Archive for August, 2008
Ventura County Real Estate Doing’s for Week Ending August 30, 2008
August 31st, 2008 Categories: Weekly Real Estate Activity In Ventura County
Summer is slipping by, the football season has just started and we are blessed to have so many outlets to view and do in this area that it makes living here a great pleasure.
But I suspect if one dislikes sports it could be just the opposite.
However there is a bright side even if you do not like sports. There are outlets available to drown out politicians. That is worth something.
There has been positive news regarding the economy and real estate in particular.
Most news bits are now stating that it appears that the worse is behind us. Shortly almost everyone will be shouting from the roof tops of how good real estate is and then the cycle of gloom and doom will reappear.
A never ending cycle isn’t it.
Banks however are in the crossed hairs of the Federal Reserve. The Federal Reserve has indicated some displeasure with banks regarding interest rates and it is now taking the unusual steps of trying to find out why interest rates are not lower.
With all of the cuts exercised by the Reserve mortgage rates have not come down and this action by the banks exacerbates the mortgage problem. One has the feeling that banks are going to brought to task and will have to answer some questions.
Unfortunately this means more government intervention. Banks have not been cooperating. I suspect that will change.
However people do become their own worse enemy.
Reported in the Los Angeles Times (Sunday, August 30,2008) “Sites hawking fake documents facilitate loan fraud”, by Kenneth Harney, outlined people utilizing Craiglist and a number of other internet outlets subscribing the use of their bank accounts to help borrowers exaggerate assets in their loan applications.
The article addressed this by noting that people with good credit and income rent their names and asset verifications for home purchase by unqualified buyers. They charge upward to $ 7,500 or more for their financial identification.
Ventura County:
County listing continue to decline, sales are increasing, days on the market is tending to lessen and the variance between list price and actual sales price is stabilizing but is still high.
What this means is that either asking price is still too high or sellers are opting to take less just to get out from underneath.
Refer to http://www.venturacountyretalk.com/2008/08/10/sizzlefizzlesizzle/ and you will see that the base is about set.
Looking at a year to year comparison (following chart) one can see the significant drop in prices that has occurred over the last 2+ years. This will abate shortly and as noted in the above reference it appears that prices will bounce once the year 2004 average price is achieved.
If you are potential seller I would suggest that (if you can) you WAIT. You will be glad that you did. If you can wait for a year or two you most certainly be glad that you had.
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Mortgage Tax Relief……Up To $ 2,000,000 May Not Be Taxable
August 31st, 2008 Categories: Taxes, Taxes and Taxes
The Mortgage Forgiveness Debt Relief Act of 2007 may allow up to $2,000,000 debt forgiveness on a principal residencefor married couples (it is $ 1,000,000 for a married person filing seperate) for a limited time period.
If your mortgage debt is partly or entirely forgiven for the years ending 2007, 2008 or 2009, you may be able to claim this special tax relief.
Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief.
The debt must have been used to buy, build or substantially improve your principal residence and must have been secured by that residence.
Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing.
Debt forgiven on second homes, rental property, business property, credit cards or car loans do not qualify for this special tax-relief provision. In some cases, however, tax relief based on insolvency or other special provisions of the tax law may be available.
A form 1099-C will be issued if your debt is reduced or eliminated. By law, this form must show the amount of debt forgiven and the fair market value of any property given up through foreclosure.
If you have debt or mortgage relieved for the years 2007, 2008 and 2009, do talk to your attorney, CPA or tax preparer to determine the impact on your individual tax liability and explore any mitigating options that you may have.
Source of information: Tax and Business Strategies, September 2008.
Your comments are welcomed.
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National and Local Real Estate Mood
August 26th, 2008 Categories: National and Local Real Estate Appreciation Forecast
Trying to view the future is at best an art and attempting to project what real estate will be doing requires an eye for trends and keeping your fingers crossed that it will hold together.
Economic variables such as what the farm belt harvest will be, interest rates and controlling inflation has an impact on any forecast.
Then there is the political arena(it is that time of year) and what other countries economies will do.
Oil appears to be every-one’s favorite commodity and anything that interferes with oil will create a problem for the world.
So attempting to make a projection is like predicting the weather. Many want to make it sound like a science but in fact it is an art. Similar to weather forecasting.
Only after time has passed does one know if his/her “art” was close to the mark.
The reported second quarter, 2008 National real estate map reflects the real estate mood throughout the United States. The overall appreciation rate approximates 5% (greenish-blue area) average throughout the country.
The biggest difference between the 2nd quarter and 1st quarter, 2008 quarters is the decrease in real estate values is the North Central portion of the United States in areas of Ohio, New York, Minnesota, etc.
And yes Arizona has picked up some…..nothing great but it did get out of the red.
Looking at California, the areas with the lowest rate of appreciationfor the 2nd quarter, 2008 continues to be (this is a recording) Merced, Stockton, Modesto, Salinas, Vallejo, Riverside/San Bernardino area, Bakersfield, Fresno and Madera.
Santa Barbara, Goleta and Santa Maria are in the lower quadrant for appreciation but that is going to change rather rapidly.
When one looks at the following National real estate maps there have been a few changes and California, Nevada and Florida continue to show accelerated decreases (greater now than at the beginning of the year).
Areas of Texas, New Mexico, Oklahoma, Washington, Utah, Wyoming, Montana, etc., have definitely cooled as reported in the last update.
Oklahoma still appears to be a good place to invest although I am beginning to sense that it too will cool off shortly. Tulsa and Oklahoma City are good areas.
I think that California is starting to come out of its down turn but the numbers have yet to catch up with this judgement. I suspect that we will definitely see a significant change in California by the end of the 3rd quarter, early part of the 4th quarter of 2008.
Closer to home, Ventura County, and other California cities it is going to be UP.
As mentioned it appears that California will be coming out of its downside by the end of this year. This chart reflects some of the area growth over the next year and two subsequent years.
Ventura County will be enjoying a hearty increase surpassed only by San Luis Obispo area.
Los Angeles and San Bernardino will not be participating as other areas but they too will be showing positive growth.
This is the mood of the United States real estate at the end 2nd quarter,
This was the mood of the United States real estate during the 1st quarter, 2008.
This was the real estate mood during the 4th quarter, 2007.
For investors it is go Southeast young man, go Southeast but stay out of Florida.
Your comments are welcomed.
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Trust Transfer System
August 25th, 2008 Categories: Self Help Financing
More than a simple land trust, this is a whole trust transfer system.
But why should you use it?
What are the advantages?
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Prevent the lender from exercising its “due on sale” clause
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Be able to evict a defaulting buyer instead of having to foreclose on them
- Get privacy, safety and legal protection
- It’s quick and easy (you can often close in 14 days or less)
- Defer capital gains
- Superior income tax treatment
- Preserve tax basis (property is not reassessed)
- Protection from litigation, creditor judgments, tax liens and probate issues
- Reduces the risk of selling to a buyer with a small down payment and not-so-perfect credit
- Acquire a property with a low down payment and no bank qualifying
- Allows for loan payment take-overs without violating the due-on-sale clause, or having to assume a loan
- Freezes the seller’s equity until some point in the future when housing has begun to appreciate again (the seller will get their equity at some point in the future)
- Sell without short sale or foreclosure, even if you’re a little bit upside down (if you have a decent loan and you’re not too far behind on payments)
The Title-Holding Land Trust (often referred to as the “Illinois Land Trust”) is accepted throughout the United States. This may arguably be the best possible means of real property asset protection and/or transferring real estate.
It’s like taking my seller financing strategies and putting them on steroids. (Read about the risks of various seller carry back strategies and how the Trust Transfer System avoids them)
The land trust is unique in that a property’s legal and equitable titles are vested in the trustee, rather than in the owner of record. The land trust’s beneficiaries remain fully in control of the property and the actions of the trustee. As a result of this beneficiary-directed third-party trusteeship, any property so held is effectively hidden from public view and shielded from legal actions by lawyers and creditors.
