Contra Costa, California Real Estate

Real estate market report for detached homes in Lafayette, California

Active Listings

Number of Active Listings = 100, of which 6 are short sales and 2 are bank-owned
The highest list price is $5,800,000
The average list price is $1,463,962 and the median* list price is $1,142,500
The lowest list price is $498,000

In Contract and Pending

There are 47 homes in contract and pending, of which 4 are short-sales and 2 are bank-owned.  The sold price is not disclosed until the transactions close.

Closed Lafayette home sales for the recent month (3/12/2010 - 4/12/2010):

Number of closed sales = 16
The highest closed price is $2,950,000
The average closed price is $1,145,107 and the median* closed price is $907,500
The lowest closed price is $690,715

Lafayette real estate by quartile:

The top 25% (first quartile) averages of 4272 s.f., 5 bedrooms, 4.5 baths and a 1.0 - 2.5 acre lot with a median price of $2,294,500.

The second 25% (second quartile) averages 3267 s.f., 4 bedrooms, 3 baths and a .50 - 1.0 acre lot with a median price of $1,299,000.

The third 25% (third quartile) averages 2225 s.f., 4 bedrooms, 2 baths and a .50 - 1.0 acre lot with a median price of $995,000.

The fourth 25% (fourth quartile) averages 1629 s.f., 3 bedrooms, 2 baths and a .25 - .50 acre lot with a median price of $725,000.

*Median price is the mid-point of the market where half of the homes are above this point and half are below.

For additional details, please visit my interactive real estate trend chart for Lafayette, California.

My blog titled "Silent Suffering in the Luxury Markets" generated phone calls that brought some important luxury market misconceptions to light. 

Misconception number 1:  I am the only one in my community struggling with changes in my financial circumstances.

I discussed this very point in the above referenced blog.  This is a group homeowners that, for the most part, are highly educated, upwardly mobile, have never suffered a difficult financial setback, believe they are alone in the struggle and need to hear from my voice to their ears that they are NOT alone. 

Misconception number 2:  Loan modifications and other options to foreclosure are only available to low income homeowners.

There are no income limits for loan modifications.  The criteria for consideration is a valid financial hardship that is making it difficult to meet the mortgage payment. 

Misconception number 3:  A Realtor will always tell me that selling my home is the best option because they want a commission.

I am not in a position to speak for the industry as a whole, but I am one of a group of dedicated Realtors who seek first to help you stay in your home.  If that isn't a viable option, I then help you review all of the options to foreclosure and provide documentation and checklists for you to take to your attorney and tax accountant for their professional opinions.  Only then, and only if a short sale is your best option, will I list your home for sale.

Real Estate Market Report for Lafayette, California.

Active Listings

Number of Active Listings = 72, of which 6 are either short-sales or bank-owned property

The Highest Active list price is $5,800,000

The Average Active List Price is $1,617,583 with a Median* Active List Price of $1,282,500

The Lowest Active List Price is $498,000

In Contract and Pending

Number of sales pending = 28, of which 7 are either short-sales or bank-owned

The Highest Pending List Price is $3,295,000

The Average Pending List Price is $1,059,528 with a Median* Pending List Price of $804,500  

The Lowest Pending List Price is $475,000

Note:  Actual sold prices are not disclosed until the transactions are closed.


This week's market activity by Quartile:

Closed Lafayette home sales for the month of February, 2010

Number of closed sales = 11, of which 3 were short-sales or bank-owned

The Highest Closed Price is $2,750,000

The Average Closed Price is $1,207,611 with a Median* Closed Price of $699,000

The Lowest Closed Price is $549,000

* The Median is the mid-point of the market where 50% of the transactions are above and 50% are below this point.

For additional details, please visit my interactive real estate trend chart for Lafayette, California.

I received two phone calls this week that made me realize there is silent suffering in the luxury markets. 

These two phone calls were received from homeowners who live in Lafayette, California which is a high-end market with a current median price of $1,222,500 and many homes priced in excess of $3 million.  Both of these homeowners purchased their homes with more than 20% down and verified their income and assets to obtain their mortgages. 

