Mary Jo's Blog

To re-fi or not to re-fi. That is the question.

Mary Jo Rogers (Gold Coast Realty) — Fri, 21 Aug 2009 16:06:13 -0700

Is now the right time to refi? Maybe, mortgages rates are around 5%, or so, for a 30 year fixed rate loan and less for a new adjustable, if you can find it. (Wells Fargo seems to be doing them... today anyway.) The best refi deals are for those who (1) have a loan limit below $600,000, or whatever the conforming rate is in their area. (2) You should have 20% equity minimum, plus a credit score of over 700 and plan on staying in your home for a while, since it usually takes over a year to break even because of the cost of the refi. (3) You need to be able to actually "qualify" for your new loan. This includes your income and assets and they will be verified. No more "stated income" loans. It's a catch 22 because if you need to refi to lower your payments, so you can afford the payment, you might not quality for the new loan. The government does have a new program for those who have no late payments for the last 12 months, to help them renegotiate with their current loan company to accept less than is owed. Then the original loan is paid off and a new "downsized" loan is funded at a lower rate. It's complicated, but worth the hassle. Call Fannie Mae at 1-800-732-6643, or Freddie Mac at 1-800-373-3343, or go to www.freddiemac.com/avoidforeclosure.

Los Osos Sewer Update.

Mary Jo Rogers (Gold Coast Realty) — Tue, 04 Aug 2009 17:13:40 -0700

The SLO County Planning Dept has been working diligently on the proposed sewer project. The final EIR was released in April. There are two possible sites with the least impact to the environment that are acceptable to the county. The County Engineer in charge, John Waddell (788-2701, has said that the assessments will vary, but a "typical" home assessment will be $25,000.00. If the homeowner chooses to pay off the assessment through their property tax bill, it will cost them $2,400.00/year. There's also an option to pay the additional $50.00/month it will cost to hook up to the sewer as an addition to the tax bill. This would raise the yearly bill to about $3,000.00 per year. In addition, it is estimated to cost $200.00/month for maintenance fees. Residents have been fighting this sewer project for 30+ years. Unfortunately the costs have risen so dramatically that many residents cannot now afford the costs. It is hoped that the sewer will qualify under President Obama's stimulus package which would be a huge cost benefit to residents if this happened, especially if "we the taxpayers" foot the bill, or part of it anyway

Summertime on the Central Coast

Mary Jo Rogers (Gold Coast Realty) — Mon, 27 Jul 2009 14:45:53 -0700

Hi Everyone!

Summer is over heating the inland valleys, so cool fog is the main tourist attraction at the coast. The tourists are shivering with delight beneath their Morro Bay sweatshirts. They're just happy to be out of the heat for a while. Hopefully they are spending a bit of their hard earned dollars while they're here, since it's been a tough year for small businesses in small towns. A few tourists, as well as, myself and a few other North Morro Bay residents, were fortunate to see a pod of dolphins and even a couple of whales close to the surf line in Estero Bay. What a thrill that was! The bay is host to seals, sea lions, otters and tons of birds, but rarely do we get a glimpse of dolphins or whales. It makes me feel even more lucky, if that's possible, to live on the beautiful Central Coast. Even though home prices have lost an average of 40% of their pre-recession values, homes aren't moving very fast unless they are foreclosures. However, short sales and foreclosures have dwindled in the last 4 months or so, but National real estate pundits say there's another wave of them due to hit the market soon. I'm glad the government is attempting to help some homeowners lower their monthly loan costs, but I haven't heard of anyone being successful yet in renegotiation their loan downwards, to reflect today's home values. The county, however will reassess over-valued homes, which should help lower taxes for those who bought in the high market. Real estate is now a long term investment rather than a way of "flippin' and making a fortune," unless you can buy foreclosures and even then maybe not. Real estate is still the best "wealth builder" around as a long term investment and, unlike stocks, it gives you a roof over your head!

Summer and early Fall events on the Central Coast

Mary Jo Rogers (Gold Coast Realty) — Wed, 22 Jul 2009 14:33:25 -0700

At long last! On August 2, 2009 there will be a ground breaking ceremony for "Morro Bay Pups Dog Park." It will be held at Del Mar Park, in North Morro Bay, at 11AM. The Morro Bay Pups group, after many years, a plethora of garage sales, fund raisers and extended negotiation with the city and its notorious red tape, has secured permits for an "official" off-leash dog park. Of course, dog owners have been using the whole park as an off-leash area for many years, but now they will have their own special area. Bring your fun loving pups and join the celebration!

