Ocean Shores Newsletter for Real Estate, Events, News, etc. ~ April 2010
April 2010 Edition
Ocean Shores/North Beach
E-Newsletter
Presented by April Swenson,
Realtor & Associate Broker for Coldwell Banker Ocean Beach Properties
http://www.oceanshoresinfo.com/
NOTABLE NEWS/EVENTS
RAZOR CLAM FESTIVAL
The 4th Annual Razor Clam Festival was held on March 26th and 27th. There were over 4,000 in attendance at the Convention Center and was the most successful out these past four years. But many more came for that weekend's clam dig. See more info at http://www.oceanshores.org/clams.html
ROAD CONSTRUCTION
The re-paving of all of our streets and the construction of the traffic circle is done! There will be a Street LID coming up sometime later this year. The town looks great with the new sidewalks in downtown Ocean Shores, and not to mention the smoother drives around town.
EMS LEVY INFO
On April 27th, local residents will vote on imposing an additional $.35 EMS Levy to help cover the City's budget shortfall. This proposal is an attempt by the City Council and our new Mayor, Garland French, after the citizens voted down the last proposed EMS Levy in November. The proposal will increase the EMS Levy to $2.09/$1,000 assessed value. Garland French, a long-time City Council member, was voted in by the City Council to be the new mayor when Mayor Dean Bunkers retired earlier this year for health reasons.
OTHER NOTABLE LOCAL NEWS
- The Leather Place has opened in The Boardwalk Shops of Ocean Shores
- Coldwell Banker Ocean Beach Properties has increased its lead as the #1 office for closed sales and the number of active listings in Grays Harbor County (per 2010 NWMLS data).
- My office has produced an Ocean Shores/North Beach Real Estate Guide, which is now distributed throughout town.
UPCOMING EVENTS
April 16th-18th ~ Photo & Fine Arts Show: show & competition for prizes.
June 5th-6th ~ Kite Challenge on the Beach: competitions, stunts, displays and more.
June 12th ~ Flag Day Parade: annual parade is held in downtown Ocean Shores and a dance is held at the Convention Center in the evening.
June 25th-27th ~ FiveStar Sand & Sawdust Festival: master woodcarvers, sandcastle competitions, and much more.
BUYS IN OCEAN SHORES
Click on the following links to view fliers for some good deals for Ocean Shores properties:
Homes $150K or Less
MARKET ACTIVITY/UPDATE
2010 1st-Quarter (January 1st thru March 31st)
The number of properties sold in Ocean Shores is UP from a year ago (70 properties compared to 55 properties). This is good news for activity in general.
OCEAN SHORES MARKET:
Click on the following links to view the MLS fliers for sold properties (1st Quarter--Jan 1st thru Mar 31st):
Sold Homes
Sold Lots
Sold Condos
Sold Mutli-Family
| 2010 1st Quarter | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Current Listings | 216 | 501 | 92 | 3 | 16 | 825 |
| Pendings | 33 | 9 | 2 | 0 | 1 | 45 |
| Solds | 29 | 35 | 5 | 1 | 0 | 70 |
| Sold Volume | $4.766M | $891,925 | $550,250 | $149,500 | $0 | $6.35M |
| Sold Median Price | $150K | $17K | $62K | $149,500 | $0 | |
| Average Days on Market (solds) | 123 | 181 | 149 | 210 | 0 |
VS.
| 2009 1st Quarter | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Current Listings | 210 | 538 | 65 | ??? | ??? | 813+ |
| Pendings | 32 | 9 | 6 | 0 | 4 | 51 |
| Solds | 31 | 20 | 4 | 0 | 0 | 55 |
| Sold Volume | $5.56M | $771,350 | $384,900 | $0 | $0 | $6.71M |
| Sold Median Price | $150K | $31K | $70K | $0 | $0 | |
| Average Days on Market (solds) | 159 | 119 | 21 | 0 | 0 |
NORTH BEACH (Ocean City to Moclips) MARKET:
Click on the following links to view the MLS fliers for sold properties (1st Quarter--Jan 1st thru Mar 31st):
Sold Homes
Sold Condos
| 2010 1st Quarter | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Current Listings | 30 | 101 | 4 | 2 | 6 | 175 |
| Pendings | 5 | 0 | 0 | 0 | 0 | 5 |
| Solds | 4 | 0 | 1 | 0 | 0 | 5 |
| Sold Volume | $812K | $0 | $249K | $0 | $0 | $1.06M |
| Sold Median Price | $88,500 | $0 | $249K | $0 | $0 | |
| Average Days on Market (solds) | 217 | 0 | 310 | 0 | 0 |
VS.
| 2009 1st Quarter | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Solds | 5 | 2 | 0 | 0 | 0 | 7 |
| Sold Volume | $1.63M | $0 | $0 | $0 | $0 | $1.68M |
| Sold Median Price | $88,500 | $0 | $0 | $0 | $0 | |
| Average Days on Market (solds) | 224 | 193 | 0 | 0 | 0 |
NOTE: All of the above data was pulled from the NWMLS and is not guaranteed.
FINANCING NEWS
FHA NEWS
Effective February 1st, the FHA has lifted the 90-day resale restriction (the "flipping rule") that made FHA insurance unavailable if the contract of sale for the purchase of the property was executed within 90-days of the prior acquisition by the seller. There is some fine print, but this change opens up FHA financing to bank REOs and foreclosures that need fixing up before resale.
Other news of note:
- Effective with case numbers assigned on or after April 5th, FHA borrowers will see their initial mortgage insurance premium increase to 2.25% of the value of the loan; up from 1.75% before.
- Another new rule (starting this Summer) will decrease the amount a seller can give a buyer to help pay their closing costs. The maximum amount of assistance will drop from its current level of 6% to 3%.
Why are they doing this? With nearly 40% of all new home loan originations in 2009 done through FHA, the agency is under fire to reduce risk.
For more help on getting pre-approved/qualified, contact our local lender, The Bank of the Pacific. You can call Carol Warfield, the Vice President Residential Loan Officer, at 360-580-0187 (cell) or e-mail her at cwarfield@thebankofpacific.com. Interest rates are still very low.
Once again, if you ever have any questions about Ocean Shores, the North Beach, the surrounding Grays Harbor cities, and/or real estate, please do not hesitate to call or e-mail me.
Your Beach Destination Awaits You at the #1 Washington Coast Town!
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