New Listing! Engulfed by the Forest

1912 Nugget Drive, Felton, CA 95018 For Sale $435,000 For more photos and detailed information, please visit: www.1912Nugget.com      Home    Full Details    Photo Tour    Virtual Tour    Image Library    Property Documents    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 1912 Nugget Drive Nicely maintained and cared for home. New asphalt driveway, new retaining wall, etc. Mom lived here for years and it is time for a new family to take over. Soaring LR ceiling, big bath room with clawfoot tub and stall shower. Large parcel of almost 1/2 acre. Your own woods for the kids to play in. Forest Lakes has some nice amenities as well. www.1912Nugget.com Features Bedrooms: 2 Bathrooms: 1½ Area: Felton Sq. Ft.: 1,161 Lot Size: 21,431.5 Sq Ft Year Built: 1977 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     Powered by AgencyLogic

Happy New Year!

2013 

The Frank Murphy Team wishes you all the best for the coming  year! 

Sales Volume Up

Santa Cruz County median home price in November: $510,000

By Jondi Gumz - Santa Cruz Sentinel

Posted:   12/27/2012 07:07:23 PM PST

SANTA CRUZ -- How much home can you buy for $500,000 in Santa Cruz County?

In November, it was enough to buy a two-bedroom home on Santa Cruz's Westside, a four-bedroom Colonial in Ben Lomond with a creek in the backyard or a three-bedroom home in Soquel. All three sold last month after the owners dropped their asking prices.

November saw the most sales in eight years, according to Gary Gangnes of Real Options Realty, who tracks the numbers. This year, the number of sales has topped 2,800, according to the Santa Cruz Record, surpassing the 2007 peak of 2,650 transactions before crashing to 2,160 in 2008.
The median price in November, the midpoint of 171 sales, was $510,000.

The price for 1725 Escalona Drive was initially $519,000. The sellers came down, and the couple making an all-cash offer got a home for their son who plans to attend UC Santa Cruz, said Jill Newgren of David Lyng Real Estate.

The price for 282 Hart Lane in Ben Lomond was $549,000 before the sellers dropped the price, attracting multiple offers. Seb Frey of Thunderbird Real Estate said his clients got the house after writing a letter to the sellers explaining why this house was perfect for them and they were willing to wait out the short sale process.

The asking price for 1661 Franky Court in Soquel was $525,000 in October, and the longtime owner agreed to accept less. Gangnes pointed out signs of a recovering market: The median price has topped $500,000 for five straight months after 18 months of mostly being in the $400,000 range. For 14 of the last 15 months, sales have been higher than what they were a year ago. Traditionally this is a slow time for real estate due to the holidays, but Newgren, who handled two sales in November and two in December, pointed out, "People who are looking are people who want to buy."

Listings have been shrinking for 22 months. As of the first week in December, there were 598 listings, down from 813 a year ago and 887 two years ago.

"We have eight active buyers and nothing to sell them," said Ruth Bates of Thunderbird Real Estate. "If you think your home is worth between $500,000 and $700,000, Santa Cruz to Aptos, you will have multiple offers in first two weeks guaranteed."

She helped buyers close on 520 Quail Run in Aptos for $500,900 in November.
The five-bedroom home was a short sale, where the home is worth less than what is owed. The deal was in escrow 271 days, requiring three appraisals and approval by Bank of America and Chase. The sellers got $18,000 in relocation benefits.

Bates said her clients, who have a 3-year-old and a 18-month-old, had been looking for three years and submitted a letter about their family with their counter-offer.

"Do not be afraid of short sales," she said. "You can get good deals if you are willing to hang in there."

She encouraged homeowners with a distressed property to consider a short sale.
"The banks are offering nice financial incentives now," she said.

With listings down and sales up, the unsold inventory index dropped to 3.5 months, the lowest since June 2005, according to Gangnes. The index shows how long it would take to deplete the current inventory of homes for sale at the current sales rate. Generally when the index falls below six months, prices tend to rise.

Foreclosures are declining but they remain a factor in comparable sales. More than 1,000 homeowners in the county have gotten a default notice for not paying their mortgage this year, a sizeable number, but down from 1,400 a year ago. Sales involving bank-owned homes or short sales have declined but haven't gone away. These distress sales comprised 30 percent of single-family sales and 25 percent of condo sales in November. Bates said it's more common for investors to buy homes at foreclosure auctions, improve and re-sell them.

