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A few weeks ago I posted pictures of a retro kitchen that was featured this year's Rockridge Kitchen Tour. That same family is doing something very cool in their backyard! Check out these pics... Diana and Craig are looking to make their oversized level and lush backyard into mod B&B.
Unfortunately, some couples need to figure out what to do with their home and mortgage when splitting up. I recently spoke with Lara Blake at LaSalle Financial Services, (lblake@lasallefinancial.com) about this and below are some of her suggestions to alleviate headaches in the future. Please note, this is general information, not legal advice. Each person should discuss their particular situation with their legal and financial advisors.
Here is what Lara had to say:
I usually have a few refis each year that coordinate the timing of the close of the refinance with the dissolution of the marriage. That way the spouse that signs the quite claim has not relinquished ownership without also being released from the obligation of the loan. Plus, they don’t have to worry about the ex making late payments that will prevent them from rebuilding a new life and buying a new home for themselves, or with someone new in the future.
As difficult as it may be to consider the prospect of a mortgage while finalizing divorce it is very important to consider the ramifications of not doing so – especially to the party that is going to quit claim off title.
As long as the departing borrower remains on the loan, any subsequent late or derogatory mortgage payments by the spouse that remains in the property, will be reflected on their future credit report(s).
It is optimal if couples can work together through the process in a cooperative manner and initiate the process that will refinance the loan into the spouse’s name (who will retain ownership and possession of the property), so that once the departing spouse sign’s the quit claim, the refinance can close. This prevents the spouse who will relinquish ownership from the property, from remaining bound to the loan. In addition, it will protect their credit should the spouse who retains ownership make any late payments or even default on the loan.
If the spouse that retains ownership, makes late payments and the departing spouse has not refinanced off the loan, those late payments (by their ex) will quite possibly prevent them from being able to qualify for a loan in their own name.
Many couples that work through divorce mediation, time the refinance so that it closes (taking the departing spouse off the loan and title) within days of the departing spouse signing the quite claim deed relinquishing their interest/ownership in the home. Refinancing is the tool which qualifies the spouse that will remain in possession while removing the departing spouse from the loan, while title records ownership into the name spouse that will retain ownership through the close of the refinance.
This past January, I dropped my daughter, Nia off at her friend's home for a sleepover and was totally inspired by this reinvented mid-century modernist kitchen. The entire project was inspired by the 1956 Kelvinator side-x-side 'Foodarama' (literally it's name) Fridge. Later I came to find out that this is one of the kitchens that will be featured in the 2013 Rockridge Kitchen Tour. Owners Diana and Craig used Architect was Struther Dias in San leandro: www.strutherdias.com for the project.
Wallpaper seems to have made a comeback. It is great as an accent wall or behind a bookshelf and can instantly add visual interest with texture, patterns and color. You can get reproductions of vintage prints from companies like Bradbury & Bradbury Wallpapers or unique original patterns like the ones put out by Grow House Grow. Anthropologie has an artful selection of wallpaper to browse. This year I sold several homes that had vintage wallpaper and I encouraged the buyers to preserve a wall of it whenever possible.
482 B 49th Street at Telegraph on "Alley 49"
576 Grand Ave
I am loving Grand Lake Kitchen, I have had 2 meals there and both were fresh and delicious. Try the, Breakfast Sando - fried eggs, country ham, jack cheese, avocado on ciabatta or the Savory French Toast - rye bread, 2 poached eggs, wild mushrooms, parmesan, arugula and herb oil.
I am finding that many house hunters are looking for walkability over house size. Next Sunday, my new listing in Rockridge will open, located blocks away from some of the best food in Oakland!
In a world where people want to see homes in their pajamas in bed, property photography needs to be stellar to grab a buyer's attention. I love working with my photographer, Peter; he totally gets me. On every photo session, I explain to Peter what I am trying to exude to potential buyers. A house is more than the rooms and the staged furniture, it is about setting the stage and giving a vibe. This photo was captured last week at 3707 Kansas Street in the Laurel District of Oakland - a sweet, sunny bungalow studded with fruit tree- love the bee on the citrus blossom.
Red Oak Solano, photo by Gillian Leaper
I love this kitchen and could really image drinking coffee in here!
I absolutely adore the kitchen in my new listing in Redwood Heights. (www.3361Victor.com) It is everything that one could want: open space, ample solid surfaced counters, gas range, tons of storage, built-in desk, French doors to the backyard, and did I mention this kitchen is sexy? Come see it this Sunday.
I am in the process of selling www.1962Leimert.com - a livable fixer. This house has so much potential as it is nearly 2000 square feet and has an 8800 square foot lot - located in the picturesque neighborhood of Oakmore Highlands. To help buyers tap into the potential, I had 4 story boards throughout the house. Below is the board for the garden.
a snapshot I took while showing a Lake Merritt front co-op apartment
One of the best parts of my job is seeing inspiring spaces. Today I showed a co-op for sale at 177 19th Street in Oakland. The unit was 11 floors up with a balcony that had this view.
On these crisp and clear winter days soak in the beauty of the Bay Area
Sorry for the lengthy lapse in posts! I have been very busy helping clients! Over the past few months, East Bay real estate has been a whirlwind. The combination of low interest rates, high rents, and a surge in desire for homeownership has once again created a sellers market. Prices in communities of Oakland and Berkeley are still not at the peak prices of 2005 through 2007, but they are up from the steep decline of 2008, 2009, 2010 and 2011.
