Keith Pandolfi editor at This Old House contacted me a few months ago after he selected Oakland as one of the best cities to buy an old house in the United States. Keith wanted to know more about the various districts of Oakland, as he was looking for a great neighborhood for first time home buyers. I suggested Temescal, as many of my clients would love to live there. I am happy to say that the Temescal district of Oakland made it through to the July/August 2009 issue. ...and I am happy to say, I was sourced and thanked!
Bold Style in Claremont Court, Berkeley
When I was a kid I always admired the homes in Claremont Court. I imagined that these homes had extra large crystal chandeliers and wonderful food simmering in the kitchen. As an adult, I admire the manicured yards, the classic architecture and the close walk to College Avenue and UC Berkeley. What I love about 2729 Belrose Avenue in Claremont Court is the style that the owners boast. Check out the bold colors, the eclectic decor , so unexpected and wonderful! 2729 Belrose Avenue is currently listed with Ruth Frassetto with GrubbCo.
East Bay Adventures
Upcoming events in the Oakland-Berkeley area.Charles Chocolates in Emeryville, (6529 Hollis Street) is hosting FREE summer movies. Tonight's film is Soul Food and in honor of this movie, barbecue ribs, fried catfish and mac n' cheese will be on sale, (along with Charles Chocolates' Blue Bottle coffee services, hot chocolate and sweets). Food and snacks service will start at 6:30 and the movie starts at 9:00 pm. To order ticket click here.
Future film line up:
July 10 - Soul Food.
July 24 - Tortilla Soup.
August 14th - Babette's Feast
August 28th - Ratatouille.
September 11th - Pizza
September 25th - Charlie and the Chocolate Factory
July 24 - Tortilla Soup.
August 14th - Babette's Feast
August 28th - Ratatouille.
September 11th - Pizza
September 25th - Charlie and the Chocolate Factory
Sheila Metcalf Tobin, (SheilaMetcalfTobin.com) will have her art on display at Herribone in Berkeley.
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Pretty Penny, (Rockridge - prettypennyclothing.com.) will be hosting their first Craft Bazaar, highlighting a group of local crafters.
Mark Schroeder's latest sculptures will be on display at the Autobody Fine Art Gallery in Alameda from July 10 to August 16. The opening reception is Friday, July 10, from 7:00 -10:00 p.m. The gallery is located at 1517 Park St. across the street from the Havana restaurant. MarkSchroeder.com
Redwood Heights Home Just Got A Cool Price Reduction
This sunny 1940's home on Reinhardt Street in Oakland just got a $30,000 price reduction, making Redwood Heights affordable to first time buyers. (I love the vaulted ceilings in this living room!) I work with the listing agent, Leif and will be holding it open for him this Sunday. Being a Redwood Heights resident, I know the inside scoop for this neighborhood. Email me if you have questions. - Deidre
Adjustable Rate Mortgages And The Threat of Default
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This chart shows the number of properties that were purchased between 2004 and 2007 with Adjustable Rate Mortgages. This chart breaks down the data by zip code. The 94608 zip code an area that contains parts of West Oakland, North Oakland and Emeryville. During the peak, (years 2004-2007) 30% of buyers purchased properties, (with 1-4 units) with an adjustable rate mortgage. This equates to 1305 properties. This is not to forecast that all of these mortgages will go into default, but in this zip code home prices have declined making it incredibly difficult for one to refinance. (When you refinance a home, the bank wants you to have equity in the property - at least 20%. Meaning, if your home is worth $300,000 the bank wants you to owe no more that $240,000 in loans.) If these homeowners mortgages adjust to an increased rate, it could make paying the mortgage tough. This coupled with job loss could affect the up coming short sale and bank owned property inventory.
The data in this chart is provide by Old Republic Title Co. Information is deemed reliable, but is not guaranteed.
