Santa Cruz Real Estate News

February Newsletter

2012-02-14T10:03:00.000-08:00

February 2012

The Murphy Team is growing!

We are pleased to welcome our new Listing Manager, Brooke Johnson.

Brooke has been a licensed realtor in Santa Cruz County for over 6 years; she has extensive experience in lending, office management, and customer service.

We are thrilled to have her join us!

Brooke can be reached at 831-457-5552 or Admin@FrankMurphy.net

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Annual CyberStar Summit-Technology & Marketing Conference

Frank is just returned from his annual CyberStar Summit technology and marketing conference. Allen Hainge’s CyberStars is an invitation only group of 225 Realtors from across North America who successfully and aggressively use technology in their real estate business. Each January, the CyberStars gather for an intense, two day networking session. They trade ideas on what works (and what doesn’t!) when it comes to using today’s technology to serve the needs of their clients. As in years past, this meeting proved to be a tremendously fast-paced, exciting and beneficial time for all attendees.

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Here is a link to our February e-Newsletter

Don't miss this month's cover story: "LONG-TERM FORECAST - Mostly Sunny For Homeownership"

Visit our February E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Tap Our Expertise
Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Simply reply to this e-mail or give us a call!

We hope you enjoy this monthly electronic newsletter. Please forward the link above to a friend who would also appreciate the information. If you have any comments, please e-mail them to us. Or, if you would like answers to your specific real estate questions, we'd be happy to help!

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

2011-12-28T11:02:00.001-08:00

New Listing at 14 Josefa Way in Santa Cruz!

14 Josefa Way, Santa Cruz, CA 95060

For Sale $480,000

For more photos and detailed information, please visit: www.14Josefa.com

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Newly built very comfy home a short walk to gym, movies, restaurants and town. Granite kitchen, high ceilings, garage.

www.14Josefa.com

Features
Bedrooms:	3
Bathrooms:	2½
Square Footage:	1,584

Frank Murphy e-Pro, ABR, CRS
Keller Williams Realty

Office:	831-457-5550
Fax:	831-401-2425
Email:	frank@FrankMurphy.net
Website:	www.LiveInSantaCruz.com
DRE License:	#01014048

Luxury Homes Marketing

2011-12-08T10:40:00.000-08:00

FOR IMMEDIATE RELEASE
Contact: Frank Murphy-Keller Williams Realty
Frank@FrankMurphy.net
831-457-5550

Frank Murphy attends invitation-only
luxury real estate conclave

“Leaders in Luxury 2011” draws top luxury real estate professionals

Santa Cruz, CA. December 2011 – From across North America, top real estate professionals working in the upscale residential market converged in mid-November at The Ritz Carlton Laguna Niguel Hotel in Orange County (CA) at The Institute for Luxury Home Marketing’s annual Leaders in Luxury (LIL) conference where they discussed strategies for better serving buyers and sellers in today’s luxury home market.

According to Frank Murphy, an agent with Keller Williams Realty, the exclusive event was an invitation-only educational and networking opportunity for real estate professionals who handle million and multi-million dollar homes and estates. “This prestigious conference provides cutting-edge information on what’s happening in the luxury market segment, offers insights on best practices in the business, and creates valuable networking opportunities,” said Murphy.

“Leaders in Luxury registration is limited to professionals in the luxury home niche,” said Laurie Moore-Moore, Founder of The Institute for Luxury Home Marketing, the event host. “This gives LIL attendees the opportunity to build an exclusive network of contacts focused on the upscale residential industry while sharing with the best in the business. Since competency is the key to working successfully with the luxury buyer and seller,” added Moore-Moore, “LIL is designed to provide attendees with important knowledge and insights, giving them a competitive edge in meeting the needs of the affluent.”

Murphy considers attendance at Leaders in Luxury to be essential for success in today’s marketplace. “Attending the Leaders in Luxury event is an investment for my clients,” said Murphy. “With the current real estate market, I have to be proactive to stay on top of the market conditions. By networking with the best in the business, sharing ideas, and learning about the latest trends and outlooks, I can help my affluent clients find success where others are finding challenges.”

Keynote speakers included David Michonski, author of the new book, “Power Marketing for Luxury Real Estate” and Catherine Marcus of Sotheby’s International Real Estate, who was involved in the record-setting $100 million residential sale earlier this year in California’s Silicon Valley.

The Leaders in Luxury conference is an annual event. For information, visit www.LeadersinLuxury.com or contact The Institute for Luxury Home Marketing at 214-485-3000.

About The Institute for Luxury Home Marketing (ILHM)
The Institute trains real estate professionals who work in the luxury home market internationally and awards the Certified Luxury Home Marketing Specialist (CLHMS) designation which is the official designation for many North American real estate brands. Find information on live and online training at www.LuxuryHomeMarketing.com or phone 214-485-3000.

2011-11-07T13:10:00.000-08:00

11386 Empire Grade, Santa Cruz, CA 95060

Price Reduction $599,000

For more photos and detailed information, please visit: www.11386EmpireGrade.com

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You can have it all in Boony Doon with this wonderful single level, custom built home. The home offers a great floor plan with plenty of interior living space and great transitions to the fabulous outdoors. Enjoy fruit from your own trees, lots of sun, top of the world views. A perfect place for a family to call home. Enjoy all nature has to offer in your own backyard.

www.11386EmpireGrade.com

Features
Bedrooms:	4
Bathrooms:	3
Area:	Bonny Doon Central
Style:	Ranch
Square Footage:	2,510
Lot Size:	4.16 Acres
Year Built:	1984

Frank Murphy e-Pro, ABR, CRS
Keller Williams Realty

Office:	831-457-5550
Fax:	831-401-2425
Email:	frank@FrankMurphy.net
Website:	www.LiveInSantaCruz.com

2011-11-01T11:35:00.000-07:00

November 2011

Dates to Remember

Saturday 11/5

Annual Bonny Doon Church Holiday Arts & Craft Faire - Held from 10am-4pm at the Bonny Doon Elementary School, 1492 Pine Flat Road. Admission is Free. Proceeds benefit the church's building fund.

Sunday 11/6

Daylight Savings Time Ends-Remember to change your clocks back one hour Saturday night 11/5

Here is a link to our November e-Newsletter

Don't miss this month's cover story: "SMALLER, CHEAPER, SIMPLER - A Smart Buyer’s Guide To Your Next Home"

Visit our November E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

2011-10-26T11:02:00.001-07:00

4231 Sea Pines, Capitola, CA 95010

Sold $312,000

For more photos and detailed information, please visit: www.4231seapines.com

	Home
	Full Details
	Photo Tour
	Virtual Tour
	Image Library
	Property Map
	Area Schools
	Area Amenities
	Walk Score
	Mortgage Calculator
	Census Information
	Santa Cruz R.E. News
	US R.E. News & More
	Feedback Form
	Email Property Info
	Schedule a Showing
	Frank's Listings
	Contact Me

Walk to beach, movies, restaurants and shops from this single level ground floor unit. Two patios, indoor laundry, fireplace, new floors, doors, paint. Upgraded kitchen and bath.

www.4231seapines.com

Features
Bedrooms:	2
Bathrooms:	1
Style:	Condo
Square Footage:	929

Frank Murphy e-Pro, ABR, CRS
Keller Williams Realty

Office:	831-457-5550
Fax:	831-401-2425
Email:	frank@FrankMurphy.net
Website:	www.LiveInSantaCruz.com

2011-10-10T16:28:00.001-07:00

October 2011

Happy Fall! The Hunter’s Moon is coming!

The Hunter’s Moon—also known as blood moon or sanguine moon—is the first full moon after the Harvest Moon, which is the full moon nearest the autumnal equinox. The Hunter’s Moon will reach the crest of its full phase tomorrow, Tuesday, October 11, at precisely 10:06 p.m. EDT, 9:06 p.m. CDT, 8:06 p.m. MDT, and 7:06 p.m. PDT.

Here is a link to our October e-Newsletter

Don't miss this month's cover story: "MARKET VALUE - Why The Market (Not Sellers) Determines The Sale Price Of Your Home"

Visit our October E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

North Coast Comfort

2011-10-07T11:25:00.000-07:00

Old 2,300+ foot barn may have served Coast Dairies. Two homes expanded from original farm structures. "Milk Room" has upstairs bedroom, bath & loft with lovely views of flat garden area. "Big House" has kitchen/great room, funky deck, nice yard, 2 bedrooms, newer bath. Extra "Creek Cabin" for solitude, art studio. On Laguna Creek at Hwy. 1. Must contact listing agent for info and showings.

www.5998Laguna.com

Build Your Dream Home

2011-09-27T14:53:00.000-07:00

Views, privacy and quiet are the key attributes describing this property. Much of the pre-development work is completed. New well, septic perc test, & preliminary soils investigations done. Preliminary plans for a barn, second unit and main house all in various stages of completion. Take off from here or design your own view home.

www.1050wilderfield.com

2011-09-21T11:15:00.000-07:00

Fall 2011

The Murphy Team is growing! On September 1st, Frank and Sue welcomed into the world their first grandchild!

Kieran John Murphy weighed in at 7 lbs. 6 oz and 20 1/2 inches long.

Everyone is doing great and Frank and Sue couldn’t be happier!

Here is a link to our September e-Newsletter

Don't miss this month's cover story: "ALL CASH? - An Inside Look At Buying Property Today Without A Mortgage"

Visit our September E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

"Credit Score Know-How"

"Be Prepared When Selling Your Home"

"Elements Of Eco-Friendly Living"

"Beware Of Strategic Default"

"Measures Of Success"

Tap Our Expertise
Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Simply reply to this e-mail or give us a call!

Oh by the way, did you know you can now get an automated investment analysis of your neighborhood - complete with Active, Pending and Sold homes all mapped out - sent directly to your email inbox every month? Now you can always know the value of your home. Try it today. It's informative, it's accurate, and it's free. Oh, and please tell a friend or neighbor too!

Check it out and see what you think at Free Market Snapshot

P.S.: Remember to visit my blogs for Local and National real estate and related information and updates!

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

New Listing: 302 Moore Creek

2011-09-14T14:03:00.000-07:00

Only single level home in Moore Creek Estates. Truly a turnkey gem. New kitchen, baths, floors, paint, grounds, all since 2008. Leaving area. Our loss is your gain! Idyllic setting and 10,000+ foot parcel with dozens of mature fruit trees, gentle terracing, great sun and good privacy. Mature plantings incl. 6 citrus, 2 kiwi groups, 8 apples, 2 pears, loquat, berries and raised bed veggies.

Check out photos and more information at: www.302MooreCreek.com

2011-08-23T14:56:00.001-07:00

Vehicle Registration Update

Vehicle owners with registration renewal dates between July 1, 2011 and December 31, 2011 are being provided a 30-day grace period from the expiration date before late payment penalties are imposed NOTE: The billing notice has not been adjusted to reflect the grace period. Instead, a special insert included with the billing notice indicates that penalties will not be imposed until the 31st day after the expiration date. At that point in time, the penalties are calculated at the regular penalty rate of 60%.

Fee changes include:

· Vehicle License Fee rate decreased from 1.15% to 0.65%, and,

· A $12 increase in the registration fee (from $34 to $46).

Customers are encouraged to utilize the renewal by mail or online Internet renewal program to renew their registration. These alternative service delivery options will automatically waive late fees for first 30 days after expiration date. New registration cards and stickers will be issued as quickly as possible. NOTE: If customers were unaware of the 30-day grace period and included penalty fees in their mailed payment that are not due, DMV will automatically refund the overpayment. Please allow 3-4 weeks for the refund to be processed.

Law enforcement is aware and will not cite vehicles until the first day of the second month after the vehicle registration expires. For example: A vehicle with a registration expiration date of July 10th would not be cited for delinquent registration prior to September 1, 2011

http://www.dmv.ca.gov/pubs/newsrel/newsrel11/julyrenewals.htm

2011-08-23T14:39:00.001-07:00

Federal Tax Rules Regarding the Sale of Your Home

Curious about the federal tax rules regarding the sale of your home, how the gain on that sale is taxed, and how to determine if the gain from your sale qualifies to be excluded from your taxable income?

Last year’s IRS bulletin “Selling Your Home” for use in preparing your 2010 tax return includes a worksheet for calculating your home’s cost basis, used in determining the size of your gain on the sale of your home. It also describes the criteria used to qualify your home sale for exclusion from your taxable income.

