Sunday March 30th, 2008 - 1:51:38 am
Dan Reddell Email
Print This Article Sunday, Mar 30, 2008 Posted on Sun, Mar. 30, 2008 14,400 could see drop in property tax Sally Connell County officials are reviewing whether to lower property tax assessments on more than 14,000 single-family homes amid the real estate downturn plaguing homeowners and municipalities locally and nationwide. County Assessor Tom Bordonaro’s preliminary estimate is that market values have dropped to levels last seen in January 2005, after peaking around December 2006. For that reason, his office is tentatively planning to review 14,443 residential properties that have sold since the beginning of 2005 to see whether their assessments are higher than they should be. That total represents 16 percent of the 89,000 single-family properties in the county. Such properties are mostly © 2008 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Saturday March 29th, 2008 - 5:48:00 am
Dan Reddell Email
Ramie Manderscheid Scenic Coast Sales Representative rmanderscheid@fnf.com Office: 805.771.1920 Cell: 805.235.4411 FIDELITY NATIONAL TITLE 780 Monterey Avenue, # A Morro Bay, CA 93442 You will find many helpful resources and interactive features at: www.fidelityslo.com Volume 14, Number 12 Economic Highlights for the Week Ending March 28, 2008 MONDAY, March 24th Existing home sales gained 2.9% in February to an annual pace of 5.03 million units. The increase in home sales last month breaks a six-month string of declines. While the increase in sales last month is encouraging, economists at NAR are not expecting significant recovery until the second half of this year, when higher loan limits, along with monetary and fiscal stimulus will unleash pent-up demand. In the meantime, the housing correction will continue as rising defaults and foreclosures push inventories higher and accelerate price declines. The Fed’s next rate move remains uncertain at this time. Policy decisions will be fluid depending on downside risks to growth and the state of credit markets. After an upside surprise in existing home sales, fed funds futures traders are currently pricing in a 60% probability of a 50 basis point rate cut when the FOMC meets at the end of April, down from a 71% chance earlier this morning. TUESDAY, March 25th Consumer confidence tumbled to 64.5% in March from a reading of 76.4% in February. The index is at its lowest level since the start of the Iraq war in 2003. The scores of the two index components, present conditions and expectations fell sharply during the month while consumers’ assessments of the labor market weakened significantly. Inflation expectations rose as well. Confidence continues to face downside risks in the near term amid weak economic conditions. Both the 10-city and 20-city composite S&P/Case-Shiller house price indexes declined on a month-over month basis and posted the largest year-over-year declines since the inception of the index in 1988. The 10-city house price index fell 2.3% in January from December and dropped 11.4% from January one year ago. The 20-city house price index declined 2.4% on the month and was down 10.7% on the year. Because of tighter credit and weak housing market conditions, house price declines are expected to continue through 2008. WEDNESDAY, March 26th New home sales fell 1.8% in February to 590k, compared to expectations for a larger decline to a rate of 576k. This was the lowest level of new home sales since February 1995. Over the past year, sales have declined 29.8%. The MBA mortgage applications index surged 48.1% to 965.9% for the week that ended March 21. The purchase index jumped 10.6% on the week but remains 1.8% below its level one year ago. The refinance index soared 82.2% during the week and is up 93.6% from one year ago. A sharp drop in mortgage interest rates resulted in a flood of applications last week. Lower rates will need to be maintained to sustain these volumes. THURSDAY, March 27th Jobless claims fell 9k to 366k for the week ending March 22. The level of claims remains elevated which indicates acceleration in the pace of layoffs. Continuing claims are on a rising trend which indicates a weaker pace of hiring. Soft labor market conditions portend of another decline in payrolls in the jobs report, April 4. Mortgage rates were mixed but little changed this week, maintaining for the most part the large drop the week before. 30-year fixed rate mortgages averaged 5.85% this week compared to 5.87% last week according to Freddie Mac’s mortgage market survey. After the Fed’s big rate cut last week, economic data met expectations which lessened some of the recent gyrations in financial markets. FRIDAY, March 28th Personal income rose 0.5% in February, better than an expected gain of 0.3%. Income growth was boosted by a onetime jump in transfer payments related to the Medicare prescription drug plan. Personal spending increased 0.1% last month but long term spending growth has flat-lined. A closely watched inflation measure, the core PCE price index rose 0.1% in February and was up 2.0% over the past year. Core inflation has eased recently to bring it within the Fed’s comfort zone. Stock Market Close for the Week Index Latest A Week Ago Change DJIA 12216.40 12361.32 -144.92 or -1.17% NASDAQ 2261.18 2258.11 +3.07 or +0.14% WEEK IN ADVANCE The economy remains a concern. Data flows in the coming week are expected to show further weakening with a decline in payrolls and contracting activity in the manufacturing sector. Data results will continue to be reflected in Fed rate decisions. Key Interest Rates Latest 6 Mos Ago 1 Yr Ago Prime Rate 5.25 7.75 8.25 Fed Discount 2.50 5.61 6.25 Fed Funds 2.25 4.78 5.26 11th District COF 3.970 4.277 4.392 10-Year Note 3.44 4.61 4.63 30-Year Treasury Bond 4.32 4.87 4.82 30-Yr Fixed (FHLMC) 5.85 6.42 6.16 15-Yr Fixed (FHLMC) 5.34 6.09 5.86 1-Yr Adj (FHLMC) 5.24 5.60 5.43 6-Mo Libor (FNMA) 2.93125 5.53500 5.3212 Sources: IBC' s Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco -------------------------------------------------------------------------------- Upward pressure on interest rates Downward pressure on interest rates No pressure to change interest rates News worthy This Economic Report was sent to: bayshoredan@aol.com Click Here to Unsubscribe from this Economic Report This material is provided by license agreement. Any reproduction, distribution, posting, or linking without prior written permission from Focus Publications is expressly prohibited. Focus Publications | Notices
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Category: Housing info |
Sunday March 23rd, 2008 - 8:15:57 am
Dan Reddell Email
Cal Poly Public Printer Robert C. Tapella has named Cal Poly graduate Matt Reddell the new deputy chief of staff of the U. S. Government Printing Office. Reddell will assist the chief of staff in the operational management of the agency. He joined the office in 2006, assisting the deputy public printer in day-to-day activities of the office’s business units. The federal printing office of 2,200 employees handles printing and other services for all three branches of the federal government. Tapella, head of the agency, also is a Cal Poly graduate. Reddell is an officer in the Tennessee National Guard. He recently returned from a tour of duty where he trained soldiers. He joined the military after the Iraqi invasion of Kuwait in 1990. He also spent several years on Capitol Hill working for a California congressman and as special assistant to the inspector general for the U. S. House of Representatives. He has a bachelor’s degree in political science. —Nick Wilson
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Category: County info |
Sunday March 23rd, 2008 - 7:55:15 am
Dan Reddell Email
These are graphs from First American Title showing closed sales for the Coast and other SLO areas. Thanks to Hillary Hopkins. San Luis Obispo County http://www.firstamslo.com/graphs/Feb2008-County.pdf http://www.firstamslo.com/graphs/Feb2008-County.jpg Scenic Coast http://www.firstamslo.com/graphs/Feb2008-ScenicCoast.pdf http://www.firstamslo.com/graphs/Feb2008-ScenicCoast.jpg North San Luis Obispo County http://www.firstamslo.com/graphs/Feb2008-NorthCounty.pdf http://www.firstamslo.com/graphs/Feb2008-NorthCounty.jpg South San Luis Obispo County http://www.firstamslo.com/graphs/Feb2008-SouthSLO.pdf http://www.firstamslo.com/graphs/Feb2008-SouthSLO.jpg San Luis Obispo City http://www.firstamslo.com/graphs/Feb2008-SLOCity.pdf http://www.firstamslo.com/graphs/Feb2008-SLOCity.jpg Santa Maria http://www.firstamslo.com/graphs/Feb2008-SantaMaria.pdf http://www.firstamslo.com/graphs/Feb2008-SantaMaria.jpg
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Category: County info |
Friday March 21st, 2008 - 5:21:12 am
Dan Reddell Email
Ramie Manderscheid Scenic Coast Sales Representative rmanderscheid@fnf.com Office: 805.771.1920 Cell: 805.235.4411 FIDELITY NATIONAL TITLE 780 Monterey Avenue, # A Morro Bay, CA 93442 You will find many helpful resources and interactive features at: www.fidelityslo.com Volume 14, Number 11 Economic Highlights for the Week Ending March 21, 2008 MONDAY, March 17th The NAHB housing market index was unchanged at a level of 20 in March. Builders’ ratings of current single-family home sales were unchanged while ratings of sales six months from now fell a point. Foot traffic through model homes was stable. Home builders are pessimistic about the housing market but at least the deterioration in sentiment has stopped for now, signaling perhaps that the bottom has been reached. The Fed continued its campaign to increase liquidity in financial markets over the weekend, by making funds available to securities dealers to borrow like they do the banks, and lowering the overnight rate that they charge for borrowing from the discount window. The Fed dropped the discount rate by 25 basis points to 3.25% Sunday. These actions, combined with earlier liquidity programs, the Term Auction Facility (TAF started in December) and now the Term Securities Lending Facility (TSLF will begin on March 27) were taken to stem further fallout from the credit market crisis. TUESDAY, March 18th The producer price index climbed 0.3% in February less than an expected increase of 0.4%. The PPI has increased 6.8% over the past year, one of the fastest paces over the past 25 years. The core PPI which excludes food and energy prices shot 0.5% higher to gain 2.5% in the last year, higher than the Fed’s implicit target for core inflation. Housing starts fell 0.6% in February to an annual rate of 1.065 million from an upwardly revised pace of 1.071 million in January. While better than expected in the last two months, total housing starts have declined 28.4% over the last year. Gains in multifamily starts continue to offset weakness in the single-family sector. The FOMC cut key rates by 75 basis points at their policy meeting today. The fed funds rate now stands at 2.25%, its lowest rate since December 2004. The discount rate was also cut by the same amount to 2.50%. Under financial market turmoil and economic contraction, the Fed has abandoned a gradualist approach to monetary policy, cutting the fed funds rate by 300 basis points over the last six months. The policy statement cited softer consumer spending and job growth, tighter credit and the housing downturn as reasons for the large, simulative cuts. The Fed also warned that inflation expectations have risen, but noted that they expect inflation to ease under slower economic growth. The Fed has room to cut further as is deemed necessary to promote moderate growth over time and price stability. WEDNESDAY, March 19th The MBA mortgage applications index fell 2.9% to 652.0% for the week ending March 14. The purchase index slipped 1.0% on the week while the refinance index fell 4.6%. Refinance applications accounted for 49.7% of total applications. Mortgage application activity continues to reflect tighter credit standards and interest rate volatility. The Office of Federal Housing Enterprise Oversight (OFHEO) said today that it would reduce the capital Fannie Mae and Freddie Mac must hold in reserve. The rule change lowers capital requirements for the two mortgage finance giants to 20% from 30% currently. The move should free up $200 billion in immediate liquidity in the mortgage-backed securities market. THURSDAY, March 20th Long term mortgage rates fell sharply in the past week as the Federal Reserve cut rates to stimulate the economy and increased liquidity to shore up financial markets. 30-year fixed rates averaged 5.87% this week compared to 6.13% last week according to Freddie Mac’s mortgage market survey. Jobless claims jumped 22k to 378k for the week ending March 15. The elevated level of claims is consistent with weaker labor market conditions, an accelerated pace of layoffs and sluggish hiring. These data portend another dismal employment report, due out on April 4. FRIDAY, March 21st GOOD FRIDAY All Markets Closed Stock Market Close for the Week Index Latest A Week Ago Change DJIA 12361.32 11951.09 +410.23 or +3.43% NASDAQ 2258.11 2212.49 +45.62 or +2.06% WEEK IN ADVANCE The housing market remains central to the interest rate and economic outlook. New and existing home sales in the week ahead provide the most comprehensive look inside the market. Key Interest Rates Latest 6 Mos Ago 1 Yr Ago Prime Rate 5.25 8.11 8.25 Fed Discount 2.50 5.61 6.25 Fed Funds 2.25 5.12 5.25 11th District COF 3.970 4.277 4.392 10-Year Note 3.33 4.57 4.58 30-Year Treasury Bond 4.17 4.83 4.74 30-Yr Fixed (FHLMC) 5.87 6.34 6.16 15-Yr Fixed (FHLMC) 5.27 5.98 5.90 1-Yr Adj (FHLMC) 5.15 5.65 5.40 6-Mo Libor (FNMA) 2.93125 5.53500 5.3212 Sources: IBC' s Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco
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Category: Housing info |
Wednesday March 5th, 2008 - 5:00:56 am
Dan Reddell Email
APN Address City Type Date Doc # TDD Auction / Cancel 025-131-021 734 Pinto Wy Paso Robles NOD 3/3/2008 10435 07-13714 091-153-015 695 Monadella St Arroyo Grande NOD 3/3/2008 10432 06-36603 017-181-030 155 N 2nd St Shandon NOD 3/3/2008 10431 05-20726 011-281-015 1 San Simeon Creek Rd Cambria NOD 3/3/2008 10430 07-21978 060-175-065 1478 Newport Ave Grover Beach NOD 3/3/2008 10427 06-25806 056-191-019 8677 Santa Rosa Rd Atascadero NOD 3/3/2008 10477 05-59978 090-079-011 277 Cornuta Wy Nipomo NTS 3/3/2008 10429 06-40382 3/20/2008 091-038-009 120 Calle Duende Arroyo Grande NTS 3/3/2008 10488 06-24523 3/24/2008 092-382-020 525 Grande Ave, Unit J Nipomo T's D 3/3/2008 10478 04-104560 009-753-017 422 Cedarwood Dr Paso Robles T's D 3/3/2008 10483 05-105224 015-142-033 5971 Silverado Pl Paso Robles T's D 3/3/2008 10484 05-47027 091-430-047 1078 La Serenata Wy Nipomo NOD 2/27/2008 9525 06-15504 010-371-012 388 Windward Ave Pismo Beach NOD 2/27/2008 9529 06-48417 012-254-012 2860 Lands End Rd Bradley NOD 2/27/2008 9518 06-44692 092-570-024 850 Theodora St Nipomo NOD 2/27/2008 9513 05-32335 077-252-024 540 Bakeman Ln Arroyo Grande NOD 2/27/2008 9510 07-07111 012-194-024 3470 Lakeside Village Dr Paso Robles NOD 2/27/2008 9405 07-53924 012-194-026 3475 Lakeside Village Dr Paso Robles NOD 2/27/2008 9405 07-53924 012-194-028 3460 Lakeside Village Dr Paso Robles NOD 2/27/2008 9405 07-53924 055-031-034 9605 Laurel Rd Atascadero NOD 2/27/2008 9405 06-69154 025-368-026 814 Vista Cerro Dr Paso Robles NOD 2/27/2008 9394 06-79924 012-264-004 8061 Pine branch Rd Bradley NTS 2/27/2008 9585 05-08853 3/26/2008 077-172-022 165 Pine St Arroyo Grande NTS 2/27/2008 9410 05-84256 3/13/2008 015-181-010 8233 Plane View Pl Paso Robles NTS 2/27/2008 9517 04-109653 3/20/2008 007-501-038 522 E Branch St Arroyo Grande NTS 2/27/2008 9581 07-52583 3/26/2008 002-415-002 857 Mil St San Luis Obispo T's D 2/27/2008 9549 06-50356 028-042-059 6101 Escalon Pl Atascadero T's D 2/27/2008 9532 05-106614 060-156-047 258 N 8th St Grover Beach T's D 2/27/2008 9411 06-16243 065-134-018 195 Easter St Morro Bay T's D 2/27/2008 9507 07-10029 030-473-014 9805 El Camino Real #14 Atascadero T's D 2/27/2008 9409 05-103463 092-173-043 1619 Primavera Ln Nipomo T's D 2/27/2008 9515 06-69552 092-491-020 1461 Country Hill Rd Nipomo T's D 2/27/2008 9521 05-30321 008-172-008 2212 Park St Paso Robles T's D 2/27/2008 9519 06-29789 029-081-003 5516 Tunitas Ave Atascadero NOD 2/26/2008 9011 05-85011 055-113-007 12705 Escabroso Ct Atascadero NOD 2/26/2008 9197 06-05517 041-201-018 10 Corrietta Ct Templeton NOD 2/26/2008 9191 06-29918 041-201-018 10 Corrietta Ct Templeton NOD 2/26/2008 9189 06-29919 004-734-002 1231 Sydney St San Luis Obispo NOD 2/26/2008 9185 05-70025 030-521-003 8873 Arcade Rd Atascadero NOD 2/26/2008 9184 05-70512 004-993-028 3340 Johnson Ave San Luis Obispo NOD 2/26/2008 9183 06-73941 092-482-004 380 Via Promesa Nipomo NOD 2/26/2008 9178 06-08248 062-041-011 1490 15 St Oceano NOD 2/26/2008 9173 06-57323 025-011-035 1525 Lyle Ln Paso Robles NOD 2/26/2008 9042 06-57130 009-422-034 714 Tanner Dr #C-1 Paso Robles NOD 2/26/2008 9035 05-39534 092-2720-53 1211 Mesa Rd Nipomo NTS 2/26/2008 9012 05-75686 3/25/2008 092-120-002 115 Elvira Wy Nipomo NTS 2/26/2008 9193 05-07690 3/13/2008 092-472-042 230 N Floras Dr Nipomo NTS 2/26/2008 9196 06-79348 3/7/2008
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Category: Foreclosure info |
Thursday February 21st, 2008 - 8:21:56 am
Dan Reddell Email
More buyers moving in to first homesDropping prices let more Fresno County families afford houses.By Sanford Nax / The Fresno Bee02/16/08 22:17:19First-time home buyers, shut out of the market when prices skyrocketed in the first half of this decade, are becoming the dominant force in an otherwise battered market. The trend -- which has yet to show up in statistics -- represents a ray of hope to an industry hard hit by a subprime mortgage crisis that has lenders nationally writing off billions in losses and many central San Joaquin Valley neighborhoods dotted with empty houses. Experts say falling prices and interest rates and an abundant supply are enticing would-be first-time home buyers off the sidelines. Those who can meet higher lending standards are in a good position to benefit from the housing bust. Real estate agents -- whose deserted offices provide stark contrast to the go-go atmosphere of just two years ago -- are delighted. "I'm waiting for [a first-timer] right now," Fresno real estate agent Joan Jolly said while sitting in her car in front of a house listed for sale. The house was owned by a bank -- an unfortunate consequence of a sinking real estate market where property values have tumbled so much that thousands of homeowners owe more on their houses than they are worth. About 12,330 houses in Fresno County started the foreclosure process in 2007, according to RealtyTrac, a housing data service. The foreclosures, combined with new houses offered at sharp discounts by builders desperate to sell and typical sellers going through a change in lifestyle, are giving buyers ample choice. About 3,900 houses are available for sale in Fresno and Clovis, and, thanks to falling prices, the percentage of families in Fresno County that can afford an entry-priced house has climbed to 44% from 19% at the peak of the housing boom in 2006, according to the California Association of Realtors. The median price of a house in Fresno County fell 16.7% over the last year, according to Zillow.com, to $226,776. Although the anecdotal evidence is strong, it has yet to reveal any solid evidence of a turnaround. However, it was enough for Don Scordino, president of the Fresno Association of Realtors, who offered the prediction: "This is going to be the year of the first-time home buyers." Matthew and Charity Johnson, two 27-year-olds expecting their first child, staked out the neighborhood they wanted and even the home builder. "We confirmed the ZIP code we wanted to be in [close to family] and identified the builder we wanted and waited," Matthew Johnson said. They didn't have to wait long. In a few weeks, Michael Gavin of Guarantee Real Estate steered them to a house built a few years earlier by Granville Homes. The original buyer defaulted, and the lender reclaimed the home. Johnson, who sells water-well equipment and grew up in Sanger, wouldn't say how much they paid for the house, but said it was below market value. "If people have money for a down payment, it is a great time to buy," he said. Marlin Ezell came to the same conclusion. The 29-year-old hospital employee is in escrow on his first house -- a 1,400-square-foot, 3-bedroom, 2-bath house with an addition near California State University, Fresno. The sellers lowered the price from $250,000 to $199,000 after it sat unsold for 200 days. Ezell offered $185,000, and the parties settled on $192,000, with the seller paying $4,000 in closing costs. Ezell said he couldn't afford to buy until prices fell: "I was priced out of the market until now." He originally made a bid on a lender-owned house a few blocks away but was competing with other potential buyers. He said the bank took so long making a decision that he moved on to other candidates. He said he is glad to be buying a house from the owner because he doesn't have to wait for approval from a bank. Also, he said scouring foreclosures for a suitable candidate can be a little like panning for gold. "There are a lot of foreclosures in bad shape. It's tough to find a gem," he said. Still, bank-owned houses are a draw, especially for people buying their first house. About 500 people toured a lender-owned home that Cliff Lloyd of London Properties showed at an open house a few weekends ago. A few days later, he took a married couple to another foreclosure and found two other couples also touring it. He even showed properties Christmas Eve and New Year's Eve. "We're looking at great [interest] rates, great prices, a great inventory -- and the phones are starting to ring," Lloyd said. Scordino said 10% of all the houses sold through Multiple Listing Service of the Fresno Association of Realtors in 2007 were foreclosures. Real estate agents say investors also are back in the market, looking for houses to rent and, in some cases, flip. "I just sold a beautiful fixer-upper in University Portals for $160,000. They will put in $20,000 and rent it at $1,600 per month to four roommates from Fresno State," he said. Financing and credit requirements have tightened up, but home buyers -- including those purchasing their first house -- are benefiting from the resurgence of the Federal Housing Administration, or FHA, loan. Ezell is using a version of the program to obtain a fixed-rate loan that does not require a down payment. FHA loans fell out of favor because their limits had not kept pace with soaring values. Today, it's different because prices are lower and more houses fall within the program's loan limits of $289,750 in Fresno County. Nationwide, the use of FHA loans is up 40% from last year, with many of those used to refinance adjustable-rate mortgages, said Jerrold Mayer, director of the program support division for the Department of Housing and Urban Development. "I was doing zero FHA loans three months ago, and now they are 40% of my business," said Chris Wolfe of Wolfe Mortgage Group in Fresno. "It is the last remaining loan if you don't have perfect credit." While first-time home buyers are jumping into the marketplace, loan officer Michael Gilmore believes many others are waiting for prices to fall even more. "I'm still of the opinion that incredible pent-up demand is still sitting on the fence waiting for things to bottom out," said Gilmore, who operates The Mortgage Professionals in Fresno. "Prices have fallen, interest rates have fallen and there is blood in the water," he said. "It could be worse before it gets better, but we're getting near the end of this
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Category: County info |
Monday February 18th, 2008 - 12:21:57 pm
Dan Reddell Email
