New-home Trends for 2011

It's that time of year again when we see "Hot Trend Predictions For Next Year". It's always fun to go back and see what was predicted in the past. The following home trend predictions seem pretty prescient to me. ( Hat Tip to Paula Alcazar my Fellow ZIP Team mate for this info)

The housing market may be down, but it's not out. Houses continue to be built across the nation, especially homes aimed at first-time buyers. But the Great Recession has limited the bells and whistles that many people demanded under their new roof even four years ago. Would-be homebuyers want — and are getting — different things from "home sweet home" today.

From front porches to LED lights, here are the top six things experts say are trendy in new homes for 2011. How does next year's wish list compare to yours?



1. Smaller homes that 'live' the same
"One big trend is the smaller homes," says David Barista, editor-in-chief of Professional Builder and Custom Builder magazines. In fact, the median size of new U.S. homes fell from 2,277 square feet in 2007 to 2,135 square feet in 2009, according to the National Association of Home Builders.

"There's a couple drivers here," Barista says. "I don't think buyers are looking for that opulence of several years ago; they're looking for something more modest. (But) they still want the amenities and the spaces" in these smaller homes.

So he's not seeing the number of rooms in a home being cut; instead, the size of the rooms — and the overall home size — is shrinking 10% to 15%. That, of course, also brings down the price, which is key in a market in which new houses are competing against foreclosures.

Despite that shrinkage, Barista says homeowners still want nice touches such as quality faucets, higher-end appliances and granite countertops in that smaller kitchen.



2. The old front porch, revisited
Front and side porches are making a comeback, says Kermit Baker, chief economist for the American Institute of Architects, which performs a quarterly Home Design Trends Survey. One reason is simple: Front porches help create a sense of community, something that more traditional suburbs lack.

But something else is driving the interest in front porches, Baker says. Thanks to the recession and the soft housing market, homebuilders have sharply curtailed their construction of big, self-standing communities of hundreds or even thousands of homes. Instead, they're doing more "in-fill," adding dollops of homes here and there among existing homes. Porches can help integrate these homes with the existing community, Baker says.



3. A ‘greener’ home.
Not surprisingly, energy efficiency is one of the year's hottest trends.

Efficiency takes many forms, from builders adding insulation in the walls, to better windows with glazing and higher "R-value" — or insulation ability — to sealed ductwork that doesn't leak air, to Energy Star-rated appliances throughout the home. Some builders are even installing low-energy LED lights for accent lighting, Barista says.

"There is a premium that (builders are) paying for these products," Barista says, "but they're doing their best not to pass along all the cost to the consumers."

Ideal Homes is one of many builders now offering a guarantee on ongoing energy savings for homeowners for their new home. The builder "does the math" on the savings for buyers, estimating their savings as part of the sale process.

"Multiple large national builders, including Beazer Homes and Meritage Homes, are now offering energy-efficient homes, some as standard (no premium cost to the buyer) and many rated or certified through third-party programs," Barista says, such as Energy Star or the National Green Building Program.

The trend is less about consumer demand and more about builders needing to stay competitive, not only with other homebuilders but also with existing homes and foreclosures.

"They see 'green' as adding value to their products," Barista says.



4. No 'upstairs, downstairs' drama.
Single-story homes remain popular, according to the AIA. Why? It's simple: As the baby boomers age, such homes are easier for older folks to navigate. They're also easier for aged friends or parents to visit, too.



5. The downscaled kitchen and bath
Our desire for big kitchens and bathrooms ballooned during the boom years, and homebuilders were happy to oblige. That's changing.

"Functionality is now preferred to more and larger kitchens and bathrooms within U.S. homes," Baker wrote earlier this year. "But since kitchens remain the nerve center of the home, doing more with less space is a key consideration."

The upshot: Practicality and multiple use rule. Making a kitchen a family space is a priority. Kitchens will have areas devoted to charging laptops, mobile phones and PDAs, Baker says.

In the bathroom, some of the bloom is off the rose. Adding linen closets and storage is in. Adding a doorless shower? Not so much.



6. A home that serves you well
"Buyers are looking for value and how features contribute to the efficiency of their lifestyle," says Stephen Melman, director of economic services for the National Association of Home Builders.

That's why "walk-in closets in master bedrooms and well-designed laundry rooms are likely candidates to repeat as most likely features for 2011," says Melman, whose association is performing a survey of the year's most requested items in homes. Those requests may not be dramatic, but they underscore how homeowners want their home to work easily for them.

