Real Estate Guide_Spring 03.24.2023

Photo by The Silvergate

Silvergate opens the door to luxury in Brentwood

Brentwood’s newest and most modern apartments are open and ready for everyone to move in and become part of its community.

“I think the city has some really good people that plan for growth,” said Art Lorenzini, the managing director of Claremont Companies, LLC (formerly Claremont Homes). He is one of the owners and developers of The Silvergate along with his son, Ryan, who is the vice president of Claremont Companies, LLC.

Located at 1290 Business Center Drive. near the intersection of Sand Creek Road and Brentwood Boulevard, The Silvergate is a luxury apartment complex featuring 166 units throughout 14 buildings including a separate clubhouse across the street.

The Silvergate includes both one and two-bedroom units, with majority of which being the two-bedroom units, with detached walls for privacy, nine-foot ceilings, and measures between 903 and 1,202 square feet offering plenty of room to give its residents that roomy, luxurious experience.

“The units are relatively large in the marketplace,” said Ryan Lorenzini. “Some of our competitors, two bedrooms might

be under 1,000 square feet. All of our two bedroom units are at least 1,200 square feet so you get a bit more space. They’re large and our customers have really appreciated the size of the units. They feel roomy and spacious.”

“This is a real high-level design,” Art Lorenzini said. “These units are more like condominium units rather than apartment units. Maybe they’re a little large for apartment units.”

Inside the spacious apartments include a side by side washer and dryer, stainless steel appliances, granite countertops, LED lighting throughout every room and multi-zone temperature control. There is no carpeting in the apartments, instead all of the flooring is luxury vinyl plank wood all throughout, giving it a very smooth feel walking around and adding to the luxurious look of the apartment.

For those who work from home, the units also include a home-office type of setup along with built-in modems with pre-wired

fiber internet connections for both Comcast and AT&T customers. Each unit also includes an outdoor patio or balcony with plenty of storage space both inside and outside of the units.

The location of the clubhouse and pool are also unique to The Silvergate, compared to most other apartment buildings and complexes, the owners said. The clubhouse being across the street from the entire complex adds another level of privacy for residents of The Silvergate.

“A lot of apartments, you’ll see the pool might be in the center, and you’ll have units that are facing the pool, and that deck common space, which could create some noise,” Lorenzini said. “In our case, the pool is basically across the street from the apartment complex, very close. It’s not far, but it separates it a bit, so you don’t have that noise bleeding into the units, and I think you get a better and a lot more sense of privacy in your unit.”

Pets are also welcome to The Silvergate.

The complex offers a designated, turf-based dog run area on the property and a dog wash area as well. Those with pets are charged an additional pet deposit along with their $1,000 deposit upon moving in.

There are still several two bed-two bath units available that measure between 1,202-1,289 square feet with rent ranging from $2,985-$3,335 a month, as stated on The Silvergate’s website, with the first month rent free.

The one bed-one bath apartments measure 903 square feet and go from $2,935-$3,035 a month and comes with the first six weeks rent free.

The Silvergate also has a few specials for those looking to move in. Those who rent a two-bedroom unit can get one month free rent along with three months free storage at Brentwood Self Storage, those renting a onebedroom unit can get up to six weeks free rent, a look and lease special where those who tour and apply within 24 hours will get their application fee waived and will receive a $500 Visa gift card after moving in, and a “Building B and C special” where certain apartments in those specific buildings are $250 off their usual month rent.

Those interested in the apartments at The Silvergate can call either Nicole or Jennifer at 925 -529-1140 for more information.

To view a slideshow, visit www.thepress.net/multimedia/slideshows

Photo courtesy of The Silvergate

5 patio projects to enhance outdoor living

Warm weather paves the way to more opportunities to enjoy fresh air. For homeowners who have the luxury of outdoor spaces, including private patios, now is the time to start thinking about projects to enhance these gathering spots.

A patio can be considered a transitional area that links the outdoors to the inside of a home. According to the home and lifestyle resource The Spruce, a patio is often an oasis for lounging and entertaining. And depending on homeowners’ budgets and preferences, a patio can be just as comfortable and stylish as interior spaces. The following are five patio projects that can transform these valuable spaces.