Monday, Feb 18, 2008 Posted on Mon, Feb. 18, 2008 Plan to manage 2 North County reservoirs is set in motion Leah Etling As two projects that will use water from Nacimiento Lake move forward, so does a plan to coordinate the management of the reservoir and its sister, Lake San Antonio. Nacimiento Lake is in the northern corner of San Luis Obispo County, while Lake San Antonio is in Monterey County. Both are operated by the Monterey County Water Resources Agency, but San Luis Obispo County is entitled to 17,500 acre-feet from Nacimiento each year. Increasing stresses on water resources — including growing population, development and drought — mean San Luis Obispo and Monterey counties have turned to the lakes as an alternate source of water. San Luis Obispo County’s Nacimiento Water Project cost $176 million. It features a 45-mile-long pipeline that will transfer water from Nacimiento Lake to Paso Robles, Templeton, Atascadero, Cayucos and San Luis Obispo. Construction has begun on several portions of the project, which includes five contractors. The pipeline is being laid in southeast Atascadero, project manager John R. Hollenbeck said, and work has also begun on the intake construction at the lake. Anticipated completion of the project is late 2010, Hollenbeck said. San Luis Obispo County will receive 15,750 acre-feet from the lake each year. Local agencies say the water is needed to supplement current supplies. The groundwater basin beneath the North County continues to move toward overdraft conditions, according to a recent study update. “There are portions of the basin that are definitely in overdraft,” said James Caruso, San Luis Obispo County senior planner. Overdraft means that more water is being taken from the basin each year than is being put back by precipitation or seepage. In recent years, some property owners in parts of the North County have had to dig deeper to reach water for their wells. Looking north, Monterey County’s Salinas Valley Water Project aims to stop seawater intrusion and help replenish the Salinas Valley groundwater basin, which is also in overdraft. The project broke ground late last month.Work includes modifying the Nacimiento Dam spillway, which will allow the lake to store a higher water level in the winter and spring. The extra water would later be released into the Salinas River to recharge the basin. A diversion facility is being constructed outside of Salinas to collect the water and blend it with pumped groundwater. The Salinas project would use between 12,000 and 25,000 acre-feet from the river each year. It will cost $15 million to $20 million and is expected to be completed by September 2009. The capacity of Nacimiento Lake, which was constructed by building the Nacimiento Dam in 1957, is 377,900 acre-feet. The lake is at 54 percent of capacity. Meanwhile, the draft watershed management plan for both lakes is still in progress. The planning effort, which has been ongoing for two years, is slated for completion in the fall. A public hearing on the plan was held Saturday at Heritage Ranch. Three more community meetings are scheduled before it is due to the Regional Water Quality Control Board. Community participation has included residents from Heritage Ranch, Lockwood and other ranchers and property owners. Representatives from Fort Hunter Liggett and Camp Roberts have also been involved. The plan will include issues such as water and air quality, roads, residential and commercial development, farmland and grazing, recreation and the local economy. “What comes out of this process should really reflect what the community wants to protect now and into the future by having the most complete and accurate watershed information possible,” said Duane Wolgamott, the plan’s steering committee co-chair. © 2008 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Saturday February 16th, 2008 - 1:23:18 am
Dan Reddell Email
Friday, Feb 15, 2008 Biz Buzz: Housing economist puts money on boomers The Central Coast is suffering as the housing market slumps, but it may be in better shape than many other California regions, said Leslie Appleton-Young, chief economist for the California Association of Realtors. “One of my key messages is that real estate is local,” said Appleton- Young, who spoke at a conference Thursday called “Special Weapons and Tactics to Survive a Down Market.” It was held for real estate professionals at the Embassy Suites Hotel in San Luis Obispo. Unlike in the Central Valley and Riverside County, for instance, San Luis Obispo County’s real estate market has depended more on wealthy baby boomers who could afford to buy expensive homes, rather than on first-time buyers who may not have been able to afford a home except by way of a subprime mortgage. “The higher end of the market has done really better this cycle,” Appleton- Young said, “and was actually stable until the credit crunch hit in August.” The subprime mortgage problems and consequent foreclosures, on the other hand, began as early as 2005, she said. The economist also believes baby boomers will be the first qualified buyers to start buying local real estate again. “The areas that will take longest to recover are those communities that had an oversupply of new, moderate and lower-end construction and a higher percentage of foreclosures,” Appleton-Young said. The median price of an existing single-family home in San Luis Obispo County was $527,780 in December, a 1.9 percent decrease from the previous year, according to the association. Sales dropped 41 percent compared with December 2006. Sales of existing homes in California started dropping in the fourth quarter of 2005. From 2006 to 2007, prices in the state dropped 26 percent. The association predicts prices will decline an additional 9.5 percent in 2008. The good news is that a decline in prices overall has made housing more affordable, Appleton-Young said. Also, when the federal economic stimulus package is implemented in May, “there will be more capital for housing.” “These are the signs people are looking for,” she said. “No one will know we’ve hit bottom until six to nine months after it happened. By then, it’ll be long gone.” —Melanie Cleveland Heritage Oaks reports record profits in 2007 Heritage Oaks Bank made record profits for 2007, according to its senior vice president, Mitch Massey. The company earned $6.9 million in 2007, compared with $6.6 million in 2006. The bank’s net income increased 20 percent in the fourth quarter of 2007 to $2 million, compared with $1.6 million in the same quarter of 2006. Last October, Heritage Oaks Bancorp, the parent company of Heritage Oaks Bank, closed its acquisition of Business First National Bank of Santa Barbara. The bank valued the stock and cash transaction at $20 million. The acquisition brought two bank branches to the Heritage Oaks Bank system, $133 million in deposits and $124 million in loans. “With excellent asset quality and a well-diversified portfolio of commercial loans, we are continuing to build a strong platform for growth,” said Lawrence P. Ward, president and CEO. The bank now operates 15 locations in San Luis Obispo and Santa Barbara counties. —Melanie Cleveland Tonight, eat, drink and be generous in Paso Eagle Castle Winery, 309 Anderson Road in Paso Robles, is hosting A Night of Celebrating Love at 7:30 tonight featuring love songs by Jon and Deanna Ramsay, wines, appetizers and a chocolate dessert bar. The cost is $38 per person or $275 for a table of eight. The winery will donate 10 percent of the night’s proceeds to the Boys & Girls Club of North San Luis Obispo County. For details, contact Rebekah Pogue at 227-1428, ext. 209. © 2008 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Saturday January 26th, 2008 - 1:24:08 am
Dan Reddell Email
Saturday, Jan 26, 2008 Posted on Sat, Jan. 26, 2008 Stimulus brightens prospect for locals By E. Scott Reckard and Peter Y. Hong The economic stimulus plan worked out Thursday in Washington would provide nearly a year of cheaper loans for Californians buying or refinancing higher-cost homes, news that elicited joy in the housing and mortgage industries. Leaders of the House of Representatives and the White House agreed the size of loans that can be purchased by government-sponsored mortgage buyers Fannie Mae and Freddie Mac should be increased sharply for a year from the current cutoff of $417,000. The plan also would nearly double the size of loans insurable by the Federal Housing Administration to $729,750 from $367,000. The plan will likely provide the greatest aid in the state’s priciest markets, such as the Bay Area. Local analysts say San Luis Obispo County residents with homes in the $600,000 to $900,000 range — and those looking to buy or refinance them—could see benefits, too. That bracket represents more than 500 houses now for sale in the county, said Matt Colonell, mortgage broker with Obispo Mortgage in San Luis Obispo, citing the San Luis Obispo Association of Realtors Multiple Listing Service. “Because the proposed change would make their houses more affordable to buyers, their houses might sell more quickly and for a higher price,” he said. Those dollars would improve the local housing market, which would filter down and boost the local economy, he added. “Home sales generate significant economic activity in our county,” he said. “(It’s money) for real estate agents, title companies, mortgage lenders, home improvement contractors and hardware stores.” In December, the county’s median home price was $472,500. Thousands in savings The Federal Housing Administration was set up to provide mortgages to first-time buyers, including many with less-than-perfect credit, and insures loans to borrowers with down payments or home equity of as little as 3 percent. Any loans above $417,000 are now considered jumbo mortgages. In recent months, they have become harder to obtain because skittish private investors have become reluctant to buy them. In San Luis Obispo County, the government assistance would give a buyer getting a loan of $456,000, for example, the opportunity to get a conforming loan instead of a higher-priced jumbo loan. That would save the buyer $444 per month or $5,328 per year in interest costs, Colonell said. “It’s the single most effective step they could take to stabilize the housing and mortgage market,” said Rick Simon, a spokesman for Calabasasbased Countrywide Financial Corp., the nation’s largest home lender, which had led the lobbying to raise loan limits. The increased limit on loans eligible to be bought by Fannie Mae and Freddie Mac would be temporary, expiring Dec. 31. It was not clear whether the higher FHA limit would be temporary or permanent. The increase in the conforming loan limit also could benefit county homeowners who have mortgages between $417,000 and $729,750, Colonell said. If the interest rate on their mortgage is higher than the current interest rates on conforming loans, they could benefit from refinancing while the loan limit is temporarily raised, he added. Housing market help The National Association of Realtors estimated that raising the conforming loan limit to $625,000 would strengthen home prices by 2 percent to 3 percent and generate $42 billion in increased economic activity. That would be reflected in San Luis Obispo County, too. “Even for homeowners who are not selling their houses, getting some of the available houses sold and reducing the inventory of houses for sale would help stabilize real estate values in our county,” Colonell said. Higher loan limits would be significant in California, housing and lending industry officials said. It would make it easier for battered lenders such as Countrywide to sell fixed-rate loans to borrowers at risk of defaulting when their adjustable-rate mortgages reset to higher payments. The California Association of Mortgage Brokers said the plan would “increase much-needed liquidity in today’s struggling housing market, giving homeowners and home buyers access to safe, sustainable loans.” Another perspective Not all observers were as optimistic. Edward Leamer, an economist at UCLA who said higher loan limits “are not going to matter much now” because the housing markets are still destabilized by bubble-era home prices that must continue to fall. The proposed conforming loan limit is far beyond the reach of most people, Leamer said. “Most Americans can’t afford a $700,000 house. They don’t have the down payment, they don’t have the income.” A bill isn’t expected to be signed for six weeks. Tribune news assistant Tonya Strickland contributed to this report. © 2008 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Saturday January 26th, 2008 - 1:21:59 am
Dan Reddell Email
Saturday, Jan 26, 2008 Posted on Sat, Jan. 26, 2008 ‘Father Ed’ is Morro Bay’s ever-present citizen Sona Patel The Rev. Edward Holterhoff has met scores of Morro Bay residents over the past decade. He’s present at some of the best and worst times — weddings, funeral services, and blessings of fleets and new businesses in the seaside town. As pastor of St. Timothy’s Catholic Church, Holterhoff has left a lasting impression on those he meets. On Thursday, he was honored as the 2007 Morro Bay Citizen of the Year at a special dinner. Holterhoff, known as “Father Ed,” was unable to attend the event, but chamber officials showed a video of a presentation made days before. “Anything I do in Morro Bay is simply in my role as a priest,” Holterhoff said in the video after receiving the award. His words resonated with local residents. “He always had an uplifting message,” said Sharyn Young, the church’s office manager. “He encouraged people to come to church to be uplifted and to celebrate yourself and the community.” Holterhoff, a New Jersey native, served as a pastor at a Santa Cruz church before coming to Morro Bay. He also served as director of Covenant House in New York, an adolescent care facility serving homeless, runaway and at-risk youth. Among his most significant accomplishments since coming to Morro Bay is his participation in June in the AIDS/LifeCycle 545-mile ride from San Francisco to Los Angeles. Riders are asked to raise at least $2,500 in donations to participate, but they often raise more. Holterhoff raised more than $8,000, Young said. And he never once had to ask for money, Young said. Residents gave him unsolicited donations. Holterhoff is also active in the Central Coast Interfaith Voices for Justice, an eclectic band of local clergy promoting social justice. © 2008 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: Morro Bay info |