And there you have next year's hot house. Get yourself a big master closet and a big front porch and start enjoying yourself in 2011.
....

Thanks, for this Paula! Regarding number 4, I'd add that I see a trend developing, maybe not in 2011 but down the road a bit. I predict that existing single story homes will sell at a premium to similar two story homes. This because of a major driver in Real Estate, Baby Boomer demand. As Boomers age, stairs will become an issue for many as typical aging conditions assert themselves, such as arthritis, bad knees, and even vertigo, a side effect of many, many medications. I think many will be looking to get into a single story, as one tendency of Boomers is that they want what they want, right now. Look for the scarcity of single story homes to drive up prices as the demand increases. Check back with me on this around 2013.

Finally, the gloom and doomers over at Real Estate Trends:


I always include their info even though going back as far as the 80's they have consistently missed any upswings in the market due to their orientation towards half-empty glasses. One thing about the Real Estate Market, dear readers, is that there is a certain percentage of it that thinks things will always be just like they are today, and never change.


Of course, the difference between that take and reality is often measured in tens of thousands of dollars.

Happy and Prosperous New Year all.

That's What I'm Talking About

Beds: 6 Baths: 5 Sq. Ft.: 5,924 Lot Size: 1.7 Acres
New to the market, this home is pretty much the iconic Malibu home that everyone is thinking of when they start looking in Malibu. Gracious and stylish in every detail, huge lot, great pool, overlooking Zuma Beach. What they aren't thinking about is the going rate for this, which is $6,995,000. But what the hell, live a little, you can't take it with you!
This home has everything I would want in a Malibu home.

Warm living room with ocean views.

Very simple totally Zen patio

Palatial Master with ocean views on a sea of dreams

De rigueur home theater- but quite tastefully done

Landscaping done to fit the surroundings. This is just exquisite:


plenty of lawn for strolling and playing with the kids/dog


And of course, tranquil sunsets to view as you sip wine on your balcony:

To me, this home is the whole package. Malibu writ large. Without the largesse.
Call me to view this and properties that match YOUR dreams!

Bank-owned Spanish Hacienda on 7 acres-for a million two!

4BR 3 BA, 3800 sq ft.$1,250,000+/-

IN the Santa Monica Mountains on the Westlake side of Decker Canyon, this strikes me as an outstanding deal provided you like a project. While it's essentially turn key, you might want to redo many of the treatments and decor. Sited on seven acres, most of it usable (your results may vary)as long as you know someone with a D5 Cat to carve things out for you. This place was built in 1981 so it's survived three of the most ferocious fires seen in these parts. I love the hills up here but that's a definite part of your life in this canyon.

Not without its quirks, this hacienda features an indoor sport court w/ wood floors. I can't tell if it's legal size for racquetball.




Most of the rooms are of that "grande" scale late 20th Century design. Of course I always tell those who will listen that there's always a reason a home ends up bank owned. Not much demand for an indoor sport court. I think you could make a great gallery space out of it with room for even the most monumental of pieces, like a Dale Chihuly tower. Here he is with a piece that would fit nicely within the confines of a sport court:


The kitchen is nice and sizable,but the cabinets are passe'

I'm told the Master is two story:

Pretty decent walk-in closet

AND it comes with a big guest house

Pretty neat, all told. Are you up to the challenge?
To view this and other magnificent properties, contact me any time.

Why Tons of Buyers Are Screwing Up

Every so often I read someone else's take on the market and think " wow, I could have written this word for word". What follows is an example of this. Sometimes , today's buyers have a forest /trees problem. They want to hammer the seller "because it's a buyers market" and they lose the property to an all-cash buyer with a long view on the market. There area lot of these out there right now, all cash buyers willing to pay full list price or above. Because they know five years from now they will have an excellent return on their investment.

Why Tons of Buyers Are Screwing Up
Price and Terms.

Price. Terms.

I will bet you a 6-pack of Old Milwaukee that if you ask first-time buyers what the term "terms" is that a bunch of them would screw it up, maybe because their buyer agent is a glorified door unlocker who is a payment behind on his car. But that's another post.

