On August 31, the APR Danville/Blackhawk office will open in its prestigious new location at The Danville Livery & Mercantile, located at 601 Sycamore Valley Road West in Danville.

Situated right off the 680 corridor in a convenient location between Pleasanton and Walnut Creek, the Livery is a hub of local shopping and entertainment. The mixed-use building features exceptional award-winning architecture, and having been built prior to town’s incorporation, helped make Danville a destination to live and visit. The Livery is a center for many popular local events, and is known as a cultural meeting place for all of Contra Costa County.

Keeping with our tradition of staying on the cutting edge of technology, the new office will be outfitted with a new network, new cabling, and new computers on every desk. We lead the way in providing the best hardware and technology services to all of our sales professionals, putting a vast wealth of resources at every agent’s fingertips.

The office’s prime location, increased parking and excellent facility will help our sales professionals better serve their customer base. Additionally, the serene setting and streamlined office design will add to agent productivity.

Our agents bring exceptional technical expertise and an uncommon level of education and creativity to each and every transaction, and in turn, we provide them with the very best. As a result, our sales professionals average more transactions per agent and higher dollar values per sale than agents from any other firm – and the new Danville/Blackhawk office will contribute to our agent’s continued success.

For more information about the new Danville/Blackhawk office call 925.314.1111 or drop by for a tour.

The Wall Street Journal announced their 2010 Top 400 rankings, and we are proud to announce that seven APR sales professionals were included, with three individuals and two teams listed as the top agents among the over one million REALTOR®’s in the country.

Included on the list for Top Agents by Sales Volume

• Mary Gullixson, from the Menlo Park office, ranked #4
• Kathy Bridgman, from the Los Altos office, ranked #21
• Judy Bogard-Tanigami, from the Los Altos office, ranked #56

Included on the list for Top Teams by Sales Volume

• Carol Carnevale & Nicole Aron from the Menlo Park office, ranked #58
• Dennis Mulvihill & Marc Magliocco from the Los Gatos office, ranked #95

This is a remarkable achievement for these agents. Through their determination and hard work they earned incredible results in 2009, and are among the best in the entire nation. We are proud that they represent APR in providing top quality service to our clients.

The Wall Street Journal Top 400 is based on a survey of over 7,000 brokerage firms, Associations of Realtors® and hundreds of other sources to determine the top real estate professionals in the United States. Now in its 5th year, this ranking is the only independent study of its kind where all of the results from individual submissions are independently verified through third party sources.

In the context of the current housing market and financial crisis, today’s economic environment has caused tremendous stress and unease for many Bay Area residents. In fact, according to the Mortgage Bankers Association®, as many as 1 out of 8 homes are either delinquent or in foreclosure.

Due to this trend, APR recently mandated that all of their agents who are involved in listing distressed properties must complete the comprehensive APR Distressed Property Certification training, in addition to earning the CDPE designation from the Distressed Property Institute, LLC. The comprehensive training required to become an APR Distressed Property Certified Agent ensures these agents are well-informed real estate professionals who can help navigate the dense terrain of today’s real estate market while providing solutions for homeowners facing hardship.

Although APR is a leader in the luxury real estate market, we still see the need to educate our agents so they are equipped to deal with changing industry and market conditions. Effectively navigating consumers through distressed property transactions requires specific education, and our APR Distressed Property Certified Agents understand the nuances of these unique transactions.

To be put in touch with an APR Distressed Property Certified Agent, contact us at 866.468.0111 or email us at clientservices@apr.com.

A June update from the CALIFORNIA ASSOCIATION OF REALTORS® is reporting that while sales in both California and the US bottomed out in late 2007, statewide sales had rebounded to pre-peak levels by late 2008 and have sustained those sales levels since then.

C.A.R. reported that existing single-family home sales in California increased 14.1 percent from April to May, the biggest monthly gain since July 2008. This was due in part to buyers who took advantage of both the federal and California state tax credits.

Although US sales have shown little upward momentum after hitting bottom, sales did rise earlier this year from 4.6 million homes in February to 5.06 million in April—the highest level since November 2009. Additionally, the US sales figure in May was 17.5 percent higher than it was a year earlier.

Although the Extended Home Buyer Tax Credit expired on April 30, 2010, home buyers who signed a written, binding contract by that date and close before July 1, 2010 may still be able to claim the credit.