Below Market Priced Loft in Posh David Baker Building, Emeryville
Down the street from Pixar Studios is the David Baker designed lofts at 1500 Park Street. This is one of my favorite loft spaces in the East Bay. This building is in an ultra urban area of Emeryville and boasts the most lush, secluded garden as the entry. Once inside this building you will feel like you are in Eames territory. With a maple plywood mailbox area to the floor to ceiling windows, the modern space gives a nod to mid-century modernist.
Currently listed in this building is unit 223 offered at $249,300. (Listed with Jason of All Emeryville Properties) This is a below market rate unit for moderate household incomes making $75,000 per year as a single person or $85,700 combined for a couple. Click Here for more information regarding the City of Emeryville and below market rates. The first time home buyer coordinator for the City of Emeryville is Janet Peterson, 510-596-4316. It is important to note that if you purchase a home at a below market rate, you will have to sell your property at a below market rate, unless you own this unit for 25 years. (From my understanding, below market rates are set by the county of Alameda, and prices change with the economy. Please call Janet if you have more questions.)
Redwood Heights, Oakland Has Heart
The Redwood Heights district of Oakland is located in the Oakland foothills between Highway 13 and Highway 580, and recently has been overlooked by many buyers. This neighborhood is comprised of Tudor, Mid-Century, and Meditterean homes, with a great group of homeowners ranging from people who have lived here from the 1950's to people just moving in. Being that I live in this community, I love walking my neighborhood and waiving at the familiar faces. One of the big assets of my neighborhood is the public elementary school, Redwood Heights. At this school parents are active, the school is beautiful and I personally enjoy sending my children to the school that both my mother, aunt and I attended. Every year the PTA hosts, The Harvest For Learning Auction, the biggest fundraiser for the school. The beauty of this auction is the parent participation. Parents host all sorts of parties and folks who attend the auction can purchase tickets on a first come first serve basis. This past auction, I purchased tickets to the second annual Redwood Heights Oaktown Scavenger Hunt. This was a well organized scavenger hunt in which participants where divided into teams of 4 members each. Each group was given the same list of approximately 40 clues or tasks, (For example, one of the tasks was to take a picture of a couple kissing. We thought it would be fun to get Bakesale Betty's proprietors, Betty and Michael to kiss, as Bakesale Betty is an Oakland icon. See the photo above and remember we have to be in the picture!) Each team had one digital camera and two hours to obtain photos at as many locations as possible from the list of tasks. There were strict rules, points would be deducted if you returned beyond the designated two hours, absolutely no cell phones or internet access to give you aid in finding obscure locations, and each photo had to have at least 3 out of the 4 team members in the photograph. Teams would get extra credit if all four members were in the picture, so aggressive teams asked strangers to take their photo.
Equipped with sneakers, a water bottle and my three teammates, Lili, Kimberly and Tim, we were driven to win this competition. We had such a great time, saw many places in Oakland and were crowned the champions!
My Bay Area Weekend!
Last weekend I made a point of getting out and enjoying my community. Friday morning I headed to Brown Sugar restaurant, a cute soul food eatery on Mandela Parkway in West Oakland operated by chef proprietor, Tanya Holland. I had a "screaming", (that means unbelievable, over the top) piece of brown sugar peach coffee cake, a fantastic latte and I loved the corn waffles with brown sugar butter. (I suggest you upgrade to the real maple syrup.) I absolutely love the upscale diner decor with mounted photography of Oakland. Brown Sugar Kitchen is open for breakfast and lunch Tuesday - Sunday. Check out Brown Sugar Kitchen online, brownsugarkitchen.com.
Saturday, St. George Spirits in Alameda had their bi-annual open house. Here fans of fine spirits were able to learn how this boutique distillery handcrafts their small batches of the best Eau de Vie, Hangar One fruit infused vodka, absinthe, whiskey and more. With live music, snacks and bartenders everywhere mixing up fresh liquid concoctions, this was the best party along the Bay. Visit St. George Spirits online, St.GeorgeSpirits.com.
Folks hang out in front of St. George Spirits and enjoy the sun and the Bay view.