Get going and go to the ongoing, popular Art in the Park @ Dinosaur Caves in Shell Beach. There are 120+ vendors. It is held on the first Sunday of the month through November. Next date is 8/2.

Bargain Hunters, save your pennies for the Citywide Yard Sale in Morro Bay on 8/22-23. It is great fun and a good way for residents and others to exchange their treasures for dollars. Those items not sold can be disposed of in the Annual Fall Clean-up week from 8/24-28. How convenient!

Opera Buffs will be on the bluffs at the Chapman House, in Shell Beach, on the afternoon of 8/29, for the Pacific Repertory Opera's presentation of the "Broadway by the Sea" concert. Tickets are available by calling 541-5369. Call now as this event, with its music, fabulous location and ocean views sells out fast every year.

An Annual Labor Day tradition is a visit to Morro Bay's Art in the Park. It will be held 9/5-7 and is the last one until 2010. Don't miss this wonderful art show and sale by local and regional artists. For fun and funky items you need to see the Cayucos Peddlers Faire. Don't miss Cambria's Pinedorado and their annual parade.

An afternoon of fun will be had by all who attend Morro Bay's Annual Margarita and Avocado Festival on the embarcadero on 9/19. Sample Margaritas and Guacamole by various restaurants. What could be better? And, the next day, you could go to the Central Coast Wood Carvers demonstration and sale at the Cayucos Vets Hall!

Days of Fabulous Fall Fun! The annual Harbor Festival in Morro Bay will be held 10/3-4. There will be seafood tasting, wine and beer tasting, sand castles, marine exhibits, marine petting zoo, arts and crafts vendors and a variety of entertainment, including bands playing Rap to Rock.

The good, bad and ugly of tax code changes for 2009.

Mary Jo Rogers (Gold Coast Realty) — Wed, 20 May 2009 17:20:45 -0700

The good: So far, the current 15% max tax rate for capital gains isn't scheduled to expire until the end of 2010, unless Congress changes it. However, even better, if your income is low enough, you can pay as little as 0%. That was done to help retired persons, emancipated minors and the self employed who had a bad year and sold stock and mutual funds to help keep their businesses afloat. (I'm not sure if anyone still has capital gains on any stock, but for those who do it's a great tax advantage.) The bad: Previously you could exclude gains upon sale of your principal residence of $250,000/$500,000 if you lived there 2 of the last 5 years. Many people figured this out and moved around to thier vacation homes, rentals, etc to take advantage every 2 years of this tax break. Oops, someone got wise to this and the law has now been changed. If you sell your principal residence that was previously a vacation home or rental, the gain may no longer excludable from income taxes...depending. For example, if you rented your home for 3 years, moved back for 2 years, only 40% of the gain is excludable. There are exceptions. If you're thinking about doing this contact a tax professional please!! The ugly: Good grief, they are taxes!! Nothing's good about paying them! Well, to be fair, clean water, schools, good roads, dams and sewers are necessary in today's world. So taxes..."can't live with ‘em, can't live without ‘em."

Morro Bay - Spring/Summer update

Mary Jo Rogers (Gold Coast Realty) — Wed, 29 Apr 2009 16:18:05 -0700

Hi Everyone!

Spring has sprung. Summer is around the corner. The howling March winds arrived in April downing a few trees, but....we live in paradise, so who cares? Glorious sun for a few more months, green hills fading to brown, wildflowers abound, no hoards of tourists (though we sure need their money) yet, but who cares, we live in paradise! The real estate market is lousy but who cares we live in paradise! At least we tell ourselves that, but we do have some foreclosures, some people have lost jobs and are behind in their house payments. Even though we think we live in paradise, we are wondering, like the rest of the country, when this miserable economic situation will turn around. Having read the papers and listened to economic pundits and real estate guru's the consensus seems to be that those with cash or who can get a loan with good down payment, will benefit from today's real estate market, but only until early 2010, then prices should flatten out for a year, then begin to rise again. Million dollar + homes were selling in 2006, so prices on them were high; low end and foreclosures sold in 2008 dragging those prices down; but not many of either in 2009 so far. However, the high end isn't selling, so prices are now dropping. Everyone wants a bargain and sellers who need to sell can offer them that bargain. It's a great time to buy if you can and plan on holding for 5 years or so. Where else are you going to put your money? The stock market, CD's, or T-Bills? NOT!

