Paso Perfect – perfect weather plus food and wine!
The weather is great and the wine festivities are now in full swing. If you love your wine and want something fun to do this weekend, visit the site: http://www.pasowine.com/events/winefestival.php.
Nancy Heins, Keith Byrd Team, North County Realtor of San Luis Obispo County including Paso Robles, Atascadero, Templeton and Santa Margarita. 805 458-3583
Eyes back on Europe
In their recent round of elections, Greek voters elected candidates that opposed the terms of the country’s bailout (read: austerity measures). Should Greece back away from the agreement , the nation could go bankrupt and face the possibility of leaving the eurozone. What would this mean for the Greek, European and global economies? Possible chaos. Possible bounce-back. Read David McHugh’s article of the Associated Press for a concise summary of the possibilities. For more on how this could touch the U.S. economy, you can read our article.
Last Thursday, J.P. Morgan announced that it had lost $2 billion on a complex bet, and its stock plummeted by 9.28 percent the following day. The loss resulted in a fresh round of discussions about regulation for risky activity and put the spotlight back on federal regulators. For more on the complexities of financial regulation, read Kevin Hall’s article over at the Tribune.
Now for some good news. For the week ending May 5, jobless claims dropped by 1,000 to 367,000, and, overall, the number of people on unemployment was the smallest since July 2008. The figures suggest modest job growth. Fannie Mae turned a $2.7 billion profit in Q1 – its first period in the green since 2008.
Last week, Freddie Mac reported that average rates on the 30-year and 15-year fixed mortgages had hit record lows. In practice, this fact is basically useless, as it is (after all) an average, which suggests that plenty of banks offer rates well below this “record” average of 3.83 percent for the 30-year fixed and 3.05 for the 15-year fixed. Our rates were unchanged week-over-week, and we are still advertising our 30-year at 3.500 percent (3.582 percent APR) and our 15-year at 2.750 percent (2.917 percent APR). For more rates, read our rundown HERE.
805.543.LOAN info@centralcoastlending.com
Where should we eat??-Morro Bay
I get asked all the time by clients, visiting friends and coworkers “What is your favorite restaurant in Morro Bay?” I always respond with “it depends what you are hungry for?”
So here goes, if it is a great basket of Fish and Chips you are after, I have to go with Giovanni’s Fish Market on the Embarcadero in Morro Bay. They only have outside seating but have recently updated and expanded the outside patio. If you go on a nice holiday weekend expect to wait in line to put your order in. The staff is friendly and usually pretty quick. You have to trust me when I say the food is worth the wait.
Now if you surf and turf is more your thing, I always prefers the Harbor Hut. I am yet to have a bad meal at this Morro Bay classic. The steak and seafood is my usual choice and most of the time big enough to share with the wife (depends on how generous I am feeling) they have a great menu, nice views and always a stiff drink.
If it is a romantic dinner you are in the mood for then, I will give you two choices. They obvious suggestion from most north coast folks would be Windows on the Water. I would have to agree. They offer a nice ambiance, great wines and of course the food is good too. Windows on the Water is one of the few second story restaurants in Morro Bay. If it is the view your want then Windows on the Water is your spot. My second choice might not be as obvious. If you want great food with a romantic setting you have to try Shawn’s on Main. This local secret is run by a husband and wife team, he cooks and she waits the tables. There is never really a set menu and he always like to cook up a delicious special. If the grilled artichoke and garlic aioli are on the appetizer menu that night I highly recommend you indulge. The restaurant is located a few blocks above the Embarcadero, the only view is the one you brought with you. My favorite part is there are no real set hours; the chef cooks till the food is gone. Go early if you can.
Besides that if you are just in town for the day or looking for some great local hot spots then you have try Taco Temple. I don’t think I could call myself a local if I did not recommended Taco Temple. This is a great after the beach spot for some what they like to call “California fusion”. I recommend you try everything! They are located in Spencer’s Supermarket parking lot. My favorite after surf spot is and will always be Tacos De Mexico. Here you will find real authentic Mexican food and cheap cervezas! The last place I will mention is Dockside on the embarcadero. Here you can find live music outside on the bay every weekend, not a bad spot to enjoy your lunch with a glass of wine or a nice cold beer.
