Beginning June 1, 2010, Pacific Union International has begun the roll out of our new brand under the direction of new owner, Mark McLaughlin.  Mark’s highly successful Morgan Lane Real Estate in Marin County has merged with Pacific Union creating a company of approximately 450 agents through-out the Bay Area. In Mark’s words, “ We’ve created a brand built around the importance of local ownership, the finest professionals, community connections, entrepreneurial drive and an absolute commitment to service excellence.”  Be sure to look for the new Pacific Union International “mark” in your neighborhood this week.

We’ve also elevated the commitment of our brand to include our exclusive relationship with Christie’s Great Estates, providing our clients with the international distinction and global reach of the Christie’s brand.

These are exciting times at Pacific Union International. So many good things are in the works, I can’t wait to see what comes next. In the six Bay Area Counties we serve, Pacific Union International enjoys the #1 ranking in average sales price and the #1 ranking for professional productivity. Nationally, we rank among the top 30 brokerage companies. Even so, we’re striving to improve what matters the most – that you continue to place your trust in us – and in me!

My commitment to provide you with the best possible advice for your real estate decisions is stronger than ever. In the weeks to come, I’ll share additional details about our organization and our vision to deliver the best client experience in real estate.  Please e-mail, or better yet, call me, with suggestions, ideas or concerns that you want to share.

New Estate Listing in Lafayette

One of Lafayette’s premier estates at 3796 Happy Valley Road, Lafayette, is on the market at $12,000,000.  Listed by Mark Solomon of Pacific Union International in my Orinda office, it can be seen by visiting the PacUnion.com website and clicking on Luxury Properties. Designed and built by William Remick, the property consists of a main house with 2 detached buildings totaling approximately 9000 square feet on 2.12 relatively flat acres. Gated and set well back from the road, it’s a lovely estate of with views of the surrounding hills and mature landscaping.

If you’d like to see this or any other properties in your area, please give me a call at 925-381-2211.

Every Tuesday I go on the Lamorinda Brokers’ Tour to preview new listings in Lafayette, Moraga and Orinda. I’m diligent about seeing as many new listings as possible between 10 a.m. and 2 p.m.  It’s not unusual to see 12 – 15 houses on a Tuesday so tour can be exhausting but it’s also fun; there’s lots of informative chitchat with other agents and we’re often treated to tasty snacks.  I always serve good food at the Brokers’ Tour for my new listings because I’ve found that the longer agents spend at the property, the more likely they are to get a real feel for it.  And listening to agents talk about the properties on tour that day, what they like, what they don’t, who has potential buyers and what new listings are coming to market is invaluable in helping my clients find their ideal buyer or their new home.  The following are a few of the homes I enjoyed seeing today.
Two houses on Reliez Valley Road, past Withers, are worth the drive. 2098 is nicely redone on a very pretty lot with a guest house and is listed at $1,199,000 by Raelene Sprague of Empire Realty. 1995 is a 4 bedroom, 3 bath home with 2707 square feet, beautifully renovated with many designer touches, has lovely gardens and lots of parking. It’s listed at $1,350,000.
40 Orchard Road, Orinda, has classic, older charm.  Listed at $1,395,000, it’s on a pretty street, is large for its price range – 5Br, 4 Bth, 3300 SF with a remodeled kitchen www.pacunion.com .
3251 Glenside Drive in Lafayette, listed by Tom Linthicum, Broker, at $1,595,000, is an older, 3 bedrooms, 2 bathroom home on a beautiful lot of 35,250 square feet.  It can be used as it is but the lot lends itself to a remodeling project as well.
1100 Rahara in Upper Happy Valley is beautifully landscaped, front and back, with a lovely pool, outdoor kitchen and putting green, with a view of Mt. Diablo and beyond.
Two bank- owned properties, 1033 and 1039 Via Roble in Lafayette are great buys.  Listed by Glenn Beaubelle, Coldwell-Banker, they are new construction on large lots and offer great value.
1211 Upper Happy Valley Road, Lafayette, is a treat to visit. It’s a classic, Lafayette hacienda originally built in 1934. Listed @ $4,299,000 Ruth Eddy of Prudential California Realty.
These are only a few of the special homes I saw today. For more complete information, please email me, susan@susanopeterson.com, or better yet, call me at 925-381-2211, and we’ll talk about your housing needs and the market.

This morning I attended the joint Estates Division meeting of the Pacific Union Napa, Sonoma and St. Helena offices.  The meeting was chaired by my fellow Estates Division Director, Maurice Tegelaar and attended by lots of old friends.  Market trends and conditions were discussed as well as several exceptional properties.

The good news is that pending sales for homes over $1,000,000 have doubled the first quarter sales in the past 30 days.  On the other hand, sales of land remain sluggish.  I am trying to note similarities with our Lamorinda market while noting that the primary difference between the two markets is that 80% of the estate properties in the wine country are second homes.  Like Lamorinda, however, most of the buyers of wine country property come from the Bay Area, especially San Francisco and Marin County.

