Mine? Odd as it may seem, I would love a blustery, rainy day...the crazier, the better.  The rain would be coming down at an admirable slant making the trees branches pull towards the grass. I would know how hard it was coming down simply by the roar on our roof.

Now, I wouldn't want to be in it...I just want to enjoy it from my warm, cozy family room.  I would be sculpting with my dogs at my feet.  The sculpture would form as if it couldn't wait for me to release it from it's present blob ( it does happen). 

My kids and grandkids would come by for a visit and we would have some great belly laughs. Maybe we would share some wonderful chicken and dumplings.  If we threw caution to the wind, we could finish with some Hot Milk Cake (my grandmother's recipe).

Lastly, I thank God for my blessings...family, love and laughter.

That's my perfect day...what is yours?

I am very excited that MetroList (our local MLS) now provides wonderful reports to help us better understand what is happening in our local market.  Land Park and Curtis Park are two of the neighborhoods I specialize in so I thought I would share the information from MetroList for your perusal. Enjoy!

April 8th, 2009
Carolyn Said, Chronicle Staff Writer
"A vast "shadow inventory" of foreclosed homes that banks are holding off the market could wreak havoc with the already battered real estate sector, industry observers say.""We believe that there are in the neighborhood of 600,000 properties nationwidethat banks have repossessed but not put on the market, "said Rick Sharga, vice president of RealtyTrac."

May 19th, 2009
Blog posted by Peter Coy
"A new survey from Zillow.com confirms what I've been saying for months: There is a huge amount of "shadow inventory"in the housing market. Except the shadow is even bigger than I imagined." According to Zillow's VP for data and analytics, Stan Humphries, "Almost one-third of homeowners (31%) said they would be at least somewhat likely to put their homes on the market in the next 12 months if they saw signs of a recovering real estate market...We here at Zillow expect to see a long, drawn-out bottom, with any upward bumps in value tempered by new inventory coming into the market."

July 21st, 2009
Real estate news and analysis from the Wall Street Journal
"...there are some signs that banks may be delaying foreclosures, either because they're overwhelmed with a glut of delinquent loans or because they're strategically holding off on over saturating the market. That so-called "shadow inventory"  could lead to an uptick in foreclosure listings later this year."

August 2nd, 2009
by CalculatedRisk, lifted from the comments on Corus: "Too toxic to fail" by Rob Dawg
"On shadow inventory from Reuters: "Shadow" inventory lurks over U.S. housing recovery
[A] massive supply of unsold homesis waiting in the wings and could easily swamp the recovery before it can gather speed.  The number of homes listed officially on the market, while still at historically high levels, might be only the tip of the iceberg: said Stan Humphries, chief economist at real estate website Zillow.com in Seattle, Washington." 

September 30th, 2009
Quoted from Henry Blodget, CEO and Editor-in-Chief of The Business Insider
"Amherst Securities has produced a scary analysis of this "shadow inventory" overhang, which Amherst estimates is a shocking 7 million houses (The consensus is only 2-3 million).  7 million houses represents 1.4 times the number of houses currently sold in the country each year.  So this represents a massive overhang.  As these houses hit the market in future years, they will keep pressure on house prices. This will likely either lead to further declines in prices or delay the recovery."

October 13th, 2009
from Homefront by Jim Wasserman and Dale Kasler
"There is no massive shadow inventoryof bank-owned repos - and banks aren't intentionally holding them off the market. So says Foreclosure Radar's Sean O'toole."

October 15th, 2009
Written by Eric Wolff
"There is no shadow inventory; there is no bank conspiracy; there are not houses waiting like vine-ripened tomatoes for the moment to be plucked, says a recent report from ForeclosureRadar, a prominent data-tracking firm."

