State Real Estate Market Update | California

According to an article in the June26th edition of The Wall Street Journal (Home Prices Rise in California Again, Stu Woo, 6/26/09, A4), California’s median price for an existing single-family house rose for the third straight month, a sign that the state’s battered real-estate market may be bottoming out.

Information released Thursday by the California Association of Realtors, the median sales price rose to $267,570 in May for a California home, up 4.2% from April. The inventory of unsold houses continued to drop, down to a 4.2 months’ supply in May compared with 4.6 months in April and 8.7 months in May 2008. Prices were still well below their year-ago levels, down 30.4% compared with May 2008.

According to the article, economists believe this is may be a positive trend. “Housing prices soared (in California) during the boom, and their plummet during the market’s collapse resulted in massive foreclosures and fueled the recession. Economists say the state’s housing market will lag behind the nation’s in recovering, so any indication of improvement in California bodes well for the rest of the U.S.”

Of course, this good news was tempered by California’s continuing budget crisis which could still have a negative impact on the overall real estate market . . . only time will tell. To read the full article, browse the Wall Street Journal Real Estate section online

CAR also reported that also 556,590 houses were sold in California in May, up 35.2% from a year earlier. 

Local Market Update | Monterey County 

According the the Monterey County Association of REALTORS(R), this reduction in housing prices has allowed homes to become more afffordable for more people. Combine that with low interest rates and, according to Bill Graham of First Priority Financial, “This is a great opportunity got homeowners wishing to refinance at a lower rate, if they have at least 20% equity in the property.”

Recent property sales in Monterey County contiue to show an uptick in the number of home sales, with Salinas still accounting for the largest number, according to statistics published in the Monterey County Herald Real Estate Guide on June 20th. According to these figures, the most expensive home to sell in the past month was in Carmel Valley for $1.1 million. However, the city of Monterey had the highest average sales price of just over $623,000. The average sale price in the County during this period was just under $366,000. Overall, 131 sales were recorded with 57% of those sales occurring in Salinas.

Custom Luxury Ocean View Home - Offered at $1,899,000

No expense spared in the luxurious remodel of this magnificent family beach house on the bluffs above Aptos-Seacliff State Beach.  With ocean-blue vistas from Pleasure Point to Monterey thru custom Blomberg windows, this home also features radiused colored concrete w/mosaic backsplash, an upscale kitchen with rich cabinetry, stainless steel appliances,  and  a finely detailed ocean-view indoor/outdoor living area,  featuring glass and stainless steel railing components and environmentally friendly deck surfacing.
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Contact Michael Lavigne, Broker, Owner, REALTOR®

331 Capitola Avenue, Suite B, Capitola, CA 95010

831-689-9784 / www.finesantacruzhomes.com / mike@finesantacruzhomes.com

Thank you to Bradd Barkan of California Dreaming Real Estate for providing the following information (as presented by Bradd at the Women’s Council of REALTORS® Luncheon on June 17th).

Median price in Santa Cruz County is up from 400K to 425K from March ‘09 to April ‘09. That is a rise of 6.3%.

Statewide, the median is $256,700, up 1.4% in the last month.

Sales have increased 15.9%  from this time last year here in Santa Cruz.

Statewide sales are up 49.2% from this time last year.

The BIG news is that the Unsold Inventory Index fell from 9.8 months to 4.6 months.

It is NOT a buyers market any longer. Current inventory for homes under half a million has shrunk to abut 3 months.

Mortgage rates are up to 5.5, 5.75 this week. Bad news for buyers … good news is before 2004 and 2005, rates in the 90’s began at 10%. These are still the lowest interest rates in 40 years.

Multiple offers on the bottom of the market with a lot of pent up demand is a good sign for us all.

Jobless claims are down and retail sales are rising. This news looks promising.

California is imposing a 90 day moratorium on foreclosures. The new law is an extension of Obamas Making Home Affordable Program that began in March. It’s intention is to make lenders try harder to keep borrowers in their homes for the prices that a new owner would have. Loan companies must prove they tried to modify their loans first.

