Nevada City Virtual Tour

Tuesday, February 26, 2013

Land in Grass Valley, CA

Beautiful parcel to build your next home! Great commuter location! Well in, perc and mantle done and power and phone to property. Adjoining 5.4 acre parcel also available

Good News Hits, More Economic Details Come This Week

Good News Hits, More Economic Details Come This Week

Last week we received more information that the housing market is improving. But not everything that happened last week was cause for song. Read on to learn more.
Last week, the Federal Housing Finance Agency (FHFA) reported that home prices rose by 0.6% in November from October, and that they are up 5.6% from the year ended in November.

These numbers are based on data received from Fannie Mae or Freddie Mac mortgages. In addition, both Existing Home Sales and New Home Sales for December, though below estimates, were strong numbers for 2012.

But the Grass Valley housing market wasn't the only area where we saw positive economic data last week. There was good economic news out of Germany, plus several companies here reported strong earnings, including Procter & Gamble and Honeywell. In addition, weekly Initial Jobless Claims dropped by 5,000 to 330,000 in the latest survey: this is the lowest level since January of 2008. It is important to note that estimates were used for three states, including Virginia and California, so the numbers could be distorted.

How were home loan rates impacted? The mix of good economic news last week caused investors to move their money out of Bonds, which are considered safer investments, and into Stocks in the hopes of taking advantage of gains. And since home loan rates are tied to Mortgage Bonds, as Bonds worsened last week, so did home loan rates. But rates remain close to historic lows, and now is still a great time to consider a home purchase or refinance.

Thursday, February 21, 2013



Gary Watts, highly recognized as the Economics Guru for Orange County, stated in a recent
article that 2013 success is tied to managing three trends. Why do I respect
Gary? He has been right in so many predictions in my “home town area” over the
past decades. Gary has been a successful Real Estate Professional over the
years and if he gives a talk come early for he will “sell out” the room.

The trends:

  1. There will be an acute shortage of home inventory during February through May (prime home
    acquisition season.)
  2. See #1
  3. See #1

Monday, February 18, 2013

You Will Kick Yourself If You Don't Buy a Home Now and WHY

You Will Kick Yourself If You Don't Buy a Home Now: Ivy Zelman

 Household formation and the lack of inventory are factors that are driving a strong recovery in home prices.

"We have in our country what others don't have -- a growing population," she said. Zelman forecasts the U.S. population will rise 8% by 2020. Together with legal immigration and the "de-coupling" of households as young adults move out of their parents' homes, the number of households is projected to rise by 11% in the next decade.
Meanwhile, demand at multiple listing services (MLS) and trustee sales is outstripping supply.
"We have no inventory and growing households," she said. "We need more inventory."
Zelman also notes that the new-home market, which has been at an "anemic level," has a "big opportunity for a comeback." Previously, buyers looking for new homes were able to find relatively new properties in the existing-home market. Now that foreclosure inventory is being flushed out, buyers who still want new homes will be looking to homebuilders to ramp up production.
Those who don't agree with Zelman point to the fact that demand in the past year has been driven by yield-hungry investors such as Blackstone and Colony Homes snapping up foreclosure property to convert into rentals. But concerns that demand might dry up once yields fall are overdone, Zelman says.
The analyst notes that even if investors pump in all the money they have raised in the real estate market, they will at most buy 100,000 units, which barely makes a dent on the for-sale market. Meanwhile, in a rising market, traditional homebuyers will be encouraged to buy.
Concerns over shadow inventory -- homes that are in the process of foreclosure that are yet to hit the market -- has also abated.
Zelman estimates shadow inventory at 3 million homes and believes that not all of them will hit the market at once. For one, in judicial foreclosure states, it takes anywhere between two to three years on an average for a foreclosure to be completed.
Second, lenders face considerable challenges in evicting borrowers as they deal with new protection laws in states such as California and Nevada.
The bottom line is, the rise in home prices appears to be sustainable and there is now considerable momentum in the market. "When home prices go in one direction, it tends to go in that direction for five to six years," Zelman said.
We expect housing starts to double by 2014 and prices to rise 5% in the coming year.
"Affordability in home prices has never been better," she said. "You will kick yourself if you do not buy a house."

