Crescent City Real Estate News

 Crescent City/Del Norte County June Market Report - Finally some great news!

Yes, I am happy to write the June market report.  Sales increased 41% over May's figures.  We can thank the low interest rates in April along with the $10,000 California Tax Credit for purchasers of new homes (this tax credit is no longer available) and the $8000 Federal Tax Credit for First Time Home Buyers, which is still available until November, for this marked increase.

The segment of the market that is selling like hotcakes is $200,000 and under with 66% of June's sales and 62% of sales overall for 2009.

The financing of choice for these transactions is the USDA GRH program and FHA.  The GRH program is a wonderful program for low to moderate income families and still provides 100% financing, although the buyer needs to come up with approx. 3% in closing costs.  This hurdle has been overcome by asking for a seller contribution to cover those costs.  If you are selling your home, be aware that there is a very good chance that you will be asked to "contribute" part of the sale price to cover these costs. 

So, good news for sellers, homes are still selling, but there is a lot of competition out there with a high inventory of 275 and absorption rate of 12 months (the absorption rate is how quickly it will take to sell all current inventory at the current rate of 22 sales a month).  We are still in a buyers market; no surprise there. 

"On Main Street, the recovery will begin when foreclosures stop," said Senator Jack Reed of Rhode Island, who has been pushing the Treasury Department to get mortgage relief more quickly to homeowners at risk of foreclosure.

Unfortunately, the U.S. is on track to see 3.5 million foreclosures this year.  The increase in foreclosures remains the single largest threat to economic recovery and although the Del Norte County foreclosure rate is lower than most California markets, at only 7% of the listings (approx.), foreclosures are still a force to be reckoned with.  As foreclosures come on the market at below market value, they affect every other home in the neighborhood by lowering values. 

So, here is the good news for buyers...prices are low, the GRH program still offers 100% financing to qualifying buyers, and inventory is high making seller's more negotiable than ever.

Here is the market at a glance for June 2009. 

Here are May's figures if you would like to compare:

As always, I am here to assit you with all your real estate needs.  I am here to answer all your Crescent City / Del Norte County real estate questions.  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

The Crescent City Farmers Market is back!

The Farmers Market offers locally-grown produce, specialty items and arts and crafts.

It will be open every Saturday from 9 am to 1 pm until October 31st at the Del Norte County Fairgrounds in the Northeastern corner of the parking lot (where Rumiano Cheese used to have a store).

Some of the local vendors:

• Ocean Air Farms of Fort Dick
• Mountain Home Farm of Orleans
• Village Baker of Ashland (fresh baked bread)
• Terri McCune-Oostra (home made pesto)
• The Dutch Gardener will be selling plants and vegetable starts
• Daves Bags
• Spicy Mamas (dried spices)
• Paul Caster (back massages)
• Vita Cucina will be doing cooking classes and tasting

All of the goods at the Farmers Market are guaranteed by the county Department of Agriculture as made or grown locally.  To be a certified farmers market, vendors have to sell their own products.

Vendors may change each week, so keep that in mind if you find something you really like.

Ron Phillips, manager of the Farmers Market, is hoping to have live music each Saturday and add more food vendors. 

No pets are allowed per California health regulation. For more information contact Ron Phillips at Rural Human Services at 464-7441.

       

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

Gasquet, California. Home to the Forks of the Smith River (edit/delete)

Gasquet, California, although small (pop. approx. 400), has some mighty attributes, chiefly, the Forks of the Smith River and Six Rivers National Forest. 

• Middle Fork Ranch has cabins on the Smith River with two private swimming holes for snorkeling and swimming in summer, fishing for salmon and steelhead when in season. 
• Patrick's Creek Lodge is a historical bed and breakfast on the shore of Patrick's Creek, another Salmon and Steelhead fishing spot.
• Six River's National Forest - Check out their web page for all this National Forest has to offer.
• Ward Field Airport - Twin engine planes and smaller.
• Kayaking information for the Smith River.
• Hunt for Big Foot
• Bear Basin Butte Botanical area - Hunt for wildflowers in season.

Gasquet has it's own elementary school, Mountain School that serves grades K-5th grade, post office and general store.  The summer weather reaches into the 100's, with an occasional dusting of snow in the wintertime.  Gasquet is approximately 20 miles from Crescent City up highway 199. 

It has several neighborhoods and homes scattered up and down the Smith River on acreage. 

       

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

Rose Peasley, the owner of RE/MAX Coastal Redwoods (my office), sold my Cherrywood listing last week.  Her clients, Darryl and Lisa Promatico were kind enough to let us reprint an exerpt of an email to a family member. 

"We go walking on the beach and she [their dog] meets other dogs there. It's nice to be on a beach that is walking distance and not crowded and everyone is nice and friendly and its clean with no diapers floating in the water!!  LOL!! The DMV is small and not crowded at all. We went today to change our address.  There are lots of long roads around here with hardly any traffic for you to practice your driving and not so scary and overwheming like driving around LA."

And there you have it.  Why you should move to Del Norte County.