I offer these quotes from various sites to show the progression of the "shadow inventory" issue.  What I found fascinating is the wide variance of opinion.  Experts in the field can't agree, any more than the numbers that support their opinion.  It seems to me, if they have been predicting this "glut" of homes to come on the market since (at the very least) the beginning of the year, and it hasn't happened, it might be time to question the reality of "shadow inventory".  Interpret it as over-reaction, misinterpretation or simply wrong, the "shadow inventory" has yet to appear.  Contrary to popular opinion and strange as it may be, we in Sacramento have more demand for foreclosures than we have foreclosures to sell.  It is common to have many multiples of offers on each foreclosure. Foreclosure buyers have become accustom to the rejection of their offer - even when it offers over asking price.  I, for one, do believe in fairy tales...and maybe this is one of them!

When setting a listing price for a home, accurate information and evaluation of that information is critical.  The nuances of the neighborhood, knowledge of the comparable properties, current issues facing homeowners and buyers all come into play when setting a market value of a property.  Realtorscarry on a thorough discussion with their sellers, explaining all of the factors that affect their home's value.  The discussion can take the tact of why the property is worth more than the sellers thought, but more often than not, the Realtor is explaining why it isn't valued at the same amount that the sellers thought.  Of course, there is an emotional tie for the sellers...fond memories and endearing features of the property that add value for the present homeowners, but are simply a perk for a buyer.  So, after long deliberation, the Realtor and property owners come to agreement on an acceptable listing price.

However, does the Realtor have the same discussion on the seller's expectations after the property goes on the market?  For the Realtor, an ideal situation would be the property selling in a reasonable amount of time at very close to asking price.  From a seller's perspective, receiving an offer too quickly and at asking price translates into not asking enough for the property.  When the property is listed, it is critical to include this conversation.  If we do our evaluation correctly, and market the home properly, the property should sell quickly and close to, if not at, asking price.  The sellers should not be surprised by an early offer - rather they should congratulate themselves for hiring a Realtor that was professional, knowledgeable and thorough enough to do exactly what the sellers required of them. 

Even if you are local, you may have heard of SACTO, but not had a clue what they do. Today, the Sacramento Association of Realtors hosted our Finance Forum in which Barbara Hayes from SACTO spoke.  She gave us a truly "meat and potatoes" picture of the purpose and success of this organization.

SACTO is an acronym for Sacramento Area Commerce and Trade Organization.  Their sole purpose is to bring jobs to the Sacramento area.  They are non-profit, non-political in nature and were created out of the Metro Chamber years ago.  They work with the local 26 governments that make up the Sacramento area.  How do they stay out of politics, but work with governments?  They receive feedback from companies either in the area or contemplating coming to the area.  They then provide this feedback to the appropriate governance's.  Last year, they were responsible for bringing 1000 jobs to the area.

In a time when there is a definite shortage of jobs, SACTO is busier than they have been in the past 5 years.  The "incubation" time from the beginning of talks to actual job realization is about 12 to 18 months, so we should be looking forward to some good times in the relatively near future.

It may be surprising to learn that about 50% of the potential jobs being considered in Sacramento are involved in  "clean or green" technology.  Nationally, California is viewed as the mecca of green technology and Sacramento, supplying access to policy makers, give Sacramento (both locally and statewide) a strong appeal. We are an appealing location due to several factors: Sacramento's climate is ideal (other states such as Arizona and Nevada are too hot) and our former military bases generate incentives to use their locations.  The very thing that has stagnated our economy in this area is also a great asset...the potential work force.  Our educational institutions also give us a benefit.  University of California at Davis has a globally known expert in wind power.  California State University in Sacramento is known for it's "smart" technology, developing smart grid technology opportunities with a 127M dollar grant (the second largest grant in this field).  The Los Rios community colleges are committed to developing grad students into green force experts. Sacramento is winning more companies than anywhere else in California.

