Morro Bay, CA Real Estate News

By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
This month's recommended reading is "The E Myth Revisited" by Michael E. Gerber.   "E" stands for "Entrepreneurial" and Gerber reveals "why most small businesses don't work and what to do about it".  The complete title is "The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It" and it's available at Amazon.com. Gerber shows small business owners how to get out of the "mom & pop shop" rut and develop powerful visions for their companies.  He weaves the interesting story of a pie-shop owner and shows how to set up a system for your business, that can free up your time and give you a big-picture perspective. What is the difference between working ON your business and working IN your business?  Read amazing ways to grow your business for long-term future success....
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By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
In February 2009, there were 19 houses sold on the California Scenic Coast, which includes Morro Bay, Cayucos, Cambria, Los Osos, Harmony, and San Simeon.  That is the lowest in the last 6 years.  The highest was 28. Are you thinking about buying a home?  Or selling your house?  Want some investment property?  Or just trying to save your house from foreclosure?  Let us outline some solutions for you, and recommend a few ways we can HELP you! We serve the California coast including San Luis Obispo, Santa Barbara, and San Diego counties and we'd LOVE the opportunity to assist you.  Put us on your side, we're part of your winning team! Thanks to Stacy Gregory from First American Title for this wonderful graph! Join my new AR group and post your blog at http://activerain.com/groups/virtualo...
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By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
Real estate closed escrow sales for January 2009 were at 3, which is lower than the all-time record of 12 in 2007 January.   Thanks to First American Title in San Luis Obispo for supplying this chart.  If you'd like to know more about real estate buying or selling on the California Central Coast, I'm a top expert and would be happy to answer your questions! Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice Regina P. BrownBroker, Realtor®, e-ProAuthor of eBook "Stop Foreclosure Fast: Solutions to Save your House" Text copyright © 2009 R.P. Brown, All Rights Reserved 
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By Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast
(Sims & Company)
  JANUARY-DECEMBER 2008 VERSUS JANUARY-DECEMBER 2007 MORRO BAY               `         SALES AVG.DOM HIGH LOW MEDIAN 2007 96 133 $1,600,000.00 $300,000.00 $572,500.00 2008 107 146 $1,800,000.00 $210,000.00 $520,000.00 2008/2007 11 13 $200,000.00 ($90,000.00) ($52,500.00) % DIFF. 11% 10%     -9% Sales of stick-built single-family residences rose by 11% in 2008.  This reflects the addition of 11 sales over the 96 sales in 2007.  The double-digit increase in the 2008 home sales could be attributed to a higher number of short sales and foreclosures and sales of more lower-priced homes in Morro Bay. Out of the 107 sales in 2008, more than half or 61% of the sales are priced below $550,000.  A small 10% of these sales are above the $1-million range.  The remaining 29% sales fall between the $...
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By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
Compliments of Dena Cagliero from First American Title Company, this chart shows that there were only 15 closed sales in January 2009, which is down from a high of 37 closed sales in January 2007.  These stats are for California Central Coast's "scenic coast" which includes Morro Bay, Los Osos, Cayucos, and Cambria.   This chart's a little difficult to read, if you want the full-size version, please contact me.  THANKS! Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice Regina P. BrownBroker, Realtor®, e-ProAuthor of eBook "Stop Foreclosure Fast: Solutions to Save your House" Text copyright © 2009 R.P. Brown, All Rights Reserved
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By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
STEP 4: MAKE YOUR OFFER •   Return to the Realtor®'s office or stop at a coffee shop to write your offer.  Or you can go back to your top property if there is no one at the home.  But remember that a vacant house will have NO table, NO chairs, and maybe even NO electricity (which means no light after sunset). •   Tell your agent what appliances or personal property you want to include in your offer, how soon you want to close escrow, and if you have a title/escrow company that you prefer to use. •   Your Realtor® should call the listing agent for the house you selected.  She will ask questions about the price, terms, escrow and title company preference, inspections and reports available, closing date, if there are any other offers, how to send the offer in, and response time to an offer...
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By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
Investors, be careful.  You may have LESS than 180 days for 1031 exchange!  I just received a timely article about 1031 tax-deferred real estate exchanges from my friend Jay Peet.  It's from www.IPX1031.com and titled "Tax Season Issues Regarding IRC §1031": "If the Exchanger relinquished property after October 18th, they actually have less than 180 days in which to complete their exchange unless they file for an extension on their tax return! "The actual deadline for completing an exchange ("the exchange period") is the earlier of either 180 days from the date on which the Exchanger transfers the relinquished property, or the due date, including extensions filed by the Exchanger, for the Exchanger's tax return for the year of the transfer of the relinquished property. "So, if the tax p...
