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Keep Your Head Above Water in the San Mateo Coastal Area!

If you currently own one of the beautiful homes in the San Mateo Coastal area, you may or may not be aware of the changes that have been affecting the real estate market.  However, for those of you who are hoping to get in on the great low mortgage rates (the lowest they’ve been since 1971) and are looking for a home in one of the great coastal cities; you may be sensing a trend.  The Real Estate industry across the nation has seen a significant increase in Foreclosure properties.

Just a few years ago, homes in foreclosure were rare and many didn’t fully understand all was entailed in having a home become “bank owned.”  Today, “foreclosure” seems to be the markets’ buzz word as many are seeing loss of jobs and the markets’ decline in home sale prices.  Consequently, this environment has brought a new term to the surface: underwater homes.  Underwater homes are those that have mortgages that are greater than the home’s current worth on the market.  This, in turn, is resulting in an increase in foreclosures.

Recently, CoreLogic, a Real Estate date provider, noted that there were  11 million homes with underwater mortgages at the end of June.  Of course, this seems to be good news since the number of underwater homes at the end of March was 11.2 million.  However, these homes are simply turning into foreclosures instead of proving that the market is actually turning around.  Typically, underwater homes rise when the market sees falling home prices.

An article by CoreLogic explained, “In all, 23 percent of U.S. homes with mortgages were underwater at the end of June.  Another 2.4 percent of homeowners with a mortgage had less than 5 percent equity in their home, making them more likely to end up underwater if home prices drop further.  The total number of underwater mortgages represent roughly $2.9 trillion in mortgage debt.”

Once homes are underwater, homeowners have a harder time recovering.  They oftentimes are unable to qualify for mortgage refinancing and therefore find themselves just scraping by to make payments in order to keep their head above water.   California is in the top five states for underwater mortgages and has therefore become one of the top states in the nation for foreclosures.

We’ve seen some changes in the San Mateo Coastal area, but are happy to see the numbers are not as drastic as other areas in our state.  Below are current numbers of active and foreclosed listings in our market.

If you have any questions regarding underwater mortgages or are facing a prospective foreclosure; please let us know!  We have years of experience in the San Mateo Coastal area and can help guide you each step of the way!

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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Live Green and Volunteer in Pacifica!

Do you enjoy getting your hands dirty?  Or maybe you care about the San Mateo Coastal environment in which you live and have been looking for a way to get involved!  Well, thanks to Pacifica Gardens; there’s a way to do both!  Part of the joy we find in living on the San Mateo Coast is the involvement of the community with its’ surroundings.  There’s a great sense of being a part of something bigger and wanting to make each city along the coast, a beautiful place to call home.

Pacifica Gardens is an urban agricultural project spanning 30,000 square feet located on an abandoned soccer field at Linda Mar High School in Pacifica.  This project of Pacifica’s Environmental Family, is a non-profit organization with a goal to “increase environmental awareness in the community and in the schools” with a mission of: Educate, Cultivate and Inspire.  There always seems to be something new and exciting taking place at the gardens from workshops to new plants or volunteer opportunities.  Current projects that are taking place are culinary and medicinal herbs, biointensive food gardens, native plants, food donation programs, adult composting workshops and much more!

This outstanding community organization exists because of the help from volunteers and local supporters!  Each Saturday, volunteers are welcome to drop by the gardens to help out!  You can stay all day or just help out for an hour, with any volunteer work being greatly appreciated.  There are opportunities to serve the community on a regular basis by being a part of one of the watering teams or the building team, there are also crews who enjoy native plants, harvesting, planting or picking.  There are a number of ways to get involved!

The next Composting Workshop will be Sunday, September 12 from 2-4pm and is free to attend! Check out the Pacifica Gardens website for more information.  The Pacifica community is a town in which the environment and personal growth are of upmost importance and it spills out into everything the residents do!  If being a part of this great area is something you’re looking into; let us know!  We’d be happy to show you around Pacifica and answer any questions you may have regarding Pacifica Real Estate.  Let us help you find your dream home in Pacifica!

