Haves & Needs (Listings)

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Haves & Needs – Listings©

Serving the Santa Barbara Area

Friday, September 05, 2008

MORTGAGE RATES EASE ON NEWS INDICATING CONSUMER SPENDING MAY SLOW

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent with an average 0.7 point for the week ending September 04, 2008, down from last week when it averaged 6.40 percent. Last year at this time, the 30-year FRM averaged 6.46 percent.

The 15-year FRM this week averaged 5.90 percent with an average 0.6 point, down from last week when it averaged 5.93 percent. A year ago at this time, the 15-year FRM averaged 6.15 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.97 percent this week, with an average 0.6 point, down from last week when it averaged 6.03 percent. A year ago, the 5-year ARM averaged 6.32 percent.

One-year Treasury-indexed ARMs averaged 5.15 percent this week with an average 0.6 point, down from last week when it averaged 5.33 percent. At this time last year, the 1-year ARM averaged 5.74 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Mortgage rates eased a bit over the holiday-shortened week following release of economic data that suggest consumer spending may slow,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy grew at an upwardly revised 3.3 percent pace in the second quarter, boosted by the smallest trade deficit in eight years, and residential fixed investment slowed growth by 0.6 percent, the least amount since the same period a year ago.

“However, personal income fell 0.7 percent in July, the first decline since August 2005 and will likely slow consumer spending in the third quarter.”

SUMMARY OF SURVEY RESULTS

Fixed-Rate Mortgages
	Average Conventional 30-Year Commitment Rate	Fees and Points	Average Conventional 15-Year Commitment Rate	Fees and Points
US	6.35	0.7	5.90	0.6
West	6.31	0.7	5.85	0.7

Five/One-Year Adjustable-Rate Mortgages
	First Commitment Rate	Fees and Points	Margin
US	5.97	0.6	2.75
West	5.84	0.7	2.75

One-Year Adjustable-Rate Mortgages
	First Commitment Rate	Fees and Points	Margin
US	5.15	0.6	2.74
West	5.09	0.6	2. 75

Published: September 4, 2008

Source: Freddie Mac

How to Find a Canadian Buyer

With so many American homeowners sitting on the sidelines, it's worthwhile to try to attract a buyer north of the border.

September 5, 2008 10:43 a.m.

Thanks to a strong loonie and stable economy, Canadians are snapping up American homes faster than Wayne Gretzky hitting slap shots, as I write in today's Weekend Journal.

But since the supply of housing is so high, especially in the Sunbelt resort areas Canadians favor, it takes some effort to attract their attention. And even if you do, it can be hard to close the deal, since Canadians know how soft the American economy is, and realize that they have the upper hand in negotiations. "We don't have to compromise," says Marcel Sarrasin, a resident of Mont Tremblant, a resort area north of Montreal, who is house-hunting in Hilton Head, S.C.

Still, with American buyers sitting on the sidelines due to credit restrictions, it's worthwhile to try to tap into this eager pool of buyers north of the border. Here are some tips:

--List your home with American agents who target Canadians. Such agents are easy to find on the Internet, since they include information on how Canadians can navigate the American home-buying process. For instance, Florence, Ariz., agent Jessica Sulliman has a "Canadian Corner" on her Web site that features information on taxes, closing costs and legal issues, topped by two Maple Leaf flags that snap and wave in the virtual breeze.

--Throw in the furnishings. Many Canadians are buying homes during whirlwind tours staged by agents, lenders or investment groups. Since their time is limited, they often don't want the additional hassle of shopping for furniture, dishes or pots and pans, especially if they plan to rent the unit out soon after they close.

--Play up light-filled, formal spaces. Fort Lauderdale, Fla., real estate agent Elyane Encaoua says that unlike Americans, Canadians give formal spaces like living and dining rooms heavy use. Because they endure long, dark winters at home, they also put a premium on big windows and natural light. So pull back or eliminate curtains, and include lots of pictures of formal rooms in advertising and brochures.

--Offer seller financing. Canadians typically can't get mortgages from Canadian banks to buy U.S. properties. They can get loans from American lenders, but because of the added risk, lenders often demand as much as half of the purchase price as a down payment. See if you can offer a better deal, assuming the buyer's credit checks out. For a list of Canadian credit bureaus, go to canadian-creditreport.com/contact.htm.

--Watch for vultures. Search the Internet and ask local agents if there are any Canadian investment groups looking to purchase homes, and see if you can get on their list of homes to consider. For instance, in June, CBI Group, a real estate investment group, launched the Arizona Acquisition Fund, to purchase about 175 bargain-priced single-family homes over a year's time in the Phoenix area. The firm will rent the homes for five years, and then sell them.

Source: Wall Street Journal

If you’re planning an open house for this weekend, Please submit that information by tonight if it hasn’t already appeared during the week!

LISTINGS

Submissions are limited to twice per week unless there is substantial change in the terms of the submission.

<<NEW LISTING>> 345 Sherwood Drive (off El Sueno). MAP 3-bedroom/3½-bath plus a bonus room. Flexible floorplan. This is an exceptional value. Offered at $835,000. MLS #08-3383.

CARAVAN:: TODAY!!: 10 AM to 1 PM.

CONTACT: Gayle Lofthus, Village Properties, 565-8615 or 689-9011. (( MAJOR SUPPORTER ))

<<NEW LISTING>> NOT IN MLS:: 2112 Emerson Avenue. MAP Super sweet craftsman 3-bedroom/2-bath home tucked just behind the rose gardens of the Mission. Beautifully remodeled charmer includes new kitchen and baths, new plumbing and electric, new fireplace, hardwood floors, granite kitchen, new hardscape and much more. Finished garage and office downstairs. Large 2-car garage. Beautiful! Offered at $1,520,000. Call for appointment.

