They finely signed the Bill… but is that enough? Some say it will stave off a big recession or maybe a depression and others say that it is just another big blunder by the fruitless efforts of the government and won’t really make a big difference.
I do think that it will help Santa Barbara Real Estate and other markets, but to what extent, only time will tell. I would really like to hear your opinion, so please leave a comment below.
This is the information I received from the CALIFORNIA ASSOCIATION OF REALTORS yesterday:
Earlier today, the U.S. House of Representatives approved the Emergency Economic Stabilization Act by a 263 to 171 vote. The legislation was quickly signed into law by President Bush, capping what has been a very tumultuous two weeks for the credit and financial markets.
This was a difficult decision for our elected representatives to make, especially given the abbreviated time period for review and debate that the gravity of the situation warranted. While passage of the Act should enable the credit markets and the U.S. financial system to set the stage for their eventual recovery, this was only the first step in what will likely take weeks and even months to wend its way through the system before reaching Main Street.
But it was an important first step. The health of the nation’s housing market is critical to the financial well being of every household in the country, and is front and center here in California.
Here’s what the legislation does:
Helps American families keep their homes by requiring the Treasury Dept. and any federal agency that owns or controls troubled mortgages to modify those mortgages wherever possible; this may include reducing the principal or interest rate; and extends till the end of 2012 the exclusion from federal income tax of mortgage debt forgiveness.
Addresses the credit crisis by allowing financial institutions to immediately sell $250 billion in troubled assets to the U.S. Treasury Department under the newly created Troubled Assets Relief Program (TARP). Another $100 billion would be made available upon the President’s request. Should the President deem it necessary, and with Congressional review, the Treasury Dept. may utilize the remaining $350 billion;
Protects taxpayers by allowing the Treasury Dept. to take an ownership stake in participating companies. In addition, if after five years TARP has incurred a net loss, the President must propose legislation that would force participating companies to reimburse the government to make up the difference;
Sets up an insurance program, funded by the financial industry, to guarantee companies’ troubled assets, including mortgage-backed securities purchased prior to March 14 this year;
Curbs executive pay for companies utilizing TARP;
Sets up two oversight committees, a Financial Stability Board, and a congressional oversight panel, to which the Financial Stability Board would report;
Creates renewable energy tax breaks for individuals and businesses, including a deduction for the purchase of solar panels; as well as continuing other tax breaks that were set to expire; and extends relief from the Alternative Minimum Tax (AMT) by another year;
Allows the SEC to suspend the required mark-to-market accounting standards and orders a study to be done on the rule’s impact on financial institutions;
Shields bank deposits by temporarily raising the FDIC insurance cap to $250,000 from $100,000; and temporarily increases the federal insurance level for credit union savings to $250,000, both till the end of 2009.
We’re appreciative of the efforts of our congressional leaders in both houses as well as of our peers at NAR. Their efforts helped secure adequate protections for both consumers and taxpayers, as well as stricter oversight protocols than what were initially contained in the legislation. C.A.R. will continue to study and report to you additional information and analysis through our weekly “C.A.R. Newsline” and “Market Matters” e-mail newsletters.
Saturday, October 4, 2008
Wednesday, October 1, 2008
Tuesday, September 23, 2008
New News About the Financial Mess From The California Association of Realtors
Today, the Senate Banking, Housing, and Urban Affairs Committee held a hearing to discuss the U.S. Dept. of the Treasury’s proposal to stabilize the U.S. financial system. The panel consisted of Treasury Secretary Henry Paulson; Federal Reserve Chairman Ben Bernanke; Christopher Cox, chairman of the Securities and Exchange Commission; and James Lockhart, director of the Federal Housing Finance Agency.Now that Congress has had a chance to dissect the Treasury proposal, we’re seeing pushback to the plan in its current form from both sides of the aisle, and this was evident during today’s hearing. Members of Congress are asking for several additions or refinements to the proposal, including:
- Legislation to help homeowners avoid foreclosure;
- limiting compensation to executives of troubled firms receiving assistance;
- greater oversight than the limited bi-annual reporting mechanism in the current proposal;
- allowing the government to take an ownership stake in companies;
- decreasing the timeframe for the Treasury workout from two years to one; and
- limiting the initial outlay followed by a reassessment early next year prior to deploying additional resources.