Please follow this link to the IRS publication 523 “Selling Your Home” posted on the IRS site

http://www.irs.gov/pub/irs-pdf/p523.pdf

How to Make your Home Look More Expensive

2011-08-01T09:29:00.000-07:00

It’s pretty rare to come across a homeowner who doesn’t want his or her home to come across as expensive or even possibly luxurious to some extent. Your home is most likely your largest investment, your pride and joy, and so why wouldn’t you want it to look its finest. It can be seen as a reflection of who you are, and especially when used to entertain guests it can be utilized to potentially “show off” just how hard you’ve been working. The tricky part in this whole expensive appearance scheme is the financial aspect. The cost of your home itself may have burned through your home budget alone, and so the money left over for its interior decorations may be limited. For those of us who aren’t fortunate enough to spend infinite amounts of money on interior designers and on the most lavish foreign furniture and paintings, we have to make some clever choices. Just like with clothing, an impeccably dressed person does not necessarily have to buy their garments from the top fashion designers to look good. And the same can be said for homes! The price tags of a couch or dining room table are not the only indicators of class and luxury. How you arrange your home, and how you choose specific things to compliment its layout can make a world of difference with just how pricey your abode appears. And even if your bank account does allow you to afford the more luxurious décor items, you too can make use of these tips to making your home appear more expensive:

MAINTENANCE. It seems so logical, but often homes can go without a good cleaning for a lengthy period of time. Keeping your home clean and tidy is most definitely the simplest way to looking more expensive. Clutter and mess absolutely degrades its worth. WALLS. The quality of your walls says a lot about the quality of your entire home. A fresh coat of paint is always refreshing to see, and be sure to cover chipped areas and to remove marks.

FRAMES. Posters and pictures taped up on walls just looks sloppy. Buying frames for your posters and pictures that are worth displaying looks absolutely polished and presentable. Nice looking frames need not be expensive either. This also goes for people who have not displayed anything on their walls. Hanging framed posters and pictures and pieces of art always looks very appealing.

TEXTURE & PATTERNS. From your pillows to your rug, opt for regal looking patterns, most likely in deep tones. Window drapes in one room, like your family or living room, just screams luxury, and if it’s not too daring for you, a faux fur rug can do wonders. Neither has to be pricey, but just be careful not to go crazy on the patterns. Stick to a few specific things to decide to pattern up.

LITTLE THINGS. Focusing on small, cheaper house items can really spruce up your home. Opt for more expensive looking garbage bins, coasters and the like. For instance, choose a more visually pleasing material like glass or wood over plastic.

WHITE. When in doubt, choose white. If you’re having a hard time choosing the color scheme for a room or aren’t savvy with prints/patterns, white is the way to go. It completely opens up and refreshes any room.

ONE PIECE. If your budget allows, splurge on one expensive item in your most popular room. If possible, splurge on at least one item for each of your rooms used for entertaining.

The REAL 4th of July

2011-07-01T10:29:00.000-07:00

Remember, this is what the 4th is about...

(Adopted by Congress on July 4, 1776)

The Unanimous Declaration
of the Thirteen United States of America
When, in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security. –Such has been the patient sufferance of these colonies; and such is now the necessity which constrains them to alter their former systems of government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute tyranny over these states. To prove this, let facts be submitted to a candid world.

He has refused his assent to laws, the most wholesome and necessary for the public good.

He has forbidden his governors to pass laws of immediate and pressing importance, unless suspended in their operation till his assent should be obtained; and when so suspended, he has utterly neglected to attend to them.

He has refused to pass other laws for the accommodation of large districts of people, unless those people would relinquish the right of representation in the legislature, a right inestimable to them and formidable to tyrants only.

He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public records, for the sole purpose of fatiguing them into compliance with his measures.

He has dissolved representative houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.

He has refused for a long time, after such dissolutions, to cause others to be elected; whereby the legislative powers, incapable of annihilation, have returned to the people at large for their exercise; the state remaining in the meantime exposed to all the dangers of invasion from without, and convulsions within.

He has endeavored to prevent the population of these states; for that purpose obstructing the laws for naturalization of foreigners; refusing to pass others to encourage their migration hither, and raising the conditions of new appropriations of lands.

He has obstructed the administration of justice, by refusing his assent to laws for establishing judiciary powers.

He has made judges dependent on his will alone, for the tenure of their offices, and the amount and payment of their salaries.

He has erected a multitude of new offices, and sent hither swarms of officers to harass our people, and eat out their substance.

He has kept among us, in times of peace, standing armies without the consent of our legislature.

He has affected to render the military independent of and superior to civil power.

He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his assent to their acts of pretended legislation:

For quartering large bodies of armed troops among us:

For protecting them, by mock trial, from punishment for any murders which they should commit on the inhabitants of these states:

For cutting off our trade with all parts of the world:

For imposing taxes on us without our consent:

For depriving us in many cases, of the benefits of trial by jury:

For transporting us beyond seas to be tried for pretended offenses:

For abolishing the free system of English laws in a neighboring province, establishing therein an arbitrary government, and enlarging its boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule in these colonies:

For taking away our charters, abolishing our most valuable laws, and altering fundamentally the forms of our governments:

For suspending our own legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.

He has abdicated government here, by declaring us out of his protection and waging war against us.

He has plundered our seas, ravaged our coasts, burned our towns, and destroyed the lives of our people.

He is at this time transporting large armies of foreign mercenaries to complete the works of death, desolation and tyranny, already begun with circumstances of cruelty and perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the head of a civilized nation.

He has constrained our fellow citizens taken captive on the high seas to bear arms against their country, to become the executioners of their friends and brethren, or to fall themselves by their hands.

He has excited domestic insurrections amongst us, and has endeavored to bring on the inhabitants of our frontiers, the merciless Indian savages, whose known rule of warfare, is undistinguished destruction of all ages, sexes and conditions.

In every stage of these oppressions we have petitioned for redress in the most humble terms: our repeated petitions have been answered only by repeated injury. A prince, whose character is thus marked by every act which may define a tyrant, is unfit to be the ruler of a free people.

Nor have we been wanting in attention to our British brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which, would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our separation, and hold them, as we hold the rest of mankind, enemies in war, in peace friends.

We, therefore, the representatives of the United States of America, in General Congress, assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the name, and by the authority of the good people of these colonies, solemnly publish and declare, that these united colonies are, and of right ought to be free and independent states; that they are absolved from all allegiance to the British Crown, and that all political connection between them and the state of Great Britain, is and ought to be totally dissolved; and that as free and independent states, they have full power to levy war, conclude peace, contract alliances, establish commerce, and to do all other acts and things which independent states may of right do. And for the support of this declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our lives, our fortunes and our sacred honor.

Notice of Availability of Senior Citizen Exemption

2011-05-05T16:59:00.000-07:00

Attention Property Owners in the Santa Cruz City Schools

Elementary and High School Districts

Notice of Availability of Senior Citizen Exemption

From 2011-12 Parcel Taxes

Seniors can apply for exemption from the parcel taxes currently in effect by filing an application with the District between May 1 and July 1 each year. Seniors can request that an application be mailed to them by calling the District's Business Office at 831-429-3410, ext. 223. Seniors can also download the application and instructions from this website during May and June each year. The parcel tax exemption program is for property owners who are 65 years of age or older on July 1st preceding the tax year. The exemption is for the principal place of residence only and applies to one parcel only. Exemptions which are approved are effective for the life of the parcel tax, unless ownership of the property changes. Applications are due on or before July 1st.

2011-05-02T14:45:00.000-07:00

Mother’s Day is Sunday May 8^th

Upcoming Local Events

Presented by the Bonny Doon Community School Foundation

The Hidden Gardens of Bonny Doon Saturday, May 21 and Sunday, May 22 10:00 a.m. until 4:00 p.m… Buy Tickets…

Annual Bonny Doon Art & Wine Festival Saturday, June 4-- 11:00 a.m. until 6:00 p.m. Bonny Doon Airport Gardens, Empire Grade Road…Buy Tickets…

Here is a link to our May e-Newsletter

Don't miss this month's cover story: "PRE-LOVED - Why Resale Homes Stand out In Today's Market"

Visit our May E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Oh by the way, did you know you can now get an automated investment analysis of your neighborhood - complete with Active, Pending and Sold homes all mapped out - sent directly to your email inbox every month? Now you can always know the value of your home. Try it today. It's informative, it's accurate, and it's free. Oh, and please tell a friend or neighbor too!

Check it out and see what you think at Free Market Snapshot

P.S.: Remember to visit my blogs for Local and National real estate and related information and updates!

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062

DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

April Newsletter

2011-05-02T14:40:00.000-07:00

Tax Reminder:

Taxpayers have an extra weekend to file this year because of a District of Columbia holiday. The deadline for 2011 is Monday April 18, instead of Friday April 15.

Remember to file your taxes or file an extension.

Click here for more information.

Upcoming Local Events

Presented by the Bonny Doon Community School Foundation

The Hidden Gardens of Bonny Doon Saturday, May 21 and Sunday, May 22 10:00 a.m. until 4:00 p.m… Buy Tickets…

Annual Bonny Doon Art & Wine Festival Saturday, June 4-- 11:00 a.m. until 6:00 p.m. Bonny Doon Airport Gardens, Empire Grade Road…Buy Tickets…

Here is a link to our April e-Newsletter

Don't miss this month's cover story: "PRICE: How To Sell Your Home And Get Top Dollar In Today's Market"

Visit our April E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Check it out and see what you think at Free Market Snapshot

P.S.: Remember to visit my blogs for Local and National real estate and related information and updates!

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

March Newsletter

2011-05-02T14:22:00.000-07:00

Here is a link to our March e-Newsletter

Don't miss this month's cover story: "SMART SELLING: Take Advantage Of This Year’s Spring Selling Season"

Visit our March E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

"There’s A New Score In Town"

Check it out and see what you think at Free Market Snapshot

We hope you enjoy this monthly electronic newsletter. Please forward the link above to a friend who would also appreciate the information. If you have any comments, please e-mail them to us. Or, if you would like answers to your specific real estate questions, we'd be happy to help!

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

Lawn and Garden Tips

2011-05-02T12:52:00.000-07:00

Time Saving Tips when Caring for your Lawn and Garden

As the peak of spring approaches, and the sun begins to make its appearance more frequently, this time of year may be the perfect time to start gardening and crafting your property into something picturesque and worth showing off. Your garden and lawn are a large part of your property, and may be just as important as your home itself. So when you finally set outside to conquer those green patches of life around your home, here are some simple tips for beginners - and reminders for those who are experienced - to saving time while also making the most out of your garden this year:

WEEDS. When weeding, the easiest way to prevent future growths is to make sure you remove the entire weed. Weeding can be as simple as using your very own hands. If you’ve had previous weed issues, a good measure to take would be applying a herbicide to your lawn in the early spring.

DON’T NEGLECT. After all these colder, rainy months, it is easy to forget that our lawns need to be fed and taken care of, just as flowers do. Remember to water your lawn regularly, and also to fertilize it. However, do not go overboard with the fertilizing, as too much can lead to insects and plant disease.

GROUP YOUR PLANTS. Grouping your plants by their needs will save you a lot of time in the garden, and will also keep your garden more healthy. Put the plants that need more water together, and those that need less in a separate group. That way, during the numerous times you’ll be out there watering, you won’t have to move around so frequently.

MULCH. Don’t forget to add mulch to your garden, as this handy soil cover cuts down on your watering, weeding and fertilization time by keeping the plants cool and retaining moisture. It also adds to the attractiveness of your garden.

TOOLS. A big time saver can be using the right tools for the task at hand. Consult your local gardening store for what tools will suit what you wish to do in your garden, and always remember to wash and clean your tools after working to avoid rust, save money, and to get the most use out of them.

The Frank Murphy Team Advantage

2011-03-09T13:04:00.000-08:00

The Frank Murphy Team Advantage

The Frank Murphy Team is an extraordinary group of successful and highly qualified real estate professionals ready to answer your questions and to help you with your real estate needs. The advantages of working with a Real Estate Team rather than with a solo agent are significant. Would you be comfortable having surgery performed by a doctor who books his own appointments, does his own billing, and greets you at the reception desk? Of course not! Our team members are specialists dedicated to providing quality service, like the staff of any professional group.

Frank Murphy- Broker Associate-Lead Agent

Contact Info- 831-457-5550 Frank@FrankMurphy.net
Frank has an extensive background in construction and commercial development serving as a construction superintendent for over 15 years. He has been active in the real estate industry for over 16 years. Frank is a member of the Institute for Luxury Home Marketing, a Certified Residential Specialist, an Accredited Buyer’s Agent, an e-Pro designate and Santa Cruz County’s only Allen Hainge CyberStar internet marketing specialist. Additionally, he was the 4^th highest producing Realtor in Santa Cruz County in 2009, ranked by closed sales volume.