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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7 Tips to Save Your Sanity During the Loan Application Process!

You may have experienced some level of stress in buying your San Mateo Coastal home due to the very rigorous rules and regulations in the loan process. Or you may be looking into the San Mateo Coastal real estate market and are uneasy about applying for a loan because you don’t quite know where to start! New regulations on loans are sometimes confusing and the process can easily become frustrating, but there’s hope!  Andy Block a Loan and Personal Finance Advisor has come up with 7 Tips to Save Your Sanity during the loan approval process. We’ve listed them for you below!

1. Be expedient and thorough- When initiating a loan, and throughout the loan process, it is imperative to provide complete documentation to your Mortgage Advisor as quickly as possible. For instance, if all pages of the bank statement are requested, it really means all pages. While you and I might not think it’s necessary to include the reconciliation page of the statement, the lenders do. And, when they receive only five of the six pages of said bank statement, the loan process can become inefficient and stalled.

2. Keep detailed financial records- If it is necessary to transfer funds from one account to another or to sell stock for a down payment, keep a detailed paper trail of all transactions, deposits and liquidations. Lenders will request it.

3. Spill the details- Be sure to notify your Mortgage Advisor of any changes to the purchase transaction. Unidentified last minute changes, such as escrow holdbacks, seller credits or termite work can wreak havoc with closing dates.

4. Keep your day job- Lenders always contact your employer just before the loan funds. If you have left that company (quit, moved to a new company or retired), the lender will stop the loan from funding and recording.

5. Know the facts- If you are in the process of divorcing, most lenders will not approve or fund a mortgage loan until the final decree (settlement terms) is recorded.

6. Safeguard your social security number- Talk to your Mortgage Advisor before making any significant credit or purchase decisions. Lenders rely on using credit scores to assist in mortgage credit decisions. Incurring new debt during the loan process increases your debt-to-income ratio and could reduce the amount you can borrow. Each credit inquiry – whether you ultimately make a purchase or not lowers your credit score. The same holds true for pre-approved credit card offers that you receive in the mail; responding to them will result in a credit check.

7. Be available- Be sure to leave a contact phone number with your Mortgage Advisor if you are traveling for business or on vacation. Until all the loan approval conditions are met, you may be required to provide additional documentation or information.

We understand that buying a home is a huge investment! The paper work, hoops to jump through and getting everything you need in order can be a lot to handle. Using these seven tips will help cut down on the stress and will help streamline the process. If you are looking to buy a home on the San Mateo Coast, we can help! We’ve had years of experience and would love to help you find the home of your dreams! There are many great homes in the San Mateo Coastal Area from which to choose. Contact us and we’ll be happy to answer your questions and give you a tour of the homes in the area!

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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Discover the Best Way to Learn More About the San Mateo Coast!

Have you been interested in learning more about the San Mateo Coastal area but would like to do so in an interactive and interesting way?  Perhaps you’re looking to buy a home in the San Mateo Coastal area or just want to get a better sense of the town in which you currently reside.  Either way, there’s a fun way to get to know a few of our favorite cities this weekend!

Walking Tours are often conducted in the cities along the coast and allow people to walk through the city while hearing about the history and all that’s currently going on in the area!  Not only do you get to enjoy being outdoors, but you’ll get a better sense of each coastal city.  There are a few taking place this weekend that we encourage you to check out!

San Mateo Walking Tour
Saturday, August 14 at 2pm
Call 650-299-0104 for more information

Tour historic downtown San Mateo with expert Dr. Al Acena.  You’ll learn about the rich history and character behind this charming city while walking through the quaint streets of downtown.