Thursday, September 18, 2008
New Fannie Mae Guidelines Encourage Short Sales
Fannie Mae recently released updated underwriting guidelines for new mortgage loans that directly address individuals with various types of foreclosure history. Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered for new funding, and are subject to additional credit and down payment requirements for 5 to 7 years. Deed-in-lieu-of-foreclosures warrant a 4 year wait with additional requirements for 4 to 7 years. Finally, the silver lining...Short Sales require only a two year wait with no additional requirements. These new guidelines make short sales a more attractive option for homeowners as well as provide realtors with a tremendous opportunity to assist distressed homeowners with a short sale AND future home ownership. This information can be very valuable when meeting with short sale prospects. Click here to Download PDF of full Fannie Mae Guidelines
Sunday, September 14, 2008
Santa Barbara Market update!
Market update 9/14/2008
The current median home price for Santa Barbara is $1,075,000 and $583,500 for Condos. Considering that we were at a high of $1,250,00 in 2005 for homes and $675,000 for Condos we are off by about -20%.
Sales are off as well. Currently to date for 2008, 543 homes have closed and if you compare that to last year sales of 725 for the same time period we are off -25%. Comparing that to 2005 sales of 861 for the same time period we would be off by -37%.
There where 372 Foreclosures last year (2007) in Santa Barbara County and 897 this year (2008)... OUCH, and the year is not over yet. With all thats going on in the banking community, who knows what will happen next. I wish I had a Cristal ball so I could tell you exactly what would happen next, but with changes happening on a weekly basis who can really tell. My best guess would be that the market will continue to be slow till the end of 2009 and we will more than likely see more price reductions, depending on what happens. Over the long run, Santa Barbara will always be a good investment and prices will go back up again after the market corrects itself and that could be at least another 3 to 5 years.
Just ride it out and you will be just fine...
Be well and prosper!
The current median home price for Santa Barbara is $1,075,000 and $583,500 for Condos. Considering that we were at a high of $1,250,00 in 2005 for homes and $675,000 for Condos we are off by about -20%.
Sales are off as well. Currently to date for 2008, 543 homes have closed and if you compare that to last year sales of 725 for the same time period we are off -25%. Comparing that to 2005 sales of 861 for the same time period we would be off by -37%.
There where 372 Foreclosures last year (2007) in Santa Barbara County and 897 this year (2008)... OUCH, and the year is not over yet. With all thats going on in the banking community, who knows what will happen next. I wish I had a Cristal ball so I could tell you exactly what would happen next, but with changes happening on a weekly basis who can really tell. My best guess would be that the market will continue to be slow till the end of 2009 and we will more than likely see more price reductions, depending on what happens. Over the long run, Santa Barbara will always be a good investment and prices will go back up again after the market corrects itself and that could be at least another 3 to 5 years.
Just ride it out and you will be just fine...
Be well and prosper!
Friday, September 12, 2008
Santa Barbara Market Update 9/14/2008
Market update 9/14/2008
The current median home price for Santa Barbara is $1,075,000 and for Condos it's $583,500. Considering that we were at a high of $1,250,00 in 2005 for homes and $675,000 for Condos we are off by about -20%.
Sales are off as well. Currently to date, 543 homes have closed and if you compare that to last year sales of 725 for the same time period we are off -25%. Comparing that to the 2005 sales of 861 for the same time period we would be off by -37%.
Foreclosures for Santa Barbara County in 2007 were 372 and for 2008 they’re 897... OUCH, and the year is not over yet. With all the things that are going on in the banking community, who knows what will happen next. It’s getting harder to get a loan even if you have good credit. I wish I had a Cristal ball so I could tell you what will happen next, but with changes happening on a weekly basis who can really tell. My best guess would be that the market will continue to be slow till the end of 2009 and we might see some more price reductions. Over the long run, Santa Barbara will always be a good investment and prices will go back up again after the market corrects itself and that could be at least another 5 years.
Be well and prosper!
The current median home price for Santa Barbara is $1,075,000 and for Condos it's $583,500. Considering that we were at a high of $1,250,00 in 2005 for homes and $675,000 for Condos we are off by about -20%.
