The median price of an existing home in California in August increased 16.8 percent and sales declined 8.5 percent compared to the same period a year ago, according to a C.A.R. report released last week. "We anticipated a decrease in home sales last month compared to August 2003," said C.A.R. President Ann Pettijohn. "Last summer, mortgage interest rates were at their lowest levels in more than 30 years and monthly existing home sales hit an annualized all time high of nearly 646,000 units."
Closed escrow sales of existing, single-family detached homes in California totaled 591,150 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 8.5 percent from the 645,720 sales pace recorded in August 2003. The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during August 2004 was $474,370, a 16.8 percent increase over the revised $406,140 median for August 2003, C.A.R. reported. The August 2004 median price increased 2.6 percent compared with a revised $462,140 median price in July.
A plan to overhaul the county's affordable housing policies divided officials on Tuesday, leaving in jeopardy the future of the proposal that has polarized many residents.
The Board of Supervisors postponed a vote on changes that would require developers to earmark a larger portion of new homes for families making less than $130,000 per year -- or pay a fee for not doing so.
If voters approve splitting Santa Barbara County, the new Mission County faces a projected $44 million shortfall -- and will likely have trouble paying for law enforcement and social services.
The amount is more than three times higher than the initial projections by those seeking to create a new county north of the Gaviota Tunnel.
"Based on the current level of services, Mission County is not financially feasible," County Auditor-Controller Bob Geis said Monday. "Based on the current amount of money in the South Coast, we're significantly paying for operations in the North County. We're paying for capital in the North County. We're paying for contributions to federal and state programs."
LOS ANGELES (Sept. 24) ? The median price of an existing home in California in August increased 16.8 percent and sales declined 8.5 percent compared to the same period a year ago, the California Association of REALTORS® (C.A.R.) reported today.
"We anticipated a decrease in home sales last month compared to August 2003," said C.A.R. President Ann Pettijohn. "Last summer, mortgage interest rates were at their lowest levels in more than 30 years and monthly existing home sales hit an annualized all time high of nearly 646,000 units."
Closed escrow sales of existing, single-family detached homes in California totaled 591,150 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 8.5 percent from the 645,720 sales pace recorded in August 2003.
The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during August 2004 was $474,370, a 16.8 percent increase over the revised $406,140 median for August 2003, C.A.R. reported. The August 2004 median price increased 2.6 percent compared with a revised $462,140 median price in July.
"Residential real estate sales in California are on track to set a new annual record in 2004," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Year-to-date sales are up 5.2 percent compared with the same period in 2003."
After decades of landlords pleading ignorance abut their rowdy tenants, the Santa Barbara County Sheriff’s Department started sending out letters last year as part of a get-tough effort to quell the Isla Vista party scene which has propelled UCSB to national notoriety.
Despite claims to the contrary there is little evidence of a wide spread crackdown even when tenants violate rules common to many Isla Vista leases. The overall response by landlords to the sheriff’s notifications is hard to gauge because so few have contacted the Isla Vista Foot Patrol for more information about goings-on at their rentals. “It’s been like sending letters to outer space.” Said Isla Vista Foot Patrol Lt. Tom McKinny.
August median home prices climbed in northern Santa Barbara County and edged up in San Luis Obispo County from July, the California Association of Realtors reported Friday.
Home sales for most Central Coast areas were down in August from both July and August of 2003, the association reported.
The median home price - half those in a region sold for more and half sold for less - for northern Santa Barbara County climbed to $446,810 - a gain of nearly 15 percent from July and a jump of just over 40 percent from August 2003.
Today's Casa Article is all about how cool it is to have a Roady. Probably not the Roady you're thinking about but another one. When I played music a roady was definitely a cool thing to have. Well there's a new Roady that I may just have to get!
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Prudential California Realty, a subsidiary of Edina, Minn.-based HomeServices of America, announced Wednesday it had bought HLH Enterprises Inc., a real estate brokerage firm active in Palm Springs.
Financial terms of the deal were not announced
U.S. housing starts unexpectedly rose 0.6% in August to their highest level in five months as low mortgage rates encouraged construction, but permits fell more than anticipated, a government report showed Tuesday.
Housing starts climbed to a seasonally adjusted annual rate of 2 million units from 1.99 million in July, the Commerce Department said. Analysts had expected starts to ease to a 1.94 million pace.