Right now, thousands of buyers across our great land are poisoning their prospective home purchase over an appliance, a repair to an electrical panel, or less than 1% of the price of the home. Because, after all, it is a buyer's market. What is a buyer's market? Well, to a carrier pigeon buyer agent who won't properly advise their client out of fear of losing them, it is whatever the buyer wants. And typically, the uninitiated buyer will subjugate the seller to their will to get a great deal. And why shouldn't they? Sellers were making buyers waive inspections, come up with extra cash with under appraised homes and equally insane things 5 short years ago. Point conceded. And if buying a home is a tit-for-tat event for you, read no further. But if you want to buy intelligently, read on.

We got off track in the earlier part of this decade by calling homes great investments. Everyone bought that. Later in the decade, homes became bad investments, and almost nobody bought. So I don't begrudge anyone for taking a wait and see attitude. Yet homes are like insurance. They can behave like investments, but they serve a greater utility- while you hope to never actually use life insurance, you do use your home as a place to live. It isn't a cold asset. You derive utility from it. Live within your means and you are OK, as many prior generations will attest.

Any honest perusal of my blog will attest to the fact that I have never had a mantra of "Now is the time to buy!" I am rethinking that.

About a year ago, some guy was featured on Active Rain advising people not to buy a short sale because they were going to miss some narrow window of opportunity for historically low rates. Those rates were higher than they are today. With current rates so low they are starting to resemble Mariano Rivera's earned run average, too many people are missing the train because they want a window seat. They have to dominate the seller or no deal. And that's a shame. Right now, the monthly payment on a 15 year mortgage is just a tad higher than the payment on a 30-year mortgage 3 short years ago. If you throw an extra payment or two in annually, you could pay your house off in 10 years.

I have witnessed buyers lose fantastic deals on homes that have everything they wanted over a $5000 difference on a $600,000 home. The seller had the temerity to attempt to negotiate. Bad seller. No sweat off my back; I have a home and if my company were going to go under it would have a long time ago. There is no one buyer I need. But these people need a home. They can't justify the move until they have subjugated the seller to their absolute will, and if the seller won't submit, they are banished. The buyer keeps hunting. Here's why that's crazy: the town crier won't announce when the market bottoms out. Nor will he let us know when rates will rise again.

A 3/8 percent rise in rate over the period of the loan will dwarf that $5000 buyers still want from the seller after rounds of offers and counter offers. The riding mower or the chandelier won't pay that extra money, but many of today's buyers aren't thinking of that- they feel a societal-driven compulsion to chew sellers down ever more. I don't blame them for being this way. I blame their agents for not educating them about local conditions. I blame the NAR for running bland commercials that sound like 1970's era Amway commercials that build trademark recognition and little else. It is only a good deal if the seller actually agrees. If you are making offers on your 3rd or 4th house, wake up- if your agent won't say it, I will. Sellers have never been this motivated. They just dislike being your gimp. Smart business people don't have their trading partner humiliated. Magnanimity is not weakness.

I would advise buyers to get on the train. With the terms available now, you are
in the best position any of us have ever seen. Be happy you have a job and a down payment, don't kvetch about not riding in the conductor's car, and rejoice that you are one of the fortunate few when you arrive.

J. Philip Faranda is based in Briarcliff Manor, NY. His market covers Westchester, Rockland, Putnam, & Dutchess counties. Almost 100 clients and customers had closed transaction in 2008-2009 from his efforts. Ever the high-producing listing agent, he counts among his specialities hard to sell properties & short sales. You can reach him at (914) 723-8900.

8 Tips for Real Estate Investing

Hey everyone. Shout out to all you investors out there! ZIP Realty's monthly newsletter offers some great tips for investors. When investing in real estate, it pays to follow certain guidelines before making, and possibly regretting, such a costly decision. The following eight tips will help you make a successful real estate investment.

1. Do your research. Before you buy a house for income generation, be sure to research historical price data for that particular neighborhood. Try to feel out whether housing prices in that area of town are rising, falling, or holding steady. Look up the selling prices of other homes in the house's neighborhood. This will let you know if now is the opportune time to buy your desired property.

2. Consider buying cheaper property. If you buy an expensive home you will need to charge a higher rent; conversely, a cheaper home will mean more reasonable rent. Renters who pay a high monthly rent may just as easily move out and pay that money towards their own mortgage. Higher rent properties are a luxury, while cost-effective rents are a need. In other words, needs always outrank wants.

3. Add up all costs. Don't buy a property just because it is a "steal." Consider all the costs of buying the property, including any needed repairs, utility bills, property insurance and taxes, and risk of vacancy. If possible, make a cash flow statement, or ask for a cash flow statement from the prior owners of the property (if it was used as a rental property). Collect as many documents as you can which detail the property's utility and other costs.