Sales are off as well. Currently to date, 543 homes have closed and if you compare that to last year sales of 725 for the same time period we are off -25%. Comparing that to the 2005 sales of 861 for the same time period we would be off by -37%.
Foreclosures for Santa Barbara County in 2007 were 372 and for 2008 they’re 897... OUCH, and the year is not over yet. With all the things that are going on in the banking community, who knows what will happen next. It’s getting harder to get a loan even if you have good credit. I wish I had a Cristal ball so I could tell you what will happen next, but with changes happening on a weekly basis who can really tell. My best guess would be that the market will continue to be slow till the end of 2009 and we might see some more price reductions. Over the long run, Santa Barbara will always be a good investment and prices will go back up again after the market corrects itself and that could be at least another 5 years.
Be well and prosper!
Friday, February 8, 2008
Foreclosures up 75 percent in 2007
The number of households in foreclosure who lost their home soared in 2007 to about 405,000 households. For the year, total filings—which include default notices, auction sale notices and bank repossessions—grew 75 percent, according to RealtyTrac, an online seller of foreclosure properties.
"There are parts of the country where we're seeing many more bank repossessions," said Rick Sharga, a spokesman for RealtyTrac. "People are flat out losing their homes."
MAKING SENSE OF THE STORY FOR CONSUMERS
While these numbers on the surface might sound alarming, a little perspective is in order. Foreclosures were lower prior to last year, and that causes the numbers to appear to be soaring only when looked at purely in terms of percentage gains.
RealtyTrac reports defaults on loans, not on properties, so one household that defaults on a primary loan and an equity line will be counted as two defaults, even though both loans were for the same house. This could artificially inflate foreclosure statistics.
A foreclosure filing includes default notices, auction sale notices and bank repossessions. One home may fall into each of these categories as it moves through the long foreclosure process. RealtyTrac counts each step along the way separately. This also skews foreclosure statistics.
The overwhelming majority of homes are not in danger of foreclosure. If slightly more than 1 percent of U.S. homes were in some stage of foreclosure last year, then 99 percent of homes were not. Although some of the hardest hit communities with high concentrations of defaults are suffering, those communities do not reflect California overall.
There are tremendous differences between counties and cities as well as neighborhoods in the same town—all the more reason consumers need a REALTOR® who is a local community expert.
"There are parts of the country where we're seeing many more bank repossessions," said Rick Sharga, a spokesman for RealtyTrac. "People are flat out losing their homes."
MAKING SENSE OF THE STORY FOR CONSUMERS
While these numbers on the surface might sound alarming, a little perspective is in order. Foreclosures were lower prior to last year, and that causes the numbers to appear to be soaring only when looked at purely in terms of percentage gains.
RealtyTrac reports defaults on loans, not on properties, so one household that defaults on a primary loan and an equity line will be counted as two defaults, even though both loans were for the same house. This could artificially inflate foreclosure statistics.
A foreclosure filing includes default notices, auction sale notices and bank repossessions. One home may fall into each of these categories as it moves through the long foreclosure process. RealtyTrac counts each step along the way separately. This also skews foreclosure statistics.
The overwhelming majority of homes are not in danger of foreclosure. If slightly more than 1 percent of U.S. homes were in some stage of foreclosure last year, then 99 percent of homes were not. Although some of the hardest hit communities with high concentrations of defaults are suffering, those communities do not reflect California overall.
There are tremendous differences between counties and cities as well as neighborhoods in the same town—all the more reason consumers need a REALTOR® who is a local community expert.
Thursday, January 10, 2008
Thursday, November 15, 2007
2008 California Real Estate Market Forcast
This is a 114 page report in a PowerPoint style format. You will find information on Sales, Foreclosures, building permits, 2008 forecast, economic and employment. Please click on (2008 California Real Estate Market Forcast) link above and enjoy this complete and Informative report.
Californian’s Median Price Drops 9.9% Over last Year
California’s median price is now $497,110, a 9.9% drop over last year.
The median price for the Santa Barbara area - $1,250,000 (the same as 2005), Montecito - $2,900,000, Hope Ranch - $3,350,000, Santa Barbara West - $1,040,000 and Goleta North - $942,000 are up over last year.