When there are multiple (unrelated) beneficiaries in the trust, the property and its title become virtually impervious to tax liens, creditor judgments, lawsuits and charging orders. Even the IRS can’t touch a property in a co-beneficiary land trust.
The Trust Transfer System includes:
- A Land Trust
- An Assignment of Beneficiary Interest
- A Beneficiary Agreement (a partnership agreement)
- An Occupancy Agreement (i.e. a tenancy agreement whereby a co-beneficiary ‘leases’ from the trust, versus holding a title interest in the property)
- A Power of Attorney from a non-participating beneficiary to the party handling the management of the property.
When combined, these documents effectively afford a would-be buyer all the benefits of home ownership, including income tax deductions. It protects all beneficiaries from any negative personal or legal action by or against the other parties.
A unique feature is that it converts the settlor’s ownership of realty (real estate) to ownership of personalty (i.e. ownership of the trust, rather than of the property held by it). Therefore, since personalty is not deemed subject to partition by judgment creditors, unrelated parties holding property in this manner needn’t fear the property ever becoming the subject of: a creditor judgment, lien or charging order. Neither would the property be the subject of a tax lien, any party’s bankruptcy, marital dissolution or probate . . . a most comforting feeling when carrying paper for someone else.
The Trust Transfer System gives a seller who is willing to keep his existing financing in place a quick, easy and safe method of disposing of the property, while simultaneously providing a buyer with virtually 100% of the benefits of ownership, including full mortgage interest and property tax deductions.
And without qualifying for bank financing! The down payment and qualification parameters are determined by the seller.
Because the property vested in a land trust has not been “sold,” but merely vested in a trust and leased to a successor beneficiary of the same trust, there is no overt violation of the lender’s due-on-sale (alienation) admonitions.
The trust system provides the seller an excellent means of avoiding immediate capital gains taxation, risky seller carry back scenarios, and the hassle of becoming a landlord with negative cash flow. Also, a state’s withholding tax can be avoided if the trustee is a corporation (at least in California).
More on the Due-On-Sale Clause:
The FDIRA (Federal Depository Institutions Regulation Act; or “Garn-St. Germain Law” of 1982; 12 USC 1701-j-3) limits the justification for foreclosure relative to a lender’s due-on-sale clause (over an “unauthorized title transfer”) under certain circumstances, one of which is the vesting of a mortgaged property into an inter vivos trust (such as a land trust).
As a result of that federal law, mortgagors (borrowers/property owners) cannot be prohibited from placing their real estate into a revocable, living land trust. Neither can they, following establishment of the trust, be prevented from leasing the property to whomever they might choose.
And, when a buyer (lessee/tenant) in such a trust property is also given a remainder interest (becomes a successor beneficiary or remainder agent) in the same trust, that party becomes fully entitled (under IRC 163(h)4(D)) to virtually the same incidents and benefits of home ownership that he/she would have had they financed the purchase of the property in any other manner.
It is for these reasons and more that the Trust Transfer System is a superior and logical way to convey the benefits of real estate ownership when a seller will leave the current underlying financing in place to assist the buyer.
What about the Trustee?
While almost anyone can be named the “trustee” of a land trust, there are significant benefits to using a Corporate Trustee for your land trust, including a much higher degree of safety, security, reliability, trustworthiness and credibility.
This is especially so when more than one beneficiary is involved. In such circumstances, there are severe draw-backs to using any type of trustee entity other than a third-party, non-profit mutual benefit, corporate trustee.
Appointing one’s self as trustee (or a closely related third-party not at “arms-length” to all the beneficiaries) inherently presents potential conflict of interest issues.
Additionally, if a trustee is also a beneficiary, a merger of title is created (Doctrine of Merger), invalidating the trust if challenged in court as being a bona fide land trust. It is also probable that under threat of legal action, the Trustee would likely fail to honor the privacy and anonymity of co-beneficiaries.
