SACRAMENT'S CURTIS PARK VILLAGE...BUILD IT AND THEY WILL COME!

As the time grows closer for a vote at the Sacramento City Council, there is an escalating fervor regardingthe Petrovich development known as Curtis Park Village. The chasm between the fans of this development and the critics is growing as well. Much of the chatter is really a result of misinformation (intentional or accidental is another topic).
Probably the biggest hotbed is the toxic issue within the site. When originally tested by the city, Petrovich was told that there was 80,000 cubic yards of toxic soil. After 2000 railroad cars were loaded up with said soil and sent to Utah, it was thought to be clean. However, upon subsequent testing, at total of 240,000 cubic yards was found...a substantial increase in costs, considering the expenditure so far just for clean up has already totaled 14M dollars! At this point, you would think that Petrovich would have thrown his hands up and abandoned the project. He didn't. He researched and found the accepted practice of digging a very deep hole (50'), lining it and filling it with the toxic soil. Finally, a toxic proof barrier is put over it, it is sealed and clean soil is put on top. This has been done over 200 times without a flaw. A park will be placed in this section of the development - all other residential areas will have clean dirt.
The other misconception is the amount of traffic this development will incur. The traffic study shows that with the exception of Sutterville Road, this plan will have zero impact or will improve the flow. Bus lines will be rerouted from 24th Street to the main thoroughfare (Curtis Park Village Drive) of the development. There will be ingress and egress at 5th Avenue, 10th Avenue and Donner Way. In a grading system of A to F, all inner street will have a grade of A and a couple of B's. Sutterville Road already has an F, so admittedly it will make a bad situation worse.
Another rumor being discussed is that "big box" stores will lease the space. Stores such as WalMart, Home Depot and Target require anywhere from 12 to 16 acres of space. With a total of 72 acres, much of it residential and the park, and the plan calling for smaller individual commercial and retail structures, the "big box" store simply does not have a place in this development.
The ultimate cost of this development will be 225M dollars. It will create 2000 temporary jobs and 550 permanent jobs. It will provide an already dramatically under serviced neighborhood with more retail and service options. It will provide for 7.2M dollars in annual tax revenue.
Curtis Park Village will encompass 72 acres of infill. It will have 184 single family homes, 248 multi family housing units, 89,000 square feet of restaurants and entertainment, 16,000 square feet of small commercial space, 90 affordable housing units and a 154,000 square feet of commercial space. 2400 trees will be planted and old growth oaks will be preserved. Residential lots will be from 100 to 160 feet deep and 50 to 60 feet wide.
Mr. Petrovich has participated in over 150 public forums for input and suggestions. He has made over 36 changes to the plan at the suggestion of the neighbors. In my humble opinion, this is an admirable plan that needs the support of this city and it's citizens. Build it, and they will come!

SACRAMENTO HALLOWEEN EVENTS!

If you are ready for a little scare or a piercing scream, then here are some places to visit on Halloween:
West Sacramento:Visit IKEA from 5 to 7 to trick or treat at plenty of scary house venues!
Scandia Fun Center(5070 Hillsdale Lane):Enjoy the "Scream Extreme"! Tickets are $18 for a "Wicket" ticket and $14 for general admission. You can go as a group for $11 and children are $7.
Sacramento Zoo's Boo at the Zoo:Trick or treat at the zoo, enjoy crafts in front of the Reptile House, have animal encounters and have fun with a costume parade and entertainment! Tickets are $9 for children 3 and older and $5 for members 3 and older. Enjoy the festivities from 4:30 to 8PM!

ESCROW COMPANY LOSES CASHIERS CHECK

Now, we have all heard some crazy stuff these days - one of the latest around here is the lender who required the borrower to place flood insurance on the property before funding, then decided to not proceed with the loan. The borrower's insurance won't cancel the policy, so now the borrower owns flood insurance on a house she doesn't own.
But...I have another that we can learn from. I walked into our office this morning to join in on a conversation between one of our agents, his buyer and or manager. There was a problem. The title company lost the $50,000 cashiers check. They had sent a courier to pick up the check and some documents from our office, which was done. The escrow officer sent an e-mail saying that she had received the buyers funds and they were set to record...which they did. THEN they discovered they were short $50,000. They claim they never got it - despite the e-mail which said they did. The bank who issued the cashiers check said they will not reissue it for 90 days. It appears, at the moment, the buyer is between a rock and a hard place. The lesson?....always deliver the check personally and get a receipt!

SACRAMENTO'S BIG BUILD

Sacramento's skies have always been busy. In past years, air force bases ruled as well as the Executive Airport. While we no longer enjoy sonic booms and military jets screaming across the skies, we do lay claim to the Sacramento International Airport. As with all airports, they easily get outdated and Sacramento's airport is no exception. The most recent completed A Terminal is only 10 years old, and due to limited automobile traffic issues, is already outdated. Terminal B is no longer viable and for that reason, is being replaced.
The Big Build is truly something to boast about! This remarkable structure will replace a 216,000SF building with a 669,000SF structure. The architecture is reflective of Sacramento's famous canopy of trees. Interestingly, parts of the ceiling has been built from a recovered old bridge, consisting of 100,000 board feet of wood milled in 1817. In fact, the airport has a goal of attaining a LEED Silver and is within points of doing so. Eight million dollars have been set aside for art within the structure. Two million dollars of this allotment will be set aside, using the interest to maintain the art.
While this may seem to be an odd time for such impressive expenditure (the total cost is one billion dollars and is coming in at budget), this is paid for by revenue generated by the airport itself and by law, cannot be spent on other projects. There is much to admire about this project, so please click here to learn more! Don't ask about the red rabbit...so far no one I have chatted with get it!