1.

A pergola is an open-air (traditionally wood) structure that adds a measure of shade and privacy without completely blocking views of Mother Nature. Installing a pergola over the patio helps define the seating area. Hanging plants can add to the ambiance and string lights can make this a great spot to gather when the sun sets.

Build a fire pit right into the design with the same materials used to create the patio. For example, if the patio is brick or flagstone, build up to create an eye-catching fire pit. Fire pits not only look good, they also expand the time

frame that the patio can be enjoyed, offering cozy spots to sit even when the weather chills.

3. Frame it in Make the patio a true extension of the inside by putting up walls around three sides of the patio if it connects to

the home. Leave the last open to the yard, or consider installing screens to mimic the look of popular lanais. The walls will offer more weather protection, meaning you can invest in high-quality patio furniture to make this a fully functioning outdoor living room. Hang a television that is rated for outdoor use for movie-watching under the sun or stars.

4. Ooh la la

Vintage bistro tables and chairs can turn a drab patio into one that calls to mind a Parisian courtyard. Whimsical lighting and accents that you would normally think to see indoors, like a gilded mirror, can add extra appeal. Soften wrought iron and other metals on the furniture by including plenty of flowers and greenery. Don’t forget the candles and a place to stash a bottle of chilling wine.

5. Farmhouse chic

Transform a patio into an entertaining space that caters to guests A large farmhouse style table flanked by benches and some upholstered chairs sets the scene for a dinner amid the fresh air. Watering cans filled with wildflowers and mismatched flatware establish a casual feel for gatherings in the space. For those who plan to cook and serve outside with frequency, invest in outdoor appliances so you’ll never have to miss a beat with guests.

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Immigrant finds Brentwood a “blessing”

Dry utility consultant sets up business, home as part of goals

CHRIS CAMPOS

Khalid Tarrar’s family fled the Russian invasion of Afghanistan when he was barely nine years old. The pain and hard travel of immigration to the United States lead to a bright new horizon for the young Khalid, who went on to graduate from San Jose State in 1994 with a degree in Electrical Engineering and a dream of new goals.

After working for AT&T and Precision Planning, Tarrar set off on his own in 2005 establishing Tarrar Utility Consultants in Brentwood.

The road leading to his Brentwood headquarters led this Muslim refugee to a former site of the Immaculate Heart of Mary Catholic church at 813 First St. For another ironic twist, he bought the property in a bankruptcy auction of Alain Patel Realtors, which had earlier bought the building from the church.

“It’s been a blessing for us,” Tarrar

said recently. When deciding where to locate his home office, “Brentwood came out on top for it’s small-town feeling and emphasize on family,” he said,

Tarrar eventually expanded to 32 employees who specialize in “dry utility” design projects, which include: planning and consulting, joint trench composites, PG&E gas and electric designs, due diligence, cost estimates and contractor

bidding assistance.

For the past year his firm has been building an expansion of the headquarters facility adding another 5,000 square feet of and two more floors of office space behind the original church along Maple Street. Tarrar expects the building addition to be finished in November.

Since starting in 2005, the firm expanded to include offices in San

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Ramon and Elk Grove. Next, Although the construction industry “is in a slowdown now,” Tarrar has confidence that a rebound is on the way. He is planning to open another new office in Fresno next year.

Tarrar’s firm has worked with major home builders throughout the state including DeNova Homes, KB Homes, Davidon Homes and Lennar.

Photo by Chris Campos

Khalid Tarrar, owner of Tarrar Utility Consultants, surveys plans for his building addition at 813 First St. in Brentwood,

Home prices face crosswind in East County

sellers with equity in their homes, buyers wanting to buy, sky-high rent, and volatile interest rates.

Oakley, Discovery Bay, is up approximately 47% in active listings over the same time last year.”

percent from January 2022, which has been attributed to job layoffs in recent months, particularly in the technology sector.

“We have a storm brewing that can’t decide which way to go,” said local real estate agent Nancy Gonzalez, in response to the current housing market.

