Marin Real Estate Blog

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How the Stimulus Benefits “Green” (And How You Can Position Yourself to Benefit as Well)

We are all excited about the effects of the Stimulus Bill has on the housing industry, it's even better when it promotes GREEN and creates jobs along the way.

See Ryan's summary below!

Via Ryan Moehring (EcoBroker International):

You may think there is too much "pork" in the recently signed stimulus bill. Or perhaps too much spending or too may tax cuts. Its passage may offend your Keynesian or Monetarist economic views, and may, you believe, lead to the very demise of capitalism itself (OK, that may be going too far). You may not think we need a stimulus at all-that we should let the free market recover on its own. Whatever your political and economic viewpoint, if you believe our country's energy policy needs a fundamental change, and that energy efficiency and renewable energy can simultaneously stimulate the economy and help the planet, chances are you are excited about the green provisions of the bill.

To say the stimulus is big is an understatement. It is huge, colossal, gargantuan even. It is the largest spending bill the world has ever seen, which is a frightening proposition to say the least. However, if you can get past the staggering debt created by the bill, you'll find unprecedented subsidies for the energy sector. Here is an abbreviated summary of some of the energy-related provisions that can impact your real estate business:

  • $6.3 billion for energy efficiency in multifamily housing getting federal assistance, such as HUD-sponsored low-income housing
  • $5 billion to weatherize more than 1 million homes owned by "modest-income" families
  • $4.5 billion to increase the energy efficiency of federal buildings
  • $4 billion to repair and modernize public housing units
  • $2 billion to increase the tax credit for hybrid cars to $7,500
  • $1.4 billion for bonds to carry out state and local renewable energy and conservation projects
  • $510 million to repair and modernize more than 4,000 Native American housing units
  • $500 million to train workers for careers in energy efficiency and renewable energy
  • $300 million for consumer rebates for energy-efficient appliances
  • $268 million to remove caps on a 30 percent residential credit for solar, wind, and geothermal
  • $250 million to HUD to improve the efficiency of government-subsidized apartments

The New York Times released a detailed breakdown of the energy provisions here.

Interesting Facts About the $5 Billion Dedicated to Weatherization Assistance

  • This amount could weatherize 1 million homes and, directly and indirectly, create 375,000 jobs.
  • Low-income families will save an average of $350 annually from weatherization.
  • Every investment of $1 billion in clean energy programs creates nearly 5,000 more jobs than traditional infrastructure spending.

As a real estate professional, you may be wondering how you can benefit from all of this spending. Here are a few suggestions:

You can always contact your state energy office and obtain information about their weatherization program. Once you have this information, how can you apply it?

Do you know someone on your lead list, or perhaps a past client, who could use some free insulation or some caulking around their windows? Why wouldn't you take the time to connect a potential client with free weatherization money for home improvements that will actually improve their comfort and quality of life?

When the time comes to sell their home, who do you think they are going to call? Mr. Big Shot REALTOR® with the huge advertising budget? Or the considerate agent who thoughtfully took the time to help make their winter a little more comfortable?

Maybe you've already helped a family move into a green home, or have helped them retrofit it. You already know that green topics are important to them, so why wouldn't you tell them about the $7,500 tax credit for purchasing a plug-in hybrid vehicle?

Do they already have a hybrid? Tell them about the rebates for energy-efficient appliances.

Even better, how about informing them about the removal of the 30 percent cap on residential solar systems? Combine this credit with local incentives currently offered by a number of states and your clients can start producing their own energy for around 1/4th of the sticker price. Now that's exciting!

Whatever the scenario, you should know that your competition will be putting the stimulus to good use. How will your business benefit? Start planning today.