Down from last year's median price are Santa Barbara area condo's - $630,000, California - $497,110, National - $207,800, Santa Barbara East - $1,225,000, Carpinteria/Summerland - $1,095,000 and Goleta South - $899,000. Even though Goleta North median price is up over last year, in the last month or so we have seen some prices drop from $850,000 to $699,000 or as low as $630,000. This is brutal for sellers and great for buyers.
Over the next three months or so, sales will slow down as normal and also because of the down market, and will pick back up in the spring. I really think that right now there are a lot of great buying opportunities for buyers who have been waiting to get in the market befoe the next up swing. Don’t find yourself saying a couple years from now “I wished I got in when the prices where at there lowest” only a genie knows that. Over the long run, prices will always go up.
The next paragraph is a quote from the California Association of Realtors.
“We expect further weakness in sales over the next few months as the liquidity crisis plays out,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Both the state and national economies remain fundamentally sound at this time, despite recent developments in the housing market. While there have been mixed signals in recent months, economic growth is expected to continue into 2008.”
Have a great holiday, prosper and be well,
Michael Farris
Coldwell Banker
11/29/2007
The median price for the Santa Barbara area - $1,250,000 (the same as 2005), Montecito - $2,900,000, Hope Ranch - $3,350,000, Santa Barbara West - $1,040,000 and Goleta North - $942,000 are up over last year.
Down from last year's median price are Santa Barbara area condo's - $630,000, California - $497,110, National - $207,800, Santa Barbara East - $1,225,000, Carpinteria/Summerland - $1,095,000 and Goleta South - $899,000. Even though Goleta North median price is up over last year, in the last month or so we have seen some prices drop from $850,000 to $699,000 or as low as $630,000. This is brutal for sellers and great for buyers.
Over the next three months or so, sales will slow down as normal and also because of the down market, and will pick back up in the spring. I really think that right now there are a lot of great buying opportunities for buyers who have been waiting to get in the market befoe the next up swing. Don’t find yourself saying a couple years from now “I wished I got in when the prices where at there lowest” only a genie knows that. Over the long run, prices will always go up.
The next paragraph is a quote from the California Association of Realtors.
“We expect further weakness in sales over the next few months as the liquidity crisis plays out,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Both the state and national economies remain fundamentally sound at this time, despite recent developments in the housing market. While there have been mixed signals in recent months, economic growth is expected to continue into 2008.”
Have a great holiday, prosper and be well,
Michael Farris
Coldwell Banker
11/29/2007
November 2007 Newsletter
Dear Friend
It’s time to get “The Real Story” – in relation to Southern California real estate, that is.
If you are one of the potential home buyers who are currently sitting on the fence waiting for “housing prices to hit rock bottom,” I am here to tell you that now may be a good time to get into the market – before the opportunity passes you by. Here are the facts:
The Term “Rock Bottom” in Relation to California Real Estate Probably Doesn’t Exist
In the last 40 years, the real estate market in California has seen remarkable growth in terms of the median cost of a single-family home. According to the California Association of Realtors, since 1970 the real estate market in California has only dropped seven times, six times under 3.6% and only once at 4.5%
The Long-Term Outlook for Housing is Bullish
As we enter into an election year, traditionally a time when the economy heats up, we do so with a job market that is hot, and during a time when buyers have more choices than ever. What is driving this? The upcoming growth in new households puts estimates for new-home demand at about 19.5 million units from 2005 to 2014, surpassing the 18.1 million units added between 1995 and 2004.
A Unique Window of Opportunity
The reality is that the current housing market offers a unique opportunity for confident buyers looking to make long term investments. For the first time in many years, home buyers have the opportunity to steer the ship and navigate the waters of the Southern California real estate market on their own terms. Mortgage rates are historically low, inventory is high and financing is readily available for qualified borrowers.
I am providing you with this information so that you can make an informed decision about the current market. In the last 15 years we’ve seen very few opportunities in which buyers can prevail and now truly is the time. If you’d like to discuss your opportunities in relation to the current real estate market, please contact me today.
Sincerely,
Michael Farris
Coldwell Banker
It’s time to get “The Real Story” – in relation to Southern California real estate, that is.
