Crescent City Real Estate News

The California Endowment to invest millions of dollars into Del Norte County over the next 10 years.

If you live in Del Norte County and have not heard about the California Endowments Healthy Communities Initiative, you will very soon as the Endowment begins to pump money into the community.

The California Endowment was formed 10 years ago when Blue Cross made the decision to go from a non-profit company to a for-profit.  When this change was made, Blue Cross was required to form this non-profit endowment which has been investing money, by way of grants, to programs all over the state of California for 10 years.

These grants were making an impact, but the Endowment decided the way to have a long-term, lasting impact would be a long-term investment in some of the neediest areas of the state.The Endowment envisioned the Healthy Community Initiative and chose 14 areas of the state that will benefit from this initiative, but more importantly, the areas chosen showed the promise of a brighter tomorrow by way of a strong commitment from the community, both government and private citizens, to work toward permanent solutions to their problems.

Del Norte County and Tribal Lands is one of the 14 communities chosen for the Healthy Community Initiative.  Del Norte County, once a thriving timber and fishing community has been severely impacted in the last 20-30 years by the loss of those industries.  The largest employer at present, government agencies, far exceeds the average for the rest of the state.  The Healthy Communities Initiative will look for long term solutions in bridging the gap in health care, the high school graduation rate, employment issues, and more.

The California Endowments commitment is for 10 years.  In the first 3 years the Endowment projects investing $500,000 to $3,000,000 a year, years 3-6, the Endowment projects the investment to increase and then taper off in years 7-10. 

Folks, in a community the size of Del Norte County, population 29,000, this is HUGE!  If you aren't involved in the process, get involved.  I have become involved and have been impressed by the amount of top notch people who are participating in the process.  This is exciting stuff and is going to transform our county now and for future generations.

Thank you to all the wonderful people who have given hours and hours of their time to bring this initiative to Del Norte County.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran Gatti. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

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Mike Nolan, a fellow real estate agent in my office, loves to fish the off the Del Norte county and Curry county coastline.  Mike is a prolific fisherman and is recognized by many for his skill and knowledge regarding the sport.  I get to eat what he catches and am most grateful for his abilities.  Here is Mike with a ling cod.

This is Mike's son Jesse with a steelhead caught in the Smith River.

Mike says these razor clams make the best eating meal in the Pacific Ocean.

John Evans with Pacific Halibut taken off Point St. George.

Sunset over the Pacific off the Brookings, Oregon coast. 

Follow Mike's fishing adventures on my blog.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran Gatti. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

The current state of the real estate market in Crescent City, CA.

I had an email today from a client who has her home listed with me asking about the current state of the real estate market in Crescent City. My client's home is priced in the high $200,000's, a price range that isn't hopping right now in the Crescent City real estate market, but she is reading about the increase in sales throughout the state and U.S. and asked the following: 

Thanks Fran, hope you have a speedy recovery.   I know in the outside world things are moving along nicely.  What do you think the future holds for the Crescent City real estate market?

Here is my answer to that question and what I think we can expect for the near future.

• 30 homes have sold since 8/1/09 in the Crescent City/Del Norte County real estate market and only 5 of those have been over $250,000 (about 17%). 
  
  
• The lower price range is moving because there is still 100% financing available in that segment of the Crescent City real estate market (USDA GRH program) and purchasers who have been priced out of the market until now are jumping in.  I think that segment will continue to move as long as this financing remains available. 
  
  
• The brisk real estate sales we are seeing elsewhere throughout the state of California are bolstered by investors with cash (we are seeing that in Crescent City too; I've written 3 cash offers in the last few weeks), who are peeved at 1% return on their investment with their banks.  However, the investor's are looking for a positive cash flow and are purchasing "deals," mostly under $250,000, but some are purchasing 2^nd homes with a view of the ocean or river (homes priced above $500,000). 
  
  
• Your home is a step-up home for most buyers, which means they have to sell their home to purchase one that's a step-up from what they currently own.  There is not much financing for these types of purchases right now.  This, along with consumers being scared to step-up to a higher house payment, state employees (our largest employer in Crescent City/Del Norte County real estate market) afraid they may have wages cut further or lose their job all together, makes it really tough for your price range. 

Your home is competing with brand new construction in the Harbor View and Redwood West subdivisions. Both are lovely subdivisions with brand new homes priced below $300,000. In order to obtain an offer in this market in that price range, there has to be a lot of showings, and in order to have a lot of showings, homes have to be very competitively priced.

I hope this helps,

Fran

The median price for homes sold in the Crescent City real estate market since August 1, 2009 is $193,000.  Lower priced homes are receiving multiple offers and selling quickly, but homes over $250,000 need to be very competitively priced to sell in a timely manner.

With high inventory in this price range and stiff competition for a smaller segment of buyers, proper pricing is more important than ever. 

I expect this to continue until the state of California gives their employees a feeling of stability by giving back the 15% pay cut and until banks resume loaning money again.  99% of the loans for real estate sold in the Crescent City real estate market since 8/1/09 was USDA Guaranteed Rural Housing or FHA.  

Please call me if you are looking for a local lender who is well versed in both these programs and who gives prompt and courteous service.  Finding a reputable lender and a good loan program that will comfortably fit your situation is the first step in finding a home.

Thank you for stopping by.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran Gatti. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

Johnston's Gift-Garden-Home located in Crescent City, CA at 962 Third Street is a wonderful place to find a unique gift or that special something for your home.

Owned and operated by Sheri Johnston, Johnston's Gift-Garden-Home is the place to go for kitchen, bath and garden items that you will not find elsewhere.

I am a proponent of purchasing locally to support my community. I frequently purchase closing gifts for my clients at Johnston's Gift-Garden-Home, but I purchase items for my home as well.

Sheri sells a ceramic bowl set that comes with a large size pasta bowl and four smaller bowls all with bright colors that go with just about any decor.  The set of 5 bowls is less than $50 but looks like it cost quite a bit more.  It is one of my favorite closing gifts because the bowls are so bright and cheery and everyone loves them. 

Johnston's Gift-Garden-Home also has a large selection of unique glass in a variety of sizes: goblets, wine glasses, Margarita glasses and more. This glassware comes in many colors that are sure to match your color scheme.

Johnston's Gift-Garden-Home has a nice selection of candles, soaps, lotions, and diffuzers for the home and bath as well as selected accent furniture pieces that would complement any room.

Johnston's Gift-Garden-Home sells locally made items.  I purchased my favorite pair of earrings at Sheri's store that were made by a local artist. 

Sheri is more than happy to order you something if she runs out (like my bowls) and she will call you when your items come in.  Sheri is also great at helping her customers pick that perfect gift for a specific occasion. She gift wraps your items (free of charge) and has a lovely selection of custom made cards for all occasions.

Located in the heart of Crescent City's downtown area next to Tomasini's Enoteca Restaurant, Johnston's Gift-Garden-Home is what a local business should be, exclusive items, quality workmanship at a reasonable price, locally made jewelry and more, and great customer service with a smile.  

Crescent City has a bustling, thriving downtown area that has many stores that feature locally made items and unique, one-of-a-kind items; every Wednesday is the downtown Farmer's Market from 3:00 to 5:00. 

Come check out Johnston's Gift-Garden-Home and tell Sheri Fran sent you!

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran Gatti. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS