysis of the market performance of homes that were certified as energy efficient green homes in the MLS. The analysis found that certified energy efficient homes in King County sell in up to 18% less time and for 28 – 37% higher value per square foot than non-certified homes. Single family certified homes sold in 18% less time and were valued at 37% more per square foot. New certified condominium units were valued at 28% more per square foot.
Below is a comparison of new construction certified green homes to non-certified homes sold in King County from September 2007 through May, 2008:
Certified
Non-Certified
Non-Certified Number of Single-family Homes Sold
424
2,113
Median Sale Price
$487,000
$470,000
Median Square Footage
1,751
2,322
Number of Condominiums Sold
100
435
Median Sale Price
$355,475
$345,000
Median Square Footage
811
1,011
Additional data from the analysis is posted online at www.greenworksrealty.com
GreenWorks Realty founder Ben Kaufman led the charge to introduce energy efficiency and green certification search categories in the market’s MLS. He commented, “The new data shows buyers are indeed going green and certified homes have more value. This is good news for our kids, our communities, our planet … for all of us. We also see green homes command a higher return on investment. This information encourages savvy remodelers and builders to make green a priority.”
Aaron Adelstein, Executive Director of Built Green of King and Snohomish Counties had the following comments on the study, “Until now, the idea that people are willing to pay more for environmentally-certified housing has mostly been based on surveys and expectation. Now we have the first hard data to back up what many of us have believed for a long time – green homes have greater value.”
Distributed by Healthier Dwelling: helping homeowners & realtors increase the value of their homes by doing 3rd Party Certification of Green/Sustainability/Energy efficiency. Contact: peter@healthierdwelling.com 415.717.5697
Sunday, November 8, 2009
5 Things Never To Say To Your Insurers - Yahoo Article
This is a great article, I only wish I had it last week when I had an insurance claim and wasn't sure what the best way was to go about handling. Unfortunately, our claim was denied (for other reasons than what are mentioned in the article), which is exactly why I'm posting this article. So others don't make the same mistakes.
Here are the 5 things the article discusses that you should never say to your insurance company:
1. "I think..."
2. "I got whiplash"
3. "It's an experimental treatment"
4. "My basement flooded"
5. "Just send me a check"
The most important advice I took from reading this article is, "Stick to the facts. Should the insurance rep ask you a question you can't answer, simply say, "I don't know." If the person is taking a written or recorded statement, ask for a transcript to review for misstatements."
Click here to read the full article.
Here are the 5 things the article discusses that you should never say to your insurance company:
1. "I think..."
2. "I got whiplash"
3. "It's an experimental treatment"
4. "My basement flooded"
5. "Just send me a check"
The most important advice I took from reading this article is, "Stick to the facts. Should the insurance rep ask you a question you can't answer, simply say, "I don't know." If the person is taking a written or recorded statement, ask for a transcript to review for misstatements."
Click here to read the full article.
Thursday, November 5, 2009
1 in 3 Homeowners Willing to Spend $5,000+ in Green Improvements to Increase a Home’s Appeal to Potential Buyers
Click here to read the full article or read my "cliff notes" summary below:
"Despite “cost” being singled out by 36 percent of respondents as the greatest impediment to going green, half of those surveyed have paid more money for an energy efficient product in the past 12 months"
"One in three homeowners (30%) claim they would be willing to spend $5,000 or more on green improvements to increase a home’s appeal to potential buyers"
“As their environmental awareness grows, American homeowners are beginning to take action on green issues and are willing to spend their money accordingly”
"Homeowners are identifying greater value in green and when the time comes to sell their homes, they will look to convert high consumer awareness levels on the green issue into a market differentiator”
"When preparing to buy or sell a home, more than half of those surveyed (51%) believe in the importance of working with a green certified real estate agent ― professionals who can assist in the identification and marketing of homes with high green quotient. This would include knowledge in regards to housing materials and construction, energy efficient appliances and systems, as well as the impact of landscaping on a home’s environmental footprint"
"In the cities of Hartford, Conn., Greenville, S.C., and San Francisco, two out of three respondents indicated that working with a green agent would be important"
"Some of the other factors keeping survey respondents from being greener included convenience (22%), lack of knowledge on how to (18%) and lack of time (17%). However, many consumers reported engaging in “eco-friendly” or “green” acts in the past six months, including recycling (73%), replacing incandescent lights with CFLs (69%), conserving water (57%), adjusting the thermostat (51%) and purchasing energy efficient appliances (30%)"
"Despite “cost” being singled out by 36 percent of respondents as the greatest impediment to going green, half of those surveyed have paid more money for an energy efficient product in the past 12 months"
"One in three homeowners (30%) claim they would be willing to spend $5,000 or more on green improvements to increase a home’s appeal to potential buyers"
“As their environmental awareness grows, American homeowners are beginning to take action on green issues and are willing to spend their money accordingly”
"Homeowners are identifying greater value in green and when the time comes to sell their homes, they will look to convert high consumer awareness levels on the green issue into a market differentiator”
"When preparing to buy or sell a home, more than half of those surveyed (51%) believe in the importance of working with a green certified real estate agent ― professionals who can assist in the identification and marketing of homes with high green quotient. This would include knowledge in regards to housing materials and construction, energy efficient appliances and systems, as well as the impact of landscaping on a home’s environmental footprint"
"In the cities of Hartford, Conn., Greenville, S.C., and San Francisco, two out of three respondents indicated that working with a green agent would be important"
"Some of the other factors keeping survey respondents from being greener included convenience (22%), lack of knowledge on how to (18%) and lack of time (17%). However, many consumers reported engaging in “eco-friendly” or “green” acts in the past six months, including recycling (73%), replacing incandescent lights with CFLs (69%), conserving water (57%), adjusting the thermostat (51%) and purchasing energy efficient appliances (30%)"
Monday, November 2, 2009
Indoor Air Quality: Causes Of, Testing, and Monitoring Indoor Air Pollution
Treehugger.com has written a helpful article on Indoor Air Quality. Click here to read the full article.
Indoor air quality is typically 10 times worse than outdoors and since we spend 90% of our time indoors and 65% of that time is spent in our home, its important that our home is a healthy home.
Everything from the building materials, furniture, cleaning supplies, rugs, paints, sealers all effect the indoor air quality and these issues can be serious for people suffering from asthma and other health issues. Not to mention children. Did you know that children breathe 4 times as much air per pound of body weight as adults?!
When considering a remodel of your home, especially if you have children or people living in your home with chemical sensitivities or asthma look for green building products and/or e-mail me with any questions.
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