El Granada Walking Tour
Sunday, August 15 at 2pm
Tour begins at the old Ocean Shore Railroad Station
10151 Cabrillo Highway
Call 650-726-4416

The tour will begin with a short introduction of the landscape architect Daniel Burnham.  His Burnham Plan Map will start the tour.  “Reaches the Beaches” was the advertising slogan of the old Ocean Shore Railroad and includes some of the arc shaped streets of El Granada.  This walk will pass a some of the older craftsman style homes, the former Granada Hotel, the tree-lined boulevards and beautiful views of the ocean- you won’t want to miss it!

If, however, you know all about these great cities and are looking for something else to do, we have a few other options up our sleeves!  We know it’s a little foggy and cooler along the coast, so taking a trip to a nearby farm or getting in on a few local classes that are offered may be just the thing you’re looking for!  Here are a few of our favorite options:

Harley Farms
205 North Street, Pescadero
harleyfarms.com

This local goat and dairy farm is great for kids and adults alike!  Tour the farm and meet the Harley goats that are responsible to the cheeses and products sold in the farms’ shop! Visitors take a two-hour, hands-on tour, following the milk from goat to dairy, from curd to cheese. Bring farm-ready footwear and an appetite for cheese!  Check out their website for more information- spots for the tours fill up quickly!

Half Moon Bay Recreational Department
Ted Adcock Community Center
535 Kelly Avenue, Half Moon Bay
hmbcity.com

The Half Moon Bay Recreation Department is just finishing up its summer session of classes at the end of this month, but there is still a chance to get in on some of the fun!  From sailing to photography and from painting to soccer, there are a wide variety of classes offered that are sure to fit your interests!  The fall class lineup should be coming out soon, but if you’re looking for something to do now, check out the online guide!  There are so many to choose from, we can’t list them all out here, but wanted to let you know that Half Moon Bay has so much to offer for residents and even visitors!

Open Ocean Surfing
openoceansurfing.com
For More Information about camps call David Alexander at Open Ocean: (650) 867-0315

Week long surfing camps are held throughout the summer on Half Moon Bay’s beaches and there are still a few weeks left in August to join in on riding the waves!  Each camp runs Monday-Friday from 10am to 2pm and is open to all ages! The camps will give you plenty of time to learn the basics, while emphasizing the importance of Ocean Safety and Surfing Etiquette in a safe,  fun and friendly environment!  Surf Boards and boogie boards are supplied, while wetsuits are available to rent at local surf shops. Each camp session concludes on Friday afternoons with a Barbecue Lunch for all campers!!

We hope you take advantage of these “green” ways to enjoy the sites and sounds, along with the history of the San Mateo Coastal cities on the walking tours!  Or that you’re able to enjoy the other opportunities to visit local farms or even take a few classes or surfing lessons in Half Moon Bay!  If you are hoping to find a home in any of these great areas; please let us know!  We love helping buyers find the home of their dreams that matches their style and needs.  If we can help you in any way- please let us know!

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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Shots of Devil’s Slide Tunnel Progress

Unbelievable shots of the portals being created at the Pacifica entry for the new Devil’s Tunnel. The work is fascinating.

Update on the Devil’s Slide Tunnel Project

As your guide to all things local in the San Mateo Coastal area, we want to bring you the latest updates on things that affect you!  We’re not just interested in the San Mateo Real Estate market, but love being involved in the great communities in the area.  Recently, the Half Moon Bay Review posted an update about the ongoing Devil’s Slide project and we wanted to share it with all of you!

Devil’s Slide crews dig for home

Walk through $342 million project with tunnel veteran

By Lily Bixler

With an over-exaggerated rounding of his headlamp, a tunnel worker deep inside the belly of the Devil’s Slide excavation signals right of way to an approaching big rig. Once the worker stops the circular motion, the sticker on his helmet comes into focus: “I love explosives.”

Around 35 tunnels into his career, Caltrans safety consultant Tom LeRoux has a resume “10 pages thick” and says, at this point, his olfactory senses can distinguish tunnels. Some smell like sewage because of the hydrogen sulfate; others take on the odor of dynamite. And the 4,200-foot twin tunnels that evade Devil’s Slide by burrowing through Montara Mountain?

