Business News
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- Written by: Lake County News Reports
Home sales decreased 25,7 percent in June in Lake County compared with the same period a year ago, while the median price of a home decreased 20.4 percent, according to information gathered from the Lake County Multiple Listing Service (MLS).
“Concerns about subprime lending will be with us well into next year, but improving economic conditions should bolster consumer confidence in the economy as we move through the second half of this year,” said California Association of Realtors (C.A.R.) President Colleen Badagliacco. “However, with prices holding steady or showing marginal declines in many parts of the state, affordability will continue to be a problem even with mortgage rates that remain near historic lows. In a competitive market with a wide range of properties for sale compared with a year ago, those homes that are in top shape and are well priced are in the best position to attract buyers in today’s market.”
Closed escrow sales of homes in Lake County totaled 75 in June, according to the MLS. Countywide home resale activity decreased 25.7 percent from the 101 sales pace recorded in June 2006.
The median price of a home in Lake County during June 2007 was $269,000, a 20.4 percent decrease over the $338,000 median for June 2006 the MLS reported. The June 2007 median price decreased 10 percent compared with May’s $299,000 median price.
When viewed by the quarter the median price of a home in Lake County actually increased 3.7 percent to $280,000 in the second quarter over the first quarters $270,000 however it has decreased 11.4 percent from the same period last year.
“The long expected spring rally just didn’t happen this year,” said Phil Smoley, owner broker of CPS Country Air Properties. “However homes that are priced to reflect the market trend are the ones that are selling,” he concluded.
“The decline in sales continues to be driven by both tighter underwriting standards since the start of the year and the adverse psychological impact of news regarding foreclosures and the subprime situation,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In particular, the lower end of the market – which is the part of the market that is most affected by the subprime situation – has seen greater declines in sales and weaker prices than the higher end of the market. This will likely be a recurring theme in the coming months.”
Highlights of Lake County’s housing figures for June 2007:
- Lake County’s Unsold Inventory Index for homes in June 2007 was 18.6 months, compared with 13.4 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 6.67 percent during June 2007, compared with 6.6 percent in June 2006, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.65 percent in June 2007 compared with 5.63 percent in June 2006.
- The median number of days it took to sell a single-family home was 139 days in June 2007, compared with 135 days for the same period a year ago.
| No. of Listings | Median List Price | Average DOM | No. of Sales | Median Selling Price | Average DOM to Sell | |
| ANDERSON SPRINGS | 2 | $327,000 | 122 | 0 | 0 | 0 |
| BLUE LAKES | 1 | $475,000 | 60 | 0 | 0 | 0 |
| BUCKINGHAM | 19 | $695,000 | 113 | 1 | $1,150,500 | 92 |
| C.L. OAKS | 31 | $249,000 | 86 | 4 | $220,250 | 119 |
| CLEARLAKE EAST | 76 | $238,700 | 129 | 8 | $223,000 | 191 |
| CLEARLAKE KEYS | 32 | $353,700 | 121 | 0 | 0 | 0 |
| CLEARLAKE N/NW | 55 | $210,000 | 86 | 4 | $165,000 | 145 |
| CLEARLAKE PARK | 59 | $249,000 | 139 | 2 | $237,500 | 82 |
| CLEARLAKE S/SW | 59 | $250,000 | 133 | 3 | $187,000 | 130 |
| CLR LK RIVIERA | 89 | $315,000 | 126 | 5 | $255,900 | 98 |
| COBB | 54 | $331,000 | 122 | 3 | $337,000 | 162 |
| FINLEY | 2 | $284,500 | 93 | 0 | 0 | 0 |
| GLENHAVEN | 4 | $317,500 | 133 | 2 | $317,500 | 275 |
| HIDDEN VALLEY | 198 | $379,000 | 135 | 12 | $297,500 | 106 |
| JAGO BAY | 3 | $379,000 | 63 | 0 | 0 | 0 |
| KELSEYVILLE | 38 | $399,000 | 128 | 3 | $386,000 | 131 |
| KONO TAYEE | 5 | $479,000 | 44 | 0 | 0 | 0 |
| KONOCTI BAY | 1 | $898,500 | 186 | 0 | 0 | 0 |
| LAKEPORT NORTH | 83 | $499,000 | 147 | 8 | $325,000 | 110 |
| LAKEPORT SOUTH | 30 | $416,625 | 92 | 2 | $210,000 | 79 |
| LOCH LOMOND | 6 | $241,000 | 158 | 0 | 0 | 0 |
| LOWER LAKE | 14 | $394,000 | 94 | 1 | $540,000 | 178 |
| LUCERNE | 32 | $239,000 | 110 | 5 | $167,500 | 121 |
| MIDDLETOWN | 19 | $549,500 | 168 | 1 | $1,200,000 | 69 |
| NICE | 18 | $298,000 | 160 | 7 | $218,000 | 127 |
| PARADISE COVE | 5 | $985,000 | 151 | 0 | 0 | 0 |
| PILLSBURY | 5 | $217,000 | 109 | 0 | 0 | 0 |
| RIVIERA HEIGHTS | 23 | $375,000 | 161 | 1 | $425,000 | 357 |
| RIVIERA WEST | 20 | $444,000 | 155 | 1 | $409,000 | 345 |
| SCOTT VALLEY | 3 | $1,510,000 | 131 | 0 | 0 | 0 |
| SODA BAY | 3 | $299,000 | 42 | 0 | 0 | 0 |
| SPRING VALLEY | 15 | $319,000 | 138 | 1 | $250,000 | 420 |
| UPPER LAKE | 10 | $376,750 | 71 | 0 | 0 | 0 |
| WINDFLOWER POINT | 2 | $1,872,500 | 618 | 0 | 0 | 0 |
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Case sales were up compared to January through July of 2006.
