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!
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