Opinions
by John M. Zukoski on February 25, 2010 | 
32 Comments | Topics: City Hall · Opinions
The City of Dublin, CA, recently conducted a survey amongst 400 likely voters to gauge their support for a new city tax. The survey questions were prefaced by the fact that Sacramento borrowed $2M from the City this year to bridge the State budget deficit; however, what the survey did not mention is that the City of Dublin was able to get all $2M back from the California Communities Prop 1A financing program. In exchange, California Communities gets the interest that the State would have paid to Dublin for the $2M loan.
The survey found that residents are most concerned about losing police and fire services as a result of budget cuts. The respondents noted that if a new temporary City tax were approved, fire stations, police services, and emergency response operations should be first in line to receive the extra money. Most residents noted that they are largely unaware of the many steps taken by the City of Dublin to balance the budget, the impact the state seizure of local funds had on City operations, and the choices the City will face without a new City tax. “Residents don’t see us taking cuts internally,” Councilmember Kasie Hildenbrand said to Robert Jordan of Contra Costa Times. In the same article, Councilmember Hildenbrand warns that “the cutbacks may become much more apparent.”
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by Eric Haggin on February 24, 2010 | No Comments | Topics: Opinions
Short sales in real estate are becoming more common here in Dublin, CA, and the entire East Bay. Of the 255 Dublin homes listed as active or pending as of February 8, 2010, 133 are short sales. Basically, if you bought a home between the years 2003 and 2008, you very likely owe more on your loans than the home is currently worth. Being “upside down” on the loan alone will not have a substantive impact on you credit rating, if you continue to live in the home and keep paying your mortgage.
The situation can get a little sticky, if you want to sell. When the current market value of your home is less than the total of your loan balance and the expenses incurred during a sale, you can avoid damage to your credit rating by paying off the difference yourself. In reality most sellers do not have a large pile of cash just sitting around for such an occasion. If you have to sell, you may need to do a short sale.
Before we continue, let’s go back to when you first tried to buy the home you are now attempting to sell. Your lender loaned you the money to buy the home, and you promised the lender to pay the loan back. If you stop paying your mortgage for any reason, your lender has the right to take your home by initiating the foreclosure process. Four to five a months later, the foreclosed home will be put up for sale at a courthouse auction. If no one buys the home at the auction, the title of the home goes to the lender and the property becomes an REO, or Real Estate Owned by the bank. The REO home will be listed on the MLS by a Realtor working for the bank and sold to a new buyer. A foreclosure is devastating to your credit rating and does not always relieve you of the obligation to pay the lender back.
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by Tyler Moxley on February 13, 2010 | No Comments | Topics: Opinions
Dublin Detached Homes
The number of detached homes sold in Dublin, CA, dropped in January 2010. A total of 17 homes sold in January 2010 compared to 19 in December 2009. The highest sale price for a Dublin detached home was $870,000 on Hansen Drive. That home sold at $245 a square foot. The lowest sale price for a Dublin detached home was $312,500 on Dover Lane. That home sold at $296 a square foot.
Average days on market for Dublin homes was 55 with an average list price of $594,120 at $299 a square foot. The average sale price was $592,529 at $297 a square foot.
Here is a Summary of Data for all Dublin Detached Homes sold in January 2010.
Here is Detached Home Sales in Dublin for January 2010.
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by John M. Zukoski on February 10, 2010 | 8 Comments | Topics: Development · Opinions
Why have cities like Pleasanton and Clayton, California, recently rezoned land to make way for more condos? Why does Dublin have so many higher density projects sprinkled throughout the City? For many, encouraging the development of more condos in today’s market would seem irrational when demand for existing condos has plummeted in recent years, yet the State of California has a different perspective. Strong-arm tactics by the State and local quasi-governmental agencies like the Association of Bay Area Governments (ABAG) have forced Pleasanton, Clayton, and numerous other cities to push for the development of additional high-density housing in order to fund the construction of Below Market Rate (BMR) homes.