Buffeted by inflation and uncertainty, the housing market today is a mix of

Gonzalez echoes what other real estate agents and analysts are saying about the current housing market. Regardless of the nature of the economy, a common question persists: When is or isn’t a good time to purchase a home?

“The general consensus is that the housing market is definitely improving.” said real estate agent Katherine Prinzivalli of Brentwood. “Per Trendgraphix, our area of East County; Antioch, Brentwood,

According to Norada Real Estate Investment, closed escrow sales of singlefamily detached homes in California totaled 241,540 in January 2023; a 0.4 percent increase from sales in December 2022, but they represent a 45.7 percent decrease from a year earlier in January 2022 when home sales totaled 444,400.

The median home price in California fell to $751,330 in January 2023, down 3 percent from December 2022 and 1.9

In the Bay Area, median home prices saw the highest year-over-year decline in terms of median home prices, dropping 14.6 percent to a median price of $1 million. Data from Redfin Real Estate shows that the median sale price for a home in Contra Costa County as of January 2023 is $680,000, down 9.39 percent from a year previous, and the number of homes sold decreased by 45.2 percent, from 834 to 457.

Conversely, markets in Charlotte, N.C., Cleveland, Ohio, Pittsburgh, Pa., Dallas, Texas, Nashville, Tenn., Jacksonville, Fla., Kansas City, Mo., Miami, Fla. Atlanta, Ga., and Philadelphia, Pa. are projected to be the hottest housing markets nationally in 2023, while Minneapolis, Minn. Denver, Colo., Sacramento, and San Jose are markets projected to cool off due to home value decreases and slower housing market activity.

Real estate agents have mentioned the varying impact of the COVID-19 pandemic, with some areas seeing continued growth or stable home values, while other areas saw declines or stagnant sales due to economic uncertainty related to the pandemic.

“When it first hit, we did see a halt,” said Gonzalez. “However, we were able to be creative and find ways to show property and have listing appointments, mainly using video. I feel the pandemic actually was an opening to allow more people to work from home, thus causing some to want to upgrade homes for workspace. It has been said that the housing market actually helped spur the economy during this time.”

Local real estate agents say that the housing market can be affected by a variety of things, including rising interest rates, widespread fears of job loss, inflation, along with too much inventory, which can cause the market to fluctuate.

“The housing market can be

see Housing page 14B

SEAN TONGSON

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Siding materials to consider for your home

Exterior renovations consistently top the list of projects that offer maximum return on investment, according to Remodeling magazine’s annual “Cost vs. Value Report.” Siding replacement is a popular exterior renovation and one that can completely transform the look of a home.

Siding comes in a variety of materials, and homeowners can explore the pros, cons and affordability of each to make the most informed decision when replacing their existing siding. Factors to consider apart from price include durability, maintenance and aesthetics.

♦ Vinyl

Vinyl siding is one the most popular siding materials in North America. That popularity is perhaps due to the relatively low cost of vinyl siding replacement, which Forbes Home estimates is between $6,150 and $15,900 to install for a 2,000-square-foot home. A wide array of color options as well as weatherproof protection makes vinyl siding worthy of consideration.

PVC, which is what vinyl siding is composed of, also is quite fire-resistant.

Potential pitfalls of vinyl are that it can fade more quickly than other siding materials and is sensitive to excess UV exposure.

♦ Engineered

Engineered materials cost more than vinyl but are considered durable. They can be advantageous in damp climates or ones where insects are problematic. LP SmartSide is a type of engineered hardwood that is very durable, so much so that a 50-year warranty often is offered for the product, according to First American Roofing & Siding. This material can be painted if homeowners desire a change of color down the line. This siding costs around $2.50 to $4.50 per square foot for siding and

all trim accessories with an additional installation cost of $5.50 to $12.00 per square foot. The product is made of wooden strands that have been coated with wax for moisture resistance. A special zinc-based solution is added to protect against rot and insect infestation.

A similar product, HardiePlank, is engineered from a blend of cement, wood fibers, fine sand, and water. It is similar in price point to the SmartSide and offers resistance to rot and insects. HardiePlank also can be repainted.