"It suggests that the housing market is still quite healthy despite the increase in mortgage rates earlier this year," said Gary Thayer, chief economist at A.G. Edwards & Sons.
Housing starts climbed in every region except the West, where they slipped by 4.7%. Starts rose by 1% in the South, the region of greatest activity, by 4.8% in the Midwest, and by 6.5% in the Northeast.
Single-family housing starts rose to a rate of 1.67 million units, the strongest showing since November 2003.
Permits, a sign of builder confidence, slid 5.5% to 1.95 million units from a 2.07 million pace in July. Market watchers had forecast permits to ease to a 1.98 million unit pace.
Mortgage interest rates, which have hovered near historical lows, have fueled a multiyear housing boom in the U.S.
The Market Composite Index, a measure of mortgage loan applications for purchases and refinancings, decreased 2 percent on a seasonally adjusted basis for the week ending Sept. 10 from 678.2 on week earlier, according to a report from the Mortgage Bankers Association (MBA) released today.
On an unadjusted basis, the Index decreased by 22.5 percent for the week ending Sept. 10 compared with the previous week and was down 25.4 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 43.2 percent of total applications for the week ending Sept. 10 from 41.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 33 percent of total applications for the week ending Sept. 10 as compared with 32.9 percent the previous week, according to the report.
The percentage of households in California able to afford a median-priced home stood at 18 percent in July, a 9 percentage-point decrease compared to the same period a year ago when the Index was at 27 percent, according to a recent report from C.A.R. The July Housing Affordability Index (HAI) was unchanged compared to June, when it also stood at 18 percent.
C.A.R.'s monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. C.A.R. also reports housing affordability indexes for regions and select counties within the state. The index is the most fundamental measure of housing well-being in the state.
The minimum household income needed to purchase a median-priced home at $463,540 in California in July was $109,590, based on an average effective mortgage interest rate of 5.93 percent and assuming a 20 percent downpayment. The minimum household income needed to purchase a median-priced home was up from $86,120 in July 2003, when the median price of a home was $381,940 and the prevailing interest rate was 5.39 percent.
At 42 percent, the High Desert region was the most affordable C.A.R. region in the state, followed by the Sacramento and Central Valley regions at 26 percent. The San Diego region was the least affordable in the state at 10 percent, followed by the Orange County and Monterey regions at 11 percent.
C.A.R.'s August 2004 sales and median price report for the state and regions within the state will be released on Sept. 24.
With the end of summer approaching, Santa Barbara County officials greeted more than 150 students moving into residences on oceanside Del Playa Drive with unusual housewarming gifts - eviction notices.
The county posted the notices Aug. 27 at nine properties along the cliffs of the 6600 and 6700 blocks of DP, indicating that erosion of the bluffs underneath the houses had made them unsafe for habitation. Tenants were given until Sept. 27 to vacate the buildings, unless their landlords are able to either prove the buildings are safe or reinforce their support structures to the county's satisfaction. After further consideration, the county announced Sept. 15 it would extend the deadline for three of the nine affected residences - 6619, 6701 and 6703 DP - to Oct. 22.
County building official Mike Zimmer based the decision to evict the students on an annual assessment of bluff erosion in Isla Vista that was completed in late June. Zimmer said this year's findings were troubling enough to deem the properties unsafe.
Today's Casa Article is all about how you can secure your electronic gear inside your car. If you want to mount anything electronic in or on your car, truck, van, boat, motorcycle, forklift, helicopter or corporate jet, chances are that National Products, Inc. http://www.ram-mount.com will have it. Whether it's a GPS system, a PDA, a notebook computer, a sonar system, a video or digital camera, a scanner or a printer they've got it.
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The Conference Board's Consumer Confidence Index, which had been on the rise since April, declined in August. The Index now stands at 98.2, down from 105.7 in July. The Expectations Index dropped to 96.6 from 105.3. The Present Situation Index fell to 100.7 from 106.4 in July.
Consumers' assessment of current conditions was less upbeat than last month, the Conference Board reported. The number reporting that business conditions are good declined to 23.2 percent from 25.2 percent. Those claiming conditions are bad rose to 20.1 percent from 19.1 percent. The number reporting that jobs are plentiful decreased to 18.1 percent from 19.7 percent. The percentage of consumers claiming jobs are hard to get was virtually unchanged at 25.8 percent versus 25.7 percent in July.