Our second largest job force is in consumer goods.  There are several factors contributing to this fact.  At one time, companies were relocating to states such as Arizona, Utah, etc.  However, when oil prices went up, the cost of shipping exceeded the benefits of going to those states.  Also, a state with 38M people is hard to overlook globally.  Succinctly put, we are too large to fail.  According to Time Magazine, California will chart the course for the future.  According to the magazine, California is the center of innovation and talent.

Locally, Sacramento has a plethora of benefits to offer potential employers.  The very fact that our property values have gone down has provided for affordable housing.  The Sacramento International Airport supplies an easy supply line.  Our mild climate (a 75 degree average high and a 50 degree average low) reduces cost to companies concerned about high heating and air conditioning costs. Sacramento claims the highest number of intersecting major highways and freeways in the country (Interstates 5, 80 and Highways 50 and 99).  This makes transporting of goods cost effective.  Our health industry is thriving with UC Davis, the Sutter Health, Mercy and Kaiser.  We offer recreation of every sort within 2 hours of Sacramento - skiing (water and snow) snorkeling, biking, running, baseball, soccer, boccie ball...just name it and it is here!  One company that came to town discovered windsurfing..and that clinched the deal!  We have the highest performing students statewide.

Nestle is presently committed to a 10M dollar investment in Sacramento. By the end of the year, they will have spent 3.5M of that commitment.  70% of the workforce are local contractors.  A solar manufacturer from Asia (yet to be announced) will be investing initially in a 150,000 square foot building to be expanded to 300,000 square feet.  They will employ 200 people.  We are seeing increased interest in China due to their growing wealth.

We have a beautiful and vibrant city...and it is nice to know that others are realizing what Sacramento has to offer!

Many of us remember Betty White as the conniving Sue Ann Nivens in the Mary Tyler Moore Show or the ditzy Rose Nylund on the Golden Girls.  However, in the world of philanthropy and worthwhile causes, she is a caring supporter of pets rights. 

So, how excited do you think Sacramentans are that Betty White will be coming to the Sacramento Zoo in Land Park to do a presentation at the new "Tall Wonders Giraffe Exhibit Renovation and Expansion Project?  Act quickly, because this Thursday, the 5th of November will be the day!  Arrive at 4:30PM to enjoy hors d'oeuvres and cocktails and appreciate all that this regional zoo has to offer! To learn more about this event, click here.

As the time grows closer for a vote at the Sacramento City Council, there is an escalating fervor regardingthe Petrovich development known as Curtis Park Village.  The chasm between the fans of this development and the critics is growing as well.  Much of the chatter is really a result of misinformation (intentional or accidental is another topic).

Probably the biggest hotbed is the toxic issue within the site.  When originally tested by the city, Petrovich was told that there was 80,000 cubic yards of toxic soil.  After 2000 railroad cars were loaded up with said soil and sent to Utah, it was thought to be clean.  However, upon subsequent testing, at total of  240,000 cubic yards was found...a substantial increase in costs, considering the expenditure so far just for clean up has already totaled 14M dollars!  At this point, you would think that Petrovich would have thrown his hands up and abandoned the project.  He didn't.  He researched and found the accepted practice of digging a very deep hole (50'), lining it and filling it with the toxic soil. Finally, a toxic proof barrier is put over it, it is sealed and clean soil is put on top.  This has been done over 200 times without a flaw.  A  park will be placed in this section of the development - all other residential areas will have clean dirt.

The other misconception is the amount of traffic this development will incur.  The traffic study shows that with the exception of Sutterville Road, this plan will have zero impact or will improve the flow.  Bus lines will be rerouted from 24th Street to the main thoroughfare (Curtis Park Village Drive) of the development.  There will be ingress and egress at 5th Avenue, 10th Avenue and Donner Way.  In a grading system of A to F, all inner street will have a grade of A and a couple of B's. Sutterville Road already has an F, so admittedly it will make a bad situation worse.