Sunday afternoon, I visited Linda Joseph's gorgeous Crocker Highland home for a casual art show featuring the work of Oakland artist Jess Wainer. Jess's medium is glass, clay and watercolors. I really love that Jess embraces vivid color! Splashes of color really make a wall pop. Jess's work ranges in price, but I was able to score a handle blown glass paper weight and a set of beetle notecards for $60. Check out Jess online at www.jesswainer.com.
Berkeley Bowl West, Just What The Doctor Ordered!
Berkeley Bowl West - 920 Heinz Avenue in West Berkeley. Deidre Joyner
Berkeley Bowl West has arrived! This is great news for foodies and folks who live in West Berkeley and North Oakland. (Berkeley Bowl West will also service the North Oakland community as it is a few blocks from the North-West Oakland and Emeryville areas.) The 140,000 square foot warehouse style building is filled with the most comprehensive array of produce for the most intricate and exotic of recipes. As I walked down every aisle, I felt like a kid in a toy store. The quality and the prices are superior to Wholefoods and you have to love that Berkeley Bowl is locally owned!
Berkeley Bowl West has a huge cheese, deli, hot prepared food section, bakery, bulk organic foods, produce, seafood - (including sashimi grade ahi and more.), grass-fed meat and aisles of national and local brand groceries. Berkeley Bowl West anchors the cool San Pablo West neighborhood of Berkeley and is walking distance to Sea Salt, Cafe Treiste, Scharffen Berger Chocolate and more. Fresh and healthy,(locally produced food), just what the doctor ordered!
Redwood Heights Elementary School Kids Have Talent! (Oakland)
This video clip features my son Miles with friends, Aeriel, Isabella, Jack, Antonio and Elijah, as they bring the 1970's back with the hustle. This performance was part of the 61st annual Variety Show sponsored by the Dad's Club at Redwood Heights Elementary School.
Photo of The Day - Flowers For Father
Ten years ago when my husband and I purchased our home, I decided to plant a cutting garden. I loved the idea of fresh flowers in my house and I planted 14 hybrid tea rose bushes. For nine months out of the year I have blooms to brighten my house and spirit. What I love about roses is their ability to live for decades. The other day I complimented a neighbor on a rose bush and she told me that she did not plant the shrub. She told me that it was already planted when she purchased her home over 30 years ago.
Capital Gains Tax
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Taxpayers Beware: Zero Profit Doesn’t Mean Zero Capital Gains Taxes
In this difficult market, many taxpayers are selling property in short sales or other transactions with no profit. Unfortunately, what many taxpayers do not understand is that property may be sold with no profit, but still be subject to significant taxable capital gain.
How is this possible? It is possible simply because gain results not just from appreciation in value, but also results from depreciation deductions taken during ownership of the property, gain deferred from previous transactions, and from borrowing against appreciated equity in a declining market. These adverse tax consequences can be avoided by engaging in a Section 1031 tax deferred exchange.
How to Determine Gain The formula to determine taxable gain is: Sales price less adjusted basis1= taxable gain
Three Situations Resulting In No Profit, But Taxable Gain
- Depreciation Recapture If a taxpayer takes depreciation deductions, those deductions reduce the taxpayer’s basis, thereby resulting in gain. Example: Taxpayer acquires investment property A for $200,000. Taxpayer’s basis is therefore $200,000. During taxpayer’s ownership, taxpayer takes $138,500 of depreciation deductions, thereby reducing taxpayer’s basis to $61,500. Taxpayer sells Property A for $180,000.00. Even though taxpayer sells the property for $20,000 less than what he originally purchased it for, he still has a taxable gain of $118,500 ($180,000-$61,500=$118,500) which will result in approximately $41,500 in federal and state taxes. This adverse tax result can be avoided by exchanging the property in a tax deferred exchange rather than selling the property.
