September 2007

The Montclair: New Condos in The Montclair District

Thursday, September 27th, 2007 at 10:00pm. 29356 Views, 0 Comments.

New Condos at "The Montclair"

The Montclair is a condo development in the Montclair district which has been long anticipated. The development is unique, because Montlcair is not a section of town known for having many condos.

The project is a conversion of a mid-century apartment building which has been turned in to 20 units consisting of studios, and one and two bedroom condos.  Pricing ranges from the mid $200k-$500k's, and square footage ranges from 555-783 square feet. The units have high end appliances and finishes, and also feature some tech goodies like built-in Ipod docking stations.

The developer-Caldecott Properties has announced that they are having a Grand Opening Sep 29th and 30th from 11-4pm.

NOTE: It is true that you do not…

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Sellers Can Offer Interest Rate-Buydown To Help Sell

Monday, September 24th, 2007 at 5:37pm. 663 Views, 0 Comments.

You may be aware of the fact that you can buy down the interest rate from the lender, but did you know that it is possible for the seller to pay for the buyers interest rate buydown as well?

When the seller isn't willing to reduce the price, sometimes they may be willing to buy the interest rate down in order to allow the buyer to be able to qualify. So instead of the seller reducing the price, they offer to pay down a point or two on the buyers interest rate, therefore allowing them to be able to afford a bigger payment. Most times, this buy-down will cost the seller less overall than if they were to simply reduce the price by the amount needed for th buyer to be able to purchase.

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Interest Rate Cut Today

Tuesday, September 18th, 2007 at 2:57pm. 552 Views, 0 Comments.

Good news! Today the chairman of the Federal Reserve cut the short term federal fund rate by half a point. This was a steeper cut than many analysts had predicted. Hopefully, this will trickle down to the home mortgage market and make it easier to buy a home. As we all know, lower interest rates mean lower monthly payments, which is especially critical for those who have adjustable rate loans that are due to reset next month.

With the Bay Area's high price ranges, lower interest rates would mean that individuals and families could afford more house for the same money. This could help stimulate the market and move some of the inventory of homes that we currently have. For some, it could mean the difference between being able buy or not.

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