Our company does BPOs as well as property sales and lately, we have seen an increase in BPO orders in our BPO department.  A BPO is a Broker's Price Opinion, or a real estate broker's opinion of value based on a site inspection, this could be a drive by or an interior inspection, and the current active and sold comparables.  It is similar to an appraisal, but not as thurough.  There are many reasons someone or some company would want to order a BPO, but typically, they are ordered by banks that are about to agree to a short sale on one of their properties, or they are of interest to investers before they decide to purchase the property. 

Recently, we have been receiving a good amount of BPO orders from lenders and banks who are about to embark on a short sale or to analyze their lost if they were to sell the property or let it go into foreclosure.  BPOs are good indicaters of the foreclosure market because, if a short sale does not go through, then it is more likely that the property will foreclose. 

The Crescent City California market is no different than any other markets in the rest of California, although it may be on a smaller scale, but the number of foreclosures and BPO orders are increasing. 

If you are interested in purchasing homes in Del Norte or Humboldt Counties that are in the foreclosure process or are simply looking for some great deals and bargains, do not hesitate to call Lucky Star Realty at 707-954-7926 or contact me via email: lucky@luckystarrealty.com

Today I went on the Realtor's Caravan again in Del Norte County.  This time we went to tour the homes northeast of Crescent City, in the Hiouchi, Gasquet and North bank area.  The homes here are priced higher than the ones in town because most of them are on more acreage and they are facing or have property lines adjacent to the river.  These are mostly river front properties.  Prices ranged from $300,000 to $1,700,000! 

What is great about Hiouchi is that it is located about 15 minutes from Crescent City inland, and with it being inland, the temperatures there are way hotter than on the coast like Crescent City.  Yet, the wonderful thing is that you can stay out in the nice hot temperatures, or when you feel like going to the beach and enjoying the sand, you can drive to the beaches along Crescent City and play on South Beach or cruise along Pebble Beach Drive.  So you have the best of both worlds if your house is out in the Hiouchi and North bank area of Del Norte County.  Follow this link to view a map of Hiouchi, CA  http://www.mapquest.com/maps?city=Hiouchi&state=CA

 For Homes or Properties in Del Norte County, Crescent City, Hiouchi, North bank, Smith River, call Lucky at 707-954-7926 or email lucky@luckystarrealty.com .  Visit www.luckystarrealty.com .

Affordable Housing is Coming to Crescent City, CA!!

Today I read in the Del Norte County Newspaper, the Daily Triplicate, that our area is going to be getting some affordable housing developed for "working families that make up to 60 percent of Del Norte County's median income. The 73 units will rent for $300 to $900 a month."  The project is being spearheaded by a development company from southern California called the MacFarlane Costa Housing Project.   The state has allocated a $2 million grant for an affordable housing complex in Crescent City, but the project still faces financial challenges.   According to the Triplicate article:

"It could take years before construction begins. The developer, MacFarlane Costa Housing Project of Long Beach, is still trying to secure $8-10 million to get the apartment complex started.

The grant through the California Department of Housing and Community Development is for Del Norte Point Apartments on E Street, next to Joe Hamilton Elementary School.

Plans call for the 5-acre complex to include a main building with community room and three two-story apartment buildings. The two-, three- and four-bedroom apartments are for working families that make up to 60 percent of Del Norte County's median income. The 73 units will rent for $300 to $900 a month.

"It's 100 percent affordable housing," said Crescent City Planner Will Caplinger. "This will put us within a handful of our (affordable) housing need."

The city has a goal of having 86 affordable housing units by June 2009.

MacFarlane Costa develops multifamily housing, including senior, affordable workforce and market-rate homes. The company has 27,000 units nationwide.

"There are people working in the community that can't afford market rate apartments," said Alison Abrams, vice president of development for MacFarlane Costa.

The project has been in the works for almost five years, Caplinger said. MacFarlane Costa purchased the land in 2004. However, the project has been stalled by financial struggles.

Abrams said that the company applied for state low-income housing tax credits to finance the apartment complex, but was not selected. However, the company has reapplied for $8 million to $10 million in tax credits. Allocations will be announced in September.

The tax credit program was designed to encourage private investment in low-income housing. This program is extremely competitive, Abrams said.

