Real Estate Reel
It's all about Real Estate…Keepin it RealDiekmanns General Store Business Opportunity For Sale
Local Grocer wants to sell. Just listed in MLS today, you’ll find a new business opportunity for sale. Quoting from the Bay Area Real Estate Information Services(BARIES MLS), the business is described as such,
“Very long established country general and liquor store as this store has been in existence since 1867! It is a locally owned & operated with a unique location and old fashioned country charm. This 3000 square foot facility has a current rent of $1,700 per month. Lease term expires 5/2015, & there is one five year option to extend the lease. If you have ever dreamed of owning your own country general store, this is a once in a lifetime opportunity.”
To locals, it is the cornerstone and mainstay of Tomales and surrounding areas. The bread and butter place and a whole lot more.
Generations of kids have bought candy there, locals can run a credit tag, purchase fishing licenses or hardware. It is our community’s lifeblood being a distance away from urban life.
It is for sale! Whoaaa!. This could mean more change than Tomales is ready for. Either the nature of the business as we know it and have become accustomed to, or just the possibility of a new management style makes you put some thought to it. It is an opportunity, a business opportunity.
This will be an interesting development in the center of Tomales’s Historic District. All eyes are watching now, ears are listening.
It has prime commercial potential on Highway One located at the gateway to the Coast in West Marin.
Homeowners win big with extension and expansion of federal tax credit
According to the California Association of Realtors, the U.S. House of Representatives today voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate late yesterday and now will go to President Obama for his signature, where it is expected to be signed this week. The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000. Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order. For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged Congress and the U.S. Senate to extend and expand this crucial piece of legislation. Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was “the most important” or a “very important” factor in their decision to buy a home.
First Time Home Buyers Credit Extended
Senate leaders announced they agreed to an extension of the $8,000 first-time home buyer tax credit through April 30 which was previously set to expire November 30th.
This is great news for first time home buyers and our economy!
Credit account dispute could stall mortgage application
According to California Association of Realtors, some consumers with exceptional credit reports and high FICO scores are being denied mortgages by Fannie Mae’s automated underwriting system because there is a notation in the credit report that the consumer has disputed an item. Under the Fair Credit Reporting Act, consumers are guaranteed the right to dispute inaccurate information on any account in their credit files. Once a consumer disputes an item in their credit report, a notation to this effect is made in the file. Until the notation is removed, most credit-scoring system generally will not factor the disputed item into the computation of the consumer’s score. However, with the recent surge in companies claiming to “clean up” and “erase” blemishes on consumers’ credit reports, some lenders are finding that these credit companies are disputing accurate, but negative items, hoping the consumer will qualify for a loan before the dispute is resolved. Applications that are denied through Fannie Mae’s automated underwriting system, which is used by virtually all lenders doing business with Fannie Mae, are sent back to the lender for manual underwriting. It is then up to the lender to determine and document whether the disputed information is accurate and underwrite the borrower’s credit accordingly.
C.A.R. releases California Housing Market Forecast for 2010
LOS ANGELES (Oct. 7) –“California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market,” said C.A.R. President James Liptak. “This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace.”
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) “2010 California Housing Market Forecast” will be presented this afternoon during CALIFORNIA REALTOR® EXPO 2009 (www.realtorexpo.org), running from Oct. 6-8 at the San Jose Convention Center in San Jose, Calif. The trade show is expected to attract more than 7,000 attendees and is the largest state real estate trade show in the nation.
“After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” Liptak added. “2010 will mark the beginning of the ‘new normal’ for California’s housing market. This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.”
The median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, according to the forecast. Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.
“Housing in California has become a tale of two markets,” Liptak said. “The low end continues to attract first-time buyers and investors, with a resulting shortage in the number of homes for sale. Sellers at the high end, however, continue to be challenged by the ability of home buyers to secure financing as well as their concerns about where prices are headed. While demand from first-time buyers for low-end properties will continue throughout next year, sales could be impacted if discretionary sellers do not return to the market by the second half of 2010.
“2009 marked a unique opportunity for first-time home buyers,” Liptak said. “Homes were more affordable than they have been in years, interest rates hovered near historic lows, and the federal tax credit helped more than 1 million people become homeowners nationwide. Now is the time for Congress to extend the federal tax credit and to expand it to all buyers, not just first-timers.”
“With distressed properties accounting for nearly one-third of the sales in 2010, inventory will be relatively lean, under six months during the off-season months, and a roughly four-month supply during the peak season,” said C.A.R. and Vice President Leslie Appleton-Young. “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer. For the year as a whole, home prices are forecast to reach $280,000.”
“Although it appears at this time that lenders are closely monitoring the flow of distressed properties onto the market, there could be an exertion of downward pressure on home prices should a heavier than expected wave of foreclosures come to market next year,” she said.
“The wild cards for 2010 include foreclosures, loan resets, the labor market, and the California budget crisis, as well as the actions of the federal government,” Appleton-Young said