Kathy Solomito- Realtor-Buyer Specialist

Contact Info- 831-457-5553 Kathy@FrankMurphy.net
Kathy has extensive knowledge of the Real Estate industry. She has spent time in all areas of the business including the mortgage world. Kathy’s expertise spans both the corporate and small business worlds. Kathy had a long career in high tech, working in information technology for Hewlett-Packard as well as working in consulting and project management for two general contractors. Kathy is looking forward to helping our clients find and secure their perfect property.

Glenda Whitlow- Realtor-Transaction Coordinator

Contact Info- 831-457-5570 gwhitlow@msn.com
Glenda worked for 18+ years at various title and escrow companies as an escrow officer, 5+ years as a loan processor, and has spent the last 8 years as a transaction coordinator. Glenda knows what it takes successfully close a transaction. As a part of the Frank Murphy Team, she coordinates and manages all paperwork and important dates from contract to close.

Jessica Clements- Marketing & Operations Manager

Contact Info-831-457-5551 Jessica@FrankMurphy.net
Jessica has over 10 years of experience in systems management and customer service. She has spent the last 3 years honing her systems management, marketing, and customer service skills for the Frank Murphy Team. During a transaction, she is often the first point of contact for our clients as well as our vendors. Jessica goes the extra mile to support our clients through one of the most important decisions of their life.

Joan Pelletier- Client Care Manager

Contact Info-831-457-5552 Admin@FrankMurphy.net
Joan has spent the last several years working in the real estate and marketing industries as an executive assistant. Prior to that she was the manager of a local construction company. Joan is a licensed Broker and a trained paralegal. Joan is an integral part of the Frank Murphy Team. She offers reliable and friendly support wherever needed.

The value of working with the Frank Murphy Team is that someone is always available to assist you whenever you need!

February Newsletter

2011-02-15T13:45:00.000-08:00

Here is a link to our February e-Newsletter

Don't miss this month's cover story: "2011 REAL ESTATE: TOP TIPS FOR YOUR 2011 HOME SALE OR PURCHASE"

Visit our February E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

This Month's Articles

Check it out and see what you think at Free Market Snapshot

P.S.: Remember to visit my blogs for Local and National real estate and related information and updates!

Frank Murphy

Broker Associate

DRE License #01014048
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

January E-Newsletter

2010-12-29T12:12:00.000-08:00

Here is a link to our January e-Newsletter

Don't miss this month's cover story: "TASTY TAX TREATS: Today's Homeowners Enjoy Delicious Tax Breaks"

Visit our January E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Check it out and see what you think at Free Market Snapshot

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062

DRE License #01014048

Frank@FrankMurphy.net
www.LiveInSantaCruz.com

Frank Murphy Annual Client Appreciation Pie Giveaway!

2010-12-06T10:11:00.000-08:00

The holidays are a perfect time of year to give thanks for all that we have. Every year at Thanksgiving, Frank gives particular thanks to all of his wonderful clients and friends who have blessed him with business and honored him with referrals to their friends and family. He chooses to thank his clients in a special way by giving them a free pie baked by Brendan's Bakery in Santa Cruz.

This year, the Frank Murphy Team Client Appreciation Pie Giveaway was a huge success! Clients were given the choice of either an apple, or a pumpkin pie to be picked up at either the Keller Williams Realty Office or The Bonny Doon Church. A record 53 pies were given away this year!

Thank you to all of those who helped make the annual Frank Murphy Team Client Appreciation Pie Giveaway such a huge success!

The Frank Murphy Team is Growing!

2010-10-12T09:40:00.000-07:00

Kathy Solomito-Buyer Specialist
The Frank Murphy Team

Please join us in welcoming the newest member of the Frank Murphy Team, Kathy Solomito.

Kathy joins the Frank Murphy team as a seasoned Realtor and Buyer Specialist.

Kathy has extensive knowledge of the Real Estate industry. She has spent time in all areas of the business including the mortgage world. In addition, Kathy has vast knowledge of both the corporate and small business industries. Kathy had a long career in the corporate world working in Information Technology for Hewlett-Packard. In the small business environment, she worked in consulting and project management for two general contractors.

Kathy has been a long time active resident of the Bonny Doon Community. In her free time, Kathy enjoys trail riding on horseback in the Santa Cruz Mountains and beyond. She also participates in dog agility trial groups and volunteers at a local long term care facility where she makes regular animal therapy visits with her dog.

Kathy’s thorough and varied knowledge makes her the perfect addition to our team.

Kathy is looking forward to helping our clients find and secure their perfect property. We are excited to have Kathy join our Team.

Feel free to contact Kathy directly regarding your Real Estate needs. She can be reached by phone at 831-457-5553 or by email at kathsolomito@gmail.com

Santa Cruz City Council Approves Rental Ordinance

2010-09-21T13:42:00.000-07:00

Santa Cruz City Council

Approves Rental Ordinance

By SHANNA MCCORD

Posted: 09/08/2010 01:30:37 AM PDT

SANTA CRUZ -- City leaders will begin monitoring the thousands of rental units around town, especially those that are poorly maintained, have too many tenants and are illegally constructed.

The Santa Cruz City Council passed an ordinance Tuesday that requires owners of rental properties to register their units and submit to an inspection, if called to do so.

The vote was 5-1 with Councilman Tony Madrigal voting against the measure because of his concerns that the ordinance could adversely affect low-income residents and increase rent.

The ordinance was met with opposition by residents who say the new rule is an overreaching money-making scheme that violates personal privacy and property rights.

Nick Bulaich -- a Watsonville resident who doesn't have any rentals in Santa Cruz but said he was voicing the concerns of some property owners -- was among more than a dozen people who criticized council members for creating an ordinance they believe is unconstitutional and could displace tenants and drastically drive up rental rates.

"President Bush never went this far, stepping into someone's home. This is something so invasive," Bulaich said. "Every single tenant in Santa Cruz is going to get a rent increase because of you, because landlords have to pass this fee along."

Property owner and landlord Anthony Silvera said the rental ordinance is "a desperate masquerade" to generate revenue for the city.

One property owner spoke in support of the rental ordinance.

Council members say the measure, which will be overseen by the Planning Department, is necessary to target suspected illegal units and negligent landlords rather than come after unpermitted construction that doesn't pose an immediate threat to residents or neighbors. Enforcement of city codes already in place to regulate rental housing hasn't been successful, council members said.

The emphasis, they said, will be health and safety.

"It's notorious in this city there are thousands of illegal units. No one in this city who's ever paid attention can look me in the eye and tell me we don't have a problem," Mayor Mike Rotkin said.

The ordinance is part of an agreement with UC Santa Cruz to control future student growth.

Thousands of students live in rental units in town, a fact that contributed to the university's agreement to house two-thirds of students on campus as part of the 2008 pact that settled lawsuits over its growth plan.

The annual registration fee for property owners is expected to be $45 and a minimum inspection fee of $20.

The fees, in addition to contributions from UCSC, will pay for two new city inspectors, a clerk and other program expenses estimated to cost about $322,000 a year.

The first three years of the program will be focused on properties with the biggest problems, not those that are eligible to "self-certify."

Councilwoman Lynn Robinson said complaints to city officials about severely shabby rental units are common.

"The nanny state criticism by some people tonight, I actually understand that," Robinson said. "But, we're going after the health and safety issues that are constantly brought to our attention. It's very egregious, it's very real."

The council ordered Planning Department officials to deliver a report in one year with details on how the ordinance is working.

Councilwoman Katherine Beiers was absent for the vote.

More information can be found on the City Government/City Council section of the City's website www.cityofsantacruz.com under the council meeting agendas. The agenda of August 3 has a lot of good material on the ordinance.

The program will likely go into effect in 2011. It is believed that registration of rental units will begin after January 1 and there will be a two month window for registration. There will be additional work done by the planning department staff to design the specifics of the implementation of the program. The City Council will also adopt the specific "inspection checklist" later this year so it will be clear to property owners exactly what the inspection program will look at.

In addition to the ordinance, below is the excerpt from the city council minutes to see the resolution clarifying the intent in terms of enforcement of the ordinance.

Minutes Excerpt

Amendments to Title 21 of the Santa Cruz Municipal Code Adding
Chapter 21.06 Regarding a Citywide Rental Inspection Program.
(Environmental Determination: Exempt from CEQA) (City of Santa Cruz,
Applicant)

Action: Council member Mathews moved, seconded by Mayor Rotkin, to introduce Ordinance No. 2010-17 for publication amending Title 21 of the Santa Cruz Municipal Code adding Chapter 21.06 regarding a citywide
residential rental inspection and maintenance program, adopting the
following Statement of Intent to be included with the motion:

It is the intent of the City Council, and its direction to City staff, that City inspections and the self-certification process focus on the
items contained in the draft self-certification checklist and ensure
that inspections address: (a) un-permitted dwelling units; (b) the
renting of spaces not intended for habitation; and (c) substandard
overcrowded, unsanitary and unsafe housing conditions that render
a housing unit unfit or unsafe for occupancy. Un-permitted
construction and construction which is not code compliant but
which does not result in (a), (b) or (c) shall not be a priority, unless
that construction results in neighborhood nuisances;
and to direct staff to come back, after consulting with landlords and other interested parties, with a resolution that will incorporate the checklist of items the inspection will cover, and with further direction that a report come back to the City Council within one year of program implementation. The motion carried unanimously (Council members Madrigal, Robinson
absent).

New Life Community Services

2010-08-25T13:04:00.001-07:00

Frank is now on the Board for New Life Community Services! Just one more way Frank gives back to the community!

New Life Center opened as a shelter program and private addiction treatment program in 1972. The New Life Center began as the formal effort of a group of concerned citizens who were looking for effective ways to deal with homeless, abused, dispossessed and chemically dependent people. It is the oldest combined program in Santa Cruz. Over the years the program has expanded to provide a wide range of support services for homeless and/or addicted people with the goal of helping them make a successful transition into healthy, productive living. For more information please check out the New Life Community Services website at http://www.nlcsonline.org/index.html

Globe Trotter: Bonny Doon Woman Running The World One Continent At A Time!

2010-07-13T09:56:00.000-07:00

Globe Trotter: Bonny Doon woman running the world one continent at a time

By Isis Roberts

Posted: 07/09/2010 01:30:25 AM PDT
http://www.santacruzsentinel.com/sports/ci_15474122

The doctors at the Santa Cruz Dental Group know Antoinette "Toni" Casselberry has her own way of doing things. She's definitely not your average dental hygienist and she's also not your average woman over 50.

"The doctors know that I have this thing in me and they're OK with it because the patients love hearing my stories," Casselberry said smiling. "The first things patients ask is, Are you still running?' and How are your knees?'"

As soon as she takes off her lab coat, Casselberry, a New Orleans native who has lived in Bonny Doon since 1969, turns into a super runner with dreams and goals out of this world. A few years ago, she set a goal to do a marathon in all seven continents. So far, she's completed marathons in Antarctica, Ireland, Iceland, Australia and the U.S. She completed her latest one in May in Madagascar.

"So many people think when you turn 40 and when you turn 50, you're getting old and you just can't do things anymore," said Casselberry, who wouldn't give her exact age. "It's like the more older I get, the more things I do."

Casselberry's to-do list has definitely grown over the years, and now she's doing things nobody else has done. A good example is running a marathon in Madagascar, an island that doesn't have one.

"It's fondly called the eighth continent because it's so unusual," Casselberry said. "I thought when I would do my marathon in Africa, I would do Madagascar, but they just didn't seem to offer one. For

whatever reason, they don't offer one."

No marathon? No problem. Casselberry visited the island country east of Mozambique with ornithologist Akos Hivekovic. Hivekovic planned to visit Madagascar to conduct research and spread awareness of environmental issues and child trafficking. When he invited Casselberry along, she said she would agree under one condition: that he design a marathon for her.

"It just goes to show you, you can do anything that you put your mind to doing," said Casselberry, who has been running with the Santa Cruz Track Club since 2002. "I went to run a marathon there and they didn't have one. But we made one happen."

For 22 days, Casselberry, Hivekovic and a team of 13 ornithologists, environmentalists and photo journalists conducted research in Madagascar, but May 25 was dedicated to Casselberry's marathon. Hivekovic set up kilometer markers that spread 26.2 miles across the island.

Casselberry hired a man from a village to ride a bicycle alongside her to help carry her food and water during her marathon. The man also helped as a translator, as several people wondered what they were doing.

"The people would ask him, What are you doing running with this white woman?'" Casselberry said. "I would say, Je suis feu femme!' which means I'm a crazy woman in French. And he would say he's my bodyguard going through the villages."

Casselberry ran through three villages and became very fond of the people waving and smiling as she ran. She knew they had never seen someone run a marathon.

"A couple of people from the villages would start running with me," said Casselberry. "They would run a half mile or so just to watch me. It's just heartwarming to make a connection with people you've never seen in your life and you never will. I feel like I was an American Goodwill Ambassador."