4. Know your market. Analyze your property, the type of neighborhood in which it is located, and what businesses or organizations are nearby. Would this property be suited for young professionals with no families? Would this property be better suited for renovation and resell to a family? Knowing what you are buying will help you better turn a profit on your property.

5. Consider capital growth. Assess the neighborhood located around the property that you are buying. Are big corporations being built in the vicinity? Or are houses and buildings being shut down and demolished? Do you see evidence of quaint shops and shopping malls going up nearby? All these events will play a factor in your property's future price at sale. They will also determine the demand for rental accommodation.

6. Inspect the property. Hire an accredited inspection firm to come in person and inspect the property you are considering. Do not overlook or skimp on this important step. It is imperative that the condition of the house be assessed, including its roof, fixtures, foundation, walls, and plumbing, heating, and electrical systems. Professional house inspectors will also look out for problems indigenous to that housing area, like termite, flood, or earthquake damage.

7. Do not purchase beyond your means. While you may qualify to purchase a lot more property than you originally deemed possible, don't. The last thing you need is to be house poor. The property you purchase will need an occasional repair or update and you cannot rely on rental income alone to keep abreast of such future developments. Keep at least 5% of your property's purchase price in a separate account and be prepared to withdraw it should the need arise.

8. Think for the long-term. Buying property should always be considered a long-term investment. The exception might be if you are looking to purchase real estate in order to "flip" it for a quick profit. Otherwise, real estate is a long-term and slow to liquidate asset. If you think that you will need cash soon, it is best not to buy property.

Litigation​/ Arbitratio​n/ Mediation. What's the difference?

In response to a reader who asked, I thought I'd share this. Thanks to my fellow ZIP associate Eric Sagaspe


Litigation is formal.Can be lengthy, expensive, and the final decision is legally binding and can be used as a precedent, which means all your neighbors with the same issues will either thank you or hate your guys, depending. The Judge decides based on established case Law. Attorneys are usually involved. Is public record. Can be appealed.If you have the time and money to pay your trial attorney. Costs for trial usually run about $40,000 for a ten day trial.



Arbitration is less formal, can be binding or non-binding, arbitrator decides based on law and fairness, attorneys are usually involved. Usually, but not always confidential. It's like renting a judge for a mini trial (except it doesn't have to be a judge). Often doesn't save money over litigation. Decisions are called "Awards" and cannot be appealed. If they're binding they can be enforced in a court of law. Settlement amounts tend to be smaller than in litigation cases.



Mediation is an informal meeting, rules of evidence don't apply, quick resolution (usually 3-5 hours), parties decide on the agreement, not based on law, the only limit to resolution is the parties' imagination, relatively inexpensive (typical rate is $300-$500/h split between the parties), it's highly confidential, attorneys may or may not be involved.

Now hopefully you see the value in us insisting you sign the mediation clause in the offer contract.

ARCHITECTURAL BEAUTY IN CALABASAS

This stunning 3 BR 3 BA home is 3396 square feet, sited on a little over 3 acres out in the Mulholland Corridor leading into Malibu Canyon. Called Jai house- an iconic architectural one of a kind home designed by world-renowned architect Lorcan O'Herlihy. Winner of AIA house of the year, it has graced the covers of Architectural Record, Robb Report, Italian Vogue, and others, and is featured in several commercials, so that's why it looks familiar to you. CubeMe.com calls it

a study of the interaction between building and landscape and celebrates architecture through removal, stripping away visual and spatial excess, revealing an authenticity of construction and craft. The building is designed to blur the boundary between landscape and structure, with, for example, the pool and deck acting as an extension of the living room.

The front view of the property
Of course, an architect inevitably imposes his own expectations upon those that would occupy his design, and that is certainly true in the case of the Master Bedroom. I've seen this a lot on contemporary architecture; the bathtub is a part of the whole bedroom suite. Certainly not for everyone. I recall a noteworthy architectural piece in Hidden Hills with the same treatment. I think the ultimate buyer there reconfigured things so that you could bathe without confronting the help making up the bed. Certainly it takes some getting used to. From a Realtor's standpoint, such diversion from the norm can prove a major sales impediment.
But the unique statement and execution of this piece by O'Herlihy is undeniably strong.