FYI

Tax break for widowed homeowners You now have up to two years following a spouse's death to sell your jointly owned home and keep up to $500,000 in profits tax-free. Previously a homeowner had to sell his, or her principal residence in the same year as a spouse's death to qualify for the exclusion. If they waited longer they could only deduct up to $250,000, the same as a single person. Check with your tax advisor before making any such decision however.

Summer's close- check out the following fun times to be had in Morro Bay!

Mary Jo Rogers (Gold Coast Realty) — Fri, 17 Apr 2009 17:26:46 -0700

Upcoming Local Events

Quilt and garden art Don't forget to go to two events over 4/25-26. One's the fabulous Seven Sister's Quilt Show at the Madonna Expo Center on both days. View 350+ pieces of art for only $7.00. On Sunday 4/46, noon-5PM, enjoy eight "Secret Gardens of the Central Coast" a highly anticipated AAUW annual event!

Wine art at the Paso Robles 27^th Annual Wine Festival held on May 15-17 with wine tasting at City Park and events throughout the Paso wine country including winemaker dinners, open houses, winery tours, etc.

Car art. at the Crusin' Morro Bay Car Show. Another fabulous display of old cars this year, beginning on May 1st for registration, May 2^nd for Cruise Night, and Show "n" Shine on both Saturday & Sunday. Over 400 cars.

Classy Art at Art in the Park in Morro Bay on 5/23-5/25, also July 4-5. Funky art at the Peddler's Faire in Cayucos over the holiday's also. In addition, there's a new Art in the Park @ Dinosaur Caves park in Shell Beach.

Music as art, in Morro Bay on June 6^th between 11AM and 7PM. Wine, beer, BBQ, 29 vendors and the best of local music and national rising stars. For more info on the talent, check out www.mbmusicfest.com

Conservation, an art? The annual WaterFest 2009 is a family friendly event held at Morro Rock on 6/20. It features entertainment and educational activities focusing on water quality protection, conservation and water shed information on our beautiful bay.

Firework art in the evening over the bay in Morro Bay, includes a family oriented July 4^th celebration at Tidelands Park. In Cayucos the celebration includes a morning parade, sand sculpture contest and fireworks over the pier. The annual huge fireworks display over the pier will also be held in Pismo Beach.

Fall in Morro Bay

Mary Jo Rogers (Gold Coast Realty) — Wed, 24 Sep 2008 15:46:20 -0700

Welcome to fall in Morro Bay! A kaleidoscope of color from the brown hills, red, sun burned tourists bestowing green dollars upon the town, colorful tents sprouting in out campgrounds, colorful trollies carting folks around and, of course, gray skies (at least for part of the day.) Since tourism is our main stay, you might be interested to know that we're considering a "Ships to Reefs" artificial reef project just outside the harbor. This will be an attempt to lure divers to our area from all over the world. Not only will they be tempted by the new reef, but hopefully will want to explore other central coast reefs and kelp beds that are considered pristine. Full wet suit gear is highly recommended in our chilly waters. Tourist or local, you need to check out the Montana de Oro trail that runs from Coon Creek beach 1.4 miles to Point Buchon. Another mile was recently opened going south to Big Wash. These trails are on PG & E property accessible from 8AM-5PM Thursday through Monday. (no mountain bikes allowed). I know you're thinking, all that's fine, but how's real estate? Well, right now it's slow. However, more homes have sold countywide in the first half of this year than did in the same period for 1998 through 2001. That's good news, right? Of course many more homes sold in 2004 and 2005, but that was then, this is now. Higher end homes, over one million dollars have been selling, mostly for cash. One of the major problems with today's market is that loans are very hard to get right now. Hopefully that will ease up soon.

