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san luis obispo real estate

Featured Ranch with 30 Acres on Westside of Paso Robles

1780 Nacimiento Lake Drive, Paso Robles, CA 93446 Century 21 Hometown Realty has one of the most successful Ranch and Ag sales divisions on the Central Coast of California. We are grateful to be able to offer this spectacular 30 acre property. The ranch is located just three miles outside of downton Paso Robles, blending rural living with the convenience of everything that Paso has to offer, including world class dining, shopping, schools, and social activities.

The ranch itself is nestled around many fine vineyards and tasting rooms. The terrain, from level to rolling hills, is fenced and cross-fenced. This is an ideal property for vineyard development with the highly sought after # 152 Linne Colado soil type. There are gorgeous views surrounding the 1800 square foot log home with granite counter tops and Italian porcelain tile flooring. The home features a two-sided fireplace and more than 12” thick, very well insulated walls to help stay cool in the summer and warm in the winter. Five acres of  4 year old pomegranates are planted on drip and a seasonal creek with a natural spring is adjacent to the southern boundary. There is a barn, a horse shelter, dog run, shed, vegetable garden and plenty of area to park.

This property has its own custom website, full of information http://www.1780nacimiento.com/

To visit the MLS listing for this property with a full listing of property features, Click Here

 

San Luis Obispo housing equity turned the corner

There are a number of forward looking indexes that try to predict the future of real estate values. They all fail. The only way to have certanty about the housing market is to look backwards, which is exactly what we have done.

Every economist has been trying to call the bottom of the market – or that point at which the foreclosure debachle that put pressure on housing prices changed from getting worse to getting better. We now have the answer. It was in September 2011. You may not know this, but every foreclosure in s amatter of public record. Banks file the foreclosure notices with local government. CoreLogic is a company that collects that data from local government and leverages it to track market activity. They also use that data to provide something called an AVM, or Automated Value Model. This AVM is the tool that banks use to monitor the debt to value ratio on all current loans and on loan approvals. As we all know, home prices are largely dictated on the loan value of the mortgage. It does not matter how much a consumer wants to pay for a home, it only matters if the bank will lend against the selling price.

Below are two charts. The first shows negative equity in the San Luis Obispo region. Up until December 2011, about 20% of all homes in the area were distressed. That means that the mortgage amount owed was greater than the estimated selling price if the home were sold that day. You may have heard phrases like “1 in 5 homes are underwater.” As of June 2012, the number of homes underwater had dropped by 25%, down into the 16% range. As home prices climb, underwater homes decline. We can tell you that home prices went up month over month throughout the summer and fall. Century 21 Hometown Realty was selling around 300 homes per month, and homes on the market for any length of time saw price increases rather than price cuts. Buyer demand for housing is strong and we are getting multiple offers on listings for the first time in many years.

The second chart below shows the reversal in foreclosures. From October 2011 forward, the number of foreclosure properties have gone down each month. This correlates to the negative equity chart.

reversal of negative equity and foreclosure trends
Click Image to enlarge

San Luis Obispo Tribune honors Hometown Realty

Century 21 Hometown Realty is a humble company by nature. Like all people and companies we enjoy accolades, and we appreciate the opportunity to express our gratitude to the customers, managers, staff, and our sales associates that all contribute to our business success. As every homeowner knows all too well, the past three years have been brutal  to housing. Families have lost homes. Real Estate brokerages have failed. Lenders have faced government intervention. Everyone has felt economic woe in some way and it is heart wrenching.

When the housing market crashed, our company recognized that to stay vibrant, we needed to accomplish two key strategic goals. The first goal was expansion. We recognized that we needed to diversify our market service areas. Through acquisition and new offices, we now offer 13 locations along the central coast and in Bakersfield. Our agent count expanded from 100 to 300. The second goal was to focus on delivering a wider range of home services to our customers. Hometown Realty is more than a residential real estate company today. We offer our customers access to world class services in commercial real estate, relocation, property management, and have established joint ventures to mortgage and housing related financial services. We are blessed to have so much support from our community in reaching these goals.

Hometown Realty is a Century 21 franchise. Century 21 is largest real estate franchise in the world and is operated by REALOGY, a company that operates franchises for Coldwell Banker, Century 21, Sotheby’s, Better Homes and Gardens Real Estate, and ERA. This year, Century 21 recognized our company as the fastest growing real estate company in the world out of 7500 brokerages. In the past 3 years, the company has become one of the 500 largest brokerages in America across all franchise and independent brands.

We sincerely appreciate the San Luis Obsipo Tribunes’ article about our company which follows below.

A local Century 21 franchise has grown to 13 offices from two in less than three years, earning an award from its parent company for being the fastest growing franchise in the firm’s nationwide system.