There you have it folks! These are my recommendations for some great local restaurants here in Morro Bay.
Chris Langley, The Keith Byrd Team, North Coast Realtor, including Morro Bay, Los Osos, Cambria, and Cayucos, 805-234-7119
Community of Giving
One of the things I appreciate most about this community is its ability to foster and support so many worthy non-profit organizations; the Family Care Network is among them.
Tomorrow, May 12th they are hosting the annual Miracle Mile for Kids. It’s a 10k walk/run from Morro Rock to Cayucos Pier – one of the most beautiful streteches of our coastline.
Miracle Miles for Kids helps Family Care Network make a difference in the lives of those it serves with funds earned through registration and pledging going to meet the needs of the over 1,000 children, youth and families served by FCNI annually. These funds meet needs like housing, clothing, mentoring, life skills development, supporting extra-curricular activities and therapeutic services. I encourage you to come out and show your support. No child should be without a home.
For more information on how to participate or contribute go to: http://www.mm4k.com/about_us
Kerry Ann Moore, The Keith Byrd Team, San Luis Obispo Realtor, 805-540-4040
Is This Home Price For Real?
The Keith Byrd website – www.slocountyhomes.com aggregates all the Central Coast listings in to one place. We update our website daily and you can trust that our information about current homes for sale is accurate. We receive calls every day about property listings that seem too good to be true – is this home really selling for that price? A current example of this is a home located in Shell Beach on the bluffs, 1400 Ocean Avenue:
1400 Ocean Blvd, Pismo Beach, CA 93449-1933 (MLS # 176138)
(all data current as of 5/16/2012)
| Price | $250,000 |
|---|---|
| Beds | 2 |
| Baths | 2 three-quarter |
| Home size | 1,646 sq ft |
| Lot Size | 8,189 sq ft |
| Days on Market | 383 |
In November 2011, an offer was accepted by the owner that was submitted to the lien holder as a shortsale. We are awaiting bank approval of the purchase contract in order to open escrow.
Property Type(s): Residential, Residential / Single Family
| Last Updated | 2/4/2012 | Tract | n/a |
|---|---|---|---|
| Year Built | 1970 | Community | Pismo Beach |
| Garage Spaces | 2.0 | County | San Luis Obispo |
| Total Parking | 3 | Walk Score ® |
57
|
Price History
| Prior to Sep 19, '11 | $1,788,000 |
|---|---|
| Sep 19, '11 - Oct 3, '11 | $1,385,000 |
| Oct 3, '11 - Oct 21, '11 | $1,250,000 |
| Oct 21, '11 - Today | $250,000 |
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Listing provided by David Smallwood, American Home Real Estate
(view all details for MLS #176138)
What – $250,000 can buy me a home on the ocean with a million dollar view – NO! This property was listed at this price to stimulate activity. It’s a Short Sale with sea wall erosion, unfinished interior construction, deferred maintenance, and more. Bids were accepted up until November 30th of last year, and an Offer was chosen and presented to the bank for approval. However, to bid on this home you needed to purchase a $250 non refundable engineering report to understand the severity of the issues surrounding the stability of this home.
Why does this home still show up on The Keith Byrd website? Because the bank is still reviewing the Offer’s terms and now needs to negotiate with all the outstanding loans on this property. This time period can be frustrating and long for both the seller and the buyer – and in the case of 1400 Ocean, we are at the six month mark. When and if the bank accepts the current submitted Offer, it means they’ve agreed to the financial loss and you will see the property go in to Pending, then Sold status. But there is more – the Offer presented to the bank was all cash!
Therefore, if the home price seems to good to be true – it probably is! The Keith Byrd Team will walk you through the specifics of the home you’re interested in purchasing and, set forth the steps necessary to be successful in winning a Short Sale, Bank Owned, or Equity property sale.
Collette Kutil, The Keith Byrd Team, South County Realtor in San Luis Obispo County, including Pismo Beach, Arroyo Grande, Grover Beach, Oceano, Nipomo, and Avila Beach, 805-801-8114
Consignment shopping thrives in North County
North County has some great consignment stores for those who love a bargain.