Grannies and Guests

Mary Jo Rogers (Gold Coast Realty) — Tue, 16 Sep 2008 16:26:18 -0700

Did you know...that it costs around $14,000 for development fees and permits to build a new residence of about 1500 sqft in the city of Morro Bay? However, you'll be given a credit for demolition of an existing home. If you're adding less than 500sqft to an existing residence, you won't have to pay the development fees, but will pay for permits. If you increase your "floor area" by more than 50%, or more than 1000sqft, are building on the waterfront, or changing the type of business in a commercial space of over 1000sqft, you'll have t install an approved automatic fire sprinkler system throughout the structure (new as of 6/08). How about those so called "granny units?" The ordinance has been changed to call them "second dwelling units," although "guest houses" are still guest houses. They don't have cooking facilities, and have their own restrictions. Second units may be established in any R (residential) or AG (agriculture) district where there is already a primary residence, or one is proposed. Of course, you do have to meet lots of conditions to do this, including size, set backs, parking, etc. But this is good news, as the City has vacillated for most of the past 20+ years on whether or not second units are a good idea, especially if they were rented out. Now they are considered low income housing by the city. Questions? Visit the planning department at www.morro-bay.ca.us

Is it legal?

Mary Jo Rogers (Gold Coast Realty) — Fri, 08 Aug 2008 16:36:53 -0700

No, the question doesn't involve that U-turn in front of the post office, or the borrowing of your neighbor's cable TV signal. It's much more obscure. The question is, is my bedroom really a bedroom, legally? You're thinking, who cares, I sleep in it so it's my bedroom isn't it? Ask a Realtor and if it doesn't have a closet, it's not an "official" bedroom. Sort of makes a weird kind of sense. If you can't hang up your clothes before you go to bed, how can it be a bedroom? With no closet we'd all just toss our clothes on the floor. What a mess! However, according to the International Residential Code, a legal bedroom should be 70+sqft with a width of at least 7'; a ceiling at least 7'6" high; a window that can open for an emergency escape, no more that 44" above the floor, with an opening of at least 24"X20". The code doesn't care about closets. Must have something to do with wishful thinking by those who wrote the code to be able to toss their clothes on the floor...no closets hmmmmm?

Upcoming Local Events

Mary Jo Rogers (Gold Coast Realty) — Fri, 25 Jul 2008 16:29:49 -0700

Have fun this summer and enjoy the following Central Coast events!

It's no drive in theater. It's more like a sit-in theater. Enjoy the classic film, Charlotte's Web at the Mission Plaza Amphitheatre in SLO on 8/9. Sit on the grass, have a picnic and enjoy the free movie!

Another almost free SLO event. Enjoy Art in the Garden at the Jack House in SLO on 8/17, where 20 local artists will show their works in the fabulous garden. Tours of the historic house will be conducted between 1-4PM, all for a cost of only $2.00 per person.

Labor no more, on the Labor Day weekend anyway. Enjoy Art in the Park in Morro Bay from 8/30-9/1, or, the Cambria Pinedorado, 8/29-31, featuring live music, food, raffles, fun and a car show on 8/31 from 9AM-3PM.

Templeton is going to the dogs, at least for one day on 9/6, when the Templeton Community Pool will end the swim season with a "doggie" swim. It costs $10.00 to cool off your pooch for a 45 minute swim.

What could be more tempting? Maybe a wine or beer tasting, but the Avocado and Margarita Festival has its fans! Held on the Embarcadero in Morro Bay on 9/20, it's always a fun way to spend the afternoon.

It's time to celebrate Morro Bay's waterfront at the Annual Harbor Festival on 10/4-5. It's always a crowd pleaser. You can enjoy wine and beer tasting, as well as, fabulous seafood. Marine exhibits, music and food, what more could you want from our little "fishing village?"

What's a Dogtoberfest? I think it's a funny new word describing a fun day of "doggie happenings" at Atascadero Lake Park on 10/11. This play day includes Weiner Dog Races ($10 to enter your dog), Flying Frisbee Disc Dogs of Southern California, pet costume contest, Elks BBQ, etc

And you thought that tax season was officially over?

Mary Jo Rogers (Gold Coast Realty) — Thu, 29 May 2008 13:45:21 -0700

Well, both yes and no. It's over for 2007, but is on for 2008.The following are some 2008 tax law changes that knowing about now could save you money next year. (1) The standard mileage deduction for businesses increases to 50.5 cents per mile, but the mileage for moving or medical falls to 19 cents per mile. (2) Top contribution to an IRA is $6,000, if you're over 50 years old, or $5,000.00 if you're younger. (3)No tax on some capital gains in 2008, if you make less than $65,000 as a couple or $32,550 as a single filer. Everyone else will pay 15%. I think this break is due to expire in 2010, so be sure to check with your tax advisor to find out exclusions. (I think real estate is excluded from this, but please check). (4) Sage advice upon the death of a spouse is not to make major decisions for at least a year, which includes selling your home. However, a new law takes effect this year which allows you to take an exclusion of $500,000.00 in gain on the sale of your principal residence, previously allowed only to couples, for up to two years after the death of your spouse. (5) If you're thinking of purchasing a hybrid car to cut down on gas and your "carbon footprint" and think you'll catch a tax break, as in previous years, you need to check out the 2008 Model Year Hybrid List at www.irs.gov before you buy, since some cars, including the Prius have lost their tax credits. (As always, if you need clarification, please talk to your tax advisor.)