If you are one of the potential home buyers who are currently sitting on the fence waiting for “housing prices to hit rock bottom,” I am here to tell you that now may be a good time to get into the market – before the opportunity passes you by. Here are the facts:
The Term “Rock Bottom” in Relation to California Real Estate Probably Doesn’t Exist
In the last 40 years, the real estate market in California has seen remarkable growth in terms of the median cost of a single-family home. According to the California Association of Realtors, since 1970 the real estate market in California has only dropped seven times, six times under 3.6% and only once at 4.5%
The Long-Term Outlook for Housing is Bullish
As we enter into an election year, traditionally a time when the economy heats up, we do so with a job market that is hot, and during a time when buyers have more choices than ever. What is driving this? The upcoming growth in new households puts estimates for new-home demand at about 19.5 million units from 2005 to 2014, surpassing the 18.1 million units added between 1995 and 2004.
A Unique Window of Opportunity
The reality is that the current housing market offers a unique opportunity for confident buyers looking to make long term investments. For the first time in many years, home buyers have the opportunity to steer the ship and navigate the waters of the Southern California real estate market on their own terms. Mortgage rates are historically low, inventory is high and financing is readily available for qualified borrowers.
I am providing you with this information so that you can make an informed decision about the current market. In the last 15 years we’ve seen very few opportunities in which buyers can prevail and now truly is the time. If you’d like to discuss your opportunities in relation to the current real estate market, please contact me today.
Sincerely,
Michael Farris
Coldwell Banker
Monday, October 15, 2007
October 2007 Newsletter
Foreclosures, Sub Prime Loans… What’s Next?
September Economic Outlook, Is It Good or Bad?
Loans, Sub Prime Loans and foreclosures are on everyone’s mind these days and rightly so. If you are thinking about refinancing or purchasing a home, the qualifying criteria has changed. In fact, at least 25% of the buyers who could qualify for a loan two or three months ago now cannot. Zero down loans and stated income loans are almost a thing of the past. They still do exist, but are much harder to qualify for. For most loans you will have to document your income unless you’re putting down a very large down payment. Another phenomenon in the loan arena is loans being pulled in the 11th hour due to changing loan programs because of the sub prime mess.
Last month I attended an industry luncheon at the Bacara Resort where the Guest speaker said that Countrywide, despite all the press, will survive the mortgage melt down but a lot of smaller companies will close their doors. I asked him how they are handling loan programs that are being pulled and this is what he told me: if you use a direct lender for a loan and get full approval under the new guidelines, your loan would not be pulled if they change programs. If you are going through a loan broker and the same thing happens, your loan could be pulled: A lot of it depends on the broker. His recommendation is to stay with a large direct lender to play it safe. I would also highly recommend that you ask the lender these questions before moving forward with a loan and fully understand what you are getting into.
I am familiar with several transactions that have been pulled one or two days before closing. This put the buyer’s deposit in jeopardy because all contingencies had been removed. These days it is a smart thing to make the sale contingency on the loan funding.
Ninety-one percent of the foreclosures are occurring in the North County and are up substantially, while Santa Barbara has been protected and only experiencing a small number of foreclosures. However there are many urgent sales which never make it to foreclosure.
The median price currently is $1,260,000, up over last year and the numbers of sales for August are down 20.9% and September is down 27.3% over last year. This year has been very good up until August and now only time will tell how next year will play out. Another Real Estate and Economic Forecast was held in September and this is what Mark Schniepp reported: dramatic price correction is not expected in 2007, more foreclosures are expected till early 2008, rate cut should help the market, 2008 could be another sluggish sales year and Hope Ranch and Montecito will continue to have strong sales. I think in the next two years there will be a lot of good buying opportunities before the next big upswing.
If you know of someone that is thinking about buying or selling your referral would be greatly appreciated. Please feel free to call me with questions anytime.
September Economic Outlook, Is It Good or Bad?
Loans, Sub Prime Loans and foreclosures are on everyone’s mind these days and rightly so. If you are thinking about refinancing or purchasing a home, the qualifying criteria has changed. In fact, at least 25% of the buyers who could qualify for a loan two or three months ago now cannot. Zero down loans and stated income loans are almost a thing of the past. They still do exist, but are much harder to qualify for. For most loans you will have to document your income unless you’re putting down a very large down payment. Another phenomenon in the loan arena is loans being pulled in the 11th hour due to changing loan programs because of the sub prime mess.