 -------------------------------------------------------

Sources:

http://www.lohud.com/article/2008902120479

http://features.csmonitor.com/politics/2009/02/12/what-stimulus-bill-can-and-can%E2%80%99t-do/

http://latimesblogs.latimes.com/laland/2009/02/an-8000-tax-cre.html

http://www.google.com/hostednews/ap/article/ALeqM5iOG3Yk-jwqgGCWnZ__ek2Tktc7lgD96AR08G2

http://apps1.eere.energy.gov/weatherization/

http://www.boston.com/business/personalfinance/articles/2009/02/13/what_the_789b_stimulus_would_do_for_consumers/

http://www.americanprogress.org/issues/2009/02/recovery_plan_captures.html

http://www.bloomberg.com/apps/news?pid=20601087&sid=aygJM54SPDUE&refer=home

http://finance.yahoo.com/news/3-trillion-Senate-Fed-apf-14315831.html

http://www.technologyreview.com/blog/energy/22977/

http://projects.nytimes.com/44th_president/stimulus/energy

 

0 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 23 2009 10:25PM

Home Energy Tax Credit Info

Isaac E. Chavez, ECOBROKER in New Mexico kept an eye on the 2009 Home Energy Tax Credit for All while we all are concentrating on the bailout plan. 

This is perfect for the current Marin Home Owners who just bought in the unprecent softened Marin Real Estate Market where a lot of buyers are purchasing Bank Owned, REO, Short Sale homes at a bargain and upgrading them to the specifications they like.

A great way to save serious money while going Green and save the environment during the process. 

Via Isaac E. Chavez, ECOBROKER, E-PRO,ABR,SRES,RFS (EXIT Realty Horizons):

Tax Credits for Consumers:

Home Improvements

Tax credits are now available for home improvements:

  • must be "placed in service" from January 1, 2009 through December 31, 2010
  • must be for taxpayers principal residence
  • maximum amount is $1,500 in 2009 & 2010 for most home improvements (geothermal heat pumps, solar water heaters, solar panels, fuel cells, and windmills are not subject to this cap)
  • for record keeping, save your receipts and the Manufacturer Certification Statement3, OR for windows, you can save the ENERGY STAR label from your new windows
  • improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) - use IRS Tax Form 5695 (2009 version) - it will be available late 2009 or early 2010
  • If you are building a new home, you can qualify for the tax credit for photovoltaics, solar water heaters, small wind systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters. More.

SUMMARY OF TAX CREDITS FOR HOMEOWNERS

Product CategoryProduct TypeTax Credit SpecificationTax CreditNotes
Windows & Doors Exterior Windows and Skylights U factor <= 0.30

SHGC <= 0.30		 30% of cost, up to $1,5002

Not all ENERGY STAR labeled windows and skylights qualify for tax credit.
Storm Windows Meets IECC1 in combination with the exterior window over which it is installed, for the applicable climate zone 30% of cost, up to $1,5002

Manufacturer Certification Statement3 will list classes of exterior window (single pane, clear glass, double pane, low-E coating, etc.)4 that a product may be combined with to be eligible in specific climate zones.
Exterior Doors U factor <= 0.30

SHGC <= 0.30		 30% of cost, up to $1,5002

Not all ENERGY STAR doors will qualify.
Storm Doors In combination with a wood door assigned a default U-factor by the IECC1, and does not exceed the default U-factor requirement assigned to such combination by the IECC 30% of cost, up to $1,5002  
Roofing Metal Roofs,
Asphalt Roofs		 ENERGY STAR qualified 30% of cost, up to $1,5002

All ENERGY STAR labeled metal and asphalt roofs qualify for the tax credit.

Must be expected to last 5 years OR have a 2 year warranty.
Insulation Insulation Meets 2009 IECC & Amendments 30% of cost, up to $1,5002

For insulation to qualify, its primary purpose must be to insulate. (example: vapor retarders are covered, siding does not qualify).

Must be expected to last 5 years OR have a 2 year warranty
HVAC Central A/C Split Systems:
EER >=13
SEER >= 16

Package systems:
EER >= 12
SEER >= 14		 30% of cost, up to $1,5002

For a list of qualified products, go to the Consortium for Energy Efficiency product directory Exit ENERGY STAR, click on the Air Conditioners and in the "CEE Tier" enter "Residential Advanced Tier 3."

Note - not all ENERGY STAR products will qualify for the tax credit.