Another rumor being discussed is that "big box" stores will lease the space.  Stores such as WalMart, Home Depot and Target require anywhere from 12 to 16 acres of space.  With a total of 72 acres, much of it residential and the park, and the plan calling for smaller individual commercial and retail structures, the "big box" store simply does not have a place in this development.

The ultimate cost of this development will be 225M dollars.  It will create 2000 temporary jobs and 550 permanent jobs. It will provide an already dramatically under serviced neighborhood with more retail and service options. It will provide for 7.2M dollars in annual tax revenue.

Curtis Park Village will encompass 72 acres of infill.  It will have 184 single family homes, 248 multi family housing units, 89,000 square feet of restaurants and entertainment, 16,000 square feet of small commercial space, 90 affordable housing units and a 154,000 square feet of commercial space.  2400 trees will be planted and old growth oaks will be preserved.  Residential lots will be from 100 to 160 feet deep and 50 to 60 feet wide.

Mr. Petrovich has participated in over 150 public forums for input and suggestions.  He has made over 36 changes to the plan at the suggestion of the neighbors.  In my humble opinion, this is an admirable plan that needs the support of this city and it's citizens. Build it, and they will come!

If you are ready for a little scare or a piercing scream, then here are some places to visit on Halloween:

West Sacramento:
Visit IKEA from 5 to 7 to trick or treat at plenty of scary house venues!

Scandia Fun Center(5070 Hillsdale Lane):
Enjoy the "Scream Extreme"! Tickets are $18 for a "Wicket" ticket and $14 for general admission.  You can go as a group for $11 and children are $7.

Sacramento Zoo's Boo at the Zoo:
Trick or treat at the zoo, enjoy crafts in front of the Reptile House, have animal encounters and have fun with a costume parade and entertainment!  Tickets are $9 for children 3 and older and $5 for members 3 and older.  Enjoy  the festivities from 4:30 to 8PM!

Now, we have all heard some crazy stuff these days - one of the latest around here is the lender who required the borrower to place flood insurance on the property before funding, then decided to not proceed with the loan. The borrower's insurance won't cancel the policy, so now the borrower owns flood insurance on a house she doesn't own.

But...I have another that we can learn from.  I walked into our office this morning to join in on a conversation between one of our agents, his buyer and or manager.  There was a problem.  The title company lost the $50,000 cashiers check.  They had sent a courier to pick up the check and some documents from our office, which was done.  The escrow officer sent an e-mail saying that she had received the buyers funds and they were set to record...which they did. THEN they discovered they were short $50,000.  They claim they never got it - despite the e-mail which said they did.  The bank who issued the cashiers check said they will not reissue it for 90 days.  It appears, at the moment, the buyer is between a rock and a hard place.  The lesson?....always deliver the check personally and get a receipt!

Sacramento's skies have always been busy.  In past years, air force bases ruled as well as the Executive Airport.  While we no longer enjoy sonic booms and military jets screaming across the skies, we do lay claim to the Sacramento International Airport.  As with all airports, they easily get outdated and Sacramento's airport is no exception.  The most recent completed A Terminal is only 10 years old, and due to limited automobile traffic issues, is already outdated.  Terminal B is no longer viable and for that reason, is being replaced.

The Big Build is truly something to boast about!  This remarkable structure will replace a 216,000SF building with a 669,000SF structure.  The architecture is reflective of Sacramento's famous canopy of trees.  Interestingly,  parts of the ceiling has been built from a recovered old bridge, consisting of 100,000 board feet of wood milled in 1817.  In fact, the airport has a goal of attaining a LEED Silver and is within points of doing so.  Eight million dollars have been set aside for art within the structure.  Two million dollars of this allotment will be set aside, using the interest to maintain the art. 

While this may seem to be an odd time for such impressive expenditure (the total cost is one billion dollars and is coming in at budget), this is paid for by revenue generated by the airport itself and by law, cannot be spent on other projects.  There is much to admire about this project, so please click here to learn more! Don't ask about the red rabbit...so far no one I have chatted with get it!