Market Update, New Listings, Napa Life
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The spring market has arrived with a vengeance & boy, it is a seller's market out there. All price segments are in demand but homes in the $500-$799K price range account for the most sales in this report, followed by homes in the $800-$1.2M price range. The majority of homes in these price brackets are seeing multiple offers and lasting only days on the market.
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Just in time for spring, Napa has moved into the red-tier and more businesses are opening. In this newsletter, I have highlighted some experiences around Napa and the Bay Area that you can get out and enjoy as the weather gets nicer, as well as some new Napa restaurants to check out and fresh ideas for spring eating and decor. I hope you enjoy & please keep me in mind if you know anyone looking to buy or sell in Napa.
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At the beginning of a new year, it is not unusual for buyers to jump back in the market sooner than sellers, a dynamic which commonly accelerates as spring gets underway. When demand surges while listings lag behind, buyers must increasingly compete, often heatedly, for appealing homes. This imbalance in supply and demand adds considerable pressure to the market, with overbidding and price increases becoming the norm. And this has occurred with a vengeance in early 2021.
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Napa Year Over Year Stats at a Glance
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I have compiled some key charts below but if you are interested in all of the nitty gritty data as I am you can read the full market report here.
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3 Bed | 3 Bath | 1851 Sq Ft
$1,249,500
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3 Bed | 1 Bath | 1122 Sq Ft
$699,000
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3 Bed | 2 Bath | 1500 Sq Ft
$999,000
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1080 Wooden Valley Cross Road
4 Bed | 4.5 Bath | 4900 Sq Ft
10 acres, 3 acres planted to Cab Sauv
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Ace & Vine Card Room Open
Ace & Vine card club and The Deck restaurant has opened in the former Compadres space.
The restaurant features high-end Asian/American cuisine with dim sum like offerings, stir-fry, seafood, steaks and sushi. They serve breakfast daily & brunch on Sundays.
The restaurant is separate from the gambling, so kids are welcome. The card room
offers Blackjack, Baccarat, Pai Gow Poker, Three Card Poker and Texas Hold’em. California card rooms can’t have slot machines or roulette wheels.
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Wilfred's Tiki Lounge
Wilfred’s Lounge, Napa’s first tiki lounge, is moving along in the former Burger Fi space at 967 First St. The space is owned by Flora Springs and their website mentions, "Island culture combined with Napa wines" & "Tiki- inspired wine cocktails" so it is not clear if they will have a liquor license or just wine cocktails.
They say it will be open by the summer.
@wilfredslounge.
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Blue Note to Host Outdoor Concerts at Charles Krug Winery
Blue Note Napa will present a series of outdoor concerts at Charles Krug Winery until they can safely reopen at the Napa Valley Opera House.
They will host two shows a night every Friday, Saturday and Sunday with availability for 260 guests per show at socially distanced, bistro-style tables. Guests can buy food and beverages while enjoying live music from a wide range of local and national acts.
The concert series will run from mid-May through the first weekend in October. Shows will be announced on Blue Note Napa’s website.
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Prop 19 Goes into Effect April 1st
Proposition 19 allows homeowners who are 55+, severely disabled or victims of wildfire/natural disaster to transfer their property tax base of their existing home to a new home anywhere in California without price restriction. This is a significant improvement from the current law.
Prop 19 new tax benefits as of April 1, 2021 include:
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Moving anywhere in California: Prop 19 removes location restrictions on property tax transfers allowing the transfer of the property tax base of an existing home to a new home anywhere in California.
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Moving to any home regardless of price: Prop 19 removes price restrictions on property tax transfers allowing the transfer of the property tax base of an existing home to a new home regardless of price (with an adjustment upward to their tax basis if the replacement property is of greater value).
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Transferring the low property tax base of your original home to a new home up to THREE times (or more for victims of wildfire or natural hazard).
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Brighten Up for Spring: 12 Easy Ways to Add Color to Your Home
Scared of going too bold? Don't be. No matter your comfort level, there's a way to incorporate pops of color into any space. Think rugs, accessories, art, and even botanicals. All these elements can be utilized to add just the right amount of color to your home. If you still aren't convinced, take a look at these ways to add pops of color to your space, whether it's simply adding in a plant or striking the perfect balance with multiple saturated hues.
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Where We're Going, What We're Cooking
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Immersive Van Gogh Museum
Beginning March 18th in San Francisco
What better way to venture back out into the world than by visiting an immersive Van Gogh art exhibit?
The world of Dutch painter Vincent van Gogh is coming to San Francisco in a new digital art experience that brings some of the artist’s best-known works to life in astounding scale.
“Immersive Van Gogh” will make its West Coast premiere beginning March 18 at SVN West, the space that was formerly the Fillmore West concert venue in the city’s hippie heyday. Utilizing projection technology, visitors will be able to step into images like his famous “Starry Night”, “Sunflowers”, and “The Bedroom”. Produced by the team who created the famed Atelier des LumieÌ€res in Paris, where the “Starry Night” exhibition made its debut.
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Pappardelle Pasta with Rosemary Portobello Mushroom Sauce
If you don't know this about me, I love to cook! In an effort to cut back on our meat intake and ramp up the veggies we tried this Portobello mushroom pappardelle last Saturday night. There is so much umami in this recipe that you won't miss the meat. *Full disclosure, we had a small packet of diced pancetta (2-3oz) on hand that we added in at the beginning of the recipe, but followed it exactly after that. Absolutely delicious!
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© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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