Coastal Real Estate and Lifestyles

I managed to get in RE BarCamp for a few hours on Tuesday.  It was an informal gathering of social media/technology thought leaders… and those interested in learning about real estate technology trends.  A tremendous networking opportunity…and it was free!

I met a lot of people, here’s a couple to share with you now:

Alex Neth of cribQ.comcompiled a mashup of Craigslist rentals with Google mapping, neighborhood info, and Walk Scores for each rental.  He developed this site to manage his own rental search.

I’m fortunate to already know Kevin.  Kevin Boer of Domus Consulting Group and 3 Oceans Real Estate lead a discussion about whether there was business value in the use of Twitter.  That was one of the largest groups.  What does that tell you?  If you’re on Twitter also, you can follow me at @mariansbennett.

Theresa Boardman of St. Paul Real Estate lead a conversation about photos, Flikr and photo management for websites.  Because of the open and casual nature, discussions veered into cameras, lens choices, other online photo filing systems, how to get the best interior shots, and more.

Looking for home in New Zealand or north Lake Tahoe?…I met Alistair Helm of realestate.co.nz from Auckland, New Zealand.  His company provides one of the largest (or did he say the largest?) real estate web portals in his country.  Also Tracy Saunders, Sotheby’s came to SF from Incline Village, NV. 

Yesterday was the first day of Connect. More about that and last Sunday’s web-cam experiment in Healdsburg to come.  In addition to my clients and family…the priorities!… I’m fitting in these activities this week. 

A few days ago Pam Buda announced in our Homescopes meeting that her Healdsburg listing will be featured LIVE on Trulia’s Blog via webcam.  When our Sonoma County colleague and owner of wine country real estate blog, WineCountryandHorses.com, invited me to join her at her Open House this Sunday, July 20th, I jumped at the opportunity to witness this cutting edge listing tool in action.  As with any listing, most agents will plan a marketing strategy to maximize exposure to the most likely potential buyers.  When an opportunity like this . . . Trulia offering to do a live webcam of your open house . . . is added to the marketing of the home, it opens up even more possibilities to powerful online exposure.  WOW.

Pam has taken another terrific step by involving her Homescopes associates.  When I write a blog post about an Associate’s listing, my readers are exposed to new information they may not know about otherwise.  For example, my readers span San Mateo County, all of California, and beyond.  My Google Analytics report shows the top worldwide visitors to my site:  United States, United Kingdom, Norway, India and Canada.  Pam’s Analytics report may show her readers come from other places.  In any case, it’s additional exposure for her listing - more exposure means greater chances of the right buyer.

The perfect buyer for this adorable vintage craftsman bungalow in the heart of the wine country may come from anywhere.  If you have ever thought of exploring Sonoma County, or Healdsburg in particular, for either a second home, a vacation rental property, a legacy home, or a ’downsize’ home, what better way to attend an open house if you can’t physically be in Healdsburg?!  Check out this online open house tomorrow, Sunday, July 20 between 1-3;30 on Trulia’s Blog.  The home is located at 414 Piper Street, Healdsburg, CA and will be physically open from1-4 p.m.

The use of these 2.0 real estate technology and social media tools are at the heart of an exciting and transparent trend for our industry that will benefit buyers and sellers.

To view the invitation, either click HERE or go directly to the main page titled *Limo* on the header bar.

Highlights:

• See parts of the San Mateo County Coast that only a local would know.
• Complimentary tour in private, stocked limo (air-conditioning if needed, but, remember, this is SF!).
• Gifts from local businesses that you can use for yourself or as client gifts once you return home.  No extra paper to have to fit into the suitcase.
• Views, stops, fun, sights, comraderie, fully stocked limo, gifts, fun, pizza…hope to see you.
• Make the most of your trip to SF for RE Connect.

To my contacts on Homescopes, WCR Blogs, Twitter and Active Rain:  I would sure appreciate your help in passing this one-time offering on to those who you think may be interested.  There is room for 5 people, so if anyone is interested, don’t wait.

Thanks!

Marian

The Half Moon Bay Coastside Limo Tour, available on a first-come-first-served basis, is open to all Real Estate Connect participants.  The limo will depart Friday afternoon following the conference from the Palace Hotel.  The short, entertaining excursion into Half Moon Bay will include a scenic drive over Devil’s Slide to view the beautiful new bridges and the now famous tunnel work in progress, through local neighborhoods, a coffee and snack stop, and a return trip over Hwy 92 to view some local flower, tree, pumpkin, and horse farms.  Guests will be returned to the Palace Hotel by mid afternoon.

I thought of this idea because Half Moon Bay is about 30 minutes away from SF and this will give visitors a unique hyper-local look at my real estate market and community.  The official invitation will be posted in the next couple of days and linked to my Active Rainblog also.

