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"These are the good old days that buyers will be talking about for years to come," said Phil Smoley, broker owner of CPS Country Air Properties.
Increased inventory and more motivated sellers have created a bargain rich environment for buyers, yet many are still sitting on the sidelines.
Home sales decreased 14.9 percent in January in Lake County compared with the same period a year ago, while the median price of an existing home fell 22 percent according to information gathered from the Lake County Multiple Listing Service (MLS).
"Financing issues have dogged entry-level buyers since early 2007, but they spilled over into the middle and upper-tier markets in the last few months," said California Association Of Realtors (CAR) President William E. Brown. "The decline in sales at the upper end of the market contributed to a significant decline in the statewide median price as even well-qualified borrowers had difficulty securing financing. While it is normal for sales to decline at this time of year, regional sales fell more steeply than usual because of the ongoing liquidity crunch and tighter underwriting standards," he concluded.
Closed escrow sales of homes in Lake County totaled 40 in January according to information gathered from the MLS. This is a loss of 23 percent from December's 52 closed escrow sales; however home sales decreased 14.89 percent from the 47 sales pace recorded in January 2006.
The median price of an existing, single-family home in Lake County during January 2008 was $195,000, a 22-percent decrease from the $250,000 median for January 2007, the MLS reported. The January 2008 median price decreased 18.58 percent from December's $239,500 median price and 15.58 percent from November's $231,000.
"While the number of sales is down, prices seem to be stabilizing, which could mark the beginning of a return to a more balanced market,” said Smoley. “November and December actually showed a rise in the median price over October in Lake County. However, the rest of the state is not doing so well. Home sales decreased 33.4 percent in January in California compared with the same period a year ago, while the median price of an existing home fell 16.5 percent, according to CAR.”
"We expect further weakness in sales over the next few months as the liquidity crisis plays out," said CAR Vice President and Chief Economist Leslie Appleton-Young. "Both the state and national economies remain fundamentally sound at this time, despite recent developments in the housing market. While there have been mixed signals in recent months, economic growth is expected to continue into 2008. "It will take some time for the Federal Reserve Bank's recent reduction of the federal funds rate to have an effect on the housing market, but should result in more favorable real estate finance rates as we move through the year.”
Highlights Lake County's housing figures for January 2008:
Lake County's Unsold Inventory Index for homes in January 2008 was 24 months, compared with 21 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 6.10 percent during January 2008, compared with 6.14 percent in January 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.50 percent in January 2008 compared with 5.45 percent in January 2007.
The average number of days it took to sell a single-family home was 207 days in January 2008, compared with 176 days for the same period a year ago.
Thus while it appears that it will continue to be a buyers market for the coming months, there are signs of stability and increased buyer interest, which bodes well for sellers.
"Spring will be a tell tale measure of whether the honeymoon for buyers is over or not. But for now, it's a buyer's bonanza, and it's silly to be watching on the sidelines while so many bargains are available at great rates," Smoley concluded.
Ray Perry is a real estate agent with CPS Country Air's Kelseyville office. Visit his Web site at www.move2lakecounty.com/.
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There is no fee to attend and RSVP is not required.
Anjali’s extensive restaurant menu is available for those who wish to eat during the meeting.
Topics of discussion will include the joint chamber meeting being held at Robinson Rancheria on April 16, the Americana dinner scheduled for May 3, and the International Worm Races being held July 5 during Independence Day weekend.
The Best Western is located at 15135 Lakeshore Dr.
For more information contact Lori Peters at the Clear Lake Chamber of Commerce 994-3600, e-mail
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With these landmark purchases, PG&E’s ClimateSmart program will purchase 214,000 metric tons of greenhouse gas emission reductions, including 200,000 metric tons from The Conservation Fund's Garcia River Forest, located on California's North Coast, and 14,000 metric tons from Sempervirens Fund's Lompico Headwaters Forest, located in Santa Cruz County.
“These investments mark a major milestone in the use of high quality forest sequestration offsets as an effective mechanism to address climate change,” said Nancy McFadden, senior vice president of public affairs for PG&E. “We’re honored to be making these purchases on behalf of our ClimateSmart customers. Through their commitment to the environment, we’ve been able to sequester a significant amount of greenhouse gas emissions and protect some of California’s most precious resources.”
PG&E’s ClimateSmart program is a voluntary greenhouse gas emission reduction program that allows customers to balance out the greenhouse gas emissions that are produced by the energy they use, making their energy use “climate neutral.” To date, more than 17,500 customers have enrolled in PG&E’s ClimateSmart program.
With today’s agreements, PG&E will now be turning those enrollments into investments in forestry projects that will sequester greenhouse gas emissions. Following an extensive competitive bidding process, PG&E selected these projects because they met the stringent verification protocols set both by the California Climate Action Registry and PG&E. PG&E will permanently retire the reductions on behalf of its enrolled ClimateSmart customers – thereby deriving no benefit from the offset purchases.
“Protecting our forests is one of many solutions required to reduce greenhouse gas emissions,” said Gary Gero, interim president of the California Climate Action Registry. “We commend PG&E for its ongoing environmental leadership and for taking on the challenge to fund real, transparent and verifiable carbon emission reduction projects.”
“Voluntary carbon storage projects like the Garcia River and Lompico Headwaters illustrate the important role California forests and forest landowners can play in helping the state achieve its ambitious goal of reducing greenhouse gas reductions to 1990 levels by 2020,” said Mary Nichols, Chairman of the California Air Resources Board (CARB). “By purchasing offsets that are verifiable under CARB-approved protocols, PG&E has demonstrated that corporations can make progressive decisions about investing in real, measurable reductions of greenhouse gas emissions.”