ENERGY STAR Spec:

Split Systems:
EER >= 12 SEER >= 14.5

Package systems:
EER >= 11 SEER >= 14
Air Source Heat Pumps Split Systems:
HSPF >= 8.5
EER >= 12.5
SEER >= 15

Package systems:
HSPF >= 8
EER >= 12
SEER >= 14		 30% of cost, up to $1,5002

Note - not all ENERGY STAR products will qualify for the tax credit.

ENERGY STAR Spec:

Split Systems:
HSPF >= 8.2 EER >= 12 SEER >= 14.5

Package systems:
HSPF >= 8 EER >= 11 SEER >= 14
Natural Gas or Propane Furnace

AFUE >= 95

 30% of cost, up to $1,5002

For a list of qualifying products go to the Gas Appliance Manufacturing Association Exit ENERGY STAR

Not all ENERGY STAR products will qualify for the tax credit.

ENERGY STAR Spec:

Gas Furnaces: AFUE >= 90

Oil Furnaces: AFUE >= 85

Boilers: AFUE >= 85
Oil Furnace

AFUE >= 90

 30% of cost, up to $1,5002
Gas, Propane, or Oil Hot Water Boiler

AFUE >= 90

 30% of cost, up to $1,5002
Advanced Main Air Circulating Fan No more than 2% of furnace total energy use 30% of cost, up to $1,5002

For a partial list of qualifying products go to the Gas Appliance Manufacturing Association Exit ENERGY STAR
Geo-Thermal Heat Pump Geo-Thermal Heat Pump

Same criteria as ENERGY STAR:

Closed Loop:
EER >= 14.1
COP >= 3.3

Open Loop:
EER >= 16.2
COP >= 3.6

Direct Expansion:
EER >= 15
COP >= 3.5

 30% of the cost - NOT subject to $1,500 cap

All ENERGY STAR labeled geo-thermal heat pumps qualify for the tax credit.

Use IRS Form 5695 PDF Exit ENERGY STAR

Must be "placed into service" between Jan. 1, 2008-Dec. 31, 2016.
Water Heaters Gas, Oil, Propane Water Heater Energy Factor >= 0.82
or a thermal efficiency of at least 90%.		 30% of cost, up to $1,5002

Not all ENERGY STAR gas storage and gas condensing water heaters will qualify for the tax credit. All ENERGY STAR gas tankless models will qualify.

ENERGY STAR criteria:

Gas Storage:
Energy Factor >= .62

Gas Tankless:
Energy Factor >= 0.82

Gas Condensing:
Energy Factor >= 0.8

For a partial list of qualifying products go to the Gas Appliance Manufacturing Association Exit ENERGY STAR
Electric Heat Pump Water Heater Same criteria as ENERGY STAR: Energy Factor >= 2.0 30% of cost, up to $1,5002

All ENERGY STAR qualified electric heat pump water heaters qualify for the tax credit.
Biomass Stove Biomass Stove

Stove which burns biomass fuel5 to heat a home or heat water.

Thermal efficiency rating of at least 75% as measured using a lower heating value.

 30% of cost, up to $1,5002  
Solar Energy Systems Solar Water Heating

At least half of the energy generated by the "qualifying property" must come from the sun. Homeowners may only claim spending on the solar water heating system property, not the entire water heating system of the household.

The credit is not available for expenses for swimming pools or hot tubs.

The water must be used in the dwelling.

The system must be certified by the Solar Rating and Certification Corporation (SRCC).

 30% of cost, up to $2,000

Use IRS Form 5695 PDF Exit ENERGY STAR

Must be placed in service before December 31, 2016.
Photovoltaic Systems Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement. 30% of cost

Use IRS Form 5695 PDF Exit ENERGY STAR

Must be placed in service before December 31, 2016.
Small Wind Energy Systems Residential Small Wind Energy Systems   30% of the cost

Must be placed in service by December 31, 2016.

Use IRS Tax Form 5695 (version 2009). This form should be available in late 2009 or early 2010.

Not limited to $1,500 cap.
Fuel Cells Residential Fuel Cell and microturbine system

Efficiency of at least 30% and must have a capacity of at least 0.5 kW.

