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Strong Napa & Sonoma Valley real estate market undergoing major shift in 2020-2021

Referred to as the “Great Reshuffling,” the North Bay residential real estate market is undergoing a transformation with many remote workers moving in and longtime residents burned out from fire threats considering moving out.

As a result of this shifting of residents, Wine Country market trends show the area experiencing a sellers market with really low inventory, high median values and surging sales for homes in the millions of dollars for the quarter ending Sept. 30.

A market in which sellers wait to place their homes on the market is trouble for buyers.

Active listings in Sonoma County plunged for the third quarter ending in September to about 700. That’s about half of what it was a year ago at this time of year.

In Napa County, active listings dropped from 525 to 325 in the same period, Compass Realty reported.

“I think this is driving up prices. Every sector seems to be impacted,” said Carol Lexa, North Bay Association of Realtors president who runs Compass Realty in Healdsburg. “If interest rates stay low and inventory stays tight, we’ll maintain a strong market.”

Sales in Sonoma County’s luxury home market, characterized by housing priced above $2 million, surged in the third quarter to 100. The average was about 30 sales in the second quarter of this year as well as the last four years.

Napa County’s luxury home sales for the third quarter just ending Sept. 30 didn’t increase as much, but it still held its own with a strong 48 exchanging hands in a smaller jurisdiction. Most quarters in the last three years have averaged about 26 sales.

Napa County’s median sales price has accelerated every year in the third quarter since 2016, with the exception of last year. This year made up for the unusual dip — going up by $100,000 to $825,000.

Since 2016, Sonoma County has shown consistent growth for the fall quarter.

The median now stands at $715,000, according to the broker metrics of homes placed on the Multiple Listing Service.

“We may see the upcoming spring as a boom in listings,” Lexa predicted. “We still have people looking.”

As agents have found from the previous quarters, the North Bay housing market has remained strong because prospective buyers in San Francisco, the Peninsula and down into the South Bay around San Jose are able to live anywhere since being told by their employers they can work remotely.

What’s not to love about the North Bay?

It was Monique Orsot’s dream to live in the city of Sonoma. So at age 41, the senior program manager in Salesforce’s real estate division took the plunge out of her rent-controlled studio apartment in San Francisco where her company is based to live out her dream in the Wine Country. She’s able to work remotely for Salesforce.

“I’m very lucky. The timing was right. I had cash on hand and never thought I’d be able to afford anything here,” she said.

She took the time to look around and found what she was seeking in a townhouse blocks from the Sonoma Square.

“It was cheaper than most rents in San Francisco and is a great investment,” she said.

As for worrying about fires, Orsot has taken solace in being close to town.

“They’re not going to have the square burn down,” she said.

Making room for new buyers?

But others who have lived in the North Bay for years may not stick around.

They are pondering now whether to sell and move out of the area because of all of life’s misfortunes, no matter how desirable the region is.

A new phrase has been coined — “fire fatigue.”

Fire threats, evacuations, power outages and poor air quality can weigh heavy at times for people trying to already negotiate a global pandemic and consequential economic upheaval.

Many said it was going to be easy, and they were right.

“Somehow 20-year residents have had it with the fires. They’re burned out and know their houses are worth something. Others are moving in, since they can live anywhere. We’re seeing the cross over between them,” said Adam Goldberg, a real estate agent with KB Properties in Sebastopol.

His client, Allyn Scura, may consider the option of leaving after 13 years, but the idea of abandoning her 5-acre Sebastopol place off Barnett Valley Road that she built from the ground up presents “a huge dilemma,” she fretted.

“Sebastopol has never burned (like other communities), but I don’t want to be naïve. If I know why, I can manage poor air quality and do the fire mitigation on my property and structure my life around it,” she said. “I designed and built this property and put my blood, sweat and tears into it. We love it here. But the idea of going through this (fire threat) every year is a real dilemma.”

The self-made eyewear designer may decide that she and her husband should leave and move into their San Clemente rental home, but Scura admits he doesn’t want to go, and her 16- and 21-year-old daughters are “upset” about the notion.

“If I had my druthers, I’d stay (in Sebastopol) and live out our dream of half the time in Sebastopol and half in San Clemente,” she said.

Another Santa Rosa agent has just started to hear the rumblings from clients that have also asked themselves a very existential question: “Where would I go?”

