Wine Country And Horses

Sonoma County Foreclosure Active Listings by Area

Of the 404 active foreclosure listings in Sonoma County today, here is a snapshot overview. For a more detailed look, and information on specific properties available on your own private web portal, please contact me directly and I will email you a report.

Of the 404 properties available today, the average number of days they have been on the market is 63 days. Buyers on top of their game are jumping on the best properties in the best locations (surprise, surprise) and many are subject to multiple offers, but generally under asking price. Banks are sometimes offering concessions such as credits to closing costs for certain repairs, but it really depends on the property and the competitive landscape. Of these properties, the minimum price is $101, 200. The maximum price is $1,249,000. The median price is $309, 975, well below the median sales price for the county.

Click the link above to get to a Google Doc which breaks the foreclosure market down by area within Sonoma County. Cotati/Rohnert Park, parts of Santa Rosa, Windsor and East Petaluma are the most effected whereas communities such as Sebastopol and Healdsburg have very few foreclosure properties on the market. Also, the price points tend to be the lower ones with the median price at just over $300,000.

Sunday April 27th Update:

Just popping by to update yesterday’s post with a link to today’s article on the hardest hit parts of Sonoma County by Michael Coit of the Press Democrat.  I guess we are on the same wavelength today.

Foreclosure hot spots
Three of every five mortgage defaults last quarter occurred in three sections of Sonoma County

By MICHAEL COIT
THE PRESS DEMOCRAT

Currently there are 404 active listings on the MLS for Sonoma County that are bank-owned foreclosed properties, also known as REO’s.  Many real estate investors and first time home buyers are seeking out real estate bargains here due to the large number available.  Investors had fled the county for a number of years due to rapid appreciation but the proliferation of bargain priced bank-owned (REO) properties and short sales have attracted them back.  As a realtor, I often am asked by clients where the best deals are, and sometimes they are surprised that not every type of property is a potential bargain, nor are they equally dispersed throughout Sonoma county.

As colleague Marian Bennett on the San Mateo coastal front says in her blog:

Bottom line:  There are foreclosure properties out there, and probably more coming through the remainder of ‘08.  Buying such a property requires research, patience, ready cash…and a bit of a stomach!  Support of your team may be helpful to some and crucial for others (be it contractor, accountant, real estate professional, loan consultant, or parents).

If you’re interested in starting your own online research, I just got this tip from Kevin Boer about foreclosureradar.com.  I’ll be tracking it along with where I currently have an account, Realtytrac, to look for San Mateo County trends.  My Realtytrac research has shown their properties to be pretty out of date so I may try to find another one to use as a comparison to foreclosureradar.  If you know of another good one, make a comment to share with everyone.

By the way, colleague Sam Benson at Real Estate 680 in Contra Costa county is opining on the same subject.

Just got back from a sneak preview of an upcoming country property in the wine country of NW Santa Rosa on approximately 3 acres at the end of a private lane. 2 story farmhouse style with a wrap around porch and deck, HUGE 2 story shop building, a diversity of trees, a seasonal creek and small setup for horses. Very comfy and could take a nice update. Has the potential to be the quintessential wine country farmstead with endless vineyard and sunset views. Surrounded by horses and wine country! Please contact me for details and an early showing. Price to be determined but in the $1 to $1.2 million range.

When I started to ride seriously as an adult, my Hanoverian/Thoroughbred cross Reilly and I trained with Sarah Sheehy, Terry Church and Siri Larssen, all in either Marin County or Sonoma county at the time. I have stayed in touch with them over the years and just received word of an updated website, Natural Sporthorse.com which links them all together and promotes Natural horsemanship, inspired by Tom Dorrance and others, for the disciplines of hunters, jumpers and dressage. The purpose is to develop a partnership with your horse based upon improving the rider’s balance and feel so as to allow the horse to develop their utmost potential in a sound, healthy and natural way. There are many practitioners of natural horsemanship in Sonoma county. Natural Sporthorse links to some of the best and has links to many other resources as well. Worth a visit!

Buyers are out in force searching out bargains in Sonoma County real estate with the number of open escrows (ratified sales contracts for home purchases which have not yet closed) reaching the highest level in over two years. This appears to solidify a trend first noted in this blog in early February. The newly ratified purchase contracts will not close till 30 to 45 days after ratification on average and some will no doubt not close, but indications continue to be positive for the state of this spring’s market for real estate sales in Sonoma County. Many of these sales have been in the under $500,000 market, where first time buyers and investors are feasting on the large inventory of bank-owned or REO properties where some terrific bargains can be found. For a list of bank-owned properties, please email me. Meanwhile, the following chart shows the sales trends for both new escrows and closed sales for the last two years of real estate sales in Sonoma County.

Help! There is not enough country property for sale in Sonoma County. I have buyers and very little to show them at the moment. Sebastopol, Healdsburg and the Valley of the Moon in particular are very low on new country real estate for sale. A really lovely piece of land with two legal units in an estate setting between Graton and Forestville just went into escrow with multiple offers. A charming farmhouse with two studio buildings and a small horse setup privately situated just 5 minutes outside of Sebastopol is in contract with multiple offers. An all cash buyer, rumor has it, plopped down nearly 2 million in cash (pending inspections) for a GORGEOUS 20 acre piece with a classic coastal home and large studio building within a week of entering the market. I think sellers are hunkering down due to the negativity in the press and uncertainty and fear in the economy. But well-priced, well marketed and properly prepared homes in Sonoma County, particularly country property, will sell quickly. There are a lot of buyers out there who have gotten off the (classic 3 rail wood board) fence who are looking for new homes or weekend getaways. If you have a country property in Sonoma County that you want to sell, please contact me for a free market analysis!

I was surprised to note how many of the people who visited my open house last month at a cute farmstead in Sebastopol were looking for property for their dogs! This property was in a great location at the end of a private lane well away from main roads and neighbors who might be disturbed by the occasional bark.

Well I shouldn’t be surprised since one of the main reasons I moved to Sonoma County was to have more room for my two dogs (Vizslas) and the horses as well as the humans of course, yet still be within an hour of the Golden Gate Bridge. Finding a safe property off the main thoroughfares was a key priority to me, and is to many of the buyers of Sonoma County real estate I meet.

Friend Sandy Lurins, was so on top of the trend that she founded the very successful Fetch (thepaper) in her copious free time (not!) while not working at her day job at Autodesk.

Sonoma Pets is a print publication and on-line pet directory for Sonoma County published by the Santa Rosa Press Democrat. There are many excellent small animal and equine veterinarians in the county, so much that many pet owners from the Bay Area will travel here for specialty care.