Engineered products can be more expensive to install and generally are not DIY renovations, which may deter homeowners working on tight budgets.

♦ Wood siding

Wood is one of the oldest siding materials. It can be stained or painted and comes in a variety of styles, from boards to shingles. It’s a popular choice in historical homes or ones with classic, architectural details.

It’s important to note that wood is a combustible material that can be susceptible to water and insect damage. It also needs to be maintained continuously to look its best. This makes wood siding a true commitment on the part of homeowners. The cost is midrange between vinyl and engineered sidings.

♦ Metal

Those interested in one of the most energy-efficient options in siding can look no further than metal siding. Metal isn’t just for roofing. According to Colonial Contracting, Inc., metal siding creates a uniquely modern appearance and comes in a variety of styles that complement homes.

Unlike fiber, wood or vinyl products, metal siding reflects the sun’s rays and keeps interior temperatures cooler in the summer, a boon in hot climates but maybe not the most insulating option for cold climates. One potential pitfall is the possibility of rust, which would make metal siding a less ideal choice for those who live near the ocean. The cost of metal siding is comparable to other siding products, at around $10 per square foot.

– Courtesy of Metro Creative

Photo courtesy of Metro Creative

These are a few of the siding options homeowners can investigate if they’re revamping the exteriors of their homes.

Home buyers face sticker shock in 2023

SEAN TONGSON

Potential home buyers faced a financial shock this year while shopping for a mortgage.

Interest rates for a 30-year fixed mortgage rate currently stand at 7.02 percent whereas a 15-year fixed rate stands at 6.28 percent. This marks a contrast to the beginning of last year, where interest rates for a 30-year fixed rate was at 3.55 percent. Interest rates have risen and have contributed to the cooling housing market. But why do interest rates go up in the first place?

“If you look at why interest rates are rising it is because of inflation,” said Senior Financial Advisor David Roche, of Apex Securities and Asset Management in Brentwood. “It’s very difficult. And some homeowners have a hard time accepting that their homes aren’t worth as much as they were a year or two ago.”

Roche is referencing the current housing market. Considered to be strong and booming two years ago and even last year, a shortage of housing inventory and inflation has contributed to the rising of mortgage rates, with an uncertain future.

“There are fewer buyers who can qualify for mortgages at the higher rates,” said Roche. “With rates going down, the

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value was going up. It’s a challenge. You’ve got other folks who are trying to get in. You have to come up with a bigger down payment, and I don’t know if people are sitting on all that extra cash. They know what they can afford.”

Statistics go into further detail explaining the correlation between ongoing infla-

tion and rising interest rates. Mortgage rates in 2020 dropped to historic lows as a result of the COVID-19 pandemic as the Federal Reserve cut the federal funds rate to nearly 0 percent to help stabilize the economy in the wake of the pandemic and ensuing lockdowns, and by December 2020, the 30-year mortgage rate dropped to a new

historic low of 2.68 percent. During 2021, mortgage rates varied between 2.70 and 3.10 percent, which enabled people to purchase properties or refinance at some of the lowest rates on record.

By March 2022 however, per data from MPAMag.com, the consumer price index rose by 8.5 percent, the largest increase since 1981.

“Right now, we are at a tipping point as to whether we need to keep increasing rate hikes,” said Roche. “That dries up the refinancing. If someone bought a home in the last 10 to 15 years, it doesn’t make sense to refinance.”

Simone St. Clare, a real estate agent at Classic Real Estate Sales in Martinez, said that in January 2022 mortgage interest rates were hovering around 3.25 percent. Prior to the release of an inflation report, mortgage rates were already increasing in early 2022, up from 3.45 percent at the start of the year. Interest rates climbed to 4.5 percent by the end of March and are now at 6.5 percent and still not yet stabilized. While interest rates now compared to the last two or three years may be considered high, historical data shows that mortgage interest rates now are rather low in a historical context. Mortgage rates now are a stark contrast to those in the 1970s

see Mortgage page 12B

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It’s more difficult to qualify for a home loan because of the combination of high-priced housing in the Bay Area and higher interest rates than last year.

and 1980s, where mortgage rates remained in the double digits due to the rising annual inflation rate, topping out with a record high of 18.45 percent in 1981.

