Archive for March, 2014

C. Green Real Estate Co. proudly supports and sponsors the 5 Cities Youth Baseball League. Take a look at our our awesome banner out in right field. We wish all of the teams and its players a successful season!

 

Image

Image

Image

 

 

 

 

 

The City of Arroyo Grande Recreation Services Department and Chili’s Restaurant are sponsoring an all-day fundraiser on April 8th.

View Press Release

Good Morning and a very Happy Monday! Below are the current market conditions for Oak Leaf Estates broken down by square footage and your model. There are five different floor plans out there and below are the price ranges they are currently selling for. The price will vary depending on the upgrades you have put into the house as well as landscaping so the value may be a little higher depending on your house but this gives you an idea on value.

1429 Sqft home- $380,000-$390,000

1529 Sqft home- $395,000-$410,000

1642 Sqft home (2 story)- $380,000-$390,000

1754 Sqft home (3 car garage)- $415,000-$425,000

1928 Sqft home- $425,000-$435,000

Another survey of adult Americans shows a largely positive view of the country’s economy, particularly among Millennials.

According to the latest Home Index Survey released by PulteGroup, Inc., out of more than 1,000 consumers surveyed in February, a combined 74 percent feel the economy is either better off (41 percent) or the same (33 percent) as it was this time last year.

Among respondents in Generation Y, more than half (54 percent) said the economy is in better shape now. What’s more, with confidence this high, 74 percent of Millennial respondents said now is a good or excellent time to buy the things they want or need—including homes.

“This is definitely a change, as millennials have regularly been viewed as the disenfranchised generation vastly affected by the fallout of the recession,” said Jim Zeumer, VP of corporate communications for PulteGroup. “But now, with an increased sense of optimism, this generation is starting to feel as though they have the resources available to lead the lives they want or expect to in the future.”

Polled on their purchasing decisions, 85 percent of Millennials in PulteGroup’s survey said they plan to purchase a home in the future, with 49 percent planning to make their move in the next two years. Of those making near-term plans, 56 percent are current homeowners, and 41 percent are renters.

As far as their views of homeownership go: 62 percent of Millennials said they associate owning a home with “happiness,” 61 percent said “independence,” 59 percent said “achievement,” and 35 percent said they just like the thought of calling themselves a homeowner.

It’s not all emotional or psychological, though: 33 percent also said they view a home as a financial investment.

Construction of new housing units remained essentially flat last month compared to January as builders struggle to ramp up construction.

Housing starts fell 0.2% to a seasonally adjusted annual rate of 907,000, the Commerce Department said Tuesday. February’s rate came in slightly below expectations, although January’s dismal start numbers were revised upward to 909,000 from 880,000.

The new construction data come as the housing recovery wavers slightly.

Home buyers have struggled to adjust to higher prices and mortgage rates. And more builders now view the new home market as poor rather than good–a sharp reversal from just a few months ago, the National Assn. of Home Builders said Monday.

Builders cite a shortage of skilled labor and ready-to-build lots among their problems.

Partly because of those issues, new construction hasn’t yet hit historically normal levels, despite a rapid housing recovery early last year.

Developers say they are trying.

Building permits, a gauge of future construction, surged 7.7% from January. Further construction would provide an economic boost and ease an inventory crunch that sent home prices soaring last year.

Housing starts climbed in the South and Midwest last month from January, but fell in the Northeast and West. Starts plunged 37.5% in the Northeast, which experienced harsh weather in February.

Builders broke ground on 5.5% fewer homes last month in the West, a major home building region spared the extreme weather.

 

More than 4 million first-time buyers want to enter the market, but they face some tough issues as market conditions aren’t exactly favorable to new buyers.

This conclusion came from the Zillow Housing Confidence Index (ZHCI), a new calculation released by Zillow and Pulsenomics.

The ZHCI is a measure of consumer sentiment; anything over 50 indicates a positive sentiment. The current national index is 63.7. Of the 20 metros surveyed, 11 had individual confidence levels above the national average.

In 19 of the 20 large metros surveyed, more than 5.0 percent indicated they wanted to buy a home in the next year. The report notes, “Among current renters, home ownership aspirations were particularly strong, with about 10 percent of all renters nationwide saying they would like to buy within the next 12 months.”

A vast majority of respondents said they were “confident or somewhat confident” they could afford a home in 2014.

If every respondent who indicated they wanted to buy a home actually purchased one, first-time home sales would total more than 4.2 million for 2014, more than double the roughly 2.1 million first-time buyers in 2013.