Consumers' expectations for the next six months also were lower, according to the report. Those anticipating conditions to worsen increased to 8.8 percent from 7.1 percent. Consumers expecting business conditions to improve declined to 20.1 percent compared to 23 percent in July.
Professional remodeling activity maintained an active pace in the second quarter of 2004, according to a recent report from the National Association of Home Builders (NAHB). The second quarter results are equal to the pace set a year ago, edging down slightly from the exceptional movement earlier this year.
In a year-to-year comparison, both indexes showed activity in line with the second quarter of last year. The current market conditions index stands at 53.5 versus 53.6 in 2003. The future expectations index moved down one point, from 54.8 in 2003 to 55.8 this year. The Northeastern, Southern and Western parts of the country all posted modest gains from 2003, with the Northeast posting the highest growth in both current and future expectations, rising from 52.1 to 58.3 and 55.6 to 61.4, respectively. The Midwest was the only region to register a decrease, falling from 54.6 to 52.1 in current activity and 55.5 to 50.1 in future expectations, according to the report.
For over 20 years most of my conversations have started with “How’s Your Mother?” But as of Sunday September 12th 2004 all my friends will have to find a new question because my mother, Lillie C. Woods passed away. The questions really started in April 1984 after my mother’s husband and my father Jim Woods passed. He went suddenly and it was a great shock to all of us. Just as they were getting ready to retire and do more traveling and just enjoying life mom’s life partner was gone. They had gotten married after her graduation from Santa Barbara High School in 1938 and enjoyed a wonderful fulfilling life first in the Navy until 1960 and then afterwards in the home they built together on Cathedral Oaks Rd.
After dad’s passing in 1984 I didn’t really expect mom to last very long. Dad was her entire life and I don’t think she felt she had much to live for but some how she found the way. Mom went out and joined and served on the Board of Directors of The Woman’s Club, Hadas Madrinas, Recording for the Blind, The Republican Women’s Club and did endless mailings and social events for the Santa Barbara Symphony. I was so incredibly proud of her for picking herself up and moving forward and I know my father would have been equally proud.
The most amazing thing I think she ever did was go with her best friend in the world Jackie Filbrey over to Europe twice. Both times she had trouble that would have ruined most people’s vacation. Once, a purse was stolen and she ended up at the United States Embassy trying to get a new passport and the other time she ended up in the Hospital. Neither time did I hear a peep out of her. Only after she got back did she mention the events idly in passing. When I said “why didn’t you call me,” all she said was “oh well, I didn’t want to worry you.”
Mom’s health was always fragile. Even from the time she was in High School she was excused from Gym Class with heart problems. Mom always spent a lot of time with doctors but after my dad passed away the problems seemed to increase. It seemed like she was always going in for more tests of one type or another. She was passed around from Doctor to Doctor until she found the awesome Dr. Seth Anderson. Dr. Anderson diagnosed her problem and began treating it.
Even with the outstanding care Dr. Anderson gave her she would end up in the hospital every now and again. Once we were unable to get her on the phone and came charging up here from Los Angeles only to find her delirious on the couch. I scooped her up and took her to Cottage Emergency. Over the years it’s almost not an exaggeration to say we were on a first name basis with the staff of Cottage Emergency. After these stays Dr. Anderson would mix up another of this medical cocktails and she would be up and running again. The Doc called her the “Energizer Bunny.”
For almost half of my life until my wife Laury came on the scene in 1978, mom was my best friend. We traveled miles and miles with each other as dad was transferred from duty station to duty station. Then after the Navy years she was always there for me. No matter what crazy scheme I would come up with, and there were a lot of them, she would just say “how can I help.” As the end of her life approached it was these memories of us being together that would constantly come flooding back to her. She would start “remember when” and we’d be off on a troop ship going to Hawaii, or one of a thousand other places we’d been. Right at the end she’d sometimes become confused as to where was and I would always remind her “No Matter Where You Are You’re Loved.” So that’s how I’d like to answer the question “How’s Your Mother?” “No Matter Where She Is, She’s Loved.”
Gary Woods
In lieu of flowers the family requests that you either donate to Santa Barbara Hospice or the Santa Barbara Symphony in the name of Lillie C. Woods.
