Dale Warfel

Greetings!

Welcome to Dale Warfel’s February 2010 Newsletter.

Personal News:

Life has been busy at the Warfel's over the past couple months. As you may or may not know, Mimi and I have been working with Santa Clara County Social Services to adopt another child. On December 2, then 2 month old baby Nathan was placed into our care, as a possible adoption. There are many steps to go through in the adoption process, but the now 4 month old, 16 lb. Nathan is blessing our home with his smiles and great sense of humor (and diapers, too!).

Johnny's Cub Scout pack had their annual Pinewood Derby event last month. Before the event, we watched the movie "Down and Derby" which is a great family movie about parents getting way too far into "helping" their kids win the pinewood derby. Without ever watching the movie, I found out that I was really excited about the event and was probably more excited about building the car than my son. After the derby, he told me next year he is going to build a superfast car, and already has the design in mind!

We spent the Christmas holiday visiting with Mimi's folks and brothers up in Sacramento, spending several days with them before and after Christmas. Just after the first of the year, Mimi's mother had a recurrence of a systemic infection she had initially contracted just after Labor Day last year. Mimi had spent the better part of Sept - Nov up in Sacramento, helping to take care of her mother, Mary, and be her health care advocate, both while in the hospital and while convalescing at home. In January, however, Mary's infection returned. She was rushed to the hospital and treated. Unfortunately, the treatments which were effective at treating the infection previously were not successful the 2nd time around. Her mother passed away two days later, on Jan. 14, surrounded by her immediate family.

Professional News:

Have you ever felt uncomfortable when visiting somewhere for the first time? Perhaps you didn't know the local customs or where to find the best restaurants, or even to find someone you could trust. Now imagine you are relocating to a new area, perhaps on a job transfer, and you are going to search for a home. How do you choose the Realtor you can trust? An open house? The Newspaper? Being on Page 1 of your favorite search engine results? Experience has shown that a personal recommendation is one of the best, most predictable methods to ensure you get a quality product or service. Since a successful real estate transaction has so much to do with the agent that represents YOU, it is critical that you have an agent that is experienced, resourceful, and of high integrity, putting your interests above his or her own. If you or anyone you know is considering buying real estate out of the area, either to relocate or for investment purposes, be sure to contact me first. I belong to many real estate networks whose members span the 50 states and Canada. I help my long distance clients find an agent who, along with being exceptional in their profession, is compatible with the client's personality, helping to ensure that the process of finding a home is as stress free as possible.

Do You Need A Referral?

If you need a referral for a qualified service provider, chances are that I have someone in my database that can help. From an interior designer to a landscaper, from a dentist to a podiatrist, I have an excellent list of resources. E-mail me at Dale@DaleWarfel.com and let me know how I can assist you.

Looking for a Home? (or What’s Happening in My Neighborhood?)

Are you looking for a private, secure place to search for real estate? Would you like to know what's happening in your neighborhood? My MLS Advisor Service provides up to date information on listing activity in your area or in any Bay Area region you choose. Search for active listings, properties in escrow, price reductions, and much more. Take a test drive! Go to: www.DaleWarfel.com and click on the Search the MLS.

COMING SOON!
Spacious Morgan Hill Home on Huge Lot
760 La Crosse Drive, Morgan Hill
5 Bedrooms /3 Bathrooms / Approx 3,070 Sq. Ft., 14,000+ sq. ft. lot!

Welcome to an entertainers dream home! This lovely home features a tiled Formal Entry Way, stepping down into a large combination Living and Dining Room, offering plenty of natural light both in the morning and afternoon. The efficient Kitchen area offers views of the huge back yard. The family room includes a wood burning fireplace with a wood stove insert, and is wired for surround sound. Use the downstairs bedroom for guests or as an office with the built-in bookshelves. Upstairs features 4 additional bedrooms, including the master. This home features energy efficient dual pane windows and a dual zone central heating system with central air conditioning. The 3 car garage and long driveway ensures the new owner will have plenty of space to park their cars (and their guests' cars, too!) and have space for a workshop or extra storage. The huge 14,000+ sq. ft. lot features a gorgeous black bottom pool, spa, covered patio, fruit trees, 2 storage sheds, dog kennels, and plenty of room for a garden or outdoor fun.

This property will be listed at $750,000.

PENDING SALE!
Spacious End Unit Townhome with City Lights Views
1691 Alder Creek Court, San Jose
4 Bedrooms / 2.5 Bathrooms / Approx. 1780 Sq. Ft.