At a glance

CLOSE TO THE MEDIAN

City of Santa Cruz
1725 Escalona Drive, $500,000
119 Palmetta St., $510,000
223 Roosevelt Terrace, $515,000
670 Market St., $529,000
316 Stanford Ave., $530,000

Santa Cruz County

282 Hart Lane, Ben Lomond, $499,000
1661 Franky Court, Soquel, $499,000
520 Quail Run, Aptos, $500,900
120 Kent Court, Scotts Valley, $520,000
228 Treasure Island Ave., Seacliff, $520,000

Lowest

1203 Country Club Drive Ben Lomond, $40,000
11790 Highway 9, Brookdale, $110,000
635 Boulder Brook Drive, Boulder Creek, $120,000
141 Orchard Drive, Boulder Creek, $155,000
911 Redwood Drive, Aptos, $180,000

Highest

109 Fanmar Way, Capitola, $1.625 million
500 Bear Valley Road, Aptos, $1.755 million
348 Kingsbury Drive, Rio Del Mar, $1.8 million
50 Hillview Way, La Selva Beach, $2.125 million
1441 San Andreas Road, LaSelva Beach, $4.685 million
SOURCE: Real Options Realty

November 2012 statistics

Single-family homes

Median price: $510,000 ($410,000 a year ago, $536,000 in 2010; $550,000 in 2009; $433,000 in 2008 and $740,000 in 2007)
Listings: 598 (813 a year ago, 887 in 2010; 779 in 2009)
Sales volume: 171 (135 a year ago, 119 in 2010, 140 in 2009)
Distressed: 20 bank-owned, 31 short sales
Unsold Inventory Index: 3.5 months (6 months a year ago, 7.5 months in 2010)
Average price: $593,570 ($460,725 a year ago)

Condos

Median price: $320,000 ($232,620 a year ago, $287,700 in 2010, $310,000 in 2009, $297,000 in 2008, and $497,500 in 2007)
Listings: 193 (246 a year ago, 248 in 2010, 206 in 2009)
Sales volume: 43 (34 a year ago. 20 in 2010, 29 in 2009)
Distressed: 8 bank-owned, 7 short sales
Unsold Inventory Index: 5.4 months (7.2 months a year ago, 12.4 months in 2010)
Average price: $371,814 ($266,325 a year ago)
SOURCE: Real Options Realty

Real Estate: Find Opportunity Next Year

Real Estate: Find Opportunity Next Year 

By Carla Fried, CNN Money

 

  http://money.cnn.com/2012/12/01/real_estate/housing-outlook-2013.moneymag/index.html

 

After five years of tumult, order and opportunity are finally being restored to the housing market.

Home prices are expected to rise a modest 1% from the fourth quarter of this year to the end of 2013, according to the real estate research firm Fiserv. David Stiff, Fiserv's chief economist, notes that after some choppiness early on, prices should increase 3.4% from the second quarter of 2013 to the second quarter of 2014. In hotter regions out West, you can expect bigger gains.

"Housing is finally turning the corner," Stiff says. "There is no reason to be fearful of further large price declines."

This creates a new playing field for homeowners, who are finally able to sell, as well as would-be buyers who've been delaying a purchase in anticipation that prices would keep falling. The Mortgage Bankers Association forecasts that more and more house hunters will start coming off the sidelines, with new-home loans for purchases expected to jump 55%, based in dollars, in 2013.

With that increased competition, "the days of buyers sticking it to sellers are over," says Salt Lake City real estate agent Tracie Peay.

Sellers: Don't get too excited just yet. You don't have a vise-like grip on this market either. Indeed, for many, it still makes sense to wait to get better prices. This is especially true if you know that you won't be able to break even on your investment by unloading your house now, once you factor in the sales commission and other costs. That said, don't assume that prices will be off to the races again in a year or two.Fiserv forecasts that between now and 2017, homes will gain 3.3% a year in value. That's hardly red-hot. But at least the market isn't frozen anymore.

THE ACTION PLAN

Sellers

The price still has to be right

Homes in many markets are selling in a matter of weeks, often attracting multiple bids -- but only the ones that are properly priced. Take San Francisco. Although the city is one of the strongest sellers' markets right now, the average home there goes for 103% of list price, not 120%.

"Buyers aren't going down the road that got so many people in trouble during the bubble," says Dallas real estate agent Mary Beth Harrison.