For the first time in over four years my darling bride accompanied me to Dodgers Stadium last night to see the Dodgers and Cardinals roll around in the dirt. It was a great game and she signed off on our new seats which are just to the left of home plate in the Field Box section.
It looks like the Dodgers will wrap up the Western Division and make the playoffs for the first time in a few years so stay tuned for more updates from the front.
Luxury home values in Los Angeles, San Diego and San Francisco set new records in the second quarter of 2004, posting double-digit gains over the past 12 months, according to the recently released Prestige Home Index.
San Francisco Bay Area values climbed 16.4 percent, or $357,000 year-over-year, and 7.2 percent from the first quarter of this year. Average luxury home values in the region reached an all-time high of $2.54 million. Los Angeles values rose 17.5 percent, or $256,000 year-over-year, and 3.7 percent from the first quarter of this year. Average luxury home values in Los Angeles jumped to $1.72 million. San Diego values climbed 18.8 percent, or $273,000 year-over-year, and increased 5.6 percent from the first quarter of this year. San Diego luxury home values averaged $1.73 million, according to the report.
Today's Casa Article is called "Just Keep Talking!!!" What could be better than making long distance phone calls for free? NOT MUCH!! Well the answer could be right in the palm of your hand. Using your Pocket PC PDA and PocketSkype, a Windows Mobile version of the Skype http://www.skype.com peer-to-peer phone service, you can talk to other Skype users from the comfort of your Wi-Fi equipped handheld. It looks and acts a lot like an instant-messaging client except that it facilitates voice calls instead of text chats.
For more on Let's Keep Talking!!! click here
The historic merit of 10 private cabanas at the Coral Casino is the latest snag in Ty Warner's $35 million revamp of the weathered Montecito swim club.
The removal of the second-story cabanas -- deemed historically significant in a recently released environmental impact report -- is necessary to carry out the heart of Mr. Warner's plans to raise the main restaurant to the second floor, which in turn restores ocean views from the pool deck below.
If the profusion of "for sale" signs dotting Southern California isn't enough proof, the latest data should do the trick: There are a lot more houses on the market today than there were a year ago.
The supply of homes for sale between Los Angeles and San Diego had more than doubled to 22 weeks at the end of August, compared with nine weeks in 2003, according to an analysis of the region's proprietary multiple-listing services.
That means it would take a little more than five months to work through the stock of available housing, versus only 2.3 months a year earlier, said Patrick Veling, president of Real Data Strategies in Brea, a consulting firm that conducted the review.
Other measures also show mounting inventories.
The California Assn. of Realtors' unsold inventory index for July was 3.4 months in Los Angeles County, up from 1.7 months a year earlier; and 7.5 months in Orange County, up from 1.2. Riverside and San Bernardino counties had a 2.6-month supply, compared with 1.4 months last year. Ventura County's supply rose to 3.3 months from 1.1.
"It's a big increase over last year, but it's a big increase from almost nothing," said Leslie Appleton-Young, the association's chief economist. The association's index, which is not seasonally adjusted, measures the time needed to deplete the available housing at the current rate of sales.
A year ago, the region's housing market was in the midst of a sellers' supernova, a trend that extended into the spring of this year. Inventories dipped to historic lows as homes that had just landed on a listing service attracted multiple offers, usually above the asking price.
The flurry of activity, spurred by low mortgage rates and high demand, turned 2003 into one of the best years ever for Southern California's housing market, pushing the region's median home price to a record $326,000, up 19% from the year before, according to DataQuick Information Systems, a La Jolla-based research firm.
During the first six months of this year, home prices continued to log double-digit percentage gains. In the second quarter, Southern California home prices grew 21.9% from a year earlier, according to the Office of Federal Housing Enterprise Oversight.
The price appreciation is one reason the inventory for homes priced at less than $500,000 was only 12 weeks, according to Veling's analysis. Since the start of summer, though, the market has cooled somewhat.
Brian Chen sees the changes occurring in real time. About 21,000 licensed real estate agents and brokers use his Multi- Regional Multiple Listing Service Inc. to list properties in northeast Los Angeles County and Riverside and San Bernardino counties.
A gradual up tick, Chen said, began in March, when 6,866 new listings were posted in his database. In April, there were 7,523 new listings; May, 9,077; June, 10,543; July, 11,183; and August, 13,269. A year ago in August, there were 9,805 new listings.
"Sellers are realizing that we've reached the high mark of the market cycle," he said.