Charise and Michele of the Half Moon Bay Chamber of Commerce greeted me a few days ago in in their new digs at 235 Main St, HMB.  It’s one of the older Main Street bungalows transformed into a welcoming business space.  The two friendly golden retrievers and colorful backyard completed the charming effect for which Half Moon Bay is so loved!  Charise and Michele’s input was very valuable as I outlined my tour for them.  They quickly gave me names and contacts of local businesses that I could include in my “gift bag” for each tour guest.  Since I expect out-of-area agents who may have relocation clients interested in my community, we thought of gifts that the agents could use once they got back home; i.e. referencing businesses with a good online presence who already service clients all over the country.  If you know of a local business who would like to be included, simply comment or email and let me know - soon.

 These are just a few of the businesses I will be contacting for gift pack gift ideas. . .to pique your curiosity!

Harley Farms

Elegant Cheesecakes

Savvy Skirts

Dayle Dunn Gallery

* * * Look for the Connect participants Limo invitation shortly!  * * *

This is the pre-invitation heads up…and a special thanks to the HMB Chamber for their assistance!  Also, please forward this to anyone who you think may be interested and send a comment so I can add interested parties to the first-come-first-served list or send a private email.  Since I’ve never done this before, and am sponsoring this myself, I really don’t know if there will be lots of interest or none at all.  So let me know what you think!  What I do know is this will be a one-of-a-kind trip for a lucky few.

Is 2008 shaping up to be as bad as some think?  It’s all a matter of perspective.  Here’s a look at some single family home numbers for Half Moon Bay, El Granada, Moss Beach and Montara combined, comparing the 2006, 2007 and 2008 from the raw monthly data between January 2006 and May 2008.

The good news is the San Mateo County Coastside real estate market as a whole is not suffering the reality being experienced by other areas.  The sale prices have not been diving…unless sellers start out too high to begin with; however, they are continuing their moderate correction, so far.

**Highlights**

• Median sale prices drop of approximately 5%, roughly $50,000 off the median price, in the first half of the year.
• The number of transactions dropped 50% in the first part of 2008.  Significantly fewer buyers in the market so far this year.
• The number of homes for sale (inventory) increased about 30% from the same time period last year (only June listings missing).  Overall inventory has dropped about 10% from the first half of 2007 to the second half of 2007.

Median Price: (method used:  monthly medians averaged; no June figures yet)

• January to June 2006 - $908,750
• July to December 2006 - $861,667
• January to June 2007 - $895,875
• July to December 2007 - $967,417 (mortgage crisis announced in media)
• YTD 2008:  January to May - $855,666

Coastside Inventory: (method used:  same as above)

• 2006.1st half - 90
• 2006.2nd half - 111
• 2007.1st half - 99
• 2007.2nd half - 112 (mortgage crisis announced)
• 2008 Jan-May -118

Closed Sales: (method used: same as above)

• 2006.1st half - 17
• 2006.2nd half - 20
• 2007.1st half - 22
• 2007.2nd half - 13 (mortgage crisis announced)
• 2008 Jan-May - 13

** Summary **

The potential buyers for your home are different than those of a few years ago.  The flippers, wheeler-dealers, and speculators are few and far between.  What buyers there are have the funds to complete their purchase.  As financing continues to gain quality control (again) and buyers come to the table with some down-payment, I am seeing fewer wishful buyers and more prepared buyers.  Sellers are not testing the market, they are listing their homes because they want or have to sell.  Most are beginning to figure out that it pays to price it right the first time…and it can really hurt to have an overpriced listing at the peak of exposure - the first two weeks.  The rest of the sellers are reducing the list price or taking solid offers with a lower than desired price or even considering lease-options.  This is the maket correction in action, happening now.  Another way to watch the market is to check periodically the Local Stats on this site which are the local market’s leading indicators provided by Altos Research.

Recent articles of interest:

 (National) Business Week 6/30/08 - “The Next Victim of the Real Estate Crisis”

(County/Local) San Mateo Daily Journal - “Tax Roll Shows Healthy Economy”

And my camera was the conductor while holding 620 Ruisseau Francais, Half Moon Bay open last weekend.  This is a 5 bedroom home in the quaint neighborhood of Frenchman’s Creek.  Offered for sale for $899,000 by the CBHMB Bell-Fisher-Fowler team.

When you think about “lifestyle”, do you also think of security?  Or is that something you take for granted?  It is woven into the services we provide for our clients.  You don’t have security when you rent…you already know your home is not yours. 

“Since home in a lot of ways means security for us, taking that away can be highly stressful for people”, according to San Mateo County area Licensed Marriage Family Therapist, Padma Ali, “mainly children.  They are not equipped to handle family stress surrounding a foreclosure.  Parents can play an important role in lessening the impact of losing their home.” 

As a parent, sometimes our own stress can take attention away from our children and we may miss important signs from them.  Padma offers these tips and suggestions if you or someone you know may be facing a move due to financial stress:

Children express stress in different ways. Some signs for parents to note…

1. Acting out at home or in school.
2. If your child is beginning to withdraw socially at home or school.
3. Grades dropping.

A few ways to help are…

1. Talk to your child. Don’t underestimate their intelligence to comprehend complex situations.  They will do better if they are kept in the loop.  Keep their age in consideration while talking to them about complex issues such as finances.
2. Reassure them that they are taken care of and that they don’t need to worry about money or their safety.