Caplinger said that all the preliminary paperwork is completed for the project. Once financing is secure, construction can begin.

The first step toward construction, Abrams said, is the $2 million state grant. The next is getting the tax credits. If the company is awarded the allocation in September, construction could begin in six to seven months. If not, it would reapply in 2009."

This is great news because although Crescent City and the rest of Del Norte County has some of the lowest homes and properties for sale in all of California with nice 3 bedroom/2bath homes going for $150,000 to $350,000, there are still people out that who are not yet ready to buy.  With this affordable housing, they might be able to have a nice place to live in the community and work towards that down payment for a new house in a few years.  So I would like to give my appreciation to the developer, MacFarlane Costa Housing Project of Long Beach, for investing in our community and helping to make this place a better and more affordable place to live.    

During the past week, members of the community and volunteers from the SICC Skateboarding youth organization and agents from Lucky Star Realty have been helping with the maintainance work at the Crescent City Skateboard Park.  The goal is to keep the skatepark well maintained so that the kids and people who visit the park will be safe and not have accidents involving the equipment at the park. 

As evidenced from the story today in the Daily Triplicate Newspaper, http://www.triplicate.com/news/story.cfm?story_no=9385 the skatepark is finallly getting some attention and work done on it so that our youth can have a place to go and stay out of trouble. 

Today's Go Skateboarding Day event at the Crescent City Skatepark was a great success!  There were a lot of parents and children there to support the whole event.  I am proud and happy for our community to have such great support for their children and our youths in a positive way.  I will be posting more pictures and video of this event soon.  This event meant a great deal for most of the kids who did not have a love for any other sport than skateboarding and it is a positive out lit for them.  I would like to say thank You again to the whole town of Crescent City California for supporting our youth. 

I would also like to thank Richard Miles (http://www.triplicate.com/news/story.cfm?story_no=9214)  for volunteering his time to help with the Del Norte County Skateboard Park Committee and ensuring that this park will be a safe and welcoming place for the youth of Crescent City.

Yesterday I volunteered at the local skateboard park and helped fix some ramps and make sure that everything is safe for the kids and people who come and play there.  I love volunteering and being involved some way with the community and our children because they are our future.  Here is a snipet from the local newspaper, the Daily Triplicate in Crescent City, CA about it (link: http://www.triplicate.com/news/story.cfm?story_no=9193) :

Making a safe place to skate

Published: June 19, 2008

Thavisak ‘Lucky' Syphanthong puts new bolts in a skate ramp at the Crescent City skate park on Wednesday.

He and other volunteers from the Stuck in Crescent City Skateboard Association replaced the bolts on all the ramps at the park because many were starting to become loose, which presented a safety hazard.

The SICC group has worked closely with the county on the skate park. The county provided the bolts.

On Saturday, the SICC group is hosting a Go Skate Day, which is occurring at locations throughout the world. The event will feature a picnic, music, and of course, skateboarding. It occurs from noon to 3 p.m. at the skate park.

Also, the SICC will be looking for two new members to join their skate team and will be watching those who skate.

 If you are buying or selling a home in Crescent City, CA, please call Lucky at 707-954-7926 or email: lucky@luckystarrealty.com and visit our site at www.luckystarrealestate.com

I have been communicating with a new client for the past week and I have been sending them emails of investment properties in both Crescent City and Eureka, homes from Del Norte and Humboldt Counties, and the client recently asked me a very important question before making this big purchase:

By the way if you were to invest your money on a property in Northern California what city would you invest in and why?

If I had the money to invest up here, it would be in Arcata because it is a college town, it is home to Humboldt State University, and the values and rents will always appreciate.  But there is another catch, the prices in Arcata are amongst the highest in the county.  So another place would be Crescent City, 1 hour to the north of Arcata, because the homes are still fairly priced and the economy is growing there.  They have a State Prison that brings great jobs to the people, as well as a new Home Depot, a new Super Wal-Mart being built soon, and a Wal-greens being built.  If these big box stores are locating in Crescent City, they must have done their research and know that the area is growing.  They also have plans to build a Casino resort on the south end of town.  So I think it is good to buy into Crescent City now because the homes are still priced lower than most areas of CA and there is room to appreciate in value.