“It’s more difficult to qualify for a loan because of the combination of high priced housing in the Bay Area and higher interest rates than last year. Last year the rates were hovering around 3%-3.5% for a fixed rate. Now they are double that,” St. Clare noted. “Most important for the community to know: you do not need 20% down to buy a home. FHA has loans that require only 3.5% down. In addition to that, there are still some programs that have either grant money to offer or special pricing for some buyers,” she added.

“While interest rates are still historically low, we are also experiencing historically low inventory of homes for sale — 42.3 percent lower than pre-pandemic numbers,” said Nancy Gonzalez, a real estate agent from Brentwood. “Some of this is because some homeowners were able to refinance or buy at such low interest rates-under 3 percent to low 3’s, that they do not want to sell as they would be subject to a 6 percent or more rate today.”

According to Banks.com, many people refinance for a variety of reasons, including shortening loan terms, converting loans, private mortgage insurances, consolidation of high-interest debts, buying investment properties, or to finance a repair or renovation to a home, such as adding a pool. The most common reason for people refinance however, is to get a lower interest rate and payment and thus save money.

“Ever heard of ‘marry the house, date the rate’? Many buyers get into a home at the prevailing interest rate then refinance when the rates become more attractive,” said real estate agent Katherine Prinzivalli. “There are currently loan programs that allow a buyer to lock in a rate, then refinance within a certain period at little to no cost.”

Differing from fixed-rate mortgages are adjustable-rate mortgages, which are home loans that begin with a low, fixed interest “teaser” rate of three to 10 years, followed by periodic rate adjustments. Whether or not an adjustable-rate mortgage may be beneficial to a potential buyer can vary, as an adjustable-rate mortgage gives individuals flexibility and predictable, low payments for a

certain amount of time and thus could allow people to save money, but could also result in unpredictability and increased payments.

“ARMs are available, but mortgage investors are not aggressively pricing them thus making a fixed buydown more attractive,” said Cynthia Ulricksen of the Delta Lending Group.

St. Clare added that it’s imperative for potential home buyers to get pre-approved with a mortgage lender who can offer options.

“There are new programs designed to make it easier to afford the higher rates,” said St. Clare. “There is still help for firsttime buyers in the form of down payment assistance and some lower rates.”

Still, in spite of high rates being volatile as of late, there are reasons for optimism looking ahead.

“With higher rates, it does increase payments and decreases buying power for some, but we feel this is still an opportunity to buy since values have dipped a little,” said Ulricksen. “We have seen some improvements in the market this last month and rates are hovering around the mid-6 percent. We believe that rates will be dropping in the next few months which will create a good opportunity for buyers and it is smart to get approved now.”

More information about current mortgage rates can be found at the following link at https://www.bankrate. com/. Further information for the Delta Lending Group can also be found at https:// pacresmortgage.com/delta-lending-group.

A chart featuring additional information on historical mortgage rates can be found at this link https://www.macrotrends. net/2604/30-year-fixed-mortgage-rate-chart.

To view a video interview, visit www. thepress.net/multimedia

There is still help for first-time buyers in the form of down payment assistance and some lower rates.

– Simone St. Clare

Signs the exterior needs an upgrade

Curb appeal is often discussed in regard to the effects it can have when selling a home. But curb appeal, its allure from the street, is equally important for homeowners who aren’t putting their homes on the market. A well-maintained, aesthetically appealing home is a source of pride, while a home with fading curb appeal can make homeowners feel a little sheepish. Homeowners who want their homes to maintain their curb appeal can look for signs that it’s time to update their home exteriors.

♦ Curling shingles: The roof may not be the first thing people think of when pondering curb appeal, but a damaged roof can contribute to problems that ultimately affect the exterior and interior of the home. Multiple curling shingles indicate it’s time to replace the roof. The sight of curling shingles is not pretty, but the larger issue in such instances is the potential for costly

water damage when water gets in through the affected shingles.