Several homes were enticing. I particularly liked hearing about a 2 acre boutique farm in Napa  with beautiful, edible gardens surrounding  a 3 bedroom farmhouse.  Located at 1003 Palomino Way and listed at $1,975,000, and listed by Diane Flyr of Pacific Union, you can take a look at Pacific Union Intl .

It was a pleasure to provide photos and talk about my landmark listing at 3972 Happy Valley Road, in Lafayette. Listed at $5,700,000, this 32 acre estate has been in the same family for over 65 years and is located on the site of the first residence built in Lafayette. Only 30 minutes from San Francisco, near Happy Valley school and close to town, it offers a rare opportunity to own beautiful , estate acreage in a suburban setting.  It consists of 2 parcels, has a tennis court, pool, guest house, orchards, extensive gardens as well as a custom-home that could be transformed into a wine country estate without the drive.

From farther afield, we discussed actress Marsh Mason’s Abiqui, New Mexico estate, Rio Abajo Rio, listed at $7,975,000 and represented by our Santa Fe Christie’s Great Estates affiliate, Santa Fe Properties. Formerly featured in Architectural Digest, it is a magnificent property that can be viewed at Marshamasonestate.com .

Contact me if you want to hear more about any of these properties and many others.

In the San Francisco Chronicle’s business report today, Carolyn Said has an encouraging article about the increase in both sales and home prices throughout the Bay Area in March.

Home sales rise, median prices jump

For specific stats go to March 2010 Statistics from the Contra Costa Association of Realtors.

If you or a friend wants to talk real estate, please give me a call!

Short Sales take time, averaging from 90-150 days to close escrow, if they do close.  Many fall apart at the end of an arduous process in spite of the best efforts of most of the parties involved.  Given the number of homes under water in California, recently estimated at 1 in 7, it would seem in the best interest of all concerned to complete Short Sales as quickly as possible to avoid Foreclosures which often result in more significant losses.  Aside from the tremendous caseloads the lenders are struggling with, what gets in the way? 

 Short Sales involve many parties, all of whom are unpredictable variables that remain in place until late in the transaction.  The following participants in the process have critical roles to play; all can derail the process, intentionally or through failure to play their role effectively. 

The Homeowner

The Lender/Lien Holder

Loss Mitigator

Short Sale Professional: Your Real Estate Agent

Title/Escrow

The Buyer

Even when everyone works effectively toward the successful close of a Short Sale, there may be other factors that surface late in the transaction and that cannot be surmounted.  Possible problems include:

Failure to Bridge Gap Between 1^st & 2^nd Note Holders

Cash Contribution Required By Lender

Mortgage Insurance

Non-Mortgage Liens: IRS, Judgments, HOA

While this may seem daunting, experienced, committed professionals shepherd equally committed homeowners and buyers through this process every day.  Short Sales May offer the best solution for homeowners needing debt relief as well as great opportunities for homebuyers and investors. 

In future posts, I’ll address each party to the transaction and what it tales from them to close.  Next: The Homeowner.

If you or a friend wants to talk real estate, please give me a call!

In February 2007 my husband and I were in Venice, Italy during Carnevale, the pre-Lenten festival known as Mardi Gras in the United States.  Carnevale in Venice is an elegant affair that begins 10 days prior to Ash Wednesday and ends in a magnificent explosion of fireworks at midnight on Fat Tuesday. I wrote the following while I was there, enthralled by it all.

Sunday afternoon I went to San Marco in a mask of my own design to see the 18^th century dances performed in period costume on the great stage erected for Carnevale. That I could design a costume of my own as a shock to me but I had awakened from a dream early Saturday morning with a clear image of this mask in my mind’s eye and felt that the woman who created my first mask could execute my design.  When I bought my first mask, unusual and whimsical, she was engaging and warm, easily switching from Italian to English to French to help the shoppers squeezing into her tiny shop.  I felt lucky I had found a bottega, a workshop that reflected the owner’s personality and was unlike the other shops that cater to the tourist trade.  I returned to Marissa’s shop and she was eager to give it a try.

I couldn’t wait to see my mask so I rushed to pick it up the next day, walking through ever increasing crowds. I was thrilled with the mask. I tried it on and added a traditional black hooded cape over my black pants and jacket (alas, no gown!) and topped it off with a black tri-corner hat with a light veil.  I found the creature staring back at me from the mirror a tiny bit scary, so odd and eerie and so unlike me, hidden inside. But I was excited by her too, knowing I could move through the streets seen but unseen, a part of the great fairy tale playing out in Venice.