Thursday January 3rd, 2008 - 1:07:35 am
Dan Reddell Email
Wednesday, January 02, 2008 Brought to you by CALIFORNIA ASSOCIATION OF REALTORS® 2008 HOUSING MARKET OUTLOOK -- 2008 HOUSING MARKET OUTLOOK California experienced another year of weak home sales in 2007. Sales of existing detached single-family homes, which declined 23.6 percent for the year 2006, were projected to decrease another 26.0 percent to 353,200 homes for the year 2007. Sales fell steeply in the last quarter of the year as the liquidity crunch severely constrained availability of funds for mortgage loans. Monthly sales fell below 300,000 units on a seasonally adjusted and annualized basis, levels that had not been seen in over 20 years. Despite the decline in sales, the statewide median home price set a new record of $597,640 in April and remained near record levels for much of the year. This was partly due to the downward stickiness in prices in a slowing market, but also had to do with the mix of sales in 2007 compared with prior years. While low- to moderately-priced markets suffered throughout the year, the high end of the market was somewhat more resilient and propped up the statewide median price. However, with the onset of the liquidity crunch later in the year, that market segment saw weakness both in sales and prices and forced the statewide median price below $500,000 in October and November for the first time since early 2005. In general, lower-priced markets experienced large sales declines and weaker home prices as compared to higher-priced markets in 2007. Sales through August for homes valued below $500,000 declined 24.6 percent year-to-date, and sales of homes between $500,000 and $999,999 fell 24.2 percent when compared to 2006. By comparison, sales of homes priced $1 million and above declined only 0.5 percent from the same period of last year. However, the liquidity crunch choked off sales beginning in September, with the $500,000 to $999,999 market experiencing year-to-year sales declines in the range of 50 percent through the end of the year, and the market over $1 million market showing year-to-year declines of roughly 25 percent. The housing market is unlikely to see significant recovery in 2008. A further six percent decline in sales is expected for the year 2008. Peak to trough, annual sales are expected to decline 47 percent from peak levels of approximately 625,000 homes in 2004 and 2005 to 332,000 homes in 2008. Meanwhile, the statewide median price will show its first decline since 1996, with a projected 5.5 percent annual decline in 2008 to $536,500. As the economy remains in the late stages of expansion with many mixed signals, economic growth for 2008 is expected to be positive, but will be below the potential GDP growth rate of 3 to 4 percent. The California economy should grow on a par with the national economy, with non-farm job growth increasing 0.9 percent, and unemployment rate approaching 6 percent in 2008. Current market problems, however, have their roots in financing, not in weakening economic conditions. As such, this is not like the situation in the 1990s. Market weakness will continue to be driven in part by the ongoing problems in the subprime arena. Subprime mortgage payment resets are expected to peak in late 2007 and early 2008, so defaults and foreclosures should crest later in the year before easing as the year draws to a close. This will continue to put downward pressure on home prices, particularly in parts of the state that had a lot of new home building. Improvement in market conditions is more likely in the latter part of the year, as mortgage problems begin to subside and as buyers and sellers sense that home prices may have stabilized.
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Category: Housing info |
Tuesday December 25th, 2007 - 10:21:41 am
Dan Reddell Email
Tuesday, Dec 25, 2007 Posted on Tue, Dec. 25, 2007 Top local stories of 2007: No. 9: Pipeline is closer to reality Sally Connell The Nacimiento Water Project pipeline has been proposed in one form or another for 30 years, but county residents will only now see it starting, with roads torn up, piles of pipe collecting at remote locations, and heavy equipment moving in. The 45-mile pipeline is planned to connect Nacimiento Lake in the North County to the San Luis Obispo water treatment plant. It will cost $178 million and provide drinking water to five municipalities. Bonds have been sold to finance its construction. Water rates in the participating communities are also going up to pay for the project, expected to as much as double in the city of San Luis Obispo. Paso Robles is still trying to finalize the rate structure it will use to pay for their portion of the project. The participating communities and amounts of water they will receive are: Paso Robles, 4,000 acre-feet; San Luis Obispo, 3,380; Atascadero Mutual Water Co., 2,000; and Templeton Community Services District, 250. Cayucos Service Area No. 10 is set to receive less than 250. An acre-foot, water that covers an acre one foot deep, is enough water to serve two to three households for a year, depending on house size and amount of water needed for landscaping. San Luis Obispo will pay 47 percent of the project cost because it is located the farthest from the North County lake. “Right now, contractors are mobilizing,” said Tom Trott, project engineer. A construction trailer has appeared lake-side near the dam, and other trailers are being placed in more remote locations, he said. Trott said that the most noticeable signs of construction in the next few months may be the “potholing” planned for some roads as contractors look for underground utilities they will need to avoid. The pipeline does cross public and private land, but it will also be laid along the shoulder of such roads as Monterey, North River and South River roads in the Paso Robles area and El Camino Real south of Atascadero. Monterey County built and manages Nacimiento Lake, even though it is inside San Luis Obispo County. The agreement then allowed San Luis Obispo County to take 15,775 acre-feet of water from the lake annually for drinking water. The Nacimiento Water Project will be the first time the North County lake has been tapped by San Luis Obispo County municipalities for drinking water, even though projects have been proposed and negotiations have broken down through the past decades. There is a pending petition effort in San Luis Obispo to overturn that city’s water rate increases, but it has not gained much momentum to date. Because the city has signed onto the agreement, it would have to find the funds for its share from another source if rate increases are rejected by voters, city officials report. Paso Robles officials have yet to give final approval to a consumption-based rate that was approved after citizens protested a flat fee increase. The city has asked a consultant to assess the proposed usage based plan. © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Tuesday December 25th, 2007 - 10:19:03 am
Dan Reddell Email
Tuesday, Dec 25, 2007 Posted on Tue, Dec. 25, 2007 Biz Buzz: Mixed-use project would be a first San Luis Obispo-based Quaglino Properties may start construction as early as next month on Sycamore Plaza, San Luis Obispo’s first mixed-use project with residences in an industrial zone at 3592 Sacramento Drive. The construction could well be a presage of more flexible zoning to come, where stores go up alongside light industry, in the midst of coffee shops, townhouses and apartments. “This helps with the city’s mandate to produce housing,” said project developer Matt Quaglino, who is making both the residential and commercial spaces “condo-able,” so that people will have the option to buy or rent what they want. “And we feel there’s always a need for good commercial space, whether it’s someone who’s moving in the area, someone who is expanding or just relocating.” The Quaglinos got the go-ahead for the project from the Planning Commission almost two years ago. The development, designed by San Luis Obispo architect firm, Steven D. Pults and Associates, will have two buildings. One will be entirely commercial and have a single level. The other will have three stories, with apartments on the second and third stories. The residential flats will be about 1,300 square feet each, with one or two bedrooms, fireplaces, and washers and dryers. Total square footage for both buildings is more than 36,000 square feet, Pults said. Since the project was approved, it has been redesigned with less-expensive construction materials to make the project more affordable, Quaglino said. “It had a lot of masonry and concrete,” he said. “Now it’s basically stick-framed.” Quaglino predicted the new Sacramento Drive project, estimated to cost about $5 million, will be finished within 14 months. —Melanie Cleveland Newest Hotline directory available The 2007/2008 edition of the 211 SLO Hotline Human Services & Support Groups Directory is now available, featuring 500-plus listings of human agencies, programs and support groups in San Luis Obispo County. A company can provide the services and use the directory for solutions for additional needs, said Linda McGregor, 211 SLO Hot-line’s executive director. The $45 guide, produced by nonprofit agency 211 SLO Hotline, can be purchased on www.slohotline.org or by calling 544-6016. For 38 years, Hotline has provided free, 24-hour information and referral service, support and crisis intervention. —Tonya Strickland ••• Solarponics, an Atascadero based solar energy company, has received training to install the Skystream 3.7, a wind-powered generator designed to run quietly and to produce clean electricity even at very low wind speeds, according to owner Mike Emrich. Emrich and Mike Wiegel, the firm’s lead installer, have recently completed a three-day training course in Flagstaff, Ariz., at South West Windpower to become certified in the installation. Emrich is a Cal Poly graduate and founded Solarponics, which has been locally owned and operated for the past 32 years. Solarponics is located at 4700 El Camino Real. —Tonya Strickland ••• Steven Williams of Bunyon Bros. Tree Service, a commercial and residential tree care company in San Luis Obispo, recently completed the Certified Treecare Safety Professional program offered by the Tree Care Industry Association. The purpose of the CTSP program is to reduce work-related fatalities, injuries and illnesses overall, and completion of the program demonstrates a commitment to improving the safety and well-being of tree care workers, organizers say. —Tonya Strickland © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: SLO city info |
Monday December 24th, 2007 - 1:17:45 am
Dan Reddell Email
TAX BREAK FOR MORTGAGE DEBT FORGIVENESS President Bush signed into law today a new measure giving tax breaks to homeowners who have mortgage debt forgiven. Under preexisting law, the debt forgiven by a lender, such as for short sales and refinances, was generally taxable to the borrower as debt discharge income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence. This tax break applies to debts discharged from January 1, 2007 to December 31, 2009. Qualified principal residence indebtedness is debt incurred in acquiring, constructing, or substantially improving the residence (up to $2 million for refinances). For purposes of calculating capital gains, any debts discharged excluded from income under the new law must be subtracted from the basis of the taxpayer's principal residence (but not below zero). However, taxpayers may generally exclude from capital gains income up to $250,000 (or $500,000 for married couples filing jointly) for properties owned and used as their principal residence for at least two of the last five years. For a copy of the Mortgage Forgiveness Debt Relief Act of 2007, go to http://www.govtrack.us/congress/bill.xpd?bill=h110-3648.
