The Pleasanton City Council approved the contentious Oak Grove project East of Kottinger Ranch Tuesday night. The project, which will feature 51 custom lots, and ultimately custom homes from 6000 to 12,000 sq ft in the hills above Kottinger Ranch. The city gets almost 500 acres of open space, along with $1 million in traffic mitigation fees, and a new fire truck. There has been strong opposition to the development from Kottinger Ranch home owners, as well as some in the upper Vintage Hills area. The main source of concern has been the increase in traffic due to the fact that the Oak Grove site can only be accessed through the Kottinger Ranch subdivision. The other main concern is the visibility of the large homes on the ridge tops.

The project has taken over 15 years to get approved. It was approved by the city council in the early 1990’s, but subsequently defeated in a voter referendum.

The lots will irregular, and range from 3/4 acre to 2+ acres. Many will feature sweeping views of the South East hills and canyons. Pricing will likely be $1.5 million and up when the project comes to market down the road. The developers, the Lin family, will likely need approvals from additional agencies, and the infrastructure will need to be built before they come to market with the lots. All custom homes will include an emphasis on “building green” as to minimize the impact on the natural surroundings. Here is a map of the new development. (click on map to enlarge)

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Interesting day for the financial markets, and the Plesanton and Tri-Valley real estate markets. The Dow Jones Industrial Average climbed above 14,000 today as the stock market rallied to a record high. According to Bloomberg.com:

…investors speculated the worst may be over for banks and construction companies hurt by subprime mortgage losses

Lennar Corp. and D.R. Horton Inc., the two biggest U.S. homebuilders, advanced after Citigroup Inc. said the industry’s 50 percent decline this year has made the stocks attractive. Citigroup led financial shares higher after the largest U.S. bank said it expects “a normal earnings environment” in the fourth quarter and former Federal Reserve Chairman Alan Greenspan said the credit slump may be ending.

Meanwhile, a manufacturing report released today indicated that the economy is slowing, perhaps paving the way for further rate cuts by the Fed. This could be good news for Mortgage rates, as a slower economy generally means lower rates.

So let’s review: Booming stock market, builder stocks rising, perhaps lower mortgage rates ahead, over 2 years of price declines/softness in the Pleasanton and Tri-Valley real estate markets, and abundant inventory, including some prime properties that under normal conditions would command strong interest and perhaps even multiple offers. Sounds like a great time to buy, or even better, trade up into the home you have always wanted.

Opportunity is knocking… can you hear it?

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The numbers are in for the Pleasanton CA real estate market in September, and yes sales were down for the month as compared with last month. It continued the downward trend in pending sales since June, which had 67 pending sales. September ended at 36 pending sales for the month. Inventory also edged down, ending the month at 207 available single family homes, down from 220 at the end of August. Both of these trends can be considered seasonal, although the recent downward pressure on interest rates will hopefully spur more sales activity. Certainly, inventory has remained stable in Pleasanton, which has kept our market from the drastic price deterioration that many parts of the central valley have experienced. (click on graph to enlarge)

The low end market in Pleasanton CA showed both a small decline in inventory and sales activity. September ended with 28 pending sales, down slightly from 32 at the end of August. Inventory of single family homes ended the month at 101, down from 108 at the end of August. (click on graph to enlarge)

The mid-range market in Pleasanton (between $1 million - $2 million) showed a decline in both pending sales and inventory. Pending sales for the month of September showed 7 sales, down from 11 in August, and 17 in June. Available inventory ended September at 64, down from 70 at the end of August. (click on graph to enlarge)

The luxury home segment in Pleasanton continues to limp along. There was 1 pending sale in September, compared with 1 in August and 5 in June. Inventory was stable, with 42 homes on the market at the end of September, the same as the end of August and close to the 41 available homes at the end of June (click graph to enlarge)

While it is true that sales levels have declined the last 4 months, there is still activity, with many homes selling in 30 days or less. Inventory has remained relatively low, helping to add stability to the Pleasanton market. Look for a spike in Sales in October and November as the combination of lower interest rates and attractive values in the marketplace will combine to get some buyers off the fence. In the scheme of things, Pleasanton is still a can’t miss market, especially when compared to some other areas of California and the nation.

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If you are like me, you know subconsciously that you are getting older, but it is generally not something you think about every day. Days, weeks, months go by, and then one day, perhaps after viewing photos from a family event or some social gathering, you are confronted with undeniable evidence that even Phil Spector’s jury could agree on… you are getting old. And short of quitting your job, spending 7 hours a day at the gym, and getting cosmetic enhancements from your plastic surgeon, there is not a lot you can do about it.

