Wednesday, November 12, 2014

Madera planning commission green lights Tesoro Viejo

Source: The Business Journal

Tesoro Viejo, the McCaffrey Group's master-planned community in southeastern Madera County, received unanimous approval of its first Village by the Madera County Planning Commission. Located off Highway 41, the 1,600 acre site will have more than 5,000 units and be at the heart of Madera's planned growth area in southeastern Madera County. Tesoro Viejo will be developed by McCaffrey Group and Lyles United. "Not only will it offer homebuyers a quality home built by leaders in the industry, but it will also remedy the housing needs throughout Madera County - which is one of the fastest growing areas in the nation," said Max Rodriguez, Madera County Supervisor. "The community will add value and amenities to support continued growth, generate thousands of jobs and sustain a vibrant environment." Tesoro Viejo is situated at the foot of Little Table Mountain and will include housing and business opportunities, a walkable Town Center, green living, neighborhood parks and an elementary school. The community will also allow for more than 15 miles of scenic nature trails and 400 acres of natural open spaces and parks. Development plans call for seven unique villages with a variety of housing choices ranging from courtyard-living designs to expansive ranch-style hillside estates.

URL to original article: http://www.thebusinessjournal.com/news/development/14660-madera-planning-commission-green-lights-tesoro-viejo 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Thursday, November 6, 2014

Fresno home prices rose in September

Source: The Business Journal

Home prices increased in Fresno by 7.7 percent in September 2014 compared to last year, according to new data from real estate statistics firm CoreLogic. Month-over-month, home prices, excluding distressed home sales, increased by 0.4 percent in September. Excluding distressed sales, year-over-year prices increased by 7.5 percent in September 2014 compared to September 2013. While on a month-over-month basis excluding distressed sales, the CoreLogic Home Price Index showed a 0.5 percent increase in September 2014. Across the state, home prices, including distressed sales, rose 8.5 percent in September 2014. Excluding distressed sales, the figure dropped to 7.6 percent. Nationally, home prices including distressed sales increased 5.6 percent in September 2014 compared to the same time last year. This change marks 31 months of consecutive year-over-year increases in home prices. On a month-to-month basis, home prices nationwide, including distressed sales, dropped by 0.1 percent in September 2014 compared to August 2014.

 URL to original article: http://www.thebusinessjournal.com/news/real-estate/14573-fresno-home-prices-rose-in-september 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Monday, November 3, 2014

As housing market recovers, roadblocks remain

Source: The Business Journal
Written by Hannah Esqueda

Despite median home prices and sales of homes in the Central Valley increasing since the recession, industry experts warn that many obstacles still remain for homebuyers. Concerns over job security and market stability are some of the main reasons we are becoming a nation of renters, said Selma Happ, senior economist with the California Association of Realtors. Happ was the keynote speaker during the 2014 Fresno Housing Market Symposium at Fresno State last week. “Those under 40 are the least likely to have recovered from the recession,” Happ said. The market was once driven by this younger generation but not anymore, and more individuals are postponing buying a home. This trend has helped to put the breaks on the growth of the housing market that had seen record growth until last summer. And while the Fresno market has seen new interest because of the high-speed rail project, Fresno's younger generation is still unlikely to stop renting anytime soon. “We have found that in California, 50 percent of [18-24-year-olds] are still living with their parents,” she said. Those who aren't living at home are renting and Happ reported that 80 percent of investors surveyed say they would rather rent than flip properties. Further confounding the issue, the unemployment rate in Fresno is still very high — 9.5 percent in September — compared to the 6.9 percent average in the rest of the state and California only recovered the number of jobs lost during the recession this past July. “This doesn’t account for all the new people looking for jobs in the state who weren't old enough or lived here before,” Happ said. On the other side of the home-buying process, Happ said that fewer young people are interested in becoming real estate agents. The California Association of realtors has found that fewer college students are interested in careers in real estate or appraising, leaving a void in the market once the current workforce ages out. Jared Martin, executive committee member of the Fresno Association of Realtors, said this is because the housing market still scares most people. College students grew up when the recession was at its worst, and that event left a mark on them when they began thinking about what types of careers they wanted, he said. “Even after I became a realtor, I kept my bar-tending job,” he said. “I would encourage young people looking to become realtors to still hang on to that nighttime job for a while.” While the housing market has since stabilized, young people on either side of the market are still skittish about fully committing. Happ said she thinks this hesitation will be highlighted as market begins to feel the fallout from the drought. Less food and job security will keep individuals from making such a large purchase and buying a home. John Shore, executive director of Community Housing Council of Fresno, agreed and said that while many individuals may be interested in buying a home, few understand the process. Their lack of knowledge makes them feel vulnerable and they and are easily scared away, he said. While his organization offers a free course for first-time home-buyers, very few people in the community know or take advantage of it, he said. Despite the negative trends, John Bonadelle, CEO of Bonadelle Neighborhoods, said there is still great demand for new homes in the Fresno market, it's just a matter of finding a balance between what buyers want and what's possible under the current market constraints. Most local homebuyers have larger families and are looking for homes with a greater number of bedrooms. To meet this demand, Bonadelle said his company is increasing the home size while decreasing yards. Smaller lots are also a key trend, he said as the land supply in cities like Fresno and Clovis is dwindling. Developers are now looking toward smaller towns like Sanger and Tulare that are willing to increase their sphere of influence.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/14520-as-housing-market-recovers-roadblocks-remain