An individual trustee would most likely not have the resources to provide a completely separate bonded collection and bill-paying service for the beneficiaries, or be able to provide such services for free. At the same time, the attempt to charge a fee would not be seen as adequate unless the proposed trustee were bonded. On the other hand, an individual trustee’s failure to charge a fee would not support the land trust’s validity in court.
The courts would most probably not acknowledge an individual as a standard trustee, charging fees “commensurate with industry standards.” Therefore, the integrity and structure of the land trust would be severely impaired.
Additionally, an individual trustee’s death would embroil the property in his/her probate or other personal legal actions.
Using a friend or relative as trustee presents much of the same risks and issues found with appointing one’s self as trustee – particularly if the individual is not at “arms-length” with any of the co-beneficiaries. Such a trustee could also have another agenda contrary to the best interest of the co-beneficiaries, or other legal issues personal to them that may pose problems.
Using one’s own attorneywould perhaps not pose a problem as long as no other unrelated beneficiaries were involved who would have separate and independent interests and financial objectives within the arrangement.
One’s own attorney would not necessarily create a mutually trusted, unbiased third-party “fiduciary” in the trust relationship.
Though malpractice insurance may help protect against an attorney’s errors and omissions, the attorney would most likely not be bonded as a trustee for land trusts. Thus, the attempt to charge a trustee fee would not be seen as adequate, unless the attorney or law firm was a bonded entity.
Using one’s own corporation would present many of the same problems as using one’s self, or another individual as trustee. Some courts have held that this arrangement would create a merger of title, thus likely invalidating the land trust model.
Using an outside corporation as trustee. In virtually all states, any corporation used as a holding company must be either:
- One’s own corporation,
- A chartered depository trust institution (Bank & Trust, Title & Trust, etc.) or,
- A non-profit, charitable corporation established solely for the purpose of holding titles to real estate in trust for the benefit of its members.
The Third Party Non-Profit Corporation
Equity Holding Corporation is a professional non-profit entity specifically engaged in the holding of titles in land trusts, fully staffed by full-time knowledgeable professionals, as an unbiased third-party title holder. A reasonable trustee fee, which is well in line with industry standards, is charged enabling the creation and funding of a third-party collection and disbursement entity providing a free bill paying service.
The Corporation cannot die, thus avoiding probate issues. It is professionally administered and well informed, providing adherence to laws, rules and regulations relative to reporting while maintaining consistent good standing with the State.
It is bonded as a trustee for the title holding, beneficiary directed, third party trustee-nominee title-holding land trust and functions as an unbiased and unassociated third-party title holder.
It is recognized as a bona fide holding institution by any court that might challenge the integrity and structure of the land trust.
Data Source: The Note Queen (http://notequeen.com/. I received permission from Dawn Rickabaugh on 8/25/08 to re-print this article and to display it on this blog.
Both Dawn and myself suggest that you check with your attorney, CPA or tax preparer and find out if this option is suitable for your situation.
Comments are welcomed.
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Ventura County Real Estate Doing’s for Week Ending August 23, 2008
August 24th, 2008 Categories: Weekly Real Estate Activity In Ventura County
The Olympics, Little League World Series and very limited negative real estate news.
The Ventura County weather has been outstanding, the ocean water has been great. One wishes this could continue for the rest of the year but that cannot happen.
The most negative real estate news is the down grading of Freddie Mac and Sallie Mae stocks (which was expected). Other negative news focused on inflation in the economy and significant coverage has been on-going about other nations facing the same economic problems as we in the United States.
Russia is flexing its’ muscles so one should anticipate some rough going regarding our relationship with them (which hasn’t been all that great anyway).
Ventura County real estate continues to stabilize. The week to week assessment shows that inventory continues to decrease; sales continue to increase; the variance between list price and average sales prices of homes sold continues to be high (about 5.7% meaning that there is still stiff negotiating between buyers and sellers with buyers coming out the better. But this is changing).
