Coastal Market Review

Market Update for 9/1/2007

MARKET UPDATE FOR 9/1/2007

This has been quite an interesting time for real estate these past few weeks, with lenders falling by the wayside and the evening news being filled with gloom and doom.  We have been able to successfully find new lenders for clients that had closings where the lender when "belly up" and we have found that there is money out there, but it's tied to the old fashioned way of doing business: good credit, substantial down and verifications.  Escrows in the area stayed consistent but new listings coming on the market were way down this month.  There seems to be plenty of potential buyers on the coast these days so we look to good times ahead.

Home Sales: Anchor Bay - 1($675,000), Gualala -2 ($410,000 - $710,000), Sea Ranch -4 ($699,000 - $2,000,000)

Homes Pendings:  Gualala - 1 ($465,000), Point Arena - 1 ($325,000), Sea Ranch -6 ($649,000 - $1,649,000), Timber Cove -1 ($739,000)

New Listings: Anchor Bay -2 ($1,595,000 - $1,675,000), Gualala - 2 ($565,000 - $785,000), Point Arena -1 ($799,000), Sea Ranch - 4 ($699,000 - $1,043,000)

"ART IN THE REDWOODS"

                    "Art in the Redwoods"

It's time for Art in the Redwoods!  Every August this wonderful event fills the area with art lovers who have come to look forward to this annual treasure and it will be this weekend, August 18th & 19th. 

The Art in the Redwoods Festival began 46 years ago when a group of local artists actually hung their show outdoors in a wonderful area of old growth redwood trees known locally at that time as "Grandpa Charlie's Park".  The show quickly outgrew those beautiful serene surroundings and was held for many years at the Gualala Community Center in Gualala. The dream of those original members was to promote public interest and participation in the arts.  From it's humble beginnings the festival has grown to a major Northern California Coast attraction without compromising its original purpose to support local talent.

Thousands of visitors come on the traditional third weekend of August to view over 400 pieces in sixteen categories and to shop over 40 arts and crafts booths.  In addition, they can enjoy a wide range of musical entertainment, mostly local talent, an interesting selection of foods and refreshments with several activities designed for children.

The event in now held in the lovely Gualala Arts complex, dedicated in 1998. The new 15,000 square foot building beautifully reflects the generosity of the community that built it, participating in the evolving design and building processes and brought to life the galleries, the multi-purpose performing arts auditorium, the library and the classrooms. If you have a chance, don't miss this historic even held once again in a lovely serene location surrounded by redwood trees.

Market Update for 8/1/2007

MARKET UPDATE FOR 8/1/ 2007

The real estate market has been very steady this summer and there has been a definite increase in the amount of potential buyer activity which hopefully will translate into more sales in the near future.  The exception to this scenario are lots and land at this time.  We continue to see almost 3 times the lots coming on the market as compared to sales. Rates have been inching up lately and word in the lending industry is that there have been rapid changes over the past weeks with lenders pulling back and beginning to severely tighten their underwriting guidelines.  This is usually not too big of a concern in this area because most of our homes are second homes and people are very well qualified, but it could put somewhat of a damper on real estate sales in general.

Home Sales:  Anchor Bay -1 ($350,000), Elk -2 ($1,000,000 -$1,700,000), Iversen -1 ($$1,250,000),       Manchester -1 ($411,500), Point Arena -1 ($440,000), Sea Ranch - 9 ($400,000 - $2,150,000).

Home Pendings:  Gualala - 1($469,000), Sea Ranch -6 ($$710,000 - $1,725,000), Timber Cove -3 ($375,000 - $$1,195,000).

New Listings:  Anchor Bay -3 ($720,000 - $1,595,000), Gualala - 2 ($445,000 - $595,000), Irish Beach -3 ($515,000 - $649,000), Iversen -1 ($679,900), Manchester -1 ($1,490,000), Point Arena -1 ($325,000), Sea Ranch -7 ($580,000 - $1,595,000) Timber Cove - 2 ($375,000 in escrow -$769,000).