3. Get them help with school counselors or therapists to help them cope with the changes.

Our communities here on the San Mateo County Coastside are not seeing similar levels of foreclosure activity that is occurring in other parts of California and the Country.  However, our area is certainly not immune to homeowners facing financial challenges, and we are seeing some short sales and REO sales.  In my experience, I find children want to know that their family will still be together, even if they have to move - for whatever reason.

Related article:

Foreclosures take an emotional toll on many homeowners - USA Today

As a follow up to the June 14, 2008 post about the Half Moon Bay Coastside single family homes market, here’s a look at what’s going on in the Condo market:

Inventory - It won’t be accurate to take the same format as I used for single family homes.  Due to the very small market it won’t show much:

• May 07 - 9 months of inventory; 1 sale ($620,000)
• January 08 - 11 months; 0 sales
• May 08 - 14 months; 1 sale ($489,000)

Sales did occur in other months; I’ll present the information by condo development.  There are no condominiums in Moss Beach or Montara; there was no activity in El Granada.  Therefore this is only for Half Moon Bay.  Nineteen condo sales occurred from May 1, 2007 to May 31, 2008.

5 in Cypress Cove - average SP $721,600 (3 3br; 2 2br)
3 in Ocean Corners - average SP $543,000 (1 3br; 2 2br)
4 in Amesport Landing - average SP $475,250 (all 2 br)
7 in Pilarcitos Park - average SP $445,000 (1 3br; 6 2br)

As of today, there are 4 pending with an average list price of $443,500.

There are now 8 active condo listings with an average list price of $538,000.

This Altos graph shows the listing trends for the local condo market and why it’s important to know the specifics of the quartile you’re researching before pricing your condo for sale or making a purchase offer.

To learn more about Half Moon Bay area condos, check out this archived post.

This is a very local and locally-loved event.  I certainly appreciated our own small town fireworks display more when it wasn’t there…funny how that happens.  The year I read in the Review that the fireworks weren’t going to happen because there wasn’t enough money in the coffer, in 2006, some of us (me!) may have taken for granted that the lights would magically appear in the sky each year on July 4th!  Last year the show was awesome!

I don’t know when it started, but now the local chapter of the American Legion organizes fundraisers each year to raise money for our local fireworks displays.  Here’s the local celebrations and fundraiser activities that I know about:

Friday July 4th, 2008:

• Ol’ Fashion Fourth of July Parade, historic downtown Main Street, Half Moon Bay, 12 noon

(this is a photo I took from a few years ago of one of the floats!  Notice the blue sky, which we’re treated to on some..not all..4ths.)

• Town picnic, American Legion Post 474, 470 Capistrano Rd., Princeton, 1 p.m.
• Fireworks, Princeton Harbor at Sunset . . . definitely ON this year according to Bob Resch, Chairman, ALCF, and Owner, Princeton Welding.

Saturday, July 5th, 2008:

American Legion’s Commitment to Coastside Fireworks

http://www.americanlegioncoastsidefireworks.org/

Tips for enjoying the fireworks on San Mateo County coast’s Princeton Harbor:

Walk to viewing distance if possible.  Parking along Highway 1 near Surfer’s Beach/El Granada is usually prohibited.  Bring flashlight, blankets or folding chairs, binoculars if you want, a neighbor or two.  Bring or wear layers…the ocean is right in front of you.  Remember to keep the pets in a safe and secure place.

The harbor view homeowners (mainly in lower El Granada, (El Granada) Highlands and Miramar) need only set up chairs on the deck or porch for the best seats.  If you find you must have one of these homes in the short or long term, you can do an area search of these neighborhoods. 

Sometimes the sky is clear and sometimes we’re watching the light show through the fog.  You might ask, why would you sit there in the cold and watch fireworks covered in fog??  You’d have to be a local to understand that one!

As we head into the peak season for many buyers and sellers, here’s a clear view of a buyers’ market for the San Mateo County coastal communities of Half Moon Bay, El Granada, Moss Beach and Montara.  In addition to the locals watching, out of area agents who have clients wanting a second home near San Francisco, or a beach house in northern California should take notice of this area:

• May 2007 had 4.8 months of inventory (this is our norm)
• January 2008 had 10.4 months of inventory
• May 2008 had 8.8 months of inventory

 Median Sales Prices for Coastside single family homes:

• May 2007 - $955,000 from 19 sales
• January 2008 - $1,050,000 from 9 sales
• May 2008 - $760,000 from 16 sales

Graph showing May 2007 through May 2008: 
Coastside real estate single family homes for sale vs. closed sales by month from May 2007 to May 2008

What I’m seeing firsthand:  Buyers are negotiating or watching for the right property to make their move.  Many buyers are also getting pre-qualifed before viewing properties.  Sellers are beginning to take this market correction seriously, and are doing more to prepare their homes.  For example, instead of just getting the inspection reports done, many sellers are completing the work that was identified in the reports.  Overall,  I’m seeing activity build with lots of consulting going on.