About a week ago I showed a house in Foster City to some folks who expressed some interest in the place. I called the listing agent, who I’ve known for a long time, and asked some questions. I found out two important things…1) the home was getting plenty of interest and there was a possibility of multiple offers, and 2) the listing agent was willing to look at an offer that I would write immediately. No waiting…and no competition for the buyer. Why, you ask, would that happen? Because the relationship that’s been established with that agent insures her/him that our potential transaction will be smooth.

This isn’t all about me of course, this is the story of the value to the consumer of working with an experienced agent. It’s become sort of common in the last few years for buyers to ask me if I’m willing to kick back commission the way rebating online real estate companies or other discount brokers do. These brokers have created a fantasy world where they’re selling the notion that a real estate agent’s job is a commodity. That we’re simply interchangeable parts, order takers and secretaries who merely know how to fill out forms and present them. Sometimes it works out and it’s true too! Lot’s of the rest of the time it’s not true. I think most of the time it’s not true.

There’s probably 100 reasons why experience is beneficial to a buyer or seller, yet I know that the Internet allows people to study and gain knowledge that wasn’t available to them just a few years ago. There’s certainly one way that the Internet or the rebaters can never touch and that’s in the area mentioned above…relationships. I can’t tell you how many times a client of mine has landed on a home in a multiple offer environment because of the relationship I’ve had with a listing agent. It’s also been enormously important for me as a listing agent to be able to identify an experienced agent that my seller can trust to close escrow on time. Relationships are also important in connection to lenders, title people, and inspectors as well.

Lots of this is simple human nature. You spend 20 years in one community and you get to know your coworkers and other agents. Naturally, you’re going to feel comfortable working with them. Working with somebody like this sure beats having an offer faxed by an “agent” who wasn’t in real estate just a year ago.

Last week we were talking about landfill and some folks fear of liquifaction. It made me think of the more chronic and pertinent issue of foundation problems. Here’s a post I wrote a couple of years ago that’s still as relevant as ever:

This post has been coming for a long time, and on this topic I want to be really clear. 1) foundation problems are common in Foster City and 2) those foundation problems are not a reason to avoid purchasing a home in Foster City. For several years, many many homes have had issues with their foundations in this area. I met an engineer once who told me that he had fixed 60 foundations in Foster City over the years. I’m not an engineer, but as I understand it the majority of issues come from exposed rebar that’s rusted over time, has expanded and then cracks or breaks up the concrete around it. I’ve also heard that the high sodium content in the Foster City landfill impacts this rusting problem a bunch. The photo above is a typical example. The pieces on the right have fallen away from the rest of the foundation and the rusted rebar is obvious. The weakened condition of a foundation with this type of problem theoretically has an adverse effect on it’s seismic stability.

Several contractors or engineers have made a good business out of resolving these issues. The fix on the foundation pictured above is slightly under $24,000. If you’re looking at a hillside property in San Mateo, Belmont or San Carlos you could easily find drainage issues that can have similar expense and that certainly doesn’t prevent people from buying homes in those locations. Foundation problems in Foster City are correctable and shouldn’t frighten anyone out of buying here.

It is wise, however, for a buyer to be diligent in inspecting the home they are purchasing…and that means hiring an engineer or qualified foundation contractor (one who has experience with this type of issue in Foster City is best) to inspect this area. Most property inspections will note rusted rebar if found but not go any further in explaining a solution for it. Be proactive, if there’s even a hint of a problem on a report get further inspection.

It’s so funny how cyclical this crazy real estate business is. It often seems like, all at once, a ton of new listings come on the market after long periods of nothing. We’re in just such a period right now. Since the 4th of July, there’s been 11 new active single family houses arrive on the market in Foster City. Pretty remarkable…and one of them sold too. I suspect that folks simply waited to market their homes until after the 4th and here we are with the new inventory. Some of them stand out and it’s worth mentioning them:

379 Bluefish Ct listed by Joe Benvenuto of Alain Pinel for $869,000. This is  really a terrific house, in great shape and on a large (9360 sq ft) lot that’s adjacent to a park. Remodeled kitchen. I like this house alot and based upon how it looks versus competition I’m predicting multiple offers.

251 Puffin Ct listed by Vivian Heinzel, Broker for $859,000. I actually don’t know if this house has major structural issues or not, but this price for a 4 bedroom, 3 bath, 2450 sq ft 2 story house is incredible. Again, depending on what issues are presented here…it’s going to get plenty of interest.

711 Baffin listed by Irina Sikela of Advanced RES for $1,220,000. This is a 5 bedroom, 3 bath, 2250 sq ft house in a great location near Sea Cloud Park. Nice place too!

These are my favorites from this current group…but there’s 8 other choices as well. An interesting summer so far in Foster City.

Well, this is not really the kind of chilly I was thinking about. The kind I was thinking about sort of represents cold rather than hot. Not freezing or icy mind you…but chilly none the less.  What I’m talking about, of course, is the 2011 Foster City real estate market. Not as cold as it was in 2009 but not as warm as it was in 2010 either. Nowhere near as hot as it was in 2005. This market is sort of interesting…I think values have fallen this year from last. As of today there are 34 active single family homes on the market. There’s 18 pending sales and that actually isn’t bad! Having said that, there’s 11 homes that have been on the market for at least 80 days, 10 of them over 100 days and 5 of them over 198 days on market. That’s a long time. There’s also 11 of the 34 that have been on the market for two weeks or less. It’s going to be interesting to see how these new listings will be received. I think it’s all going to depend upon how their priced and whether or not they’re seen as a value. Here’s some good ones to look at:

943 Lurline listed by Nancy Rancatore of Coldwell Banker for $1,348,000. This is one gorgeous wide water house! really done well and in a terrific location. It’s 4 bedrooms, 2.5 baths and 2620 sq ft. I hope this one sells quickly because it’s really beautiful.

908 Corsair listed by Bob Cala, Broker for $1,250,000. This is a 3170 sq ft 4 bedroom, 3 bath waterfront and it sure seems to be priced right. It’s in a good location and compares favorably to others in this price range. Should be interesting to watch.

766 Vespucci listed by Jan Majeski of Alian Pinel for $899,900. OK, it’s got a $500 HOA dues issue…899 is a terrific price for this REO. It’s a 2760 sq ft 4 bedroom, 2.5 bath house in great shape.

Like I said, there’s several more new ones. Can a top remodel compensate for a slightly higher price? Can a low price compensate for high HOAs…we’ll see.