It does appear that sales have slowed over the last several weeks which is normal for the summer months.
One should read the article http://www.venturacountyretalk.com/2008/08/23/brief-summary-of-benefits-of-seller-financing/ for an option to consider in selling a property.
Side bar: I will start a small series of discussions on people becoming their own bankers in order to move property, perhaps increase their monthly cash flow and leave a legacy for their children and other love ones.
The reference article “Brief Summary Of Benefits Of Seller Financing” is a start and an accepted IRS method of selling a property. Its use has been somewhat limited but it can be of help for some people to defer capital gains taxes on property sold.
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Brief Summary of Benefits of Seller Financing
August 23rd, 2008 Categories: Self Help Financing
Be your own banker.
Look into some of the benefits sellers can realize by carrying paper. This is an option that should be considered when thinking of selling your property in good or bad times.
Some of the benefits:
- Defer capital gains
- Keep equity at work at interest rates higher than the bank is paying
- Get a good cash down payment at close of escrow
- Collect hassle-free monthly income for years into the future
- The note is secured by a property the Seller understands
- Many times the Seller gets more each month than they could collect in rent
- No more tenant or maintenance issues
- No more property taxes or insurance
- If the buyer stops paying, the Seller keeps everything and gets the property back
- If they or their heirs ever need money, they can sell all or part of the note for cash
- Larger number of prospective buyers and a quicker sale because you offer seller financing. SELLER FINANCING or OWNER WILL CARRY are powerful words you can add to a FOR SALE sign or classified advertisement.
Contact your CPA, tax preparer or attorney and discuss the benefits for your particular case. You may earn more money for retirement and savings from the sale of your property. It is worth looking into.
Data Source: The Note Queen.
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Ventura County Real Estate Doing’s for Week Ending August 14, 2008
August 16th, 2008 Categories: Weekly Real Estate Activity In Ventura County
ZipRealty and Realtors.com have reported drops in home inventories throughout the United States. Major metropolitan areas such as Baltimore, Phoenix, Sacramento and a number of other areas have shown significant decreases.
Is this fall of home inventories good or bad?
It depends on why inventories are dropping. If the drop is due to sales it is good. If the inventory is dropping because sellers are retreating (expired listings) for better prices, it may or may not be good. It is too early to say. It will be dependent on when these properties return to the market place.
Some of the good news reported over the last week included Toll Brothers (a luxury home builder) Chief Executive Robert Toll stated that he sees a “growing pent-up demand” for homes as many buyers have delayed purchasing for the last three years.
Alan Greenspan, previous Federal Reserve chairman, this past week observed that he felt housing was beginning to stabilize.
Why is housing stabilization important?
“Stable home prices will clarify the level of equity in homes, the ultimate collateral support for much of the financial world’s mortgage backed securities” says Mr. Greenspan.
This site has been addressing the real estate turn around since the beginning of the year. Today I do not feel like a fish swimming against the current; I am swimming in the same direction as everyone else. What took you so long?
However the big “I” is starting to appear in newspapers and news medias rather regularly. “I”nflaltion appears to be taking hold. Why this surprises anyone is a surprise in itself. Food and fuel prices have been up aggressively for some time. Eventually the numbers had to support what most everyone else has known.
Overall it is expected that the Federal Reserve will keep inflation in check.
There has been some fall back in fuel prices. There have been reports that corn production will be higher (assuming Mother Nature doesn’t interfer with changing weather which it does frequently at this time of year).
Is the decrease in fuel and the increase in corn enough to dampened inflation? Coupled with the strengthening of the United States dollar the answer is yes.
Tony Kolton, President of Logical Information Machines, a provider of research to the world’s major energy trading companies has stated that oil will drop to $ 65 per barrel (it is currently around $ 113/barrel down from about $ 143/barrel). He states that speculators drove the price of oil up.