Listed at $2,950,000.Call me to view this and other remarkable properties in Calabasas

Malibu Canyon Ideal

I really love this place. It's specific to a particular lifestyle appreciated by a hardy band with pioneer spirit. Listed at $1,497,000, It's only 3 Br and 3 BA, 2000 sq. ft. But it's in a sweet part of Malibu Canyon walking distance to the Saddle Peak Lodge. But not everyone appreciates being close to nature. So close, in fact, that every 36 months or so, Nature tries to do you in , either by fire , flood, or other comparable disaster. This home has been here, along with many others in the small community known as Monte Nido, since 1959. So it has seen all the big fires, floods, earthquakes, rockslides, tunnel collapses,pestilence,and all the other plagues of Egypt visited upon this lovely landscape, and emerged unscathed. This home is a wonderful mid century design lovingly sited in this small draw. In case you're wondering, this is how I roll. Were I to obtain funds enough to purchase in this price range, this is what I'd buy. Maybe I'm so comfortable out here because I've been running these hills as long as I can remember. Hey, I got my first moving violation right there at the corner where Piuma meets Malibu Canyon. The Highway Patrolman told me "that was a picture perfect California stop". About five blocks East of there, lies this home. I love native vegetation. That White Oak is probably 200 years old,and is native to the area.All the oaks are.


Great horse property. Riding around here is epic. I've been doing it for years. The Santa Monica Mountains Park system features the Backbone Trail, which basically runs from Will Rogers State Park to Leo Carillo. There are feeder trails that start above Simi Valley and run through Malibu Canyon.

In Southern California, you gotta have a pool. This one is awesome.

And of course an awesome patio to go with the awesome pool in the land of awesome.

Inside, a classic beam ceiling , with windows to the outdoors.

Check out that classic old-school fireplace.

I could go on, but I hope someone shares my taste among the readership. This home, if you're country-oriented, horse riding, lots of property and open spaces kind of folk, this place is for you. Let me know if you'd like to see it. Be forewarned, I might be bidding on it too.

A Frank Lloyd Wright for 279,000!

This historic residence in Valley is bank owned. Cute as heck, it's in Reseda on a huge(for Reseda)12,625 sq. ft. lot. It was executed by Lloyd Wright, Frank's son, using a design by his father.
I'm totally charmed by this. It's 2 BR 1 BA but the cachet of owning a Frank Lloyd Wright designed house cannot be denied! If you're a regular reader you know I'm a sucker for architectural pieces (scroll down for my piece on Eichler homes in Thousand Oaks) This is akin to finding a dusty '54 Ferrari in a barn. The possibilities are endless

To preview this unique property, call me @ 805-907-5211

Internet Bargain ( or maybe not)

ONLINE

I found this, or rather, one of my clients found it, which brought it to my attention. I'm always amazed at what my clients find searching our ZIP Realty Website. The market is currently chock full of opportunity, and interest rates haven't been this low since post war America, and by that I mean post WW1!
So, back to this place: looks pretty neat, huh? The price is 50k under the market in that neighborhood. I get pretty excited. Then I visit there. Ho-ly shit. I'm not sure what kind of filter the guy that took these pictures used, but I want one. The place was a hodgepodge of poorly done and mismatched improvements, the floor reminiscent of the haunted miners shack in Knotts Berry Farm. There were roaches and spiders scurrying everywhere. That garage looking thing back there? Bootleg guesthouse. The bones of this house are 1941 vintage, but I suspect it was more of a bunkhouse back then; there were several large ranches it could have been a part of in that era. The exterior paint was amateur and the wood peeling everywhere. Major termite damage was visible just upon casual inspection. I told my client who was looking at it (her hands were drawn up tightly together at her chest, body language tells all!)that it would never do for her. There's another guest unit behind the bootleg one, which purports to be permitted. So there's kind of upside if you can save that roof, bring back the garage and get rid of all the termite infested siding. In the home, you'd better plan on jackhammering the slab, and repouring it. While you're at it, add on another bedroom/bath. The tab for all this would probably be about 50k. That makes it even with the neighborhood comps, and you could probably use it as income property.
But the condition in person vs the photo online was like night and day. I imagine internet dating is a lot like this.
The moral of this tale? BUYER BEWARE! ALWAYS SEE THINGS IN PERSON.
REALITY

Santa Monica, walk to beach, Seller problems, = way under market!

This 4 BR 6 BA 3000 sq.ft. plus guest house home is up a canyon not far from one of my favorite stretches of coastline. You literally can walk down to the beach, it's about four blocks by my estimation. The Seller was re-doing and during the course of remodeling, became severely ill and must now live elsewhere.