1. You can walk on the beach and your dog will meet other dogs.
2. The beach is not crowded.
3. The people are nice and friendly.
4. The water is clean with no diapers floating in it.
5. The DMV is small and not crowded at all.
6. No traffic (no smog either) and the roads are not scary or overwhelming. In fact we have less than 10 stop lights in the entire 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®

*PER CCMLS

Crescent City/Del Norte County Market Report for February 2009...Improving or worsening, depending on your perspective.

Our market improved in the number of solds for February over January, however, the median price decreased yet again as ancy sellers continue to drop their prices and foreclosures continue to drag down neighborhood prices.

Our market continues to be wonderful for buyers and I will finally say that buyers seem to be aware that prices are really good and that now is a good time to buy.

I'm getting more inquiries than ever from first time home buyers and I'm still hearing from investors as well who are ready to get a great price on an REO or from a motivated seller who has priced their home for the current market conditions.

Buyers are pretty educated as to what is a good list price and what is overpriced and they seem to be avoiding the overpriced listings without a glance back.  Inventory is still high and the case can be made with an absorption rate of 27 months (down from last months 35!), that it is still very much a buyer's market.  One caveat to that would be the below market listing that occasionally pops up that gets multiple offers in a short period of time.  You better have your pre-approval letter ready to get in on these deals. 

Here is the market at a glance for February 2009:

There are currently 270 active listings with an average DOM of 198 days. Current Absorption rate is 27 months.

 What does it all mean:

• Buyers, you need to be ready to go on the deals.  Get pre-approved, have your letter in hand when making an offer and use a full-time REALTOR who is emailing you the deals as they come on the MLS (that would be me).
• Sellers, talk with your agent and have your home priced for this current market.  If you can not price in the suggested price range, you may need to withdraw your listing and wait until the market improves. 

Take a look at current listings and foreclosures for the Crescent City/Del Norte County market and give me a call if you are ready to buy or sell.

I am here to assist you with your real estate needs!

Brought to you by Fran Gatti at  THE REDWOOD COAST REAL ESTATE CONNECTION  Bus: 707-464-5400, Cell: 707-218-8162 Email: fgatti@charter.net Website: FranGattiHomes.com My Blog: Fran's Blog Put Fran to work for 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

I had a great time yesterday at the annual Seacruise Car show in Crescent City at Beach Front Park.  There were about 400 entries, lots of delicious food, good music and fun.

This is a 1965 Cobra, one of my husbands personal favorites.  He drooled over this car for a few minutes and then joined the Chief of Police in drooling over another Cobra not far from this one.

1963 Stingray Corvette. The weather was delightful.  The ocean is a short distance on the other side of the structure in this photo. 

Below: 1961 Corvette (my favorite)

1957 Nomad Wagon (Chevy)

My son, Jim Gatti. Seacruise is fun for the entire family, not just car enthusiasts.

There was a very nice crowd of friendly folks.  My husband, Garry, and I saw a lot of people we know and a few of my clients.  It was a very nice way to spend the afternoon.

Come check out Seacruise 2009 if you missed this years car show. 

       

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

Crescent City/Del Norte County Real Estate Market Report for August 2008 - still slow.

I have put off writing this report because I'm a little tired of constantly being the bearer of bad news for sellers, however, it behooves all of us who are involved in the home buying and selling process to know our market, good or bad.

August had 9 residential closings, which is very low.  We currently, as of today, have 306 active residential listings, which is very high.  The absorption rate, the rate it would take to sell all the active listings at the current rate of 9 a month, is almost 3 years, which is the highest I have seen since I have been tracking these statistics (about 2 years).

If you have tried to get a loan or know someone who has, you know that money has tightened up and it is much more difficult to get a loan than it was a year ago.

42% of the listings in our market are $300,000 and up, but have comprised only 16% of the sold residential listings for 2008.  I know I sound like a broken record, but if you are selling a home in the over $300,000 price range, you have a lot of competition and you need to be at the lower end of your price spectrum if you want to sell.

If you are a buyer...the world is your oyster...sort of.  Do yourself a favor and get pre-approved BEFORE you house hunt.  With money as tight as it is, you may not qualify for the same amount you were approved for 4 month ago.  Things have changed in lending quite a bit in the last few months and lenders are still failing.  It would benefit you to go with a strong lender that will be there in 45 days when you need to have your loan funded to complete the purchase of your home.

There may be a brighter day approaching; there are 26 homes in contingency sale or pending status. That is encouraging, but as I previously stated, lenders are still failing and money is getting tight.  Escrows are being impacted by these changes and just because a home is in escrow, it doesn't mean a thing until it reaches the Big Kahuna of real estate...recording title in the buyers name.

Here is the market at a glance:

Now, more than ever, you need a real estate agent who knows your market and can assist you with properly pricing your home.  Please give me a call for assistance with the purchase or sale of your home.

I am here to assist you with your real estate needs!

Brought to you by Fran Gatti at  Bus: 707-464-5400, Cell: 707-218-8162 Email: fgatti@charter.net Website: FranGattiHomes.com My Blog: Fran's Blog Fran is the #1 buyer's agent for 2007per CCMLS

       

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