Ocean Shores Newsletter for Real Estate, Events, News, etc. ~ October 2009
Ocean Shores/North Beach
E-Newsletter
Presented by April Swenson,
Realtor & Associate Broker for Coldwell Banker Ocean Beach Properties
www.OceanShoresInfo.com
Welcome to Fall!
The leaves are falling. We have had some lovely weather, but the rains are back for a couple of days and then clam digging starts this weekend.
CRAFT FAIR 2009
Our annual Craft Fair was held in the Convention Center in September, along with a Mustang Car Display. Click on the following link to view pictures: www.oceanshoresinfo.com/pics/craftfair2009.html
ROAD CONSTRUCTION 2009
This has been a very trying time for Ocean Shores residents, especially the businesses. With the unwise move of having road construction on our two main streets and main intersections in downtown Ocean Shores, many businesses have felt the economic pinch from the lack of access. But as we face the many detours and road closures here and there, we must keep a good attitude about it all and know that this is a temporary interruption of daily driving. There was a funny posting of a sign by one of the local business saying, "Ocean Shores: Closed Due to Construction"; and another one stating, "We are open when you get around to it." Good, comical signs for all of the detours we face. It will look so nice and be more pedestrian-friendly when it is all done: sidewalks, traffic circle, new roads, curbs, etc.
OTHER NOTABLE LOCAL NEWS
- The well-known and established gift shop, The Flying Cats, is moving into the north-wing of the Coldwell Banker building
- "Toast The Harbor" Food & Wine Festival has held over the weekend (Oct 10th) at the Ocean Shores Convention Center
- Coldwell Banker Ocean Beach Properties is still the #1 listing and selling office in Grays Harbor County (per NWMLS data)
MARKET UPDATE
Summer and the beginning of Fall has seen a continual stream of sales from the 1st and 2nd quarters of 2009. The deals are out there. Click on the links to see some Great Buys.
Homes Under $150K
As of September 30th, there are 32 homes, 9 lots, and 6 condos pending (all of these numbers are up from my last e-mail stating the numbers as of June 30th); and 209 homes, 541 lots, and 108 condos listed for sale (home and lot listings are down from my last e-mail stating numbers as of June 30th). Compared to approximately 310 homes, 758 lots, and 84 condos listed on September 30, 2008. A decrease in listings is a good sign for a more stabilized market.
Here are some Ocean Shores Stats for the 3rd Quarter 2009:
2009 3rd Quarter: 47 Homes closed; average sales price = $172,502; median sales price = $167K; average days on market = 131
Sold Homes (click on this link to view the MLS flyers)
vs.
2009 2nd Quarter: 48 Homes closed; average sales price = $178,681; median sales price = $166K; average days on market = 268
2009 3rd Quarter: 42 Lots closed; average sales price = $37,219; median sales price = $22,250; average days on market = 204
Sold Lots(click on this link to view the MLS flyers)
vs.
2009 2nd Quarter: 37 Lots closed; average sales price = $35,119; median sales price = $25K; average days on market = 269
2009 3rd Quarter: 7 Condos closed; average sales price = $182,357; median sales price = $111K; average days on market = 441
Sold Condos(click on this link to view the MLS flyers)
vs.
2009 2nd Quarter: 3 Condos closed; average sales price = $170,290; median sales price = $103,870; average days on market = 273
Here are some North Beach (Ocean City, Copalis Beach, Pacific Beach & Moclips) Stats for the 3rd Quarter 2009:
2009 3rd Quarter: 6 Homes closed; average sales price = $183,233; median sales price = $138,750; average days on market = 259
Sold Homes (click on this link to view the MLS flyers)
vs.
2009 2nd Quarter: 10 Homes closed; average sales price = $225,680; median sales price = $149,500; average days on market = 117
2009 3rd Quarter: 1 Lot closed; sales price = $27K; days on market = 26
Sold Lot(click on this link to view the MLS flyer)
vs.
2009 2nd Quarter: 2 Lots closed; average sales price = $15,500; median sales price = $15,500; average days on market = 98
FINANCING NEWS
Mortgage Insurance is Now Available for 2nd Homes:
Mortgage Insurance is now available on 2nd/vacation homes with the following terms:
- Purchase or rate/term refinance
- Up to 90% loan-to-value
- At least 720 credit score
- 41% or lower debt ratio
Changes to Truth in Lending Requirements:
On July 30th, changes went into effect relating to when the initial Truth in Lending disclosure needs to be given. These changes are part of the Mortgage Disclosure Improvement Act (MDIA) as an amendment to the Truth in Lending Act. While the purpose of the MDIA is to make sure consumers receive cost-related disclosures, the Act may affect the timing of closings in some cases.
Here's a brief summary of the legislation:
- The new rules require lenders to provide the initial Truth in Lending (TIL) disclosure or place it in the mail within three business days after receiving a consumer's application for a mortgage loan, and before any fees are collected from the consumer (other than a reasonable fee for obtaining the consumer's credit history).
- The initial TIL is also required for loans secured by homes other than the consumer's principal residence, such as a second home.
- The delivery or mailing of these disclosures must occur at least seven business days before the loan closes (loan documents signed).
- If the annual percentage rate provided in the initial TIL given to the consumer changes more than 0.125%, lenders must provide corrected disclosures, which the borrower must receive at least three business days before signing loan documents.
Pump Up Sales with FHA 203(k) Rehab Loans:
There is little doubt that more homes listed today are in need of repairs. They could be victims of a short sale, a bank repossession or a home owner needing to sell "as is." Whatever the reason, an FHA 203(k) renovation loan can be a great solution.
With an FHA 203(k) Streamline loan, buyers can get up to $35,000 to use for almost any rehab project to make the home more livable and upgrade its systems -- the perfect solution for short sales, bank REOs or properties where the seller won't do repairs required by a lender.
The features:
- The loan closes before the work begins.
- The buyer has up to six months to complete the repairs or remodeling.
- Down payments as low as 3.5%.
- Less stringent qualifying requirements than conforming loans.
The ceiling on FHA 203(k) renovation loans has increased to equal the maximum allowable loan amount for the area, so even buyers in more expensive regions can take advantage of this great loan option. Good news -- there are also 203(k) loans available for larger rehab projects (over $35,000).
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 around 5%.
UPCOMING EVENTS
Clam Dig, October 16th-18th: Ocean Shores beaches are open for the 1st clam dig of the season.
Change Your Clocks, Nov 1st: move your clocks back 1 hour at 2am.
Jazz At The Beach, November 6-8: enjoy jazz bands throughout Ocean Shores.
Winter Fanta-Sea Craft Show, November 27-29: arts and craft booths displayed in the Convention Center.
North Beach Singers Christmas Cantata, December 11-12: Christmas singing choir.
Once again, if you every have any questions about Ocean Shores, 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 Beach Town!
April Swenson
Coldwell Banker Ocean Shores, WA
888-469-3100 office 360-289-3111 fax 360-589-2777 cell
aswenson25@juno.com
www.OceanShoresInfo.com
NOTE: All statistical information is obtained from the NWMLS and is reliable information, but not guaranteed.
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