70 State Parks Slated to Close in California

The What:

Governor Jerry Brown announced today the closing of 70 State parks in California. Ba-stateparks08__0502926571_part6

Voters had a chance to save the parks back in November when proposition 21 was on the state ballot.

It would have imposed an $18 vehicle registration fee to provide a windfall of cash for ailing parks. The measure would have provided for $500 million a year as a new permanent funding source for parks, protected from the year-to-year roller coaster of the state’s general fund.

But voters gave the measure a strong thumbs-down.

It failed 58 to 42 percent, winning in only 10 of California’s 58 counties, nearly all of them in the Bay Area.

The Where:

So what parks will be closing?

  • Anderson Marsh SHP
  • Annadel SP
  • Antelope Valley Indian Museum
  • Austin Creek SRA
  • Bale Grist Mill SHP
  • Benbow Lake SRA
  • Benicia Capitol SHP
  • Benicia SRA
  • Bidwell Mansion SHP
  • Bothe-Napa Valley SP
  • Brannan Island SRA
  • California Mining & Mineral Museum
  • Candlestick Point SRA
  • Castle Crags SP
  • Castle Rock SP
  • China Camp SP
  • Colusa-Sacramento River SRA
  • Del Norte Coast Redwoods SP
  • Fort Humboldt SHP
  • Fort Tejon SHP
  • Garrapata SP
  • George J. Hatfield SRA
  • Governor’s Mansion SHP
  • Gray Whale Cove SB
  • Greenwood  SB
  • Grizzly Creek Redwoods SP
  • Hendy Woods SP
  • Henry W. Coe SP
  • Jack London SHP
  • Jug Handle SNR
  • Leland Stanford Mansion SHP
  • Limekiln SP
  • Los Encinos SHP
  • Malakoff Diggins SHP
  • Manchester SP
  • McConnell SRA
  • McGrath SB
  • Mono Lake Tufa SNR
  • Morro Strand SB
  • Moss Landing SB
  • Olompali SHP
  • Palomar Mountain SP
  • Petaluma Adobe SHP
  • Picacho SRA
  • Pio Pico SHP
  • Plumas-Eureka SP
  • Point Cabrillo Light Station
  • Portola Redwoods SP
  • Providence Mountains SRA
  • Railtown 1897 SHP
  • Russian Gulch SP
  • Saddleback Butte SP
  • Salton Sea SRA
  • Samuel P. Taylor SP
  • San Pasqual Battlefield SHP
  • Santa Cruz Mission SHP
  • Santa Susana Pass SHP
  • Shasta SHP
  • South Yuba River SP
  • Standish-Hickey SRA
  • Sugarloaf Ridge SP
  • Tomales Bay SP
  • Tule Elk SNR
  • Turlock Lake SRA
  • Twin Lakes SB
  • Weaverville Joss House SHP
  • Westport-Union Landing SB
  • William B. Ide Adobe SHP
  • Woodson Bridge SRA
  • Zmudowski SB

The When:

Expect the closures to begin in September, with all 70 closings completed by July 2012.

Case-Shiller Reports Measureable Home Price decline in October 2010

I was awakened from my long winter nap by the predictable sensational reporting of the latest Case-Shiller home price indices.

The latest press release by Standard and Poor’s states:

New York, December 28, 2010 – Data through October 2010, released today by Standard & Poor’s for

Home Price Indices, the leading measure of U.S. home prices, show a deceleration

in the annual growth rates in 18 of the 20 MSAs and the 10- and 20-City Composites in October

compared to what was reported for September 2010.  The 10-City Composite was up only 0.2% and the

20-City Composite fell 0.8% from their levels in October 2009. Home prices decreased in all 20 MSAs

and both Composites in October from their September levels. In October, only the 10-City Composite

and four MSAs – Los Angeles, San Diego, San Francisco and Washington DC – showed year-over-year

gains. While the composite housing prices are still above their spring 2009 lows, six markets – Atlanta,

Charlotte, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to

Fall in 2006 and 2007, meaning that average home prices in those markets have fallen beyond the recent

lows seen in most other markets in the spring of 2009.

The index showed a decline in the Bay Area from October to September’s numbers but a year-over-year increase for the same period.

What does this mean? It means that compared to last year home values are up in the San Francisco MSA (metropolitan statistical area) which includes San Francisco down to Redwood City. It also means that the values dropped from September to October. How much? 1.9% to be exact. Not what I would call earth shattering  and I certainly wouldn’t describe it as one of our local TV stations did as “Bay Area Prices Plummet”.

Later in the evening a competing station had the headline “Bay Area Prices up”, referring to the year over year statistic.

Neither news headline tells the whole story.

The much ballyhooed double dip in fact did occur but it was much more pronounced in other parts of the country and more akin to a glitch than a dip—and likely it was caused by the cessation of government subsidies which helped to prop up home values in 2009.