Throughout the streets and campos of Venice, there are actors in fantastical, elaborate costumes, colorful and magical and full of imagination. They walk slowly and stop constantly, posing to have their photos taken. Many of the revelers are in full costume, often elegant and traditional, the women with great skirts over voluminous hoops, the men in britches and white lace stockings, great tri-corner hars adorned with plumes, all in wigs and masks. Others are silly and funny, poking fun at those playing with more elaborate make-believe. They too pose willingly, it being understood that if you are in costume, you are fair game. If someone wants to take your photo, you comply.

The dancing exhibition was a treat. Ladies in period gowns and gentlemen in tails, all different, all beautiful, floating across the stage while the dance master, a vision in dark blue tails and light pants, called out the steps in French, Italian or English, depending on the origin of the dance. Among them was a young girl, about 10, in an apricot gown, adorned with roses, who danced most beautifully of all. 

In my costume I felt the magic of my own fairy tale moment. To my surprise, it was easy to step into another character and to shed my self-consciousness, if only for a couple of hours, forgetting that no one could see me smiling as they took my picture, glad to be a part of a huge celebration, glad to part of a community simply enjoying one big, goofy, beautiful moment together.

Walking home with the crow, I came upon two young couples in exceptionally beautiful fancy dress, posing on a bridge for an Italian family whose children, in their own silly costumes, had joined the photo. Traffic had stopped, no one willing to step into the carefully arrange setting, allowing Mama time to take the perfect shot. As she finished and her children stepped away to allow the young people to pass, she thanked them graciously.  Grazie, millie, she said, c’e’ un buon divertimento, perfect words that need no translation.

So what does my mask look like? It begins with the traditional Venetian full white face, expressionless and androgynous. The eyes are lined in gold pain, the corners turned up to give them a feminine touch. On the right cheek, near the corner of the mouth, like a large beauty mark, is a deep red, padded velvet heart, with gold beaded ribbon tied in a bow at the top, standing out from the face and glittering in the light. The mouth is “geisha” style, deep red, small, slightly pouty and heart-shaped. It is an homage to American sculptor Jeff Koons’ great red heart hanging the museum in the Palazzo Grassi,  visible to all who pass it on the Grand Canal if they look at just the right moment.  My husband and I were captivated by that bright shiny heart, new against old and not what it seems. For me, it is filled with the magic of Carnevale, the awe-struck, childish glee that comes with costumes and masks and a shared feeling of joy in the air.

If you or a friend wants to talk real estate, please give me a call!

Venice, Italy   February 15, 2007

During previous visits to Venice, I did not find the masks available in shops and every street corner stand appealing.  I tended to avert my gaze, thought they were just touristy kitsch, something that could never tempt me as a souvenir.  But when I visited in February, 2007 during Carnevale, the 10 day period of revelry celebrated in anticipation of the 6 weeks of the Lenten fast prior to Easter, I changed my mind. Once I started looking for one for myself, I began to see that many were beautiful, exotic and mysterious, exquisitely hand-crafted and often full of the history of Venice, following patterns handed down through generations.  I found that seeing them worn by people on the streets was like looking at the world transformed by new fallen snow when everything looks enchantingly different, every face unexpected and worth a look.

Yes, like new fallen snow, coming upon masked characters, especially at unexpected moments, rounding a corner, standing in line at the bookstore behind a man in full 18^th Century dress with white lace-work stockings and flowing plumes in his hat, white powder on his face and pink on his lips, catching a glimpse of magnificently dressed ladies in a passing gondola, parasols aloft, sparks a universal childish mirth full or awe and wonder.  These apparitions do make the world seem new, even among the hoards of pigeons and tourists swarming San Marco.

But what I didn’t know was that wearing a mask touches that childish place full of giggles and smiles in a more personal way, says, come out and play today. It’s contagious, this childish mirth.  When everyone about you is smiling and laughing, it’s hard not to join in, to enjoy a simple stroll down the street or stand for a while in San Marco, laughing at the clowns, listening to the music or just trying to catch a glimpse of the next costumed pair to drift by, looking out of this world, like characters in a play you are welcome to join.

And join we all do. Everyone is friendly and polite, even the shopkeepers and vendors are gracious and helpful. We all rest, leaning against the various fences or sitting on the benches, strangers shoulder to shoulder enveloped in the Carnevale atmosphere, knowing we’re sharing a rare and precious moment of community.

The Piazza San Marco and its Piazzetta were created centuries ago to host the processions and celebrations that were the life-blood of Venetian community life. The Venetians are boat people, out-door people, who gladly gather outside on the coldest days to have a glass of wine with friends. The Piazza, with its columns and arcades facing the glorious face of San Marco, its mosaics flashing in the sun and its prized bronze horses overlooking all, called by many the world’s most perfect outdoor human space, invites us to take part in a great masked ball, open to all, free to all, in a moment of camaraderie and frivolity that spills over into the streets and waterways of the city, blessing us all.

