The Sonoma County Board of Supervisors passed a plan calling for $250M in projects connecting parts of the county. Fortunately, the Coast appears to be one of the five major projects slated for funding over the next five years. While there was similar talk about doing this in 2005, it seems that there may be Federal incentives to give residents an alternative to driving and a State requirement to give non-motorized transportation equal weight on our roads.
For the entire article, click here and support the organizations that will bring the project to the Coast.
29 August 2010
25 August 2010
Bad News/Good News
We'll start with the bad news...You probably heard that homes sales in July were at the lowest levels in 15 years and took the largest drop ever. I'm not surprised at this since we had one of our worst months in Bodega Bay with a whopping five sales.
Nationally, this drop is being blamed on the phase-out of the $8000 tax credit. Personally, I saw little impact of that credit here on the Coast so I don't think it had anything to do with anything here (except for the potential psychological effects on buyers) since an $8000 credit on a million dollar home is hardly a motivating factor.
That said, we did have some positive news in California as a whole. While the nation saw some scary numbers, California actually saw a 10% increase in the median price, although the number of sales dropped significantly. We've seen increases for nine consecutive months - a nice streak in this unstable and unpredictable market...
Nationally, this drop is being blamed on the phase-out of the $8000 tax credit. Personally, I saw little impact of that credit here on the Coast so I don't think it had anything to do with anything here (except for the potential psychological effects on buyers) since an $8000 credit on a million dollar home is hardly a motivating factor.
That said, we did have some positive news in California as a whole. While the nation saw some scary numbers, California actually saw a 10% increase in the median price, although the number of sales dropped significantly. We've seen increases for nine consecutive months - a nice streak in this unstable and unpredictable market...
04 August 2010
Fast Facts from CAR
Home affordability remains high as prices drop and interest rates hover in the 4's...
Calif. median home price: June 2010: $311,950 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region June 2010: Santa Barbara So. Coast $914,760 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region June 2010: High Desert $125,620 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First quarter 2010: 66 percent (Source: C.A.R.)
Mortgage rates: Week ending 7/29/2010 30-yr. fixed: 4.54 Fees/points: 0.7% 15-yr. fixed: 4% Fees/points: 0.7% 1-yr. adjustable: 3.64% Fees/points: 0.7% (Source: Freddie Mac)
Calif. median home price: June 2010: $311,950 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region June 2010: Santa Barbara So. Coast $914,760 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region June 2010: High Desert $125,620 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First quarter 2010: 66 percent (Source: C.A.R.)
Mortgage rates: Week ending 7/29/2010 30-yr. fixed: 4.54 Fees/points: 0.7% 15-yr. fixed: 4% Fees/points: 0.7% 1-yr. adjustable: 3.64% Fees/points: 0.7% (Source: Freddie Mac)
02 August 2010
Supervisor Efren Carrillo to Visit Bodega Bay
When: Wednesday, August 18 at 5:30
Where: Bodega Bay Fire Station - 510 S. Highway 1
More Info: (707) 565-3760
Supervisor Efren Carrillo is hosting this meeting to provide an opportunity for the public to receive an update on county issues and raise any issues of concern. The format will be informal and allow for the greatest amount of dialogue. Members of the community are encouraged to attend.
Click here for a flyer:
Where: Bodega Bay Fire Station - 510 S. Highway 1
More Info: (707) 565-3760
Supervisor Efren Carrillo is hosting this meeting to provide an opportunity for the public to receive an update on county issues and raise any issues of concern. The format will be informal and allow for the greatest amount of dialogue. Members of the community are encouraged to attend.
Click here for a flyer:
Market Summary for July 2010
The numbers are in for July and they aren't impressive. We've had little movement in the median price over the last year with little ups & downs along the way - this month is one of those downs. A big contributor to this decrease in price is the lack of activity we've seen during the early summer months. We don't generally see the predictable periods that many places experience (lots of activity in late Spring/early Summer) but momentum seemed to be headed that way. It didn't continue and we can only hope for an active Fall & Winter in 2010.
That said, interest rates are still at or near historic lows and money seems to be loosening up a bit as banks get caught up after the foreclosure onslaught. I guess they need to get back to the business of lending money again. It's a great time to buy.
If you have any questions or comments, don't hesitate to call or email via my new contact information:
Artisan Sotheby's International Realty
(707) 481-8474 or steve@coastalagent.com
Here's a new and improved version of the market report.
That said, interest rates are still at or near historic lows and money seems to be loosening up a bit as banks get caught up after the foreclosure onslaught. I guess they need to get back to the business of lending money again. It's a great time to buy.
If you have any questions or comments, don't hesitate to call or email via my new contact information:
Artisan Sotheby's International Realty
(707) 481-8474 or steve@coastalagent.com
Here's a new and improved version of the market report.
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