While this optimistic total from Zillow suggests interest is high, actually purchasing a home should prove to be a challenge in the upcoming year.

Market conditions are mixed: inventory, up 11 percent from a year ago, is still well below optimal levels, and has fallen year-over-year in 8 of 20 metros measured by the ZHCI. Mortgage rates, once a record low 3.3 percent in 2013, have risen to 4.2 percent, according to the Zillow Mortgage Marketplace.

A dearth of inventory coupled with rising mortgage rates could push homes out of a home buyer’s price range, particularly for first-time buyers.

“For the housing market to continue its recovery, it is critical that homes are both available and remain affordable to meet the strong demand these survey results are predicting, particularly from first-time home buyers,” said Zillow Chief Economist, Dr. Stan Humphries. “Even after a wrenching housing recession, this data shows that the dream of home ownership remains very much alive and well, even in those areas that were hardest hit.”

He added, “But these aspirations must also contend with the current reality, and in many areas, conditions remain difficult for buyers. The market is moving toward more balance between buyers and sellers, but it is a slow and uneven process.”

Areas indicated by the ZHCI with the highest interest in purchasing a new home come from metros that were hit hardest by the housing recession: Miami (67.5), Atlanta (62.9), and Las Vegas (64.1).

Each were near or above the national index of 63.7 for “Overall Housing Confidence.”

A roof can be one of a building’s biggest financial investments and something that is easy to protect and neglect. Roofs receive a constant beating from a variety of sources: extreme weather, structural movement, foot traffic, damage from accidents, and a lack of maintenance. Worst case scenario, repairs left completely ignored can lead to the need for a total replacement. The key is to detect a problem sooner rather than later, before problems become serious.

A well-maintained roof is your first defense to help ensure a secure and worry-free property. These tips for maintaining your building’s roof can help save you untold time and expense.

PROACTIVE INSPECTION AND REPAIR

Roof inspection and consistent maintenance are critical in maximizing a roof’s lifespan and should typically be done on a yearly or bi-yearly basis. The Kirberg Company in St. Louis recommends at least two roof inspections every year: one in the spring and one in the fall after the extreme weather of summer and winter. Additionally, it is recommended that you have your roof inspected after any damage, such as construction, fire, or a serious storm.

These are the key elements of an inspection:

  • Regardless of shingle type, check for splits, cracks, and missing shingles.
  • Regularly clean gutters to prevent leakage and back-up. Heavy, clogged drains can cause stress on the structure of the roof. In winter, ice and snow is the problem, and in the summer, a heavy, clogged gutter can put strain on a roof, but is also the perfect breeding zone for mosquitos.
  • Check for debris behind skylights, valleys in the roof, pipes, and any other penetrations.
  • Check vents and fans.
  • Make sure all seams and joins are secure and that sealants and flashings are in tip-top shape.

CONSIDER YOUR CLIMANT

Location, location, location. This theory applies to more than just real estate sales. For your building’s roof, every season offers its own special challenges. From summer storms to heavy winter snow falls, or leaf pile-up in fall, it all adds a different stress element.

Properties in Arizona and Vermont have very different wear and tear concerns and should alter their maintenance plans accordingly. In a warmer climate, pest control might be the priority, while property managers in the North need to think about cold weather issues like freezing water and heavy snow falls.

Here are some climate-specific roof problems to consider:

  • Vermin and pest control: Termites, squirrels, raccoons, and birds would all love to take up residence in your roof. Block small entry holes and remove new residents as quickly as possible.
  • Rain and humidity damage: Heavy rain and consistent humidity are mold’s best friends and can lead to structural damage and tenant allergies. If water damage does occur, remedy the situation quickly and ensure that no materials have permanent damage.
  • Heavy storm damage: Driving wind and rain can loosen tiles, start leaks, and cause trees to fall. Do a scan after every storm.
  • Snowfall weight damage: A heavy snowfall can put added pressure on the structure. Have a company that offers snow removal services at the ready.
  • Sun damage: Excessive sun can shorten the life of many roofing products like sealants. Make regular checks to ensure seals are doing their job.

A solid roof maintenance and repair plan helps landlords and property managers avoid major problems by identifying and fixing them before they get out of control and costly. It will also help maintain good communication with tenants and residents, reducing potential legal liability. For additional tips on how to work with a roofing professional and the items you should have on your monthly checklist, read the original post on All Things Property Management.