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Thursday, October 30, 2014

Clovis tops young families list

Source: The Business Journal

Clovis was named the top city in Northern California for young families while Sanger took the top 14 spot, according to a new list by personal finance site NerdWallet. NerdWallet considered such factors like public school excellence, home affordability and growth and prosperity when compiling its Best Cities for Young Families in Northern California list. Of the 138 cities evaluated, Clovis was the No. 1 pick with an overall score of 68.07. The rating had a lot to do with Clovis schools, which made up 40 percent of the score. GreatSchools gave Clovis area schools a rating of 8 out of 10, while the city's high schools achieved a graduation rate of 92.6 percent for the 2011-2012 year compared to the statewide graduation rate of 78.5 percent. Clovis also excelled economically. Accounting for 30 percent of the overall score, the city's median income grew 51.32 percent from 1999 to 2012 to $63,983. Median home values, making up 15 percent of the score, were reasonable as well at $259,000 in 2012, while another 15 percent was in median monthly homeownership costs standing at $1,981 that year. Clovis was also praised for its 285 acres of parks and trails, proximity to three national parks and the Fresno Chaffee Zoo and family-friendly activities like Friday night farmer's markets in the summer, Big Hat Days in April. At No. 14 on the list, Sanger achieved an overall score of 59.67. The score took into account a GreatSchools rating of 7 out of 10 and a 2012 median income $40,761, which is 27.09 percent higher than 1999. Sanger residents also enjoyed median home values of $162,300 in 2012 and median monthly homeownership costs of $1,508. While not cracking the top 20, other cities included in the list were Reedley at 49, Chowchilla at 56, Fresno at 66 and Dinuba at 101.

URL to original article: http://www.thebusinessjournal.com/news/economy/14506-clovis-tops-young-families-list 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Wednesday, October 29, 2014

Distressed home sales climb in September

Source: The Business Journal

 Distressed home sales inched up in the San Joaquin Valley in September, with some counties approaching last year's dismal figures. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, stood at 15 percent of all home sales in Fresno County in September. That's the same as in August but down from 27 percent in September 2013. Distressed sales were up to 21 percent in Kings County in the month compared to 15 percent in August and 28 percent a year ago. Tulare County saw its distressed sales climb from 19 percent in August to 26 percent in the latest month, the same as in September 2013. Madera County even surpassed last year with distressed sales rising to 33 percent over 19 percent the prior month and 32 percent in September 2013. Statewide, distressed sales made up 9.1 percent of all homes sales in September, up from 9 percent in August but down from 14.3 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 3.9 percent compared to 4 percent in August and 4.5 percent in August 2013. Short sales remained flat at 4.6 percent in the month, down from 9.3 percent a year ago.
Equity sales, or non-distressed home sales, stood at 90.9 percent in September compared to 91 percent the prior month and 85.7 percent last year. Housing inventory increased throughout the state in September. The unsold inventory index for real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, went from 2.8 months in August to 3.1 months in September. The index for short sales rose from 6.1 months in August to 6.2 months in September, while the index for equity sales was unchanged at 4.1 months.