Templeton’s Upscale Resale is a fabulous place for women’s clothing, shoes, accessories and even handmade jewelry by a local designer. It is small but a wonderful mix of clothing for a wide range of tastes and ages. I can never walk out without something…….most often the shoes and the jewelry……very nice quality stuff.
Templeton also has a wonderful store for kids clothing……..Mollywog’s Fine Children’s Consignment. I got almost a whole wardrobe for my nephew’s baby for a very small amount of money……..I wrapped everything separately and with a memory from my nephew’s childhood………a lot of stuff and in perfect condition.
My current favorite for home items is Consignage in Paso. This is one you may want to visit often as things come and go with shocking speed……..fun stuff! Everything from pottery to outdoor furniture to larger pieces, designer things and a sampling of ‘repurposed’ and vintage finds.
Nancy Heins, Keith Byrd Team, North County Realtor of San Luis Obispo County including Paso Robles, Atascadero, Templeton and Santa Margarita. 805 458-3583
Ranking our Local High Schools
US News and World Report came out with rankings of high schools. Here’s the local high schools that showed up on their rankings:
#124- Arroyo Grande High
#179 – San Luis Obispo High
#218 – Templeton High
#306 – Morro Bay High
#313 – Atascadero High
#320 – Nipomo High
U.S. Economy Update: March/April Indicators
Last week was an eventful one, as economic indicators from March and April gave mixed messages about the economy. Among the positives – manufacturing, falling oil prices, household spending and income, and certain employment reports. Among the negatives – factory orders, home ownership, and certain employment reports.
Unemployment picture in flux, housing mixed
Overall, the employment picture is still positive but moving down from its peak pace. In March, the unemployment rate was revised down to 8.1 percent (from 8.2 percent) and upward revisions brought new hires up to 154,000. April saw just 115,000 jobs created, which came in below the projected number of 165,000. According to the ADP employment report, small and medium-sized businesses made just 116,000 new hires in April, down from 181,000 in March. You won’t find Central Coast Lending in that statistic. CCL is pleased to welcome Bob Moss and Ryan Baker to its team.
This is something we don’t tend to think about as much, but globally, job growth also continues to struggle. Fifty million jobs have vanished since 2008-2009, and there are now 202 million unemployed internationally. Europe’s rampant debt issues and the resulting austerity measures have contributed to the difficulties.
According to the Census Bureau, the rate of home ownership is at its lowest since 1997. After a one percent decline in the first quarter of 2012, 65.4 percent of Americans own a home.
Oil prices down, manufacturing improves, Dow hits four-year high
On Friday, oil prices fell four percent to below $100 a barrel. The fall came after reports showed that the global economy is weakening, thus (possibly) reducing demand for oil. Other reasons for the price drop could be increased supply, and easing political tensions. Some analysts said that they expected prices could fall to $3.50 a gallon by the 4th of July.
Even while jobs and real estate have struggled, the manufacturing sector has shown strength. The Institute for Supply Management reported that new orders, production and hiring all rose in April. The index is at its highest level of expansion in 10 months (54.8). In response, the Dow settled at its highest level in four years before retreating slightly later in the week.
Interest rates have dropped 1 percent in APR since March
Since the end of March, interest rates have dropped significantly. Closing costs have dropped by as many as 1.5 points, which accounts for thousands in closing costs. This week, the 30-year fixed fell another 1/8 point (3.500 percent, 3.582 percent APR) and the 15-year fixed continued its ascent to new record lows (2.750 percent, 2.917 percent). You can see a rundown of rate movements this week HERE.
As always, keep checking in with us throughout the week on our website. We will be churning out updates on our Market News blog, as well as on our Home Maintenance blog. Last week, we had an interesting piece by Claudia Harmon Worthen about keeping your air clean with certain plants.
805.543.LOAN info@centralcoastlending.com
Market Trends: First Four Months of 2012
Here is some data from the new Sold Dashboard that will be available on the site later today.
The table below is Foreclosure % for Single Family Homes in SLO County. It compares the first 4 months of 2012 to the 2011 average. We’re seeing the mix change with an increased % of Short Sales, a decrease in REOs, and an increase in non-foreclosures.
For Median Home Price, REOs have a higher median home price so far this year but Short Sales and non-foreclosures continue to drop. There is still quite a difference between the three median home prices.