Congress has just passed the Homebuyer Assistance and Improvement Act (H.R. 5623), an extension of the Homebuyer Tax Credit closing deadline. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The new closing deadline for eligible transactions is now September 30, 2010.

Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation, including here in California, where sales were up 1.2 percent last month from the previous year, due in large part to tax incentives. This heightened market activity has backed up lenders processing loans for these transactions. The extension provides more time for these transaction to be processed, allowing another opportunity for those who qualified for the original tax credit to realize the benefit.

As always, it is important that you consult with a tax expert about your financial and tax situation.

Foreclosure can be a devastating financial challenge, but one that may often be avoided. If you or someone you know is among the millions of people affected by the prospect of foreclosure, understand that there are other options.

The information provided in the link above includes general descriptions about foreclosure and alternative options, but should not be considered legal or tax advice. Before making any decision, please consult with an attorney and a tax advisor. If you determine that a short sale is the right option for you, an APR Distressed Property Certified Agent, who is educated in the nuances of distressed property transactions, can help you navigate the dense terrain of today’s real estate market.

To be put in touch with an APR Distressed Property Certified Agent, contact us at 866.468.0111 or email us at clientservices@apr.com.

As the U.S. Open gets under way today at Pebble Beach, many are anticipating this year’s event may not be as lucrative as 2000’s (the last time the tournament was played at Pebble Beach) due to current market conditions.

One area that could do better than 2000, though, is home sales. Because prices are down, the efforts agents make this week could lead to more sales than ten years ago.

In an article in the Mercury News, Judith Profeta, owner of our Carmel Office, discussed marketing and advertising during this time, and how this effort has a strong residual effect with interested home buyers coming back to the area weeks or months later.

Read the full article for more information and some more interesting insights from Judith.

A May update from the CALIFORNIA ASSOCIATION OF REALTORS® shows that affordability remained in record high territory in the first quarter of 2010.

According to C.A.R., “…the current affordability environment is very favorable, with prices that remain well below the peak levels of a few years ago and historically low mortgage rates. These home buyer fundamentals should drive continued demand for housing in California, even as the state and federal tax credits begin to unwind.”

Other highlights include:
• The statewide median price increased 1.5% from April 2010 and 21% from 2009
• This trend is mirrored locally as median home prices from 4/09 to 4/10 increased in the following Bay Area counties:

o Contra Costa County up 20.9%
o Santa Clara County up 17.5%
o Marin County up 13.6%
o Alameda County up 12.9%
o San Mateo County up 10.9%
o Sonoma County up 8.6%
o San Francisco County up 8.4%
o Santa Cruz County up 8.3%

In spite of recent market conditions, APR had a very successful 2009, gaining market share while other companies declined. Recent rankings released by industry and news sources show APR ranking at the forefront of all real estate firms, not only locally, but at the national level.

APR was ranked the sixth largest real estate firm in the United States based on its sales volume in 2009, moving up two positions from their 2008 ranking, according to REAL Trends 500, a compilation of a nationwide study of leading residential real estate companies. Among privately-owned, independent residential real estate companies, APR is the second largest firm in the country, and the number one firm in California. In 2009, the firm had a sales volume of almost $5.7 billion and served 6,350+ clients through its 32 offices.

Locally, the firm was also once again ranked at the forefront of both the San Francisco Business Times’ and San Jose Business Journal’s Top Residential Real Estate Firms lists. The firm was ranked the #2 Largest Residential Real Estate Firm in the Bay Area, with $3.67 billion in gross sales by Bay Area offices, by the San Francisco Business Times, and the #2 Residential Real Estate Firm ranked by gross dollar volume of closed sales in 2009 for Silicon Valley offices with $3.6 billion, by the San Jose Business Journal.

In the Silicon Valley, APR had the Highest Agent Productivity, Highest Office Productivity and Highest Average Sales Price out of any large residential real estate brokerage, as reported by the San Jose Business Journal – Top Residential Real Estate Firms. The firm had the highest agent productivity with $5,020,920, highest office productivity with $400,000,000, and highest average sales price with $1,020,000.

Pricing for Single Family Homes in the SF Bay area appears to be moving upwards during the last 90 days (shown at the right side of this chart).  Some professionals have speculated that this is due to the fact that the glut of distressed properties due to sub-prime mortgage failure is nearly sold-off in certain markets.

As the Bay Area moves further in to the territory of economic recovery, this apparent rise in local real estate valuation may lead to increased market activity.