East Bay Realty Pro Blog

Camera cable down sewer lateral shows condition on monitor

A private sewer lateral (PSL) is the pipe that connects the sewage line in a building to the public sewer main that is usually in the street. As of January 16, 2012, all properties in the City of Oakland, except condominiums and large retail structures, are subject to an ordinance that requires inspection and possible repair of PSLs under certain circumstances.

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Referred by my former clients, I recently received a call from a prospective seller who bought her home in the last seller’s market with another Realtor. This seller feels her agent did not provide important information for her to consider prior to making the offer on her house. Among the missing input was a way for her, as a buyer, to place the purchase price into perspective relative to previous “hot” markets and what happens when the market cools down.

Before I go further, I suspect some readers might be thinking, “With hindsight, it is easy for someone to look back and criticize another agent for not knowing the future.” My response is that no one should expect real estate licensees to be clairvoyant, but using experience from past markets for the benefit of clients is something that differentiates top agents from the rest.

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Wild turkeys in Oakland

Two days before Thanksgiving, my wife let out a cry of surprise and asked me to come quickly to the window of our Oakland home. It was about 7 AM, and, there, in our backyard, were three wild turkeys placidly munching on our marigolds and kicking up the garden for insects. They appeared to be females because they were smallish (for turkeys), had dull, not iridescent, feathers and none had a wattle.

They stayed awhile, but not long enough for us to get a good photo. Some time later, as I was outside our garage, they were languidly visiting our neighbor’s property and I was able to get a decent picture.

Casually ambling about right before Thanksgiving is a risky practice for a turkey. I hope they didn’t end up on someone’s plate.

For more info on wild turkeys, see “Feeding Wild Turkeys Will Bring Problems Homes to Roost” from the California Department of Fish and Game, and “Wild Neighbors: The Wild Turkey: Threat or Menace?” by Joe Eaton, an article from the Berkeley Daily Planet.

At the recent fall meeting of the California Association of Realtors (C.A.R.) in San Jose, I heard C.A.R. Chief Economist Leslie Appleton-Young give members a glimpse of what to expect in the 2012 real estate market. Appleton-Young said that “the economy has started to stall and weaken” and “consumers are shaken up.”

Just as 2011 is projected to end up much like 2010, 2012 is predicted to continue the pattern. The basic message: Don’t expect much improvement in the near future.

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Poodle Parade, Carmel-by-the-Sea, CA

Participants await their turn to march

Something else to add to why Northern California is one of the greatest places in the world: Poodle Day at Carmel-by-the-Sea, recognized as one of the most dog-friendly cities in the country. As long-time poodle owners and lovers of everything doggie, my wife Sonia and I were excited to find out about this annual event.

Our two mini poodles, CB (Cuddle Boy), 14 and a half, and Queenie, almost 15, looked at us quizzically as we all woke up early for the almost two-hour drive down to Carmel and  the 8 AM check-in. We quickly got our registration stickers and spent hours before, during and after the parade taking photos of the seemingly unending number of gorgeous, sweet, loveable and often funny poodles of all sizes and shapes. Many of the people who were brought by their dogs had colorful, matching outfits.

The parade drew 360 official entrants (poodles and poodle-mixes), from Sacramento to British Columbia, plus many others who came to watch. Registration fees go to the NorCal Poodle Rescue, adding to the joy and positive vibe of the affair.

After the parade, we had a wonderful lunch at Jack London’s Grill & Taproom, one of the many restaurants in this beautiful city that welcomes dogs. We already have next year’s parade date, September 29th, circled on our calendars.

Check out all our photos at photobucket.com/poodleparade2011

I admit it – in over 30 years as a real estate broker, I have never represented either a buyer or seller in a transaction involving a “distressed property,” i.e., an REO (real estate owned by banks) or a short sale.

The reason is simple: dealing with banks under these circumstances can be worse than water-boarding torture. Some sellers may have no choice other than to succumb to this process; buyers in the Oakland/Berkeley market almost always have, in my opinion, better options.