SACRAMENTO'S NEWS10 COATS FOR KIDS COMING NOVEMBER 1ST!

Sacramento businesses, schools, and other community entities collect coats then bring them to News10. The coats are cleaned due to the generosity of Swanson Cleaners. This is a wonderful program that brings the community together to provide coats, not only for kids, but for anyone who needs a new winter coat but has no resource to purchase one.
Last year, News10 successfully collected over 39,000 coats for those in need. After collecting, the coats are organized by size and type at Cal Expo. People are then invited to come pick out the coats needed at no charge.
I am proud to say that Windermere Dunnigan Realtors is one of the drop-off sites for coats. So, if you have coats you would like to donate, or would like to purchase coats to donate, we can make it very easy for you...just drop them off at either 2401 American River Drive or 4215 Freeport Boulevard after November 1st. We will bring them to News10 for you!

CALIFORNIA REAL ESTATE FORECAST

In a presentation at the California Realtor Expo 2009, consumers, Realtors and the real estate industry predicted what the real estate market is going to look like for the coming year.
The median home price is expected to rise to $280,000 compared to $271,000 this year - a 3.3% rise in value. At the same time, the actual number of homes selling in the coming year is expected to change from 540,000 in 2009 to 527,500 in 2010 - a 2.3% drop. While California Realtors will be selling fewer homes, the selling price of those homes will rise.
California is going to establish a "new normal", according to C.A.R President, James Liptak. This will likely translate to continuing sales of distressed low end properties and will include moderate home price appreciation.
California real estate is experiencing a dual market. With first-time buyer tax credits and programs as well as a plentiful supply of investors, there is actually a shortage of low-end properties. The reverse of this is true in the upper-end market where sellers are feeling the pinch of lenders anxiety regarding jumbo or non-conforming loans and buyers insecurity over the future value of these properties. There is concern that if discretionary buyers do not return to the market soon, it could affect the second half of 2010.
The "wild cards" regarding the 2010 market, according to C.A.R.'s Chief Economist, Leslie Appleton-Young are the release and number of foreclosures, loan resets, the job market and the California budget crisis...and the ongoing actions of the federal government.

YOUR T-SHIRT SAYS A LOT ABOUT YOU!

Have you really looked at the t-shirts you own? Have you thought about what they tell people about you? This occurred to me last night as I stood in my closet thinking I should really clean it out again. I have a lot of t-shirts I don't wear...
The truth of it is, I really treasure them, even though they are not exactly my style. I know this sounds a little contradictory until you understand where I got them.
Thousands of dogs surrounded me as my daughter, a friend and I participated in SPCA'S Doggy Dash. It was soooo much fun! How did the organizers know I had paid my way? My t-shirt! And just to make it even more fun, my dog had a matching t-shirt of her very own! We walked a 5K, marveled at the fact that there could be so many breeds of essentially the same critter and caught up with each other's latest news.
We arrived to a flurry of activity as the poor foreman tried to organize a crew of rookies. We were to renovate a house for Rebuilding Together. My daughter and I traditionally paint the ceilings and trim of the exterior of the houses. I am not sure if more paint lands on the house or the painters, but it is a great feeling at the end of the day to know that we have made one families life just a little nicer. My t-shirt never survives without the color of the house on it, but that makes it even better!
Finding our team was the big challenge when you consider that there were tens of thousands of people running or walking in support of the Susan G. Koman Race for the Cure in one big parking lot. We finally found our team (a bunch of Realtors who were really noisy...but had on the same chartreuse colored t-shirt), took pictures galore and then did laps around Cal Expo's parking lot.
The t-shirts I wore for these events are a reminder of a great feeling of giving. I am not sure who got more out of it - myself or the beneficiaries, but I am pretty sure they were mutually great experiences. So, take a look in your closet...what does it tell people about you? And, if you happen to see someone wearing a benevolent t-shirt, why not thank them for giving so much of themselves?

FANNIE MAE GUIDELINES TIGHTEN

As the real estate and related industries change with continuing legislation, we are continually experiencing a tightening up of the lending institutions. Fannie Mae has just issued their latest guidelines which will be implimented the week of December 12th.
A buyer will now be required to have a minimum of a 620 credit score, with few exceptions.
Relating to private mortgage insurance, homeowners whose LTV exceeds 80% of the value of their property will be asked to choose between a higher MIP premium month to month or pay a one time fee at the time of recording.
Ratios exceeding 45% will no longer be approved unless there is are very strong assets and credit shown by the borrower. In no circumstances can expense ratios exceed 50%.
In the final analysis, if a buyer or homeowner is considering a new mortgage, it would be to their advantage to consider executing their loan prior to these new guidelines.



DRE # 01188158http://www.paulaswayne.com/

FLOOD INSURANCE RATES TO GO UP!

Starting this month, flood insurance rates are going to go up by 10% for new policies. If you have an existing policy, my understanding is that while it probably will not go up, the deductible will go up from $500 to $1000.
The average flood insurance policy is approximately $583. This does not include personal property but does cover the maximum $250,000 of real property value.
Remember...flood insurance policies are assumable. For those property owners who presently don't have flood insurance, but may be selling their house soon, they may want to purchase a policy to offer it to the prospective buyers for the lower rate.