The winery produces Sauvignon Blanc, Chardonnay, Petite Sirah, Cabernet Sauvignon, Merlot, and Pinot Grigio under the Guenoc and Langtry brand names. Langtry Estate & Vineyards has broad distribution in the U.S. market with a majority of its sales based in California.
“After a very strong fourth quarter in 2006, we are pleased to announce that sales of the Guenoc and Langtry wine brands are continuing to rise, and we predict another strong year of sales growth,” said Craig Moore, Langtry sales manager. “We expanded our sales team earlier this year, and their hard work and commitment to the brand has paid off.”
Contributing to case sales, the winery recently reintroduced its top-tier Langtry line as single vineyard wines from its best estate vineyards.
The first wines released in the new Langtry line, the 2006 Lillie Sauvignon Blanc and the 2004 Serpentine Meadow Petite Sirah, were released in July.
Langtry Estate & Vineyards has extensive vineyard holdings in Lake County and is the oldest and largest winegrower in the region. The picturesque estate consists of 21,000 acres and straddles Lake and Napa counties. Vineyards are limited to 400 prime acres in both Lake and Napa counties. Guenoc wines are distributed nationally.
Additional information on the winery is available at www.langtryestate.com or by calling 987-2385.
Langtry Estate & Vineyards is located at 21000 Butts Canyon Road, Middletown.
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The winery has seen positive recognition for its wines from Lake County and the new High Valley appellation, which proprietor Clay Shannon helped to establish.
The California State Fair wine competition judges awarded Shannon Ridge a “Best of Class and Gold Medal” award for the 2006 Sauvignon Blanc. The wine was considered the best wine from the north coast wine region, an impressive honor.
The wine has a pleasing complexity of aromas with smoky mineral notes and hints of jasmine, orange blossom, and fennel. The mouth feel is nicely balanced with refreshingly clean flavors similar to the aromas and added nuances of citrus, lilac and apricot.
Judges at the prestigious Critics Challenge wine competition, which is directed by wine writer Robert Whitley, awarded Shannon Ridge with a “Critics Platinum” for its 2005 Barbera, bringing recognition to the new High Valley appellation in Lake County.
The wine is bright, juicy, tangy and mouth-filling. Sour cherry and sweet candied fruit combine with boysenberry and blueberry to tantalize your taste buds. Barbera ripens late in the season. The ripe, balanced fruit of this Barbera's naturally high acidity has created a soft, lush wine.
For more information about Shannon Ridge, visit www.shannonridge.com or call 998-9656.
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KELSEYVILLE – The 2005 Syrah Reserve from Wildhurst Vineyards has been named the Best of California, receiving a Double Gold medal in the 2007 California State Fair commercial wine competition.
Results of the annual competition were announced last week at the Grape & Gourmet charity benefit at Cal Expo in Sacramento.
The wine, made from grapes grown on eight acres of the Holdenried Ranch in Kelseyville, was crafted by Mark Burch, winemaker for Wildhurst.
Burch cites the typical Syrah characteristics of the grapes from this vineyard as “having exceptional flavors of wild berry and pepper. There is great fruit vibrancy and no over-extracted or heavy tannins. The wine balance is incredible and it finishes very elegantly.”
Burch said the vineyard producing this award-winning Syrah is 10 years old and benefits from great soil conditions, notably rich, well-drained and gravelly, showcasing a good marriage between site and varietal selections.
Myron Holdenried, wine grape grower and owner of Wildhurst Vineyards, expressed his pride in the winemaking skills of Burch, noting this was the first year a Syrah was entered into a wine competition.
Wildhurst Vineyards, celebrating its 15th year as a producing winery, specializes in Lake County wines and sources most of their grapes from the Holdenried Ranch, as well as from other Lake County growers.
Other significant awards received by Wildhurst Vineyards from this year’s California State Fair include a Gold medal for the 2006 Sauvignon Blanc Reserve, Silver medals for the 2005 Sauvignon Blanc and the 2004 Zinfandel Reserve and Best in the North Coast for the 2005 Merlot Reserve.
The 2005 Syrah will be released first to members of the Wildhurst Wine Club as part of the third quarter wine selection in September. Information is available from the Wildhurst Tasting Room on Main Street in Kelseyville.
Wildhurst wines also received prestigious awards at the Los Angeles International Wine and Spirits competition this summer, where the 2005 Sauvignon Blanc Reserve was honored with a Platinum, Best of Class and Best of Show. Other awards were a Gold and Best of Class for the 2005 Cabernet Sauvignon Reserve, and a Silver for the 2005 Chardonnay Reserve.
Other recent awards include three Gold medals from the Jerry D. Mead New World International Wine Competition. Receiving accolades from the professional wine judges were the 2005 Sauvignon Blanc Reserve, the 2004 Cabernet Sauvignon Reserve, and the 2004 Merlot Reserve.
The 2006 Sauvignon Blanc was awarded a Gold at the Orange County Fair Wine Competition last month.
Burch describes the 2005 Sauvignon Blanc Reserve as “distinctive Wildhurst style, vibrant and crisp, with incredible balance.” He notes that he used grapes from 26 different blocks of grapes from throughout Lake County, exhibiting the depth and complexity that it is possible to obtain from this varietal.
Holdenried said, “2007 is the sixth year winning a major wine competition with our Sauvignon Blanc. We usually enter eight competitions annually and each year we’ve won at least one Best of Show.
“These awards demonstrate the ability of Mark Burch to craft excellent wines, and show that Lake County grows world class wine grapes,” he added.
More information about Wildhurst Vineyards and the Wine Club is available at (707) 279-4302.
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