Last month I attended an industry luncheon at the Bacara Resort where the Guest speaker said that Countrywide, despite all the press, will survive the mortgage melt down but a lot of smaller companies will close their doors. I asked him how they are handling loan programs that are being pulled and this is what he told me: if you use a direct lender for a loan and get full approval under the new guidelines, your loan would not be pulled if they change programs. If you are going through a loan broker and the same thing happens, your loan could be pulled: A lot of it depends on the broker. His recommendation is to stay with a large direct lender to play it safe. I would also highly recommend that you ask the lender these questions before moving forward with a loan and fully understand what you are getting into.
I am familiar with several transactions that have been pulled one or two days before closing. This put the buyer’s deposit in jeopardy because all contingencies had been removed. These days it is a smart thing to make the sale contingency on the loan funding.
Ninety-one percent of the foreclosures are occurring in the North County and are up substantially, while Santa Barbara has been protected and only experiencing a small number of foreclosures. However there are many urgent sales which never make it to foreclosure.
The median price currently is $1,260,000, up over last year and the numbers of sales for August are down 20.9% and September is down 27.3% over last year. This year has been very good up until August and now only time will tell how next year will play out. Another Real Estate and Economic Forecast was held in September and this is what Mark Schniepp reported: dramatic price correction is not expected in 2007, more foreclosures are expected till early 2008, rate cut should help the market, 2008 could be another sluggish sales year and Hope Ranch and Montecito will continue to have strong sales. I think in the next two years there will be a lot of good buying opportunities before the next big upswing.
If you know of someone that is thinking about buying or selling your referral would be greatly appreciated. Please feel free to call me with questions anytime.
Wednesday, August 15, 2007
August 2007 Newsletter
California Foreclosures Are Up 15.4% in the Second Quarter
California foreclosures soared to their highest level in more than a decade during the last quarter according to a recent report by DataQuick Information Systems. Lenders submitted 53,943 Notices of Default during the period from April to June. Home sales decreased 24.7% in June in California compared with the same period a year ago, while the median price of an existing home increased 3.2%. The number of applications for home mortgages fell 3.6 percent.
In Santa Barbara County, we are experiencing some foreclosures but most of them are occurring in Santa Maria and Lompoc. Mark Schniepp in his July forecast said that the Santa Barbara median prices will remain relatively flat until 2010 and there will be no recession/no crashing prices. The median price for homes is $1,250,000 up over last year and the median price for condos is $630,000 down from the 2005 price of $675,000. In the charts below, you will see that sales are still stronger than last year and overall I think we will continue to see Santa Barbara doing better than the State and the Nation.
I just sold a condo in the Walnut Park Town Homes complex which I had on the market for one day and closed in 26 days. If you or someone you know is considering selling, let me put my expertise and Coldwell Banker’s marketing muscle to work for you. If you would like to know what your home is worth, call and ask for a free market evaluation.
California foreclosures soared to their highest level in more than a decade during the last quarter according to a recent report by DataQuick Information Systems. Lenders submitted 53,943 Notices of Default during the period from April to June. Home sales decreased 24.7% in June in California compared with the same period a year ago, while the median price of an existing home increased 3.2%. The number of applications for home mortgages fell 3.6 percent.
In Santa Barbara County, we are experiencing some foreclosures but most of them are occurring in Santa Maria and Lompoc. Mark Schniepp in his July forecast said that the Santa Barbara median prices will remain relatively flat until 2010 and there will be no recession/no crashing prices. The median price for homes is $1,250,000 up over last year and the median price for condos is $630,000 down from the 2005 price of $675,000. In the charts below, you will see that sales are still stronger than last year and overall I think we will continue to see Santa Barbara doing better than the State and the Nation.
I just sold a condo in the Walnut Park Town Homes complex which I had on the market for one day and closed in 26 days. If you or someone you know is considering selling, let me put my expertise and Coldwell Banker’s marketing muscle to work for you. If you would like to know what your home is worth, call and ask for a free market evaluation.