It's almost done, so you can still pick your own appliances and floor treatments.
I love the beach here, it's long and sandy and used to be a favorite surfing spot of mine back in the day. We called it Chautauqua after a signalized street nearby and it used to have a great point break similar to Malibu. Sometimes the waves got huge- over 20 feet, as it was a south facing beach. They still get huge, but not like back then. A monster storm in '69 completely obliterated most of the point, and the beach bottom took on way more sand, so giant waves so longer break here. But the canyons still have the ancient Sycamores and Oaks. This home is built around one. Looks like it's priced around 700k under the market per the seller's broker, and I agree.
$ 2,499,000. Call me to view this home or other coastal properties.
Skylights, lots of them!You can get a glimpse of the ancient Sycamore through that window

The Tax Credit Makes a Comeback

Call it the temporary tax credit that just won’t end.

Congress approved late Wednesday an extension to the June 30 closing deadline for the home buyer tax credit, hours before it was set to expire. The move will give would-be buyers who signed a purchase agreement by April 30 more time to close on those deals and receive the credit that is worth up to $8,000. The new deadline is Sept. 30.

The Senate approved the measure unanimously on Wednesday, one day after the provision sailed through the House of Representatives with little opposition. The President is expected to sign the measure soon.

The Senate had failed to pass the provision last week when it was included in a bigger package that would have extended jobless benefits, among other measures. On Wednesday, an effort to reinstate unemployment insurance failed, and the Senate opted to pass the tax credit provision by itself.

In recent weeks, lenders and real-estate companies have warned of bottlenecks that could lead thousands of potential buyers to miss out on the credit that they thought they were getting. The probably is particularly acute for short sales, where a lender allows a home to sell for less than the amount owed. Banks and the federal government have stepped up efforts to encourage short sales as an alternative to foreclosure, but the deals take longer to approve because they require noteholders to reconcile losses.

Congress first created a tax credit for homeowners in 2008. It was extended and expanded twice during 2009. The last extension, approved last fall, said that house purchase contracts would have to be signed by April 30, and home buyers would have until June 30 to close on those sales. The extension is only good for those buyers who were under contract by April 30. Someone who signed a contract after April 30 and buys a home by Sept. 30 isn’t eligible for the tax credit.

The Senate also passed an extension of the federal flood insurance program until Sept. 30. The change is retroactive to June 1, when the program had lapsed.

Mortgage rates sink to record all-time low

Via Associated Press today:

Mortgage rates sink to record low
National average for a 30-year fixed loan dips to 4.69 percent


Mortgage Rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinancings.

Mortgage Company Freddie Mac said Thursday that the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week.



That's the lowest since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.

Mortgage rates have fallen over the past two months. Investors wary of the European debt crisis and the turbulent stock market have shifted money into the safety of Treasury bonds, driving down yields. Mortgage rates tend to track the yields on long-term Treasury debt.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

Rates on 15-year, fixed-rate mortgages fell to an average of 4.13 percent, the lowest on records dating to September 1991 and down from 4.2 percent a week earlier.

Rates on five-year, adjustable-rate mortgages averaged 3.84 percent, down from 3.89 percent a week earlier. That was also the lowest on Freddie Mac's records, which only date back to January 2005.

Average rates on one-year, adjustable-rate mortgages fell to 3.77 percent from 3.82 percent. That was the lowest average since May 2004.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for 30-year, 5-year and 1-year loans. The average fee for 15-year loans was 0.6 of a point.

WOW!

Steal this Ranch- Bank Owned Horse property-559k

Off the Ojai Road, about fifteen minutes out from Ojai, about as far out of Santa Paula as you can be and still have a Santa Paula Address lies this two and a half acre ranch with barn, greenhouses, groves and a 2400 sq ft 3/3 home. I love the country up here, you're in avocado and lemon country and the fragrant blossoms perfume the air this time of year. In the winter, you can expect snow. The trails go on forever, and at night you can actually see the stars- all of them. The house needs some work (of course), but come on, where's your cowboy spirit?

I think if I owned this I'd raise baby greens, chickens, and rotate some hops and timothy grass on an acre! And plant some Syrah grapes! Oh, and there's plenty of room for Alpacas! Plus some goats for goat cheese! Plenty of chores to do as you can see.


See this and other equestrian-oriented bargains- give me a call!