What's in and out?

Mary Jo Rogers (Gold Coast Realty) — Mon, 19 May 2008 16:55:53 -0700

Whether you're remodeling for yourself, or planning on selling in the near future, in today's buyer's market, in order for sellers to get top dollar, their homes need to be "current, clean and green." This year what buyers are interested in include housing with a "reduced carbon footprint", which basically means how energy efficient is the home. Huge outdoor living areas are in vogue, except on the coast, unless you have heat lamps. Fully concealed appliances in the kitchen, hidden behind hinged doors and drawers. Elevators are a must with the boomers coming of "old" age. Pet showers are needed in the garage, mud room, or outside along with human showers outside for beach residences. You thought whirlpool bath tubs were "the ultimate"? Well, not now, you need a free standing "bath throne," oversized soaker tub and while you're replacing that old fashioned whirlpool, you might as well add a flat screen TV and mini bar to the area, so you have something to do while you soak. On the "outs" are living rooms, or parlors, which are replaced with the great room; voluminous ceiling heights (maybe because of their massive waste of energy?); tiny balconies, where only one little chair can fit and McMansions are being pushed over for a "small is beautiful" attitude. Of course, some people's idea of small at 3500sqft, is a McMansion to some

Local Market

Mary Jo Rogers (Gold Coast Realty) — Tue, 13 May 2008 13:51:52 -0700

It seems like every day we're bombarded with the news of the disastrous real estate market. It's like a never ending dirge to accompany the shrieking higher notes of gas and food prices. Those puny utility increases, which include a doubling sewer rate in Morro Nay, seem miniscule in comparison. Tightening belts on America's ever expanding waistlines, to pay bills, includes not spending frivolously on that new car or flat screen TV. Less consumerism is good, right? Not necessarily, as our economy no longer manufacturing based, only seems to thrive if we spend more than we make. Morro Bay's economic engine is now tourism, rather than fishing, even though we like to promote ourselves as a "little fishing village'. Will our "engine" sputter this year, due to the high cost of gas, or will it just hum along because people are taking trips closer to home...time will tell, but we still seem to be humming that happy little tourist tune so far this year. However, the local real estate market is still very slow, with about ½ the number of homes being sold in the past year as did in 2005, which peaked in May '05. This gives you a little perspective on the "current housing crisis" which has been going on for the past three years on the coast. The good news is the hills are still green, the ocean blue and the weather glorious. And, I know you've heard the saying "there's only so much beachfront in CA" well it looks like a new sand bar is forming in the back bay that you can walk on, almost, at low tide. Give it a few years and maybe it'll have "beachfront" real estate signs on it!

Local Events for Early Summer

Mary Jo Rogers (Gold Coast Realty) — Mon, 05 May 2008 16:37:29 -0700

Wine art at the Paso Robles 26^th Annual Wine Festival held on May 16-18 with wine tasting at City Park and events throughout the Paso wine country including winemaker dinners, open houses, winery tours, etc.

Art in the Park, in Morro Bay on 5/24-5/26, also July 4-5. Funky art at the Peddler's Faire in Cayucos over the holiday's also. In addition, there's a new Art in the Park @ Dinosaur Caves park in Shell Beach on June 1^st.

Running art at the Rock to Pier Run starting from Morro Bay's Rock parking lot to Cayucos' Pier, includes fun & food at the end of the journey. "Art" or not, some runners are poetry in motion as they run.

Art of the inexpensive day trip visit http://www.morrobaymuseum.org/ for a schedule of events sponsored by the Natural History Museum, from whale watching and heron rookery visits to Rattlesnake Flats geology. Most weekends have scheduled free events, including "Walk in Nature" guided tours.

Save a few cents and more...