Both were referred to me to discuss the Loan Modification and Short-Sale process because they are facing adjustments to their interest-only mortgages and they cannot afford the adjusted payment. Neither can refinance due to declines in market value. Both have had significant reductions in their incomes and both believe they are the only household in the entire community facing difficulties with their mortgage.

The truth is that there are currently 74 homes listed for sale in Lafayette of which only three are short-sales.  In the same market, there are currently 36 Notice of Defaults (the first step in the foreclosure process) and 26 Notice of Trustee Sales (setting the date the home will be foreclosed upon in a Trustee Sale).  In short, there are 62 households in this community who are silently suffering and could lose their homes to foreclosure.

Why are they silently suffering?  This is a community of highly educated, upwardly mobile and generally very successful people who have never had to reach out for help.  They don't know who to call and they don't realize they may have a legitimate hardship for a loan modification or a short-sale.  So they work harder and cut back on expenses in hopes that will solve the problem.  For 62 households, that hasn't been enough. 

Sadly, because they haven't reached out for professional advice, very few are prepared for the credit and income tax ramifications of a foreclosure. 

You are the most important source of information to create an effective marketing campaign that will help get home buyers excited about buying your home. 

Between 87% and 94% of home buyers start their home search on the internet and proceed to view the homes that meet their needs and capture their interest. 

You want buyers to pick your home above all others so your visual tour should include photos of your home and yard as well as the neighborhood and community in which it is located.   The perfect time to start writing notes is while you are preparing your home for sale.

Print this page and use it as an outline for your notes but don’t limit yourself to these questions and topics.

Why did you decide to buy this home yourself? 
(Schools? Location? Views? Privacy?)

What would you tell a buyer to make them want your home more than any other?

What features of your home might a buyer overlook (or not appreciate) if they viewed them quickly? 
(Custom French doors? 3/4 inch hardwood floors? A hidden storage alcove?)

What things about the neighborhood and community have you enjoyed the most? 

(Parks and recreation? Neighborhood off-leash dog park? Location to shopping and restaurants? Access to public transportation?)

What upgrades and improvements have you completed since you purchased the home?  Are they under warranty?
(New roof?  New heat or air-conditioning?)

Smart Selling is a series of articles to help you get educated and prepared to sell your home fast for the highest possible price.  Other topics include:

Understanding Fair Market Value and List Price

Should You Update Your Home to Sell?

Alain Pinel Realtors introduces the first Open House Guide for all San Francisco, Bay Area Open Homes.

Do you want a single website to find the Open Homes in the northern California cities of Alamo, Blackhawk, Clayton, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill or Walnut Creek?  Look no further!  Alain Pinel Realtors introduces open.apr.com, the first Open House Guide for all San Francisco, Bay Area Open Houses - even those listed by other companies.

This site includes all of the scheduled Open Houses that are posted on the Multiple Listing Service as well as Alain Pinel Realtors' exclusive listings and offers the added advantage of community information and maps. If you want to buy a home in Contra Costa County, California, introduces this is "one-stop-shopping" to plan your Open House visits!

In California, every home buyer receives a Natural Hazards Disclosure Statement and they carefully check if the home is in a Flood Hazard Area, a Dam Inundation Area, a Fire Hazard Area, an Alquist-Priolo Fault Zone or a Geological Hazard Area (landslides) because they could have a significant impact on the homeowner's insurance expense.  Less carefully reviewed are the Supplemental Disclosures.

What if the home is located in a Habitat Sensitivity Area? 

Does it really matter if the property has the Salt Marsh Harvest Mouse or......... 

the California Tiger Salamander or . . . . .

the Red-Legged Frog? 

After all, you can be environmentally sensitive and keep an eye out for the little critters while moving your lawn.  Nope, not good enough!  If the property is in a Habitat Sensitivity Area, you could have restrictions on the improvements you are allowed to make to the home or landscape in order to protect the Habitat.  Any changes may require an Environmental Impact Statement (expensive, ouch!) or the scope of your improvements could be restricted.

The Natural Hazard Disclosure Statement only specifies that the property is IN a Habitat Sensitivity Area but doesn't specify the potential property restrictions.  If your home purchase is in such an area, it is important to contact the Department of Fish and Game and the local Planning Commission to determine the impact, if any, on your intended use and plans for the home.