City planners on Thursday praised Cottage Health System's plan to build condominiums for its workers on the site of the old St. Francis Medical Center on the upper Eastside.
The six Planning Commissioners expressed general support for the project but promised neighbors that their worries about traffic, noise and parking would be covered in a environmental report about the $30 million to $40 million project.
Thursday's three-hour meeting outlined which potential environmental impacts should be studied. Twenty members of the public spoke and they were about evenly divided on the merits of Cottage's plan.
For more on this please read Planners Praise Cottage's Plans for Housing
Today's Casa Article is all about how to be popular at parties. When I was growing up one of the things I heard was if you learn the guitar you'll be popular at parties. I'm not so sure how popular I was at parties, but I did earn my living playing guitar for quite a few years. So for any of you looking for a career change I found a piece of software that could help.
For more please ready Be Popular at Parties!!
Confidence in the nation's economy has waned among chief executive officers, the Conference Board recently reported. In the first quarter of 2004, CEO confidence was at 73, but it fell to 70 in the second quarter. A reading of more than 50 points reflects more positive than negative responses.
More than 90 percent of CEOs claim current economic conditions have improved, which is unchanged from the previous quarter. In assessing their own industries, CEO's confidence levels edged up to 72 from 71. More than 70 percent say conditions are better now compared to six months ago, according to the report.
Their expectations for the economy over the next six months are positive, but their expectations are lower than last quarter. The expectations for their own industries also posted a decline, with the measure slipping to 65 from 70, according to the report.
The city council approved the expansion of a home on the Mesa to more than twice its' current size. In a three hour meeting about 15 people spoke in favor of the plan and about 12 spoke against it.
For more on this issue please read City sides with expansion in Mesa Fight
Inventory is declining, Realtors association reports
Monday, July 26, 2004
Sales of existing single-family homes set a new record in June, while the inventory of homes available for sale continues to drop, the National Association of Realtors reported today.
Existing-home sales rose 2.1 percent in June. If the sales pace in June held for an entire year, it would represent 6.95 units sold. That seasonally adjusted annual rate was at 6.81 million units in May, which was the previous record. Last month's sales activity was 17.4 percent above the 5.92-million-unit pace in June 2003.
David Lereah, the association's chief economist, said, "Although we've been expecting sales to ease, it's clear the market has tremendous momentum. The improving job market and higher consumer confidence are feeding into a large demographic demand for housing. It's unlikely that we'll top the pace in June, but home sales remain very healthy and are likely to stay quite strong, even with some easing expected in the second half of the year."
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.29 percent in June, up from 6.27 percent in May. It was 5.23 percent in June 2003, which was the lowest since Freddie Mac started tracking mortgage interest rates in 1971.
Walt McDonald, president of the national association and broker-owner of Walt McDonald Real Estate in Riverside, Calif., said, "Considering most forecasts projected mortgage interest rates to gradually rise, this could keep the housing market from taking as much of a breather as we have anticipated – 2004 is well on the way to setting an annual record."
Housing inventory levels at the end of June slipped 0.8 percent from May to a total of 2.4 million existing homes available for sale, which represents a 4.1-month supply at the current sales pace. In June 2003 there were 2.5 million homes available for sale, which represented a 5.1-month supply given the sales pace at that time.
Existing single-family home sales rose 3.5 percent in the Midwest from May to June – the largest month-to-month gain in any U.S. region, according to seasonally adjusted data. Since last year, the West had the highest sales gains, up 22.8 percent from June 2003 to June 2004. And sales volume has been highest this year in the South, with $639.8 billion in existing single-family home sales.
The national median existing-home price was $191,800 in June, up 9.6 percent from June 2003 when the median was $175,000. The median is a typical market price where half of the homes sold for more and half sold for less. The national median price of an existing single-family home in May 2004 was $182,400.
The sale price of existing single-family homes has risen most dramatically in the Northeast from June 2003 to June 2004, and the least in the Midwest. Median prices in the Northeast jumped from $188,800 in June 2003 to $218,900 in June 2004, a gain of 15.9 percent. Meanwhile, sale prices in the Midwest rose from $146,400 in June 2003 to $156,600 in June 2004, the association reported.
The National Association of Home Builders (NAHB) reports that housing starts for the month of June declined - down a little over 8% over May. The spring months were especially busy, due in part to the low interest rates. And, as interest rates began to climb, many buyers decided to get into the market before the rates went higher!