According to LeRoux, this tunnel project “smells like money.”

In total, the northbound and southbound individual bores, a set of bridges and an operations center cost $342 million, which is pretty average when compared to similar tunnels like the $420 million Caldecott fourth bore being built to connect Oakland and Contra Costa County. But this one is unique because it’s the first such tunnel in California since 1964.

Storms in 2005 and 2006 washed out Devil’s Slide on Highway 1, and months of road closure took a toll on tourism on the Coastside. The storms also took the wind out of many commuters who were forced to take a circuitous route to points beyond the coast.

A tunnel project to bypass that dangerous slice of the coast broke ground in November 2007 and is now more than 90 percent of the way finished. In late October workers expect their carbide steel head drill to break through to the northern end. The tunnel should be open for drivers by late 2011 or early 2012. Tunnel engineers expect the tunnel will have a 75-year design life before needing major repairs.    Read more….

If you have any questions about this project or about the San Mateo Coastal area Real Estate market; let us know!

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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Montara Mountain Hike from Pacifica Starting at the Higgins-Adobe Rd. Trailhead

You must see the Spring flowers in bloom on Montara Mountain.  Yes, it is the end of July, but Spring came late.  The trail starting up to the Saddle from the Adobe trailhead is filled with magenta sweet peas.  Don’t know who put them there and how long ago that was, but they are lovely mixed with the wildflowers.


About 100 yards from the top of the Saddle we found a path off to the left.  We decided to take it.  Another adventure that took us down a newly cut dirt path that went rapidly downhill.  Thank goodness we had our trekking poles and didn’t have to slide down the dozen step embankments on our butts.  Just when we wondered where we would come out and how far away this would be from the trailhead, we noticed familiar vegetation.  We found ourselves walking parallel to the trail and came out just before the one and only bench.  We had noticed a little path on our way up and this turned out to be it.  Hooray!  We were less than 10 minutes from our car.  A wonderful adventure and shortcut that we will take again.  However, with the very steep downhill switchbacks, we won’t be trying this in the opposite direction on our way up.

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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Price Reduced! Spacious Rancher Amist Garden Views in El Granada!

807 Francisco, El Granada, CA 94018

Experience the serenity and privacy of this home nestled in between beautifully landscaped gardens. This nearly 2,000 square foot, four bedroom, two bathroom rancher is located on a corner lot in the coastal sunbelt and seems to have it all!

Entering the home, you will notice the spacious and open floor plan which lends to the overall appeal. The great room boasts cathedral ceilings, celestory windows, hardwood maple flooring and skylights that allow natural lighting to come streaming throughout. Great for entertaining, this open concept allows for guests to relax in the living area or share conversations from the breakfast bar area as meals are prepared.

Highlighted by an abundance of maple cabinets, unique tile backsplash, stainless steel appliances and a gas stove, the kitchen is truly a chef’s paradise. The large center island is a great focal point in this space with its beautiful arched granite. Meals are conveniently served in the dining area which is open to the kitchen and provides scenic views to the outdoors. The hardwood maple flooring flows into the nicely sized den which is located just off the great room. Ideal for enjoying a book or working from home, this room has vaulted ceilings and a comfortable atmosphere.

After a long day, relax in the master bedroom suite which boasts gorgeous, decorative crown molding, cathedral ceiling, calming neutral decor and glass sliding doors that grant access to the patio. The spa-inspired master bathroom is truly a retreat with an oversized soaking tub and dual sinks surrounded by granite countertops. This home has three additional bedrooms ensuring there is enough room for everyone! A laundry room with oak cabinetry and built in shelving is an added bonus!

Outside you will find the opportunity to entertain guests a breeze with the large stone patio and plenty of room for all. Seemingly hidden from the world, this outdoor living space features native plants which are drought tolerant making maintenance a small task. This home is also ideally located one block from Quarry Park which has trails and a playground, as well as being close to the beach and coastal trail. This home truly does have it all- come see it today!

