Ok – Guilty, guilty, guilty!! I got busy with BUSINESS (a good thing!) and lost my IT guy (I write but he posted and got it out!), so I fell off the BLOG wagon. But I’m back, with new (FABULOUS!!) support, and happy to be waxing RE again with my bi-monthly blog. Thanks for your loyalty. Let me know what you want to hear about – I can babble on RE anytime!! Here is my first “back again” post…..
Twice a year my Broker, RE/MAX Accord, hosts an all company luncheon event at Round Hill Country Club in Alamo for our bi-annual “Economic Forecast” led by Carol Rodini – one of the founding partners of Alain Pinel Realtors, based on the Peninsula. She is long retired, and has been a Real Estate consultant for years; she still visits business’ from coast to coast and tells them what she sees coming in the next half of the year in Residential Real Estate. I looked for a TED Talk, but she hasn’t done one? Really?!? But I did find this: Carole Rodoni Economic Update 07-15-14.
“…our little Tri-Valley area is the best kept secret in the Bay Area”
When Carol spoke with us a few weeks back – she said the words I’ve been dreading to hear for years “2015 is going to be the Year of The East Bay!!” She was confirming what I’ve known for years – that our little Tri-Valley area is the best kept secret in the Bay Area – but that secret is getting out. We have always been sooooo much more affordable than Marin, The City, The Peninsula and Silicon Valley!
When we moved our family to Alamo from San Carlos 20+ years ago – I was STUNNED at how beautiful AND affordable it was in Alamo!! And we could attend the public schools – REALLY? Bigger house, more land, lower price AND 12 years of great public schools?!? Had I died and gone to Real Estate heaven? We had just become so accustomed to crazy RE prices on the Peninsula and sketch schools for the most part, that we didn’t know any better!
Being a good Mid-West girl from Chicago – I told my husband “this is NUTS!!” We can’t put three kids through private school AND expect to pay for their college education too! And then he took a job in Pleasanton and we discovered Alamo. That was 1992.
I always attributed this phenomena to the fact that when our local Media references“The East Bay”, it’s usually a story about crime in Oakland or a drug deal in the Iron Triangle of Richmond. So when folks from other areas hear “The East Bay” – they shiver in fear, hold their kids tight and promise them they’ll never be exposed to that scary and dangerous East Bay. Ha! I used to think – keep that little mindset going, and we’ll continue to have the best quality of life with the lowest price tag in the Bay Area!!
But the cat is out of the bag – we are being flooded with buyers from Silicon Valley, The City and The Peninsula – even Marin County. I love it when folks walk into my Open Houses and look utterly befuddled – “Why is this house so cheap? What’s wrong with it?” Every once in awhile we’ll see a very nice home that was way overpriced for our market sell – almost always it’s because it was an Out-of-Area Agent, and the buyer was from The Peninsula, The City or Marin. They thought it was a heck of a deal!! And it pushed our prices up.
According to Carol Rodini we will see our home prices on par with those other areas within the next three years. UGH! Ok – good for sellers, and I represent a lot of you – but in general – affordability is really important in keeping good, healthy, normal communities for us, our families and our friends. I think it’s already gotten a little too expensive here. I’m really NOT looking forward to a tear down shack on a good lot selling for $2MM, like what just happened in Palo Alto.
So if you know there is a move in you and your families’ future – think through what this could mean. Yes, your home will be worth a lot more in a few years, but so will your go-to house. Buyers and sellers will always move “up, down and around” – it’s just a matter of what we pay for it that is changing!!
Want some real time data driven proof? Of course you do… so come back to this page and watch this chart. This is dynamically driven by MLS data in near real time, depicting the current median sales price for homes and for condos in Alamo CA:
Alamo Median Sales Price
Contact me if you are interested in talking home value and a possible move!