Best of Caravan- North Coast

Today’s Best of Caravan is located in Cuesta by the Sea, a desirable area in Los Osos within blocks of the bay. This lovely 3 bedroom 2 bath home overlooks open space with expansive views of the bay. Additionally, the property backs to vacant lots, which given the current building moratorium, may remain vacant for some time. The home is spacious and inviting and has been nicely updated and re-modeled . Great location, views and condition!

See more photos and info here

(Best of Caravan is chosen by one of our team of local expert Realtors as the property that stood out on the weekly Broker’s caravan of new listings)

Mother nature gave us a pretty cool light show last night. I took the above photo from my back yard (click to see larger photo). I haven’t heard if we’re going to get a similar show tonite. If so, I have to remember to turn off my computer as the power did go crazy at one point and don’t want to trust my surge protector 100%.

Here’s a follow up on the blog post I did about the Los Osos sewer and the $25,000 per home assessment as reported in the Trib. This is from my Los Osos team member…

The Scenic Coast MLS had a meeting a few weeks back in which Bruce Gibson, the county Supervisor and Paavo Ogren- the Project Manger updated us as to what was occurring. According to our meeting, the project would likely be funded by state revolving funds which would be repaid over a 20- year period. The $25,000 per household assessment could, therefore be re-paid on a monthly basis over 20- years which would be approximated at $150/month. The cost to operate and maintain the sewer- once operating,would be approximately $50/month. Therefore- the monthly estimated cost to each homeowner would be approximately $200/month. If we are able to secure better financing and the cost to build a sewer is lower than the estimate, the monthly cost could be as low as $100/month, however- if the cost of the project is more than currently estimated, the overcharge would be passed on by via a higher monthly operating fee- bringing us to the higher range estimate of $275/month.

In the article- the author also stated the each household would be assessed $25,000 PLUS a monthly fee ranging from $100-$275. (Not so- the fee range includes re-payment of the $25,000 assessment). Also she quoted a 30 year bond repayment and as legislation now stands, repayment must be within 20 years.

Ryan’s Mortgage Blog:
Scammers are on the rise again. Actually, they probably never really go away, they just find new people to pray on. The new scam is taking advantage of people who are going into foreclosure. I’ve summarized an article I read on by Les Christie.
There are multiple scams taking place where companies claim they will help you get out of foreclosure. Example…For a $1,200 payment, company FAS claimed it would handle everything (regarding foreclosure); including calls to the lender, but an angry customer charges FAS did nothing.
“Then they stopped answering my calls. I would leave a message every day,” the customer said. “One day, they told me, ‘We’re dropping your case’ and hung up on me.”

A client of Jessica Attie, of South Brooklyn Legal Services, said a scam artist convinced her client to sign over her title while he cleared up the debts. She could rent the home for six months, and then he would sell it back to her. Instead, according to Attie, the scammer resold the house and absconded with more than $400,000. Basically, the scammer promises to save the home by taking title, renting it to the owner and selling it back later. Instead, they strip the equity by charging excessive fees, doing phony renovations and not making the mortgage payments.

Here are some of the tactics that scammers are known to use:
– They learn of mortgage delinquencies through published reports and proceed to bombard the owners with phone calls, flyers and posters.
– Scammers build trust by acting sympathetic and solicitous.
– Scammers assure victims that they’ll handle everything. They tell them not to call their lenders nor seek legal advice.
– Scammers have homeowners sign blank papers and fill them in afterward or they sneak the paperwork through without telling victims what they’re signing.
– Especially among minorities and sometimes evangelical church congregations, a scammer builds trust based on a common ethnicity or religion.

The article goes on to say you should never trust anyone who has contacted you, unsolicited, offering to help. The problem I have with that statement is I get these same “lists” the scammers have because they are available to the public and in my business these could be potential customers. So when I have free time, sometimes I make calls, unsolicited, to see if people could use my services. I try and help them get back on their feet….No I don’t charge an upfront fee, or any fees for the matter…unless they end up getting a loan through us, then they would be charged the standard fees. I am honestly trying to gain their business by offering my services in hopes to gain a customer now or in the future. My point is not everyone calling your home is a scammer, but you do need to be cautious. I hate making these calls because I know myself that I am hesitant to trust a stranger. So I suggest doing your research if they have something good to say. Get their company name…look them up, check them out on the Better Business Bureau.

For those going into foreclosure, the best thing to do is to call your lender and try to work out a plan. If in doubt, get in touch with your state attorney general’s office. It can put you in touch with a Housing and Urban Development-approved free credit counseling service that will do you a lot more good than fee-based rescue services.

In unrelated news: Football season is here!!! I have drafted two fantasy football teams, and I have two more to go. Yes, I am addicted! Go 49ers! Maybe waiting on Alex Smith will finally pay off this year.

For any Mortgage or Football related questions feel free to contact me at 805-540-0866 or

With two days left in the month, we’re at 368 Pending Sales for the Central Coast. We’re going to need a lot of accepted offers in the next 2 days to break 400. For comparison, we had 543 Pending Sales in August 2006 and 736 in August 2005. The lowest # of Pendings in a month so far in 2007 was February when we had 410.

Best of Caravan – Paso Robles
This home has the feel of the wide open spaces…..I just wanted to put my feet up and enjoy! Situated on over 1/2 acre, the back yard is perfect for entertaining, complete with an outdoor kitchen and a large deck that backs up to beautiful oaks of the greenbelt. The master bedroom shares this view plus enjoys the tranquility of a lovely water feature just outside the door. Perfect for family living – a quiet cul-de-sac; well placed kids bedrooms; a happy country kitchen; a cozy fireplace in the spacious living room. This home has a very nice layout but you might never leave the back yard.
(Best of Caravan is chosen by one of our team of local expert Realtors as the property that stood out on the weekly Broker’s caravan of new listings)

Best of Caravan- San Luis Obispo

The outstanding property on this week’s caravan is once again in the Ferrini Heights area. As a matter of fact- it is directly across the street from last week’s notable property. In addition to the welcoming, view filled neighborhood, the backyard of this home is like stepping into your own private resort. The landscaping is lush, there are views of Bishop’s Peak, and there are patios surrounding a large beautiful pool – a pool that is surely large enough to swim laps in. The home has been remodeled with a gourmet kitchen, hardwood floors, and granite countertops and several area of the house overlook the enchanting backyard retreat. A unique setting in a great neighborhood!

(Best of Caravan is chosen by one of our team of local expert Realtors as the property that stood out on the weekly Broker’s caravan of new listings)

California Real Estate Fast Facts

Calif. median home price – June 07: $594,260(Source: C.A.R.)
Calif. highest median home price by C.A.R. region June 07: Santa Barbara So. Coast $1,375,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region June 07: High Desert $306,310 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index – Second Quarter 07: 24 percent (Source: C.A.R.)
Mortgage rates – week ending 8/23:
30-yr. fixed: 6.52%; Fees/points: 0.4%
15-yr. fixed: 6.18%; Fees/points: 0.5%
1-yr. adjustable: 5.60%; Fees/points: 0.6% (Source: Freddie Mac)

The headlines of today’s Trib put the cost of the Los Osos Sewer at $25,000+ per home. This is in addition to the $100-$275/month fees. I wonder if seeing a value in the headlines is going to have an effect on Los Osos property values. Read the article here