- Carryover Gain If a taxpayer sells property previously acquired in an exchange – at no profit or even at a loss – the taxpayer may still be faced with significant taxable gain. Example: Taxpayer originally acquired Property A for $20,000. Taxpayer disposed of Property A in a tax deferred exchange for $100,000 and acquired Property B for $150,000, thereby deferring taxes on $80,000 of gain. Taxpayer’s adjusted basis in Property B is $70,000 ($150,000 purchase price-$80,000 carryover gain=$70,000). Taxpayer now proposes to sell Property B for the same price as he purchased it for – i.e. $150,000. Although Taxpayer is not making a profit on this transaction, he will still have significant federal and state taxes of approximately $28,000 on his gain of $80,000.
- Excess Borrowing If a taxpayer borrows against appreciated equity in their property, tax consequences can also result if the property thereafter declines in value and the taxpayer is forced to sell the property for little or no profit. Example: Taxpayer acquired property A for $1,000,000, paying $200,000 cash and borrowing $800,000. Taxpayer’s basis is $1,000,000. During Taxpayer’s ownership, the property appreciates in value to $1,400,000, enabling Taxpayer to refinance the existing loan of $800,000 with a new loan of $1,120,000. Taxpayer now sells, but since property values have declined, his selling price is $1,120,000. Although Taxpayer will receive no cash from the sale, he will still have taxable gain of $120,000 ($1,120,000-$1,000,000=$120,000), with combined federal and state taxes of $42,000.
As illustrated by the foregoing examples, sales of property that yield little or no cash can still result in taxable gain. Before selling in a down market, taxpayers and their advisors should first determine the taxpayer’s basis in the property to be disposed of and thoroughly discuss upfront the potential tax consequences. Taxpayers can avoid any of the tax consequences noted in these examples by engaging in a IRC §1031 tax deferred exchange.
Taxpayers contemplating an exchange should always consult their tax or legal advisor.
Basis = Original purchase price Adjusted Basis = Basis plus improvements less depreciation
*Thank you Old Republic Exchange Company for this information! Information is deemed reliable, but not guaranteed.
Mid-Century Signs in Oakland and Berkeley
Preserve the old! I love these vintage mid-century signs in Oakland and Berkeley, a quick reminder of yesteryear. Signs that have withstood the rain, earthquakes, wind, and decades of life in the Bay Area.
Sweets With A Smile, Get It In Oakland
The other day I finally stopped by Sweet Adeline Bake Shop in North Oakland. I heard that this place was the neighborhood hang-out with excellent pastries made in true East Bay style - handcrafted with all natural ingredients. I was greeted with a smile by Samuel and enjoyed a fantastic cheddar cheese and scallion scone! I have to go back for the chocolate chip cookies made with three types of chocolate. (I hear this is their best seller.) At Sweet Adeline's you can order coffee, grab lunch and use their free wifi. This is exacting what Oakland needs, local businesses with friendly service and quality goods. Check Sweet Adeline Bake Shop out online at sweetadelinebakeshop.com or at the corner of Adeline and 63rd Street in North Oakland.
Berkeley, (California) Lifestyle
Engineers Liza and Matt bought their West Berkeley home two years ago and created a sustainable garden complete with honey bees. The other day I stopped by their Berkeley bungalow, and Liza showed off their glorious garden. Shortly after I arrived Matt appeared home on his bike. (Matt and Liza bike to BART daily to get to work.) In the back corner behind a trellis are honey bees, as Liza and Matt make their own delicious honey. (There is a shortage of bees, so I am sure that their bees help pollinate the neighborhood gardens.) In raised beds are onions, cabbage, beans, strawberries and more. Along the fence are espalier apple trees with each tree bearing 6 varieties of fruit. Grass grown from seed and bark from local trees cover the ground. (Liza and Matt called a local tree company and received a truck load of free mulch. It took them over a month to haul the huge pile of bark to the backyard.) Often Liza and Matt can conduct their daily lives without a car as they walk to Cafe Treiste, Sea Salt Restaurant and soon Berkeley Bowl West!
