October 2010 Edition
Ocean Shores/North Beach
E-Newsletter
Presented by April Swenson,
Realtor & Managing Broker for Coldwell Banker Ocean Beach Properties
www.OceanShoresInfo.com
NOTABLE NEWS/EVENTS
KITE FESTIVAL 2010
The kites flew high on the beach of Ocean Shores for June 5th-6th. Held just off the Chance a La Mer Ave (or Shilo) beach access street. See more info and pictures at www.OceanShoresInfo.com/pics/kitefestival2010.html
FLAG DAY PARADE 2010
The annual Flag Day Parade occurred on June 12th along the streets of downtown Ocean Shores with the newly paved streets, the new sidewalks, lighting and round-about. See more info and pictures at www.OceanShoresInfo.com/pics/flagdayparade2010.html
SAND & SAWDUST FESTIVAL 2010
The wonderful event of sandcastle building and wood carving was held on June 25th-27th. This is personally one my favorite events. See more info and pictures at www.OceanShoresInfo.com/pics/sand&sawdustfestival2010.html
INDEPENDENCE DAY 2010
Another personal favorite of mine. Tons of fireworks set off on the beaches of Ocean Shores. See more info and pictures at www.OceanShoresInfo.com/pics/july4th2010.html
DAY of RECORD HEAT
August 14th saw temperatures in Ocean Shores reach over 90 degrees. See more info and pictures at www.OceanShoresInfo.com/pics/hotaugustday2010.html
CRAFT & CAR SHOW 2010
The annual Craft Fair was held at the Convention Center. Nearby was a display of Mustangs. See more info and pictures at www.OceanShoresInfo.com/pics/craft&carshow2010.html
STREET LID INFO
On October 5th, Hearing Examiner Wayne Tanaka submitted his finding/recommendations in regards to the protests to the upcoming Street LID. On September 20th, the City held an LID Hearing at the Convention Center. An incredible 1000+ people were attendance. Why such a large turnout? About 2 weeks prior, property owners received a letter from the City of Ocean Shores explaining what the proposed Street LID (assessment) amount was for their individual property. See the whole story at www.OceanShoresInfo.com/news/streetLID.html
OTHER NOTABLE LOCAL NEWS
- Clam Digging Season opened in Ocean Shores on Oct 8th-10th.
- My office has two Realtors who have recently joined us: Julie Dessert, a full-time and an active agent since 2005, and Michelle Plumb, an agent since earlier this year. Both positive additions to our office.
UPCOMING EVENTS
October 16th-17th ~ CFA All-Breed Cat Show: learn about a wide range of cats and vote on the "Best of Show."
October 22nd-24th ~ Celtic Music Festival: 7th annual festival featuring over 20 bands playing Irish music.
November 5th-7th ~ Jazz Music Festival: featuring 9 jazz bands.
November 26th-28th ~ Winter Fanta-Sea Craft Show: over 70 arts & crafts booths at the Convention Center just in time for Christmas.
BUYS IN OCEAN SHORES
Click on the following links to view flyers for some good deals for Ocean Shores properties:
MARKET ACTIVITY/UPDATE
2010 3rd-Quarter (July 1st thru September 30th)
The number of properties sold in Ocean Shores is slightly UP from a year ago (101 properties compared to 97 properties).
OCEAN SHORES MARKET:
Click on the following links to view the MLS flyers for sold properties (3rd Quarter--July 1st-September 30th):
Sold Homes
Sold Lots
Sold Condos
Sold Commercial
| 2010 3rd Quarter | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Current Listings | 236 | 492 | 149 | 6 | 19 | 902 |
| Pendings | 26 | 15 | 1 | 0 | 1 | 43 |
| Solds | 42 | 51 | 7 | 0 | 1 | 101 |
| Sold Volume | $7.66M | $1.48M | $749,150 | $0 | $27K | $9.85M |
| Sold Median Price | $156,200 | $23,500 | $53,900 | $0 | $27K | |
| Average Days on Market (solds) | 175 | 287 | 275 | 0 | 212 |
VS.
| 2009 3rd Quarter | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Current Listings | 209 | 541 | 108 | ??? | ??? | 858+ |
| Pendings | 32 | 9 | 6 | 1 | 0 | 48 |
| Solds | 47 | 42 | 7 | 1 | 0 | 97 |
| 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 flyers for sold properties (3rd Quarter--July 1st thru September 30th):
Sold Homes
Sold Land
Sold Condos
| 2010 3rd Quarter | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Current Listings | 72 | 121 | 4 | 4 | 6 | 207 |
| Pendings | 11 | 5 | 0 | 1 | 0 | 17 |
| Solds | 2 | 1 | 1 | 0 | 0 | 4 |
| Sold Volume | $880K | $12K | $7K | $0 | $0 | $899K |
| Sold Median Price | $440K | $12K | $7K | $0 | $0 | |
| Average Days on Market (solds) | 314 | 2418 | 738 | 0 | 0 |
VS.
| 2009 3rd Quarter | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Solds | 6 | 1 | 0 | 0 | 2 | 9 |
| Sold Volume | $1.1M | $27K | $0 | $0 | $475K | $1.6M |
| Sold Median Price | $138,750 | $27K | $0 | $0 | $237,500 | |
| Average Days on Market (solds) | 259 | 26 | 0 | 0 | 457 |
MARKET ACTIVITY/UPDATE
2010 Year-to-Date (January 1st thru September 30th)
The number of properties sold in Ocean Shores is UP from a year ago (277 properties compared to 242 properties).
