Bernard’s Danville Real Estate Blog

Blackhawk Plaza has no shortage of restaurants and Laurus is the latest addition to the Blackhawk dining scene. The competition includes the excellent Blackhawk Grille. It will have to offer a pretty good dining experience if it is to be successful. Will it survive? Read on to get my take on it.
 Laurus is the brain-child of restaurateurs Matthew Silverman and Thomas Bensel and is their third venture in Blackhawk, joining their wine bar, Stomp, and their Mexican restaurant, Coa, all recently opened.
 All three locations are in keeping with Blackhawk Plaza but Laurus is undoubtedly the flag-ship. It opened for business in early December and Sylvia and I dined there for the first time with Michelle (her birthday dinner) for the first time shortly afterwards.
 This is a very stylish restaurant with somewhat minimalist décor and designer colors on the walls. The floor is polished concrete. There is an open display kitchen, an elegant, curved bar with plenty of seating and also an outdoor terrace seating surrounded by the Blackhawk water features with Koi carp and ducks etc.
 The service is impeccable and the food here is excellent. The three of us shared a generous portion of fried Calamari as an appetizer and none of us could fault it. This was  lightly breaded, served with haricots verts and accompanied by a light curry mayonnaise.
 For an entree, I had sea scallops that were served (very artistically I should add) on a bed of butternut squash risotto. The scallops were succulent and the risotto cooked to perfection, although the portion size (just three scallops) seemed a little on the meager side. Even so, I do appreciate the concept of quality rather than quantity and given the choice, quality wins every time.
 Sylvia had the Bistro Steak (a flat-iron steak served with sweet potato fries, an interesting twist on the usual steak frites) and pronounced it to be excellent, with a really good flavor and tender to the bite. Michelle’s choice was the Seafood Bouillabaise and it looked to be crammed full of quite a variety of fish and shellfish. She said it was yummy!
 Neither Sylvia nor Michelle appeared to appreciate my suggestions with regard to a pudding so we settled for finishing off our second bottle of Frogs Leap chardonnay by way of a final course. The wine list is quite extensive incidentally, and the wine was served at perfect temperature, but it would be nice to see some lower-priced wines on offer.
 Overall, we came away with a high opinion of Laurus. I won’t say we will be frequent visitors as it is a little above our normal dining budget but it would be great for a special occasion and should certainly be popular with many affluent locals. 

Regular readers will know that this is not the first time I have reviewed Faz but times change and my policy is to occasionally revisit restaurants I have previously reviewed, hopefully to confirm that they are maintaining their standards.

Quite apart from all this, I freely admit that Faz has always been one of my favorite restaurants. From my first visit, back in the 1980s when I was here on vacation, I was completely hooked. It wasn’t so much the food that impressed me then, although it was good, but the unique ambience of the place. And amazingly, it is not the tree growing up through the roof of the restaurant that is the most striking feature, but the dining patio - a large, sheltered wood deck at the rear of the restaurant with tall redwood trees growing through it and reaching towards the sky. As owner Faz Poursohi has been quoted as saying, “Anybody who fails to make a success of a restaurant with such surroundings does not deserve to be in the restaurant business”.And so it was that Sylvia and I found ourselves once more, seated outside on the deck on a warm Friday evening towards the end of March.Diners at Faz are presented with a basket of home-made foccacia bread and a middle eastern flat bread together with a small plate of olive oil with parmesan cheese and herbs mixed in. This tastes so good that appetizers seem quite unnecessary, so instead, we ordered a bottle of Frei Brothers Chardonnay to enjoy while we snacked on the breads and waited for our entrees. Frei Brothers really do produce a good Chardonnay.One thing that is perhaps worth mentioning here (and a point that while being a big plus to us, may be frustrating to some) is that service is relaxed at Faz. We like to take our time over a meal and the wait-staff are certainly pleasant and attentive, but don’t come here if you want to be out in an hour. It just isn’t that kind of a restaurant.The menu at Faz is another secret to it’s success. You can dine here very reasonably, on a simple and tasty pizza or pasta, and yet they also offer a good selection of more expensive dishes and there are always daily specials.On this occasion, Sylvia dined from the specials menu, while I ordered from the regular menu, although we both had lamb.Sylvia chose the lamb sirloin (having first ascertained from our waiter that it was a New Zealand Lamb - Sylvia finds American lamb is a little too “gamey” for her taste). This was a generous sized sirloin served with roasted potatoes and a selection of fresh vegetables and the taste and texture was excellent.For my entrée, I had rack of lamb with mint sauce on the side, a dish that has featured on their menu as long as I can remember. This is a dish that I generally avoid in restaurants as although it is generally tasty enough, and the presentation is frequently quite impressive, so often, there is little actual meat there. I do feel somewhat cheated if most of my main course turns out to be a few bones.Not so at Faz. This was not only one of the most generous portions of rack of lamb I have ever been served (really large enough to share), but the flavor was outstanding. This was served with similar accompaniments to Sylvia’s dish.Neither of us were inclined to have a dessert but we were completely satisfied by our meal and happy to know that Faz is maintaining its reputation for good food and good service at reasonable prices. You can find there menus and more on their web site at www.fazrestaurants.com.  