OPEN HOUSE:: SUNDAY: 2-4 PM.

CONTACT: Randy Glick, Prudential California Realty, 563-4066. (( SUPER SUPPORTER ))

<<NEW LISTING>> 412 Lemon Grove Lane. MAP The Secret Garden of Lemon Grove Lane: Behind the vine-draped garden gate are steps to one of the few remaining Montecito Upper Village courtyard garden cottages. The main cottage is hidden from the street behind the enclosed patio garden. French doors open onto a vine-covered trellis and sunny patio where the brick-built open-pit barbeque welcomes guests to enjoy spring buffet lunches or summer evening outdoor dining. The master bedroom deck basks in daily sunlight and opens onto the stars at night. Comfortably appointed with spa and privately arranged for either morning coffee or sunbathing in the afternoon with the stately mountains views. The front apartment stairway entrance opens onto arched chapel windows, a living, breathing portrait of oak and sycamore trees as the view. Thoughtfully appointed with kitchenette, bedroom, bath and living room warmed by an open-hearth fireplace. Below, the spacious, 2-car garage houses closed storage and washer/dryer amenities convenient to both the main and tree house apartment. The large driveway and rose garden front onto lightly traveled Lemon Grove Lane, whose terminus is within steps of Manning Park, the Montecito YMCA and Montecito Union School. Offered at $1,825,000. Call owner for appointment at 689-9078. MLS #08-3293.

CONTACT: Mary Jane Ingalls, Prudential California Realty, 570-7158. (( MAJOR SUPPORTER ))

<<NEW LISTING>> 1631 Posilipo Lane. MAP On the sand! Noted as one of the best beach locations in Montecito, this home sits on approximately ½-acre, south-facing, 75' of sand. Described by many as the 'best buy' this property offers you a fantastic opportunity to not just vacation in paradise, but to live in it. These opportunities simply do not come up that often. This home has been extensively remodeled in the past year. Priced at $17,750,000. If you saw this last year, you need to come back and re-visit it. MLS #08-3324.

OPEN HOUSE:: SUNDAY: 1-4 PM.

CONTACT: Tim Dahl, Prudential California Realty, 886-2211. (( SERIOUS SUPPORTER ))

HAVE:: 501 Northview Road. MAP Vieja Valley School District! 3-bedroom/2-bath home, I can't believe it hasn't sold yet! Move-in ready! Huge fenced yard, raised foundation, hardwood floors (under carpet), skylights, finished garage with lots of lovely storage cabinets, can be used as a room or garage. Wonderful central location: only 7-minutes to the beach or to town, 10-minutes to Goleta. Offered at $799,000. This is NOT a short sale. SELLER FINANCING POSSIBLE! 3% commission! MLS #08-3016.

OPEN HOUSE:: SUNDAY: 12-2 PM.

CONTACT: Gloria Burns, RE/MAX Santa Barbara, 689-6920 or 682-5515. (( SERIOUS SUPPORTER ))

HAVE:: 1275 Vallecito Road, Carpinteria. MAP This 3-bedroom/2-bath home comes complete with bamboo floors, modern kitchen, modern bathrooms - one with a bathtub made for two, and a large beam ceiling living room with fireplace and attached dining room. From the living room, sliding glass doors open to a wonderful patio for entertaining with covered dining area and built in modern gas fire pit, three fountains, and two small deck/seating areas, all kept in total privacy with tall fences and trees. There's also an orchard with a fig, peach, plum, avocado and orange trees. (Note: the dining room could be easily used as a 4^th-bedroom - the doorframes are ready to hang doors if needed). Only a few minutes to the local beach, shopping, Starbucks and Coffee Bean, and ten minutes to Santa Barbara. This stylish Mediterranean gem is surrounded by 43 palms, giant white birds of paradise, agapanthus, cannas, and black bamboo (growth-contained). Carpinteria retains its small beach-town ambiance, while so close to Montecito and Santa Barbara. Offered at $895,000.

OPEN HOUSE:: SUNDAY: 1-4 PM.

CONTACT: AUTUMN ELLING, Platform Real Estate, 689-5746 or autumn@platformrealestate.com. (( MAJOR SUPPORTER ))

HAVE:: 4857 Vieja Drive. MAP New home in 5-home community overlooking 300-acres of open space. Dramatic, brand new 2-story home with living room and dining room separated by a two-way fireplace providing warmth to both rooms, butler’s pantry with beverage center, gourmet kitchen with off-white cabinets, granite countertops, walk-in pantry, pot-filler and Viking appliances. The family room features a stone fireplace with rustic wood mantle. There are two downstairs bedrooms with a bath between and the master suite and 4^th-bedroom with private bath are upstairs. Approximately 3,190 square feet. Offered at $1,995,000. MLS #08-2215.

OPEN HOUSE:: SUNDAY: 1-4 PM.

CONTACT: Kathi Hopkins, Investec Properties, 895-6004. (( SERIOUS SUPPORTER ))

NOT IN MLS:: Montecito 2-acres (in two 1-acre parcels) up a long private drive. Charming 1950’s 2-bedroom/2-bath cottage with gorgeous mountain views; plus separate 1-bedroom/1-bath unit; plus detached guest studio. Ocean and coastline views from buildable knoll, mature oaks and sycamores, private and serene. Offered at $3,450,000.

CONTACT: Victor Plana, Coldwell Banker, 565-8807 or jenplana@cox.net. (( MAJOR SUPPORTER ))

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