 30% of the cost, up to $1500 per .5 kW of power capacity

Must be placed in service by December 31, 2016.

Use IRS Tax Form 5695 (version 2009). This form should be available in late 2009 or early 2010.

Not limited to $1,500 cap.
Cars Hybrid gasoline-electric, diesel, battery-electric, alternative fuel, and fuel cell vehicles   Based on a formula determined by vehicle weight, technology, and fuel economy compared to base year models

There is a 60,000 vehicle limit per manufacturer before a phase-out period begins. Toyota and Honda have already been phased out. Credit is still available for Ford, GM and Nissan.

For more information visit: Fueleconomy.gov Exit ENERGY STAR

Use IRS Form 8910 PDF Exit ENERGY STAR for hybrid vehicles purchased for personal use.

Use IRS Form 3800 PDF Exit ENERGY STAR for hybrid vehicles purchased for business purposes.
Plug-in hybrid electric vehicles   $2,500-$7,500

The first 250,000 vehicles sold get the full tax credit (then it phases out like the hybrid vehicle tax credits).

Effective January 1, 2009.

1Either the 2001 Supplement of the 2000 International Energy Conservation Code or the 2004 Supplement of the 2003 International Energy Conservation Code.

2Subject to a $1,500 maximum per homeowner for all improvements combined.

3A Manufacturer's Certification is a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit. The IRS encourages manufacturers to provide these Certifications on their website to facilitate identification of qualified products. Taxpayers must keep a copy of the certification statement for their records, but do not have to submit a copy with their tax return.

4Additional information on exterior window features may be viewed at Anatomy of an Energy Efficient Window.

5Biomass Fuel means any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.

The IRS defines "placed in service" as when the property is ready and available for use.

0 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 23 2009 09:51PM

Dear Diary, My Passion is ..... The Children, The School, The Education, Our Future...

When I saw this contest, I thought, what IS my passion?  What have I been spending time on?  What do I love to do?  Is it my family?  Is it Real Estate?  Or is it something else? 

My family, Real Estate; they are all my passion but those are a giving, a no brainer - My family is #1; my kids, my husband, even my dog, Duke, that's family, and that's what I live for.  

Real Estate is not far behind, it's what I chose to do and decided to stay in as a living.  Fortunately I have a choice in deciding what I want to do for a living; I have decided that I love real estate, the people, what it stands for, the sense of accomplishment after I help my clients.  I have a great passion for Real Estate, no doubt about that either!   

But outside of the obvious, what is my passion - Hands down, the children, the schools, the education - In short, Our Future!

One good thing about Real Estate as my career is although I feel like I am working 24x7,. I am able to somewhat schedule my time to do something I feel it's important and Education is number on my list.

My father was a famous professor in Taiwan. It was right after WWII and there was not much there.  My father came to the states, got a master's degree in Physics and, although his friends asked him to stay in the States to teach, he decided to go back home and basically build the department of Physics from Ground Up (I mean, I remember skating on the newly poured concrect and thought it was a novelty since the building was HUGE, partially due to my young age - yes, I was young once :-); also due to the fact that we just did not have such a 'BIG' building back then - a whole two stories high!) in a local college (now a famous university - National Cheng Kung University) from ground up.  

My father was passionate in education and dedicated his whole life to teaching and researching.  We did not have much, but I know he made great influence in a lot of his student's life and he lived a full, satisfying life!  

I was influenced by my father early on.  In addition, growing up in Taiwan, we (the whole country) have always see Education as Number One in the priority list.  We know that we don't have much and without good education, there is no future and there is jus no two ways around it!

If I could have another choice in career, I would have become a teacher because that's when you can make the most difference in somebody's life and being a good teacher can be a very rewarding life in itself.  Instead, I become a Realtor, and dedicated part of my life volunteering at local schools.  

I am very involved in the local middle and high school. My kids are avid musicians, and naturally, I am very involved in music boosters.  I am more of a doer, staying in the background, rather than being in the foreground.  