At six and a half hours and 26.2 miles, 75 percent of which she estimated was uphill, Casselberry won her first marathon. Well, technically.

"I won a marathon. I finally won a marathon!" Casselberry said in an e-mail to Peter Huemer, webmaster of the Santa Cruz Track Club. "But he knew, basically, I was the only one running the marathon."

Post-race, Casselberry returned to spreading awareness and conducting research about the state of Madagascar's environment and children.

"Everything she does, she does, not just for herself, but she does it to benefit a cause," said Marilyn Olsen, operations manager at 24 Hour Fitness, who helps Casselberry with her training. "Her love for children is what drove her to Madagascar."

Just two months after completing her marathon in Madagascar, Casselberry is already thinking about where she'll run next. She says she believes the next continent she will take on will be Asia sometime next year. Until then, she is going to run a marathon in Pennsylvania in October in the hope of qualifying for the Boston Marathon in the spring.

"She's going to defeat age one continent at a time," Olsen said. "She's not going to be held back by the calendar. She's a dreamer, but she doesn't just leave it up in the sky. She turns it into reality."

New GIS Link on City's Website Puts Property Info at Your Fingertips

2010-06-22T10:11:00.000-07:00

By J.M. BROWN

Posted: 06/21/2010 01:30:47 AM PDT

SANTA CRUZ -- Want to know if the house you want to buy is in a flood plain? Or if a property falls within the monarch butterfly's protected habitat?

A new feature on the city's website puts layers of property information at the fingertips of current and prospective landowners alike, potentially saving them a lot of time and energy. Last week, the city announced its new Geographic Information System link, which has scads of detail and images pertaining to properties and neighborhoods.

Powered by the city's in-house GIS database and aerial photographs dating to 2007, the system provides a bird's eye view of parcels, as well as zoning restrictions, topography and historical or archeological status.

City planners and Public Works officials have been using the technology for years to make land-use and resource decisions, but now tech-savvy residents can also tap into the database's wealth of information before they decide to buy property or apply for building permits.

"For years, we wanted to put something out to public," said Rich Westfall, who has been working on putting the GIS system online since November. The county has a comprehensive GIS system linked to its website, as do many other Bay Area cities and counties, though sites have varying degrees of features.

On Santa Cruz's site, users can measure distances between points, view land-use constraints, mark up maps, report code violations and search census data. Adobe Flash Player 10

is required to access all of the features, which can be layered on top of each other. The city has the capability to add even more features, even as specific as trash collection days for properties.

The technology has allowed Mary Alsip, a city planner for the last 10 years, to instantly show owners or prospective buyers or developers almost everything about a property.

"You're able to see things on a parcel that you just can't see when you're just looking at data," she said. "When you look at things from a bird's eye view, you see a different landscape."

Steve Allen, president of the Santa Cruz Association of Realtors, said expanded access to property information only benefits potential buyers, 85 percent of whom already use the Internet to search for homes. He frequently uses the county's GIS service to gain information for clients.

"I've compared the records to physical surveys, and they're amazingly accurate," he said. "In this day and age, the more information the consumer has, the better."

SANTA CRUZ

GIS SYSTEM
To view the city of Santa Cruz's new online Geographic Information System, visit http://gis.cityofsantacruz.com/Viewer/index.html. To contact the city's GIS coordinator, Rich Westfall, e-mail rwestfall@cityofsantacruz.com.

Article found at:

http://www.santacruzsentinel.com/ci_15341117?IADID=Search-www.santacruzsentinel.com-www.santacruzsentinel.com

2010-06-10T13:04:00.000-07:00

Mortgage Rates Decline

Home Buyers Get Surprise Boost From Europe Crisis as Loans Drop to Below 5%

By NICK TIMIRAOS

The financial turmoil in Europe is providing an unexpected windfall for American home buyers, as international money seeking a safe haven is flowing into the U.S., pushing domestic mortgage rates to the lowest levels of the year and back near 50-year lows.

The housing industry had been bracing for months for a period of rising mortgage rates, triggered by the end of the Federal Reserve's $1.25 trillion mortgage-securities purchase program. Conventional wisdom held that mortgage rates would rise as the Fed pulled back from propping up the market.

Instead, many in the industry now say rates could drift as low as 4.5% this summer from 4.86% now, instead of rising to 6% as some economists projected, making for significantly lower payments for Americans buying homes or refinancing their mortgages.

Refinance business "exploded" last week, says Jeff Lazerson, chief executive of Mortgage Grader, a brokerage in Laguna Niguel, Calif. "It's schizophrenic. We all had this expectation of higher interest rates and no more refinances." He says he helped a borrower lock in a 30-year loan with a 4.25% fixed rate last week, the lowest in his 24 years in the business.

Rates on 30-year mortgages averaged 4.84% last week, according to a survey by mortgage-insurance titan Freddie Mac. Rates were quoted late Friday at 4.86%, the lowest since December 2009, according to a survey by financial publisher HSH Associates, and down from a high of 5.27% for the week ended April 9. Rates on 15-year mortgages averaged 4.24% last week—the lowest since Freddie began its survey in 1991.

Economists largely attribute the decline in mortgage rates to the European debt crisis and new concerns about the global economy, which unleashed a massive wave of cash into U.S. bonds from investors around the world.

This buying pushed down yields on Treasury bonds. Because mortgage rates are closely pegged to yields on 10-year Treasury notes, which fell to 3.2% Friday, the decline in Treasurys pulled down mortgage yields. Typically, mortgage yields remain around 1.5 percentage points above yields on 10-year Treasury notes.

Falling mortgage rates can give a powerful lift to the housing market. A general rule of thumb holds that every one percentage point decline in mortgage rates effectively lowers home prices for buyers by roughly 10%. So, if the current rates hold, say economists, that could help stabilize prices and allow current homeowners to sell existing homes without substantial price cuts.

It isn't clear how much home-buying the lower rates will spur. Demand had fallen in recent weeks after buyers raced to close sales ahead of last month's expiration of an $8,000 federal tax credit for home purchases. Applications for new-purchase loans hit a 13-year low in the week ending May 14, according to the Mortgage Bankers Association.

Borrowers do face roadblocks. Underwriting standards are their strictest in a decade, and record numbers of borrowers are "underwater," owing more to the bank than their homes are worth. That has excluded large swaths of borrowers from getting loans at the new lower rates.

Still, lower rates could widen the pool of people who qualify for a mortgage, while others may find they qualify for a slightly larger loan. "They can buy the place with the extra bedroom or the swimming pool," says Jay Brinkmann, chief economist at the Mortgage Bankers Association.

Falling rates have encouraged some Americans to consider refinancing their existing mortgages to save money. A one-percentage-point decline in mortgage rates can cut $250 off the monthly payment on a $400,000 30-year fixed-rate mortgage, giving consumers cash they can use to spend.

Richard Hunsinger plans to refinance two loans on his Potomac, Md., home into a new 15-year mortgage this week with a 4.37% rate. The 55-year-old dentist is worried that interest rates will eventually rise sharply, boosting the payment on his home-equity line of credit. His first mortgage, also a 15-year loan, currently has a fixed rate of 5.25%. And while the rate on his $240,000 home-equity loan is just 3.25%, it has risen as high as 8% in the past.

Rates "can't stay low forever," says Dr. Hunsinger. If they go up over the next year, "this will look like a really bright decision."

By historical standards, rates are incredibly low. Until 2003, rates on 30-year fixed-rate loans hadn't dipped below 5% since the 1960s.

Rates fell to similar points throughout much of the past year as the government was helping to hold down costs for borrowers.

Nearly half of all borrowers with 30-year conforming fixed-rate mortgages have mortgage rates of 5.75% or higher and could reduce their rates by a full percentage point if they refinanced at current rates, according to investment bank Credit Suisse.

Many of those borrowers may have tried to refinance last year, only to find that they couldn't qualify. When rates fell to similar lows in 2003, refinance activity hit a record $2.9 trillion, compared to $1.2 trillion last year, according to Inside Mortgage Finance, a trade publication.

Now, more private investors are coming into the market for loans, offering better prices for securities containing mortgages with low rates than they were one year ago. That could lead banks and brokers to cut upfront origination fees, and borrowers who are able to refinance could find it cheaper to do so than last year.

"I'm calling people back and saying, 'Now it's worth it,'" says Michael Menatian, a mortgage banker in West Hartford, Conn.

—Prabha Natarajan contributed to this article

Santa Cruz Named Number 2 "Recreation City" in U.S.

2010-05-28T13:36:00.001-07:00

Santa Cruz Named Number 2 "Recreation City" in U.S.

The rankings were announced Wednesday, April 21, when rain-soaked residents may have needed a reminder.

Santa Cruz is among the nation's top spots for recreation, according to a website for potential homebuyers.

No cities in the county made RelocateAmerica.com's "Top 100 Places To Live" list, but Santa Cruz placed second in a breakout category of "Top 10 Recreation Cities."

The only California city mentioned, Santa Cruz was brought to the company's attention by online users, who cited the area's numerous parks and beaches.

"Santa Cruz has great waves and great people," said Peter Shellenbarger, 25, a manager at O'Neill Surf Shop on Pacific Avenue who's lived in Santa Cruz for seven years.

He and others can spend their downtime surfing at Steamer's Lane, skateboarding at Derby Park or mountain biking around Wilder Ranch State Park, one of dozens in the county.

Boulder, Colo., was at the top of the list, compiled annually since 1998.

An editorial team reviews the submissions, interviewing residents and local leaders and considering economic data from the previous year.

The complete list can be viewed and communities nominated for next year's list by visiting www.relocateamerica.com.

Grandmother Saved From Foreclosure

2010-04-14T16:52:00.000-07:00

Similar to 10,000 other Santa Cruz County residents, Vonda McCray-Hodges experienced a close-call at losing her home in Watsonville to foreclosure, because she owed more on her mortgage than the value of her home. But Vonda, age 67, refused to give up the home that she and her husband John spent over a year finding when they were looking to purchase a home a little over a decade ago. The nearly 3 acre property, the home, and the extraordinary views from the hilltop location were all in jeopardy with the escalating payments of their mortgage.

More than 700 other Santa Cruz County residents experienced a similar situation in 2009, but unfortunately the majority of them lost their homes to foreclosure. Vonda wasn't going to let this happen to her, so by being persistent, returning to work, and finding a banker who would listen to her, she was able to get a modified loan and keep the home she loves so much.

The Hodges purchased their home in 1998 for $265,000. They had an adjustable rate mortgage from Merrill Lynch with interest at 6.625 percent for 7 years. In 2004, things were going very well for the Hodges. Their business, Hodges Moving and Storage, was booming, and Vonda saw an opportunity to invest in her business and get a better deal on her mortgage, and decided to take it. Over the phone, she made arrangements for a $460,000 adjustable rate mortgage loan from Homestar Mortgage in Paramus, N.J. Although the interest rate was lower, at 5.25 percent, Vonda didn't notice the less favorable provisions in the last few pages of her loan documents. The required monthly payment covered interest only for the first ten years, making no contribution to their loan balance. The interest rate was going to change after two years, and there was a penalty if their loan was paid off early.

Homestar Mortgage was a fast-growing company in the mortgage industry. However, within 18 months of lending to the Hodges, the company had 1,000 employees, a new name, Opteum Financial Services, and a new owner, Bimini Mortgage Management of Vero Beach, Florida. The company was able to pool $986 million of mortgages for sale to investors. To find a new loan, Vonda would end up turning to her nephew who was in the mortgage business, and by the end of 2005 Vonda had a new mortgage loan.

Her new loan was from Downey Savings and Loan in Newport Beach, and they approved a $581,000 mortgage at 6.724 percent after the home appraised for $960,000. The initial payment was an affordable $1,936 per month, however after 15 months the interest rate would change yet again. When it did, their mortgage payment exceeded $4,000. According to the fine print on Vonda's documents, her monthly payment could be less than the amount that would be sufficient to repay the unpaid principal. Basically, the mortgage debt could increase instead of decrease over time. These types of loans are best suited for someone who is expecting more income in the future, rather than a woman nearing retirement age.

Vonda tried to improve her situation by selling items on Ebay, and her husband who had been retired returned to work. But they still couldn't afford the higher mortgage payment. Refinancing wasn't as easy as it had been in the past, and they were unable to refinance their home. A year after their initial refinance, Opteum revealed their losses of $15 million for the first three quarters, $34 million in the fourth quarter, and $78 million the quarter after that. Then they shut down. The California Department of Corporations revoked Opteum's lender license, then closed the case after Opteum agreed to pay $3,000.