Median Home Prices
Median Condo Prices
I just sold a condo in the Walnut Park Town Homes complex which I had on the market for one day and closed in 26 days. If you or someone you know is considering selling, let me put my expertise and Coldwell Banker’s marketing muscle to work for you. If you would like to know what your home is worth, call and ask for a free market evaluation.
Median Home Prices
Thank you for your referrals and anytime you have real estate questions, please feel free to call me on my cell.
Tuesday, June 12, 2007
July 2007 Newsletter
- To My Valued Clients and Friends...
Builder Confidence Falls to Lowest Level in 16 Years
Win a $100.00 gift certificate from Trader Joe’s
Dear Friend,
Concerns about rising interest rates, increased sales cancellations, and sizable inventory levels continue to negatively impact builder confidence. The Housing Market Index (HMI), which gauges builders' perceptions of current and future home sales, now stands at 28, down two points from May and down 14 points from a year ago. The HMI has not fallen below 30 since February 1991. An HMI below 50 indicates more builders view sales conditions as poor versus good. I think locally we will see some slowing of new homes sales but not the same as the rest of the nation. Over the next 6 months, there will be approximately 200 new condos in the downtown area in the 1-1.6 million dollar price range hit the market; more than likely there will be longer market times, but only time will tell.
I have enclosed an updated chart of the median home price and as you can see, the Santa Barbara median home price still stands at $1,250,000 and condos have inched up to $640,000. So far this year, sales continue to outpace last year and could continue to keep that pace until September or maybe October.
Free Food at Trader Joe’s
That’s right, I am giving away one $100.00 gift certificate to Trader Joe’s. All you have to do is fill in all the blanks on the reply card (no stamp required), drop it in the mail and you will be entered to win. The receptionist at my office will pick a card from a bowl on the 16th of July and I will send it right out to the winner. This would also be a great time to write any feedback right on the card, I would love to hear what you think. Good luck and I hope you win.
Words of wisdom, what were they thinking???
· There is practically no chance communications space satellites will be used to provide better telephone, telegraph, television, or radio service inside the United States." -- T. Craven, FCC Commissioner, in 1961 (the first commercial communications satellite went into service in 1965).
· "Stocks have reached what looks like a permanently high plateau." -- Irving Fisher, economics professor at Yale University, 1929.
· "Drill for oil? You mean drill into the ground to try and find oil? You're crazy." -- Associates of Edwin L. Drake refusing his suggestion to drill for oil in 1859.
Because of my high level of service and attention to detail I have very satisfied clients, most of my business comes from referrals. Your referrals are the foundation of my business and I will always show my appreciation for your consideration. Anytime you have a question about real estate or need a referral for contractors, please call me. Being a resource for you is part of what I do. I look forward to your referrals.
Be well and prosper,
Michael Farris
COLDWELL BANKER
(805) 637-3300
mike@mikewfarris.com
http://www.mikewfarris.com/ - www.mikewfarris.blogspot.com
Monday, June 11, 2007
June 2007 newsletter
To My Valued Clients and Friends...
My Son Wins at the California State Science Fair in LA
The Median Price Has Inched Back Up to $1,250,000
I am so happy to announce that my 14-year-old son has won 4th place at the California State Science Fair in the earth & planetary science division. At first, he was disappointed that he did not win first place, but after letting him know this is for the whole state of California, he was a little less disappointed and I am very happy that he placed.
The Santa Barbara median price is back up to the 2005 level of $1,250,000 as well as sales continue to outpace last year. This time of the year is also traditionally when buyers are out in force, and a great time to sell. This month and every month for now on, I have added a monthly calendar to the back of this letter so to keep you up on events around town and to be a place to keep track of your own events and notes (great for the refrigerator!).
This month I have enclosed a coupon from Andersen’s Danish Bakery & Restaurant (805) 962-5085 located at 1106 State Street in downtown Santa Barbara, http://www.andersenssantabarbara.com/. This is a great place to enjoy a great breakfast, lunch and dinner. The food is very delicious, the pastries are to die for and the atmosphere is always friendly. If you go make sure you try the Almond Marzipan Butter Rings. They are just heavenly. Please tell Birte the owner that I said hello.
