When does the California Subdivison Map Act(CSMA) apply.  When recorded subdivision maps create five or more “legal lots”, and recorded parcel maps create four or fewer “legal lots.” So, how do you know if there’s a violation of the CSMA?  A clue can be found in the legal description.

According to Linda A. Kirios, Esq., Counsel to the California Association of Realtors,  if your legal description reads,

” ‘Parcel 2 of Parcel Map 12345 on a particular recording date in Maps of Los Angeles County California,’ or ‘Track 11  of Tract Map 12345 recorded on a particular recording date in Maps of Los Angeles County California,’ ”  Kirios suggests chances are the lot is “legal.” 

On the other hand, if you see wording in the legal description such as “a portion of Lot…” or “the north 10 feet of Parcel…” , Kirios suggests  there might be a CSMA violation. 

Metes and bounds legal descriptions should also be further investigated. 

Certificates of Compliance (COC) may be necessary to verify that the parcel complies with the CSMA deeming that the lot legal at the time of creation.  Kirios indicates that “If one sells all of one’s property, then one may be safe.” 

If in doubt contact  a licensed Real Estate Broker who can request that the title company issue a subdivision map act endorsement to the title policy whereby ensuring no violation of the CSMA.  If the title company won’t issue the endorsement, a COC may be necessary. 

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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.

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!

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

In an article published in the Press Democrat today entitled “Bracing for the next asset bubble,” by Stevenson Jacobs, Associated Press out of New York, he provides an interesting perspective on what has fueled the boom bust cylce we experienced this decade with the internet stock and housing bubbles.   

After the the recent housing boom and bust, the article suggests that “amid the wreckage of the last bubble, the ingredients for the next are still with us.”  Jacobs suggests “one reason is that there’s a sharp rise in the amount of capital sloshing around the world in search of the best returns.  Investors are still fixated on short-term gains over long-term performance.” 

Capital moved from the tech industry to the U.S. residential housing market.  Easy money was made possible for those without good credit or down payments.  Easy money produced by eager global institutional investors buying high yielding mortgage backed securities.  

Jacobs suggests that global capital seeking short term gains in the quickest  most profitable investments played the larger role in the internet stock and housing busts.  The smaller role being reckless day traders and unqualified home buyers.  

Momentum Trading where money managers profit off other investors’ inflation fears, and Herd Mentality where money managers shift funds around the globe for the highest returns piled into a “hot” asset classes, are reasons given by Jacobs “that lead to asset prices inflating beyond their fundamental value.”  Pop!

Look what is happening with the value of Gold, Copper and other commodities.  Hmm.  What is the next bubble boom bust cycle?