Focus on the appraisal

Whoever bids on your home will probably finance the purchase. That means any deal is still beholden to a third party.

"You can take the highest offer, but at the end of the day the appraiser has the final say on the value of the home," says David Howell, chief information officer at McEnearney Associates, a real estate agency in the D.C. metro area.

With so much riding on the appraisal -- it can kill an agreement or require renegotiation -- your agent should be present. Harrison has a tip for making sure this happens: "The minute we have an offer, we take the keys off the door to make sure the appraiser has to meet us to get in."

Your agent should also prep a package of pertinent information for the appraiser, says Chicago real estate agent Fran Bailey. That includes the latest comparable sales data and documents detailing any upgrades or renovations to help the seller's cause. "It's part of my job to make sure the appraiser has the correct information," she says.

Buyers

Be ready to deal

With competition heating up, casual house shopping isn't going to cut it anymore. If you are serious about making a move, be prepared: Three months out. Despite housing's green shoots, getting a mortgage remains incredibly tough. The average FICO credit score for recently denied applications on conventional purchase loans was 729. The score on approved mortgages was 762, with a 21% down payment, monthly payments equal to 21% of household income, and total debt that did not exceed 33% of income.

On the bubble with any of those requirements? Now's the time to burnish your finances. And if you plan to house hunt in the spring, watch your holiday spending.

Deal time. "If you want to buy, you have to be ready to make an offer," says Howell. Plus, your first offer should be very close to your best. "If the house has been on the market for three months or longer, you can be more aggressive," says Bailey. "But if it's a new listing, a low-ball bid will get you ignored."

 

US Home Sales at a High

US home sales surge to

 three-year high

'Encouraging' report reveals sales up 5.9 percent last month

By Christopher S Rugaber 

Associate Press

WASHINGTON-U.S. Sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates. The report was the  latest sign of a sustained recovery in the housing market.

The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. that's up from 4.76 million in October.

Previously occupied home sales are on track for their best year in five years. November's sales were the highest since November 2009, when a federal tax credit that was soon to expire spurred sales. Excluding that month, last month's sales were the highest since July 2007.

Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.

"The report is encouraging, and the positive momentum established in the housing market during 2012 appears likely to continue in 2013," Michael Gapen, an economist at Barclays Capital, said in an email.

Hurricane Sandy delayed some sales in the Northeast, the Realtors' group said. Those delayed purchases will likely close in the coming months, though the increase will be modest, the group said. 

Even so, sales rose 6.9 percent in the Northeast last month compared with October. Sales increases 7.2 percent in the Midwest, 7.9 percent in the South and 0.8 percent in the West.

Job growth and low home-loan rates have helped drive purchases. Prices are also rising, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may buy their home on the market if they feel confident they can sell at a good price.

In addition, the excess supply of homes that built up during the housing bubble has finally thinned out. the number previously occupied homes available for sale fell to nearly an 11-year low in November.