Latest Full Months Statistics for Danville Homes
(including Blackhawk and Diablo)

Previous months figures shown in parentheses	Detached Single Family Homes	Condomiums, Townhomes, others
New Listings	80(92)	22(19)
New Sales Agreed	38(32)	9(10)
Closed Sales	30(14)	8(7)
Median Price - Closed Sales	$791,250 ($961,250)	$504,337 ($515,000)
Average Days on Market - Closed Sales	117(90)	91(54)

At the beginning of April, 2009, there were 286 detached single family homes for sale in Danville (up from 271 in March, 2009) and 64 condos and townhomes etc. against 65 a month ago. So there is around 9 months supply of single family homes in Danville and 6 months supply of condos etc. The supply of condos is still being taken up faster than single family homes, but still, 9 months supply is a lot less than in many parts of Contra Costa County.
     What is of particular note is that the median price of closed sales has fallen significantly for the third straight month. Danville home prices are not as resilient as many thought. The increasing time on the market suggests that sellers may have been trying to sell their homes for unrealistic prices but they eventually given up waiting for higher offers and accepted the reality of the situation.
     So what happens now in Danville? Certainly there are plenty of buyers about but they will still be cautious when they see these figures. Home sellers will need to price their properties very aggressively if they really want to achieve a sale.
     I still think it is a good time to buy in Danville. Interest rates are low and there is a lot of choice. If I was thinking about buying here now, I would make a very careful assessment of real value and base any offers on that, rather than just on the asking price. And there are still bank owned foreclosures that offer particularly good opportunities in many cases.

2007 and 2008 have been stressful years for many homeowners, particularly those who bought their homes within the last couple of years. The vast majority of these are doing fine, even though they have seen the equity in their homes decreasing but the people who bought homes with little or no down payment and those who borrowed money on the basis of “stated income” just because they could not otherwise qualify are those that got into trouble.

Many of these people have been forced into “short sales” and others have been foreclosed on. The reaction of lenders, who many believe are largely responsible for this mess any way, was to suddenly decide that they didn’t really want to lend to anybody with less than 30% down so loans became hard to get.

The Good News

Now there are signs that things are getting better. From June 1st, Fanny Mae scrapped its “Declining Markets” policy which effectively meant that the largest available loans to most people was 90%. Now with 95% loans available again, first-time buyers can qualify for a loan, thus stimulating the market from the bottom.

The increase in conforming loan limits in March is also just starting to have an effect. $417,000 was the previous limit for lower cost conforming loans but now, with the limit at $729,750, buyers can get a first loan up to that figure at a low interest rate, topping it up with a second loan for the balance of financing needed, rather than take out a large, expensive, jumbo loan.

Higher limits for FHA loans are also starting to have an impact. With just 3% down a home buyer, even with less than stellar credit, can qualify to buy with a loan up to $729,750.

The Market Will Recover

All of this is helping to move the real estate market towards recovery. And it will recover. Fully. A new study from the Joint Center For Housing Studies of Harvard University finds the country poised to see an increase in housing demand over the next decade. The reason? Our population is growing.

From 2010 to 2020 the population will grow by an average of more than 1.4 million people per year. That is a lot of growth.

And note that this is a nationwide study. If you look at Danville or San Ramon for example, you will see that we almost always have a buoyant housing market.

Our Market Is Resilient

Even now, with all the talk of doom and gloom, there is less than a 6 month supply of homes for sale based on the latest figures. 3-6 months supply is generally considered a neutral market. Less than 3 months is a sellers’ market and over 6 months is a buyers’ market. You can find a buyers market in Brentwood or Pittsburg or Antioch or even Concord but you won’t find it here. That’s why our prices have stopped plummeting. Sure there are some low priced homes to be found but they are mostly bank owned foreclosures, many of which are in pretty bad shape. An increasing number of the rest are selling above list price and with multiple offers.
All of the above has to be good news for the real estate market and home owners as a whole.

Soon, things will get back to normal with moderate 2-4% annual increases in value backed by sensible lending policies.