This is not a blog for the squeamish!

We REALTOR®s are specialists in solving problems to ensure a smooth transaction and a happy ending for our buyers and sellers.     We have to think on our feet, and go the extra mile, at a moment’s notice.

Case in point:   Last Friday was close of escrow for one of my buyers.   Well, really, the loan was supposed to fund on Wednesday, but naturally there were issues holding it up.   Investigation revealed the seller’s proxy at FNMA hadn’t yet signed off on their title and there was a last minute bit about the HUD1.   But then everything got back on track.     The furniture was scheduled to arrive, the pressure was on.

This being a foreclosure, the previous seller had made off with various things like the woodstove, the toilet seat and most of the light fixtures.    We did the final walk through amidst all of this, after work as the sun was disappearing beyond the hills.   The buyers’ son found trouble with his flashlight and squealed in horror.    His parents were also, reasonably, upset.

Apparently, during the home or pest inspection, the trap door to the underneath of the house had been left open.   Two fairly decent sized rats had made the unfortunate discovery that water in a toilet bowl is not a safe place to drink.

I didn’t think much of it at the time.

But it didn’t sit well with the buyers, and within a day there was a pretty upset e-mail addressed to everyone about how horrible this situation was for them and wanting to know exactly how this problem was going to be fixed.

The listing agents are from over the hill as we like to say – city agents an hour away – a good team with a lot of foreclosed listings but not a lot of time.    Naturally, title, escrow, and lenders don’t handle this kind of problem.      So, it fell on me to make my clients happy.    First thing Friday morning, I was there armed with the equipment to remove the poor creatures, leave a strong yet green cleanser in the bowl, turn on the fans and open the windows, 3 hours prior to the buyers’ arrival with the moving truck.

Click here if you’d like an agent to do whatever it takes to negotiate your dream home near Santa Cruz

By Les Christie @CNNMoney May 3, 2012: 11:48 AM EST

Soquel and Aptos Real Estate Price Trends

Results for 2012 (through March 26^th)

Homes Prices are relatively stable – averaging about $600,000.

31 Single Family Homes have sold in the Soquel / Aptos region (through March 26^th 2012).  The average home sales price so far this year is $599,099.     52 homes sold for an average sales price of $708,812 during the 4^th quarter.    BUT – when you dig into the details, it’s easy to see the statistics are significantly affected by a very expensive property sale late last year.    When just that 1 property is removed from the stats, the average sales price for the 4^th quarter was $609,965.

The most expensive residential property to sell in the 4^th quarter of last year was a lavish estate home, complete with pool and tennis courts, on 20 plus acres with an ocean view.    The 5 bedroom home was completed in 2005 and sold for $5,750,000.

So far this year, the most expensive residential property sold for $1,200,000.    This was a single family ranch style home on over 50 acres, with barn and outbuildings, in a private location with valley and mountain views.     Click here if you’d like to look at homes in the area that are for sale right now.

Here’s a chart showing the average sales price, compared to the average list price, over the last year.   What I find interesting is that the discount between listing price and sales price has gotten pretty slim – recentl less than 1%.

Click here to get a free, no obligation estimate of your home’s current market value.

Source: MLS Listings.com single family home sales through March 26, 2102

March 31st – Saturday – the 8^th annual Pathway to Pinot Paradise

This almost sold out self-guided tour of over 20 wineries starts at 11 am and runs until 5 pm.

These wineries, some of our best mountain treasures, may also offer barrel tastings and gourmet food selections to compliment the Pinots.    Tickets are on sale for $25 – click for more information.

Watch this great video I found posted on the Santa Cruz Mountains Winegrowers Associations Facebook page.

Painting of Cupid in a Wine Glass by Abraham Woodside 1840s, from Wikimedia Commons

Reblogged from CENTURY 21 Showcase Real Estate, Santa Cruz County:

Share from The Mortgage Report blog

What Is An FHA Streamline Refinance?

The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. Homeowners with conventional mortgages via Fannie Mae or Freddie can’t use it. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.

The FHA Streamline Refinance program’s defining characteristic is that it does not require a home appraisal.

Read more… 1,776 more words

Here's a great blog about streamlined refinancing for loans backed by FHA

HOMES

So far, 83 Single Family Homes have sold in the City of Santa Cruz (through March 14^th 2012).   The average home sales price so far this year is $592,528.    This compares quite favorably to the 104 homes that sold for an average sales price of $590,735 during the 4^th quarter.      Click here if you’d like to look at homes in the area that are for sale right now.

Here’s a chart showing the average sales price, compared to the average list price, over the last year.   As you can see, prices are holding steady, and the discount between listing price and sales price is pretty slim at 2%, despite a dip to 3.75% in January.

CONDOS and TOWNHOMES 

24 Townhome/Condominiums have sold so far this year, at an average price of $253,340.    In the 4^th quarter of 2011, just 18 condo/townhomes sold, at an average price of $272,967.    Here’s a chart showing the average sales prices over the last year.   Clearly, there is a disconnect between the stability of single family home prices and the declining prices for multi-family residences.

To find out why, I looked at the number of distressed sales.   Shockingly – 17 of the 24 sales this year – a full 70% were distressed sales – either short sales or foreclosures.    Only 1 condo/townhome priced over $500,000 has sold so far this year.

This is in sharp contrast to the first half of 2011, when just 22 of 50 sales -less than 50% – were distressed.    9 units sold for more than $500,000 during the first half of last year.

Conclusion: the prices of condos and townhomes are unusually depressed and out of synch with single family homes here.    When we look back, this may turn out to have been an unusually attractive investment opportunity.

Click here to get a free, no obligation estimate of your home or condo’s current market value.