Downey Savings was in trouble too. As borrowers stopped making payments, similar to the Hodges situation, Downey started reporting losses. By October, 2008, Downey's losses for the year had reached $547 million. Federal regulators closed Downey and arranged to sell it to U.S. Bank in Minneapolis.

Vonda Hodges was not going to give up though. She filled over ten binders with articles, letters she wrote, and the responses she got regarding help for borrowers in her situation. She also wrote to state Assemblyman Bill Morning and state Assemblywoman Anna Caballero. She also wrote letters to Governor Arnold Schwarzenegger, Representative Sam Farr and even President Barack Obama.

February, 2009 rolled around, and the Hodges had high hopes when President Obama announced the unveiling of the Home Affordable Modification Program. Vonda started reading about forbearance, or postponing payments for a specific time period, and predatory lending, which is a term used to describe unfair and deceptive lending practices. Within two months, Vonda had applied for a loan modification.

Only eight more weeks passed when a notice of default was posted at the Hodges' gate to their property, citing a debt of nearly $24,000. Buyers offered to pay $75,000 for a property that was appraised at $503,000. The Hodges' lawyer even asked them to just 'let it go,' but they continued to have faith, and were certain they would find someone who could listen and help.

After receiving a letter stating loans from Downey Savings were not eligible for the Obama program, Vonda's nephew connected her with Denise Moeller, a senior Vice President for U.S.Bank. After exchanging phone calls and letters, the bank finally shifted $400,000 of the loan balance to the back end of the loan, a balloon payment which can be repaid when the home is sold. Their interest rate was reduced to 3 percent, and their payment is $1,350, which is certainly reasonable to the Hodges.

Vonda went back to work aiming to make $1,200 a month. She picked up a few nights at Macy's in Capitola, and cares for her grandchildren while her daughter works. She's also taken on a temporary position as a census-taker. Their current payment will stay the same for five years, and Vonda is hopeful that by then the economy will be up and running again. "You can't quit. The door will open to something," Vonda said. "I just have to keep the faith."

to read more about this article, log on to www.santacruzsentinel.com/fdcp?1271189489656

Santa Cruz Plans Whale of a Project

2010-04-01T10:07:00.000-07:00

Surf City could soon have a new tourist attraction along the waterfront. Bids should go out this spring on construction of a $17 million visitors' center project for the offshore Monterey Bay National Marine Sanctuary.

The two-story, 11,000-square-foot structure will be built on a site once known as the "fun sport" across Beach Street from the Santa Cruz Municipal Wharf. The nearly 1-acre site that now houses a temporary city parking lot once sported a BMX bike course, which has been moved to nearby Depot Park.

City officials plan to start construction on the Monterey Bay National Marine Sanctuary Exploration Center sometime this summer, according to Bonnie Lipscomb, executive director of the city's economic development and redevelopment department.

"We're changing the overall feel of this area," Lipscomb said of the project's impact on the city's waterfront. The project will include a major upgrade in directional signs on the city's waterfront, as well as streetscape and lighting improvements.

According to a report from the National Oceanic and Atmospheric Administration, which will manage the city-owned structure when completed by September 2011, about 250,000 people are expected to visit the Exploration Center annually. With oceanic education its main priority, it will feature a classroom, small theater and a variety of interactive exhibits of the Monterey Bay's ecosystems.

More besides the Boardwalk
Lipscomb said the project has long been on the radar of city officials, with discussions dating back to 2001. The Santa Cruz site was selected seven years ago, winning out over 22 other locations along California's Central Coast.

NOAA's Lisa Uttal, the center's project coordinator, said sufficient federal funds have been secured to build the Exploration Center, which will be constructed to Leadership in Energy and Environmental Design Silver and possibly Gold status. The city donated the land, worth $2 million, and a capital campaign has made it to the halfway point to raise $3 million for exhibits.

"The center will connect people to their sanctuary," Uttal said. "It's a portal into the incredible underwater world out there. This is the equivalent of having a national rain forest in the ocean, since it's a multiple-use area. People can fish, kayak and dive in the sanctuary. But it's also an area of significant cultural and environmental value."

Once finished, the visitors' center should pay dividends to the city's economic development. The center will be a significant attraction to Surf City's waterfront, said Maggie Ivy, CEO and executive vice president of the Santa Cruz County Conference and Visitors Council.

"It creates another great opportunity for us to promote our location on the Monterey Bay sanctuary and enhances our gateway to the beach area," Ivy said. "We are always enthusiastic about any attraction that doesn't just depend on summer tourism."

Of the 3 million tourists who flock to Santa Cruz County each year, the majority of visits occur between May and August during the prime season for the Santa Cruz Beach Boardwalk and other nearby beaches. Santa Cruz's revitalized downtown, nearby state parks and quaint Capitola Village are among the county's other major tourist attractions.

Ivy said tourism is responsible for up to $600 million in consumer spending annually in the county. Lipscomb said the industry provides about $14 million for use by local governments every year.

But, like the new marine sanctuary visitors' center, local officials are always looking to expand their region's appeal to tourists. Ivy said an increasingly popular attraction in town is the Swift Street Courtyard on the west side of Santa Cruz. It's an assemblage of eight wineries- including Bonny Doon, Sones Cellars, Pelican Ranch and Santa Cruz Mountain wineries- along with several restaurants, a bakery, brew pub and a location of New Leaf Community Market.

Sanctuary interest stretches far
Founded in 1990, the Monterey Bay National Marine Sanctuary is one of the 13 federally protected marine areas nationwide. It extends from Marin County on the north to Cambria in San Luis Obispo County on the south, encompassing 276 miles of shoreline and 6,094 square miles of ocean. It supports what is considered one of the world's most diverse marine ecosystems, home to a wide variety of fish, mammals, seabirds, invertebrates and plants.

NOAA operates several marine sanctuary visitors' centers around the nation- including in Hawaii, Florida, Michigan and Massachusetts. There are four in California, including the Golf of Farallones National Marine Sanctuary Visitor Center in San Francisco.

Written by David Goll; published 3/26/10 in "Silicon Valley/San Jose Business Journal" http://sanjose.bizjournals.com/sanjose/stories/2010/03/29/story2.html

The Frank Murphy Team Highlighted by The Santa Cruz Sentinel

2009-12-21T13:34:00.000-08:00

Santa Cruz Sentinel Article dated 12/20/2009

"The Frank Murphy Team of Keller Williams Realty hosted their annual client appreciation pie giveaway. Every year, just before Thanksgiving, Frank gives out fresh baked pies to his friends, clients and associates. This year, Frank gave away pies at Bonny Doon Church Nov. 24. This is his way of thanking the people in his community."

http://www.santacruzsentinel.com/localnews/ci_14036270

Tax Credit Deadline Extended

2009-11-10T14:39:00.000-08:00

Don't discount the tax credit yet!

Last week, after the Senate gave its final and fully supportive approval on the home buyer tax credit extension, the House of Representatives voted overwhelmingly to pass the legislation, sending the tax credit to President Obama who's final sign-off on Friday made it official.

The $8,000 first-time home buyer tax credit, which was slated to expire Nov. 30, 2009, will be extended for contracts signed before May 1, 2010 that close before July 1, 2010. First-time buyers, who are in the process of closing now, no longer have to worry about qualifying for the $8,000 tax credit if they do end up closing after the Nov. 30 deadline. The new legislation also increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the current level.

Buyers who already own a home are also now eligible for a tax credit and the purchase of a home. The $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five consecutive years of the prior eight years. The legislation does set forth several provision including, limiting eligibility for existing homeowners to homes worth $800,000 or less, as well as making both credits available only for primary residences, not second homes or investment properties. The legislation will take effect December 1, 2009 and is not retroactive.

The original first-time home buyer tax credit jump-started the housing market, driving home sales to the highest level in more than two yeas. The National Association REALTORS® reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.

Home Buyer Tax Credit Extended and Expanded

	Current	New
Effective Date	· January 1, 2009	· December 1, 2009
Deadline	· Close on or before November 30, 2009	· Contract signed before May 1, 2010, must close before July 1, 2010 · Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.
Amount	· First-Timers: maximum of $8,000 or 10% of sales price · Prior Owners: $0	· First-Timers: Unchanged · Prior Owners: $6,500 if lived in prior home for at least 5 years of past 8 years
Income Limit	· Individual: $75,000 · Couple: $150,000	· Individual: $125,000 · Couple: $225,000
Other Restrictions	· Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full amount of credit.	· Buyer must be at least 18 years old and not classified as a dependent for tax purposes · Home must cost less than $800,000 · New Home must be primary residence for at least 3 years following purchase. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.
How to claim	· If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return	· If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return

Invitation to the annual Bonny Doon Church Craft Faire!

2009-11-09T08:30:00.000-08:00

Please be sure to attend the annual
Bonny Doon Church Craft Faire
Saturday, November 14th, 10-4.
You could be the lucky winner of this beautiful one of a kind handmade quilt to be raffled off. All of the proceeds will benefit the Bonny Doon Fire Team!

Saturday, November 14
10:00am to 4:00pm: Bonny Doon Presbyterian Church Holiday Arts & Craft Faire
at the Bonny Doon Elementary School, 1492 Pine Flat Road

More info: 426-0110

Chili Cook-Off, Raffles, Food, Fun, Free Admission

Food Collection (non-perishable) for Valley Churches United

Bonny Doon Lavender Farm ~ Maryjo Koch Jewelry ~ Wood Carvings ~ Photography ~ Quilts ~ Antiques ~ Watercolorists ~ Teas ~ Special Crafts ~ Chocolate ~ Bird Houses ~ Holiday Items ~ Pottery ~ Olive Oil Products and much, much more!!!

The Bonny Doon Garden Company-Documentary on PBS Tonight!

2009-10-28T09:17:00.000-07:00

The Bonny Doon Garden Company

Exciting News to Share

The Botany of Desire

Documentary on PBS Tonight!

Almost exactly two years ago, I was contacted by a film producer inquiring if I would be interested in being interviewed for a documentary entitled

'The Botany of Desire' based on the book by Michael Pollan. Ironically, I had just gotten around to reading it, and had only just begun days before!

I was honored to be a part the filming, and the garden looked gorgeous for them!

However, in the editing process, great efforts were put forth in order to fit in all the good footage, while also weaving a good story, alas my footage didn't make the cut! Well, most of it-apparently if you do not blink at all for two hours, you may be able to catch a glimpse of me in my garden.

BUT WAIT! Here's the good news I wanted to share with you!

The producer was intriqued by footage they shot of the garden, and the interview was of interest enough to create a bonus feature! Click here to view my 6 minutes and 53 seconds of fame! Like a Florist from 100 Years Ago.

It is an honor for me to be a part of this fascinating documentary at any level, but I think you'll agree, this bonus feature they put on the incredible web site and on the DVD itself is quite impressive! I hope you get a chance to see it, and of course the whole documentary tonight too!

You may purchase the DVD from from the PBS/Botany site if you'd like, or it will also be available for purchase from my store in November. Enjoy!

This is going to be a fascinating two hours tonight!

Don't forget to tune in or TiVo!

Channel PBS, Wednesday, October 28, 2009 8:00 pm

Teresa Sabankaya

The Bonny Doon Garden Company

1101 Fair Ave - Santa Cruz, California 95060

(831) 421-0975

www.bonnydoongardenco.com

2010 Tour of California Route

2009-10-26T09:02:00.000-07:00

http://www.bikeworldnews.com/index.php/2009/10/22/2010-tour-california-route-revealed/

From Velo News:

The 2010 Tour of California will venture high up into the Sierra Nevada Mountains, dispense with the traditional prologue, include a time trial in Los Angeles and feature the first mountaintop finish in the race’s 4-year history at Big Bear.

The biggest change for the 8-day event remains the move from February to May (16-23), pitting it against the Giro d’Italia. Still, race organizers expect a field of comparable strength to 2009, when world champions and former winners of the Tour de France and Paris-Roubiax lined up alongside America’s best riders.

Next year, the race will begin in Nevada City and head generally south, visiting Sacramento, Davis, Santa Rosa, San Francisco, Santa Cruz, San Jose, Modesto, Visalia, Bakersfield, Pasadena, Big Bear, Los Angeles and Thousand Oaks.