The biggest equity gains in Oakland have happened in the the walkable areas such as Rockridge and Crocker Highlands. (See the stats for these neighborhoods at the end of this post.) As more buyers migrate to the sunny side of the Bay from San Francisco, a higher demand is placed on a home with an easy walk to coffee, restaurants and public transportation. Lifestyle can often trump home size in importance.
For buyers it is important to consider that interest rates will likely rise as the economy improves. This historic window of "cheap" money will not last forever. As a buyer, if you plan to keep your new home for a long time, you can count on keeping that fixed rate, low interest loan and will maximize the savings. I suggest that my buyers consider purchasing a home that will fit their needs for a minimum of 7 years.
Is now still a good time to buy even when buyers must compete, and prices can go substantially over the original asking price? My answer is yes. Consider this. A listing price is a marketing tool. Many sellers decide to price their homes under its expected sale price to gain maximum exposure during the period the home is marketed to the public. Using this tactic often means that a seller with a home that might be worth $800,000 will price it at $720,000. When a buyer offers $80K over the asking price, their offer is actually spot on in regard to value. But stopping there does not take the competition into consideration. With multiple buyers offering to buy the same property, it is often necessary to bid even higher than fair market value to win the home. What a buyer should factor into the equation while they ponder what price to offer is, the record low interest rates. At a 3.75% interest rate on an offer of $811,000 and a buyer just might beat the competition by offering a few thousand dollars more. For example, the monthly payment with a 20% down payment, (not including property taxes and insurance) would be $3004.69.
What's the risk in waiting? Using the same example, if the interest rates rise to 5%, (still a great rate!), your monthly payment would be $3482.90. That equals a $480 per month increase for the same loan. It equates to an additional $5760 per year and $40,320 over a seven year time span. If you decided that you wanted to keep your payment down to the $3000 per month range and interest rates went up to 5%, your buying power would equate to a purchase price of $700,000 as opposed to $811,000- decreasing by over $100K. The risk here is that there is no guarantee that home prices will decrease accordingly by 7%.
A final factor to consider is whether you will benefit from a tax deduction. For example, if you make $100,000 annually and pay $30,000 in mortgage interest, you will be able to deduct that cost from your income for a substantial savings. (Please consult your tax adviser for the exact tax saving).
Ultimately home ownership is a personal choice, and a big investment. As you consider whether buying a home at this time is right for you realize the numbers are now showing that the current market is in a sweet spot. The prediction moving forward is that prices and interest rates are on the rise...
The other day I took a few hours off to service my computer at the Apple Store on 4th Street in Berkeley. I always enjoy strolling down 4th Street so after my computer was serviced, I meandered down the street. The Gardener is always a place for inspiration. The scent and the styling here always makes me salivate. Here are a few things to inspire:
Yasai Produce Market on College Ave at 63rd across from Cole Coffee has wonderful affordable produce for sale such as gourds and persimmons that can be styled into your home instead of fresh flowers.
If you have been waiting for a 3 bedroom, 2 bathroom home that is move-in ready with vintage details, 3519 Willis Court is coming. Here is a sneak peak, 3519Willis.com
Roger Lee who is known for bring high design to the middle class is an acclaimed architect who designed roughly 100 homes in the Bay Area, Nevada and Hawaii. If you are a sucker for modernist design, walls of glass and open space, you may want to check out 20 Reed in Kensington, listed by Mark Hardwicke. Listed at $729,000 and open again this Sunday.
The front entry
Yesterday on Broker's Tour, I went to see what listing agent Martha Hill described as, Utterly Fab! She was so right! Entering 10415 Greenview Drive in Sequoyah Highlands in Oakland is like visiting an exhibit at MOMA. This custom built property is a showcase of 1960's luxury. A few features are: set back from the street, 3 car - carport, aggregate walkway, custom iron gate, massive living room with walls of glass revealing San Francisco and Bay view, mirrored walls, open kitchen adjacent to the family room, laundry room with beauty salon sink, built-in Nutone sound system, billiard room that now holds a vintage Brunswick pool table. I can only imagine the swanky parties and entertaining that took place here. All that is missing is an Andy Warhol silkscreen. P.S. Do not miss the last photo of the Brunswick pool table!
Space galore
Built-in entertainment
Brunswick!
Since 1985 ROOF, Red Oak Opportunity Foundation, has been giving back to our community by collecting contributions from our 4 owners and real estate agents and dispersing the funds to small local non-profits. It is unbelievable that the small donations many $20 dollars each has accumulated to nearly $1,000,000 over the last few decades. Click here to see our 2011 recipients. Next month ROOF will have our annual Poker Tournament Fundraiser . $100 gets you a night of poker and snacks. If you have a poker face, please come! (Call me for tickets)
If you are a non-profit you can now apply for a grant online, click here. The deadline for grant applications is Nov. 8th, 2012.
To donate to our non-profit, click here.
I am proud to be a ROOF supporter!
Realtor, CA DRE #01451749 – Red Oak Realty
510 693 4253 / deidre@redoakrealty.com / 6450 Moraga Avenue, Oakland CA 94611
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