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Category: Housing info |
Friday December 7th, 2007 - 10:51:14 am
Dan Reddell Email
As the media continues to pound all things to do with real estate into the ground, I can’t help but remember what my Dad, a home builder, used to say during hard times, “Houses always sell at some point because people have to have a place to live.” As stories abound about the tremendous number of foreclosures, the credit crunch, the proposed bailouts, the volatility in the stock market because of the housing issues, and so on, I would like to make the following points: The number of homes for sale on the Central Coast communities of Los Osos and Morro Bay are fewer today than last year at this time by at least 10%. There are only around 80 single family residences for sale in Los Osos, about the same in Morro Bay and half that number in Cayucos. The Cayucos number is interesting because there are usually only about 25 houses for sale in Cayucos at any one time. Now there are 45. Still, compared to other communities around the country our home inventory is low. The percentage of foreclosures in these two communities is miniscule compared to Santa Maria and almost zip compared to other urban area. Supply is low, demand is low and prices are dropping, but not on the scale seen in other communities. We are an island of stability. Sellers, for the most part, don't "have" to sell. Interest rates are dropping and we don’t have hurricanes, tornadoes, sleet, snow, ice, and there has never been a significant earthquake in historical times that caused a lot of damage in Morro Bay, Los Osos or Cayucos. People who have to have a place to live are ready to buy as soon as they find the right place. Their main concern is not necessarily getting the best deal ever. They are simply concerned that they don’t overpay. Other buyers are on the sidelines because media figures like Jim Cramer of "Mad Money" are telling audiences on the Today Show to wait until next year to buy houses because the prices will be down. Buyers and sellers are at a standoff right now, but it is only temporary. Interest rates are dropping and we have one of the most premier places to live in the world. If the rest of the country ever pauses from all their drama, turmoil and bad weather and looks around and sees us, hang on to your hats because we have the most valuable property anywhere—only no one knows it but us. Dan Reddell December 7, 2007
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Category: Articles by Dan Reddell |
Friday December 7th, 2007 - 2:59:04 am
Dan Reddell Email
Real Estate in 2008: What Does the Future Hold? 2007 was a historic year in the real estate and financial markets, thanks to the highly-publicized subprime collapse and subsequent credit crunch. As the end of the year approaches, we at YOU Magazine were wondering, what could possibly await us in 2008? With this in mind, we turned to mortgage industry icon Bill Dallas for insights into what we can expect next year and, more importantly, what buyers, sellers, and refinancers need to do now make the most of the opportunities in the real estate market. Bill Dallas, Chairman of Dallas Capital, is an innovative thinker who's been a leader in the mortgage industry for over 25 years. Bill has a well-earned reputation for developing creative products to expand home ownership opportunities. More importantly, Bill's uncanny knack for foreseeing the future of the industry is astounding, and we are pleased to be able to share his amazing insights with you. Interest Rates Before we discuss 2008, let's look at mortgage interest rates in 2007. Specifically, where we started, where we went, and where we are now. 2007 Mortgage Interest Rate Averages January 4 High Point Low Point November 15 30 Year Fixed 6.18 6.74 (June 14th) 6.14 (March 8th) 6.24 15 Year Fixed 5.88 6.43 (June 14th) 5.86 (March 8th) 5.88 5/1 ARM 6.02 6.37 (June 14th) 5.87 (May 3rd) 5.96 1/1 ARM 5.42 5.84 (August 30th) 5.40 (May 22nd) 5.50 As you can see, interest rates aren't much different now than they were in January of this year. The average mortgage rates in this chart remain generally unchanged. According to Bill Dallas, mortgage interest rates in 2008 will likely remain unchanged as well – or even drop a bit lower. Adjustable Rate Mortgages (ARMs) may see a little more volatility and could potentially be pushed down if the Fed is forced to lower short-term rates again in an effort to stimulate economic growth. One thing to remember, however, is that Fed rate changes do not necessarily equate to fixed-rate changes. This means that, even if the Federal Reserve does lower its interest rates in 2008 (as Dallas suggests in his video), don't expect fixed-rate mortgages to fall as well. In fact, depending on the degree to which the Fed may be forced to act in 2008, current fixed-rates may be the lowest we'll see for some time – especially after 30-year fixed rates dropped to a 2-year low in late November. Home sales, of course, have been declining. However, there is some good news about the national economy that frequently translates into good news in the real estate market. For instance, 5.4 million jobs have been added nationally since home sales peaked in August 2005, despite the nearly 200 financial institutions that went out of business or laid off employees this year. True, the dollar has suffered a major decline in 2007, but the typical effects of a weak dollar (e.g. higher inflation and higher interest rates) have yet to appear in the national economy. In fact, some analysts say this "weakness" of the dollar in 2007 has actually made American products more competitive in the global markets. With nearly 4% growth in the nation's gross domestic product (GDP) in the last two quarters, this seems quite accurate – but for how long? Interestingly, the weak dollar is also proving to be quite attractive to foreign investors seeking American real estate. According to a survey from the National Association of REALTORS® (NAR), while many Americans are waiting on the sidelines for the market to bottom out, foreign buyers (especially from Mexico, Britain, and Canada) have taken action, buying second homes in the U.S. at a major discount. Real Estate Prices When real estate is on sale, it's time to buy. Especially when interest rates are low. Bill Dallas likens this concept to the stock market, where buying at a discount and holding on for the long term is almost always a best practice. Just imagine if you had purchased stock in Google™ in March 2006, when prices pulled back from a January high of $471.27 to a bottom price of just $340.93 per share, a significant discount in just three months. Twenty months later, however, that same stock has now fully recovered, reaching a new high of $741.79 in November 2007. With returns like this, would it have made much of a difference if investors had waited for the absolute bottom? Bill Dallas isn't the only one predicting that real estate prices are nearing the bottom. According to the National Association of REALTORS® (NAR), by the first quarter of 2008, price declines will be "minimal as current widely available mortgage products filter through the system." In 2008, NAR further predicts that "many markets in the middle part of America" could even see some decent price gains. The increase may be nominal, but if you plan to hold on to a home for a few years, why wait, especially when interest rates are near historic lows? Whether this is the exact bottom or not, you could still see appreciable gains several years from now, while those who sat on the sidelines will be scrambling just to get in the game. By taking action now, you can benefit from the many opportunities available to purchase homes at a discount in those areas with high inventory levels. Remember, the larger the inventory, the more flexible some sellers will have to be if they want to compete. Instead of trying to time the exact "bottom" of the market, concentrate on getting the most house you can get at a discount while rates are still low. Do your homework. Team up with an experienced real estate agent and find those neighborhoods that fit NAR's timeline of recovery, or what Bill Dallas refers to in the video as a "U-shaped" increase. Combined with low interest rates, entire neighborhoods you couldn't quite afford to live in during 2005 could now be well within your reach in 2008. For the best deals, however, look beyond simply lower prices. Look for short sales, bank repossessions, and homes where the seller needs to move now due to personal or family issues. Other areas that may present buying opportunities are the areas that have and will and continue to experience employment issues. Look for areas with the strongest gains to suffer the greatest losses: the coastal states, Nevada, and Arizona. Areas with the greatest condo growth, like Miami, can also offer great buying opportunities, thanks to flippers who took on way more than they could handle. Get Loan Ready in 2008 No doubt, you have already heard more about the subprime lender collapse and its subsequent effects on available credit than you ever wanted to know. But, because of these important events, there's one thing that you need to understand: anyone looking for a mortgage in the near future will be faced with tighter lending criteria and fewer available products, especially those with lower credit scores. In the video, Bill Dallas does predict that broader economic issues will likely trump some of the negative effects for new consumers, but that's only if the government and other major lenders intend to help the mortgage consumer in an effort to avoid a full-blown recession. This means that now is the time to look closely at your credit score. If you're trying to time your long-term entry (2 years or more) into the real estate market, the last thing you need is to find out you have credit issues that could seriously delay your plans. Contact your mortgage professional right away and make yourself as "loan ready" as possible (see November's Mortgage article). It's important to note that credit remediation services, while extremely valuable, can take anywhere from three months to a year or more to provide the kind of results you might need in order to benefit in today's tighter credit market. Getting credit won't be as easy as it was in 2005, that's for sure. But there is still plenty of mortgage money out there if you can put together a solid credit profile with the proper documentation. (Be prepared to provide much more documentation than you have in the past.) Don't let wild stories from the media keep you sidelined when you need to be in the game. Get yourself pre-approved (not pre-qualified) by an experienced mortgage professional and be ready to move when the time is right for you. Finally, for homeowners looking to refinance, start looking into options in the next 30 days. If the credit crunch does continue and more mortgage companies are forced to deal with increasing defaults and rising foreclosures, lending standards could tighten even further. Last month, we told you about Loan-Level Price Adjustments (LLPA) coming in March. For mortgage consumers with credit scores below 680, this means much steeper rates automatically will apply to your mortgage. Bottom line: 2008 will offer low interest rates, plenty of inventory at a discount, tighter credit standards, and (while lower at first) more stabilized home prices. Buyers: this is an awesome market for long-term investments. Sellers: be realistic about prices and creative about marketing. Refinancers: find out where you stand in the next 30 days.