 URL to the original article: http://ftp.thebusinessjournal.com/news/real-estate/14486-distressed-home-sales-climb-in-september 

For further information on Fresno Real Estate check: http://www/londonproperties.com

Friday, October 24, 2014

Kings County avoids falling home sales

Source: The Business Journal
Written by Ben Keller

Home sales fell throughout the state in September, although Kings County continued to be among the few exceptions. According to a new report from the California Association of Realtors, homes sales in Kings County improved 16.7 percent from August to September. Sales were also up 1.2 percent compared to September 2013. The median price of a home in the county was unchanged at $183,330 in September, both up 8.8 percent from $168,460 a year ago. Home sales in Fresno County declined 0.3 percent from August and 1.6 percent compared to September 2013. The price of a median home in Fresno County stood at $208,210 in September, up 2.2 percent from $203,760 the prior month and 12 percent from $185,830 a year ago. Tulare County saw its home sales fall 6.9 percent during the month but increase 3.6 percent in the year-over-year comparison. The county's median home price fell by 5.1 percent in September to $175,000 from August's price of $184,440. That's up 7 percent from $163,500 a year ago. Home sales in Madera County were down 6.3 percent compared to August and 31.8 percent year-over-year. The county's median home price was down 6 percent in the month, going from $166,670 in August to $156,670 in September. That's also down 17.5 percent from $190,000 last year. Home sales may have dropped in September but the available supply of houses saw some healthy increases in the Valley. Tulare County's index was up to 4.9 months in September compared to 4.5 months in August and 4.2 months a year ago. Madera County's index increased to 7.1 months compared to 6.9 months in August and 5 months last year. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was unchanged in September at 5.2 months, up from 4.4 months in September 2013. Kings County's index stood at 3.2 months in September, down from 4 months in August but up from 3 months the year before. Statewide, home sales totaled 396,440 units in September, up just 0.4 percent from 394,700 in August but down 4.2 percent from 413,850 in September 2013. "September’s slight sales increase and tempering in home price gains suggest optimism as we head into the slower homebuying season," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young, in a statement. "Home prices are stabilizing, and the year-to-year sales decline is at the lowest level we’ve seen in the last 12 months. The cooling price growth and recent drops in mortgage rates will ease housing affordability and help to improve sales in the final months of the year."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/14390-kings-county-avoids-falling-home-sales 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Tuesday, October 21, 2014

Clovis City Council OK’s largest apartment complex in a decade

Source: The Fresno Bee
By Marc Benjamin The Fresno Bee
October 20, 2014

An apartment project that is the largest approved in Clovis in 10 years was supported by Clovis City Council members Monday night. The vote was 5-0 with no public opposition. The plan for 144 units that can be converted to condominiums is near the corner of Dakota and Clovis avenues, east of the city’s recreation center and old winery site. Under city guidelines, the property could have handled twice as many apartment units, said Laurie Doyle, vice president of development for Clovis-based Regal Development Group. She said the developer held two neighborhood meetings where traffic was a focal point, but there were no other significant concerns raised by neighbors. All the apartments will be single story, Doyle said. An office/recreation center with a manager’s unit is the only two-story building on the 19.6-acre property, she said. The plan includes the flexibility to become a condominium development, which is allowable under city guidelines, said Robin Kane, a Fresno apartment investment adviser. Kane said the local condominium market is sporadic in the Fresno area. It was strong about 10 years ago and in the early 1980s and could improve again, depending on the rise of housing prices. The Montage condominium development, approved by the Clovis City Council in 2005, had 255 units proposed, but only 81 have been built, city officials said. The last apartment complex approved that was larger in Clovis was the 178-unit Copper Beech project on Gettysburg Avenue and Sierra Vista Parkway in 2004.