However, the NAHB reports that it is still expected to be a record year for home starts.
The Market Composite Index, a measure of mortgage loan applications for purchases and refinancings, decreased 4 percent to 617.9 on a seasonally adjusted basis for the week ending July 16 from 643.9 one week earlier, according to a report from the Mortgage Bankers Association (MBA) released today.
On an unadjusted basis, the Index increased by 19.9 percent for the week ending July 16 compared with the previous week but was down 50.5 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 37.1 percent of total applications for the week ending July 16 from 35.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 31.3 percent of total applications for the week ending July 16 compared to 31.5 percent the previous week, according to the report.
Housing starts in June cooled from the torrid levels posted earlier this year, according to a U.S. Dept. of Commerce report released Tuesday. Overall, the June construction rate was just above 1.8 million units, down 8.5 percent from May's revised rate of 1.97 million.
Single-family housing starts fell 9.5 percent in June to a pace of 1.489 million, declining by 1.1 percent from the June 2003 pace; single-family starts were up by 12.2 percent on a year-to-date basis compared to 2003, according to the report. Multifamily housing starts decreased 3.7 percent from May to a seasonally adjusted annual rate of 313,000 units in June. This was 9.3 percent below the June 2003 pace; multifamily starts were up by about 6 percent on a year-to-date basis.
Construction of new homes and apartments fell in all four regions, posting declines of 3.5 percent in the Northeast, 11.5 percent in the Midwest, 3.1 percent in the South and 16.5 percent in the West. Permit issuance was down in all regions but the Northwest, according to the report.
One of the most popular items to come out of Apple in a long time is the iPod. These devices are great for toting around your tunes. There are a number of products out there so if you'd like more please read Things To Make You iPod Cooler!
The Goleta City Council unanimously approved a 62- unit housing subdivision for the Ellwood Mesa perimeter late Monday – a milestone in a nearly two-decade movement to shape and develop a central section of the coastal wildland.
Approval sets the stage for the state Coastal Commission consideration of the Comstock Homes and Development Partners subdivision, possibly by October. In connection, local officials plan to send the panel a package of plans aimed at creating a more than 600-acre recreational Ellwod-Devereaux Open Space.
In the latest example of the lack of action that often follows local civil grand jury findings, the city of Santa Barbara is brushing off most of a report that calls on the city to stop giving over-the-counter construction permits in neighborhoods where lots don’t conform to zoning rules.
The Santa Barbara City Council today will formally respond to the grand jury’s recommendations, through a letter signed by Mayor Marty Blum. The matter won’t even make the city’s regular agenda – it’s packaged with several other items considered minor by the city administrator.
The city’s rebuff to the grand jury comes on the heels of a similar response from the county Board of Supervisors and has grand jury foreman David Clous up in arms.
The years 1992 through 2001 saw a gain in the proportion of Californians at least 45 years old in the work force. The proportion of workers who were at least 65 years old also increased to 2.9 percent, according to a recent U.S. Census Bureau report. The report highlights the age composition of the state's work force; job gains and losses for older workers by industry; industries in which older workers are concentrated; as well as their job stability and earnings.
In 2001, workers at least 65 years old in California were most likely to be employed in the following industries: business services, eating and drinking establishments, and health services. Real estate also is an important source of work for this category of workers, with a low turnover rate for workers aged 55 years old or older; business services had a high turnover rate.
It’s French Festival weekend in Santa Barbara. This is a great event put on by my childhood friend Steve Hoegerman. I’ve known Steve since La Colina Junior High School days in ’63 and his father was our family Doctor for years.
The festival is a two day affair at Oak Park and features free admission, delicious food and fine wine, over 40 acts on 3 states and a free trip to France. The festival runs from 11AM to 7PM and I’ll be there about noon today. See you there.
Click Here for more on the Santa Barbara French Festival.
Santa Barbara wants to become a friendly destination for cruise ships of up to 2,500 passengers and is working on a top-secret security plan to handle the increase in voyages to local waters.
Norwegian Cruise Line’s Pride of Aloha made two stops here in June, and city officials say the visits pumped $15,000 into the Waterfront Department and “considerable revenue” into local businesses. Despite environmental concerns, Santa Barbara has lined up two more cruise ships to visit in the fall.