The bucolic City of Clayton, CA, was recently told by the State that they need to squeeze in 84 BMR units. In order to fulfill this requirement, Clayton is considering the conversion of several parcels of land on the outskirts of town to high-density residential. While this approach may make sense for cities with Transit-Oriented Developments (TODs) and quick access to freeways, putting four-story condo buildings eight miles from I-680 makes little sense and is a deviation from the smart growth principles the State officially endorses. In essence, cities are resorting to poor planning practices as they comply with the onerous affordable housing mandates from the State.
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by John M. Zukoski on February 9, 2010 | 17 Comments | Topics: Development · Opinions
The recent spate of good news related to development and local employers has given residents of Dublin, CA, some reasons to be hopeful about the viability of the Eastern Dublin Specific Plan. Loja Real Estate Fund, a private equity group based in Walnut Creek, CA, recently acquired The Shops at Waterford. Sybase just posted their best financial quarter in the company’s history. Large investors looking for good deals from financially distressed local developers are snapping up land at fire-sale prices.
The Shops at Waterford Gets a New Owner
The Shops at Waterford in Dublin, CA
Loja Real Estate Fund just landed the Safeway-anchored The Shops at Waterford for a cool $44M. “We are delighted that The Shops at Waterford is the first acquisition for the fund,” said Tom Engberg, CEO of Loja Real Estate, in a statement. “This property is exemplary of the type of property we will seek to acquire in similar markets in the West.” Now that Blockbuster has moved out and Stacey’s is empty, Loja may be planning to relocate the nail salon to another part of the plaza. The nail salon’s relocation would give Loja Real Estate Fund the opportunity to knock down the walls that separate Stacey’s, Blockbuster, and the nail salon to create one large space that could attract well-established restaurants like The Old Spaghetti Factory.
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by Eric Haggin on January 15, 2010 | No Comments | Topics: Opinions · Public Works
Traffic engineers and planners like those who work for the City of Dublin, CA, call it “traffic calming,” but most of us call them speed bumps. Actually there are differences amongst the bumps, lumps, humps, and dips we see on city streets everyday.
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by Tyler Moxley on January 13, 2010 | No Comments | Topics: Opinions
Dublin Detached Homes
The number of detached homes sold in Dublin, CA, dropped a bit in December 2009. A total of 19 homes sold in December compared to 24 in November. This drop could be due to the natural decrease in the number of buyers looking at homes this time of the year. The highest sale price for a Dublin detached home was $800,000 on Crestridge Terrace. That home sold at $226 a square foot. The lowest sale price for a Dublin detached home was $397,650 on York Drive. That home sold at $313 a square foot.
Average days on market for Dublin detached homes was 25 with an average list price of $568,227 at $279 a square foot. The average sale price was $566,771 at $279 a square foot.
Here is a Summary of Data for all Dublin Detached Homes sold in December 2009.
Here is a list of Detached Home Sales in Dublin for December 2009.
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by Eric Haggin on January 5, 2010 | No Comments | Topics: Opinions
This home in a nice, older area of Tulsa, Oklahoma suddenly increased in value when the tree accidentally crashed into it.
Not due to excessive insurance, but something much more interesting. Can you think of why?
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by Tassajara Prep on December 31, 2009 | 38 Comments | Topics: Opinions
The founders of Tassajara Prep strongly believe in the positive impact a charter public high school will have on the education of all students throughout Dublin. Tassajara Prep will receive money from the same funding sources as Dublin High School. That money belongs to the students and should, therefore, follow the students to the school that best meets their needs. The competition for enrollment will naturally motivate both the charter public school and traditional public school to focus on the students. Cities like Pleasanton, San Ramon, and Danville have thrived with two public high schools, and Dublin will be no different. In fact, the founders are delighted that Dublin Unified School District (DUSD) is already responding constructively to the competitive pressure exerted by Tassajara Prep, long before the school’s grand opening.
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