I have one thing to say, BUY, BUY, BUY. If ever there was a time to get off of the fence it is now. I encourage all of you to BUY, and your friends to buy. As of today we are below 2004 values, year-to-date, with the exception of area 171 (southwest suburban) and that area is trending down as well.
The foreclosed market is finite, one TRILLION dollars is going to make a difference in this market and now is the time to buy. Over this weekend JP Morgan (read Washington Mutual) has acknowledged that the company needs to re think the foreclosure process and even go beyond to look at homeowners that are in good standing today but may become distressed sellers tomorrow. Other lenders are beginning to show signs of similar thinking.
Are the prices going to descend lower? Here is food for thought:
Double Diamond/Damonte Ranch, one of the hot beds for distressed sales, data is for homes under $300,000 sold in 2008 by quarters:
1st quarter sales: 21 homes sold for an average of $267,258
2nd quarter sales: 37 homes sold for an average of $263,010
3rd quarter sales: 47 homes sold for an average of $262,347
That is a change in values of only 2% over 10 months. The average home in escrow today is $265,627. I have to ask you is this the picture of a bottomless market?
With a trillion dollars and banks possibly rethinking how they foreclose, we are in a great position to see inventory drop and choices dry up. I am not suggesting a price bounce of any measure now, or any time soon. What I do see is that the deals of today will disappear much sooner than buyers realize.
Where are the good buys? Just about anywhere you look and for whatever your budget is. I do not see any price recovery for homes valued after late 2003 through mid-2007 for several years or more. The real road to recovery will be for the sellers that sell today and buy back into these much reduced values and ride the recovery from the bottom up. Holding on is going to be expensive for those that really want to sell and are trying to “hold out” for the market to “go up.”
Oh, one last thought, I have purposely written this on November the 3rd. Whatever happens tomorrow, regardless of your feelings, a major milestone will be behind us and we will all have the same opportunity to move forward for the better and look up. I for one plan on moving forward and I expect to find willing and capable buyers for every one of my clients and for my buyers, to find them a home that they can be proud of for many years to come.
Friday, November 7, 2008
Monday, November 3, 2008
Apple Hill Excursion
The Morris family took a trip up to Apple Hill on Nevada Day and it was a fantastic way to spend the holiday. The drive up was gorgeous and all the orchards were brimming with shiny, fresh apples and apple products galore. Who knew so many different kinds of apples existed and were readily available so close to home?
After it was all said and done, we hit about half a dozen orchards and went home leaden with Winesape, Pink Lady, Arkansas Black, Granny Smith and even a few Red and Golden Delicious, not to mention all the apple butter and jam!
No trip to Apple Hill is complete without tasting some fresh, homemade apple pie. Kids Inc. had amazing French apple pie with vanilla icecream and cinnamon-caramel sauce. Since it was a state holiday in Nevada, the vast majority of cars in every parking lot had Nevada plates and the orchards offered discounts and fun freebies to Nevada residents, which was pretty special.
Apple Hill (near Placerville) is a fun and nostalgic way to kick off the fall/winter season. The apples are still great, so be sure to scoot over the hill soon and pick up a stash. Shauna has put her takings to good use and made an apple pie with Gruyere backed into the crust, as well as apple tarts, which were a great way to use up the "scraps" from the pie. She'd be happy to share the recipe as well.
Happy apple picking!
After it was all said and done, we hit about half a dozen orchards and went home leaden with Winesape, Pink Lady, Arkansas Black, Granny Smith and even a few Red and Golden Delicious, not to mention all the apple butter and jam!
No trip to Apple Hill is complete without tasting some fresh, homemade apple pie. Kids Inc. had amazing French apple pie with vanilla icecream and cinnamon-caramel sauce. Since it was a state holiday in Nevada, the vast majority of cars in every parking lot had Nevada plates and the orchards offered discounts and fun freebies to Nevada residents, which was pretty special.
Apple Hill (near Placerville) is a fun and nostalgic way to kick off the fall/winter season. The apples are still great, so be sure to scoot over the hill soon and pick up a stash. Shauna has put her takings to good use and made an apple pie with Gruyere backed into the crust, as well as apple tarts, which were a great way to use up the "scraps" from the pie. She'd be happy to share the recipe as well.
Happy apple picking!
Wednesday, October 22, 2008
AOPA Article about Alamos Airlift
Here is a link to the article AOPA did on their website about the relief effort supported by the Baja Bush Pilots:
http://www.aopa.org/aircraft/articles/2008/081021alamos.html
The article gives an overall description of the effort and the hurricane.
http://www.aopa.org/aircraft/articles/2008/081021alamos.html
The article gives an overall description of the effort and the hurricane.
Tuesday, October 21, 2008
Alamos Airlift
Ten days ago Hurrican Norbert tore through central western Mexico, leaving a lot of destruction in its path. Through the concerted effort of the Baja Bush Pilots a relief effort was put together to bring much needed supplies or food and clothing to the victims of Norbert.
The small town of Alamos was hit hard in the middle of the night on the 11th, leaving many homeless and sadly many lives were taken as well. David got involved with this incredible relief effort and we, along with 33 other pilots, packed our plane to the brim with supplies and headed to Mexico at 06:30 on Friday morning, and returned shortly thereafter at 16:30 (4:30pm) on Saturday afternoon.
Below are pictures of the rubble and river that runs through town, which flooded and took bridges and buildings with it. It was heartwarming to see so many people pull together in a private effort to help make a difference in the lives of this small community.
The small town of Alamos was hit hard in the middle of the night on the 11th, leaving many homeless and sadly many lives were taken as well. David got involved with this incredible relief effort and we, along with 33 other pilots, packed our plane to the brim with supplies and headed to Mexico at 06:30 on Friday morning, and returned shortly thereafter at 16:30 (4:30pm) on Saturday afternoon.