My new constant companion is my iPaq PocketPC. This little handheld device has a 400 mHz processor, 64 Meg of RAM and a 256 Meg Secure Digital memory card. The coolest part is that it makes it look like I'm working constantly. I stare intently at the screen making incredibly involved, life changing decisions! Or so it appears...
There are a lot of things you can do with a PDA other than keep your calendar and addressbook. For what some of those things are please read Work, work, work!
The Baby Boomer generation is sending their children off to college and re-discovering "alone time," but many are not expecting it to last long, according to recent survey by homebuilder Del Webb. In fact, 25 percent expect their children to move back in with them.
It won't be a free ride for about 28 percent of the so-called "boomerangers," the offspring of the Baby Boomer generation that left for college and returned to live with their parents, as their parents plan to charge them rent. Of those polled, 15 percent already have their children living at home.
Nationwide, more than 25 percent of Americans aged 18 to 34 live with their parents, according to U.S. Census figures. And according to a job search Web site, 62 percent of college students say they expect to live at home after graduation. The Del Webb survey reported that 65 percent of boomers would "be happy" to help if their grown kids needed to move back in, while nearly 23 percent said they would feel obligated to help.
And then there are the in-laws. The same survey found that 24 percent of boomers anticipate that their parents or in-laws will move in with them, making them a sandwiched generation, as they host children and parents. About half say they are happy about it, and the majority feel obligated to help. The survey also found that the influential boomers will be looking to purchase homes in multi-generational communities to accommodate their families.
The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications, increased by 19.5 percent to 687 on a seasonally adjusted basis for the week ending July 2 from 575 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index increased by 19.2 percent for the week ending July 2 compared with the previous week but was down 34.1 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 35.8 percent of total applications for the week ending July 2 from 33.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 34.1 percent of total applications for the week ending July 2 compared to 33.9 percent the previous week, according to the report.
A Los Olivos-based charter school is opening a campus in Santa Barbara, becoming the first charter high school in the area.
Olive Grove Home Study Charter School will open its second location on Aug. 16 in vacant offices at Santa Barbara City College, where students will work in small groups or one on one with credentialed teachers for regular diplomas.
The Santa Barbara elementary district, which operates traditional public schools in the city, has three charter schools, but the secondary district, which serves Santa Barbara and Goleta, has none.
Cottage Hospital is looking at a major $400 million re-building project for its Westside facility and at putting in 115 condos replacing the St. Francis Medical Center on the Eastside.
The two ambitious projects will transform two separate neighborhoods. Cottage plans to rebuild its upper Westside hospital by 2013 and simultaneously build the condos on the Eastside.
Both proposals have ignited neighborhood furor over their size and perceived environmental effect.
In and attempt to address neighborhood concerns, Cottage has held public meetings to explain the rebuilding project and made revisions, while remind the public that an earthquake-safe, state-of-the-art hospital benefits everyone.
Fearing an exodus of teachers headed for less expensive homes, a Santa Barbara schools committee is moving forward on a plan to use district-owned land to build affordable housing for faculty.
The 11 member advisory committee, formed seven months ago to investigate how to generate money from unused school property, recently submitted its proposal. School board members are likely to begin discussing it soon.
The site the committee has in mind is 23 acres in the unincorporated Goleta valley, west of San Marcos High School and just east of El Camino Junior High School. Under one scenario, school faculty would be able to purchase market-rate homes at half price with no down payment.
If the idea succeeds, the school district would be one of the first in the state to provide subsidized housing for teachers.
For more please read Housing for Teachers
Today's Casa Article is all about PowerPoints On The Go. As someone who has been known to give a PowerPoint demonstration or two I've been looking at ways to stop schlepping around my laptop computer and still have the show go on. It turns out, all you really need is a VGA connector to attach your PDA to a projector or monitor, some software to convert the show, and away you go.
For more please read Power Points On The Go!
More than half of all consumers now use the Internet when buying a home, according to a survey released last week by C.A.R. The "2004 Internet Versus Traditional Buyer Study" also revealed that, compared to traditional buyers, Internet buyers spent more than twice as much time gathering information prior to contacting a REALTOR®. However, they moved much more quickly once they began to work with a REALTOR®, spending significantly less time with them and previewing far fewer homes compared to traditional buyers.