It's extremely satisfying to be there watching your kids grow, learn, enjoy what they do and making friends, while making great friends ourselves along the way - the best way to meet caring, wonderful local people is to be involved; that's where those people gather - they are out there helping and volunteering.  I served on music boosters since the kids are in 6th grade and he is now a sophomore in college, so we shall say, 8 years and going on?  

I get to watch performances, go to festivals, local events, fundraising, charitable events, enjoyed Jazz, Classical, Rock, Choir, Band, Musical Theater, Show choir, Katrina Benefit, Frankie Poulos Foundation, Madrigal Feast, Rock and Blues by the Lake,  Marin Home Show, School Art Show Case, to name a few.  I sell snacks, sell Ads, develop programs, help with BBQ, setting up and tearing down risers, drive the kids to and from, and so on,   

While doing that, I got involved in school's site leadership team, which is a combination of administrator, teacher, staff, students and parents elected to serve on the team.  This is the place to learn first hand about the schools direction, problems and solutions, budgetary issues and feedbacks and suggestions on a high level.   

Seeing the needs for better communication with the parents, students, community and better Public Relationship; and blessed with a technical background (I managed large IT projects prior to the Real Estate career), I volunteered to be the school's eNews editor and San Marin High School Website Admin; keeping everybody informed and involved.  Another great satisfaction!   

Seeing the need of bringing high tech education into the Marin school system, I also helped mentor the newly formed Robotics Team which won first Rookies' team and Second Place overall in the First Robotics Contest at the U.C. Davis Regional competition,.    

On a larger scale, I am actively involved with Novato School Fuel - the foundation for public education to raise money for Novato Public Schools.  Walking the prescient for Parcel Tax A+ for Kids and hosting phone bank at Frank Howard Allen Realtors also become part of my volunteer work for a while there.

Hearing how I was involved with local schools, my Rotary club asked me to be the Youth Director (O.K. that's because the real Youth Director got promoted to work for Marin County Education so she does not have the time).  That gives me a whole other dimension of being involved with our youth in Novato.

The satisfaction of knowing I am making differences in our public school systems, in our children's life and contributed to their happiness, their growth, advancements and welfare; knowing that by giving a small part of me, I could be making a difference in somebody's future; and with many other caring volunteers, collectively making a big difference in our country's future is what makes me continue to volunteer.

You can say that this is my passion! The Children, The Schools, The Education and Our Future!

0 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 22 2009 11:11PM

Marin County Bank Owned (REO) Homes - Townhomes, Condos - Updated 02/20/09

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO - Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Advise from your Realtor -  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best deal and best house in Marin and Sonoma county for you, Bank Owned or Not!) 

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin.  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Marin County Bank Owned Townhomes / Condos Marin County Bank Owned Townhomes / Condos

Updates since 02/08/09 -  28 Total Listings - 22 Active, 4 Pending, 2 Sold

  • New - 7 Oak Crest Court, Novato - 3/2, 1460 sf - Western Oaks, Best Deal!
  • New - 2 Park Crest Court #C, Novato - 3/2.5 1460 sf. - Western Oaks, closer to Redwood Blvd
  • New - 47 Sequoia Glen, Novato - 3/2.5, 1529sf.  South side of Redwood Blvd.
  • New 35 Fairfax St #27 - San Rafael - Bahia, 2/1, 864 sf, Grerat Investment
  • New 241 Playa Del Rey, San Rafael - Bahia, 3/1.4, 1116 sf
  • Pending - 110 Oliva Court, C, Novato
  • Pending - 17 Oliva Drive, E, Novato
  • Pending - 12 Oliva Drive, D, Novato
  • Pending - 1289 Maple Court, C, Noavto
  • Sold - 50 Sonoma St #7, San Rafael $100,000
  • Sold - 25 Andrew Drive, Tiburon, $151,000 (Unbelievable low price for Tiburon, but NOTE - This property's current tenant has a recorded legal 75 year lease at $1,285/month rent controlled.  There is 48 years remaining on lease.

 contact a real estate agent

__________________________________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE - Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Make Dreams Real - Rotary Club of Novato Sunrise Youth Services

0 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 20 2009 05:20PM

Marin County Bank Owned (REO) Homes, Farms, Ranches- Updated 02/20/09

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO - Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Advise from your Realtor -  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best deal and best house in Marin and Sonoma county for you, Bank Owned or Not!) 