Santa Cruz Sentinel 12/21/12

This Month in Real Estate

The annual Frank Murphy Team Client Appreciation Pie Giveaway was a huge success! 60 pies were given away this year; 6 of those pies were generously donated to the New Life Community Services Thanksgiving dinner event. Thank you for your continued trust and support. December 2012  Market Update While the national housing market is improving, there are still signs that indicate we are not yet experiencing a full-force recovery. Credit standards are still tight. There are millions of homeowners in some stage of foreclosure or default, while millions of others still owe more than their homes are worth. As long as the economy continues to strengthen, the housing market will move toward the recovery we have been waiting for. However until the recovery is fully realized, we must remain aware that if the economy weakens again, the housing market could relapse. The Federal Housing Administration announced that as a result of so many mortgage delinquencies, it might have to exhaust its reserves, which could result in the FHA needing to rely on taxpayer funds for the first time in its 78-year history. A government bailout of this magnitude could possibly weaken the economy, but the U.S. Treasury will not make a decision until next February. Considering the current, stringent mortgage underwriting standards, it’s important to know how credit scores work; improving your credit score will increase your likelihood of obtaining financing. NAR President Gary Thomas states, “Record-low mortgage interest rates shouldn’t be taken for granted.” Buying a home now is favorable for those that want to take advantage of interest rates while they are at historic lows. Home Sales In Millions Home sales were up 2.1% this month to a seasonally adjusted rate of 4.79 million units, a 10.9% increase from last year. NAR Chief Economist Lawrence Yun mentions that Hurricane Sandy had some impact on sales figures this month. He states, “Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country. We expect an impact on Northeastern home sales in the coming months from a pause and delay in storm-impacted regions." Distressed homes (which include short sales and foreclosures that traditionally sell for 15%–20% less on average compared to nondistressed homes) accounted for 24% of October sales, unchanged from the previous month; they were 28% in September 2011. The amount of distressed properties are high by historic standards, regardless of their seemingly stable percentages. Home Price In Thousands The median home price fell again in October to $178,600, compared to the previous month’s median price of $183,900. Home prices are up 11.1% from a year ago, which marks the eighth consecutive month of year-over-year price gains, which hasn’t been seen since October 2005. Inventory- Month's Supply In Months Housing inventory fell 1.4% from Septembers to 2.1 million existing homes available for sale, representing a 5.4-month supply. Inventory levels are down 21.9% from last year’s 7.6-month supply, which is the lowest supply since February 2006. Source: National Association of Realtors Interest Rates Interest rates this month continue to decline at or around 3.34%, reaching record lows. NAR President Gary Thomas states, “Even with rising home prices, we’ll continue to see favorable housing affordability conditions over the coming year, but they won’t last forever. Inflationary pressures are expected to build during the next two years. As a result, mortgage interest rates will also rise with inflation. Buyers who are currently held back by tight mortgage credit standards should work to improve their credit scores, so they'll be able to qualify for a mortgage while conditions are still favorable.”   This Month's Video 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! 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	Contact me, your local real estate expert, for information about what's going on in our area. Frank Murphy Keller Williams Realty 831-457-5550 Frank@FrankMurphy.net DRE License #01014048
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report. The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources.  You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion.  Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind.  All information presented herein is intended and should be used for educational purposes only.  Nothing herein should be construed as investment advice.  You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.  All investments involve some degree of risk.  Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Why vote? The marketing dynamics of apathy

Why vote? The marketing dynamics of apathy

Article by Seth Godin

Here's what political marketers learn from people who don't vote:
Nothing.

If you don't vote because you're disappointed with your choices, disgusted by tactics like lying and spin, or merely turned off by the process, you've opted out of the marketplace.

The goal of political marketers isn't to get you to vote. Their goal is to get more votes than the other guy. So they obsess about pleasing those that vote. Everyone else is invisible.

Steakhouses do nothing to please vegetarians who don't visit them, and politicians and their handlers don't care at all about non-voters.

The magic of voting is that by opting in to the system, you magically begin to count. A lot.
If you don't like negative ads, for example, then vote for the candidate who ran even 1% fewer negative ads. Magically, within a cycle or two, the number of negative ads begins to go down.

One reason that people don't vote (a real, usually unspoken reason) is that they don't want to feel responsible for the person who wins. The other reason is that they don't want to live with the disappointment of voting for someone who loses. Both of these reasons ignore the marketing reality: not voting doesn't make marketing or politics go away. It merely changes the person the marketers are trying to please.

Vote tomorrow. Bring a friend. If enough smart people start voting again, things will improve, because billions of dollars in political marketing will suddenly be trying to please you.

New Listing! Top of the World Views

333 Felicidad, Soquel, CA 95073 For Sale $1,400,000 For more photos and detailed information, please visit: www.333Felicidad.com      Home    Full Details    Photo Tour    Virtual Tour    Image Library    Property Documents    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 Unique opportunity to own this beautiful hilltop oasis! Breathtaking Bay views including the Monterey peninsula and beyond. Sunrise and sunset views to die for. Zoned for horses, huge open meadow, end of the road privacy! www.333Felicidad.com Features Bedrooms: 5 Bathrooms: 3 Area: Soquel Style: House Sq. Ft.: 3,098 Lot Size: 4.745 Acres Year Built: 1975 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     Powered by AgencyLogic

New Listing!

306 Mott Ave., Santa Cruz, CA 95062 For Sale $450,000 For more photos and detailed information, please visit: www.306mottave.com    Home    Full Details    Photo Tour    Virtual Tour    Image Library    Property Documents    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 Build your dream beach retreat in this magical neighborhood, just steps to expansive Castle Beach! www.306mottave.com Features Bedrooms: 1 Bathrooms: 1 Area: Castle Beach / Seabright Style: Beach Cabin Sq. Ft.: 440 Lot Size: 1786 Year Built: 1929 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 Powered by AgencyLogic