Wednesday, February 13, 2013

2012 a banner year for housing affordability

2012 a banner year for housing affordability

The NATIONAL ASSOCIATION OF REALTORS® reported that 2012 will probably go down as a record year for housing affordability, according to its affordability index.

Saturday, February 9, 2013

Foreclosures dropped 23 percent

Foreclosures declined nationally in November

Foreclosures dropped 23 percent in November from the same month in 2011, a report by CoreLogic shows, indicating housing continues to mend.

Thursday, February 7, 2013

Top Grass Valley Home and Lands Picks

DESIGNER QUALITY HOME in a very PRIVATE location with SUNSET VIEWS. Newer manufactured home with a dream floor plan. GREAT ROOM with vaulted ceilings, arch window and woodstove. Open kitchen with Center Island. Large master suite features roman tub and separate shower. Professional Landscaping with water feature and entertaining patio. Wonderful WORKSHOP and Storage shed. Sounds of WOLF CREEK and forested setting. Sits at the end of the road with no highway noise.

Ridge top chalet style home is priced for immediate sale! Hurry before it's gone. Listed price is considered opening bid price. Talk to your agent about the terms offered. Short Sale subject to bank approval. Note: of the 1,775 sq. ft. noted, apprx. 325 is in the finished basement - permitted as a "storage room"

Tuesday, February 5, 2013

Home-listing prices were up 5.1 percent

Home prices poised for growth in 2013

Home-listing prices were up 5.1 percent nationally in December on a year-over-year basis, according to Trulia.

Friday, February 1, 2013

Home equity is growing again

Good news about real estate: Home equity is growing again

After hitting a low of $6.45 trillion in the final quarter of 2011, Americans’ combined home equity jumped 20 percent during the next nine months to $7.71 trillion.

NEW NOTARY LAW: 1/1/2013

NEW NOTARY LAW: 1/1/2013
Effective January 1, AB 2326 expands California’s signer thumbprint requirement for journals to include any notarization for a document that affects real property
as well as prohibiting proofs of execution by subscribing witness on documents
affecting real property.
What does this mean? Any Notarization that even comes close to affecting real estate, get thumbprints whenever possible. If someone won’t give one, be extremely careful and document everything. A $10.00 fee is not worth a lawsuit. Why not just get thumbprints on everything?

Nevada City Chinese New Year Festival Feb 17

Chinese New Year Festival  Nevada City Feb 17

Nevada City Lover's Ball

Lover’s Ball Feb 14

Synthetic Unlimited Lover’s Ball
Who: Swing Band Cousin Cricket, Synthetic Unlimited Performing Arts Group, Poets Maxima Kahn and Will Staple, Magician Nick Fedoroff
What: Erotic Poetry, Shakespeare, Burlesque, Magic, Swing Dancing
When: February 14th 2013, 7 pm
Where: The Stonehouse Brewery, 107 Sacramento St, Nevada City
Admission: $10
Join western swing band Cousin Cricket and local theater company Synthetic Unlimited for The Lover’s Ball on Valentine’s Day, Thursday, February 14th at the Stonehouse in Nevada City. Love-themed variety show (erotic poetry, comedy, burlesque, Shakespeare, puppetry, and magic) at 7 PM, and the swing dance band begins at 8 PM. Come in your finest red and white semi-formal or lingerie, and get ready to dance the night away. Food and drinks served.

Nevada City News & Events Mardi Gras

Mardi Gras in Nevada City Feb 9 & 10!

A Masquerade Ball, Downtown Parade, and Carnevale are featured February 9 & 10, 2013 as this colorful Sierra foothills town again celebrates Mardi Gras in Nevada City!