Real estate agent Nanci Edwards said that as recently as two months ago, she would price a house in the Westchester neighborhood of Los Angeles, where she has worked for 21 years, "knowing it would have multiple offers."
Yet "almost overnight," she said, Westchester went from having 28 homes on the market to about 60.
"Now I'm letting sellers know that their home will probably sell for $10,000 to $15,000 below list price," Edwards said. And it may take two weeks to 30 days before an acceptable offer is made.
In other words, she said, "things are normalizing." But defining what's normal for Southern California's housing market is more of an art than a science.
In late 1995, as the last bear housing market was inching its way to the bottom, Veling said, "Most believed prices would level off and begin to appreciate when a 10-month supply was reached."
However, the inventory had to fall to only a 6½ -month supply before prices began their recovery, which was the start of the current up cycle that has yet to reverse course.
The median price of an existing home in California in July increased 21.4 percent and sales increased 7.4 percent compared to the same period a year ago, C.A.R. recently reported.
"C.A.R.'s unsold inventory index, which measures the number of months needed to deplete the supply of homes on the market at the current sales rate, increased to more than a three-month supply for the first time in 17 months," said C.A.R. President Ann Pettijohn. "While that is still dramatically low by historical standards, the increase in inventory has mitigated some of the upward pressure on home prices, which declined 1.1 percent last month compared to June."
Closed escrow sales of existing, single-family detached homes in California totaled 639,910 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. California's home resale activity increased 7.4 percent from the 595,860 sales pace recorded in July 2003. The median price of an existing, single-family detached home in California during July was $463,540, a 21.4 percent increase over the revised $381,940 median for the same month last year, C.A.R. reported. The July 2004 median price decreased 1.1 percent compared to a revised $468,620 median price in June 2004.
Yesterday we took the Saturday version of the Arthitectural Walking tour of downtown Santa Barbara. It started on the steps of City Hall on the De La Guerra Plaza side and lasted for almost three hours, but every minute was worth it.
We were able to share the day with Jeff and Denise Koepke and got some great pictures to prove it. For pictures of the Saturday Santa Barbara Architectural Walk please Click Here
It's a beautiful Saturday and we're going to take the Architectural Walking tour that starts from the steps of City Hall on the De La Guerra Plaza side. We're meeting our friends Jeff and Denise Koepke. Also my old friend from Junior High School, Phil Davies may find his way downtown.
The tour is $5 for adults with children under 12 free. This is a great service sponsored by the Architectural Foundation. For more on the Architectural Walking Tour please click here
Today's Casa Article is all about stuff that could make the Road Warrior's life a little easier.
If you travel a lot with your computer there's some stuff we need to talk about. For starters now that I've gone wireless at home it only seems logical that I should go wireless on the road. I found a wireless router by ASUS, the WL-330 WAP ($70 street) that weigh less than half a pound. This setup allows me to plug the hotel's broadband connection into the router so I can step out on the balcony and still cruise the net.
For more on the
Road Warrior Tool Kit please click here
Santa Barbara City Councilman Brian Barnwell disclosed his campaign contributions on Wednesday -- 30 days late -- and paid a $100 fine.
Mr. Barnwell, a 57-year-old real estate appraiser who was elected to the council in November, said he forgot to file his campaign statements for the third time in the past year.
State law requires that he be fined for missing the Aug. 2 deadline. The councilman offered no excuse other than he is focused on larger city matters.
He said he hopes to put the matter behind him.
"I just missed it," he said.
Youths in Santa Ynez Valley may soon find themselves slapped with citations from Santa Barbara County Sheriff's Department deputies, but there won't be any fines or community service requirements to fulfill.
In fact, youths will be handed redeemable vouchers for treats that appeal to their grumbling stomachs -- bean and cheese burritos, Slurpee drinks, ice cream and fresh fruit.
That's because instead of singling out mischief makers, the citations will recognize and reward those who demonstrate good citizenship through civic-minded acts such as helping younger kids cross the street, picking up litter and walking their skateboards and bikes through pedestrian areas.
It's all part of the Good Citizenship Citation program developed by the Rotary Club of Los Olivos in conjunction with community liaison Deputy Charles Uhrig of the County Sheriff's Department and participating local businesses, including R Country Store, Ingeborg's Chocolates, New Frontiers Natural Marketplace and Taco Roco.