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin.  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Marin County Bank Owned Single Family Homes   Marin County Bank Owned Single Family Homes

Updates since 02/08/09 -  4 SOLD - A couple all cash sales, a couple over asking prices.

38 Total Listings - 30 Active, 4 Pending, 4 Sold

  • New -  1611 Center Road, Novato, 
  • Pending - 24 Elmwood Court, Novato
  • Pending - 1212 Lynwood Drive, Novato
  • Pending - 52 Austin Avenue, San Anselmo
  • Pending - 26 Stasia, Novato
  • Sold - 1 Plaza Loma, 3/2, 1092 sf $410,000
  • Sold - 8 Wilson Hill Court, Novato, 3/2.5, 2388sf, $530,000
  • Sold - 25 Durham Road, San Anselmo, 4/2, 1533sf $573,500
  • Sold - 931 Butterfield San Anselmo, 3/2, 2115sf $875,000

contact a real estate agent

__________________________________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE - Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Make Dreams Real - Rotary Club of Novato Sunrise Youth Services

0 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 20 2009 04:39PM

Fannie Mae Suspends Foreclosure Sales, Major Lenders Follow Suit

Fannie Mae announced a suspension of all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration's national foreclosure prevention and loan modification program.

While Dow Jones Newswires reported that JPMorgan Chase, Citygroup, Bank of America and Wells Fargo have committed to temporary moratoriums (suspends) on foreclosures as the government works on a financial stability plan aimed at keeping people in their homes. 

The following are briefly what was announced by major lenders -

JP Morgan Chase - New Owner-Occupied residential loans that are owned and serviced by JPMorgan Chase.  As with Fannie Mae, the moratoriums will remain in effect through March 6th.

Citigroup - All Citi-owned first mortgage loans that are principal residence and on loans for which understandings with investors have been reached.  Moratorium end date - March 12th.

Bank of America (also Countrywide) - Delay foreclosures sales on owner occupied properties whose mortgage loans are owned and serviced by BofA or Countrywide  - Through March 6th.

WellsFargo (also Wachovia) - For Loans it holds.  The moratorium is expected to remain in place until the government's foreclosure prevention plan is announced.  The majority of WellsFargos mortgage loans are serviced by it and owned by other investors.  WellsFargo is working with their investors .. to determine how to support the moratorium request.

Most of the lenders plan to evaluate and extend their specific moratorium dates depending the progress made by government.

See complete article below:

Fannie Mae Suspends Foreclosure Sales Pending Administration Announcements

From CNN of Dow Jones Newswires - Bank Agree to Foreclosure Moratoriums

Hopefully the suspension of foreclosures and the government bail out plan will allow at-risk home owners to keep their homes and stabilize the housing industry.    

Where should the buyers look when there is no REO (Bank Owned) on the market?  Look at Well Priced Homes (many sellers have dropped price considerably due to the softening market www.2197Vineyard.com), Short Sales (yes, short sales require hard work, lots of patience but very rewarding) and get an agent who is diligent in looking for homes, strong in negotiation to help you find that perfect home.     

Perhaps one day when the economy is stronger, we can take a collective sign of relief and cheer for the stable economy, strong housing market and solid job market where all can have a stable job, good income and own their home and fulfill their American Dream Once Again! 

_________________________________________________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate 
Marin, San Francisco North Bay
Frankk Howard Allen Realtors 
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE - Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.   Starter Home to Luxury Property.  REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange.  

6 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 14 2009 04:52PM

Fannie Mae Suspends Foreclosure Sales Further and the EFFECT it has on Buyers and Sellers??

Fannie Mae today announced a suspension of all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration's national foreclosure prevention and loan modification program.

See the News Release in this link...

As a Realtor in Marin County, I have witnessed in January and the first part of February that there is a slow down of fforeclosed as well as short sale homes in Marin (although Marin County's foreclosure rate is much lower compare to the rest of California) due to previous suspension of Fannie Mae foreclosure sales to the end of January.

