August Continues to Set Records in Napa County
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First off, I hope that this email finds you safe & doing well. The fires have been so terrible & brought back all of the memories that we hoped we would not have to live through again from 2017. It has been a trying year for sure and one that is testing our resilience and determination.
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In the context of everything that is going on, a real estate report may seem trivial but clients are still making buying & selling decisions so I want to share what's going on in the Napa market. Mortgage demand is 28% higher than last year and there is 26% less inventory on the market. We are in a unique time where it is both a sellers & a buyers market. Buyer demand is furious due to historically low interest rates & a shift in the dynamics of how & where people can work. That demand has created a record low supply of inventory thereby creating a sellers market where many homes are receiving multiple offers within days.
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If you are considering selling I would love to provide you with a competitive market analysis to show what your home can sell for. If you are in the market to buy, I am here to keep you alerted of new listings & listings that will be coming soon. Time is of the essence in this market & being pre-approved is essential. Whatever your needs may be, I always have time to connect to discuss the right strategy for your situation.
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All Bay Area counties, with the exception of San Francisco, continued to see dramatically increased demand over last year, with Napa seeing one of the biggest jumps. The percentage of listings accepting offers was 16% higher than this time last year.
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In addition, the median sales price was 18% higher in Napa that it was last year.
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Get To Work! How To Make Your Home Office Space a Huge Selling Point
Buyer demand for home office space has accelerated during the pandemic. In a survey conducted this summer, 63% of respondents indicated that they plan to buy a new home in light of their ability to work remotely. And, on average, listings featuring a home office command a 3.4% price premium and sell nine days faster than listings without one, according to Realtor.com data.
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Between restaurants and indoor entertainment being closed, social distancing and now, bad air quality, you may just be contemplating some home improvement projects. We took on the task of re-painting our living room and kitchen last summer and these tips and tricks really helped. Let's hope your home improvement project is not as disastrous as Tom Hanks' in this classic movie we all know and love (can you name it?). ->
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iPOKEshack is a new ghost restaurant (a virtual restaurant without dining space) in Napa.
Their goal is to provide a great product, poke bowls and plates, at a great price.
They offer only take-out, delivery and pop-up event pickup. They
expect to launch iRAMENshack, a Ramen pop up later this month and a Dim Sum pop up in October.
The poke dishes are modeled after the mom and pop shops throughout the Hawaiian Islands, where poke is a staple food.
They will continue to host these poke pickup events every Friday through the end of October.
The current menu is at www.ipokeshack.com. Currently, you have to order by Thursday for pickup on Friday.
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Have you heard? Plans to create downtown Napa’s largest private development – one that could cost $250 million and displace Kohl’s department store – are moving forward.
Developers Zapolski Real Estate has come to an agreement with the city to purchase the parking lot on the north side of the Kohl’s building. That clears the way to start the redevelopment process for a 2.2-acre site.
Zapolski Real Estate already owns the Kohl’s building — along with the adjacent Gordon Building at First and Browns streets and the entire First Street Napa project, formerly known as the Napa Town Center, that stretches two blocks to the west.
This new effort is known as the Napa Parkway Plaza project. A total of 120 apartments for rent, a 210-room hotel and 35,000 square feet commercial space for lease will replace the existing Kohl’s building and parking lot.
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Did you know? The Grove, the CIA at Copia’s outdoor restaurant, is open from 5 to 9 p.m., seven days a week, for garden suppers. The three-course, prix fixe, family-style dinners showcase the bounty of Copia’s culinary gardens and fresh, seasonal ingredients.
The meals change 3x per week. A sample of the current meal offered
Thurs to Sun, Sept. 17-20 is as follows: $52 per person
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First course
: grilled citrus and escarole salad with figs, olive oil and hard cheese
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$20 Supplement
: Three Little Bites – grilled bread with Manchego cheese and sausage; shredded salt cod with tomatoes, olives and pickled red onion; fried potatoes with spicy tomato sauce]
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Main course
: Catalan short ribs with fennel, orange and black olives and fingerling potatoes.
• Dessert: Honey cheesecake and walnut torte
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El Porteno Coming Soon to the Oxbow
Joseph Ahearne of San Francisco’s El Porteño Argentine restaurant in the SF Ferry Building, brings his food to the Oxbow Public Market, slated to open in September. The focus is empanadas but he will also feature alfajores, an Argentinian specialty dessert. Is it a cake? A massive cookie? Does it matter? An alfajor can combine chocolate, dulce de leche, meringue, icing, jam, and even mousse. He will also have a mate bar, including a line of house-made terrere, a traditional tea made with yerba mate.
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2 Bed | 1 Bath | 1,092 sq ft
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Browns Valley East
$799,000
4 Bed | 2 Bath | 1,688 sq ft
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7 Bed | 4.5 Bath | 5,800 sq ft
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15.1 acres total with a 12.4 acre state-of-the-art vineyard producing high-quality Cabernet Sauvignon
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3 Bed | 2 Bath | 1,352 sq ft
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3 Bed | 1 Bath | 1,244 sq ft
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DID YOU KNOW?
Don't expect a rate hike for several YEARS...that's according to the FED. In my books, low interest rates combined with an improving economy are almost certain to fuel inflation..... Expect at least another $1.5 TRILLION in stimulus which would put the total stimulus globally well over $10 trillion.. To put this into context: During the 2008/9 Recession, an $831 billion stimulus package via tax cuts, credits, and spending on programs such as health care, infrastructure, and education helped resuscitate the economy. (CNBC)
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© Compass 2020 ¦ 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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