Mary Jo Rogers (Gold Coast Realty) — Wed, 30 Apr 2008 16:00:03 -0700

Need extra cash? Although you might have maxed out the equity in your home, try using your home computer as a source of savings. With the high price of gas today, rather than drive from one store to another looking for the best deal, how about checking out a couple of online comparison shopping sites like Shopzilla.com, or PriceGrabbers.com. These sites will show you current prices on just about anything at thousands of online stores. If you are a coupon clipper, try CouponCabin.com and eDeals.com to collect promotional coupons from web sites like Target, FTD and Ace Hardware. Another coupon site Couponmom.com, shows you how to cut your grocery bills by clipping newspaper store coupons. Comparison shop for gasoline, by going to GasBuddy.com first. Save on postage by banking and paying bills online. Try visiting the online version of your bank and taking advantage of higher interest rates on savings accounts (like 4.5%, instead of .57%). Finally, now that tax season is upon us, try Turbo Tax or other software tax programs. They make it almost easy!

How do you distinguish a mobile home from a manufactured home? To clarify this semantic confusion, as of January 1^st, 2008 both a manufactured home and mobile home are generally defined as "transportable structures of certain specifications, with or without foundations", but a manufactured home is constructed on or after 6/15/76, whereas a mobile home is constructed before 6/15/76 (Source. Senate bill 538). Not all "mobile homes" are mobile after they've been transported, nor are manufactured homes. Thank you to our legislators for clearing that up???

No, Los Osos still hasn't started on a new sewer, but they're inching closer... Stay tuned....

Home, safe home...

Mary Jo Rogers (Gold Coast Realty) — Mon, 21 Apr 2008 15:43:33 -0700

Home, safe home. The following information was gleaned from "reformed burglars." Help burglar proof your home by trying the following things. 1-If you have a burglar alarm, turn it on, even when you're just going to be gone a few minutes. Don't post alarm company signs. They just tell the burglar where to look for the alarm schematic. 2-Having your valuables, jewelry, money etc. in your bedroom makes them easy to use. However, it's the first place a burglar will look. How about hiding things in the garage, a shoe box among many other shoe boxes, or in a fake soup can in the pantry with other soup cans? 3-Get a small "yapper" dog rather than an large scary looking one. The small ones make a lot more noise! 4- Keep all your foundation landscaping trimmed to well below window level. Make it harder for the burglar to creep up to your home unseen. 5-Use timers to turn on lights in various parts of the house, just like you'd do if you were home. The problem with leaving one light burning when you're gone is that it just makes it easier for burglars to figure you're not home and helps them see if they do break in. It's better to have a dark house. 6-Most people have their mail and newspaper stopped if they're going to be gone a long time. The problem with this is that you don't know if you can trust the mail or newspaper carrier not to tell someone you're gone. Best to have a friend or neighbor pick up both every day at different times of the day. The more burglars see people coming and going at your house, the less they'll target it and you.

2008 Greetings

Mary Jo Rogers (Gold Coast Realty) — Mon, 04 Feb 2008 15:25:22 -0800

Happy 2008!

I always feel that the beginning of each year offers wonderful possibilities for change and accomplishment, as well as, the end of the stressful holiday season. I know what you're thinking. What's good about lousy housing and stock markets? Well, I can't say I like a falling stock market, but when stocks cease to be profitable, where do investors put their money? The housing market!! The housing market here went into a free fall 2+ years ago when the availability of homes doubled. However, that rate has remained stable for the past year and so have most home prices. The best deals are still at the lower end, especially for investment purposes. A small 2bedroom, 1 bathroom, on small lot, just closed escrow at $325,000. Boy, we haven't seen that in many, many years! Scenic Coast home sales, including Morro Bay, Cayucos, Los Osos and Cambria for 2005 were 501 homes sold, in 2006 there were 378 and 2007 there were 390 sold. Yes, the downward swing seems to have leveled off a bit here. Will a lower Fed rate help? Unless they lower it drastically enough so people can re-fi, the only people it does help is those with adjustable rate mortgages, high credit card balances or home equity loans. New loans are still tight with very little "free money" 100% loans, or "stated income" loans, although the government is considering new laws to help ease the re-fi process for those who need to get out of bad loans. There are some great deals here today, for investment, retirement, vacation homes, or just plain living!

Central Coast event calander for early 2008.