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West Oakland Edible Garden
Artists Jo and Leah used their creativity and vision to create an urban oasis in their West Oakland home. When I showed them their home four years ago they saw past the cigarette stained walls and 70's wood paneling and put an offer in. The first thing they did was refinished the hardwood floors, re-plastered the walls and installed a working bathroom. Later they created an edible garden in the backyard complete with raised garden beds, tomatoes, corn, strawberries, an apple tree grafted with four varieties of apples and peas. When a friend was about to rid their garden of a pluot tree, they rescued the tree and reap the benefits with annual bowls of sweet fruit. In between the fruits, vegetables and herbs are poppies and other flowers. In Jo's spare time you will see him re-seeding poppies and nurturing his plants.
Pluots a few weeks away from being ripe.
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Dopo For Dinner
Last week I took my friend Karlya out for a belated birthday dinner; we made plans for dinner at 6 at Odesso on the corner of Piedmont Ave. and Pleasant Valley. Odesso just received a great review in the Chronicle so we were both excited to sample the famed house-cured meats and Italian flavors. Odesso was too loud for a conversation, so we strolled the two blocks down to Dopo. (Dopo and Odesso are sister restaurants.) I have patronized Dopo several times for lunch and I have a weakness for the beef and arugula sandwich with garlic aioli. As soon as we walked up to Dopo's doorway, we were warmly greeted by Graham, (a family friend of the owners) and were escorted to a small wooden table perfect for an evening of chit chat and catch up. We decided to try a multitude of small plates, a roasted beet and fennel salad, a crudo of swordfish with fresh pesto on a fried slice of lemon, a ragu of sausage with toasted walnut crostini and a seared scallop. Every bite was delicious and I was overjoyed by the service that night. From Graham who graced our table to check in, to the bus-person with the huge grin, we felt well taken care of. This type of old fashion service is what many businesses lack. When dining out is a luxury, satisfying service and food is a must. I am happy to plug Dopo as a place to go for dinner in Oakland.
The Full East Bay Experience
My client Sue is in the process of relocating to Oakland from San Francisco. As part of my service I planned a mini fieldtrip, a little house hunting and alittle East Bay culture. On one of our outings we found ourselves trailing around Emeryville. As we drove by Pixar and visited a townhouse near Powell Street, I made a detour to Charles Chocolates. Chocolatier Chuck Siegel is nationally renown for his confections and has set up shop on Hollis and 65th Street in Emeryville. (Formerly Andronicos) Recently Chuck started baking morning pastries and opened an espresso bar featuring Blue Bottle Coffee, making Charles Chocolate the perfect place for a decadent pick me up. I had a chocolate scone that was baked in house that morning and a latte; both were wonderful. (...and I am picky.) The espresso bar opens at 8:00 a.m and is the perfect spot for the loft and condo residents and surrounding businesses to patronize. Visit Charles Chocolates at 6529 Hollis Street in Emeryville or CharlesChocolates.com
Temescal Outing, Oakland
A few weeks back I was invited to the Spring Serrahna fashion show that was being held at Tanjia's restaurant in the Temescal District of Oakland. I have to admit I had never heard of this Moroccan eatery, but I was down for something new. From the humble exterior one would never know how grand the interior is. As I entered into the shadowy candle-lit dining room, I was amazed by the tented room draped with rich fabrics. It was as if I walked into a scene of a novel. I was taken to a dining table about the height of my living room coffee table and was seated on a leather pillow. The atmosphere was cozy and relaxed and I was entertained by fantastic Moroccan music and models who were showcasing the clothes of Andrea Serrahn. I had an scrumptious order of lamb brochette with spices that permeated through the meat. Just when I thought my entertainment was over, I was charmed by belly dancing. I thoroughly enjoyed my evening and the best part, was the 10 minute drive from Tanjia to my bed. Serrahna is a Rockridge clothing boutique that features contemporary clothing made from India textiles and are made for REAL women. (I love how Andrea had her clients showcase her designs!) serrahna.com and tanjias.com