"The Internet has complemented rather than diminished REALTORS®' role in the homebuying transaction," said C.A.R. President Ann Pettijohn. "While Internet buyers considered online information to be valuable, they ultimately turned to REALTORS® both for their interpretation of that information, and for their expertise and judgment throughout the homebuying process. The expertise and professional advice provided by REALTORS® creates value over and above the market and property information itself, even when the buyers obtain that information on their own."
For the first time since C.A.R. has been conducting the "Internet Versus Traditional Buyer Study," more than half of the respondents were classified as Internet buyers. The share of buyers using the Internet reached 56 percent in 2004, and has risen steadily from 28 percent in 2000, the first year of the survey. By comparison, traditional buyers have made up a declining share of all buyers, down from 72 percent in 2000 to 44 percent in 2004. The average number of homes previewed by Internet homebuyers has decreased steadily in the past four years, while that of traditional buyers has changed very little over the same period. The upfront research conducted by Internet buyers has given them a better sense of market conditions compared to traditional buyers, enabling them to act more quickly to find, bid on, and close escrow on the home of their choice.
This drawing was through the Santa Barbara Contemporary Arts forum http://www.sbcaf.org/ You can all them at 805.966.5373 or Fax 805.962.1421
The median home price on the South Coast has hit a record $1 million, but it is possible to buy a house worth that much for the price of a dinner-date at Citronelle.
Taking a cue from cultural groups around the country, the nonprofit Santa Barbara Contemporary Arts Forum is raffling off a home near downtown Santa Barbara to raise money for its various programs. Tickets are $150.
At a time when people are leaving the area to realize the dream of home ownership, this is one way to grab it right here for a little bit of money.
Eighteen thousand tickets are being offered and the drawing is set for 3p.m. Sept 4 Alameda Park.
For more please read Win a House in Santa Barbara
It’s the 4th of July in Santa Barbara which means in our house it’s Symphony Day on the steps of the Court House. Laury is in the Viola Section of the Orchestra and also the Symphony’s librarian so we’ll be getting there pretty darn early. The rehearsal starts at 12PM and the concert is at 5PM. Some where between those two times we’ll wander across the street to the Acapulco in the La Arcada Bldg so if you could save us a seat we’d appreciate it.
Hopefully we’ll see you at the Court House, but if not, have a great 4th of July.
Goleta Valley residents fighting an ambitious plan for new and affordable housing urged friends and neighbors on Tuesday to join their cause.
The move against a Santa Barbara County proposal adds sizzle to a long-simmering feud between home owners fearful of overcrowding, more traffic and the future of their own home values, and planners charged with preparing the region for construction.
More than 100 people packed a room at the Goleta Public Library, where leaders of the Hollister Avenue Neighborhood Association and the affiliated Coalition for Sensible Planning argued that a proposal to rezone properties across the unincorporated area of, "Noleta" to introduce condos, multistory apartments or increase the number of units per acre - is moving forward largely behind. closed doors without sufficient public input
For more on A Proposal For Goleta Valley Housing please read.
Today’s Casa Article is all about one of the conundrums of the Internet. How’d they get my Email Address? Well if you have a personal website that’s a big source of unwanted traffic. There is what is known as “harvesters” that wander around the Internet scooping up unsuspecting Addresses. For more on how to avoid this unwanted spam please read How’d They Get My Email Address??
The Federal Reserve today raised its target for the federal funds rate by 25 basis points to 1.25 percent. But even after the increase, its stance on economic policy still supports ongoing economic activity, the Fed said in a prepared statement.
"The evidence accumulated over the inter-meeting period indicates that output is continuing to expand at a solid pace and labor market conditions have improved," the Fed said. "Although incoming inflation data are somewhat elevated, a portion of the increase in recent months appears to have been due to transitory factors."
C.A.R.'s Deputy Chief Economist Robert Kleinhenz said, "The rate increase was relatively small at .25 percent. The credit markets already have figured this rate hike into their calculations. We anticipate that there won't be much of a change in interest rates in general nor mortgage rates in particular over the near term. In fact, the markets may already have figured another quarter- to a half-point increase into current rates and yields."
"As for the housing market, there is likely to be more of a psychological impact than anything else," added Kleinhenz. "Buyers and sellers now know that the era of rates at historic lows is over and rates are expected to climb in the coming months. When coupled with the fact that we are presently in the peak selling season, the anticipated rise in interest rates should drive near-term sales up. However, as we look at the balance of the year, we will likely see sales in the last half of 2004 fall below sales for the same period in 2003."