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Category: Housing info |
Sunday December 2nd, 2007 - 3:35:19 am
Dan Reddell Email
Sunday, Dec 2, 2007 Posted on Sun, Dec. 02, 2007 The Follow-Up File: SLO company among nation’s fastest growing Name: Cliff Henley Job: Chief executive officer Business: Fleet Management Solutions What he said then: When The Tribune talked with Cliff Henley more than a year ago, the San Luis Obispo man was actively running his global tracking device business, Fleet Management Solutions. His technology firm’s products allowed their clients to pinpoint the location of their assets via satellite and monitor. Henley, who founded the San Luis Obispo-based company in 2002, had about 400 clients, including the U.S. government and international organizations. It had satellite offices across North America, distributors in more than 40 countries and 18 employees locally. Annual revenues in 2006 were estimated at $3.5 million, and Henley expected 2007 revenues could reach more than $5.2 million. What he says now: Fleet Management Solutions continues to grow. The company has increased its number of employees from 18 to 32 and plans to hire 10 additional employees in the first half 2008. Annual revenues should exceed $5 million in 2007, and 2008 should see 65 percent growth over 2007, Henley said. “It’s been just crazy,” he said. “We moved into new facilities. We’re up to 7,000 square feet.” The company has gained contracts from governmental agencies such as the Department of Homeland Security and the Drug Enforcement Administration. It now also has a contract with the city of San Luis Obispo. The firm was honored in September when it made Inc. Magazine’s top-500 list of the fastest-growing companies in America. The firm was the only local company to make the list, ranking No. 232 based on revenue growth from 2003 to 2006. “I think it’s great for the county as it gave us a lot of national recognition,” he said. “I’d like to see more tech companies in this area.” The company has since begun manufacturing some of its own products and uses local vendors whenever possible. Fleet Management has received more support from local financial institutions—a change Henley appreciates after complaining that local banks support mostly real estate and agriculture, rather than technology. “We’ve been working really hard, and I joke that I promise I’ll take a vacation next year,” he said. “We’re just going to continue to grow.” —Dawn White © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: SLO city info |
Sunday December 2nd, 2007 - 3:32:10 am
Dan Reddell Email
Sunday, Dec 2, 2007 Posted on Sun, Dec. 02, 2007 Cambria seeks rehearing of desalination test wells Kathe Tanner A plan to do tests that are needed before Cambria can move ahead with desalination plant planning will be back before the California Coastal Commission on Dec. 13. The Cambria Community Services District says it must drill test wells in the sand of a San Simeon State Park beach to verify subterranean water supplies and map geological conditions along the shore near the mouth of San Simeon Creek, adjacent to a popular parking-and-picnic area. In September, commissioners denied permission for the tests, but district General Manager Tammy Rudock asked in a subsequent letter for another hearing on the project. The services district decided that desalination is the best option for an added source of drinking water for the coastal town. Officials declared a water emergency in 2001, stopping new water hookups that had not been approved. New hookups cannot be approved until a new water source comes online. Rudock said that some key evidence wasn’t presented at the earlier meeting, that incorrect comments made by commission staff could have misled commissioners and affected their votes, and that the timing of those statements meant district representatives couldn’t correct the opinions. Among those errors were misstatements made to the commission about the planned location for the desalination plant, she said. Rudock said the district’s desalination plans “do not include any permanent structure or facility” on the beach or its bluffs. She said the plant would be built farther inland, out of sight from Highway 1, on district property near the agency’s percolation ponds. Before commissioners can hold the second hearing, they must go through several administrative steps to review the basis for their original decisions. Those actions are to be taken at the December meeting. CAMBRIA HEARING The California Coastal Commission will take up Cambria’s desalination plant proposal when it meets at 9 a.m. Dec. 13 in Legislative Chamber Room 250, 1 Dr. Carlton B. Goodlett Place in San Francisco. For details, visit www.cambriacsd.org or www.coastal.ca.gov, or call 831-427-4863. © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: Cambria info |
Friday October 26th, 2007 - 11:19:26 am
Dan Reddell Email
Friday, Oct 26, 2007 Posted on Fri, Oct. 26, 2007 An emphatic ‘yes’ in Los Osos Sona Patel Los Osos property owners have overwhelmingly approved a property tax to pay for a long-awaited, contentious sewer in the coastal town, according to unofficial vote results announced Thursday. The county Clerk-Recorder’s Office finished counting the 6,093 ballots shortly before 5:30 p.m. The results— 79.6 percent of votes in favor and 20.3 percent against — were announced immediately to a handful of spectators. That margin signals an end to a decades-long ordeal in the town of 14,000, county officials and local lawmakers said. “This vote ends 30 years of conflict and controversy,” said Assemblyman Sam Blakeslee, R-San Luis Obispo. “The community demonstrated enormous courage and unequivocally showed that they’re ready to move forward.” Blakeslee brokered the plan that turned over preliminary design and construction of the sewer to the county. The plan was approved last year by the state Legislature and Gov. Arnold Schwarzenegger. The election could result in construction of a sewer starting in 2010. County officials expect that homeowners would see the first installment of the assessment on property tax bills by December 2009. Most homeowners would be assessed about $25,000. That could be paid in a lump sum, though officials expect most would pay in twice-annual installments of $960 for 30 years. Larger homes and most commercial properties would pay more, while condos and mobile homes pay less. The election was a key hurdle to determining whether the county would move forward with building a sewer. It’s expected to stave off fines and orders from state water quality regulators to stop disposing waste into septic tanks. For decades, regulators have been pushing Los Osos to build a sewer. They blame individual septic tank systems for nitrate pollution of the groundwater and Morro Bay. Had property owners denied the tax, responsibility for the project would have reverted to the bankrupt Los Osos Community Services District under Blakeslee’s plan. Assessment opponent Pam Ochs of Los Osos felt property owners were coerced into voting in favor of the tax because of the state’s threats of enforcement and fines if a sewer isn’t built. “Many won’t have a clue what is going to hit them until the bills start showing up in the mail in 2009,” said Ochs, who was among the plaintiffs in a lawsuit against the services district over the legality of a state loan for a previous sewer project. “With homeowners given an ultimatum, not a choice, between being fined out of their homes or taxed out of their homes, I would say fear won,” she said. The regional water board earlier this year considered a plan to issue several thousand stop orders throughout the town that would force people to unhook from their septic tanks by 2011 or face stiff fines. The board agreed to hold off on the stop orders to give the county time to show how it’s making progress on the sewer. “We’re looking forward to getting the project going,” said Harvey Packard, enforcement chief for the state’s Regional Water Quality Control Board. Packard said the board doesn’t expect to issue new stop orders before December, which is when the regional board could decide how to proceed. Strong voter turnout Of the approximately 8,700 ballots sent to property owners in the Proposition 218-mandated election, almost 6,100 were turned in — that’s nearly 70 percent. Votes were weighted according to how much tax each property would be levied. “The turnout was strong,” said county Supervisor Bruce Gibson, who represents Los Osos, before the last votes were counted. “But it doesn’t surprise me.…I had faith that folks would pay attention.” Sevices district board member Joe Sparks said the passage would help the town focus on other pressing issues. “I think they’re emphatic results that show that they want to get the wastewater issue resolved,” Sparks said. “It’s a message to our district that we need to focus on fire, water and getting this bankruptcy resolved.” The district filed for bankruptcy protection in August 2006 to stave off creditors as it figures out how to pay more than $45 million in debts. That includes $6.5 million owed from a state loan for the project scrapped in 2005. Schwarzenegger’s signature message on Blakeslee’s bill called for it to be paid back before the county could get a low-interest state loan — the cheapest financing for a sewer. Gibson said the high voter turnout and strong approval in this election would likely help the county show skeptics that the community is prepared to get a sewer in the ground. The county Board of Supervisors is expected to certify the election results Nov. 6. © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: Los Osos info |
Friday October 26th, 2007 - 11:16:03 am
Dan Reddell Email
Friday, Oct 26, 2007 Posted on Fri, Oct. 26, 2007 Cambria residents may have stopped steep water and sewer rate hikes Cambrians may have halted steep hikes for water and sewage treatment. Protesters signed and submitted 3,321 objection letters by the deadline, the end of an emotionally charged, packed-house meeting held Thursday night by the Cambria Community Services District. Approximately 2,000 formal objections were needed to halt the rate hikes — the district has not yet released the exact number required. District officials will keep the objection letters locked up until Monday or Tuesday, when a League of Women Voters member will act as an observer during the official tally, which includes verifying that each letter was submitted by a ratepayer. CCSD officials said they could have preliminary results by mid-week. District directors are to meet again at 5:30 p.m. Friday, Nov. 2, to certify the count and perhaps start determining the next steps in the process. California's Proposition 218 requires agencies to get taxpayer approval for any new or increased assessment or tax related to owning land. According to a consultant’s report, if the rates had been approved, within five years the district’s water-department revenue would have risen 98 percent, with the wastewater department seeing a 111 percent increase in income. — Kathe Tanner © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: Cambria info |
Monday October 22nd, 2007 - 1:12:25 am
Dan Reddell Email
Sam Blakeslee ONE LAST CHANCE TO WARD OFF INDIVIDUAL FINES San Luis Obispo County issued 8,721 ballots in the Proposition 218 Los Osos sewer assessment vote. The county Clerk-Recorder’s Office estimated Friday that about 4,500 to 5,000 had been returned. The clerk of the Board of Supervisors must receive the ballots by the close of Tuesday’s protest hearing before the county board. To ensure your ballot is received in time, you should hand-deliver it to the county Clerk-Recorder’s Office in the County Government Center, 1055 Monterey St., San Luis Obispo, Room D120. Call 781- 5080 with questions. You can also submit your ballot to the Board of Supervisors on Tuesday. The Clerk-Recorder’s Office plans to begin counting the ballots Thursday and hopes to finish that day. A simple majority is needed to pass. Results will be posted online at www.slocounty.ca.gov/clerk.
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Category: Los Osos info |
Monday October 22nd, 2007 - 1:10:49 am
Dan Reddell Email
Sunday, Oct 21, 2007 Posted on Sun, Oct. 21, 2007 ‘Moment of truth’ for Osos residents, assemblyman says Antonio A. Prado As the end of a key election that will determine the fate of the latest Los Osos sewer project nears, the lawmaker who brokered the plan said it’s the community’s last chance to stave off a state crackdown. State Assemblyman Sam Blakeslee said he would have no credibility to ask state water quality regulators to wait again if property owners reject a tax that would pay for the county to design and build a sewer. “For the property owners, this is the moment of truth,” Blakeslee, R-San Luis Obispo, told The Tribune editorial board Thursday. “A ‘no’ vote becomes ‘let the enforcement agencies do their worst,’ ” he added. “It would be tough to ask for another chance.” Some community officials and residents disagree, though, saying they need to see a defined project before making a financial commitment. For decades, state officials have been pushing Los Osos to build a sewer in hopes of ending nitrate pollution of the groundwater and Morro Bay. Water quality regulators blame that contamination on individual septic systems in the coastal town of about 14,000. They fined the Los Osos Community Services District $6.6 million after its new board — installed in a 2005 recall election — halted construction on a sewer project launched by the ousted board majority. But they have held off enforcement on a number of occasions as several attempts to build a sewer failed. More recently the state’s regional water board agreed to allow the county time to build a sewer before issuing several thousand stop orders that would force people to unhook from their septic systems by 2011 or face stiff fines. Blakeslee brokered a plan approved by the state Legislature and Gov. Arnold Schwarzenegger that turned over preliminary design and construction of the sewer to the county. The county is now asking owners of most developed properties in Los Osos to approve a $127 million assessment to finance that work. For most homeowners, that’s about $25,000 if paid in a lump sum. But county officials expect most would pay in twice-annual installments of $960 on property tax bills for 30 years. Under Proposition 218 — the Right to Vote on Taxes Act approved by California voters in 1996 — the assessment must get a simple majority of “yes” votes weighted according to how much each property would be levied. Ballots are due Tuesday at the county Clerk-Recorder’s