Because Century 21 Hometown Realty was a break-even company in 2008, said CEO and Grover Beach resident Jack Hardy, “what we needed to do to survive was attack the market.”

So Hometown Realty, which at the time had offices in Arroyo Grande and Pismo Beach, approached other distressed real estate companies with offers to buy them, pare down the operations and take advantage of economies of scale, Hardy said.

In the process, Hometown Realty acquired Re/Max Ocean West with offices in Pismo Beach and Santa Maria, and South County Realty with two offices in Arroyo Grande.

It also bought other Century 21 franchises, including San Luis Properties in San Luis Obispo and Los Osos; Advantage with an office in Lompoc and two in Santa Maria; and Your Professional Choice in Atascadero.

In 2011, it opened an office in Paso Robles.

Hometown Realty has grown revenue 100 percent and earnings by 200 percent since beginning acquisitions, and is looking at buying realty companies in Ventura and Bakersfield.

Hometown Realty is owned by five partners on the Central Coast and Bakersfield, and has 300 real estate agents.

Century 21 is an international company with more than 7,500 independently owned and operated franchised brokerages in 71 countries and territories.

 

CENTURY 21 Real Estate is the top real estate brand in America

PARSIPPANY, N.J. 02-06-2012 —

Century 21 Real Estate LLC, the franchisor of the world’s largest real estate sales organization, announced that it has maintained its industry leadership position in brand awareness for the 11th consecutive year. In a study conducted by Millward Brown, a leading global market research organization, the CENTURY 21® brand achieved 95 percent name recognition, the highest consumer awareness level when compared to other real estate brands.

“We are proud of the fact that the CENTURY 21 brand continues to rank highest in consumer brand recognition year after year,” said Bev Thorne, chief marketing officer, Century 21 Real Estate LLC. “Our innovative marketing is designed to keep the CENTURY 21 brand name top-of-mind by providing home buyers and sellers with the information they want, when they want it and how they want it. To ensure our continued leadership, our market messaging is both online and in traditional broadcast media. We’re also in many new venues from mobile apps for all smart phones, to customized Facebook business pages as well as the Super Bowl.”

Other key findings of the Millward Brown study:

· As in previous years, consumers continued to identify the CENTURY 21 brand as “the most recognized name in real estate.” The nearest competitor trailed by a substantial seven (7) percentage points.

· CENTURY 21 Real Estate continues to remain one of the top recommended agencies in “Likelihood to Recommend” and “Consideration” for future real estate transactions among active real estate consumers.
On Feb. 5, 2012, CENTURY 21 Real Estate enhanced its industry-leading brand awareness with the airing of its first-ever Super Bowl ad on NBC. The company also aired 16 pre-game ads and sponsored the 3:30-4:00 p.m. block of the Super Bowl pre-game show.


Millward Brown Study Methodology
Source: 2011 Ad Tracking Study. The survey results are based on 1,200 online interviews with a national random sample of adults (ages 18+) who are equal decision makers and who have bought or sold a home within the past two years or plan to purchase or sell a home within the next two years. Brand awareness questions are based on a sample of 1,200 respondents at a 90% confidence level with a margin of error is +/- 2.4%. The study was conducted between September 12 and November 20, 2011 by Millward Brown, a leading global market research organization.


About Century 21 Real Estate LLC
Century 21 Real Estate LLC (CENTURY21.com) is the franchisor of the world’s largest residential real estate sales organization, providing comprehensive training and marketing support for the CENTURY 21 System. The System is comprised of more than 7,600 independently owned and operated franchised broker offices in 71 countries and territories worldwide. Century 21 Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services.

© 2012 Century 21 Real Estate LLC. CENTURY 21® Is A Registered Trademark Licensed To Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each CENTURY 21 Office is Independently Owned and Operated.

Paying Cash for a Home

Original article available at Forbes.com

Buy outright or invest? This recent Forbes article showcases one man’s decision.

When a 62-year-old financial advisor bought a two-bedroom Manhattan co-op recently, he showed up at the closing with a check for the full $970,000 purchase price. No mortgage? “The money I had in cash was sitting getting 0% interest,’’ explains the man, who asked not to be named. “It made absolutely no sense to borrow.”

There were other benefits as well to buying for cash, he says. He figures he got a “liquidity discount” for being able to close quickly—the asking price had

Similar closing scenes are playing out across the country these days—minus the theater chitchat. Rates for 30-year fixed mortgages are hovering at 4%, and 15-year fixed loans can be had for 3.5% or less, the lowest in more than 50 years. Yet the National Association of Realtors ­estimates that roughly 30% of U.S. home buyers are now making their purchases 100% in cash, compared with 15% in 2008.

