I hope you are enjoying your summer...what a change from last year! How wonderful to have live music back, be able to travel, and, most of all, get out and socialize with the community and with friends. Below I have highlighted some new spots in Napa, featured a few upcoming events and curated some great homeowner tips for the summer, including tips for fire hardening your home. I have also included a quick market update and the answer to everyone's burning question:
Is this Real Estate Market going to Crash?
Read on for more and please don't hesitate to reach out if you have any questions or are looking to buy or sell in Napa.
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The State of the Market: Bidding Wars Continue
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Even if you are not following the real estate market you have probably noticed the frenzied activity around new listings near you and how quickly that "for sale" sign changes to an "in contract" or "sold" sign. Most homes are in contract within 7 days and have sold within 4 weeks well above the asking price.
National home prices increased 15.4% year over year in May 2021, according to the latest CoreLogic Home Price Index Report. The May 2021 HPI gain was up from the May 2020 gain of 4.2% and was the highest year-over-year gain since November 2005. In Napa, the median home price was up 14.1% from May to June and up 31.8% year over year.
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Why This Market is Not a Bubble
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While this market is great for sellers, it is equally as difficult for buyers. Many clients have been wondering how long this aggressive sellers market can continue and if this is, in fact, a bubble like we experienced circa 2006. The data does not point to another bubble and instead shows that this trend may in fact continue for the foreseeable future.
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There are several differences between the 2006 market and the current market that indicate we will not experience a bubble:
- Loans are much harder to get now. Lenders raised standards, loans are smaller in proportion to house values, borrower's income and average credit scores are higher and buyers must show proof of creditworthiness.
- Tight supply and strong demand, which are driving the increase in prices, are likely to continue.
- Only 0.1% of mortgage loans issued this year are adjustable rate loans vs. 60% in the bubble years.
- Only 2.8% of people owe more on their mortgages than on their homes vs. 26% in 2009.
- Millennials are just starting to enter the market and there has been a declining ratio of construction for starter homes in comparison to the population growth since the 2010's further impacting issues with supply and demand.
Bottom Line: If you are looking to buy - don't wait. While the market may flatten, the current prices don't look to be going anywhere anytime soon. If you are looking to sell now is a great time. With low supply and huge demand, bidding wars have become common and the typical home sold in just 16 days last month.
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Fieldwork Beer Garden Now Open
You may have heard that Fieldwork was moving their Napa location from inside the Oxbow Market to a larger outdoor location in the Oxbow Annex, just next door to the Fatted Calf. Well, they have moved and are officially open. Ready to welcome you with misters to keep you cool and cold beer flowing from the taps! You'll find us here this summer.
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Paulie's Bagels & Winston's Cafe coming to former ABC space
Winston’s Cafe and Paulie’s Bagels plan to open in the former ABC space in September.
They will serve the famous Paulie's Bagels, schmears, doughnuts and diner fare like fried chicken and biscuits. Paulie's Bagels has gained a following since he s
tarted selling bagels four years ago. He moved to Napa from Pennsylvania and worked at Model Bakery before perfecting his bagel recipe and going out on his own. He boils them in an alkaline solution before baking them to give them a pretzel-like crust of real bagels.
He plans to add Philly-style pretzels and hoagies on rolls inspired by Philadelphia baking company Amoroso’s. The cafe will also serve sandwiches, salads and classic breakfast dishes.
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Napa City Nights
Napa City Nights returned
to Veterans Memorial Park on July 9th & will continue shows every Friday night from 6:00-10pm through August 20th.
This week's bands are Crossman Connection, Buck Nickels & Loose Change and Shelby Ann. Bring a blanket and a picnic basket and enjoy free entertainment for the whole family.
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Summer Concerts at the Oxbow River Stage
Concerts are back & the Oxbow River Stage has a great lineup! A partial schedule is to the right but since this was published there have been several additions including Van Morrison, Jackson Brown, John Fogerty, & Wilco.
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Slanted Door Opening Napa Location
Famed Vietnamese restaurant the Slanted Door is getting a Wine Country outpost.
Chef and owner Charles Phan will open a third location of his hit restaurant at 1650 Soscol Avenue, in Napa. Phan only recently signed the lease and told The Chronicle he’s unsure when this new location will open, adding that it will likely be sometime next year.
The new Slanted Door will replace the Kitchen Collective, a tony social club that was reportedly the country’s first private cooking club.
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Mountain Mike’s Pizza & Jersey Mike's Subs
Mountain Mike’s pizza chain is taking over the closed Sizzler site, next to Frida’s. Sizzler was a family favorite when I was a kid but it has been 25+ years since we have eaten there & about as long since I have heard the name Sizzler mentioned in any conversation. Another chain, Jersey Mike's is also coming to the Trancas Plaza and my husband could not be more excited about this. They will open in the former Papyrus location.
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Protecting Your Home this Fire Season
It's not something that any of us want to think about but preparation is key to protecting yourself during the upcoming fire season. Here are some fire hardening tips and tips to find (or keep) insurance if you live in a high fire danger zone that I hope you will find helpful, linked from my website.
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19 Outdoor Living Trends To Try Right Now
Indoor-outdoor living spaces top the list of the most popular features buyers are looking for. Also included? Warm colors, edible gardens and...garden gnomes! Yep, you heard that right!
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6 Summer Maintenance Tasks that Could Save You Cash
After what feels like the longest ever stretch of months stuck indoors, summer-glorious summer-is finally upon us. But before you get too comfy and curl up in a hammock with a delicious blended beverage, know that there are a few things you really should check off your to-do list first.
In between barbecues and beach days, you still need to stay on top of maintenance around the home. Otherwise you might find yourself with big problems down the line-and big repair costs.
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Thank you to my wonderful clients!
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114 Bonnie Brook Drive - Silverado Resort
2 Bed | 2.5 Bath | $997,000
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2 Bed | 2 Bath | $606,000
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2 Bed | 2 Bath | $270,000
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2 Bed | 2 Bath | $995,000
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3 Bed | 2 Bath | $995,000
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Summertime and the Grillin's Easy...
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There's nothing that says summer like meat and veggies on the grill. One of our favorite summer recipes is grilled chicken. This Peruvian style grilled chicken from Serious Eats hits the note on a hot summer day. Pair it with a cool tomato or watermelon feta salad and a little grilled bread or crispy potato and you are all set!
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