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2185 Ventura Blvd
Camarillo,
CA93010
805-504-0223
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Wednesday, March 28, 2012
1503 Windshore Way
2185 Ventura Blvd
Camarillo,
CA93010
805-504-0223
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Monday, March 5, 2012
Home Inventories Shrink in Ventura County
Decreasing home inventory is very good for home sellers. It’s just supply and demand – when there is less supply there is usually greater demand, ie: Gradually increasing home prices. Although this may be just a short term decrease in inventory, I’m cautiously optimistic. Here’s why…
Every month I do a little report for myself to see where our market is heading. Generally I see mild trends that may not change significantly for 6 or 8 months at a time. This month was different.
In Camarillo, the total number of Single Family Detached homes for sale dropped from 155 to 134 - Townhomes dropped from 43 to 34. Last July we had over 200 SFD homes on the market, so to drop to 134 homes in just 8 months is a strong trend.
In Oxnard, the total number of SFD homes for sale dropped from 253 in January to 147 at the end of February! Townhomes dropped from 168 Units to 77 Units! The number of properties that went into contract was still high but that is because there is usually an average 30 – 90 day lag between when homes are listed and when they go under contract (accept an offer).
Most of the other statistics I check showed similar drops as you can see.
It appears that we are beginning to see a possible shift in our marketplace from a strong buyers market to the possibility of a housing inventory shortage.
The next several months could be very significant in terms of changing from a buyers market to the beginning of a sellers market. Certainly these numbers (if they continue to fall or hold at these low values) would tend to indicate that our market is bottoming.
A continuing trend like this would seem to point the way in Ventura County towards gradually improving home values.
Mark Thorngren
Mark Thorngren
Realtor DRE# 01413932
Movewest Realty Inc.
Direct (805) 504-0228
Mark@MarkThorngren.com
www.MarkThorngren.com
Free Realty Times Video News Letter
Fair Warning
This email is for folks who are considering the purchase of a new home sometime this year. I have included 2 attachments which describe in detail our local market changes for Camarillo and Oxnard. Basically, our existing home inventory is shrinking rapidly. Fewer homes to pick from means increasing home prices.
Silverio Garcia is a local Mortgage Broker who sent me today - the email you see below. This combination of inventory changes and increasing mortgage costs have not taken effect yet, but they may indicate some changes for buyers, that will soon make home ownership more expensive. I’m thinking sometime yet this year we may begin to notice some gradual price changes.
Here is Silverio’s email:
I'm sure by now you have heard rumors that FHA is increasing their premiums. While a Mortgagee Letter has not yet been issued we felt that we should introduce the information we have at this point. When the Mortgagee Letter is posted we will issue a formal notification of change.
With the increases hopefully borrowers who have just been thinking about buying may be ready to spring into action to avoid the increases. Please inform all of your clients of these changes and let’s get them into escrow before these changes are effective. Please call me 805-479-9283 if you have any further questions or if you need any of you clients to be pre-approved TODAY!!!!!!!!!
Increased annual premium - 10 basis points across for the board to 1.25% ( Today it’s 1.15%)
Implementation - April 1, 2012: Case numbers assigned on or after April 1st
Additional annual premium increase for loans over $625,500 - 25 basis points to 1.50% ( Today it’s 1.15%)
Implementation delayed until June 1,2012: Case numbers assigned on or after June 1st
Increased upfront premium - 75 basis points: Total upfront premium - 1.75% (Today it’s 1.0)
Implementation - April 1, 2012: Case numbers assigned on or after April 1st
Applies to all loans regardless of LTV or amortization term
Silverio Garcia
Every month I do a little report for myself to see where our market is heading. Generally I see mild trends that may not change significantly for 6 or 8 months at a time. This month was different.
In Camarillo, the total number of Single Family Detached homes for sale dropped from 155 to 134 - Townhomes dropped from 43 to 34. Last July we had over 200 SFD homes on the market, so to drop to 134 homes in just 8 months is a strong trend.
In Oxnard, the total number of SFD homes for sale dropped from 253 in January to 147 at the end of February! Townhomes dropped from 168 Units to 77 Units! The number of properties that went into contract was still high but that is because there is usually an average 30 – 90 day lag between when homes are listed and when they go under contract (accept an offer).
