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Real Estate Update
WHAT'S "ON THE RECORD" FOR YOUR HOUSE?
 Say a buyer enters a property for sale and counts three bedrooms. Then they look in the basement and see a separate one-bedroom unit. To the buyer it looks like a duplex.
The sellers might have purchased the property believing they bought a duplex. They lived in it for many years as a duplex, renting out the other unit. However, the public record maintained by the County Assessor might look like this:
Why is it classified as a single family home when it looks like a duplex? What happened to the third bedroom? Most often, records cannot be reconciled because there were no permits issued for the work, or the paperwork was lost, or someone just did not enter the updated information. Public records tend to be our most relied upon source, but they are not necessarily the most accurate.
We Realtors can only disclose information based on what the seller reports, the public records, and our visual observations. Anything beyond this is not within the scope of our license, nor what we are trained to do. And while there are professional permit researchers, there is no licensing requirement for that type of work.
So what is the final authority to settle any differences? The search isn't always easy. But here is some advice that may be helpful when dealing with the problem:
Homeowners and potential sellers: You risk fines and other expenses when you renovate without permits. You are also obligated to disclose unpermitted work when you sell the home. That could affect the sales price, or even the number of buyers willing to make an offer. Keep records of all work done, including copies of permits. Don't rely on the authorities. While it would be good to have the public record accurately reflect what you own, understand that applying for a correction is an invitation for an inspection and a possible reassessment.
Buyers: When you take ownership you also take on responsibility. When an inspector comes to review your new remodeling, the city or county could require you to correct old unpermitted work at your expense and up to current code standards. Always investigate what you are buying. Look carefully at all documents and reports; particularly the public record detail, the title report, and disclosures from the seller regarding repairs and remodeling. Personally visit the city or county building department to research permits and order copies. I can accompany you on this trip, but cannot do it for you. Try not to provoke any government building or zoning inspections. It is definitely not a good negotiation tactic, and it could be a breach of contract due to a specific clause in our standard Residential Purchase Agreement.
Finally, if you are interested in seeing the public record report for your property, just drop me an e-mail, I will send you back what I can access myself and refer you to other sources. Just know that this is a beginning, not a conclusion. I can't guarantee its accuracy, but I will help you follow up if you want to investigate.
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Monthly Market Snapshot
January is consistently the slowest month of the year for East Bay real estate - fewer properties are sold in this month than any other. With so few transactions, it is challenging to get a gauge on the market by using just quantitative data. But if we combine these numbers with what we're seeing on the street, we get a better sense of what is to come.
Sales in January were down 11%, but average price was up 9%, primarily driven by activity in Oakland. Sales may be particularly low because of low inventory. However, there is a lot of buyer activity, which is driving up prices. For those on the fence about selling, this supply/demand imbalance may mean it could be your time to act. Let me know if you have any questions, and we can figure out if moving ahead is right for you.
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Mortgage Rates
 Greek leaders recently clinched a long-stalled deal on financial reforms and austerity measures needed to secure a bailout and avoid a messy sovereign debt default. The full package must be approved by the European Union, the International Monetary Fund and the European Central Bank. Barring any last-minute hitch, the threat of a global credit market shakeup has been averted, at least for the immediate future. Against this backdrop, it is reasonable to expect a slow but steady move to fractionally higher interest rates here at home.
This news is coupled with optimism that the labor market is improving faster than originally anticipated. Uncertainty about U.S. fiscal policy and worries about Europe's sovereign debt stability remain, but businesses appear to be handling these concerns in stride and are apparently more resilient than initially thought, leading to a brightening outlook for the labor picture. Improvement in the labor sector is typically viewed by mortgage investors as a sign broader economic activity is expanding as well. As the economy gains steam -- the demand for capital rises - causing the cost of capital (interest rates) to be pushed higher.