Asking Price: $739,000
MLS: 81025524
Sq. Feet: 1,980
Lot Size: 6,480 Sq. Ft.
Bedrooms: 4
Bathrooms: 2
# of Floors: 1
Garage Size: 2 Car Attached
Year Built: 2001

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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A Message from Our President, Rick Turley and Your Questions Answered!

A Message from Rick Turley

Trying to read the tea leaves in this economic recovery is not easy. We’ve come a long way from the depths of the recession early last year, but after a sharp bounce-back over the past year, the housing sector and other segments of the economy seem to now be lurching forward in fits and starts. One day we’re encouraged by economic and housing reports, and the next day scratching our heads over disappointing numbers.

A few examples this past week alone:

•         Existing-home sales nationwide fell 5.1 percent in June, but remained nearly 10 percent higher than they were last June, according to the National Association of Realtors. Lawrence Yun, NAR chief economist, said the market shows “uncharacteristic yet understandable swings” as buyers responded to the end of the federal tax credit.
•         Closer to home, sales of new and resold homes and condos in the Bay Area inched up 1.3 percent in June from May but fell short of a year ago – down 3.1 percent, according to MDA DataQuick, the La Jolla-based real estate research firm. The median sale price was still 16.5 percent higher than last year, thanks largely to fewer foreclosures re-selling and more high-end activity.
•         The mid- and upper-end of the local housing market finally appears to be gaining some momentum. Million-dollar home sales in Silicon Valley, San Francisco and even Lake Tahoe last month surged to their highest level in about two years, according to Coldwell Banker Residential Brokerage’s monthly luxury housing report.

So what to make of all this? First of all, such roller coaster recoveries are not unexpected. Historically, we’ve seen sharp rebounds initially after a recession ends and then slower growth a year or two into the recovery. We’d love to have a strong v-shaped recovery, but that often doesn’t happen.

Additionally, the softening of the housing market nationwide and in the Bay Area was not surprising with the expiration of the federal tax credit.  Economists believed that many buyers and sellers pushed their transactions through quickly to meet the deadline, perhaps taking away sales that would have otherwise occurred during subsequent months.

John Walsh, MDA DataQuick’s president, said, “The next few months should be very interesting: We’re about to see how well the housing market can fly on its own. The tax credits no doubt stole some demand from the rest of this year, and soon we’ll have a better sense of just how much.”

Here in the Bay Area, we’ve seen slow but steady improvement from last year’s recessionary depths. While it will undoubtedly take the housing market some time to return to normalcy, it appears we’re continuing to move in the right direction. The question now is whether that growth will continue, and how fast.

The headwinds created by high unemployment and muted economic growth will remain challenging for the housing market. But the market is also being pushed along by strong tailwinds – attractive housing prices, historically low mortgage rates, recovering financial markets and improving stock portfolios of buyers. Only time will tell how it all plays out.

Rick Turley
President, San Francisco Bay Area
Coldwell Banker Residential Brokerage
tel 415.437.4505
rturley@cbnorcal.com

Your Questions Answered

We were recently asked from a homeowner how to get out from under their current home without having cash to buy a better place. Of course, a buyer would need 5% or more in cash to put down, but we thought this snippet from the Wall Street Journal answered the question well.

Doubling Down on Housing by M.P. McQUeen-  Some intrepid homeowners are intentionally taking a loss on their current house—and writing a big check to retire their old mortgage—in order to buy twice the home for not much more money. Others, eschewing conventional personal-finance advice, are even opting for “cash-in” refinancings, paying thousands of dollars out of pocket to settle old loans—and then taking out new mortgages with lower payments, shorter durations or both.

Katie Everett, a real-estate broker in Denver, says none of her clients kicked in cash when selling their homes last year. This year, “about half are willing to bring money to closing, anywhere from $5,000 to $45,000,” she says.

