| Home sales dropped 11.3%, after having been up year-over-year for the previous four months. The median price for single-family, re-sale homes in Santa Cruz County was down 21.9% year-over-year, while the average price declined 8.4%. | Coastal Commission Changes The California Coastal Commission is undergoing a makeover, with the changes potentially giving the Arana Gulch plan a boost and holding future implications for two major issues in Santa Cruz: the proposed desalination plant and the beachfront La Bahia Hotel. In the past few weeks, Gov. Jerry Brown and state lawmakers have appointed several new commissioners, including a former Ventura mayor and the first member from Del Norte County. While they haven't yet met as a group, the new members' collective track records are solidly pro-environmental. But it is who they replaced that has backers of Arana Gulch quietly optimistic. Two members who voted against the project are gone, replaced by television producer Dayna Bochco and Marin County Supervisor Steve Kinsey. MORE | What You Should Know about Appraisals Understanding how appraisals work will help you achieve a quick and profitable refinance or sale. MORE
| Real Estate News After stumbling in February, sales of existing homes rose 3.7 percent in March from the month before, according to a National Association of Realtors report released April 20th. Completed sales of existing single-family homes, townhomes, condominiums and co-ops fell 6.3 percent compared to March 2010—when a federal homebuyer tax credit program elevated sales—to a seasonally adjusted annual rate of 5.1 million units. "With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain—primarily because some buyers are finding it too difficult to obtain a mortgage," said Lawrence Yun, NAR's chief economist, in a statement. He said the generally upward trend in monthly existing-home sales suggests the housing market is "clearly on a recovery path." The median price for existing homes nationwide fell 5.9 percent year-over-year in March, to $159,600. Distressed properties, typically sold at a discount, made up 40 percent of sales last month, compared with 35 percent in March 2010. | | The Economy New home sales rose 7.3% in April to a seasonally adjusted annual rate of 323,000 units from an upwardly revised rate of 301,000 units in March. Economists had expected a pace of 300,000 units in April. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending May 20 rose 1.1%. Refinancing applications increased 0.9%. Purchase volume rose 1.1%. Orders for durable goods—items expected to last three or more years—fell 3.6% in April after a revised 4.4% increase in March. Excluding volatile transportation-related goods, orders posted a monthly decrease of 1.5%. The Commerce Department announced that gross domestic product—the total output of goods and services produced in the U.S.—increased at an annual rate of 1.8% in the first quarter of 2011. This follows a 3.1% pace of growth in the fourth quarter of 2010. Retail sales fell 1% for the week ending May 21, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.1%. Pending home sales, a forward-looking indicator based on signed contracts, fell 11.6% in April after a 5.1% increase in March. On a year-over-year basis, pending sales are down 26.5%. | | Lending News: Mortgage rates ease for first time in a month New home sales rose 7.3% in April to a seasonally adjusted annual rate of 323,000 units from an upwardly revised rate of 301,000 units in March. Economists had expected a pace of 300,000 units in April. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending May 20 rose 1.1%. Refinancing applications increased 0.9%. Purchase volume rose 1.1%. Orders for durable goods—items expected to last three or more years—fell 3.6% in April after a revised 4.4% increase in March. Excluding volatile transportation-related goods, orders posted a monthly decrease of 1.5%. The Commerce Department announced that gross domestic product—the total output of goods and services produced in the U.S.—increased at an annual rate of 1.8% in the first quarter of 2011. This follows a 3.1% pace of growth in the fourth quarter of 2010. Retail sales fell 1% for the week ending May 21, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.1%. Pending home sales, a forward-looking indicator based on signed contracts, fell 11.6% in April after a 5.1% increase in March. On a year-over-year basis, pending sales are down 26.5%. | | Local Market Stats Market Barometer: 
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| | Contact me: email: walter@831.com | phone: 831.246.4663
Walter Stauss / Lifestyles Real Estate
500 Seabright Avenue
Santa Cruz, California 95062
US
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Understanding how appraisals work will help you achieve a quick and profitable refinance or sale. 1. An appraisal isn’t an exact scienceWhen appraisers evaluate a home’s value, they’re giving their best opinion based on how the home’s features stack up against those of similar homes recently sold nearby. One appraiser may factor in a recent sale, but another may consider that sale too long ago, or the home too different, or too far away to be a fair comparison. The result can be differences in the values two separate appraisers set for your home. 2. Appraisals have different purposesIf the appraisal is being used by a lender giving a loan on the home, the appraised value will be the lower of market value (what it would sell for on the open market today) and the price you paid for the house if you recently bought it.
An appraisal being used to figure out how much to insure your home for or to determine your property taxes may rely on other factors and arrive at different values. For example, though an appraisal for a home loan evaluates today’s market value, an appraisal for insurance purposes calculates what it would cost to rebuild your home at today’s building material and labor rates, which can result in two different numbers.
Appraisals are also different from CMAs, or competitive market analyses. In a CMA, a real estate agent relies on market expertise to estimate how much your home will sell for in a specific time period. The price your home will sell for in 30 days may be different than the price your home will sell for in 120 days. Because real estate agents don’t follow the rules appraisers do, there can be variations between CMAs and appraisals on the same home. 3. An appraisal is a snapshotHome prices shift, and appraised values will shift with those market changes. Your home may be appraised at $150,000 today, but in two months when you refinance or list it for sale, the appraised value could be lower or higher depending on how your market has performed. 4. Appraisals don’t factor in your personal issuesYou may have a reason you must sell immediately, such as a job loss or transfer, which can affect the amount of money you’ll accept to complete the transaction in your time frame. An appraisal doesn’t consider those personal factors. 5. You can ask for a second opinionIf your home appraisal comes back at a value you believe is too low, you can request that a second appraisal be performed by a different appraiser. You, or potential buyers, if they’ve requested the appraisal, will have to pay for the second appraisal. But it may be worth it to keep the sale from collapsing from a faulty appraisal. On the other hand, the appraisal may be accurate, and it may be a sign that you need to adjust your pricing or the size of the loan you’re refinancing.
