October 31, 2008

Belmont Week in Review--November 1, 2008 This is an abbreviated version of our recap for the last week’s activity in Belmont because it’s been a busy week and I’m beat. That and not much transpired in Belmont real estate. 30 year mortgage rates on jumbo loans underwent a huge increase as money previously available to Fanny and Freddie Mac became more expensive. And if you’re shopping for a home right now don’t forget, lenders are not taking applications for loans qualifying for the $729,750 conforming rate cap after December 1, 2008 of THIS year. Better lock down a home if you want favorable rates before then. Here’s an article we did that discussed the housing reform bill’s elements that apply to our market which explains the cost of getting non-conforming loan instead. How’s this for a slow time of year—there were NO new listings last week—a first as I can remember. One home went into pending status—our listing at 2825 Hallmark Drive. No we can’t tell you what it sold for until it closes—scheduled for December 16th 2008. SOLD These four homes closed escrow last week: ↓2105 Cipriani 4 Bed 3.5 Bath 2320 Square foot home LISTED for $ 1,199,000, lowered to $1,159,000 and SOLD for $1,057,500 two weeks after it was lowered. ↓80 Edgewood Place—3 Bed 2.5 Bath 2,030 ATTACHED home LISTED for $998,000 and SOLD for $970,000 in 25 Days. ↔512 Alameda de las Pulgas—2 Bed 1 Bath 1,230 Sq. Ft. home LISTED for $804,000 and SOLD for $804,000 in 37 days. This home...

Drew Morgan

Sponsored by Drew & Christine Morgan"Helping People Make Good Decisions"smReal Estate Sales and ConsultingCarlmont Associates

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