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By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
"Staging" is a professional presentation of a home for sale.  Staging increases a home's value, thereby helping the seller obtain a higher sales price, and getting the home sold quicker.  Professional stagers arrange furniture and accessories to help buyers visualize themselves living in the home.  It ensures a property is properly prepared and in the best condition for photos, virtual tours, and showings. Does staging work?  YES, homes which are staged typically sell for 6.9% more, and sell in half the time than those houses which are not staged.  The average return on the staging cost is 169%, according to www.stagedhomes.com. Home staging companies come to your home and stage it for you, such as One Day Decorating, at www.OneDayDeco.com.  Some companies, such as Trio Home Staging, al...
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By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
Vesting of your property title may seem like a minor decision now, but it has a critical effect on your taxes, your inheritance, and your financial future.  When purchasing or refinancing your property, you must decide how you will hold title before escrow closes.  Consult your attorney and accountant to advise you. Eight common ways to take title in California are listed below, compliments of First American Title Insurance Co. SOLE OWNERSHIP 1. A Single Man / Woman - a person who has never been married. 2. An Unmarried Man / Woman - a previously-married person (now divorced or widowed). 3. A Married Man/Woman, as His/Her Sole and Separate Property - a married person who is acquiring title in his/her name only.  Note: Due to community property laws in California, the spouse must consent...
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By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
Sick of tenants and rental property?  Wouldn't you rather take a vacation?  After dealing with tenant complaints, fixing leaky pipes, and noise complaints from neighbors, you deserve a vacation! (Refer to the photo of Avila Beach, CA --->) A recent "1031 IPX newsletter" from Investment Property Exchange Services, Inc., gave these rules for exchanging your rental property into a vacation home: Property owners throughout the nation are obtaining the benefit of full reinvestment of equity under Internal Revenue Code §1031. Many investors exchange out of rental investment property and into an investment property held for investment in a resort or vacation area. In order to qualify for an IRC §1031 tax deferred exchange the property to be sold ("relinquished property") and the property to be...
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By Andy Shellcross, San Luis Obispo REO Homes
(Reviron Realty - Paso Robles Bank Owned Specialists )
If you have ever wondered why people live in the Morro Bay area then here is a little taste. In a resonse to my last blog it was suggested that I should post a few pictures of the area. Now I am not trying to hide this little piece of paradise away so here goes. I really don't think any words are required, just admire the beauty. Andy Shellcross - Bank Owned REO SpecialistServing Morro Bay, San Luis Obispo. Paso Robles and all Surrounding Cities 888-640-2346 xt 301www.morrobayreo.com    
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By Andy Shellcross, San Luis Obispo REO Homes
(Reviron Realty - Paso Robles Bank Owned Specialists )
Well what can I say, Morro Bay is simply a great place to live. Today the sun is out, temperatures hovering around 70 degrees and the beautiful sea air to breathe what could be better. Now the real estate market is another thing, but now that 2008 is behind us I have a really good feeling about 2009. Yes prices are down and foreclosures are up, but the Bank Owned Homes are attracting new buyers seeing an opportunity to seek out a bargain that before was beyond them. Time will tell but I for one believe it is going to be a good year. Andy Shellcross - Bank Owned REO SpecialistServing Morro Bay, San Luis Obispo. Paso Robles and all Surrounding Cities 888-640-2346 xt 301www.morrobayreo.com
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 - CALIFORNIA DREAMING Everyone that knows me figured it would just be a matter of time before I formed a group about California. I have bloged so many photos and stories about the West Coast State, I had to go beyond the realms of duty.  My first visit to the wonderful State of CALIFORNIA was back it 1974 when I was only 16 years of age.  I moved to the West Coast from Minnesota when I was 16 years old with a friend from school and lived in Portland Oregon. At this time I would hitch-hike down the whole West Coast through CALIFORNIA.  With a back-pack, harmonica in one hand & a Bible in the other I would travel up and down Hwy 1 and 101 taking in the wonders of the West Coast.  So my CALIFORNIA DREAMING had come true, I spent over 5 years traveling from Oregon to California getting to...
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By Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast
(Sims & Company)
  The rain didn't stop Morro Bayans and their visitors from enjoying the festival this past weekend.  There was some slight chaos when electricity was disrupted when the festival opened on Saturday, October 4, 2008. When electricity and the sun returned, the festival fell into full swing of entertainment, food, fun and lots of activity.  There's something for everyone.  As is the tradition, a gigantic sand scuplture greets visitors at the South (main) entrance.  Adults and kids were treated to live performances by local high school bands, and other civic groups.  Families brought their children to check out the bay, visit the Coast Guard and simply bounce around in the play areas.   At the Seafood Pavilion and Wine Tasting, the bands strummed and courted patrons to linger and sample som...