Source: MLSListings.com, closed escrows of single family homes, condo/townhomes, through mid-day March 14, 2012

As the chart below shows, prices are moving around month to month, but there appears to be a central trend of stability at just above the $500,000 mark.

229 Single Family Homes sold across Santa Cruz County during the first 2 months of 2012.   The average home sales price fell to $452,869 in January followed by a rise to $536,253 in February, compared to $523,264 in the 4^th quarter.

Results for the 4^th Quarter

469 Single Family Homes sold across Santa Cruz County during the final 3 months of 2011.   The average home sales price of $523,264, compared to an average price of $542,527 during the 3^rd quarter.

Case Shiller studies the housing market across the nation, noting price declines of 3.8% in the 4th quarter of 2011.    Karl Case, one of the index’s creators, has some optimism about real estate’s direction, based on census data indicating increased household formation which leads to increased demand for housing.

Click here to look at homes for sale across Santa Cruz county

As the chart below shows, recently, home prices are hovering around a central trend of stability around  $650,000.   Take a look at the average discounted sales price, compared to asking price.   This has been  shrinking steadily  - some recent buyers have been willing to pay over asking price this year.

23 Single Family Homes have sold in Scotts Valley so far this year, at an average price of $640,819.   The average home sales price

of $633,593 in January was based on just 9 closed escrows.   In February, another 9 homes closed escrow, at an average price of $659,500.

Source: MLSListings.com – Single Family Residence closed escrows

Click here to read more about the Scotts Valley Community.

The tone of  press articles about housing is improving:

Housing Crisis to End in 2012 as Banks Loosen Credit

Pending Home Sales Rise

Jobs Creation Heralds Stronger Recovery

Housing Affordability hits Record High

What do you think will happen in the Santa Cruz/ Scotts Valley / San Lorenzo Valley housing market this year?

Results for the 4^th Quarter compared to the 3^rd Quarter 2011

36 homes sold across the city and rural areas ofScottsValleyduring the final 3 months of 2011.   The average home sales price was $709,924.     During the 3rd quarter, 77 homes had sold at an average sales price of $727,842.    During the final half of the year, the discount from the original list price remained stable at about 4%.

Click here to get a free, no obligation estimate of your home’s current market value.

Here in the valley, the number of homes selling is on the rise compared to the same period last year.   But, the market continues to be dominated by short sales and REOs (sales of bank owned, foreclosed properties), which is dragging prices a little bit lower than last year.    It is exactly these low prices that are attracting investors, who are able to fix up and rent out these properties at positive cash flow.    That’s why there are so many multiple offer situations on new listings.    This is a brand new development that we weren’t up against last year.

Mortgage rates are so incredibly low, a buyer able to lock in a mortgage around 4% for 30 years could end up in a better position than anyone in the last 2 generations, as long as they are geared to own the property for a normal 5-7 year time period.

2012 –year to date (January 1^st through February 28^th)

So far this year, 29 homes have sold in the San Lorenzo Valley– from Boulder Creek to the town of Felton.     The average home price of $279,399 reflected the fact that only 11 homes were normal sales and 18 were distressed sales.

The most expensive home sold in Boulder Creek: a 4500 square foot home built in 2000 on acreage in a good neighborhood fetched $875,000.

The least expensive home sold for $50,000:  also in Boulder Creek.  This was a short sale of a tiny 1 bedroom cabin literally encompassed by towering redwoods.

Average San Lorenzo Valley Home Prices

2011 – November and December

As 2011 wound to a close, 47 homes sold in theSan LorenzoValleyduring the last two months.     The average home price was $289,383.   18 homes were normal sales and 29 were distressed sales.

The most expensive home sold for $682,000 – a 2400 square foot log home on acreage in Boulder Creek.

The least expensive home sold for $77,000 – an uninhabitable shack on the river inBen Lomond

2011 –year to date  (January 1^st through February 28^th)

By this time last year, 25 homes had sold in the San Lorenzo Valley.     The average home price was significantly higher a year ago, at $341,910.   8 homes were normal sales and 17 were distressed sales.

The most expensive home sold inBen Lomond: a  2400 square foot home fetched $708,000.

The least expensive home sold for $70,000:  also in Boulder Creek.  This was a bank owned sale of a tiny 1 bedroom cabin literally teetering on the side of the eroding riverbank.

To find out what your San Lorenzo Valley home is worth now, click here

For the year 2011, Home Sales Rose; Prices fell.

The market was dominated by distressed sales.   115 of the 253, or, 45% of the homes sold were foreclosures, and 40 (16%) were short sales.   Only 42% were noted on the MLS as ordinary sales.   13 homes sold for $100,000 or less, but only 12 homes sold for over $600,000.

While about the same number of homes sold for under $100,000 this year as last year, the number of higher priced homes (above $600,000) dropped dramatically  - just 12 this year versus 22 last year.    This is what dragged the average price down, compared to 2010.  

During 2011, 58% of sales were distressed.    253 homes sold, at an average price of $320,779.     The median price was $307,900 – meaning half of the homes sold for less, and half for more.    The highest price home sold in 2011 for $875,000: This was a farmhouse  situated on 27 gorgeous acres borderingFallCreekState Park.   The lowest priced home sold for $44,000: this was a burned down, foreclosed home sold at auction.    The average days it took a home to go into escrow was stable at 93 days.

In 2010,   53% of sales were distressed.    234 homes sold, at an  average price of $373,200.   The median was $372,000.  The highest price home sold for $800,000, while the lowest price home sold for $28,000.    12 homes sold for less than $100,000, while 22 homes sold for over $600,000.     The average time on the market before a home went into escrow was 97 days.

Source: MLSListings.com, Single Family Residential Sales Closed Escrow through 02/28/12