Business News
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- Written by: Lake County News Reports
“Sales continue to be impacted by problems in the real estate finance sector, which by some measures have eroded since the start of the year,” said California Association of Realtors President William E. Brown. “Sales in 2007 reached their peak last February; going forward, the year-to-year declines in sales should shrink.”
Closed escrow sales of homes in Lake County totaled 60 in April, up 71.4 percent over March’s 35 sales according to information collected from the MLS.
“This is the largest month to month increase in sales that we’ve seen in years,” said Phil Smoley, broker/owner of CPS Country Air Properties. “This may be the beginning of a positive turn in the market. Many agents are seeing an increase in activity as bargain hunters are cashing in on the current market.”
The median price of a home in Lake County during April was $202,450, a 30.2-percent decrease from the revised $281,975 median for April 2007, the MLS reported. The April median price fell 5.8 percent compared with March’s $215,000 median price.
“Both tighter underwriting standards and the ongoing effects of the credit/liquidity crunch continue to constrain sales,” said California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young. “Historically, mortgage rates on jumbo loans are 0.2 percent to 0.4 percent higher than those on conforming loans, but the spreads in recent weeks have been as large as 2 percentage points, reflecting an increase in the perceived risk associated with these loans.
“The lack of available funds for loans, even for qualified buyers, continues to keep the demand side of the market thin, and enables buyers with financing (or all cash) to exert leverage over sellers,” she said.
Highlights of Lake County’s housing figures for April:
Lake County’s Unsold Inventory Index for homes in April 2008 was 19 months, compared with 18.4 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Thirty-year fixed-mortgage interest rates averaged 6.03 percent during April 2008, compared with 6.16 percent in March 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.29 percent in April 2008, compared with 5.44 percent in April 2007.
The median number of days it took to sell a single-family home was 129 days in March 2008, compared with 139 for the same period a year ago.
For more information contact Ray Perry 707-277-8000 ext 101 or email
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- Written by: Editor
LAKEPORT – More than 200 people attended the recent grand opening of Victorian Village, Lakeport’s newest residential community.
Following a traditional ribbon cutting, the guests toured the model homes and attended an old fashioned barbecue.
The 95-unit residential community is presented by Tradition Real Estate with CPS Country Air Properties handling sales and marketing.
Sales have begun for Phase I of the project, consisting of 14 home sites with individual elevations, according to John Irwin of Tradition Real Estate.
“The first three homes are finished and two have already been sold. We invite Northern California residents, especially those who appreciate Victorian architecture, to come see the model homes at 1930 S. Main Street in Lakeport,” Irwin said.
“We are excited to bring our experience in community development to Lakeport and look forward to working with interested buyers in creating the home they have been waiting for at a price and quality that can’t be beat,” he concluded.
Phil Smoley, Broker/Owner of CPS Country Air Properties said that the homes have classic elegance with a modern touch. “Each home will be individually crafted by Tradition working with the home’s buyers,” Smoley said. “The homes are energy-efficient and feature the latest in construction techniques.”
When completed, Victorian Village will have 95 single family residences with access to Clear Lake in downtown Lakeport. The homes are priced from the mid-$300,000’s and are all two-story in the Queen Anne style. Several lakefront and lagoon homes will be available during a later phase of the community’s development.
The on-site sales office is open from 11 a.m. to 5 p.m., Tuesday through Sunday, and closed Monday. For more information, contact the sales office at 707-264-4948, or CPS Country Air Properties at 707-236-2620.
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- Details
- Written by: Editor
- Details
- Written by: Editor
Sales have begun for Phase I of the project, consisting of 14 home sites with individual elevations, according to John Irwin of Tradition Real Estate.
“The first three homes are finished and two have already been sold. We invite Lake County residents, especially those who appreciate Victorian architecture, to come see the model homes at 1930 S. Main St. in Lakeport,” Irwin said.
“We are excited to bring our experience in community development to Lakeport and look forward to working with interested buyers in creating the home they have been waiting for at a price and quality that can’t be beat,” he said.
Phil Smoley, broker/owner of CPS Country Air Properties, said that the homes have classic elegance with a modern touch.
“Each home will be individually crafted by Tradition working with the home’s buyers,” Smoley said. “The homes are energy-efficient and feature the latest in construction techniques.”
Victorian Village is holding the grand opening celebration on Saturday, May 10, from 1 p.m. to 5 p.m.
“The festivities begin at 1 p.m. with a traditional ribbon cutting followed by tours of the two models and an old-fashioned barbecue,” Smoley said. “There will be special grand opening pricing, so for anyone contemplating a brand new Victorian home, this is the event to attend.”
When completed, Victorian Village will have 95 single-family residences with access to Clear Lake in downtown Lakeport. The homes are all two-story in the Queen Anne style. Several lakefront and lagoon homes will be available during a later phase of the community’s development.
For more information, contact the on-site sales office at 707-264-4948, or CPS Country Air Properties at 707-236-2620.
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