Most of the other statistics I check showed similar drops as you can see.
It appears that we are beginning to see a possible shift in our marketplace from a strong buyers market to the possibility of a housing inventory shortage.
The next several months could be very significant in terms of changing from a buyers market to the beginning of a sellers market. Certainly these numbers (if they continue to fall or hold at these low values) would tend to indicate that our market is bottoming.
A continuing trend like this would seem to point the way in Ventura County towards gradually improving home values.
Mark Thorngren
Mark Thorngren
Realtor DRE# 01413932
Movewest Realty Inc.
Direct (805) 504-0228
Mark@MarkThorngren.com
www.MarkThorngren.com
Free Realty Times Video News Letter
Fair Warning
This email is for folks who are considering the purchase of a new home sometime this year. I have included 2 attachments which describe in detail our local market changes for Camarillo and Oxnard. Basically, our existing home inventory is shrinking rapidly. Fewer homes to pick from means increasing home prices.
Silverio Garcia is a local Mortgage Broker who sent me today - the email you see below. This combination of inventory changes and increasing mortgage costs have not taken effect yet, but they may indicate some changes for buyers, that will soon make home ownership more expensive. I’m thinking sometime yet this year we may begin to notice some gradual price changes.
Here is Silverio’s email:
I'm sure by now you have heard rumors that FHA is increasing their premiums. While a Mortgagee Letter has not yet been issued we felt that we should introduce the information we have at this point. When the Mortgagee Letter is posted we will issue a formal notification of change.
With the increases hopefully borrowers who have just been thinking about buying may be ready to spring into action to avoid the increases. Please inform all of your clients of these changes and let’s get them into escrow before these changes are effective. Please call me 805-479-9283 if you have any further questions or if you need any of you clients to be pre-approved TODAY!!!!!!!!!
Increased annual premium - 10 basis points across for the board to 1.25% ( Today it’s 1.15%)
Implementation - April 1, 2012: Case numbers assigned on or after April 1st
Additional annual premium increase for loans over $625,500 - 25 basis points to 1.50% ( Today it’s 1.15%)
Implementation delayed until June 1,2012: Case numbers assigned on or after June 1st
Increased upfront premium - 75 basis points: Total upfront premium - 1.75% (Today it’s 1.0)
Implementation - April 1, 2012: Case numbers assigned on or after April 1st
Applies to all loans regardless of LTV or amortization term
Silverio Garcia
Tuesday, February 21, 2012
Update on Moorpark Highlands - The Pinnacle
Update on Moorpark Highlands Communities The Pinnacle
The Pinnacle is a small hillside community of beautiful upscale homes tucked away behind two separate, private gated entries. Located off Ridgecrest Drive just North of Moorpark is this latest Moorpark Highlands development.
The original KB development was a bit of a non-starter. It began as a Pardee Homes community with four models of homes approved though the City of Moorpark. Pardee sold the development and the city approved home designs to KB Homes. KB built three model homes which simply sat unsold. They were nice homes, but the market simply wasn’t there.
Toll Brothers purchased the property and the city approved plans for four of the Pardee Home Models. Working with the City of Moorpark, Toll Brothers had three additional floor plans approved and the development re-plotted to accommodate these models. Toll Brothers rebuilt one of the model homes to the luxury standards they are known for, and simply sold off the other two older KB model homes. A new Toll Brothers “San Miguel” model home was constructed and opened to the public last September.
Sales were slow to begin until buyers began to realize the quality and value inherent in these new homes. That sounds like a sales pitch, but my personal opinion is that Toll Brothers had some real challenges to overcome with public perception until the reality of what was being built here became apparent. I’m told sales are steady now. There simply is nothing new in Ventura County being built in this price range to this quality standard.
The price list for these seven models show prices ranging from roughly $855,000 for a Santa Susana model up to about $1,040,000 for a Chateau version of the Isla Vista Model. These are Feb 1, 2012 prices and will likely rise as sales continue to improve.
Homes are built from 7 available floor plans which include both single and 2- story homes. Currently there are 17 home lots released for sale out of a total of 132 lots in The Pinnacle. Three additional homes are in escrow and 18 homes have already sold. By my count, that means that presently there are 111 lots left to sell. Homes take 7 to 9 months to build and according to their onsite sale manager – Kathleen Martin – they expect to sell about 40% of them as single story models.