URL to original article: http://www.fresnobee.com/2014/10/20/4189505_clovis-city-council-oks-largest.html?rh=1#storylink=cpy 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Friday, October 10, 2014

Granville building Brio! on Broadway in Mural District

Source: The Fresno Bee
By BoNhia Lee

When one downtown Fresno development from Granville Homes opens, the dirt on another begins moving. Construction is underway on the homebuilder’s ninth project in the Mural District called Brio! on Broadway. The builder celebrated the grand opening of its Crichton Place development on L and San Joaquin streets in July. And looks like some heavy machinery started underground work Monday on a lot near the Metropolitan Museum, on Van Ness Avenue and Stanislaus Street, where Granville plans more apartments. Back at Brio, 14 new two- and three-story buildings are being built and an existing house, formerly home to the Marjaree Mason Center, is under renovation on Broadway Street, between San Joaquin and Calaveras streets. Brio will have 52 units ranging in size from 602 square feet to 2,173 square feet. The house will be used as a clubhouse. Some apartments will have an attached garage and private patios or balconies. All units will have energy efficient appliances, custom cabinets, and white quartz counters. Rents will range from $825 to $1,500. A construction tour of the project will be held from 11 a.m. to 2 p.m. on Saturday. Hard hats will be provided. Closed-toed shoes are required. Brio is expected to be completed early next year. For information visit www.RentGranville.com.

 Read more here: http://www.fresnobee.com/2014/10/09/4164592/granville-building-brio-on-broadway.html#storylink=cpy 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Wednesday, October 8, 2014

CoreLogic: Fresno home prices up in August

Source: The Business Journal

Home prices in Fresno were up 8.1 percent in August compared to last year, according to a new report from CoreLogic. Month-over-month, home prices in the city increased by 1.4 percent in August compared to July. Excluding distressed sales, the year-over-year prices increased by 7.6 percent while month over month increased by 1.1 percent. In California, home prices increased by 9.2 percent, or 7.8 percent excluding distressed properties, while nationally prices increased 6.4 percent. This change represents 30 months of consecutive year-over-year increases in national home prices.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/14168-corelogic-fresno-home-prices-up-in-august 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Friday, September 26, 2014

Huntington Boulevard homes given historic designation

Source: ABC 30.com
By Gene Haagenson

 FRESNO, Calif. (KFSN) -- More homes have been added to the list of historic places in Fresno. The city council added seven homes on Huntington Boulevard. The majestic homes along Fresno's Huntington Boulevard were an early example of progressive urban planning, centered around public transportation. Fresno's Historic Preservation Specialist Karana Hattersly Drayton explained, "Developed in 1907 as a streetcar line by Albert Wishon, who's house is next door, and in 1911 it was developed as a streetcar suburb, the Alta Vista Tract. It was a commuter's paradise, it's exactly it. Streetcar suburbs were all apart moving a little further away from downtown, maybe you didn't need your horse and buggy anymore, you jumped on a streetcar and went downtown." The streetcar tracks that went down the center of the wide boulevard are gone, in their place, a wide, grassy corridor separates both sides of the street. There are more than 100 homes on the boulevard, most are historically significant. Only 10 have been given a historic designation. Seven were just put on the local register of historic resources by the Fresno City Council. Melissa Black is excited to have her Italian Renaissance style home on the register. "I'm the fourth owner of this house which is pretty remarkable in that it was built in 1924. One of the things I'm excited about with the historical designation is that now I know this beautiful work of art will be preserved into the future. Whether it's me or the next person going forward we have established this is something really special." So, what does being on the register mean? Drayton explained, "What being a registered property does do is protect the exterior." Any renovations to the outside have to be historically appropriate. Anything goes on the inside, but most homeowners love the charm and interior craftsmanship. And the for the city, the more homes that make the list, the longer the legacy of Huntington Boulevard will last. Hattersly Drayton told the City Council, "It's considered one of the great boulevards in the world."

URL to original article: http://abc30.com/news/huntington-boulevard-homes-given-historic-designation/324999/ 

 For further information on Fresno Real Estate check: http://www.londonproperties.com