 

SF MSA

Case-shiller October 2010

 

The information contained in this newsletter is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario. 

 

Belmont and the Bay Area Peninsula Housing Downturn

If you’re wondering where the housing downturn is headed in Belmont you can get a good indication by these two snap shots taken for the month of March 2007 and 2009.

We use 2007 as a benchmark since it was the last year where the impact of the housing crises had not yet been realized in our market.

Here are some startling yet revealing statistics:

The far right column of this chart says it all. Every indicator in red illustrates a deterioration of the seller’s market which has prevailed for so long.

You may notice that even though larger homes sold in 2009 the median price still dropped $161,500 in 2009. Adjusting for this, the real median price drop is actually $252,850 or 26%.

Today, on average it will take almost three times as long to sell a home in Belmont; when you do sell you are likely to receive under you asking price. In fact statistically you no longer have any chance of getting over your asking price and the odds of getting less than your asking price has increased by 50%. Sellers now receive on average only 96% of what they ask for their home compared to over 103% in 2007. In real dollars that translates into a swing of $52,000.

In the end, this much anticipated market correction will produce a more stable real estate market. Affordability is increasing and eventually sales will increase as buyers feel more optimistic about the future, including job security and housing stability.

Considering the drop in value we are experiencing, for sellers who are debating a moving out of the area, sooner rather than later will probably produce a better result. In all likelihood it will be many years before inflation drives price points back to levels seen in 2007.

A down market is typically an attractive time for sellers who are thinking of a move up. The logic behind this is a more expensive home is less in real dollars–and also saves you thousands of dollars in property taxes over the life of your ownership. Our current market also includes attractive Interest rates that are at historic lows, though Jumbo loans are not enjoying the full benefit of the government’s intervention.

Buyers who have stable jobs and are planning to live in their first home for five years or more are benefitting the most from the current conditions. Prices are at a low not seen in years, interest rates are at historic lows, the government is paying them $8,000 to buy a home this year, multiple offers are for the most part non-existent and the high inventory levels means there are a lot of homes to choose from.

In every market, there are opportunities. If you would like advice on how to make the most of our current economic climate give us a call at (650) 508-1441.

*Data retreived from the MLS

The information contained in this post is educational and intended for informational purposes only. It does not constitute legal or tax advice, nor does it substitute for legal or tax advice.

Which Way is the Wind Blowing in Belmont?

WHICH WAY IS THE WIND BLOWING IN BELMONT?

Belmont Hallmark View

There are a many hot topics in Belmont that can cause the debate around water coolers to boil over, though normally our weather isn’t one of them. Being nestled between the Pacific Ocean and the San Francisco Bay keeps the weather in Belmont relatively cool in the hot summer months and mild the rest of the year.

But what about the so-called microclimates we hear so much about? Having personally lived in three distinct neighborhoods in Belmont we noticed each one benefited from individualistic weather nuances.

If one were to drive around Belmont in a convertible, on a motorbike or bicycle on a summer day they’d no doubt experience dramatic variations in temperature from one neighborhood to another; for those who live and work in Belmont it comes as no surprise to find the temperature in one part of Belmont completely different from another. These so called “microclimates” exist all over the Peninsula but in some cities such as Belmont, they are found within the city itself.

Back in the day before air-conditioning, choosing a mild climate was key to comfortable summers. In the 1860’s, William Chapman Ralston picked a strategic place in Belmont to call home when he bought Count Cipriani’s chateau on what is now Ralston Avenue. Located near the bustling downtown section of Belmont, yet secluded inland far enough to be protected from the cooler San Francisco Bay winds, this area today remains known for its superior microclimate.

Other microclimates can be found elsewhere in Belmont such as in the hills overlooking the bay. These higher elevations are affected two fold; by more exposure to the wind and their inherent altitude. Also referred to as the “lapse rate”-for every 1,000 feet in elevation, temperatures are around 3.5 degrees lower. So it stands to reason that a home up in Belcrest Gardens or Belmont Heights near Highway 92 would be slightly cooler than a home in Sterling Downs. It’s not just elevation which accounts for the differential in temperatures. Microclimates created by the shelter of a hillside, ravine or eastern exposure can provide a protected environment free from cool afternoon winds which can drop temperatures as much as 20 degrees in the course of just a few hours.

The temperature in Belmont peaks most days in the afternoon and has cooled considerably by early evening. Want to know what time of day is typically the warmest? On average it’s 2:10 in the afternoon.

Belmont is a city with mild seasons and is ideally situated between Silicon Valley and San Francisco with easy access to three international airports. Once you’ve found Belmont, you’ve found home!

 

weatherstation_pic*Our NOAA registered weather station is located at our home in Belmont and provides real-time weather reports. You can find our Belmont Weather station by clicking here!

 

 

 

 

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441.

The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.

© D. Morgan, 2007