Office. Blakeslee noted that if the tax is rejected, all the responsibility for building a sewer would return to the town’s services district. He said the district — now under federal bankruptcy protection — “has demonstrated that it does not have the resources to pull through” in building a sewer. Reaction The district board voted 3-2 Thursday to approve the assessment on property it owns. Board members Lisa Schicker and Julie Tacker voted “no.” “Many citizens really want a defined project before them before committing to big money,” Tacker said Friday, adding that she remains optimistic the district can pick up where it left off before the county became involved, if necessary. She acknowledged that the district is now“financially compromised,” but added that a way could be found. “I am not giving up,” she said. Tacker was critical of Blakeslee’s statement that without a “yes” vote he would not be able to do much more to help the residents of Los Osos. “What Blakeslee was able to do is keep the county clean from our liabilities,” she said. “If he is going to be a leader, he needs to say that if this is not going to work then we can find something else that will.” Chuck Cesena, the district board president and one of the three “yes” votes Thursday, urged residents to follow the board majority’s lead. “In the community’s interest, I do think a ‘yes’ vote is the thing that needs to happen,” he said. “I think we need to partner with the county to make this project happen.” Cesena said he would be concerned about the district once again taking control of the project, because it would be unduly delayed. “There are still some people out there that do not want to see our board succeed,” he said. “They would try to prevent everything we did, and I am afraid that anything the district would try to do would be bogged down in additional litigation. That is the last thing this community needs.” Blakeslee said that if property owners approve the assessment, “there is a superb chance of low-interest loan financing” from the State Water Resources Control Board. And if the assessment passes, it would show a community commitment that could make it easier to obtain federal or state grants to help defray the sewer’s cost, he said. Blakeslee said that, based on his talks with regulators charged with ensuring water quality, they are eager to see Los Osos build a sewer to protect its groundwater and the bay. The only condition — spelled out in Schwarzenegger’s signature message of Blakeslee’s bill — is that the state be paid back $6.6 million the district defaulted on from an earlier loan. A state loan would be the cheapest long-term financing for Los Osos taxpayers compared to municipal bonds or bank loans. Under the county’s plan, part of the proceeds from the assessment could pay back the money the district owes the state for the defaulted low-interest loan. That loan, one of the largest debts in the bankruptcy, was to pay for early construction of the previous district board’s sewer project. AnnMarie Cornejo contributed to this report. © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: Los Osos info |
Thursday October 11th, 2007 - 10:07:15 am
Dan Reddell Email
Thursday, Oct 11, 2007 Posted on Thu, Oct. 11, 2007 Biz Buzz: More are losing homes this year An increasing number of San Luis Obispo County residents are losing their homes as foreclosure activity continued to ratchet higher during September, according to data from All American Foreclosure Service, a San Luis Obispo firm that tracks county foreclosures. Lenders sent county homeowners 859 notices of default —the first step in the foreclosure process—this year between January and September, including 101 notices last month. In 2006, 382 default notices were sent during the first nine months of the year. Meanwhile, 223 trustee’s deeds—the final step in the foreclosure process when the owner loses the home—were recorded through the end of September. That’s more than five times the activity in the same period last year (39) and three times the full-year activity in both 2005 and 2006. Although Don Vaughn, the owner of All American Foreclosure Service, expects foreclosure activity to continue at a similar pace into next year, he does see one bright spot. “Now, there are more conventional lenders willing to do workouts with borrowers. They recognize that it is better to have people in the houses,” Vaughn said. “That’s a big change from six months ago when a borrower couldn’t find anybody to talk to.” —Ermina Karim Golfland Warehouse sounds familiar Two Tennis Warehouse employees have branched off on a new business called Golfland Warehouse. The retail golf shop at 3536 S. Higuera St. in San Luis Obispo also has a Web site to ship golf products worldwide. “We’re a one-stop shop for golf, offering full club repairs and top brands of clothing and equipment,” owner Nick Taylor said. “We’re also experts on golf and have a launch monitor that can analyze a person’s swing with a particular golf club.” The retail golf goods store sounds like it is one of Drew Munster’s and Mark Sczbecki’s Warehouse business offshoots— they own the Tennis Warehouse, Tackle Warehouse and Running Warehouse, to name a few. The Golfland owners, Taylor and Jarred Peterson, still work for the Tennis Warehouse, and they have used the Warehouse model as “a fingerprint of what Golfland is doing,” Taylor said. But the business actually has no official tie to Munster’s and Sczbecki’s enterprises, he said. And, while 99 percent of Tennis Warehouse’s business is from online sales and shopping, Golfland Warehouse gets most of its revenues from customers shopping in the store itself. “I have a bigger joy for the retail side,” Taylor said. “It’s more exciting to have the interaction with the customers, especially since I have lots of friends and family here from living on the Central Coast.” Nonetheless, Taylor says he’s a big believer in Web sales. “It’s hard to stay competitive without selling online,” he said. “Online is a great equalizer, as long as you present yourself professionally.” They have already exceeded his business goal for the year, he added, which was “to break even.” —Melanie Cleveland Memory Walk fundraiser planned Registration is open for the Alzheimer’s San Luis Obispo County and Santa Maria Memory Walk fundraiser at www.centralcoastalz.org. The event is planned for 9:30 a.m. to 12:30 p.m. Saturday at San Luis Obispo’s Sinsheimer Park. After the stroll, there will be music by Cuesta Ridge Mountain Boys, a complimentary barbecue lunch, massages and other entertainment. Call 547-3830 for details. Pledges and donations will go to local families and caregivers affected by Alzheimer’s. —Tonya Strickland Sunglasses store opens Friday Sunsights by Solstice will open at San Luis Obispo’s Downtown Centre on Friday. The 936-square-foot shop has sunglasses ranging from $75 to $500 with brands such as Juicy Couture, Valentino, J.Lo, Gucci and Armani. The national retailer has 107 stores across the country. —Tonya Strickland ••• Jano Graphics, a print communications company with an office in San Luis Obispo, recently hired Joel Perfetto and Mike Phillips for its sales department. Perfetto most recently worked for Williamson Printing in Texas as a member of the customer support team, and Phillips is a former sales manager for Los Angeles-based Gans Ink Co. —Tonya Strickland ••• The International Brotherhood of Electrical Workers and the National Association of Electrical Contractors recently hosted a weekend training session at the local chapter of IBEW in San Luis Obispo. Participants learned about solar panel installation. More than 200 journeyman, apprentice electricians and electrical contractors from San Luis Obispo and surrounding counties attended. The Statewide Labor Management Cooperation Committee helped organize the event. —Tonya Strickland © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Thursday October 11th, 2007 - 10:05:03 am
Dan Reddell Email
Thursday, Oct 11, 2007 Posted on Thu, Oct. 11, 2007 Home-project plans draw unusual lobbying Sally Connell Rarely in recent history has San Luis Obispo City Hall been hit by the blast of lobbying like it has experienced against efforts to annex land and build homes up the hills east of Johnson Avenue. City staff members describe reams of letters and multiple phone calls from opponents of the four linked projects. To a much lesser degree, developer representatives have been meeting with city staff and calling City Council members as they explore ways to get the controversial projects approved. City Council members report hearing from more residents in the neighborhoods affected than on just about any other issue that has come up in the past few years. “Based on the phone calls, letters and personal meetings, I haven’t been on the council that long, but this is far and away the most lobbying I’ve received on an issue to date,” said Councilman Andrew Carter. “It’s kind of interesting when you are lobbied by your older daughter’s Girl Scout troop leader, and other teachers who have your children in their classes. It makes it very personal,” Carter said. In April the city Planning Commission voted 6-0 to recommend that the City Council deny all four of the annexations. That discussion emphasized the fact that the projects did not comply with city General Plan guidelines regarding development on steep slopes, near creeks, in wildland fire hazard zones and in areas now protected by rules meant to protect views of the hills. The city has an “urban reserve line” up to an elevation of 460 feet on hillsides because there is no water service available to higher properties. The city’s water delivery system uses gravity to push water through pipes, and the highest water service is 420 feet. But as part of these requested annexations, developer King Ventures is proposing placing a water tank at an elevation of about 700 feet to allow water service to the four properties. The annexations will now come before the City Council at a special public hearing on Oct. 23. The meeting has been moved to the San Luis Obispo Veterans Memorial Building, 801 Grand Ave., to accommodate expected large crowds. Revisions offered Carol Florence, the planner representing three of the four developers, including the county of San Luis Obispo, said that the projects have been changed slightly in an attempt to address concerns. At a recent Board of Supervisors meeting, she told the board that one lot in the county- owned annexation near the old county General Hospital could be forfeited for access to proposed open space to aid in the annexation being passed. The city staff report and City Administrative Officer Ken Hampian’s recommendation for the council will not be released until late next week. The earlier proposed annexations involved 194 acres in the area east and south of the former county General Hospital. The owners were offering a total of 149 acres of open space, much of it on steep slopes, in exchange for the ability to develop the rest. Councilman Allen Settle said he is particularly concerned about adequate water service to the proposed land and the ability to fight fires. Settle said it would make more sense to go through the hearing process on revising the city’s General Plan to allow such projects, rather than to approve projects that require exemptions to the current plan. Deborah Cleere, one of the leading opponents of the project and activists in the group called Save Our Hillsides, describes an ongoing campaign that includes selling T-shirts and blitzing the Johnson Avenue neighborhood with fliers. There are an estimated 100 people on the group’s e-mail list. But she has stressed that the city as a whole has an interest in the projects because such development would allow building to creep up scenic hills elsewhere, setting a precedent that will destroy views for the entire city. “You don’t have to look any further than Pismo Beach to see what development up the hillsides can look like,” she said. Carol Florence said she hopes to hold community meetings next week with neighbors to inform them about the projects. While there is no information yet on how exactly the projects have been altered, the four original proposals were: • 1925 Sydney St. King’s proposal for a 70-acre annexation includes 57 acres of open space. The proposal originally included 12 lots of 1 to 1.5 acres each. • 1854 Sydney St. Owned by Herbert and Diane Filipponi and Kenneth, Rosemary, Darrel and Nola Twisselman, this annexation is for 89 acres, including 73 acres of open space. The owners are seeking a six-lot subdivision. • 1700 Harmony Way. Owned by Roger Brown, this proposal is for an 11.5-acre annexation, including eight acres of open space. It calls for developing 12 lots. • 1600 Bishop St., and 2220 Flora St. San Luis Obispo County General Services, the custodian of county land, is seeking an annexation of 24 acres. The project originally included 29 lots, with 25 for development. But the proposal may have changed slightly, judging from Florence’s presentation to the Board of Supervisors. © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Thursday October 11th, 2007 - 10:00:21 am
Dan Reddell Email
Thursday, Oct 11, 2007 Posted on Thu, Oct. 11, 2007 Small fish found along coast should be reclassified as threatened and not endangered, officials say The U.S. Fish and Wildlife Service is recommending that a small fish found along San Luis Obispo County’s coast be reclassified as threatened, down from endangered. During a five-year review of the status of the tidewater goby, biologists found that the number of locations where the fish can be found has doubled since it was listed in 1994. Tidewater gobies live in the mouths of coastal creeks where saltwater and freshwater mix. Five-year reviews were also conducted for two species of fairy shrimp found in San Luis Obispo County as well as a plant that is found in seeps around San Luis Obispo. The agency is recommending that the Chorro Creek bog thistle and the longhorn fairy shrimp retain their endangered status and that the vernal pool fairy shrimp retain its threatened classification. – David Sneed © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Thursday October 11th, 2007 - 9:58:16 am
Dan Reddell Email
Thursday, Oct 11, 2007 Posted on Thu, Oct. 11, 2007 Meeting next week to discuss desalination in Cambria Advisers for a national marine sanctuary and members of the public can hear presentations about desalination and the state’s marine protected areas at a meeting Friday, Oct. 19, in Cambria. The Monterey Bay National Marine Sanctuary’s advisory council will meet at 9 a.m. at the Veterans Memorial Building, 1000 Main St. Margaret “P.J.” Webb, Cambria resident and advisory council member, and sanctuary expert Brad Dimitz will present desalination information. Cambria’s planned desalination project would take in and discharge ocean water in areas regulated by the sanctuary and other agencies. The council’s agenda is expected to be available online at http://montereybay.noaa.gov. — Kathe Tanner © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: Cambria info |
