The Los Osos Wastewater Project is now under construction!

The new average monthly is now  estimated at $154/month, down from the original $200/month estimate. This charge includes the pro-rated portion of the assessment and the monthly service charge.

Although the project will continue until 2015, no one block will be effected for more  than 45 days.

The project will include the following:

Mid Town Restoration      June 2012-Aug 2012

Drainage Improvements  June 2012-June 2014

Collection System              June 2012-Dec 2014

Water Recycling Facility  May 2013-May 2015

Road Restoration               June 2014-Nov 2014

Homeowner Connections  June 2014-Nov 2014

System Start-Up                  May 2015-Dec 2015

A very informative Public Forum was held on July 19.  You can view this forum in its entirety by going to the newly set up website-www.DigLosOsos.com   Going forward- this site will be a great source for construction updates.  If you prefer to quickly preview the slides of this presentation-  you can access the powerpoint presentation through the www.diglososos.com  web-site or by clicking here:  LOS OSOS: PUBLIC FORUM POWERPOINT


4th of July Weekend on the Central Coast

Well it’s that time again! The 4th of July is personally one of my favorite holidays. It’s a great time here on the central coast with lots to do all over the coast. There are 2 fireworks shows here on the north coast one in Morro Bay and one in Cayucos. Though I live in Morro Bay I have partaken in the Cayucos festivities for years. Cayucos lives for the 4th of July and if you have ever been you know why. The whole town turns into a big family party. Starting with the parade at 10 am on Ocean ave. After the parade there is lots to do and see including the peddlers fair and the beach front booths. The fireworks start at dusk and shot right off the pier. If you get there early enough you can find a nice spot on the beach. Below is a link the the Cayucos Chamber of Commerce with all the 4th of July activities. I hope everyone has a happy and safe 4th!! Cheers to our Indepence!


Kitchen Vrs. Bathroom

A recent article featured by REALTOR Magazine claims that the Bathroom has dethroned the Kitchen as the hottest room to remodel. They reference a survey conducted by the National Association of Home Builders which found that the Bathroom is where your update dollars are best and most often spent.

My favorite local resource for remodel design and materials is Green Goods; they offer eco-friendly options for any project.

In my experience, the top 3 things Buyers want in a Bathroom:

1. Sparkling Clean! (This includes being in good repair. Be sure all fixtures are secure and that the grout and caulking are free of defect and mildew.)

2. Low-flow toilets and faucets.

3. A window for ventilation and natural light.


Are You A First Time Home Buyer?

What qualifies you as a first time home buyer?  If you think it’s someone young, just starting out their life and has never owned a home before, you’re wrong.  Today’s banking institutions qualify a first time home buyer as, “someone that has not paid a mortgage payment over the last three years”.  So if you or someone you know has been out of the market for three years, it worth contacting your mortgage broker and Patterson Realty agent for more information.

Market Update: Spanish debt, falling gas prices, national Real Estate numbers

The Dow fell over 150 points to begin the trading week. European debt issues in particular weighed on the market, and the increasing likelihood Spain will default on its debt due to unsustainable borrowing costs. The 10-year bond yield fell from 1.67 percent to 1.60 percent. Mortgage rates are flat and remain at the price levels we saw last week.

The Wall Street Journal reported this morning that gas prices declined for their 11th straight week. The average price of gas is now 3.53 a gallon. Typically, gas prices can act as a small kind of stimulus to consumers, as lower costs free up spending possibilities in other places. However, stagnant retail sales shows that consumers are not necessarily spending more and tentative consumer confidence numbers reflect a public that is still wary about the U.S. economy.

Weekly jobless claims rose last week, and unemployment ticked up 0.1 to 8.2 percent. Consumer sentiment is closely attached to movement in the job market, and this may be why retail sales have dipped.

National real estate numbers for April and May were released by the handful last week.

Lastly, we should mention that last Wednesday (June 20), The Federal Open Market Committee (FOMC) voted to extend “Operation Twist” through the end of the year, citing the need for continued support of the U.S. economy and concern over Europe’s debt situation. The stimulus program involves the Fed selling short-term bonds (with maturities of three years or less) and purchasing long-term securities (with maturities of six years or more) to promote a long-term low-interest rate environment. The program was extended by $267 billion.

Remember to give us a call at 805.543.LOAN for a friendly, free and easy conversation about your finances and the opportunities to own or refinance your home.

Wine Country has Beer too!

What’s better on a hot summer day than a tasty cold beer?  Central Coast favorite Firestone Brewery opened the new Tap Room in Paso recently and it is a hit.  You can have small amounts of the different beers to determine your favorite…….similar to wine flights. With the help of my handsome server I found my favorites……the 805 Honey Blonde is a summer special treat…….very refreshing.  For the more serious beer connoisseur, there is Wookey Jack is a black rye IPA (Indian Pale Ale) and Double Jack IPA which is created from two fermentations/two barrels.  I am going back for a tour of the brewery the next time so I can see how the beer is made…last tour is around 3:30.

New Los Osos Listing – $319,000



Updated 4 bed 2 bath with Hardwood Floors, Spanish Tile Kitchen Counters, Enclosed Tiled Sunroom, Double Pane Windows, Skylights, and Vaulted Ceilings. Newer retaining walls and fences installed. Home also comes with a newer tool shed/workshop in the backyard and has a finished garage. Perfect for first time a homebuyer or a second home on the coast. This is will go fast call us today!

Click for more details and photos

Greece election falls to pro-Euro zone parties; eyes now on Bernanke and FOMC

On June 17, Greece held elections that would determine its future with the Euro zone. The pro-bailout, pro-austerity parties won a slim majority, prompting many investors to sigh with relief. However, the threat of economic “contagion” stemming from European debt is still high, as debt burdened countries Spain and Italy struggle forward with no lasting solution in sight.

Markets have recovered slightly from large drops at the beginning of the month on speculation that Bernanke and the Federal Open Market Committee could commit to further stimulous measures to pick up a flagging U.S. economy burdened by poor employment and concerns about Europe. The FOMC meetings take place on June 19 and 20 – follow our website for daily updates.

Interest rates dropped again this week. Jason Grote, Central Coast Lending owner, believes that rates should be lower, and will continue to feel downward pressure due to the 10-year U.S. Treasury bond yield. Historically, the 30-year fixed rate has held consistently 1.50 percent higher than the 10-year bond yield. Currently, the 10-year bond has hovered around 1.60 percent, which would place the 30-year around 3.10 percent.

We are pricing the 30-year fixed lower this week – at 3.375 percent (3.415 percent APR), which is a drop from last week, but still not as low as we might like to see. The 15-year fixed APR dropped again, and we now place it at 2.750 percent (2.860 percent APR).

Lastly, we just want to say – make sure you follow along with the budget cuts and tax code reform debate. We have seen suggestions out there that one “loophole” that could be closed (to pay for a lower tax rate) could be the Mortgage Interest tax deduction. While we think this is extremely unlikely, it is important to not take anything for granted.