If you have been considering a refinance, now is the time to act. If you have any questions, please contact Faramarz Moeen-Ziai at Bank of Commerce Mortgage - 925.627.2563 / fmz@bocm.com.
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THE EAST BAY: LIVING IN THE SWEET SPOT
 Two of our East Bay cities recently received national public praise. Just two more reasons to live here (as if we needed any official recognition)!
The New York Times listed its 45 top places to visit in 2012, and Oakland was in the number five position, right after London and ahead of Tokyo. The city earned this distinction because of its revitalized nightlife, music and restaurants. It seems to me like a stay-cation is definitely in order. Explore Oakland's neighborhoods and homes for sale >>
 Berkeley's Northbrae neighborhood has been voted one of the nation's 10 Great Neighborhoods for 2011 for its "exceptional character" by the American Planning Association (APA). The recognition is part of the APA's "Great Places in America" program: celebrating places of exemplary character, quality, and planning. Selection criteria included a true sense of place, cultural and historical interest, community involvement, and a vision for tomorrow. Learn about Northbrae's special charm and homes for sale >>
TAKING PART IN COMMUNITY ENGAGEMENT
 Red Oak had the pleasure of sponsoring and attending the Piedmont Pines Neighborhood Association's annual meeting in January. The PPNA is no ordinary association. Representing over 1,300 households, their annual meeting drew the likes of Mayor Jean Quan, Councilwoman Libby Schaaf, and Chief of Police Howard Jordan.
Of course, visits from public officials are great, but what was really noteworthy was the level of involvement from the residents. A big part of what makes the East Bay so special is the strength of the neighborhoods that make up our cities. In fact, Newsweek voted Oakland the second most "can do" city in the nation, and neighborhood associations are a great place to start.
I guess you might say, "Why are you telling me about a neighborhood that I don't live in?" Because this neighborhood is an example of how it should work. Because of their cohesiveness, they're able to get things done in their neighborhood. Their streets are safer, their residents informed and their voices heard.
If there's a takeaway from this, I implore you to meet your neighbor, get on a listserv, join your neighborhood association, and just be a part of where you live. I'm not suggesting you spearhead a movement, just say, "Hey, I'm here with you, anything I can do to help, let me know."
For a list of local neighborhood associations, try these sites:Learn more about Piedmont Pines and watch Red Oak's new neighborhood video >>
RESTAURANT REVIEW:
Rumbo Al Sur
Date night just got spicier with the recent launch of Rumbo al Sur in Oakland's Glenview District. Its Latin Fusion cuisine is flavorful and succulent, with an added kick of spice in almost every dish. Even better, the warm interior provides an intimate and romantic dining experience.
Start your meal with the crispy black-eyed pea fritters with a spicy and slightly sweet cashew and ginger sauce; it will tantalize even the pickiest palates. The chopped romaine salad with grilled sweet corn, cotija cheese and toasted pumpkin seeds is a truly unique experience; fresh and seasoned to perfection, this texturally pleasing salad could be a meal in itself. The Mussels Moqueca - tender mussels swimming in coconut milk, cilantro and peppers - offer a fragrant main course perfect for sharing. Don't forget to try the baby back ribs. They are smoky and so tender, they fall off the bone. Eat them unaccompanied, or paired with the guava-tamarind glaze to enhance the flavors.
Rumbo's cocktail menu is vast. Liquors from all over Latin America, coupled with the house's own sweet syrups and milks, produce unique specialty drinks. The Batida de Coco stood out with its ridiculously tasty coconut milk and Pirassununga Cachaca. The drink is like a dessert in a glass, but not overly filling.
But do save room for the desserts. The croquetas de chocolate will send you into another world: hot, chocolate-filled truffles, lightly fried and coupled with handmade cafe de olla ice cream is enough to bring you to your knees.
Rumbo al Sur 4239 Park Boulevard, Oakland. Open Sun-Wed 5:30-10pm; Thu-Sat 5:30-11pm. 510.479.1208.
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