Here are the route details:

Stage 1: Nevada City to Sacramento.
- The 78-mile stage will put riders back into Sacramento where the race caravan will have been staying in the days before the race. Expect a sprint finish.
Stage 2: Davis to Santa Rosa.
- Somewhat of a repeat stage from 2009, but perhaps a little longer and a little harder. It may or may not have finishing circuits. Organizers are looking to put a hill in Santa Rosa to give someone else a chance to win it. Plus, it’s harder for Santa Rosa to do circuits on a Monday and shut down all of downtown. Trinity Grade may figure into the route.
Stage 3: San Francisco to Santa Cruz.
- Another repeat from 2009, this stage will again feature the Bonny Doon climb, where this year Levi Leipheimer attacked his way into the race lead. The stage will start at pier 30/32, then it will follow the Bay to Breakers running course from two days earlier, across the spine of the city and into Golden Gate Park. There will not be a Golden Gate bridge crossing this time, however.
Stage 4: San Jose to Modesto.
- A sprint finish is pretty certain, as there is no way to get to Modesto without traversing 25 miles of dead flat central valley.
Stage 5: Visalia to Bakersfield.
- The first and only real Sierra Nevada stage, this day will take riders up into the Sequoia National Forest. It could be somewhat similar to the Merced-Clovis stage from this year. The proposed finish near Bakersfield College consists of a 2-mile circuit with a 200-foot climb in middle.
Stage 6: Pasadena to Big Bear.
- The queen stage will include 13,000-14,000 feet of climbing up to one of the ski resorts in Big Bear. Race organizers are waiting on clearance from the state because parts of the route include areas affected by the Station Fire. If the Forest Service gives clearance, the race would do 2.5 hours through the burn zone. From the start in Pasadena, riders will climb up to Crystal Lake, summiting there at 8,000 feet, then descending into Wrightwood and climbing back up to Big Bear Lake.
Stage 7: Los Angeles time trial.
- Originally, the plan was to start the time trial start downtown and go to the beach. The LA Triathlon used a similar route and the city concluded the traffic impact was too great. So, the time trial will take place entirely downtown, visiting Disney Music Hall, Staples Center and the Exposition Park. It will likely be a two-lap course.
Stage 8: Thousand Oaks circuit race.
- The race will conclude with a circuit race in the Santa Monica Mountains. There will be at least one canyon climb over the top of mountains and a drop down to the Pacific Coast Highway. SoCal roadies can look for the Rock Store climb to be featured.

Neal Rogers contributed to the Velo News report.

SC Median Home Price $500,000 in August

2009-09-22T10:20:00.000-07:00

"In Santa Cruz County, the median price for a single-family home inched down to $500,000 in August after climbing $100,000 over the previous five months." Says a recent article in the Santa Cruz Sentinel. For more information, click the link below:

http://www.santacruzsentinel.com/newsletter/ci_13364437

Bonny Doon Thanks Firefighters

2009-09-15T09:25:00.000-07:00

Potluck dinner held for Lockheed firefighters at Bonny Doon Elementary School. Click the link below for more information.

http://www.mercurynews.com/centralcoast/ci_13327636?nclick_check=1

Boomeria's Pipe Organs Located in Bonny Doon

2009-07-09T14:22:00.000-07:00

Hear the sounds of Boomer's pipe organ at Boomeria in the hills of Bonny Doon

http://www.mercurynews.com/centralcoast/ci_12791539?nclick_check=1

Despite Falling Prices, Homeownership out of Reach for Many!

2009-05-08T15:44:00.000-07:00

"Even though the median home price dropped 37 percent last year, Santa Cruz County remains unaffordable for many first-time buyers," says an article published in today's Sentinel. For more information, click on the link below.

http://www.santacruzsentinel.com/ci_12323061?source=most_viewed

Sailor of the Week, Ernie Rideout at 91 Years Young!

2009-04-06T16:04:00.000-07:00

Sailor of the Week – Ernie Rideout, 91, has spent a lifetime touching the lives of young people through sailing. For 50 years he worked as a school teacher and principal, and after he retired in 1975, he worked as a sailing instructor for 26 years at the O’Neill Yacht Center in Santa Cruz, Calif. Ernie taught over 3,500 children and adults how to sail. Check out this link:

http://www.ussailing.org/news/sailoroftheweek/Default.aspx?recordID=358084

Adjusting Your Property Taxes to Reflect Declining Values

2008-11-28T13:43:00.000-08:00

What is Proposition 8? Prop 8 was an early amendment to Prop 13, stating that the only reassessments that can happen at market value occur when there is a change of ownership or a new construction. Until one of these events happens, assessments can only increase by the consumer price index and this can be no more than 2%.

Why wasn't my property reduced? Santa Cruz County has a very complex and varied real estate market. Wide spread reductions are very difficult

What if I think my assessment is too high? The Assessor has a one page form which may be submitted as a "Request for Reappraisal".

When must I file a request for review? A request can be submitted at any time and the Assessor has the authority to reduce the current year's assessment.

What happens when the market recovers? ...

To get further answers to all of these questions and more please visit the Santa Cruz County Assessor's Website at http://www.co.santa-cruz.ca.us/tax/prop8pam.htm

Taxation of Foreclosures and Short Sales

2008-11-12T16:23:00.000-08:00

Copyright© 2008, CALIFORNIA ASSOCIATION OF REALTORS® Article Dated 11/12/08

Taxation of Foreclosures and Short Sales

--------------------------------------------------------------------------------

Introduction

It has been some time since the real estate industry, on a large-scale basis, has had to deal with foreclosures, deeds in lieu of foreclosure, short sales and other distress sales of real property. Unfortunately, distress sales of real property, resulting from a convergence of tightening credit, falling property values, and the consequences of prior lending practices, are all too common currently and do not appear likely to end any time soon.

Seemingly adding insult to injury, owners of real property facing a distress sale, and generally already under financial strain, may be unpleasantly surprised to learn that two types of taxable income can result from a foreclosure, deed in lieu of foreclosure, or short sale: capital gains and forgiveness of debt (cancellation of debt) income. Both types of income can trigger unexpected taxes for the owner.

This legal article discusses the income tax consequences to the borrower in the event of foreclosure, the event the borrower simply transfers title to the lender (deed in lieu of foreclosure), and if the borrower sells the property to another in a short sale in which a lender accepts less than the balance due on the loan as payment in full.

Q 1. Are foreclosures, deeds in lieu of foreclosure, and short sales subject to federal tax income taxation?

A Yes. However, the income is taxed differently depending on several factors, including whether there was a foreclosure, a deed in lieu of foreclosure given to the lender, or a short sale (a sale where the lender agrees to reduce the amount owed in order to facilitate a sale), and whether the underlying debt is ?recourse? (the borrower is personally liable for the debt) or ?nonrecourse? (the borrower is not personally liable for the debt).
For federal income taxation as a result of foreclosure, see generally 26 U.S.C. §§ 1001 through 1016. For federal income taxation of short sales, see generally 26 U.S.C. §§ 61, 108 and 1001 through 1016.

TAXATION OF FORECLOSURES OR DEEDS IN LIEU OF FORECLOSURE

Q 2. What is the difference between a foreclosure and a deed in lieu of foreclosure?

A A foreclosure refers either to a trustee's sale foreclosure (not a judicial proceeding) or to a judicial foreclosure (a judicial proceeding). A deed in lieu of foreclosure means that the lender has agreed to accept title to the property and the borrower transfers title to the lender rather than waiting until the lender forecloses on the property. A deed in lieu of foreclosure is not a special instrument. It is simply a conveyance of the property to the lender by grant deed or quitclaim deed; and, in exchange, the lender cancels the promissory note secured by the real property. In this way the lender can avoid the foreclosure process to regain title to the property.

However, a borrower cannot simply transfer title to the lender without the lender's permission. Because some lenders have refused to negotiate and accept the deed in lieu of foreclosure, some creative homeowners have quitclaimed the property to the lender anyway, and have recorded the instrument without the lender's permission.

In 1993, the California legislature passed a statute to protect lenders from involuntary (and invalid) transfers of real property to the lender. The lender must record a "notice of nonacceptance of a recorded deed" in the county where the real property is located. Redelivering a grant of the real property back to the original homeowner (e.g., borrower) does not legally retransfer the title. (Cal. Civ. Code § 1058.5.)

A lender may not want to take a deed in lieu of foreclosure because taking title in this manner does not extinguish any junior liens. A foreclosure by a senior lienholder essentially wipes out all junior liens.

Q 3. How does the owner receive "income" from a foreclosure or a deed in lieu of foreclosure?

A A foreclosure proceeding, whether through a trustee sale or judicial foreclosure, and a deed in lieu of foreclosure given to the lender are treated the same as a sale for income tax purposes. The foreclosure or deed in lieu of foreclosure is reported on the taxpayer's tax return as a sale or exchange in the year the foreclosure is finalized or the deed in lieu of foreclosure is given to the lender.

In a foreclosure or deed in lieu of foreclosure, the owner can receive "capital gain or loss" as in any other sale of real property (i.e., be subject to capital gains taxation or receive a credit for a capital loss). Additionally, the owner can receive "forgiveness of debt" income. This is also referred to as "cancellation of debt" income. Whether the owner is subject to taxation on this income may depend on whether the debt is "recourse" or "nonrecourse." If the debt is a recourse debt, the owner may be deemed to have received taxable income in the amount of debt that is forgiven by the lender (except in certain situations discussed below where the owner will not be taxed). If the debt is nonrecourse debt, there is no taxable income from forgiveness (or cancellation) of debt, but the owner may be still be subject to capital gains taxation.

Q 4. What is "nonrecourse" debt?

A Under California law, a debt is considered "nonrecourse" when a loan is made under either one of the following two circumstances:

(1) When the loan is made to purchase a one-to-four unit property and the borrower intends to occupy at least one of the units, or

(2) When the seller carries back financing for all or a portion of the purchase price of any real property.

(Cal. Code Civ. Proc. § 580b.)

In the event of default by the borrower, the lender, or financing seller, is restricted to recovering the property with no right to proceed against the borrower for any deficiency should the property be worth less than the loan amount.

Q 5. What is "recourse" debt?

A Under California law, a "recourse" debt is one in which neither of the two exemptions in Question 4 occurs.

Examples of recourse debt are refinances of existing mortgages, home improvement loans, equity lines of credit, and loans other than seller financing, securing a debt for purchase of property that is not an owner-occupied one-to-four unit property. The lender is not limited to taking the property back and the borrower may be personally liable on the debt. If the lender chooses to foreclose using a trustee's sale, then the lender waives the right to go after the borrower for the deficiency despite the fact that the loan was a recourse debt. In order to go after a deficiency judgment, the lender must go through a judicial foreclosure process.

Q 6. How is the amount realized (taxable income) calculated for a "recourse" debt in a foreclosure?

A If the debt is recourse debt, meaning the owner may be personally liable for the debt, the amount realized is calculated in a two-step approach.

First, you take the difference between the Fair Market Value (FMV) of the property (usually the sales proceeds at the judicial foreclosure or trustee's sale) and the Adjusted Basis in the property. Generally, the Adjusted Basis consists of the purchase price of the property plus any capital improvements (less depreciation, if the property is investment property). This difference is the capital gain or loss. If the FMV exceeds the amount of the Adjusted Basis, then the borrower has realized a capital gain at the time of the transfer (foreclosure). If the Adjusted Basis exceeds the FMV, then the borrower has a capital loss.

Second, you take the difference between the amount of the cancelled debt (e.g., unpaid loan amount) and the sales proceeds at the foreclosure (FMV). This is the forgiveness of debt (cancellation of debt) income and it is treated by the IRS as ordinary income despite the fact that the borrower has received no cash at the time of the foreclosure.

However, if the cancelled debt amount is considered "qualified principal residence indebtedness" pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, there will be no taxation on this forgiveness of debt (cancellation of debt) income. See Question 9 for a definition of "qualified principal residence indebtedness."

RECOURSE DEBT

Example One:

1. The unpaid balance of the loan is $300,000;

2. The FMV of the property is $250,000;

3. The taxpayer's adjusted basis in the property is $200,000.

Assume the lender forecloses and will forgive the underlying debt.

Step one:

FMV ($250,000) less taxpayer?s adjusted basis ($200,000) results in capital gains for the taxpayer.

FMV
$250,000

Less Adjusted Basis
$200,000

Capital Gains
$ 50,000

Step two:

Amount of cancelled debt (amount owed on $300,000 loan) less FMV ($250,000) is ordinary income to the taxpayer.

Amount Owed
$300,000

Less FMV
$250,000

Ordinary Income
$50,000

Note: If a lender chooses to foreclose through a trustee's sale and is barred from obtaining a deficiency judgment by the one action rule under California Code of Civil Procedure Section 580d, it is likely the IRS will still consider that the underlying debt as a recourse debt and it will be subject to debt forgiveness income. (See Rev. Rul. 90-16.) However, there may be no taxation of this income under The Mortgage Forgiveness Debt Relief Act of 2007.

RECOURSE DEBT

Example Two:

If the FMV at the foreclosure sale is more than what the lender is owed, there will be no forgiveness of debt and, thus, no ordinary income to the taxpayer.