“There are other problems in every other area you can think of, and most I have talked to don’t want to leave friends and families,” said agent Pat Avila, who herself was burned out of her home during the Tubbs Fire of 2017.

According to Zillow economist Jeff Tucker, there’s an added benefit to residents deciding to leave.

“It’s quite possible to cash out of a Bay Area home, live anywhere else in the country and even retire with the home equity,” he said. “San Francisco is the best example of that. It’s reflected in the data that people don’t want to move too far when they’re moving out.”

The glut of listings in San Francisco has grown 2.5 times year over year.

Plus, San Francisco residents recognize they can seize on more space, especially when seeking a room to establish an office if they’re working remotely.

As for demographics, the trend is pronounced in millennials, Tucker cited.

“They are buying homes now as they move into their 30s. They’re just getting to it later like they did with marriage and kids,” he said.

The low interest rates have also made the life choice more attractive.

Sure, inventory is low — but as these enterprising millennials get rid of student loan debt and establish themselves in the workplace, they can overcome price obstacles with higher Bay Area incomes.

Low inventory is not a trend reserved to California that drives up the demand.

Sales are up 10.5% from a year ago and back to pre-COVID-19 levels of early 2020, the National Association of Realtors reported.

The number of U.S. homes listed dropped 35% this September compared to last year, Zillow reported.

“That’s a staggering change. I think of a pool of homes as bathtubs draining faster than four to five months ago. It makes the buyers more competitive over fewer options,” Tucker said.

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2019 Safeway Open at the Silverado Resort

Schedule of Events
September 23-29, 2019 | Silverado Resort and Spa
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MONDAY – SEPTEMBER 23rd:
JOHNNY MILLER PRO-AM
Closed to the Public



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TUESDAY – SEPTEMBER 24th:
PGA TOUR Practice Rounds
Closed to the Public



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WEDNESDAY – SEPTEMBER 25th:
Gates Open: 6:30AM
THE SAFEWAY OPEN PRO-AM PRESENTED BY CITI (NORTH COURSE)
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Under Armour Junior Clinic – Free food and gifts for all kids 15 and under – 5:00PM



THURSDAY – SEPTEMBER 26th:
Gates Open: 6:30AM
• First Round Safeway Open
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Concert Series on the Chevron Stage featuring Jake Owen 7:00PM
JAKE OWEN

FRIDAY – SEPTEMBER 27th:
Gates Open: 6:30AM
• Second Round Safeway Open
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Concert Series on the Chevron Stage featuring Bad Company 7:00PM
BAD COMPANY

SATURDAY – SEPTEMBER 28th:
Gates Open: 8:00AM
• Third Round Safeway Open
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Concert Series on the Chevron Stage featuring Rob Thomas 5:30PM
ROB THOMAS

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SUNDAY – SEPTEMBER 29th:
Gates Open: 8:00AM
• Final Round Safeway Open
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Trophy & Check Presentation following play – 18th Green


*Tee Times subject to change
**Admission Included with Golf Ticket

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2018 Safeway Open Golf Tournament Information

Schedule of Events
October 1-7, 2018 | Silverado Resort and Spa

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MONDAY – OCTOBER 1st:
JOHNNY MILLER PRO-AM
Closed to the Public


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TUESDAY – OCTOBER 2nd:
PGA TOUR Practice Rounds
Closed to the Public


Picture

WEDNESDAY – OCTOBER 3rd:
Gates Open: 6:30AM
THE SAFEWAY OPEN PRO-AM PRESENTED BY CITI (NORTH COURSE)
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Under Armour Junior Clinic – Free food and gifts for all kids 15 and under – 4:00PM


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THURSDAY – OCTOBER 4th:
Gates Open: 6:30AM
• First Round Safeway Open
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Concert Series on the Chevron Stage – Sammy Hagar & The Circle – 6:30PM**

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FRIDAY – OCTOBER 5th:
Gates Open: 6:30AM
• Second Round Safeway Open
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Concert Series on the Chevron Stage – Young The Giant– 6:30PM**

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SATURDAY – OCTOBER 6th:
Gates Open: 9:30AM
• Third Round Safeway Open
• Tee Times Begin at Approximately 10:50AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Volunteer Party
• Safeway Open Concert Series on the Chevron Stage – Billy Idol – 5:30PM**