Side bar: If the United States doesn’t start drilling, oil will again accelerate upward and could reach $ 200 per barrel. That will pencil out to about $ 8-$ 10 a gallon at the pump. If that happens we will be drilling all over the place even in our own back yards.
Back to the subject:
Who are these speculators? For a start they include various union and non-union pension plans, various States pension and investment programs, individual commodity speculators, commodity funds, various colleges (Harvard, Stanford, USC, etc) trust programs. Take time and you can add to the list.
The consumer will eventually dictate what the market does. Spending over the last several months has been tied up in knots. Until the consumer feels confident in the market, spending will be limited.
Which is a quandary because humans (just because they are human) gravitate towards the negative.
There is evidence that driving (mileage) is down approximately 4% in California with the rest of the Country averaging about a 5% decrease in auto travel.
Some experts suggest that the decrease in consumer driving is partially responsible for the decrease in fuel prices. This certainly is an element but other factors prevail such as over supply, other world economies activities, a decrease in the speculative fervor that has been in place for months in the commodities and a cut back in spending by all people throughout the world.
Again until the consumer feels that the markets are secure and more positive they will hold back on purchasing. Expect to see some great sales as an incentive to part consumers from their money. Will it work? Probably yes.
Previously mentioned is a factor working in United States favor is that economies around the world are showing signs of stress. The US dollar has been increasing in value when compared to other currencies which bodes well for our economy.
The bottom line for all of this is good for real estate. Review the article “ http://www.venturacountyretalk.com/wp-admin/post.php?action=edit&post=391” and view the forecast for Ventura County real estate through the year 2022.
The market is getting extremely strong. Yes there will be a number of people who may think that I am hallucinating, but the market will be great. Those that waited to buy at the bottom have missed the train. See article: http://www.venturacountyretalk.com/2008/03/05/dont-buy-today-and-count-on-crying-tomorrow/).
California is suffering. Unemployment is up 7%+ (does not bode well); California is ranked number 5 as the highest tax state (New Jersey is #1; New York is #2. This is not good either. Business will seek lower rates in other States); in-land areas are still showing high foreclosures. The California political establishment cannot seem to get its act together.
Despite what is happening in the State overall, Ventura County is doing well. The County will be splashed with some of the negative activities going on state-wide but overall it will do well.
As previously expressed, real estate in the County will appreciate 7%+ this year; 17% over the next 24 months; and approximately 26%+ over the next 36 months. See article http://www.venturacountyretalk.com/2008/07/19/happy-days-are-here-again/ for various City forcast in and out of State.
The past weeks Ventura County real estate activity:
All went well over the last week (Oh….I should point out this is an abbreviated report relative to time. Normally I would cover 7 days; this report covers 6 days).
Sales continue to increase; listings continue to decrease; days on the market for sold homes shows an increase because of one property being on the market 336 days (the chart shows 536 days but that is wrong); the variance between list price and average sales price approximates 5% (which is still a little high) and total sales to date total 3,969 single family homes sold since the beginning of the year.
The market is showing signs of stability. Which is excellent for everyone in Ventura County.
Your comments are welcomed.
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Sizzle….Fizzle….Sizzle
August 10th, 2008 Categories: National and Local Real Estate Appreciation Forecast
The above chart shows the completion of the last real estate cycle with the bottom occurring around June, 2008. There can be some residual downside but for the most part the bottom has been set for Ventura County.
The next cycle has already started and based on data from Ed’s Forecast for the next five years and my own interpretation for the following years after thru the year 2022, Ventura County is going to do very well.
If economic events do as they have done in the past a property selling for approximately $ 465,000 today will appreciate to approximately $ 1,000,000 plus by the year 2022. At that time the cycle will start over again.
It is like being on a roller coaster. Sit back and enjoy the ride.
Save this and let us see what happens.
Your comments are welcomed.