♦ Dated entry door: Many home improvement experts insist they can determine when a home was built or most recently renovated simply by looking at the front door. Steel and glass doors are popular in modern homes, so homeowners with front doors with ornate designs and oval glass inserts can likely benefit from an upgrade to their entryway. A modern front door can make a statement and real estate experts note how popular updated front doors are among buyers.

♦ Unsightly landscaping: It’s not only the physical components of the home that may suggest an update is necessary. Homeowners without a green thumb may have exterior landscaping that has seen better days. If a spring or summer day spent tending to your landscaping is not your ideal weekend pastime, then consider replacing unsightly landscaping with low-maintenance plants or hardscaping. These alternatives to more needy plants can create curb appeal without requiring any extra work for homeowners.

♦ Cracked driveways/walkways: If the driveway looks like a busy road at the end of snow plowing season, chances are that’s harming the impression people have of your home. In addition, cracked walkways indicate a need for renovations, as these areas are front and center when welcoming guests.

Homebridge can help maximize your buying power with a down payment assistance program designed to cover the cost of the down payment with two second mortgage options: a 5-year forgivable loan, or a 10-year repayable mortgage option. This combined loan financing strategy could help reduce the upfront expense to purchase, making your next move more affordable. In addition, this down payment assistance option can be combined with other financing strategies, including a temporary interest rate buydown. Additional benefits of the program include:

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influenced by various factors, such as economic conditions, interest rate, housing supply and demand, location, population growth, social and government policies,” said Prinzivalli.

Simone St. Clare, a real estate agent in Martinez, says that the housing market started off well at the start of 2022. Home prices skyrocketed 20.6 percent in March compared to the year before, which was the highest price change in more than 35 years. Those selling their homes were receiving offers anywhere from $50,000 to $250,000 over asking price, while homebuyers flocked in droves to the few properties on the market, even waiving appraisal and inspection contingencies in order to get their offers accepted.

“And then, all of a sudden, the air went out of the balloon,” said St. Clare. “Home prices have cooled off and are dropping, especially in areas that were super-hot. Homes are languishing on the market for much longer timeframes.”

Redfin Real Estate data shows that while homes in Contra Costa County sold after an average of 12 days on the market in 2022, homes in 2023 sell after an average of 45 days. Rising rents have also led to people buying homes to stabilize their payments, with price reductions of 8 to 10 percent in nearly every city in the county. What can be expected in 2023, according to St. Clare, depends

on whether one is buying or selling a home because there are new guidelines for each.

“For buyers, it’s imperative to get pre-approved with a mortgage lender who can offer options,” said St. Clare. “There are new programs designed to make it easier to afford the higher rates.

There is still help for first-time buyers in the form of down payment assistance and some lower rates.”

“For sellers, pricing your property correctly is super important,” she added. “With more homes on the market and fewer buyers making offers, your house needs to stand out more than ever. If

it’s not model-perfect, then the price needs to reflect that. Otherwise, it will be ignored in this market. Sellers who think that they can offer a house for sale without doing any fix-up work to items that need paint, repair or replacement are fooling themselves.”

Still, looking further ahead into 2023, most economic forecasters predict that prices of homes will still slightly rise, likely beecause housing in many areas of the United States is in short supply. According to Norada Real Estate Investments, the housing inventory in the Bay Area is said to be low, but increasing.

“The bright spots in the market will be multi-family units,” said St. Clare. “There are two pricing categories of multi-family properties when it comes to getting a loan:1-4 units and 5-plus units. Both categories of multi-units will continue to be attractive to investors and/ or owner-occupants.”

Prinzivalli said while many real estate agents suggest the spring and summer months as ideal times to buy a home due to the availability of more inventory, she and other agents suggested that the perfect time of year to buy a house is simply whenever anyone is ready.

“It’s always a good idea to work with a reputable Realtor who can help you navigate the buying process and find the best opportunities,” said Prinzivalli.

More information can be found at https://bit.ly/3LyDMDQ

Photo courtesy of Metro Creative The housing market is made up of sellers with equity in their homes, buyers looking to buy, high rent, and volatile interest rates.

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