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SUNDAY – OCTOBER 7th:
Gates Open: 9:30AM
• Final Round Safeway Open
• Tee Times Begin at Approximately 10:30AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Trophy & Check Presentation following play – 18th Green

*Tee Times subject to change
**Admission Included with Golf Ticket
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2017 Safeway Open Calendar of Events

Looking for Safeway Open Calendar of events in Napa Valley

Schedule of Events
October 2-8, 2017 | Silverado Resort and Spa

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MONDAY – OCTOBER 2nd:
JOHNNY MILLER PRO-AM
Closed to the Public


Picture

TUESDAY – OCTOBER 3rd:
PGA TOUR Practice Rounds
Closed to the Public


Picture

WEDNESDAY – OCTOBER 4th:
Gates Open: 6:30AM
THE SAFEWAY OPEN PRO-AM PRESENTED BY CITI (NORTH COURSE)
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Korbel Spray Off – 8:00AM – 2:00PM


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THURSDAY – OCTOBER 5th:
Gates Open: 6:30AM
• First Round Safeway Open
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Concert Series: Gavin DeGraw Live on the Chevron Stage – 6:30 PM**

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FRIDAY – OCTOBER 6th:
Gates Open: 6:30AM
• Second Round Safeway Open
• Tee Times Begin at Approximately 7:20AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Safeway Open Concert Series: Weezer Live on the Chevron Stage – 6:30 PM**

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Picture

SATURDAY – OCTOBER 7th:
Gates Open: 8:00AM
• Third Round Safeway Open
• Tee Times Begin at Approximately 8:30AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Volunteer Party
• Safeway Open Concert Series – Goo Goo Dolls
Live on the Chevron Stage – 5:00PM**

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Picture

SUNDAY – OCTOBER 8th:
Gates Open: 8:00AM
• Final Round Safeway Open
• Tee Times Begin at Approximately 8:30AM*
• Safeway Food & Wine Pavilion Open to All Spectators
• Junior Clinic featuring Chuck “The Hitman” Hiter – Free food and gifts for all kids 15 and under – 2:00PM
• Safeway Open Trophy & Check Presentation following play – 18th Green

*Tee Times subject to change
**Admission Included with Golf Ticket
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Spring 2017 Real Estate Q&A

Q: What should I watch out for when making an offer on a tenant occupied property?

A: I assume that you intend to take title to the house with the tenant still in possession of the premises, in which case you would become the tenant’s landlord. If this is the case then, in addition to all of the normal inspections that a buyer makes to determine the condition of the property, you must also determine the condition of the tenancy. First of all you should have made your offer using a standard form residential income property purchase agreement or a regular residential purchase agreement with a “Tenant in Possession” addendum (most agents will have access to these documents through the California Association of Realtors). Both documents require the seller, among other things, to provide the buyer with copies of all current leases, rental agreements, service contracts and other agreements regarding operation of the property. You should also receive an estoppel certifi cate signed by the tenant confirming the terms of the tenancy and affi rming that no defaults or claims are outstanding against the Seller. Further, provisions must be made for transfer of any existing, unused security deposit from seller to buyer because the buyer, as owner, will be responsible to the tenant for return of the security deposit to the tenant at the end of the tenancy, minus any allowable deductions. There should also be some sort of prohibition on the seller making changes to the terms of the tenancy prior to close of escrow.

 

Q: We are looking to purchase a home in the $500,000 range and are very qualified; however, we have only saved approximately $25,000 for a down payment. What are our loan options?

A: Assuming that you have good credit and acceptable debt to income ratios, there are several options available to you. The first option would be to utilize FHA financing, which only requires a 3.5% down payment. The second option would be to get a 5% gift from a family member and combine it with your 5% savings and utilize a 90% conventional loan. A third option would be to borrow 5% from an eligible 401K plan and combine the monies with your savings for a 10% down payment and 90% conventional loan. Lastly, if either you or your spouse is a qualified veteran, your required down payment would only be $10,000 on a $500,000 purchase price.

Q: I have made numerous offers and been beaten out each time by other buyers. Do you have any tips for getting my offer accepted in a multiple offer situation?