The folks who usually benefit most from foreclosures are the small cadre of professional investors who seem to live on the courthouse steps. They pay all cash, get a seriously discounted price, and have the greatest margin for error.

Non-professional buyers, who venture into short sales and/or REOs, however, tend to be unaware of how big a risk they are taking. Instead of getting a bargain, you might end up with more grief than you ever imagined.

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Seattle-based firm Walk Score just released a survey that ranks Oakland in the top ten of America’s most walkable cities. The 50 largest U.S. cities were compared for easy accessibility to shops and services. It is good to know that this highly desirable feature is adding value not only to specific homes and neighborhoods, but to our wonderful city as well.

See S.F., Oakland in top 10 most walkable U.S. cities

I just received an email from a woman who agreed with the sentiment in my article, “Realtors Deserve Common Courtesy.” She said, “Welcome to the age of email. Somehow, because communication is easier, people use it less…”

This reader described how, many years ago, when she went on job interviews and felt she had done extremely well, she would not even get a form letter saying they weren’t interested. I can’t even imagine how difficult that process is today, for so many who are desperate for jobs.

She ended by hoping I wasn’t taking it personally and that, “Courtesy has definitely lost out to expedience.” I agree with her observation.

I replied, “I don’t take personally other people’s failure to understand what it means to be a human being on this planet. Unfortunately, IMO, a large percentage of people, regardless of age, live their lives in an “it’s all about me” manner. I try to spend time with those who understand respect for others.”

Sometimes, the idea for an article comes from unexpected places. I just received a phone call from a veteran agent who I have known in real estate for over 25 years. She asked if I would write about how poorly people sometimes treat those of us in the business and how we deserve better. What follows is my response to her request.

Too much trouble to call?
The “presenting problem, “ as therapists say, was that my Realtor colleague just learned that she did not get a listing for which she was in competition. That was not the cause of her upset. We all win some, lose some.

What riled her was that she found out not from the seller, but from another agent. This was after my friend had spent at least 10 hours in phone conversations, research, travel and meetings with the client. Apparently, it was either too much trouble or too uncomfortable for the seller to call or email back and say, “Thanks for taking the time, but I have decided to work with someone else.”

Listening to this story reminded me of the numerous times I have seen the same situation in my 30-plus years as a real estate professional. In fact, I had a similar experience this week, although it was related to my function as an East Bay real estate expert witness.

I had been referred to a Bay Area real estate attorney by a well-respected, long-time, local agent and spent almost an hour brainstorming with her on the phone about the case. As the type of testimony the lawyer needed was not directly related to my common duties as a licensee, I suggested she consider using an appraiser or forensic accountant.

After much discussion, the attorney, who was trying to formulate the case in her own mind, said she would call her appraiser expert and maybe we could work together on the case. She said she needed to disclose her experts soon and would let me know if she needed my help in a day or two.

As you have already surmised, I did not hear back from her, even after I left a voice mail and email asking what she had decided. Knowing attorneys, my guess is that she was “really busy” and contacting me was not even on the bottom of her list. Naturally, I was annoyed at this lack of consideration and caring.

Final thoughts
In business, as in all aspects of my life, I act respectfully toward other people and appreciate that in return. Not everyone, however, behaves appropriately. This is just one of the interesting aspects of being a Realtor.

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According to a recent Wall St Journal article, “Tighter Lending Crimps Housing,” over 25% of all mortgages nationwide were rejected last year by the ten largest real estate loan providers. And, this is before new rules take effect that will make it even more difficult to borrow. (See my previous post, “Getting Mortgage Will Be Even Tougher“)

For many years, lenders gave loans to anyone who had a pulse. Now, they are denying mortgages for both purchases and refinances even when there is a very large down payment or significant equity in the property. This bi-polar behavior is consistent with my experience of working with large lending institutions over the years.

Although the Federal Reserve appears to be leaning toward keeping interest rates artificially low (past their stated end-of-June deadline), the time is fast approaching when our government can no longer print money to stimulate the economy. Is it rational to expect mortgages to become easier to get once that happens?