You are sure to absolutely love this gorgeous 4 Bed, 2 1/2 Bath End Unit Townhouse as the base of the East Foothills. Many, many upgrades at a fantastic price make this huge 1,780 sq. ft. home an exceptional value. There are too many updates to mention, including kitchen cabinets, recessed lighting, beautiful time floors, laminate flooring in the living rooms, 2 patios and 2 decks, central air conditioning, and much more.

Go to http://dalewarfel.com/ for more details.
This home is listed at $350,000.

PENDING SALE!
Cute Single Family Milpitas Home
521 Printy Ave., Milpitas
2 Bedrooms / 1 Bathrooms / Approx. 891 Sq. Ft.

Who do you know that would like to be able to afford a single family home in Milpitas for under $400K. This cute property features 2 bedrooms and 1 bath, newer kitchen linoleum, hardwood floors in the living room, hall, and both bedrooms. The home is situated on a generous lot, offering plenty of room to expand this home or create a beautiful outdoor living space.

Go to http://dalewarfel.com/ for more details.
This home is listed at $350,000.

PENDING SALE!
4 Years New Penthouse Condo in Rivermark (Santa Clara)
3901 Lick Mill Blvd., Unit 443
1 Bedrooms / 1 Bathrooms / Approx. 908 Sq. Ft.

Gorgeous Penthouse Unit with soaring Cathedral Ceilings in Living Room. This spacious 1 bed/1 bath unit is like new. The sellers added a double door entry to the dining room, so it could also be used as an private office or 2nd bedroom. Enjoy the living room fireplace, functional kitchen with a gas range, granite counters and stainless appliances, west facing deck, and panoramic views! This beautiful home is located in the Miraval community, which offers many amenities including a pool and spa, workout room, theater, and more! Priced to sell, this unit won't last.

Go to http://dalewarfel.com/ for more details.
This home is listed at $330,000.

PENDING SALE!
Remodeled South San Jose Home with Master Bedroom Addition
5231 Roeder Road, San Jose
3 Bed/2 Baths / Approx. 1,787 Sq. Ft.

Nicely remodeled/expanded 3 Bed/2 Bath home is conveniently located with excellent access to Hwy 101, 87, 85, Monterey Hwy, Cal Train, and Light Rail. This home is perfect for 1st time homebuyers, and offers many features including an updated kitchen, living room w/fireplace, separate family room with built-in entertainment center, huge master bedroom with dual walk-in closets, vaulted ceilings, and plenty of natural light.

Go to http://dalewarfel.com/ for more details.
This property is listed at $410,000.

Thank You:

Thank you to Steven P., Andre G., Ted E., Michael C., Paula C., Dane J., Russ B., Caiping T., and Kate F. and Navin N. for your referrals.

Market Update

Investors are back in the market, and they're paying all-cash, mostly for property under $500,000. The effect of this is to freeze out first-time home-buyers who have to get a loan. Banks are still cautious about providing loans. About the only loans left for first-time buyers are FHA loans.

So, while the first-time buyer is working through the loan process, the investors are swooping in and buying the best property, which, after slapping a coat or paint on and, maybe, replacing the carpeting, they are putting back on the market. Sometimes, they rent out the property hoping for more appreciation down the road.

Appraisals are also affecting buyers who need a loan. Appraisals lag the market because they use past data, typically six months worth, to calculate current market value. When a market has bottomed out and begins rising, appraisals often come in under the value agreed upon by the buyer and seller. Banks are requiring buyers to come up with extra cash to make up the difference. First time buyers are having a hard time doing this, so we're seeing many more sales fall out of escrow than normal.

Another thing hanging over the market is the so-called "shadow inventory" of bank-owned property that has not been put on sale. If the banks release these homes in a measured manner, the market should be able to absorb them.

Home sales were down significantly in January, falling 40.1% from December, and off 7.8% year-over-year. This is the first year-over-year decline since June 2008.

The decline in sales is not a result of reduced demand, rather it was produced by a lack of inventory, or should I say, a lack of desirable inventory.

We expect sales to regain their momentum through the Spring because of the extended tax credit and because this is historically the prime time for home sales.

From talking with other Santa Clara County real estate agents, properly priced homes in the most desired neighborhoods and school districts are being sold with multiple offers: many multiple offers.

The sales price to list price ratio, which is a solid indicator of demand, was near 99% in January for the fifth month in a row.

Remember, the real estate market is a matter of neighborhoods and houses. No two are the same. For complete information on a particular neighborhood or property, call me.