Today started with a surprise birthday party in the office for my fabulous assistant, Theresita Alfaro. Every day I thank my lucky stars that Theresita is working with me.   She takes great care of me and all of you. Without her, I wouldn’t be on Facebook or Twitter and I wouldn’t be blogging.  A licensed agent, her real estate experience, organizational skills and calm manner help me in too many ways to count. When she’s not working with me, Theresita is a pre-nursing student; she’s exactly the kind of person we all want caring for us when we need it.

Here we are, having delicious frittata made by fellow agent Nancy Rothman, breakfast pasties from La Farine, amazing chocolate cupcakes with vanilla butter cream frosting made by Transaction Coordinator Allison Fielding and a dozen red roses to make her smile. Theresita loves to cook so she’ll be having lots of fun with her new Le Creuset frying pan.

We’re lucky to have such a great team- we have a great time working together:  Left to right, Michele Boren, Marketing Coordinator, agent Nancy Rothman, Theresita – in the middle, me, Allison Fielding, Vanessa Winegarner Wong, administrative assistant, and agent Kathy Olson in back.

If you or a friend wants to talk real estate, please give me a call!

While reading an article about the up-coming Christie’s auction of some masterpieces from author Michael Crichton’s collection, I was struck by the similarities between selling fine artwork at auction and selling residential real estate. Pieces from the Crichton collection are currently on display in Christie’s New York showroom. I’m interested in the works of art, especially Jasper Johns’ iconic “Flag” painting (1960 – 66) which is considered a transformational worked that paved the way for Pop Art and Andy Warhol among others. Scheduled to be offered at auction in May and valued at $32 million, a current price estimate for the piece will not be set until after an auction of Contemporary paintings in London next week.

Sound familiar? Home Sellers usually have a value in mind, whether realistic or not. When it comes time to set a listing price, however, Sellers look at sales prices of recently sold, similar homes and make appropriate adjustments from there. If the comparable sales aren’t selling high enough, then discretionary Sellers hold their properties off the market.

Buyers approach the purchase of a home as if it were at auction too. They know what they’re looking for, study the current inventory and try to assess how much competition there will be for the home of their choice. They, too, compare the listing price with recently closed sales. When there aren’t enough closed sales to create a clear market trend, Buyers tend to hold back, either waiting for more inventory to become available or making very low offers. Most Buyers try to keep their emotions in check, but like buyers of fine art, sooner or later, many fall in love and have to have the home of their dreams.

And so the log jam is broken. Signaling a tentative recovery following the art market’s recent boom and bust cycle, Alberto Giacometti’s sculpture, “Walking Man I”, just sold for over $104.3 million, the highest price ever paid for an artwork at auction. The buyer is no doubt betting on the long-term value of the Giacometti and wants to buy before the price goes higher.

It’s just like real estate. A few good sales open up the market, more Sellers offer their homes for sale and more Buyers have the confidence to buy. Prices and interest rates are low now and there is a lot of pent-up Buyer demand. With the expected seasonal increase in inventory, Spring 2010 may be the ideal time for both Buyers and Sellers to jump in.

If you or a friend wants to talk real estate, please give me a call!

Although I have not been asked to represent the seller of a Short Sale as yet, buyers frequently ask me if I think they should actively pursue a Short Sale.  The term Short Sale refers to properties in which the owner owes more money to the lender than the property’s value. These properties are said to be “under water” or “upside down” but they are not bank owned (REO).  Since these are complex transactions with many serious consequences for the sellers as well as the buyers, I took an intensive class on Short Sales recently so that I can work effectively on behalf of my clients if they decide to participate in a Short Sale as either a Buyer or Seller.

Having heard the horror stories, I wanted some basic questions answered:

1. Why do they take so long to get accepted?
2. Why, if they do close, do they take so long to close?
3. Why do some of them fail to close after months of good intentioned work by the homeowner, the buyer, the agents and the lenders?
4. How do I protect my clients, either Buyers or Sellers, from the uncertainties and pitfalls inherent in Short Sales?

The simple answer to the question as to why these transactions take so long to be accepted and to close is that the lenders have historically large Short Sale inventory and relatively small Loss Mitigation Departments.  The servicer of the first loan may have as many as 500 files on her desk! 

In addition to government regulations, most lenders have their own set of rules and requirements that must be followed.  There is a great deal of information required from the owner to prepare a complete file which is the first step in the process.   Fannie Mae and Freddie Mac are asking for improvements in the handling of Short Sales.  Rather than wait for these changes, I recommend using one of the servicing companies that facilitate the process with the first lender.

Next blog, time to close.

 If you’re interested in investing in foreclosures, check out ForclosureRadar for a 3 day free trial for lists of Notice of Defaults and Trustee Sales.  www.foreclosureradar.com

If you or a friend wants to talk real estate, please give me a call!