Cal Poly Faculty Housing
According to the Mustang Daily, Cal Poly’s newspaper, the faculty housing complex at Santa Rosa and Highland Dr. is now 81% full.
Cal Poly Technology Park
The Technology Park at Cal Poly has the green light. The first building is expected to be ready for occupation in 2010. The hope is that companies will lease the space and to innovative companies who will hire students. If the first building is fully leased, additional buildings will be built.
Here is the Letter of Intent and presentation of the Technology Park
They are looking for 2-10 year leases and the rent looks pretty attractive.
I give a standing ovation to Cal Poly and the Cal State University System for approving this project. If the park is successful, it will benefit the Central Coast in many ways.
Nipomo Water Ordinance
Here’s a copy of the water ordinance that takes effect next week (the 23rd). It applies to new escrows or sales agreements initiated after the 23rd. There is no fee for the certification (a recent change). They did keep the 1.28 gal/flush toilet requirement though.
Santa Maria / Orcutt August Solds
Of the 133 homes and condos sold in Santa Maria and Orcutt in August, 65% were REO (bank owned) and 13% were short sale.
The median price for REOs was $238,000.
The median price for short sales was $225,000.
The median price for all others was $372,230.
SLO County August Solds
Of the 216 homes & condos sold in SLO County in August, 24% of them were REO (bank owned) and 9% were Short Sale.
The median home price for REOs was $310,000.
The median home price for short sales was $350,000.
The median home price for all others was $466,500.
Latest Data Quick numbers
The Data Quick numbers for the Bay Area and Southern California were released yesterday. I’m already reading headlines such as “Dramatic Drop in California Home Prices”. What this article didn’t say (and what I doubt other articles will not include too) is what Data Quick said in their Bay Area press release-
“In addition to undermining sales, the dropoff in jumbo use helps explain why the median price has fallen so sharply. With fewer high-end coastal homes selling, the pool of sales from which a median can be derived skews toward the lower-cost homes that are selling best.”
Here are other statements from the press releases-
Southern California:
“The number of Southern California homes sold last month edged up to its highest level in more than a year as bargain hunters swept up foreclosure properties in affordable neighborhoods, a real estate information service reported.”
“”What we’re looking at is a fire sale of properties in newer affordable neighborhoods that were bought or refinanced near the price peak with lousy mortgages. What we’re still not seeing is this level of distress spreading to more expensive or established neighborhoods,” said John Walsh, MDA DataQuick president.”
“Foreclosure resales continue to be a dominant factor in today’s Southern California market, accounting for 43.6 percent of all resales. That was up from a revised 41.8 percent in June, and up from 7.9 percent in July 2007.”
Data Quick also reported a 31.1% drop in So Cal median home price from July 07 to July 08.
Bay Area:
“Bay Area home sales eked out their first year-over- year gain since early 2005 last month as buyers responded to price cuts and snapped up more inland foreclosures. The median sales price dove to a 53- month low, a real estate information service reported.”
“Foreclosure resales — homes sold in July that had been foreclosed on in the prior 12 months — made up 33 percent of all resales. That was up from 29.9 percent in June and 4.2 percent in July 2007. Foreclosure resales ranged from 4.6 percent of the resale market in San Francisco to 65.9 percent in Solano County.”
“Meanwhile, many would-be sellers wait for a healthier market and many would-be buyers, especially those eyeing costlier coastal homes, wait for signs of a market bottom or for the return of more favorable financing. A clearer picture of the entire housing market will emerge once more of these foreclosures burn off and more lenders, sellers and buyers get off the sidelines and back into the housing game.”
“Since the credit crunch hit last August, making “jumbo” mortgages over $417,000 more expensive and harder to obtain, the percent of Bay Area homes financed with jumbo loans has plummeted. Last month jumbos made up 32.3 percent of all home purchase loans, down from 63.1 percent in July 2007.”
Gymboree comes to the Central Coast
With all the bad economic news lately, it’s nice to hear some positive news once and awhile. The Prime Outlet Center in Pismo Beach is adding another name-brand store this week, Gymboree. This will be great for all those families visiting the Central Coast. If you go by the outlet center on a Sunday afternoon you’ll usually see the place very busy. I’m assuming that there are a lot of tourists doing some shopping before hitting the road to go back home.
The center is also supposed to announce another “major” name in the upcoming weeks. This will probably be the replacement for the Disney outlet store that was there for a temporary period of time. My daughters are hoping for an Abercrombrie and Fitch outlet like they have in the Great Mall of Milpitas. My vote would be for a Fry’s Electronics but I know I’m dreaming 
Mid-Month Stats Check
Through the first 15 days of September, here’s where we’re at:
New Listings – 301
Pending Sale – 286
Price Changes – 493
Nothing earth shattering with the numbers. Looks like September is shaping up to be very similar to the last few months. Looks like no slow down on the number of price changes either.
Light, Bright and Airy Home Staging Tips #4
I went out to a great house (under all that personal stuff) to stage today and I feel compelled to share with the big wide world, so that others can learn from common seller mistakes.
Common Mistakes Sellers Make:
- Too much clutter.
- Living in a home for sale is soooo different than living in it forever.
- White open walls in your house are a good thing when you are selling! Too many people like to decorate and cover up every available wall space with knick knacks and collections- this makes your house feel smaller.
- Prepare your house before you list it!
- Have your Realtor or stager do a walk-through with you BEFORE it goes in the MLS to get their advice for selling and value. Once it hits the market and looks a wreck its hard to get people to take a second look.
- Get a quote from a stager, it may be cheaper than you think. (That house I mentioned today, she paid $345 for labor and materials and her house looks GREAT now!)
- Hide everything, in a neat way, then take back out only a few key items.
- Remember to think from a buyers view, they want to see your house, not your stuff!
- Most importantly if you feel like you are out of your league, hire some professional help – don’t wait until you have let your house sit on the market for a few months with no success!
This market, although challenging, can be very workable if you prepare your home to stand out from the crowd. Happy Selling! To learn more or get in touch with me directly: http://www.lightbrightandairy.com/
We’re Selling Homes!
While the market may not have been as hot as it was a few years ago, the Keith Byrd Team is doing just fine. Through the first 8 months in 2008, the Keith Byrd Team has sold 57 properties! Our team has both the knowledge and experience to help you with your real estate transaction.
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