Ocean Shores News: Street LID Update ~ October 27, 2010

OCEAN SHORES NEWS

Ocean Shores Street LID
As of October 27, 2010

October 27, 2010 ~ The City Council passed a resolution regarding the Findings & Conclusions to the Street LID on October 21st. Very few changes were made to the original assessment role dated August 1, 2010 (produced by Macaulay & Associates, Everett, WA). You can see the 5-page resolution passed by the City Council at http://oceanshores.fileprosite.com/Documents/DocumentDisplay.aspx?ID=17006. The document named some changes to assessments to 9 property owners who protested their assessments. The City Council also stated that the RCW says that the City can use any method or combination of methods to compute assessments. So yes, the State law does say that, but it does not give the City Council a right to disregard the 900+ protests that clearly stated over and over again, including by me, the incorrect valuation determined by Macaulay & Associates and the inequitable distribution of the LID assessment amounts. But they did anyway, and the bills will be sent out this week to all property owners.

As written in the North Coast News on October 22nd, Art Blauvelt, the City Attorney, stated the following:
This is what will happen if there are no hitches in the publication process:
* Wednesday, October 27 ~ Notice & Ordinance 885 are published (will also be published November 3, 2010);
* The 30-day pre-payment window starts with publication of the Notice, so the 30-day window will start Thursday, October 28th and end on Monday, November 29th.
Every lot owner will be receiving a notice that contains all the payment details. The city will mail the notice to the address of the lot owner as shown on the county treasurer's records. Those notices will be in the mail by next week.
Many lot owners, as part of their protest or recent correspondence, have provided an alternate address to the city, the City will do its best to send another copy of the notice to the alternate address it has been given by the lot owner, HOWEVER, lot owners should make sure their address with the Grays Harbor County Treasurer is accurate. All of the statutes that control this process require the city to use the "address shown on the tax rolls of the county treasurer" for each lot. The City's plan to mail copies to alternate addresses is a courtesy extended to those who, as part of their protests notified the city, in writing, of an alternate address.
From David Thompson, bond counsel:
First installment payment would be due on November 29, 2011.

In summary, the Street LID upfront payment discount period will be October 28-November 29, 2010. The first payments for those who will be on the annual payment plan will be November 29, 2011. All payments are made in arrears, ie the payment due on Nov 29, 2011 is actually for Nov 29, 2010 until Nov 29, 2011.

October 25, 2010 ~ The City made the Hearing Examiner Wayne Tanaka's findings/recommendations to the City Council available online as I reported on October 5th. After reviewing the recommendations/decisions, I received a letter from the City of Ocean Shores in response to the written, and verbal, protest I made on Sept 20th/21st. All property owners who made protests received this letter. It stated that Mr. Tanaka's written Findings, Conclusions & Recommendations Report was filed with the City and was available to be viewed online at www.osgov.com. The letter also stated that I could file an appeal in writing (along with $250) to the City Council. The issue that I have is that the letter was dated and postmarked on October 7th and the City expected us to file the appeal by 5pm on October 15th. I personally did not receive my letter until the 12th. So you can imagine how many people received this letter after the 15th. One would think that the City Council would learn from just a few weeks ago with the September 20th/21st Hearing when many people protested on the lack of time provided to file their initial written protest, which was only 2 weeks. But apparently the City Council did not learn or take heed to the people's expressed concerns/protests, and they gave property owners even less time.

As a side note, I have heard of many property owners who never received the letter(s) from the City, so please make sure your mailing address is correct with the Grays Harbor County Assessor's office by calling 360-249-4121.

Ocean Shores Newsletter for Real Estate, Events, News, etc. ~ October 2010

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:

Homes $150K or Less

Homes $150K-$200K

Homes Over $200K

Waterfront Homes

Lots $10K or Less

Lots $10K-$15K

Lots $15K-$20K

Lots Over $20K

View Lots

Waterfront Lots

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!