Sales down 21% for July….But if you’re a Real Estate Hour listener, you already knew that.

8/18/2010. Santa Rosa, Ca

Robert Digitale, reporter for the Press Democrat, sat in this week at the Santa Rosa Chapter of Realtor’s weekly Breakfast meeting. He does a great job covering the local real estate market.  In his blog, Robert reported that the county recorded 355 single-family home sales in July, compared to 451 in June….a 21 percent drop!!   In a quote from Robert’s blog, “Sellers need to sharpen their pencils,” said Mike Kelly, an agent with Keller Williams Realty in Santa Rosa …But, like I said, if you’re a Real Estate Hour listener, you already knew that too. To read the full article click here

Commercial defaults and foreclosures are on the rise….Live/work buildings have not escaped the squeeze.

As more and more Santa Rosans embrace the idea of walkable downtown neighborhoods, one would think commercial businesses would be rushing to get on board. This is the idea behind the many live/work buildings that  popped up in the mid 2000’s . It’s a great idea, but getting tenants into the commercial units has become increasingly difficult.

Just as in the residential market, many commercial property owners have found themselves “under-water”….and in most cases, without much simpathy from their lenders. In commercial real estate, the vacancy rate is a huge factor. According to an article in the Santa Rosa Press Democrat, the apartment market is 20 times stronger than the retail market. Due in large part to the many previous home owners who have entered the rental market .  There is, however, some optimism from Santa Rosa builder Hugh Futrell, owner of three live/work projects in the downtown area, who sees the Santa Rosa core as a stronger commercial market then some other areas. 

 While residential real estate financing has tightened its belt, commercial financing has virtually dried up… Just one more turning of the screw for commercial real estate.  Mike and I have seen this first hand with live/work buildings we’ve listed and  sold , as well as commercial buyers we’re currently working with. These days , if you’re looking to buy commercial property…even if it is considered live/work….and, even if you intend to live there…you better have CASH.  And, if you have commercial property to sell, you can see what your up against.

See full article in the Santa Rosa Press Democrat

 

 

This Sunday, Come Out to Bodega for the “2010 Bodega Big Event” Free..Fun..Great Food…and More. Then Head Out to Bodega Harbour to take in the Ocean Views at our Open House.

Bodega30thannualBIGEVENTBBQMaster Bedroom Views to Bodega Head...and beyond
View from the master bedroom at 515 Gull Drive

Come out and enjoy this fun event….then stop by our Open House in Bodega Harbour to take in some beautiful ocean views! 1-4pm. Sunday 8/15

Can’t make it on Sunday…no worries.

Mike will be there today , Saturday 8/14 from 1-4pm. We haven’t seen prices like these for years in Bodega Harbour. If you’ve thought about a home by the ocean….now’s your chance.  

 

FHA Launches Short Refinance Opportunity for “Underwater” Homeowners;

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FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS
                                                   Effort designed to encourage principal write-downs for responsible borrowers

WASHINGTON – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – or ‘underwater’ – because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012 Continue reading FHA Launches Short Refinance Opportunity for “Underwater” Homeowners;