45% of listings in San Lorenzo Valley are pending as of June 10th 2009.

$8000 first time home buyer credit can now be used towards down payment and closing costs.

Bradd Barkan & Heidi Hart

www.CaliforniaDreamingRealEstate.com

831-246-2587 / 831-247-9410

bradd@californiadreamingrealestate.com / heidi@californiadreamingrealestate.com

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You’re invited this Saturday, June 20th from 11am - 3pm…Wendy Bluhm is hosting an open house at her listing in Carmel located at on San Antonio 4 SW of 10th Street. 

This dream retreat is steps away from the beaches of Carmel and a brisk walk to Carmel-by-the-Sea’s shops and world renowned dining. This Carmel gem has spectacular views of the Pacific Ocean and Pebble Beach. The existing 3 bedroom, 2 bath home is the perfect getaway until you begin construction on the approved plans, by renowned Carmel designer Claudio Ortiz, including a 1,348 sq.ft., 2 story, 3 bedroom, 2 ½ bath, with detached single car garage. Come and enjoy the breathtaking views from your own roof-top deck! Just one block up from the water and featuring breathtaking views. $3,850,000

For more information on this property, call Wendy Bluhm, Realtor® Bratty & Bluhm Real Estate at (831) 277-8210 or email her at wendy@wendybluhm.com or tour this property online at www.BrattyandBluhm.com/4SWSanAntonio

A native of Santa Cruz, Betty has been a part of the Santa Cruz Community her entire life. Before her career in real estate she held successful leadership roles in business, government and community organizations. Her extensive background and wealth of knowledge in negotiating, problem solving, budget and business analysis, along with managing diverse interests will be an asset to her clients. “I have always had a passion for real estate and I am thrilled to join Coldwell Banker Residential Brokerage in Aptos”. “Using my background and experience with the strength of Coldwell Banker’s national network and marketing resources will greatly benefit both buyers and sellers.”
BETTY DANNER, REALTOR®
831-334-9701

As an established local REALTOR®, Sloane is proud to become a part of the Coldwell Banker team. A 20+ year resident of Santa Cruz, Sloane graduated from UCSC with a degree in Sociology and holds a Masters in Educational Administration. Sloane has brought to the real estate profession her passion and dedication to helping others achieve their dreams and goals. And she loves it!  Sloane’s incredible success has been a tribute to the energy and integrity she brings to all her transactions. In the community, Sloane is a member of the Santa Cruz Association of REALTORS®, the SCAOR Local Governing Relations, Santa Cruz Chamber of Commerce, Scotts Valley Chamber of Commerce, and Scotts Valley Lions Club.
SLOANE DEVOTO, REALTOR®
831-332-2427

Rain Jordan is 100% devoted to helping her clients get what they want, their way, on their own schedule. Whether marketing your home or securing a new one on your behalf, Rain’s energy, keenness, personal attention, and dedication to her clients’ needs are unwavering. Whether you are selling or buying a little townhouse, a huge hilltop retreat, or a luxurious beachfront home, if you need an assertive, clever, resourceful agent with excellent problem-solving skills, you need customer service leader Rain Jordan as your REALTOR®. Last year, Rain was among the top three ranked Realtors in the Rio Del Mar-Seacliff-Seascape neighborhood. More importantly, though, in Rain’s eyes, YOU, the client, are always #1.
RAIN JORDAN, REALTOR®
831-239-9417

Aptos: 7979 Soquel Drive - 831-688-6461 / Capitola: 2140 41st Ave - 831-462-9000

Santa Cruz: 824B Mission St. - 831-469-8000

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Discover the Santa Ynez Valley with Claire Hanssen…Explore the gated enclave of Oak Trail Ranch

“Blue Belle’s Ranch” — Unique in it’s simplicity and serenity, set on 20 acres of Oak groves and located in the Santa Ynez Valley’s coveted foothill area, this Hacienda-style home opens to extremely luxurious and contemporary interiors. A center courtyard, guest house, barn and abundant wildlife are some features. Gated ranch community surrounded by natural beauty. Offered at $3,495,000