Mary Jo Rogers (Gold Coast Realty) — Mon, 28 Jan 2008 13:49:37 -0800

Upcoming Local Events

Design you own seaside feast. Grab your friends and visit the variety of restaurants, both old and new on Morro Bay's waterfront. Try a new central coast wine! On the second Friday of the month visit Morro Bay's art galleries open until late along the Embarcadero.

Tall ship sightings! There will be lots of opportunities to see Tall Ships in the next few months. First the Lady Washington and Hawaiian Chieftain will be back in Morro Bay on February 13-18. Then on March 20-31^st the Tall Ship Lynx, "America's Privateer," a 122 foot long, top sail schooner, will visit our harbor and be used to educate the public about ships in the early 1800's.

Go fly a kite! Morro Bay's Annual Kite Festival will be held on April 26^th. You might want to practice in the brisk March winds to hone your kite flying skills prior to the festival, as the sky will be full of fabulous kites.

If you love art, here's a can't miss event! For those who love traditional, as well as art quilts, the first Seven Sisters Quilt Show will be held on April 26 and 27 at the Madonna Expo Center in San Luis Obispo. This is a first ever collaboration between local quilt guilds to hang hundreds of quilts together in one venue. The show will expose the public the vast array of local home-grown fiber art. It's free, so don't miss it!!

Spring Gardens of the Central Coast. The annual garden tour by the American Association of University Women, Morro Bay Branch will be held on Sunday, April 27^th. As usual, a fabulous variety of coastal gardens will be featured. This is a must see event if you love gardening or just appreciate other peoples' gardens! Call me for tickets!!

The Los Osos Sewer saga continues..

Mary Jo Rogers (Gold Coast Realty) — Mon, 29 Oct 2007 16:22:07 -0700

By October 23^rd, property owners in the Los Osos "prohibition" zone returned their ballots in an assessment vote on whether or not to tax themselves for a new sewer. The vote did succeed so now SLO County will continue to assess the different sewer plant sites and will then decide how best to finance the project, through borrowing from banks, or the State Revolving Fund, or obtain Federal and State grants, all of which could reduce a property owner's obligation. Because the figures for the eventual assessment aren't firm and neither the sewer location, nor the technologies to be used have been determined yet, there was a lot of controversy regarding the vote. The estimated maximum cost per household is $25,000, if things go on as predicted. This cost can be paid up front or over 30 years at about $2,000per year. Since all this does is continue the project, not keep those disgruntled folks from filing another lawsuit...the saga continues... However, there's some good news for Los Osos. The water department of the Utilities Division of the CSD has been hoping for additional low interest financing for continuing their water pipe replacement program. They have already replaced substandard pipes at 750 residences, saving about 75 million gallons of water so far. Because of the State loan default on the sewer project there was some doubt as to whether the State would cough up additional low interest funds. However, the water division had a good credit rating with the State, so was able to borrow another 4 million dollars for their replacement project.

A taxing foreclosure woe.

Mary Jo Rogers (Gold Coast Realty) — Mon, 15 Oct 2007 16:04:01 -0700

Losing your home because you've lost your job, or can't make higher payments as your loan "adjusts" can be devastating. Whether you lose your home to foreclosure by the lender, or the lender agrees to accept a "short pay" on your home, which means that the value of your home is less than the loan amount, Uncle Sam will be around to add to your misery. Eventually you'll receive a "1099 shortfall" form from the IRS which treats "forgiven" debt as income, even thought you have nothing to show for this "windfall". Basically the loan company informs the IRS it has lost money on your loan. Then IRS says, great we'll just tax them because we can and we'll call the "forgiven debt" income! If you can't afford to keep your home, rarely do you have thousands stashed in the Cayman Islands to hand over to the IRS for your "I-never-saw-a-penny-of-it" income. There are a few ways to fight this tax. One is to hire a good tax person to fill out a form 982 to show how insolvent and debt ridden you were when you lost your home. Two, you could ask the lender to review the debt, as they could have resold the home for more than they estimated, or the appraisal during the default period could have been at your loan value even though they weren't able to sell it for that. Three you could file for bankruptcy the same year as the loan is forgiven, really not a preferred method. Four, and this is your best bet, the tax law could be suspended for a year or two, when it applies to your primary residence, if President Bush's proposal to do this goes through

Upcoming Local Events

Mary Jo Rogers (Gold Coast Realty) — Mon, 08 Oct 2007 16:52:58 -0700

Thanks to those who updated me on the fact that Google doesn't post unlisted phone numbers on their web site.