Some cash buyers are foreigners, who have never easily qualified for U.S. mortgages. Some are very-high-net-worth folks who have long favored cash for their multimillion-dollar trophy mansion purchases. The increase in cash buying comes mainly from two other groups: real estate investors, who nowadays rarely qualify for mortgages at all, and older buyers (like the New York financial advisor) who could qualify for mortgages but don’t want to.

In foreclosure-plagued Florida, where prices in some areas are down 55% from the peak, investors and ­snowbirds bearing cash dominate the market. Charlie Brasington is chief executive of Hoffman Development Group, which since 2008 has been using cash from private investors to buy distressed Tampa- and Palm Beach-area condo buildings from banks. Hoffman fixes the properties up and then sells the units to end users. Brasington reports two-thirds of the roughly 300 units Hoffman has sold so far, through Engel & Völkers, have gone for cash, as have all eight of the $1 million-plus penthouses it has moved.

“These people probably have $5 million or more, so to take 10% of it out and buy a quality home in Florida and know that you’ve got your stake in the sand, that may be a good investment,” Brasington says. “Your cash is not ­making money in a CD, that’s for sure, and in the stock market there’s volatility. In real estate, sure, you may have some downward trend still, but there’s not that volatility anymore.”

A sales pitch? Sure. But recent cash buyers make similar points, and signs abound that Florida prices may have bottomed. If you’re considering a cash purchase, here are some pointers.

Continue reading at Forbes.com.

5 Home Buyer Tips

When lenders take over a home through foreclosure, they want to sell it as quickly as possible. Since lenders aren’t in the real estate business, they turn to real estate brokers for help marketing their properties. Century 21 Hometown supports lenders and home buyers in transactions every week. Buying a foreclosed home service can be a bargain, but it can also be a problem-filled process. Here are five tips to help you buy smart.

1. Choose a foreclosure sale expert. Lenders rarely sell their own foreclosures directly to consumers. They list them with real estate brokers like Century 21 Hometown. You can work with one of our real estate agents who sells foreclosed homes for lenders, or have a Century 21 Hometwon buyer’s agent find foreclosure properties for you. To locate a foreclosure sales specialist, call local any of our 14 offices and ask about foreclosed properties for sale – or do a search here on our website.

Either way, ask the Century 21 Hometown real estate professional which lenders’ homes they’ve sold, how many buyers they’ve represented in a foreclosed property purchase, how many of those sales they closed last year, and who they legally represent.

If the agent represents the lender, don’t reveal anything to her that you don’t want the lender to know, like whether you’re willing to spend more than you offer for a house.

2. Be ready for complications. In some states like California, the former owner of a foreclosed home can challenge the foreclosure in court, even after you’ve closed the sale. Ask your agent to recommend a real estate attorney who has negotiated with lenders selling foreclosed homes and has defended legal challenges to foreclosures.

Have your attorney explain your state’s foreclosure process and your risks in purchasing a foreclosed home. Set aside as much as $5,000 to cover potential legal fees.

3. Work with your agent to set a price. Ask your real estate agent to show you closed sales of comparable homes, which you can use to set your price. Start with an amount well under market value because the lender may be in a hurry to get rid of the home.

4. Get your financing in order. Many mortgage market players, such as Fannie Mae, require buyers to submit financing preapproval letters with a purchase offer. They’ll also reject all contingencies. Since most foreclosed homes are vacant, closings can be quick. Make sure you have the cash you’ll need to close your purchase.

5. Expect an as-is sale. Most homeowners stopped maintaining their home long before they could no longer make mortgage payments. Be sure to have enough money left after the sale to make at least minor, and sometimes substantive, repairs.

Although lenders may do minor cosmetic repairs to make foreclosed homes more marketable, they won’t give you credits for repair costs (or make additional repairs) because they’ve already factored the property’s condition into their asking price.

Lenders will also require that you purchase the home “as is,” which means in its current condition. Protect yourself by ordering a home inspection to uncover the true condition of the property, getting a pest inspection, and purchasing a home warranty.

Be sure you also do all the environmental testing that’s common to your region to find hazards such as radon, mold, lead-based paint, or underground storage tanks.

Looking to hire an inspector?

home inspector10 Ways to Prepare for a Home Inspection

1. Clean debris from gutters and roof

2. Caulk around windows and doors

3. Seal asphalt driveway

4. Clean HVAC filters

5. Seal basement walls

6. Clean the chimney

7. Replace burned out light bulbs

8. Have all documentation on hand for recent repairs and inspections

9. Remove firewood from contact with the house

10. Clear access to attic, crawl space, and garage

TIP: Encourage sellers to resist the impulse to make quick, cheap repairs before an inspection. You may raise a question that produces undue concern with the buyers. —Gloria Isackson, The Real Estate Professional, Wellesley Publishing,May/June 2000

The 10 Most Common Home Inspection Problems

1. Faulty wiring—open junction boxes, amperage mismatches, no wire nuts on wires.

The cure: Fix junction boxes; upgrade to at least 100 amps.