Are you looking for a photo editing software like Photoshop which is free and easy to use? Then Picasa from Google could be your ticket. It helps you locate and organize all the photos on your computer. Edit, correct and add effects to your photos with a few simple clicks. Share your photos with others through email, prints, and on the web: it’s fast, easy and free। Go to Google and click on more, then click on Scholar and again click on more and now click on even more and this is where you will find Picasa and a lot of other fun free software.
My Son Wins at the California State Science Fair in LA
The Median Price Has Inched Back Up to $1,250,000
I am so happy to announce that my 14-year-old son has won 4th place at the California State Science Fair in the earth & planetary science division. At first, he was disappointed that he did not win first place, but after letting him know this is for the whole state of California, he was a little less disappointed and I am very happy that he placed.
The Santa Barbara median price is back up to the 2005 level of $1,250,000 as well as sales continue to outpace last year. This time of the year is also traditionally when buyers are out in force, and a great time to sell. This month and every month for now on, I have added a monthly calendar to the back of this letter so to keep you up on events around town and to be a place to keep track of your own events and notes (great for the refrigerator!).
This month I have enclosed a coupon from Andersen’s Danish Bakery & Restaurant (805) 962-5085 located at 1106 State Street in downtown Santa Barbara, http://www.andersenssantabarbara.com/. This is a great place to enjoy a great breakfast, lunch and dinner. The food is very delicious, the pastries are to die for and the atmosphere is always friendly. If you go make sure you try the Almond Marzipan Butter Rings. They are just heavenly. Please tell Birte the owner that I said hello.
Are you looking for a photo editing software like Photoshop which is free and easy to use? Then Picasa from Google could be your ticket. It helps you locate and organize all the photos on your computer. Edit, correct and add effects to your photos with a few simple clicks. Share your photos with others through email, prints, and on the web: it’s fast, easy and free। Go to Google and click on more, then click on Scholar and again click on more and now click on even more and this is where you will find Picasa and a lot of other fun free software.
Words of wisdom, what were they thinking???
· "If I had thought about it, I wouldn't have done the experiment. The literature was full of examples that said 'you can't do this'." -- Spencer Silver on the work that led to the unique adhesives for 3M "Post-It" Notepads.
· "Home Taping Is Killing Music" -- A 1980s campaign by the BPI, claiming that people recording music off the radio onto cassette would destroy the music industry.
· "There is nothing new to be discovered in physics now; All that remains is more and more precise measurement." -- Lord Kelvin, speaking to the British Association for the Advancement of Science, 1900.
Because of my high level of service, attention to detail and very satisfied clients, most of my business comes from referrals. Your referrals are the foundation of my business and I will always show my appreciation for your consideration. Anytime you have a question about real estate or need a referral for contractors, please call me. Being a resource for you is part of what I do.
Monday, January 1, 2007
Friday, July 7, 2006
Tuesday, July 5, 2005
Santa Barbara, Goleta Gap Fire Photos and Information, July 5th 2008 and Sunset.
Another photo of a red sunset.
These fires are to the east of the original fires and much smallerthan the others. This photo was taken at 9:00 PM.
The Fire Continues to Burn But 35% Contained
Percent contained: 35%
Expected containment: unknown,
Injuries: 2 (Smoke Inhalation)
Structures threatened: 1,700 Structures
destroyed: 4 Outbuildings
Suppression cost to date: $6.2 Million
Sunday, July 3, 2005
Gap Fire Photo 7/3/08 5:30 PM from my house
I will keep posting photos of the fire every day until they put it out.
This is a photo of the fire and the red sun... feels like Mars!
Gap Fire photo taken from my house 7/2/08 at about 9:45 PM
I will keep posting photos of the fire every day until they put it out.
As of this writing the fire is only 5% contained and has burned 2,400 acres. At least 45 homes remain evacuated this morning in rural Glen Annie and La Patera Canyons.
Please keep safe and be well.
As of this writing the fire is only 5% contained and has burned 2,400 acres. At least 45 homes remain evacuated this morning in rural Glen Annie and La Patera Canyons.
Please keep safe and be well.
Saturday, July 2, 2005
Photo of the Santa Barbara Gap fire taken on 7/01/08 at 9:30 PM, taken from my house
This photo was taken about three hours after the fire started.
Subscribe to:
Posts (Atom)