In the world of real estate, the same phenomenon exists with regards to your home’s condition. You buy a new house, make it the way you want it, and enjoy it comfortably day after day. Time marches on. Then a few short years later, when you need to sell your home, you are confronted with reality. Your house, while only 12 or 14 years old, suddenly looks old, tired, and out of date. Many homes between 10 and 20 years old are in what I like to call the “awkward age”, where the home is new enough style-wise to be attractive (vaulted ceilings, open floorplan, large master suite with luxurious oversized bath), but cosmetically starting to show its age with out of date materials and a tired feel to it.

Part of the problem, especially in the Pleasanton CA and Tri Valley real estate markets, is that there is abundant new construction that continues to reflect the changing styles and preferences of home buyers. The effect of this abundance of new homes is that it makes slightly older homes seem much older than they are. Here are some of the characteristics of a typical home in that “awkward age”

* Oak and maple cabinets. Oak cabinets have not been in style for at least a decade. Maple was all the rage 10 to 12 years ago, but it is falling out of favor… fast. If you do have oak or maple cabinets, and they are yellowing with age, it is even more problematic. Right now, medium stained cabinets, antique glazed (painted to look rustic), and natural or stained cherry are popular.

* Ceramic Tile. Tile counters, ceramic tile flooring with dark grout lines, glossy finish, and small individual tile sizes are dated. Granite and stone is in favor for kitchen counters, and large tiles with minimal grout lines are the norm right now for tile flooring.

* Sold oak banisters. Again, it was popular 10 to 20 years ago, but it is definitely out of style now. Consider replacing it, or at the very least painting the spindles white.

* Window coverings. The old, heavy lined draperies for privacy are out. So are metal mini blinds. Wood blinds, plantation shutters, and whispy, light decorative draperies are more up to date.

* Bathrooms. Wall to wall vanities are tired. Free standing vanities with a furniture look are better choices. Cultered marble is tired. Consider granite instead (it is not as expensive as you think), or larger stone or tile. And lose the beveled mirrors over the vanity. Go with framed designer mirrors and up to date light fixtures. Tile flooring in bathroom is always preferable. Make sure they are large (18″ or more) tiles, preferably with a matte finish, or better yet, get stone or travertine marble.

* Brass anything. Brass is out. Brass door hardware, light fixtures, plumbing fixtures, and shower door trim/hardware instantly dates a home. Brushed and oiled nickel is in.

* Off white cut pile carpeting. Nice back then, out of date now. More popular now are textured and sculpted carpeting, as well as longer strand fibers (similar to shag carpeting 25 years ago). And deeper, warmer colors are in.

* Hardwood flooring. Parquet is out, and has been for a while. Narrow plank traditional hardwood flooring is also dated right now. Most popular is wide plank hardwood. If you really want to be in vogue, make it a darker color with a distressed finish.

* Neutral wall colors. It used to be that neutral was in. But that was 10 years ago. Today it is all about color. Deep, rich wall colors, often accented with white trim to create a strong contrast, instantly brings your home into style.

* Skinny baseboard, trim, and moldings. The narrow wood stained baseboard so popular 10 to 15 years ago is now a thing of the past. Taller baseboards and thicker moldings are in vogue now.

* Kitchens. Black or white appliances are yesterday’s ballgame. Stainless steel is what buyers want today. Corian, so popular a few years ago, instantly dates a kitchen today. And the big wood trimmed florescent light fixtures in the kitchen (you know, the ones with the plastic panels) are out. Go with recessed lights, or if you have a island or breakfast bar, smaller hanging fixtures with long shafts are popular.

* Colors. Blues and greys (”cool colors”) are mostly out. Warmer earth tones are in. In terms of exterior colors, a 3 color scheme is in demand. And it is no longer preferable to paint your base exterior color a neutral color. Deeper, bolder colors, much like the interiors of new homes, are very much in vogue for the exterior as well.

* Windows. The old bronze frame aluminum windows, even if dual pane, act to date a home. High quality vinyl windows are more in demand right now.

A good strategy, even if you are not planning on selling, is to tackle one or two of these projects every year. You are bringing your home up to date at a manageable pace, enhancing its value, and getting to enjoy it in the meantime. Then if the day comes where you need to sell, you are not faced with the overwhelming task of updating your home in record time before you put it on the market. If you are not sure where to start, or what to tackle first, give me a call, or consult with an interior designer, or for those on a budget, watch the Home & Garden channel for a few weeks. Or better yet, go visit some new home models and see what brand new homes look like. It is not an accident with builders… they invest tens of thousands of dollars decorating models to reflect what buyers currently favor in terms of style and decor.

The good news is that you can go to Home Depot to make your home look younger. I’m still looking for the store I can go to make myself look younger.

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