Thursday October 11th, 2007 - 3:27:46 am
Dan Reddell Email
C.A.R.'s California Housing Market Forecast for 2008:Statewide median price down, pace of sales decline moderates after tumultuous 2007 LOS ANGELES (Oct. 10) – Home prices throughout most of California will post modest declines next year while sales of existing homes will stabilize from the precipitous decrease experienced in 2007, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) "2008 California Housing Market Forecast" released today. The forecast will be presented this afternoon during the CALIFORNIA REALTOR® EXPO 2007 (www.realtorexpo.org), running from Oct. 9-11 at the Anaheim Convention Center in Anaheim, Calif. The trade show attracts nearly 12,000 attendees and is the largest state real estate trade show in the nation. The median home price in California will decline 4 percent to $553,000 in 2008 compared with a projected median of $576,000 this year, while sales for 2008 are projected to decrease 9 percent to 334,500 units, compared with 367,500 units (projected) in 2007. “Tighter credit standards, affordability concerns, and a continued standoff between buyers and sellers will contribute to continued weakness in the market going into next year,” said C.A.R. President Colleen Badagliacco. “Now is not the time for homeowners to ‘test the waters’ – only serious sellers should put their homes on the market in what will continue to be a challenging sales environment.” “Sales could decline more steeply in 2008 if the current liquidity crunch in the mortgage markets has a longer-than-expected duration or if interest rates unexpectedly increase,” she said “Geographically, more affordable regions such as the Central Valley and Inland Empire will experience greater softness in the resale market because of the large number of new homes coming onto the market in recent years,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Higher priced regions of the state, such as the San Francisco Bay Area and parts of San Diego, Los Angeles, and Orange counties will react more to affordability constraints.” “By price-range, the highest-priced markets – those with medians over $1 million -- will show less stress,” she said. “The lower-priced markets will continue to face fallout from the subprime crisis, tighter underwriting standards, and competition from new home developments where price-cutting has been even more severe.” C.A.R. economists also projected a 23 percent decline in sales this year to 367,500 units compared with 2006, and a 3.5 percent increase in the statewide median price to $576,000. However, the projected increase in the 2007 statewide median stands in contrast to the situation in most counties, regions, and communities of the state, where slight to modest year-to-year percentage declines have become more prevalent and will continue next year. Historically, the last time the sales level fell below 2007’s projected 367,500 units occurred in 1995, when annual sales totaled 342,540 units. Sales last fell below 2008’s 334,500-unit forecast in 1985, with 328,270 units. The last time the statewide median price fell was a 0.5 percent decline in 1996. The most recent statewide median price decline greater than 4 percent was a 4.5 percent decline in 1993. Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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Category: County info |
Monday October 8th, 2007 - 11:00:47 am
Dan Reddell Email
Monday, Oct 8, 2007 Posted on Mon, Oct. 08, 2007 County supervisors ignore county counsel and allow developer to keep Los Osos project alive Bob Cuddy The Board of Supervisors this week rejected its county counsel’s emphatic advice and temporarily kept alive a developer’s plan to build on 91 lots in Los Osos using standards developed in the 1990s. The 45-acre project at Los Osos Valley Road and Broderson Avenue — called Morro Shores — cannot move forward at the moment because of a development moratorium imposed by the Regional Water Quality Control Board. Virtually all development in Los Osos is on hold until the community builds a sewer. State water quality regulators blame the town’s individual septic tank systems for nitrate pollution of the groundwater and Morro Bay. The county approved plans for the lots in 1996 and has issued extensions, with the current one due to expire in September 2008. But when Morro Shores attorney Kenneth Bornholdt asked the county for another extension, to 2013, the planning director said the law is unequivocal: The extension cannot be granted. With the land idle indefinitely, this may seem like an arcane discussion that should be limited to planners and lawyers. But substantial economic issues lie just beneath the surface. If the tract map approval expires, the developer will have to start over under new planning restrictions. If he builds before that, he can use older rules in place when the map first was approved, in the mid- 1990s, assuming he fulfills conditions imposed at the time. So when Bornholdt appealed to the Board of Supervisors, citing different legal sources than County Counsel Jim Lindholm had cited, supervisors sought “wiggle room,” as Chairman Jerry Lenthall put it. Questioning the court case cited by Lindholm, Lenthall said, “Very few cases hit the nail right on the head.” Lindholm replied, “Unfortunately, this hits the nail right on the head.” That led Supervisor Bruce Gibson, whose district includes Los Osos, to vote to deny the extension. Supervisor Jim Patterson backed him. But Lenthall and Supervisors Katcho Achadjian and Harry Ovitt voted to extend it. Gibson then sought a continuance, and all five supervisors agreed, with no date set. That will give Bornholdt time to talk over his arguments with Lindholm, supervisors said. Achadjian said later that the board needs time to look into the fairness of whatever action it takes. Gibson agreed that the developers “got trapped in a bad situation that is not of their making.” Achadjian added that “the law is not all that black and white,” and he thought the developer’s attorney made some good arguments. The 3-2 decision to disregard the county counsel’s advice marks the second time in recent weeks that a majority of supervisors have given weight to a developer’s attorney over their own, taxpayer-funded lawyer. Supervisors fielded heavy criticism when they let the private group Protect Our Property Rights write a land-use law and allowed the organization’s attorney to craft changes during a public hearing. Critics accused them of being too deferential to a developer’s attorney. In both cases, Lenthall, Achadjian and Ovitt supported the private attorney. © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Monday October 8th, 2007 - 10:57:56 am
Dan Reddell Email
Monday, Oct 8, 2007 Posted on Mon, Oct. 08, 2007 Foes of jump in water rates due to Nacimiento Pipeline are foundering Sally Connell A political effort to overturn water rate increases linked to the Nacimiento Water Project has not caught fire yet in San Luis Obispo, and the Paso Robles City Council last week made moot a looming ballot measure on the same issue. Meanwhile, pipeline construction is expected to start with a groundbreaking near the Nacimiento Lake Dam on Oct. 25. “The peak of construction will be in 2008 and 2009,” said Nacimiento project Manager John Hollenbeck. “That’s when people will start to see large flatbed trucks with pipe on them, with steel on them, with concrete.” There are five communities committed by a contract signed in 2004 to receiving water from the $178 million, 45-mile pipeline: Paso Robles, San Luis Obispo, Atascadero, Templeton and Cayucos. The Paso Robles City Council last week voted to do away with a flat fee increase to pay for the pipeline, saying it will link rate increases to water usage instead. A measure to undo the flat rate was headed to a city vote before the council action, but it will not appear now. In San Luis Obispo, resident Terry Mohan said he has collected 200 of the 2,830 signatures he needs to qualify a measure for the ballot that could overturn city water rate increases tied to its share of the Nacimiento pipeline. The City Council approved water rate increases up to 13 percent this year, and double-digit water rate increases are anticipated through 2012, in part to pay for the pipeline. Mohan has until February to circulate the petitions, and he believes he will be successful, even though he is off to a slow start because he took a break from the effort in September. Mohan believes the Nacimiento Water Project is being promoted by development and business interests in the city, because more water will allow the city to grow. His proposed initiative would roll back water rates to levels before the Nacimiento project was factored into costs. City Council members and other city officials have countered that San Luis Obispo needs a third reliable major water source to get through drought years and provide for moderate growth. The two major sources of the city’s water are Whale Rock Reservoir near Cayucos and the Salinas Reservoir near Santa Margarita. Local legal experts and other officials supporting the pipeline say each community must pay its share of the cost, regardless of what happens politically at the local level. Bonds have been sold and contracts signed, they stress. All five communities let a recent “opt out” period expire that would have allowed them to get out of the project. “We are on the hook,” said San Luis Obispo City Attorney Jonathan Lowell. “The bonds have been sold. We’re contractually obligated to honor the terms of the bonds as well as the agreement.” He said that Mohan’s initiative will not affect any of the city’s contractual obligations. If it passed and withstood court challenge, it would only affect how the city comes up with the money. Warren Jensen, chief deputy county counsel, said the municipalities must pay the bill on the pipeline project being managed by the San Luis Obispo County Flood Control and Conservation District. The district is run by the county Board of Supervisors, and the county is managing the pipeline project because it involves multiple agencies. “San Luis city is one of the participants. They signed documents committing them to make these payments,” Jensen said. San Luis Obispo as a community has rejected a large water source twice before, in the case of a pipeline that now carries state water to the region and southward. State water was rejected by city voters in a nonbinding advisory vote in 1991 and a binding vote in 1992. Dave Garth, president of the San Luis Obispo Chamber of Commerce, said the argument advanced by state water opponents at that time was that Nacimiento water was the preferable alternative. “I think the biggest thing that is different is that state water became a symbolic issue for most of the environmental groups, and there was very organized opposition,” Garth said. “I don’t think that’s the case this time.” The chamber board is opposing Mohan’s ballot measure. Garth has said the drought of the late 1980s was devastating for the city. San Luis Obispo also ran into environmental concerns and North County opposition when it proposed raising the spillway at the Salinas Reservoir in the late 1990s to increase its water supply. © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Wednesday October 3rd, 2007 - 11:41:52 am
Dan Reddell Email
Wednesday, Oct 3, 2007 Posted on Wed, Oct. 03, 2007 Los Osos services district may approve contract for new general manager Thursday The Los Osos Community Services District Board of Directors will likely approve a contract for a general manager at a board meeting Thursday night. The board negotiated a contract with John B. Schempf for an annual salary of $115,000. If approved, Schempf will start no later than Nov. 5. For the past two years Schempf served as manager of the town of Rockingham and Village Bellows Falls in Vermont. He also worked as a project manager in Saudi Arabia for Booz Allen Hamilton and was a Senior Officer in the U.S. Coast Guard, according to his resume. -Sona Patel © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: Los Osos info |
Wednesday October 3rd, 2007 - 11:40:11 am
Dan Reddell Email
Wednesday, Oct 3, 2007 Posted on Wed, Oct. 03, 2007 Supervisors OK replacement of two bridges near San Simeon The Board of Supervisors on Tuesday gave the go-ahead to replacing two decaying bridges on a rural road north of Cambria. The replacement bridges are located on San Simeon Road, which meanders into the mountains from Highway 1 just north of the San Simeon State Park parking lot. The bridges are 2.3 and 3.5 miles from Highway 1. Murry Wilson of the county planning department said the bridges are old timber that he believes dates to the 1950s, and are at the top of the county’s list of bridges that need replacement. The combined cost of the two is $3.7 million. Of that, 88 percent is funded by a federal grant; the remainder comes from local funds. Residents Michael Phelan and Jon Pedotti, and the Santa Lucia chapter of the Sierra Club protested the bridge replacements, largely for environmental reasons. -Bob Cuddy © 2007 San Luis Obispo Tribune and wire service sources. All Rights Reserved. http://www.sanluisobispo.com
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Category: County info |
Wednesday October 3rd, 2007 - 2:00:46 am
Dan Reddell Email
Wednesday, Oct 3, 2007 Posted on Wed, Oct. 03, 2007 Catch and research David Sneed The charter fishing boat Pacific Horizon was rolling on the swells off Point Buchon when I felt a powerful tug on my fishing line. “We’ve got a biter,” a deckhand sang out. The deckhand advised me to steadily reel the line in. After a dozen or so cranks, a bizarre spectacle floated to the surface. A small gopher rockfish had bitten my hook and a large lingcod had glommed onto the gopher. Scrambling deckhands found a net and lifted the strange pair on board before the lingcod could let go and swim away. Cal Poly research technicians measured the lingcod (just under 25 inches) and implanted tag No. 1248 next to the fish’s dorsal fin. They threw the lingcod overboard, and it darted back to the bottom. At the end of the day, I had an exciting fish story to tell my friends a | |
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