1. The unpaid balance of the recourse debt is $300,000;

2. The FMV of the property is $400,000;

3. The taxpayer's adjusted basis in the property is $200,000.

Step one:

FMV ($400,000) less taxpayer's adjusted basis ($200,000) results in capital gains for the taxpayer.

FMV
$400,000

Less Adjusted Basis
$200,000

Capital Gains
$200,000

Step two:

The debt is fully paid (since the FMV of $400,000 exceeds the unpaid loan amount of $300,000) resulting in no forgiveness of debt.

Q 7. How is the amount realized (taxable income) calculated for a "nonrecourse" debt in a foreclosure?

A If the debt is nonrecourse, meaning the owner is not personally liable for any deficiency (beyond the value of the property), the amount realized is the difference between

(a) the greater of: (i) the FMV or (ii) the entire outstanding debt; and

(b) the adjusted basis of the property.

This amount is treated as capital gains and there is no taxation for forgiveness of debt income.

Even though the adjusted basis might exceed the FMV and the outstanding debt, generally no capital loss would be allowed because nearly all nonrecourse debt is associated with a principal residence. (Capital losses are applicable only to investment property.)

NONRECOURSE DEBT

Example:

1. The unpaid balance of the loan is $300,000;

2. The FMV of the property is $250,000;

3. The taxpayer's adjusted basis in the property is $200,000.

Greater of FMV ($250,000) or entire unpaid debt ($300,000) minus taxpayer?s adjusted basis ($200,000) results in capital gains to the taxpayer.

Greater of
FMV ($250,000)
OR
Unpaid Debt ($300,000)

Greater of the above
$300,000

Less Adjusted Basis
$200,000

Capital Gains
$100,000

Q 8. How is a deed in lieu of foreclosure treated for tax purposes?

A A deed in lieu of foreclosure is treated as a sale and taxed just like a foreclosure.
See Questions 6 and 7 above.

TAXATION OF SHORT SALES

Q 9. What are the tax implications of a short sale?

A A short sale, where the lender agrees to reduce some or all of the outstanding debt, may give rise to forgiveness of debt income (also called "cancellation of debt" income). The amount of the debt that the lender agrees to write off is treated as "ordinary income" (as opposed to capital gains income which is taxed at a lower rate). Even though the lender may be taking this action to facilitate the sale by the owner who is under a notice of default and facing a foreclosure, the agreement between the owner and the lender is considered voluntary and the amount of the loan written off by the lender is treated as forgiveness of debt (cancellation of debt). The taxpayer will generally receive a 1099 tax form from the lender in the amount of the cancellation of debt.

This forgiveness or cancellation of debt which is treated as "ordinary income" under certain circumstances may or may not be subject to taxation. Under the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) signed by the President on December 20, 2007, Internal Revenue Code §108(a)(1)(E) was added and provides that a taxpayer will not be taxed upon cancellation of debt income if the following conditions are met:

. The property sold in the short sale is the taxpayer's principal residence, as that term is used in IRC §121.
. The cancellation of debt is Qualified Principal Residence Indebtedness** under IRC Section 163(h)(3)(B).
. The indebtedness is discharged after January 1, 2007 and before January 1, 2013. (The end date was increased by three years from 2010 to 2013 pursuant to H.R. 1424, the Emergency Economic Stabilization Act of 2008).

**Qualified Principal Residence Indebtedness is a loan secured by the residence used to acquire, construct or substantially improve the residence. The income relief provided is capped at $1,000,000 in the case of a married person filing a separate return and $2,000,000 for all others.

Any reduction of indebtedness excluded by IRC §108(a)(1)(E) will be applied to reduce the basis of the taxpayer's principal residence, but not below zero. This could result in a higher amount of capital gains tax owed by the taxpayer.

Recently passed California law, SB 1055, conforms California Revenue and Tax Code Section 17144.5 to federal law with the following exceptions:

(1) The maximum amount of acquisition indebtedness is reduced to $800,000 for couples filing jointly and $400,000 for individual filers;

(2) The maximum amount of debt relief income that can be forgiven is $250,000 for couples filing jointly and $125,000 for individual filers; and

(3) California’s debt relief statute applies to property sold on or after January 1, 2007 and before January 1, 2009.

Finally, if the owner has owned the property for some time and has refinanced to take out some of the equity, the owner could be subject to capital gains taxation when selling the property as well. For example, the borrower has a remaining loan on the property when the borrower refinances in order to buy an investment property (or to buy a car, to take a vacation, consolidate credit card debt, etc.) and now owes $300,000 to the lender. Thus, the taxpayer's adjusted basis may be lower than the outstanding balance on the loan (see the example below).

The tax calculation would look like step one in calculating a foreclosure sale of recourse debt.

SHORT SALE

Example:

1. The unpaid balance of the loan is $300,000;

2. The sales price (FMV) is $250,000;

3. The taxpayer's adjusted basis in the property is $50,000.

Sales price (FMV $250,000) less taxpayer's adjusted basis ($50,000) results in capital gains for the taxpayer.

Sales Price (FMV)
$250,000

Less Adjusted Basis
$50,000

Capital Gains
$200,000

Additionally, the taxpayer will have ordinary income from the lender's write off of any debt, which in this example would be $50,000 (** See the discussion above in this question to determine whether or not this would be taxable)

Loan Balance
$300,000

Less Sales Price
$250,000

Ordinary Income
$50,000

TAX EXEMPTIONS

Q 10. Are there any other exemptions from the taxation of cancellation of debt income?

A Yes. There are four other circumstances, in addition to what was discussed in Question 9 where the taxpayer can get relief from taxation on cancellation of debt income:

(1) The taxpayer is insolvent (the taxpayer's debts exceed their assets, but the cancellation of debt is forgiven only to the extent of the insolvency);

(2) The debt is discharged as part of a bankruptcy proceeding;

(3) The debt discharged is qualified farm indebtedness; or

(4) The debt discharged is qualified business indebtedness.

For all of the above, any reduction in indebtedness will be applied to reduce the taxpayer’s basis in the property.

(26 U.S.C. §§ 108(a), 108(b), 108(c) and IRS publication 908.)

Note, however, it is likely that many taxpayers currently subject to cancellation of debt income will qualify for the insolvency exemption from taxation. Taxpayers should be advised to speak with their own tax advisors as to whether they meet the insolvency exemption.

Q 11. Are there any exemptions from the capital gains taxation in a foreclosure, deed in lieu of foreclosure or short sale if the property is a principal residence?

A Yes. If the sale, whether through a foreclosure or deed in lieu or short sale, generates capital gains and if the property was the seller's principal residence, the seller may be able to use the capital gains exclusion of $250,000 if single and $500,000 if married filing a joint return. This exclusion does not apply to ordinary income from cancellation of debt.

MISCELLANEOUS

Q 12. Which is better for an owner facing a distress sale: a foreclosure, a deed in lieu of foreclosure or a short sale?

A Any of these situations will impact the owner's credit negatively. Additionally, the owner may have a significantly different tax liability depending on the disposition of the property. Consequently, this is a question that the owner needs to discuss with their own tax advisor.

Q 13. What is a quick summary of these taxation rules?

Recourse Foreclosure/
Deed in Lieu
Nonrecourse Foreclosure/
Deed in Lieu
Short Sale

Capital Gains
FMV Less Adjusted Basis
Greater of FMV or Outstanding Debt Less Adjusted Basis
FMV Less Adjusted Basis

Ordinary Income
Outstanding Debt Less FMV *
No Ordinary Income
Amount of Debt Forgiven*

*No Ordinary Income if "Qualified Principal Residence Indebtedness" (**See the discussion in Question 9)

Q 14. Does California follow the debt relief rules set forth above?

A Recently passed California law, SB 1055, conforms California Revenue and Tax Code Section 17144.5 to federal law with the following exceptions:

1. The maximum amount of acquisition indebtedness is reduced to $800,000 for couples filing jointly and $400,000 for individual filers;

2. The maximum amount of debt relief income that can be forgiven is $250,000 for couples filing jointly and $125,000 for individual filers; and

3. California’s debt relief statute applies to property sold on or after January 1, 2007 and before January 1, 2009.

Q 15. Where can readers obtain more information on the subjects covered above?

A Information is available from a variety of sources, including:

. The Internal Revenue Service (IRS) (http://www.irs.gov/), which has detailed publications available for free on many tax related subjects.
. The IRS Tele-Tax system, which is an automated voice message information system with recorded information on many commonly asked tax questions. Tele-Tax can be reached by calling 800.829.4477.
. A tax professional, such as a certified public accountant, tax attorney, or enrolled agent.

This legal article is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.'s legal products and services, please visit C.A.R. Online at www.car.org.

http://www.car.org/legal/2008articles/taxation-foreclosures-shortsales/

Member Legal Services
Tel 213.739.8282
Fax 213.480.7724
October 9, 2008 (revised)

Copyright© 2008, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Permission is granted to C.A.R. members only to reprint and use this material for non-commercial purposes provided creditis given to the C.A.R. Legal Department. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved.

13,000 Pieces of Unopened Mail to be Returned to Bonny Doon Residents- Santa Cruz Sentinel Article

2008-11-03T09:16:00.000-08:00

By Shanna McCord - Santa Cruz Sentinel Staff Writer

Article Launched: 10/31/2008 08:21:00 AM PDT

BONNY DOON - Roughly 13,000 pieces of mail addressed to Bonny Doon residents were found stashed inside the van of a 78-year-old man who had spent eight years delivering mail in the San Lorenzo Valley, U.S. Postal Service officials said Thursday.
The mail was discovered by Scotts Valley police who came across the parked van last week. When they peeked inside the van, which had keys hanging in the door, they saw the bundles of mail - all unopened.
An investigation is under way by the U.S. Postal investigation division.
The mail will be returned to the proper recipients.
"The mail was never opened, just not delivered," said Gus Ruiz, spokesman for the Bay Valley Postal Service. "There was no breach of confidence here. No one's identity was compromised."
The most recent letters were dated 2006 and some were older, Ruiz said.
No complaints were ever made about the missed mail in the past couple of years, he said.
"We had no reason to suspect anything was wrong," Ruiz said.
The former mail carrier, a contract employee, quit working for the U.S. Postal Service in June.
It's not known what penalties, if any, he could be facing, Ruiz said.
Bonny Doon mail is delivered by a private citizen on contract rather than by an employee of the U.S. Postal Service.
Problems arose three years ago with unreliable mail service in the small Santa Cruz Mountains town. Back then, complaints were made about missing mail, wrong deliveries, late deliveries or none at all.
It's possible the undelivered mail discovered last week is related to the problems in 2005.
U.S. Rep. Anna Eshoo, D-Palo Alto, helped correct the problem in 2005 by instituting daily and weekly performance reviews of contract mail carriers.
Today, Aron Jones, postmaster for the Santa Cruz Post Office, will send the 1,100 Bonny Doon residents letters to alert them of the recovered mail.
"Because this mail has never been opened, we feel that your identity was never compromised," Jones wrote. "However, if you have reason to believe checks, financial statements or credit cards may not have been delivered, you may want to follow up with your bank or credit card company."
The mail is expected to be returned to the proper recipients by next week, Ruiz said.
If there is any financial fraud discovered related to this mail, residents can call the Postal Inspection Service at 408-938-4804 or 408-938-4803.

Contact Shanna McCord at 429-2401 or smccord@santacruzsentinel.com.

Invitation to the Bonny Doon Church Craft Faire

2008-10-31T08:53:00.000-07:00

Please be sure to attend the annual Bonny Doon Church Craft Faire on Saturday, November 8 from 10-4. See the flyer for more particulars. The first 5,000 people who mention my name will be allowed in for free, so be sure to mention my name!