Hope you enjoy the following events if you are planning on visiting the Central Coast during the fall/winter months.

Seaside seafest. Don't forget Pismo Beach's Clam Festival on Oct. 20^th-21^st for their clam chowder cook off, fun and crafts. Remember that they're starting to charge for parking in this little beach town now.

Ghouls and gobblin's will be attending the Halloween Zoo Boo in Atascadero on Oct 27^th. This fall fundraiser is fun for kids, adults and animals alike.

Celebrate our county's grains and grapes at the Harvest Wine Festival in Arroyo Grand and SLO on Nov 2^nd -4^th. Then hop into your favorite horse-powered vehicle and head on up to Paso Robles for the Western Art and Trappings Show that same weekend. Think Cowboy Christmas presents.

After you stuff your turkey and yourself, you can spend the rest of the holiday weekend shopping at the Xmas Street Faire in Morro Bay on Nov. 25^th ; visiting Santa's house in Mission Plaza and going to the Craft Art Market at the Art Center from November 23^rd to December 24^th.

A holiday bonanza of treats await you throughout the county including a visit to Hearst Castle which is opulently decorated for the holidays, between Nov. 23^rd through Dec. 31^st. Or, one of my favorites, just visit the Madonna Inn and wander around looking at their joyful over-the-top Xmas decorations. As long as you're there you should treat yourself to a visit to the pastry shop. One can't miss holiday treat is the Morro Bay Lighted Boat Parade on Dec. 1st, or maybe the next weekend if it gets rained out.

Something to think about....

Mary Jo Rogers (Gold Coast Realty) — Thu, 04 Oct 2007 15:50:41 -0700

Google gracious! If you invested in the initial IPO for Google, boy do you love them now! If you've checked out Google Earth and have seen your home from space, you're awestruck. You can get information about anyone or anything and map your way there. If you enter your home phone number into the Google search bar and hit enter, your name, address and a map of how to get to your home can be displayed. Wow! Oops, now maybe you're a bit worried. Google has become a nationwide reverse directory. This could be a huge privacy issue and a great boon for identity thieves, ex-partners, child predators, or anyone who wants to find you, both good and bad. Think about it....

Central Coast Housing Update

Mary Jo Rogers (Gold Coast Realty) — Tue, 25 Sep 2007 17:49:16 -0700

Hi Everyone!

After the most fabulous summer, with sun almost every day and even a freak storm in August with lightening and thunder, now we are having our usual fantastic fall weather. I'm not sure if was because of global warming, or Mother Nature who rewarded us with the best summer in the 18 years I've been here, because she shorted us on rainfall this year. Because of the hot weather inland our beaches were buzzin' more than usual. I wish I could say, so was the real estate market. We're still in the doldrums with the ever increasing inventory out pacing the buyers. Homes are still selling, although at a sluggish pace. Foreclosures are up in the inland areas that have lots of new housing tracts with many homes purchased with adjustable loans and little down payments. The coast isn't foreclosure proof, but because of the high cost of homes, with jumbo loans and a 20% down payment, buyers have a lot of money invested in their purchase, which seems to result in fewer foreclosures. Maybe with the Fed rate down to 4.75% some of those who couldn't refinance their adjustable loans can better qualify now.

More noteworthy sewer news

Mary Jo Rogers (Gold Coast Realty) — Tue, 17 Jul 2007 14:35:16 -0700

It's not just Los Osos having sewer problems. Morro Bay raised their sewer rates last year and is proposing a new 78-120% rate increase to offset the costs of upgrading the current sewer plant. The plant is owned 70% by Morro Bay and 30% by Cayucos, so their rates will go up also, in proportion. The plant must be upgraded, at a minimum, to secondary treatment level, which has been needed for years, or all the way to a tertiary treatment level, which would be better environmentally, but more costly. Even though the extra cash wouldn't be needed until 2014, the City proposes to implement it sooner, because they also need $6 million to pay for State mandated improvements and maintenance on what we now have. In addition to local homeowners getting at 78% increase (businesses 120%), those who have a "granny unit" or apartments will pay 78-120% more for each unit they have. The "low income" rental market, almost non existent in Morro Bay will get more costly as landlords increase the rents to cover the increased costs for the sewer, which doesn't even add in the additional costs of other utilities!