The selected projects, owned and operated by The Conservation Fund and the Sempervirens Fund, are located in redwood forests on the North Coast of California and the Santa Cruz Mountains – both coastal redwood forests, which have the highest carbon density per acre in the world.
The Conservation Fund’s Garcia River project, which is managed in partnership with The Nature Conservancy, was recently among the first to be verified by the California Climate Action Registry. The Nature Conservancy also holds the conservation easement on Garcia, which protects the property from development. Sempervirens Fund’s Lompico Forest project is in the process of seeking verification from the Registry.
“The Conservation Fund’s sustainable management of the Garcia River Forest captures more than 77,000 tons of carbon emissions annually, which is the equivalent of taking more than 14,000 cars off the road every year,” said Chris Kelly, California Program Director of The Conservation Fund. “We look forward to working with PG&E’s ClimateSmart program to develop and demonstrate projects that can help them continue to set the standard for forest based climate change solutions.”
“Sempervirens was proud to be selected by ClimateSmart’s competitive process,” said Brian Steen, Executive Director of Sempervirens Fund, California’s oldest land conservancy. “PG&E's commitment to offsetting its ClimateSmart customers’ greenhouse gas emissions through the preservation of redwood forests means we will be able to preserve more threatened forest lands for environmental and public benefit.”
As more customers enroll in the ClimateSmart program in the next two years, PG&E will seek more GHG reductions through even more projects. Using the competitive bidding process, PG&E plans to invest ClimateSmart funds in a range of innovative projects, such as livestock manure management projects that capture methane gas from dairy farms and conserving and restoring California's native forests. Through the first three years of the program, ClimateSmart has set a goal to invest in projects that yield 1.5 million tons of carbon dioxide reductions or more.
PG&E has enrolled as the first participant in ClimateSmart by committing more than $1.5 million of shareholder funding over the next three years to make the energy use in the company's offices, service centers, maintenance facilities and other company buildings completely climate neutral.
When a customer enrolls in ClimateSmart, PG&E will calculate the amount of greenhouse gas emissions produced by the customer's electricity and gas usage. For the average residential customer, PG&E estimates the cost will be less than $5 per month.
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Developed in collaboration with federal and state natural resource agencies, the O&M HCP is an innovative new program that allows for a regional, activity-based approach to comply with the state and federal Endangered Species Act throughout the utility’s northern and central California service area.
“PG&E’s regional mitigation plan is a creative and responsible corporate approach to protecting imperiled species,” said Susan Moore, field supervisor in the Sacramento Fish and Wildlife Office.
PG&E’s Operations & Maintenance Habitat Conservation Plan is an extension of the utility’s commitment to serve its customers and protect the environment by effectively balancing the utility’s need to maintain existing gas and electric infrastructure, and perform work in a way that avoids and minimizes impacts to protected wildlife and plant species.
“Our extensive network of gas and electric infrastructure spans over 74,000 square miles and is home to wildlife and other important natural resources,” said Steven Kline, vice president, corporate environmental and federal affairs at PG&E. “As we upgrade and maintain our gas and electric facilities to meet California’s growing needs, protecting threatened and endangered species and their habitats is critical. PG&E’s new Habitat Conservation Plan will protect more than 175 sensitive wildlife and plant species system wide, and is the latest example of how we are developing innovative solutions to ensure responsible stewardship of these resources while continuing to provide our customers with safe, reliable and clean energy.”
The utility’s new O&M HCP program is designed to ensure the long-term protection of sensitive species through a process that allows PG&E to access and maintain its facilities in a timely manner.
Unlike most HCPs which govern habitat protection for future land development, PG&E’s O&M HCP is the first to be activity-based, addressing protection for existing land uses. Other innovative aspects of the program include the wide range of sensitive species to be covered and the governance of many small-scale operational activities dispersed over a large geographic area.
This approach improves PG&E’s service to customers by avoiding schedule delays associated with acquiring individual, project-by-project permits for threatened and endangered species.
Developed in collaboration with federal and state natural resource agencies, the O&M HCP program also allows PG&E to more effectively partner with local stakeholders and environmental groups in support of habitat and species conservation efforts. As part of the program, PG&E is looking forward to partnering with local, state and federal conservation organizations to protect 15,000 acres of
sensitive habitat.
PG&E’s O&M HCP will first be rolled out to the San Joaquin Valley region in early 2008, the first in a series of six regions that cover PG&E’s service area stretching from Eureka in the north to Bakersfield in the south. Additional regions include the Bay Area, Sacramento Valley, North Coast, Central Coast and Sierra Nevada. Recognizing the unique features of each region, PG&E is developing the plans to reflect the species, geography, and operational activities specific to each region. All six regions will roll up into one permit – PG&E’s Operations and Maintenance HCP.
The San Joaquin Valley O&M HCP will cover almost all of the utility’s routine operations, maintenance, and minor new construction activities that occur within the San Joaquin Valley for the next 30 years. It also establishes clear goals and measures for protecting, managing and monitoring 23 wildlife and 42 plant species, including the San Joaquin kit fox, California red-legged frog, vernal pool fairy shrimp and western burrowing owl.
As one of California’s largest landowners, PG&E is committed to protecting California’s natural resources. In addition to PG&E’s Habitat Conservation Plan, the utility has partnered with the Pacific Forest and Watershed Lands Stewardship Council to permanently protect 140,000 acres of watershed lands associated with the utility’s hydroelectric system – one of the largest individual dedications of private lands to conservation. PG&E’s Land Conservation Commitment protects a broad range of public beneficial uses including natural habitat of fish, wildlife and plants; preservation of open space; and public outdoor recreation, among others.
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