Mardi Gras is coming to Nevada City, are you ready? Activities for the whole family, the celebrations start on Saturday, February 9th with the Masquerade Ball at the Miners Foundry. Come check out the Holcomb Brothers, doors open at 8pm, advanced tickets $12 and available at the Nevada City Chamber.
The colorful downtown parade starts at 2pm, come cheer on your favorite local organization, musical group or merchant. After the parade between 3-6pm head over to the Miners Foundry for the Carnevale. Special Cajun food and drinks available, plus entertainment for the kids. Tickets are $5 at the door and children are free.
So grab your beads, it’s time to celebrate Mardi Gras Nevada City style!

Saturday Night – Masquerade Ball at Miners Foundry
Weekend activities open Saturday night with a Mardi Gras Masquerade Ball from 8pm to midnight, featuring a live band, in historic Miners Foundry at 325 Spring Street. Cajun food will be available for purchase throughout the evening. Tickets be are $12 in advance/$15 at the door. 21 and over only
Advance tickets are recommended and may be purchased for $12 at the Chamber office at 132 Main Street in Nevada City. Call (530) 265-2692 or (800) 655-NJOY to purchase by phone.

Sunday – Parade on Broad Street, Street Fair & Carnevale
On Sunday, the Mardi Gras Street Faire will be held on North Pine Street, in Historic Downtown Nevada City, from 11am to 4pm. There will be food, drink, crafts, and clothing. The Mardi Gras Parade begins at 2pm Sunday and moves down Broad Street through the center of town. It is a rain or shine event. Merry spectators of all ages line the parade route while gaily masked societies parade through the historic district handing out beads, toys, trinkets, bangles and more. Everyone is encouraged to attend in festive Mardi Gras attire.

Join us for a festive after-the-parade Carnevale for the whole family at the Miners Foundry from 3pm to 6pm! Enjoy New Orleans style food, hot dogs, ice cream & desserts, soft drinks & specialty coffees. Also featuring a full bar for the adults serving Hurricanes, plus a special Bloody Mary bar. Delight in Cajun music, Izzy the Juggler, drummers, belly dancers, a bounce house, and more! Tickets at the door only $5 for adults – Kids are FREE!

For more information, contact the Nevada City Chamber of Commerce at (530) 265-2692 or (800) 655-NJOY.
Download Mardi Gras Brochure

This Weeks Top Home and Land Picks by Gary in Grass Valley

Beautiful pastoral parcel just minutes to downtown Grass Valley. Level to rolling 5 acres with gentle knoll overlooking ponds. Great well, 2007 perc and mantle completed, power on property and rough pad cut in for building site. White board fencing with gate adds to this picture perfect parcel! Seller will finance with good down payment. Beautiful neighborhood, great for horses, grapes or long lazy afternoons!

Picturesque rolling land in an area of very nice homes. Lots of Oaks, plenty of serenity and a perfect spot for star-gazing. Well produced 10gpm when drilled. Build your dream home to take advantage of the great view!

Vintage Grass Valley Home on two parcels. Property must be sold with adjoining .44 acre lot. 4/2 with original stone fireplace from years past. Laundry room with lots of storage. Nice deck overlooking the property. Nice shop area and more storage under the house. One car carport at the rear of the home. Old barn on the property could use some work but has great potential. Large pines throughout the property. Owner claims there is an old gold mine on the vacant lot. Great setting close to schools and downtown Grass Valley.

Beautiful Lincoln Log home on your own private and secluded two acres. Sit on the covered deck and enjoy the green lawn area and the seasonal stream surrounded by many oaks and pines. Enjoy the open floor plan with dual pane windows, vaulted wood ceilings, kitchen island, warm wood stove and central heat and air, not to mention the new carpets and new interior paint. Relax in your master bedroom suite with jacuzzi type tub and skylight. Oversized two car garage with additional 12x20 storage area and RV parking area with full hook-ups.

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