May 2012 - Just San Ramon Homes

Evaluating The Impact of Short Sales and Foreclosures on The San Ramon Valley

For the past few years our local real estate market has been dominated by the financial crisis that caused a melt-down in real estate values across the country. Like everywhere else, the result was a seemingly never-ending string of short sales and bank owned homes for sale (REOs) that had been foreclosed. Historically this has tended to hold prices down so the big question on everybody’s lips was “When will it all end?”

The latest indication based on the chart shown here is that the end is in sight. Inventory is at record lows (less than a 2 month supply in most areas). It is significant that Short Sales and REOs are also way down (as a percentage of the active listings). In fact, with the exception of Walnut Creek and perhaps surprisingly, Alamo and Danville, all of our cities are down to single digit numbers of distressed properties.

And look at the number of Sales Agreed compared to the number of homes available. This gives us the number of months inventory available and it is certainly not a lot. Homes really are selling fast in the San Ramon Valley and Lamorinda.

If you still have doubts as to where the market stands now, ask any real estate agent. They all say that everything is selling like crazy, there is no inventory and multiple offers are becoming the norm. Many have a familiar lament (one that was common back in 2006) … “I’ve written 10 offers for this buyer and we keep getting beat out by offers well over list price”.

So how does this affect you as a potential buyer or a seller? If you are a seller you must realize that now is an opportune time to list your home for sale and realize a price higher than in years. It still needs to be prepared for sale and professionally marketed for sale but the return should be worth the effort.

As a buyer, you should see that we probably have “hit bottom” (in fact we may well be viewing the bottom from the other side on the way back up now). And as has always been the case, you need to be lender approved before you write any offers. One point you really have to bear in mind is that the List Price will probably only be a “starting place” in many cases. Most desirable homes that are being listed for sale now are getting multiple offers within days and sale prices are getting agreed above list price.

I recently listed a pleasant, but unexceptional home for sale in San Ramon. The kitchen was updated and it was well-maintained and I listed it at the price I thought it was worth as was supported by comparable recent sales. We held an Open House the first weekend after listing and had around 50 groups through – more than any Open House I have held in the last 10 years! 3 offers were received virtually immediately and we agreed a sale a little over list price on exactly the terms my sellers wanted. This is not an unusual situation now and it shows exactly where the market is.

Restaurant Review – La Finestra, 2065 San Ramon Valley Blvd., San Ramon

La Finestra is an established restaurant in Lafayette and when Incontro closed its doors in San Ramon to relocate to Danville, they took advantage of the opportunity to open a second location in premises that Incontro had updated with style and taste. Now it was time to see how it compared to Incontro.

When Incontro opened here a few years ago, they took a big risk. This location seemed to have the kiss of death for restaurateurs. But Incontro changed all that and subsequently moved to a prime location in Danville.

La Finestra is a different kind of restaurant to Incontro though. Yes, it is Italian, but with a strong Sicilian influence so the menu is quite different. Sylvia and I had previously eaten at their Lafayette restaurant and enjoyed it, although we did not think it was exceptional. And the premises are more traditional in Lafayette.

The San Ramon location is much more modern with a striking exterior, stylish dining room with warm colors, wood paneling and a small bar area and generally a very appealing ambiance.

The menu has a lot of choice in all courses and fish and seafood in particular, are well represented. We decided to pass on the appetizers so as to leave room for dessert (always a good test for an Italian restaurant) although we did take advantage of the complimentary warm focaccia bread with an olive oil and balsamic vinegar based dipping sauce. Very fresh and full of flavor.

For an entrée, Sylvia chose the Chicken Breast Stuffed with Pancetta, Sage and Provolone Cheese in a Chianti Wine Sauce, a generous portion and not too heavy on the red wine. She pronounced it to be excellent. I had the “Gamberoni alla Diavola” – Jumbo Prawns Sautéed with Roasted Red and Yellow Bell Peppers and Onion in a Spicy Garlic Tomato Sauce. This was absolutely delicious. The sauce was reminiscent of a ratatouille although a little more subtle in flavor. Both dishes were accompanied by Rosemary Roasted Potatoes, Pine nuts, Raisins and Sautéed Garlic Vegetables. The pine nuts and raisins are definitely a Sicilian touch. Everything was really tasty and cooked to perfection. We accompanied our meal with a bottle of Acacia Carneros Chardonnay that we had brought with us. They charge a reasonable $15 corkage fee and unless you like Italian wines, which dominate the wine list, you may want to follow our example.

Our waiter suggested the semifreddo as a dessert and we were very happy that we took his recommendation. A generous portion of coffee ice cream set on a zabaglione cream custard and topped with a paper thin waffle. They take their desserts seriously at La Finestra.

We enjoyed our visit here very much and I was surprised to read other reviews of La Finestra on Yelp.com that are not so favorable but I suspect that they may have been written shortly after their opening, while they were sorting out some teething problems. Certainly, we have nothing but good to say about this restaurant and we will definitely be back. You can read more about them, see lots of photos and check out the menu on their website at www.lafinestraristorante.com.