For More InformationPlease contact me if you'd like more information about our community or real estate market: Walter Stauss, Lifestyles Real Estate500 Seabright Avenue, Santa Cruz, California 95062Cell: 831.246.4663, Email: walter@831.com, Web: http://www.831.com DRE #01105052
Coastal Commission makeover could signal change in outlook on Santa Cruz projects
SANTA CRUZ - The California Coastal Commission is undergoing an extreme makeover, with the changes potentially giving the Arana Gulch plan a boost and holding future implications for two major issues in Santa Cruz: the proposed desalination plant and the beachfront La Bahia Hotel. In the past few weeks, Gov. Jerry Brown and state lawmakers have appointed several new commissioners, including a former Ventura mayor and the first member from Del Norte County. While they haven't yet met as a group, the new members' collective track records are solidly pro-environmental. But it is who they replaced that has backers of Arana Gulch quietly optimistic. Two members who voted against the project are gone, replaced by television producer Dayna Bochco and Marin County Supervisor Steve Kinsey. "This is a big step forward," said Paul Schoellhamer, a local supporter of the project. "We wanted strong enviros who would make decisions based on the facts and the law, not on ideology or interest group politics. It appears we got what we wanted," . "We're hoping they're more appreciative of a project that we think is consistent with their mandate and their values," Santa Cruz Mayor Ryan Coonerty said. The plan, which includes bicycle and pedestrian trails through a 68-acre greenbelt behind the Santa Cruz Small Craft Harbor, was rejected in October on a 5-5 vote. Observers on both sides of the issue agree that a late-arriving commissioner who was not allowed to vote would have tilted the project to approval. Planners are tweaking the project, but it appears they wouldn't need much more to get it through the Coastal Commission. But jettisoning Commissioner Sara Wan is a major change. Wan, a strong environmentalist who voted against the proposal, built a reputation over 15 years on the commission as a staunch defender of the coast and strict interpreter of coastal rules. Another change is the departure of San Francisco Supervisor Ross Mirkarimi, who also voted against Arana Gulch. He was the first Green Party member on the Coastal Commission, but was also replaced. Wan consistently ranked at or near the top of commissioner vote rankings put together by an environmental coalition of the Sierra Club, Surfrider Foundation, California Coastkeeper Alliance and others. She viewed the proposed Arana Gulch plan as part of a broader transportation project rather than one meant to help interpret the region's natural environment. Wan has also voted against desalination proposals, which could be a factor if the Santa Cruz Water Department and Soquel Creek Water District eventually seek Coastal Commission approval for their proposed desal plant. Another major local issue is the proposed La Bahia Hotel project, which has been filed and will require commission approval. No votes on Arana Gulch, La Bahia or the desal plant have been scheduled. The 12-member Coastal Commission has broad authority over development along California's 1,100-mile coastline, including much of the prime real estate in Santa Cruz County. Other new members include Del Norte County Supervisor Martha McClure, former Ventura Mayor Brian Brennan and Jana Zimmer, a Santa Barbara artist. Some environmentalists working to tweak the Arana Gulch proposal were disappointed Wan is gone. Vince Cheap, a local chapter president of the California Native Plant Society, said that despite his group's concessions, talks with the city of Santa Cruz over Arana Gulch recently broke down due to the city's refusal to commit to ongoing funding or scientific standards for assessing the vitality of the endangered Santa Cruz tarplant. "(Wan) was more extreme than we were, in a sense," Cheap said. Dannette Shoemaker, Santa Cruz's director of parks and recreation, said she was surprised to learn tarplant advocates felt talks had broken down, but added that the city cannot commit to annual funding of a plant management plan. Wan was replaced by Bochco, who currently serves on the boards of Heal the Bay and a Southern California chapter of the Natural Resources Defense Council. She has not yet met officially as a member of the commission, and it's too soon to say whether she represents a significant break from Wan on issues, or how the new members change the makeup of the group. "I don't have any experience with the new commissioners, so I have no idea," said Santa Cruz County Supervisor Mark Stone, a Coastal Commission member who voted in favor of Arana Gulch. Wan may have written her own end in January, when she successfully sought to be elected chair of the Coastal Commission. The move angered California Democratic Party Chairman John Burton, who preferred a protege in the role, and state Senate President Pro Tem Darrell Steinberg declined to reappoint Wan when her term expired in March. Reached at her home in Malibu, Wan was curt. She said she did not have a sense of how her departure would affect any future vote on Arana Gulch. "No," she said. "I have none." In a statement, Heal the Bay President Mark Gold praised Wan, calling her the best commissioner in the history of the Coastal Commission, and said Bochco has big shoes to fill. Bochco said she was unfamiliar with Wan's record and has never met her, but said she would interpret every case according to the Coastal Act's intent. "I don't think anyone should go in to any situation or any application with a prejudgment," Bochco said. "We're not there for that. We're there to analyze the facts, interpret them against the law, and act accordingly."
For More Information Please contact me if you'd like more information about our community or real estate market: Walter Stauss, Lifestyles Real Estate500 Seabright Avenue, Santa Cruz, California 95062Cell: 831.246.4663, Email: walter@831.com, Web: http://www.831.com DRE #01105052
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