2. Poor grading and drainage—spongy soil around the foundation, signs of leaking in basement.

The cure: Regrade so that grounds slopes away from house for 10 feet; remove porous material around foundation.

3. Faulty gutters—clogged or bent gutters, water not channeled away from house.

The cure: Preventive maintenance; gutters of adequate size, splash pans to divert run-off.

4. Basement dampness—water stains, powdery residue on walls, mold or mildew.

The cure: Repair gutters to channel water away from house; apply waterproof coatings to basement.

5. Roof problems—brittle or curled shingles; broken or missing flashings.

The cure: Apply new shingle, or tear off if needed (usually after three re-roofs ); replacing flashings, especially around chimneys and other protrusions.

6. Foundation flaws—cracks in foundation, sloping floors, sticking doors or windows.

The cure: Fill cracks with silicon caulking or epoxy; apply waterproof coating to exterior.

7. Poor upkeep—needs repainting, worn carpeting, cracked driveway.

The cure: Give the house a minor facelift.

8. Faulty plumbing—inadequate water pressure, slow drains, signs of leaks on ceilings.

The cure: Clean and rout drains; reseat toilet with new wax ring, repair leaks.

9. Poor ventilation—extreme heat in attic, vapor condensation.

The cure: Ensure that roof soffits are not blocked; install additional roof vents; vent bathroom and kitchen fans outside.

10. Defective heating—cracks in the heat exchanger or water tank; carbon monoxide leaks.

The cure: Reseal chimney flues; replace sacrificial anode in water heater.

TIP: Buyers can get extra protection and piece of mind by purchasing a home warranty insurance policy. Such policies may also be a way for sellers to protect themselves from post-sale claims by buyers for defects undetected in home inspections.

TIP: Between 84 percent and 86 percent of buyers requested a home inspection before making a purchase, according to the National Association of Home Inspectors

Five ways to instantly add curb appeal to your home

Homes

WASH THE HOUSE

Before you scrape any paint or plant more azaleas, wash the dirt, mildew, and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.

A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways.

Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don’t forget your garage door, which was once bright white. If you can’t spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate—TSP, available at grocery stores, hardware stores, and home improvement centers—dissolved in 1 gallon of water.

You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds—depending on the size of the house and number of windows—but will finish in a couple of days.

CHECK AND CLEAN THE ROOF

The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles add nothing to the look or value of your house. If your neighbors have maintained or replaced their roofs, yours will look especially shabby.

You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. According to Remodeling Magazine’s 2011-2012 Cost vs. Value Report, the average cost of a new asphalt shingle roof is about $21,200.

Some tired roofs look a lot better after you remove 25 years of dirt, moss, lichens, and algae. Don’t try cleaning your roof yourself: call a professional with the right tools and technique to clean it without damaging it. A 2,000 sq. ft. roof will take a day and $400 to $600 to clean professionally.

CLEAN THE YARD

A well-manicured lawn, fresh mulch, and pruned shrubs boost the curb appeal of any home.

Replace overgrown bushes with leafy plants and colorful annuals. Surround bushes and trees with dark or reddish-brown bark mulch, which gives a rich feel to the yard. Put a crisp edge on garden beds, pull weeds and invasive vines, and plant a few geraniums in pots.

Green up your grass with lawn food and water. Cover bare spots with seeds and sod, get rid of crab grass, and mow regularly.

ADD COLOR THAT POPS

Even a little color attracts and pleases the eye of would-be buyers.

Plant a tulip border in the fall that will bloom in the spring. Dig a flowerbed by the mailbox and plant some pansies. Place a brightly colored bench or Adirondack chair on the front porch. Get a little daring, and paint the front door red or blue.

These colorful touches won’t add to the value of our house: appraisers don’t give you extra points for a blue bench. But beautiful colors enhance curb appeal and help your house to sell faster.

FIX EVERYTHING IN SIGHT

Nothing looks worse from the curb—and sets off subconscious alarms—like hanging gutters, missing bricks from the front steps, or peeling paint. Not only can these deferred maintenance items damage your home, but they can decrease the value of your house by 10%.

Here are some maintenance chores that will dramatically help the look of your house.

  • Refasten sagging gutters.
  • Repoint bricks that have lost their mortar.
  • Reseal cracked asphalt.
  • Straighten shutters.
  • Replace cracked windows.
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