A: The real estate market in Napa County is very active right now with a low inventory of homes and a lot of interested buyers who are feeling better about the economy and their jobs. The upshot is multiple offers and homes selling at or above their asking price in many cases. The tactics that you should employ to position yourself for success in this type of market depend mostly on the specifics of the particular property that you want to offer on and they should be something that you develop in close consultation with your agent. For example, your agent will probably suggest different tactics for an offer to a traditional, non-distressed seller than he or she would if you were offering on a short sale or a bank owned repossession.

There are some general suggestions that I can make without knowing your situation. First is understanding the market for the home you are targeting so that you can offer a realistic price. Ask your real estate agent to provide you with MLS data that shows the most recent trend in price appreciation as opposed to relying solely on comparable sales. The market is moving fast and comparable sales are in many cases not indicative of current values. Second you should anticipate that at least some of the offers that you will be competing with will be “all-cash” with no loan contingency. Aside from offering a good price, the best way to compete with all-cash offers is to go through the underwriting process to be approved for a loan subject only to review of title and appraisal. Pre approval on your loan takes time and there are some roadblocks depending on the type of loan you seek, but doing so will make you look like a serious buyer and enable you to offer a shorter close of escrow period to the seller.

 

Q: I negotiated a 3% closing cost credit from the seller and want to know what closing costs can be covered by the credit?

A: A closing cost can be used for all recurring (interest, taxes and insurance) and nonrecurring (i.e: appraisal, title and escrow) closing costs associated with the purchase of your property. If the actual closing costs are less than the seller credit, the subject credit will be reduced to the amount of the true closing cost.

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2021 Silverado Country Club & Resort Membership Information

 

Interested in membership costs at Silverado Country Club? Silverado Resort’s two championship golf courses stand as the hallmark of the Napa Valley Golf experience. Designed by renowned architect Robert Trent Jones, Jr. and recently updated by Johnny Miller, both courses feature dozens of water crossings, elevation changes and routing through historic oak trees. The challenge, visual sensation, and special ambiance of Silverado set the standards by which all others are measured.

VIEW HOMES AND CONDOS FOR SALE

Golfers in search of the ultimate Napa golf experience are returning to Silverado to rediscover this historic gem. Contact us to schedule a site visit and we will provide you with the many benefits of Membership at Silverado.

 

2021 Silverado Membership Package Information

 

SCC Membership info 2021

2021 Silverado Resort Club Fees

2021 SCC Membership Dues Fees Discounts

 

Silverado Property Owners

Every residential parcel within the defined Silverado Community has a potential membership appurtenant to it.  At the time of purchase you will be required to pay the prevailing fee, either an Initiation Fee or a Transfer Fee.  A Transfer Fee is paid when membership has been maintained in a transferrable status by the seller.  A new buyer has 30 days from close of escrow to pay the Transfer Fee which maintains the viability of the appurtenant membership. If that fee is not paid, the transferable membership reverts to its potential and an Initiation Fee is then applicable to the owner wanting to activate membership or to any subsequent buyer.  Once the applicable fee is paid, the owner may activate the membership by submitting an application to the Board of Directors and, upon approval, begin paying dues.*

Initiation Fee: $60,000                                  Transfer Fee: $40,000

* It is not a requirement to activate a membership on a property that has been purchased.  A membership may be kept inactive indefinitely; however, once a membership has been activated, it can no longer be placed on an inactive status except upon special application based on serious impairment of health or death of a spouse.  Payment of a Transfer or Initiation Fee without membership activation does not entitle a property owner to use of the Silverado facilities including golf, tennis and pools.

As an owner of property at Silverado Country Club, there are multiple membership categories that are available for you to choose from.

Membership Categories for Silverado Property Owners

Membership Type

Monthly Dues

Food & Beverage Minimum

Resident (Full Golf)

$500

$260 per Quarter

Social

$360

$260 per Quarter

Non-Resident

$360

$520 Semi-Annual

Out-of-State

$225

$520 Semi-Annual

 

All Memberships include the member, his/her spouse or registered domestic partner, and any children 21 years of age or younger, living at home.  This entitles you unlimited use of the golf and tennis facility, as well as discounts in the Resort’s  Spa and Food and Beverage outlets.  Discounts on Food and Beverage are  15% and 25% respectively.  There is a $260 Quarterly or Semi-Annual Food & Beverage minimum, based on the calendar year.

