Dublin Real Estate Update – 11/14/08
Happy days are here again! Dublin had 13 reported home sales this past week with the average sale price increasing 11% to $639K. It is important to note that these figures include the sale of an office condo at the Venture Commerce Center on the corner of Dublin Boulevard and Clark Avenue for $865K. The sale of this unit was likely reported as a home sale by the Pleasanton Weekly because it is a “condo” (even though it is used for commercial purposes).
7:26 AM on November 18th, 2008
“According to the foreclosure real estate Web site realtytrac.com, there are currently 340 Dublin properties that are either about to be foreclosed upon, are bank-owned or are up for auction.”
http://www.contracostatimes.com/localnews/ci_11009395
11:15 AM on November 18th, 2008
Re: 340 foreclosed properties in Dublin (population 47,000)…
…and 204 in Pleasanton (pop. 68,000), 430 in San Ramon (pop. 59,000), 812 in Livermore (pop. 84,000), and 187 in Danville (pop. 43,000).
Folks, we are witnessing a financial calamity that by most indications is going to get much worse as unemployment continues to rise. Still, the Tri-Valley is relatively fortunate compared to regions like the Central Valley and the Inland Empire, which have been devastated by this economic collapse and may take decades to recover. However, just about everyone is being affected by this tragic downturn, not just people losing their jobs & homes.
Tim Hall
Dublin, CA
tiger650@comcast.net
11:36 PM on November 18th, 2008
Couldn’t agree more with Tim Hall…to add a bit more to his bleak, but I believe accurate, forecast of what the next couple of years will be like, a lot of Dublin housing product, particularly on the east side, was sold in the years 2003-06. A sizeable chunk of homeowners signed up for 5-year fixed loans during this period…that means we’ve still got a large amount of homeowners who’s loans will be resetting in the next couple of years. With the ‘over the cliff’ drop in home prices coupled with the shaky job market we may be in for a 12-18 month stretch (could easily be more) for the housing market to find the ‘elusive’ bottom.
By copy to John Z., do your weekly stats include foreclosures / short sales?
11:47 PM on November 18th, 2008
Hi MGF – thank you for asking. These weekly stats do include reported foreclosures/short sales.
11:52 PM on November 18th, 2008
I wonder if there are any stats of the 340 in Dublin, how many are with Entry Level SFR/Condos as compared to larger Executive type homes.
Although this downturn affects all of us, it may affect the younger first time buyers more and they may not have been as savy, thus taking out risky loans with the reward of owning their first home.
12:16 AM on November 19th, 2008
To all bloggers, very informative stats, much appreciate it!! Gives us a better perspective of how the Tri Valley is doing in comparison to whats going on elsewhere.
1:06 AM on November 19th, 2008
Re: "I wonder if there are any stats of the 340 in Dublin, how many are with Entry Level SFR/Condos as compared to larger Executive type homes."
The 340 number comes from RealtyTrac.com. I don't see a breakdown of home types on the website, but with the following URL you can view a map that shows the location of the homes, and if you know your city, you can get a pretty good idea of the price range.
http://www.realtytrac.com/MapSearch/MapSearch/MapSearch.aspx?criteriaType=city&criteriaValue=dublin~CA
The URL also returns a list of the homes, including street name, bedrooms, baths, and price, but the bed, bath and price data is missing for a lot of the homes.
Tim Hall
Dublin, CA
tiger650@comcast.net
12:24 AM on November 20th, 2008
Thanks Tim for the info. Much appreciate it!!