Are these people crazy to be tying up even more of their cash in their homes, in effect doubling down on what has been a losing bet thus far? After all, any number of variables, from the employment picture to the credit markets, could weigh on housing for years to come.

Yet economists say trading up to new homes or refinancing existing ones can be smart—even if it means plunking down more cash to get out of old mortgages. People living in less-desirable neighborhoods might be able to find better homes in tonier ones that offer better appreciation potential. And with mortgage rates so low, such buyers can keep their monthly payments manageable, even though the new homes are more expensive.  View the full Wall Street Journal article.

To sum up, it seems this market is trying to stabilize although it seems new processes and ideas for staying afloat are being brought to the surface weekly.  If you have questions about the San Mateo Coastal Real Estate market; we’d love to help!  Navigating the market right now can seem overwhelming, but our goal is to help you each step of the way!  Let us know how we can help you or if you’re interested in buying a home in the San Mateo area! We look forward to hearing from you!

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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San Mateo Coast- A Beautiful Day in the Neighborhood!

Buying a home in the San Mateo Coastal area can be an exciting time!  With so many great homes in Half Moon Bay, Pacifica, El Granada, Montara or Moss Beach- it may be hard to choose which is right for you!  There are many things within the home to look for when buying.  You want to make sure that, even if it’s a great deal, that the home is in good shape and that it fits your needs and lifestyle.   So, you may have found your dream San Mateo area home, but have you considered it’s surroundings?

Oftentimes homebuyers don’t place as much emphasis on the neighborhood that a home is in, and this is something of which to be very cautious.  You may know the basic things to look for when trying to choose a safe neighborhood, but there are a few less obvious things that you want to be on the lookout for when choosing your new home.

Multiple-Use Areas-  Sure, it’s great to have a park close by, but is the park secluded or surrounded by a lot of trees?  Would you feel okay with sending your kids to the park if it’s not visible by others?  Look for places that have multiple-use areas such as a park next to the post office or coffee shop.  Below are a list of great park districts in the San Mateo Coastal area!

With parks, beaches and trails to explore; these area parks have much to offer!  Visit the links below to get more information on the parks in your area!

- Pacifica Parks

- Half Moon Bay Parks

- El Granada Parks

- San Mateo Parks

Well Maintained Land and Buildings- Homeowners or business owners that take pride in keeping up buildings and area land are sending out a non-verbal that the area is cared for and is being watched.  Crime is far less prevalent in well maintained areas.

Unobstructed Lines of Sight- Make sure homes in the area are not hidden by tall shrubs and multiple trees.  Places people play or walk should be visible- it’s a way of having an unofficial neighborhood watch in place.

Neighborhood Nightlights
- Do the neighbors keep porch lights or driveway lights on at night?  This is a great way to detour nighttime theft and break-ins.

Active Streets- When perusing the neighborhood, do you notice people out and about?  If you see that others feel safe with walking around the area by themselves or even allowing their children to play outside, it’s a good indicator that it’s a safe and trustworthy neighborhood.  ( Need some ideas for activities for your kids?  Check out these creative ideas near Montara!)

Real House Fronts- It may seem obvious that all homes have house fronts, but not really.  There are those homes that are mostly garage or driveway space in the front.  If most of the homes in the neighborhood are like this, it means that most of the activity takes place in backyards and the street goes unwatched.

It’s reassuring to know that there are many great neighborhoods in the San Mateo Coastal area! Here area some quick links to an overview of our favorite neighborhoods!

- El Granada

- Pacifica

- Montara

- Half Moon Bay

- Moss Beach

If you have further questions about the area neighborhoods or want to find one of the homes along the San Mateo Coast that best suits you- let us know!  We’d love to answer your questions and show you around!  Hope to hear from you soon!

Kathy & Michael Rain
Your San Mateo Coastal Real Estate Experts

San Mateo Coastal Real Estate
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