OCEAN SHORES MARKET:
| 2010 YTD (1/1/10-9/30/10) | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Solds | 133 | 125 | 16 | 1 | 2 | 277 |
| Sold Volume | $22.95M | $3.7M | $1.8M | $149,500 | $252K | $28.85M |
| Sold Median Price | $150K | $19K | $79,500 | $149,500 | $126K | |
| Average Days on Market (solds) | 206 | 304 | 357 | 667 | 134 |
VS.
| 2009 YTD (1/1/09-9/30/09) | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Solds | 126 | 101 | 14 | 1 | 0 | 242 |
| Sold Volume | $21.75M | $3.68M | $2.17M | $0 | $0 | $27.6M |
| Sold Median Price | $166K | $24,625 | $93K | $0 | $0 | |
| Average Days on Market (solds) | 151 | 180 | 272 | 0 | 0 |
NORTH BEACH (Ocean City to Moclips) MARKET:
| 2010 YTD (1/1/10-9/30/10) | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Solds | 18 | 3 | 2 | 0 | 0 | 23 |
| Sold Volume | $3.67M | $54K | $256K | $0 | $0 | $3.98M |
| Sold Median Price | $162,500 | $12K | $128K | $0 | $0 | |
| Average Days on Market (solds) | 181 | 847 | 524 | 0 | 0 |
VS.
| 2009 YTD (1/1/09-9/30/09) | Homes | Land | Condos | Multi-Family | Commercial | Total |
| Solds | 19 | 8 | 0 | 0 | 1 | 28 |
| Sold Volume | $4.05M | $214K | $0 | $0 | $150K | $4.4M |
| Sold Median Price | $156,375 | $16K | $0 | $0 | $150K | |
| Average Days on Market (solds) | 193 | 53 | 0 | 0 | 152 |
NOTE: All of the above data was pulled from the NWMLS and is not guaranteed.
FINANCING NEWS
POSITIVE NEWS
According to the Federal Reserve, households gained $6.3 trillion in net worth in the first quarter from a year ago, and homeowners have regained $1.1 trillion in home equity over the same period.
Funding for USDA Rural Development loans is once again available. The guarantee fee has increased to 3.5% for purchase loans. The guarantee fee for refinance loans has increased to 2.25% on October 1st. Ocean Shores/North Beach area is applicable for these loans.
Another positive factor that has remained relatively consistent is the historically low mortgage interest rates. The low rates, combined with a drop in home prices to what we hope is at or near the lowest point they will go, really can make it an ideal time to buy. This is especially true for buyers who just a few years ago might not have seen home ownership as an affordable option. For example, as economist Karl Case (of Standard & Poor's Case-Shiller housing index) pointed out in the September 1st issue of the New York Times:
Four years ago, the monthly payment on a $300,000 house with a 20% down payment and mortgage rate of about 6.6% was $1,533. Today that $300,000 house would sell for $213,000 (29% drop in price) and a 30-year fixed-rate mortgage with 20% down would carry a rate of about 4.2% and monthly payment of $833. In addition, the down payment would be $42,600 instead of $60,000.
FANNIE MAE NEWS
Fannie Mae has announced several changes to its underwriting standards effective June 1st. While most of the changes represent a tightening up of lending guidelines, others may benefit some borrowers:
- Interest only loans will change as follows:
- Maximum 70% Loan-to-Value.
- Borrower must have a minimum credit score of 720 and a minimum of 24 months reserves.
- Balloon Mortgages are being eliminated.
- The required waiting period for borrowers to be eligible for a mortgage after a pre-foreclosure, deed in lieu of foreclosure, or a short sale is changing based on the Loan-to-Value (LTV).
- Fannie Mae requires all lenders to determine that any new debts incurred by the borrower during the process are disclosed on the final loan application, commonly done by refreshing the credit report just prior to closing.
FHA NEWS
In an effort to raise critical funds to boost its eroding capital, Congress voted in the FHA Reform Act. The following changes are effective October 4th:
- The upfront mortgage insurance premium (MIP) has been lowered from 2.25% to 1%. The upfront fees can be paid at closing or rolled into the loan. For example, on a $150K mortgage, the upfront MIP will be $1,500 instead of $3,375, thereby lowering your monthly payment if you roll in the upfront MIP into the loan.
- The annual mortgage insurance premium has increased from 0.55%. The annual premium will be 0.85% for new borrowers with at least 5% or greater equity. The MI will be 0.90% with less than 5% equity. The net result will be higher monthly payments for most FHA borrowers. For example, on a $150K mortgage, the MIP per month will be approximately $106.25-$112.50 instead of $68.75.
OTHER NOTABLE LAW CHANGES
- As of July 1st, all home inspectors are required to be licensed by WA State DOL.
- On September 30th, President Obama signed the National Flood Insurance Program (NFIP) Re-extension Act of 2010, which Congress passed on September 24th. This extends the National Flood Insurance Program until September 30, 2011.
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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