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Ventura County Real Estate Doing’s for Week Ending August 9, 2008
August 10th, 2008 Categories: Weekly Real Estate Activity In Ventura County
Ho…Hummmmm. It is summer and things are lazy and slow. Lots of time is being spent with the family and friends.
Most news this week continues to be on financial institutions but this will shortly abate and attention will be transferred to something else.
Prices for oil has been downward; food prices continue upward. People are holding off buying anything……they are waiting to see what is going to happen. It’s an eerie feeling; the lull before the storm.
The Olympics has given some reprieve from the negative news within our own Country to be replaced with the war between Russia and Georgia which is gaining greater attention over the last few days.
The national economic news was, well there wasn’t any. There have been a few articles I have read of coupons beings extensively used by shoppers to take advantage of discounts and savings towards food cost. Unemployment has been increasing which is never a healthy issue.
The news that has surprised most is the 2nd home tax action taken by Congress in the recently passed housing bill. The focus is on “principal” residence. One owning a number of properties would strategically sell properties at a time that would yield escape from taxation on monies (profits).
The new law stipulates that if you buy a 2nd home or an investment property after January 1, 2008 convert it later into your principal residence and then sell, you will have to allocate any gain from the sale between periods of qualified and non-qualified usage.
The bottom line being that Uncle Sam snipped off a tax loop hole necessitating a review by people who wish to buy a second home or investment property.
The other real estate news was issued by PMI Group who state that real estate is showing signs of improvement throughout the United States except for California and Florida which they say will deteriorate further. The highest risk areas listed by this group are: Riverside/San Bernardino-Ontario; Fort Lauderdale; West Palm Beach; Orlando; Las Vegas; Tampa-St. Petersburg; Santa Ana-Anaheim; Los Angeles-Long Beach; Miami-Miami Beach and Sacramento.
In an article entitled “What The Rich Think Of Real Estate)http://www.venturacountyretalk.com/2008/08/02/what-the-rich-think-of-real-estate/ it was mentioned that some rich people would move if certain zip codes were available.
From Deans Guide (April 20,2008) and the Chicago Sun Times (April 20,2008) “Realtors Sales Dream #1: Top Zip Codes and Real Estate”, the following is the recent list of those “rich” zip codes.
Going’s On In Ventura County Real Estate:
Within Ventura County it is summer and the fair is on-going so real estate was ho-hum for the week.
Listings continue to fall; days on the market of sold homes is now approximately 80 days (down significantlyfrom January when it was about 120 days; the variance between list price and final sales price is saw-toothing. Much depends on the sales range of the home. Higher price homes are now tending to give more (or accept less) than in previous weeks. And actual sales price averages continue to fall.
County area with the highest sales to list price variance were Santa Rosa Valley and Ojai this past week.
Capsule Summary Of Sales In Ventura County for period Jan. 1 thru July 31, 2008.
For those interested in trends the following chart is a summary of sales for this year through July 31 compared to prior years starting in 1994. From the data it appears that average actual sales price for homes will be settling in the year 2003-2004 price range. Somewhere between $ 463,000 and $ 585,000 will be the base that we are now entering and it is from this base that we will see price increases.
Your comments are welcomed.
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Save A Few Cooling $
August 6th, 2008 Categories: Home Fixin's, Findings and Planting
The Department of Energy suggest three things that one can do to save $ on summer cooling and winter heating.
The first of the three is to install a programmable thermostat and use it to automatically keep your home temperature while at work. Allow 10-15 degrees adjustment for day time application. This simple step could save about 10% a year on your heating and air-conditioning throughout the year.
The second recommendation is to install light colored blinds on the windows and keep them pulled during the day. This will reflect the heat outside, thus keeping the cool air inside.
The last recommendation is to check for leaks along the door, windows. Seal the leaks with caulk, insulation or weather stripping.
For additional hints regarding energy saving tips go to: www.eere.energy.gov/consumer.
Source for this article: Wall Street Journal; Wednesday, August 6, 2008; “Quick Fix” by Beth DeCarbo.
Your comments are welcomed.
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