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By Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast
(Sims & Company)
          Saturday, September 20, 2008         714 Embarcadero, Morro Bay, CA         11 AM to 6 PM         Music provided by Pryor Baird & the Deacons         and The Guy Budd Band         Participate in the ~         Best Guacamole Contest         Best local Avocado-based Recipe Contest         Best Dressed Avo Kid Contest                                           Saturday & Sunday, October 4-5, 2008             Embarcadero, Morro Bay, CA           2 great days to soak in           - three stages of local entertainment,           - wine & seafood by local wineries & restaurants           - Rocktofest Beer Garden           - Maritime displays           - arts & crafts and more.           For more information, check out           Morro Bay Harbor Festival website.                      ...
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By Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast
(Sims & Company)
  SOLD!     REVIEW OF HOME SALES & MEDIAN HOME PRICES ON STICK-BUILT SINGLE-FAMILY HOMES IN NORTH COAST-SLO COUNTY       (UNDER $1M)       JANUARY-JUNE 2008 VS. JANUARY-JUNE 2007     MORRO BAY             SALES AVG.DOM HIGH LOW MEDIAN 2007 62 137 $300,000.00 $955,000.00 $567,500.00 2008 47 155 $210,000.00 $990,000.00 $520,000.00 2008/2007 -15 18     ($47,500.00) % DIFFERENCE -24% 13%     -8% Compared to the same period in 2007, the number of stick-built single family properties sold in the first half of 2008 decreased by 24%, or only 47 homes.  At the same time, those properties took an additional 18 days to sell, versus 137 in the first half of 2007. The median sale price also dropped by 13%  from $567,600 to $520,000 in the same period. The trend is reflective of home sales and sale p...
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By Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast
(Sims & Company)
 The Cal Poly Lion Dance Team was a hit with our guests who came to celebrate the Lunar New Year with our RE/MAX team at our Morro Bay, CA office.  2008 is the Year of the Rat that began on February 7, 2008.  There are 12 animals in the Chinese zodiac. Predictions on what will happen for that year and attributes of the people born during that year, are associated with the characteristics of that animal.  According to legend, the rat was the first animal to show up when Buddha summoned all the animals to come to him. Thus, the rat is the first sign of the Chinese zodiac and represents the beginning of a new 12-year cycle. Those born in the Year of the Rat are considered smart, clever, resourceful, quick-witted, and courageous. Rats are energertic and cunning problem solvers. They are als...
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By Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast
(Sims & Company)
  REVIEW OF THE PAST 5-YEAR  PRICE / SALE TRENDS    MORRO BAY   YEAR  Sales +/- (%) Median +/- (%) Avg. CDOM +/- (%) High Low Avg. SP/LP                     2003 160   $439,000   60   $1,600,000 $226,000 98% 2004 193 21% $550,000 25% 78 30% $2,650,000 $290,000 97% 2005 130 -33% $645,000 17% 65 -17% $2,300,000 $337,500 97% 2006 112 -14% $615,750 -5% 106 63% $2,000,000 $330,000 95% 2007 101 -10% $570,000 -7% 132 25% $1,600,000 $300,000 96%   The above statistics reveal that homeowners of single-family residences in Morro Bay saw a huge jump in median price appreciation by 25% in 2004 when compared to 2003.  The median home price appreciation fell by 8% a year later, and continued to decline each year.  In 2006, the median home price dropped by 5% in 2006 and a further 7% last year.  Year ...
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By Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast
(Sims & Company)
  Residents of the Central Coast are invited to a unique Open House on Thursday, February 7, as RE/MAX Seven Cities ushers in the Lunar New Year!As Western culture rings in the New Year every January, Chinese culture similarly celebrates the New Year, albeit a little later in the Winter.  Chinese culture celebrates the new year with the coming together of friends and family, all sharing delicious food, and generally with the creating of an atmosphere of happiness and prosperity.  It's a fun way for us all to get together with colleagues and customers to welcome 2008, the "Year of the Rat"!In addition to a wide array of Asian foods and treats, celebrants will have the opportunity to enjoy a lion dance performance by the Cal Poly Lion Dance Team.Anyone wishing to usher in the Lunar New Ye...
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By Abraham Chaffin, Cambria Real Estate
(Sand Shell Realty)
Morro Bay California is an incredible place to watch the Central Coast population of humpback whales in their summertime feeding grounds. There are many 2 - 3 hour whale watching cruises and tours available in Morro Bay. Cruises can travel up the coast past Cayucos to Cambria CA and San Simeon or down past Los Osos to port San Luis Obispo and Avila Beach.Abundant wildlife can be seen on the California Central Coast including sea otters, sea lions, abundant fish and birds such as pelicans, frigates, gulls, peregrine falcons, herons, and ospreys. In the waters in and around Morro Bay can be seen in their seasons; humpback whales, grey whales, porpoises, killer whales, minke whales, fin whales, dolphins, orcas, and blue whales. Whales spouting and breaching the waters of Morro Bay and all...
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