Bonny Doon Denied Its Own Fire District-Santa Cruz Sentinel Article

2008-09-26T10:37:00.000-07:00

Bonny Doon denied its own fire district
By Shanna McCord - Sentinel staff writer

Article Launched: 09/23/2008 10:49:59 AM PDT

SANTA CRUZ - Bonny Doon will have to stick with County Fire and give up any hope of breaking away to establish its own fire district. Aspirations of many in the small Santa Cruz Mountains community were dashed Monday night when the Local Agency Formation Commission voted 4-3 to deny a proposal from some Bonny Doon residents to disconnect from County Fire and create an independent fire district financed with property taxes.
Commissioners Cliff Barrett, Bob Begun and Jim Anderson voted to support the Bonny Doon proposal while Jim Rapoza, Roger Anderson, Tony Campos and Ellen Pirie said such a move would be harmful to the entire county.
About 500 people showed up at LAFCO's public hearing, which ran until 10:30 p.m., at First Congregational Church on High Street to make their cases - 75 speakers nearly split between supporting the proposal and wanting it shot down.
In the end, commissioners sided with a LAFCO staff report that said a new fire department for Bonny Doon would jeopardize fire protection in other parts of unincorporated Santa Cruz County, causing an estimated $365,000 annual loss to the County Fire budget.
"The problem is it will come at the expense of Davenport, Corralitos or the Summit area," Pirie said. "We can't pretend that it's not the case and that it won't matter because it will matter. It will matter a lot. I just can't do it."
Bonny Doon resident and retired fire Chief Tom Scully disputed the facts presented in the LAFCO report, saying there was no basis for the $365,000 figure presented by LAFCO Executive Director Pat McCormick.
Scully, who has been working for Bonny Doon's fire fighting independence since 2006, said the area suffers from slow response times, lack of training for volunteer firefighters and poor equipment.
In addition, he said the community was hurt by Cal Fire's failure to dispatch Bonny Doon volunteer firefighters during the Martin Fire.
"This is about the small fire that could become big. It's about the child who suffers an asthma attack or the person who has a stroke," he said. "Each situation demands a life-saving emergency response, and we're willing to take the responsibility on ourselves."
Several Davenport residents said they feared their fire coverage would take a hit if the Cal Fire station on Swanton Road were forced to close in the aftermath of Bonny Doon creating its own.
"It's unconscionable any area be shorted on service," Ken Fein of Davenport said. "Someone will get service at the expense of someone else not getting service, that's not fair."
Kay Todd, a Swanton Road resident, agreed.
"A separate district is not the solution," she said. "It's wrong that we're being pitted against each other. We should find a better way."
There is no avenue to appeal LAFCO's decision.
However, Scully said he would welcome any effort by county supervisors, especially Neal Coonerty, Ellen Pirie and Tony Campos, to help Bonny Doon residents come up with an alternative solution.
"The county never offered any options for our proposal," Scully said.
"They like to ignore the issue and hope it goes away."

Contact Shanna McCord at 429-2401 or smccord@santacruzsentinel.com.

More on the Fannie Mae, Freddie Mac Takeover

2008-09-09T12:03:00.001-07:00

Curious about what happened during the days leading up to the dramatic seizure of mortgage giants Fannie Mae and Freddie Mac by the U.S. government?

Click here for a blow by blow of the final weeks before the takeover.

Courtesy of the New York Times

Breaking News: U.S. Gov't Takes Over Mortgage Giants

2008-09-08T10:35:00.000-07:00

Yesterday, in a dramatic turn of events, the United States government seized control of the Fannie Mae and Freddie Mac companies in an effort to truncate the mortgage giants' negative influence on global markets as the housing market flails.

This new plan puts the companies under a government conservatorship and replaces their management. In addition, "The plan also commits the government to provide as much as $100 billion to each company to backstop any shortfalls in capital. It enables the Treasury to ultimately buy the companies outright at little cost. It bans them from lobbying the government...." Both companies are also required to shrink their portfolios in the future, and the government intends to "buy significant amounts of their mortgage-backed securities on the open market, beginning with the purchase of $5 billion worth this month."

Stephen LaBaton and Edmund Andrews of the New York Times comment that, "[The takeover] could become one of the most expensive financial bailouts in American history, though it will not involve any immediate taxpayer loans or investments."

Click here to read the article in its entirety, including further details of the rescue plan and commentaries from presidential candidates and top investors.

Tax Credit for New Homebuyers!

2008-08-04T13:55:00.000-07:00

As part of the Housing and Economic Recovery Act of 2008 (H.R. 3221), the federal government is offering tax credits of up to $7,500 to new buyers between April 9, 2008 and June 30, 2009.

That's right. If you have not owned a house within the last three years and close escrow on a house before June 30th of next year--and that's any house--the IRS will cut either this or next year's tax bill by up to $7,500! The credit is intended to "jump-start housing sales and clear out unsold real estate inventories," according to Kenneth Harney at the Washington Post.

Keep in mind, however, that this particular tax credit does require that beneficiaries pay back the credit "starting in the second tax year after purchase and continuing for up to 15 years." In this way it is, in essence, an interest free loan.

For more details on the stipulations of this new credit and to find out if you are eligible, click here.

Email me to talk about purchasing a new home, or click here to see my current listings.

Foreclosure Relief Bill Becomes Law

2008-07-16T14:26:00.000-07:00

This week, the State Legislature enacted foreclosure reform law to address the adverse effects of high foreclosure rates in California.

The new law requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default.

It also requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties. The new law also extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply.

These requirements will remain in effect until January 1, 2013.

The full text of Senate Bill 1137 (Perata) is available at www.leginfo.ca.gov

Highlights of the new law are as follows:

Contact Between Lender and Borrower: Effective on or about September 8, 2008, a lender, trustee, or authorized agent may not file a notice of default until 30 days after contacting a borrower to assess the borrower's financial situation and explore options for avoiding foreclosure. A lender must generally contact the borrower in person or by telephone, or satisfy due diligence requirements for contacting a borrower. During the initial contact, the lender must inform the borrower of the right to request a meeting with the lender within 14 days. The lender must also give the borrower the toll-free number for finding a HUD-certified housing counseling agency. A subsequent notice of default must include the lender's declaration that it has contacted the borrower, tried with due diligence to contact the borrower, or the borrower has surrendered the property. A lender who had already filed a notice of default before the enactment of this law must include a similar declaration in the notice of sale. This requirement to contact borrowers applies to loans secured by owner-occupied residences made from 2003 to 2007. Certain exemptions apply if the borrower has filed for bankruptcy, surrendered the property, or contracted with a person or entity whose primary business is advising people, who have decided to leave their homes, on how to extend the foreclosure process and avoid their contractual obligations.

Maintenance of Vacant Properties: Effective July 8, 2008, anyone who acquires property through foreclosure must maintain the exterior of vacant residential property. Violations of this law include permitting excessive foliage growth that diminishes the value of surrounding properties, failing to take action against trespassers or squatters, failing to take action to prevent mosquitoes from breeding in standing water, or other public nuisances. This law authorizes a governmental entity to impose a civil fine up to $1,000 per day for any violation, as long as the owner has been given notice and an opportunity to remedy the violation. A violator must be given at least 14 days to begin, and 30 days to complete, such remediation before a fine can be assessed.

60-Day Notice to Terminate Tenants: Effective July 8, 2008, a tenant or subtenant in possession of a rental housing unit that has been sold through foreclosure is generally entitled to a 60-day written notice to quit, not just 30 days. However, a borrower who remains on the property after foreclosure may be served a three-day notice to terminate. This law does not affect, among other things, rent-controlled properties with just-cause evictions. Effective on or about September 8, 2008, the lender, trustee, or authorized agent posting a notice of sale must also post and mail a specified notice of a tenant's right to a 60-day eviction notice from the new owner, unless other laws apply. This requirement to notify tenants of their rights applies to loans secured by residential real property where the borrower has a different billing address than the property address.

New California Cell Phone Laws

2008-07-01T12:40:00.000-07:00

Today is July 1st, which means today is also the day that California's new Cell Phone Laws go into effect.

As of today, it is illegal to use a handheld wireless telephone while operating a motor vehicle. Motorists who are 18 and older may use a "hands-free device"--a Bluetooth or other earpiece--but those motorists who are younger than 18 may not use a handheld phone or a hands-free device at all.

For more detailed information about the new law and answers to Frequently Asked Questions, click here.

FIRE PROTECTION: What You Need to Know

2008-06-24T13:16:00.000-07:00

It has been a busy start to the fire season in California. In many of the fires where we have seen homes destroyed, there has been a lack of defensible space around the homes. This is the area within the perimeter of a parcel where brush clearance, emergency access, and other wildfire prevention measures must be maintained.

Recent changes in state law require that homeowners in certain high fire risk areas maintain defensible space clearance out to 100 feet from their home, expanded from the 30-foot firebreak that was already required.Even if you are not in a high fire risk area, it’s a good idea to create enough defensible space around your property to decrease the risk of fire.

Here is a link to the brochure of the CDF's guidelines for creating defensible space: http://fire.ca.gov/cdfbofdb/PDFS/4291finalguidelines2_23_06.pdf

For more information, the CDF website is http://www.fire.ca.gov/

Dump the Junk: Another Tip on Stopping Junk Mail

2008-06-24T12:22:00.000-07:00

Did you know that the average household receives 1.5 trees' worth of junk mail annually?

If you've ever wondered, as you tossed the unsolicited catalogs and direct mail materials directly into the recycling bin, if there is a way to stop this waste of paper, fuel, printing, etc., there is!

Simply log on to https://www.directmail.com/directory/mail_preference/ and opt out of direct mail lists at no cost.

Upcoming Event: Bonny Doon Art & Wine Festival

2008-06-03T14:15:00.000-07:00

This Saturday, June 7th, the Bonny Doon Community School Foundation is hosting the

6th Annual Bonny Doon Art & Wine Festival

from 1PM to 5PM

at the Bonny Doon Airport Gardens!

The Bonny Doon Community School Foundation (BDCSF) is hosting the 6th Annual Art and Wine Festival on Saturday, June 7th, from 1PM to 5PM. It will be held at the beautiful Bonny Doon Airport Gardens with over 20 wine tasting tables and over 40 auction items and demonstrations. A tasty array of gourmet treats and local musicians will also be adding to the fun festivities under the redwoods. Art works by featured artist Barbara Bailey-Porter and a beautiful collection of local artists' quality fine arts and crafts will be available for sale.

BDCSF holds this annual fundraiser to support programs at Bonny Doon Elementary such as music, art, assemblies, teacher training, developing a model science lab/classroom for the K-6 students, and growing the funds in our endowment.

Tickets are $25.00 in advance or $35.00 at the gate. Call for tickets and more information at 831-423-7728 or visit www.bonny-doon.info.

This year, the BDCSF has a goal of growing the endowment to $100,000. This is the largest event contributing to that goal, so mark your calendar!

One-Stop Web Surfing

2008-05-27T16:04:00.000-07:00

Check out www.allmyfaves.com

Talk about convenience!

The State of the Market: Not as Bad as You'd Expect?

2008-05-05T16:35:00.000-07:00

According to Market Watch,

"Top officials with the National Association of Realtors and Standard & Poor's, which issues the S&P/Case-Shiller Home Price Index, agreed this week their monthly reports are giving imprecise readings of price changes at all levels -- national, state and regional -- due to rare market conditions that are skewing survey results."

These "rare market conditions" include an anomalous trend in which sales of more expensive homes are dropping do to tighter lending restrictions and sales of less costly homes are spiking due to increased foreclosures. These phenomena combine to dramatically lower the national median home cost.

In addition, the S&P/Case-Shiller index tracks just 20 major markets in the country, making its data less than representative; and, the fact that the index has only been around since 2001 is good to keep in mind to keep some perspective when it issues reports using language such as "plunged by a record" and "fastest rate ever."

In the end, Chris Plummer reports that, according to the NAR's Chief Economist Lawrence Yun, "pockets of severe price declines in local markets are skewing figures. If homeowners want to determine their property's value, it's never been more critical to take the measure of recent sales by home-price level in their town or city neighborhood."

For a free report to determine the value of your home based on local market conditions, contact me directly at frank@frankmurphy.net or 831-457-5550.

To read the article in its entirety, click here.

Fed Rate Cut Predicted

2008-04-28T16:28:00.000-07:00

The monetary policy meeting of the Federal Reserve is just two days away, and many predict that the institution is likely to cut the short-term interest rate once again, from 2.25%to 2%.

This would be the seventh time that the rate has been lowered since August, and would signal that a recession is still a strong possibility this year.

Although the stock market is doing relatively well at the moment, soaring prices for oil and food have fostered a growing fear of imminent recession.

In addition, as Steven Weisman of the New York Times reminds us, "A tricky aspect of the Fed’s decision is that the impact of whatever it does may not be felt for more than six months. Many economists say it takes at least that long for interest rate cuts to have an economic effect."

In the end, one major issue that the Fed will battle over is the need to take care of inflation versus the need to ward of a recession.

Click here to read Weisman's article in its entirety.

FYI: Request for Reappraisal in Santa Cruz County

2008-04-09T16:31:00.000-07:00

Santa Cruz Association of REALTORS®
Email Ed
Week of April 7, 2008

REQUEST FOR REAPPRAISAL OF HOME IN SANTA CRUZ COUNTY

When the taxpayer in Santa Cruz County believes he/she is being over assessed this form may be submitted to the Assessor's Office so that the current assessed values may be reviewed. For more information see the County’s brochure entitled Prop 8 Reductions under Tax Cycle Information.

Note: If you are unable to open the link to the Request for Reappraisal form simply copy and paste the link below into your browser.

http://sccounty01.co.santa-cruz.ca.us/asr/forms/taxform10.pdf