Other Silverado Country Club Membership Options

If you do not own property within the Silverado Community, there are two membership options available for your consideration.

Invitational Memberships                                              Initiation Fee $60,000

Silverado Country Club offers a limited number of Full Golf Memberships to individuals who do not own property within the Silverado Community. Memberships include the member, his/her spouse or registered domestic partner, and any children 21 years of age or younger, living at home.

The monthly dues for an Invitational membership are currently $600.00. This entitles you unlimited use of the golf and tennis facilities, as well as discounts in the Resort’s Spa and Food and Beverage outlets. There is a $260 Quarterly Food & Beverage minimum, based on the calendar year.

 

Junior Executive Memberships                         Progressive Initiation Fee

Silverado Country Club offers a limited number of Junior Executive Memberships to individuals who are between the ages of 22 and 45.  These memberships do not require property ownership within the Silverado Community. Memberships include the member, his/her spouse or registered domestic partner, and any children 21 years of age or younger, living at home.

Silverado’s Progressive Initiation Fee Program allows Junior Executive Members to progressively pay their Initiation Fee and to apply their paid fees towards a Resident or Invitational Membership.

Age

Initiation Fee

Monthly Dues

(% of Resident Full Golf Dues)

22-25

$1,500

$337  (60%)

26-30

$3,000

$337  (60%)

31-35

$6,000

$337  (60%)

36-40

$9,000

$450  (80%)

41-44

$12,000

$563  (100%)

Junior Executive Members would also be responsible for a quarterly Food & Beverage Minimum of $260.

 

Corporate Membership Options

Silverado offers Corporate Membership options for both Property and Non-Property owners.

Property Owners
A legal entity that owns property within the Silverado Development Area and purchases a membership in the name of the corporation shall be a Corporate member. As a Corporate Member, you will designate one person from the corporation who is associated with the membership. That designee and his/her spouse or registered domestic partner and any children 21 years of age or younger living at home are the membership.  No other person will be entitled to the membership privileges. The designated person may be changed with the approval of the Board.

The Transfer/Initiation Fees, dues and other associated fees are identical to the Resident Membership options. There is a processing fee of $250 with a change in designation of the membership.

Non-Property Owners
A legal entity that does not own property within the Silverado Development but would like to purchase a membership at Silverado would purchase a Corporate Invitational membership. This membership is also a single designee membership as described above, with the ability to change the designee with Board approval.

The Initiation Fee, Dues and other associated fees are identical to the Invitational Membership. There is a processing fee of $250 with a change in designation of the membership.

Additional Membership Activities & Opportunities

We have an active tennis program which is under the direction of Peter Burwash International (PBI), the world’s premier tennis management company. Of course, there are regular Bridge, Mahjong and Dominos groups not to mention a busy social calendar of member functions. The membership is comprised of a wonderfully diverse group from all over the world who all have a couple of things in common – a shared love of the Silverado Country Club lifestyle and a deep appreciation for the beauty of its incredible Napa Valley setting! We’d love to have you join us.

 

A state-of-the-art, 16,000 square foot Spa is also available for your use when you are a member of Silverado. Spa membership is not a requirement of membership and members may choose what level of participation they would prefer when joining.

VIEW HOMES AND CONDOS FOR SALE

Miscellaneous Fees 2017

Golf Club Storage                                               $30

Golf Cart Rental                                                  $20

Golf Club Rental                                                 $60

Private Cart Permit                                            $590 Cart Inspection Fee

(Annual for Quarterly Inspections)                $95

Members Activity Fund (Annual)                  $115

 

Green Fees 2017

Ladies’ Guest Day                                             $25

Men’s Guest Day                                               $25

Member-Guest

Weekdays Mon – Thu                                     $60

Weekends Fri – Sun & Holidays                  $70

Twilight                                                             $40

 

Social, Out of State, Senior NP Green Fees

Weekdays Mon – Thu                                    $60

Weekends Fri – Sun & Holidays                  $70

Twilight                                                             $40

 

Monthly Spa Membership fees 2017

SPA Membership Fee Single                      $75

Couple                                                             $125

Family                                                             $195

 

Tennis 2017

Guest Fee                                                        $10

Guest Day                                                       $5

 

 

 

 

 

 

Download 2017 Membership Package