Below are pictures of the rubble and river that runs through town, which flooded and took bridges and buildings with it. It was heartwarming to see so many people pull together in a private effort to help make a difference in the lives of this small community.
Monday, September 29, 2008
Saturday, September 20, 2008
What a week
Well it had to happen sooner or later.
I am not going to hash out what the press has been saying, suffice it to say that the seriousness of the situation should give all pause to think. Reno, Sparks, Northern Nevada and our entire state have been affected for the last 2.5 years by the greed that entered the financial markets in the early part of this decade. Forbes just did a nice short and to the point piece on what has happened.
Is it time to panic? Actually, it's really not.
People need to go on with their lives, yes, saving would be a good idea, spending less than you make and putting off a few trips to the mall to shop for what you do not need is also a good idea. As bad as Wall Street has treated the American public there is still a lot right and our basic functioning economy is moving along, albeit slowly we are not negative.
Positive thoughts are very helpful in these situations and dreaming up the worst is not going to help anyone.
From my perspective this week I have been very busy on Thursday, Friday and today as I write this portion of the blog. I am showing properties and I expect two offers before the weekend is over.
Buyers are buying and homes are selling.
We are a strong country and lets put our backs into this and think clearly with a bit less emotion and work for our future.
Heck, we have two days left of summer, get out and enjoy yourself!
I am not going to hash out what the press has been saying, suffice it to say that the seriousness of the situation should give all pause to think. Reno, Sparks, Northern Nevada and our entire state have been affected for the last 2.5 years by the greed that entered the financial markets in the early part of this decade. Forbes just did a nice short and to the point piece on what has happened.
Is it time to panic? Actually, it's really not.
People need to go on with their lives, yes, saving would be a good idea, spending less than you make and putting off a few trips to the mall to shop for what you do not need is also a good idea. As bad as Wall Street has treated the American public there is still a lot right and our basic functioning economy is moving along, albeit slowly we are not negative.
Positive thoughts are very helpful in these situations and dreaming up the worst is not going to help anyone.
From my perspective this week I have been very busy on Thursday, Friday and today as I write this portion of the blog. I am showing properties and I expect two offers before the weekend is over.
Buyers are buying and homes are selling.
We are a strong country and lets put our backs into this and think clearly with a bit less emotion and work for our future.
Heck, we have two days left of summer, get out and enjoy yourself!
Wednesday, September 10, 2008
Reno Air Races
This is the week of the Reno Air Races. It is some what ironic that last week was the Great Reno Balloon Races and this week are the Reno Air Races. Within two weeks Reno hosts the Great Reno Balloon Race and the Reno Air Races. From the age of un-powered flight to powered flight back to back.
Love it!
I have been fortunate to have been going to the races on and off for over 30 years. I remember living in the dorms at the University of Nevada, Reno and hearing the sound of P-51's and P-38's flying out to Stead for the air show and the races. If you have never gone to the Reno Air Races treat yourself to something special.
Air Races at one time were common across the country but over the years these very special races have gone into the history books but today in Reno one can see at one time a collection of history dating back to the first world war. Not only can you see history that made the 20th century. You can watch history fly! Many of these planes are now worth well over $1 million dollars and in Reno you can hear and watch these planes actually fly. Over the years planes from the WW1 years, the 20's, 30's, 40's, 50's to F22 are all here and you can actually touch many of them. Ever wanted to stand next to a Mig 15 and a F-86 and a F-117 and talk to the men and women that have flown them? Then come out this week and experience a stunning event.
When you go, not "if", go. Take a hat, take a light coat, sunscreen, be prepared for wind, sun, hot and cold, heck, this is Nevada! Bring good walking shoes (the runway is over a mile long and you can easily walk from one end to the other and back again. Bring a camera (but save the film on the actual racing and the air show, the planes are too far away and too fast to get a good shot, just enjoy the show) and get a pit pass and walk the planes and take your photos. The crews love to talk about their planes and still today you can stand next to a gentlemen that is old, grey and maybe even needing some help walking . Listen and he will tell you about being 22 and flying that plane into harms way.
Listen to the stories that the Reno Air Races bring to life. Talk with you soon.
Love it!
I have been fortunate to have been going to the races on and off for over 30 years. I remember living in the dorms at the University of Nevada, Reno and hearing the sound of P-51's and P-38's flying out to Stead for the air show and the races. If you have never gone to the Reno Air Races treat yourself to something special.
Air Races at one time were common across the country but over the years these very special races have gone into the history books but today in Reno one can see at one time a collection of history dating back to the first world war. Not only can you see history that made the 20th century. You can watch history fly! Many of these planes are now worth well over $1 million dollars and in Reno you can hear and watch these planes actually fly. Over the years planes from the WW1 years, the 20's, 30's, 40's, 50's to F22 are all here and you can actually touch many of them. Ever wanted to stand next to a Mig 15 and a F-86 and a F-117 and talk to the men and women that have flown them? Then come out this week and experience a stunning event.
When you go, not "if", go. Take a hat, take a light coat, sunscreen, be prepared for wind, sun, hot and cold, heck, this is Nevada! Bring good walking shoes (the runway is over a mile long and you can easily walk from one end to the other and back again. Bring a camera (but save the film on the actual racing and the air show, the planes are too far away and too fast to get a good shot, just enjoy the show) and get a pit pass and walk the planes and take your photos. The crews love to talk about their planes and still today you can stand next to a gentlemen that is old, grey and maybe even needing some help walking . Listen and he will tell you about being 22 and flying that plane into harms way.
Listen to the stories that the Reno Air Races bring to life. Talk with you soon.
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