This can be a two-edged sword where it can be a good news for home owners who have been facing competition with REOs and short sales properties and have seen big price drops on their properties; but it is, on the other hand, tougher on the buyerswho are taking advantage of and start getting used to the idea of buying REO properties.   

A simple Rule of Supply vs Demandsays that as supply of REO / Foreclosure homes gets lower, the price of existing homes for sale will go up, at first, temporary, and hopefully, with the successful implementation of the new Bail Out Plan, permanently. 

Coming from a difficult Marin Home market, I both rejoice in the saving of the existing home owners and their families who are losing their homes due to the subprime mortgage they have,  toughen job market, and the unstable economy; I am also sorry for the buyers who might finally be able to move into their first time home due to the declining housing market and now may or may not be able to........ 

Where should the buyers look when there is no REO (Bank Owned) on the market?  Look at Well Priced Homes (many sellers have dropped price considerably due to the softening market www.2197Vineyard.com), Short Sales (yes, short sales require hard work, lots of patience but very rewarding) and get an agent who is diligent in looking for homes, strong in negotiation to help you find that perfect home.     

Perhaps one day when the economy is stronger, we can take a collective sign of relief and cheer for the stable economy, strong housing market and solid job market where all can have a stable job, good income and own their home and fulfill their American Dream Once Again! 

 _________________________________________________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate 
Marin, San Francisco North Bay
Frankk Howard Allen Realtors 
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE - Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.   Starter Home to Luxury Property.  REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. 

 

2 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 13 2009 06:20PM

Being Green is easier than you think!

Great ideas from Gary, giving owners of existing homes ideas about how to upgrade to easily upgrade their homes so the house can be eco-friendly while saving $$$!  

Via Gary White~ Grand Rapids Real Estate, FlexIt Realty, a call or click away! (Flexit Realty~Serving West Michigan):

Most of think of being green as reserved for new construction.

New construction may have it's advantages because you start with a goal, a budget and fit the construction to your lifestyle.

When working with a green builder their are several questions to ask.

  1. Have you built green homes before?
  2. Are you willing to share the names of your past clients for me to speak too?
  3. Can I have the names of some of your suppliers?  You want to make sure your project doesn't end with a construction lean!
  4. Ask the contractor if he has any certifications like, "LEED", any questions check here: http://www.usgbc.org In Floor Heating supply
  5. Ask the contractor for some recommendations.

Now the fact is if you already own your home and it doesn't have in floor heating like this home. Adding it can be a very expensive and mostly prohibitive venture.

Living GREEN is easier than you think! 

Being GREEN can be as simple as updating your:

  • Windows, Replacement Windows 
  • Furnace, Energy Efficient, Geo Thermal
  • Setback Furnace Thermostat 
  • Flooring materials  
  • Using Thermal blinds
  • Exterior Door Moldings
  • Attic & Side Wall Insulation
  • Roofing Materials
  • Low Flow Water Savers, Toilets, Showerheads, On-Demand Water Heaters   Stretching your dollar

This can save you energy and pay for itself. 
Did you know you could qualify for energy tax credits by turning green...now that is some green!new construction

Living Green isn't just for new construction.  Although the new materials are far superior and the construction methods have seen some vast improvements.  Living green can be done on a daily basis impacting our environment for generations we will never meet!grocery store promotions

Have you thought of using only recyclable products?  Look at your shopping habits does the container recycle?  When you are pushing your shopping cart down the isle can you see what will be left behind in land fills?  Will the containers, packaging and wrappers degrade back to earth friendly components or become part of an ugly landscape? Furnace

Thinking of helping your heat bill and the furnace is already 90% efficient; windows updated?  Look at your insulation...attic and side walls, hot water heater, hot water pipes, insulation where your home and foundation meet.  These projects don't need to be done all at once, you can make a list and do them as your finances allow in order of importance and investment return.  Look at what allows you a tax credit and lowers your living costs first.