I like these homes. They come with many options, including extra rooms, balconies, wet bar or fireplaces. You can choose from 5 types of granite for your kitchen counters, different marbles for the bathrooms or standard tile. Kitchen cabinets are self-closing so you don’t need to fear bruising your side on sharp edges while you bustle around the kitchen with your hands full. Kitchen Aid appliances are standard for the kitchens.
Kohler tub and plumbing fixtures come standard in the bathrooms. Master bathrooms are lavish with jetted tubs and separate shower enclosures. They include double basin Pullman cabinets and often come with a little makeup counter. Count on a large walk-in closet for Mom, but Dad will have to share or he’s on his own. (Some plans have his/hers walk-in closets).
These homes offer $20,000 multi-slide patio doors which slide right into wall recesses, 2 or 3 zone air conditioning and options for pre-installed recessed solar panels that will offer considerable energy savings over the years. These solar panels are well executed and blend in with the contours of the homes instead of looking like a high school science project gone bad. Solar panels are an option who’s time has come. They just make good sense in Ventura County.
Solar panels come with a 20 year lease from Sun Run - a major solar provider - for $45/month. Since most home sizes average 4,000 to 5,000 square feet I’ll leave it to the reader to imagine how much this could save in heating and air-conditioning costs. Also, solar power is an option that allows the use of tankless water heaters, thereby eliminating the costs of continuously heating 75 gallons of water in the standard water heater installed here.
Lot sizes run from about 31,000 sq ft to as much as 47,000 sq ft for lots fronting the arroyo on the West side of the development. I’d say more typical lot sizes range from 14,000 to 20,000 ft for more central properties. Landscaping, pools with Jacuzzi and lavish BBQ areas highlight the spectacular views that many of these homes enjoy.
Imagine sipping something cold and delicious while sitting comfortably in your favorite patio chair on a stonework patio shaded by a wooden beamed framework. Your spouse grills nearby on a permanent BBQ with maybe a mini-bar and gas warmers. Your kids and your neighbors’ kids splash around in the pool or play down the street at the Moorpark Highlands 7 acre park with tennis and basketball courts.
After dinner when the kids are in bed, you and your spouse can share some time in the Jacuzzi and admire the marvelous hillside views.
It’s not my intention to try to list all the wonderful features of these homes – go online to http://www.thepinnacleatmoorparkhighlands.com/ call Kathleen Martin or Diane Valenza at (805) 532-2007 or call me for more in depth information or to schedule a private viewing.
My bottom line impression is simply that these homes start with a high standard of quality and build additional enhancements to your taste.
Now let’s talk about the fine print.
Each home comes with two HOA fees. There is a $95 Moorpark Highlands Master Association Fee and a $145 Pinnacle Association Fee – total $240/month. There is also a very substantial Mello Roos for each property from the City of Moorpark. The local Mello Roos is a 40 year posted bond or city tax. Over the course of the 40 years this adds up to between $50,000 and $70,000 (depending on home size) paid to the City of Moorpark by each home owner.
When you buy a home in the Pinnacle Community, Toll Brothers will pay off your Mello Roos! To my knowledge, no other Moorpark Highlands development has offered its’ buyers this bargain. Of course this begs the question – don’t they just tack that cost on to the home price? The sales office has stated to me that the cost of the Mello Roos is not passed along to buyers. Toll Brothers is serious about selling these homes at a value price.
Some of the other nice things about Toll Brothers homes include what they call a “First Home Buyer Orientation” which is a 300 item checklist that each homebuyer reviews 5 to 7 days before closing on their new home. A “Second Homebuyer Orientation” is completed just before closing to ensure completion of any discrepancies found during the first orientation. This is a very nice way to reinforce buyer confidence in the quality of their new home. A ten-year limited warranty comes with your new home.
These are not exotic mansions and you won’t see many captains of industry helicoptering to and from these homes. Short of that, these are fine homes in a pleasant semi-rural area. Just be aware that there are not many homes in this development. It is a rather special place to raise a family or to retire in comfort.
Just the way I see it,
Mark Thorngren
(805) 504-0228
mark@movewest.com
http://www.markthorngren.com/
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