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Haves & Needs – Listings ©

Serving the Santa Barbara Area

Tuesday, September 2, 2008

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Bruce.

Real Estate Outlook: Positive Trends In Housing Studies

by Kenneth R. Harney

This just might be the turn in the numbers we've been waiting for: Resales of existing houses jumped by 3.1 percent in last month to the highest level in nearly half a year.

On top of that -- and to the near total surprise of Wall Street analysts -- new home sales also rose 2.4 percent, according to the Commerce Department.

Resales were up almost everywhere: Up 9.7 percent in the Western states, up 6 percent in the Northeast, one percent in the Midwest. Only the south saw a slight decline -- one half of one percent.

New home sales showed a similar pattern: Up an amazing 39 percent in the Northeast, 10 percent in the West, 8.2 percent in the Midwest and down by 2.5 percent in the South.

Most notable of all were the strong rebounds in sales in areas that had seen the biggest drops following the boom years -- especially in California and Florida.

Now, in fairness, before we get too enthusiastic about these sales gains, let's be frank about what's pushing this trend: The large numbers of short sales and foreclosures in many once-booming markets are cutting prices to the bone.

But rock bottom prices are also bringing in a flood of first time buyers, fence-sitters and investors who've been waiting for hard, statistical evidence that the cycle is flattening out.

Well, it looks like that hard evidence has finally arrived.

Sales in places like Riverside-San Bernardino, California, and Fort Myers, Florida -- once the West and East Coast symbols of boom and bust -- are now seeing strong growth in sales, according to the National Association of Realtors.

Keep this in mind too: The July resale numbers represent transactions closed before the passage of the new $7,500 federal tax credit. When the impact of the credit begins kicking in during the coming several months, you can bank on even higher sales numbers ... and a turnaround in prices.

In other key economic developments this week: Mortgage applications rose nationally for both conventional and FHA loans to buy houses. Interest rates dropped for the third straight week -- hitting an average 6.44 percent for 30 year fixed rate loans and 5.94 percent for 15 years.

Also the federal government's monthly survey of home prices in more than three hundred markets around the country found that although the national average of prices was down slightly, prices rose in 20 states … and are up year to year in 30 of the 50 states.

Published: September 2, 2008

Source: Realty Times

11th District Monthly Weighted Average Cost of Funds Index

The COFI is computed from data reported by COFI Reporting Members of the Federal Home Loan Bank of San Francisco. For June 2008, 28 eligible institutions reported COFI data.

Index Month	Index Value	Date Announced
July 2008	2.698	August 29, 2008
June 2008	2.829	July 31, 2008
May 2008	2.918	June 30, 2008
April 2008	3.111	May 30, 2008
March 2008	3.280	April 30, 2008
February 2008	3.560	March 31, 2008

Source: Federal Home Loan Bank of San Francisco

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LISTINGS

Submissions are limited to twice per week unless there is substantial change in the terms (price, financing, etc.) of the submission.

<<PRICE REDUCTION>> 5321 Orchard Park Lane. MAP Great price for a great home. Please click on the link to see the web commercial that you can forward to your clients. You can also copy and paste it into your browser. Now at new price of $1,064,500. MLS #08-1458.

CONTACT: Dani Burckhardt, RE/MAX Santa Barbara, 637-8558. (( SERIOUS SUPPORTER ))

<<PRICE REDUCTION>> 398 Winchester Canyon Road, GOLETA. MAP Situated on nearly 40-acres and zoned Ag II, this property is already in the Ag Preserve. Property features a 5,000-sqft warehouse/loading dock with office and lunch room with conference area and office. Two mobile homes, greenhouse, hot tub, endless swim pool and other structures. Price adjusted $595,000 and now offered at $2,000,000. MLS #07-3542.

CONTACT: Randy Freed, Village Properties, 895-1799 (( SUPER SUPPORTER )) or DeAnn Bauer, 451-7488 (( SERIOUS SUPPORTER )).

HAVE:: 955-D Cieneguitas. MAP Upstairs 2-bedroom/2-bath single story in Hope School District. Fresh paint and new carpet (actually carpet is being installed on Wednesday), but you can see color as it’s in the unit. Priced at $539,000. If this condominium doesn’t sell in the next few weeks it will be for rent at $1,900 per month. Click on the link http://marketing.remaxdesigncenter.com/11007/308420/308420.swf to view the web commercial that is easy to forward to your clients. Easy to show. Now lockbox/vacant. MLS #08-2514.

CONTACT: Dani Burckhardt, RE/MAX Santa Barbara, 637-8558. (( SERIOUS SUPPORTER ))

NOT IN MLS:: 6-acres on West Mountain with canyon and ocean views currently planted in avocados. The gently rolling site offers two building pads ideal for a main residence plus horse facilities. The property has a serene setting bordering Parma Park with direct access to the wonderful horse trails. Utilities are in and plans are approved through ABR for a modern farmhouse with 'green' building in mind. Permits pending. Offered at $1,650,000. Call me anytime to view or visit my website www.laurelabbott.com to view pictures and renderings.

CONTACT: Laurel Abbott, Prudential California Realty, 455-5409. (( SUPER SUPPORTER ))

NEED:: Under $10 million. I need something with a view. They love Bella Vista views or anything similar. A small 2-bedroom/2-bath with a guest quarters/guest house, pool or room for a pool. PRIVACY IS BIG. Any style except contemporary; they love Spanish/Mediterranean, cottage, and anything with charm. Single-level preferably, although a two-story is ok as long as there is one bedroom on the first level. It doesn’t need to be updated as long as it has potential. It will be used as a second home. Ready to buy now!!!

CONTACT: Penny Collins, RE/MAX Montecito, 895-2964 or penny@pennycollins.com. (( SERIOUS SUPPORTER ))

NEED:: A lot in Montecito, at least 5-acres or more as level as possible with VIEWS. Could be an existing tear down. Close to upper village would really be fabulous.

CONTACT: Penny Collins, RE/MAX Montecito, 895-2964 or penny@pennycollins.com. (( SERIOUS SUPPORTER ))

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