Will these things make a difference?  You bet, both in your daily living and our environmental lives.  Look at your hot water heat temperature setting...turn down a few degrees...you'll hardly notice but your gas or electric consumption will drop and so will our national fuel usage and foreign oil dependency, IF each one of us turned back the dial a few degrees imagine the impact!

Look atLiving Green the molding around your entry doors, you think "its a little drafty but it'll do"...think again.  That draft could be costing you a $100.00 a year in energy costs!  Think the only time you use energy is in the winter months?  What about your air conditioning?  Lighting is another area that canimpact your budget.  You think energy efficient bulbs cost to much?  Read the side panel...see the saving and life expectancy you may rethink that position too!

Living Green isn't just for NEW construction...existing homes can get a good dose of Green too!  All you have to do is look at your home from a new perspective and reap the benefits.  Kermit the Frog said, " It isn't easy being GREEN".  Today with modern technology and a little work being GREEN is easier than ever!

Having GREEN thoughts...hope this helped you see how being GREEN can help you in your daily life even when your home isn't new construction.

Gary White, Associate Broker FlexIt Realty, Grand Rapids, Michgian              Tell me about your GREEN projects.

0 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 12 2009 01:19AM

Marin County Bank Owned (REO) Homes, Farms, Ranches, Condos and Townhomes

Due to strong demand from my past and current clients and the interest from the prospective clients who might not have been able to purchase a home during the past sellers market, I will be providing you with list of current Bank Owned (REO - Real Estate Owned, and Foreclosed) homes.  The list will be updated periodically depending on the inventory. 

(Word of Advise from your Realtor -  One thing I would like to stress is not to get hung up on 'Bank Owned' - They may or may not be the best deal in town.  There are GREAT Deals out there from motivated sellers who understand the market and who need/want to sell.  I will be able to help you find the best deal and best house for you, Bank Owned or Not!) 

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin (yes, we even have a few in South, Central and West Marin). 

Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Single Family Homes, Farms and Ranches are in one link; and Condos/Townhomes are in another link.  Note that the link expires in 30 days (Per MLS rule), but I should have new ones by then!

* Marin County Bank Owned Single Family Homes - 

  • a couple in Bahia, San Rafael were coded incorrectly by the listing agent.  Those are the ones priced at $120-140K.  shoudl be Condo/Townhomes instead of SFR. 
  • 45 Elmwood is new,
  • 13 Ash Court, what a great deal now at $949,000 - Luxury, almost new home in Pointe Marin, 4, 31/2 and 4405 sf Shea home!   I have to admit that the house has it's PROs and CONs. Give me a call to find out 
  • You missed 1945 South Novato Blvd - went into contract.  A cute house, huge lot!

* Marin County Bank Owned Condos / Towhomes (24 on market)

and if you are really ready to buy?  Call your trusted Realtor to give you personalized updates... This is our profession and we should NEVER be TOO BUSY to help you!

__________________________________________________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE - Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Make Dreams Real - Rotary Club of Novato Sunrise Youth Services

2 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 11 2009 04:22PM

MARIN COUNTY BANK OWNED / REO / FORECLOSED HOMES Now On This Site

Due to strong demand from my past and current clients and the interest from the prospective clients who might not have been able to purchase a home during the past sellers market, I will be providing you with list of current Bank Owned (REO - Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently on www.SylviaSellsMarin.com depending on relevant activities.  

(Word of Advise from your Realtor -  One thing I would like to stress is not to get hung up on 'Bank Owned' - They may or may not be the best deal in town.  There are GREAT Deals out there from motivated sellers who understand the market and who need/want to sell.  I will be able to help you to find the best deal and best house for you, Bank Owned or Not!) 

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin (yes, we even have a few in South, Central and West Marin). 

Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

I will include Single Family Homes, Farms and Ranches in one link; and Condos/Townhomes in another link:

* Marin County Bank Owned Single Family Homes

* Marin County Bank Owned Condos / Towhomes

contact a real estate agent

__________________________________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE - Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Make Dreams Real - Rotary Club of Novato Sunrise Youth Services

4 comments • Sylvia Barry,Marin Luxury Home,Marin Short Sale • February 08 2009 12:50PM