Claire Hanssen | Prudential California Realty
2933 San Marcos Ave., Ste. 102 | Los Olivos, CA 93441
(805) 680-0929 | claireh@syv.com
www.clairehanssen.com

Number of units sold in Southern SB County - May 2009

The number of units sold in May 2009 is down 21% when compared to May 2008. Through the first 5 months of 2009 there have been a total of 430 units sold and when you compare that to the first 5 months of 2008, there were 573 units sold. The number of units sold for the first 5 months of 2009 is down 25% when compared to the first 5 months of 2008. There are some great opportunities out there if you can get financing. Interest rates are low and will be heading up later this year and into 2010. If you are interested in any additional information please feel free to email me at JRinSB@Cox.net or call me at (805) 689 2058.

Best regards,

Jeff Reeves

Intero Real Estate proudly welcomes Hiroshi Wada, CCIM, MBA to its real estate office located in downtown Carmel

Hiroshi Wada is one of the few Certified Commercial Investment Members (CCIM) on the Monterey Peninsula. A CCIM is a proven expert in the discipline of commercial investment real estate and is an invaluable resource to the commercial real estate owner, investor and user. The CCIM designation is conferred by CCIM Institute, a commercial affiliate of the National Association of REALTORS (R). Hiroshi serves as an official Country Liaison of Japan for CCIM Institute.

Although he is a CCIM, he has many years of experience in the residential real estate market as well. His experiences in the residential and commercial real estate market helped him identify a niche market for local real estate investors.

Hiroshi moved to the Monterey area from Tokyo in 1988 and has been a real estate broker since 1993. Prior to moving to the Monterey Peninsula, he has worked for several large Japanese corporations, including Okasan Securities, Sony Prudential Life and Kokudo Keikaku (Holding Company of Prince Hotels and Seibu).

Hiroshi and Intero Real Estate recently presented a free seminar on June 6th dealing with the topic, “Exit Plan for Your Real Estate Investment.”

For additional information on upcoming seminars or to make an appointment with Hiroshi Wada, please contact Susan Berg at Intero Real Estate in Carmel at 831-233-5148 ext. 14305.

BRANCIFORTE HEIGHTS - Modern Craftsman

10 Camille Lane, Santa Cruz / Cross Street -  N. Branciforte Avenue

This like new Arts and Crafts style home is nestled in the sunny Santa Cruz Banana Belt - within minutes of the ocean, but out of the fog. Within the 2105 sqft are 3 bedrooms,
2 1/2 baths, den and 2 car garage. It is in the lovely and centrally located Branciforte Heights neighborhood with easy access to golf, surf, downtown and highways. Home features include hardwood floors, granite counters, stainless steel appliances, large private patio off living and dining rooms and master bath with separate shower and soaking tub, double sink and limestone floor/vanity. Price: $838,000
OPEN HOUSE: Sat & Sun - 1-3 PM / 831-247-7196 / lawink@hotmail.com

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April Sales in Southern SB County

Here’s a quick update.  There is a lot of refinancing occuring, however sales are still sluggish.  This month should be better then last month, however I imagine the number of units sold will still be lower then last year.  The next few months (through Septemeber) is our busiest time of year.  Be aware sales slow down in October through February.

There are some great opportunities out there and some very desperate sellers.  If you are a buyer you have a huge advantage as sellers realize they have to move on price if they want to sell their home.

CARPINTERIA - Total Sales 10 - Avg $1,532,227

GOLETA - Total Sales 22 - Avg $535,795

ISLA VISTA - Total Sales 2 - Avg $961,000

SANTA BARBARA - Total Sales 56 - Avg $920,402

HOPE RANCH - Total Sales 1 - Avg $2,800,000

MONTECITO - Total Sales 12 - Avg $1,993,167

SUMMERLAND - Total Sales 3 - Avg $1,300,000

If you are interested in any additional information please feel free to email me at JRinSB@Cox.net or call me at (805) 689 2058.

Best regards,

Jeff Reeves