2September2010
Posted by Grace Borzini under: Local Oak Shores Events; Oak Shores Real Estate Market News.
It comes as no surprise that the Real Estate market is tough right now. Having worked in the Real Estate industry with everything from beautiful vacation homes in the Oak Shores community on Lake Nacimiento, to many foreclosure properties; I’ve seen the market ebb and flow. It can be tricky to understand all the changes, processes and options that are available for your particular circumstance, not to mention it being somewhat overwhelming. That’s why I’ve decided to bring some clarity by hosting a Short Sales Seminar next Thursday, September 9th!
You may be wondering if a short sale is right for you. If your home is “underwater,” meaning you owe more on your home than it is currently worth, than a short sale could be your best option. The market is seeing many homes that are underwater which, in turn, is the reason that foreclosure properties are flooding the market. The goal is to keep your home from going into the foreclosure process and many are turning to short sales as the answer.
So, what is a short sale? A short sale is a transaction in which the lender agrees to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
During this seminar, we’ll have an attorney and CPA present an overview of the legalities of the short sale process. Buyers are welcome as they can explore the opportunities and cautions for buying short sale properties. Sellers can discover the benefits of avoiding foreclosure and the basic requirements to have their lender approve a short sale.
If you currently own a home that is underwater (meaning you owe more than it’s worth) or are curious about the short sale process; we’d love to have you join us! Or, if you’ve seen short sale homes on the market and are interested in purchasing, this seminar will help you in your decision as well! We hope to see you there!
September 9th -5:30 pm
121 N. Vanderhurst, King City
RSVP: Grace- 831.595.9939
Lynnie- 831.235.1946
For more information, please visit out website at www.iwantashortsale.com.
Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Real EstateView Oak Shores Listings
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
31August2010
Posted by Grace Borzini under: Uncategorized.
3120 E Beach Cir, Bradley
Approx. Lot Size: 8,494 sq ft.
List Price: $160,000
MLS #: 167969
Build your lake house and private dock, enjoy mountain and lakeviews. Seasonal cove, this lot shares private beach.
Click Here for a Printable Flyer!
Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Real EstateView Oak Shores Listings
Visit My Website
Email Me
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
31August2010
Posted by Grace Borzini under: Uncategorized.
2441 Captains Walk, Bradley
Beds: 2 / Baths: 1
Approx. Sq. Ft: 1,264
List Price: $189,050
MLS #: 166942
This charming lake home in gated community was recently renovated and features a brand new kitchen with granite counters & stainless appliances. The bright & open floor plan has cathedral ceilings & lots of windows. Other upgrades include: new heater & AC, new interior & exterior paint, new carpet & tile, upgraded sinks & fixtures in the bathrooms, & a HUGE finished storage area under the house. Relax & enjoy the summer evenings & mountain views from the deck. HOA includes new pool & marina.
Click Here for a Printable Flyer!
Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Real EstateView Oak Shores Listings
Visit My Website
Email Me
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
30August2010
Posted by Grace Borzini under: Lake Nacimiento Events; Local Oak Shores Events; Local Oak Shores Events.
CAPTAINS LOG: LIFE ON THE LAKE
Lake Nacimiento is the perfect place for recreation. Some residents have even blogged about their summer adventures at the Lake and offer to share their experiences with the rest of the world.
Click here to read Capn’Nunes Blog about his experiences at Lake Nacimiento.
Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
30August2010
Posted by Grace Borzini under: Lake Nacimiento Events; Local Oak Shores Events; News; Oak Shores Listings.
There’s always something fun to do at Lake Nacimiento! If you one of the beautiful homes on Lake Nacimiento or if you spend the summer season at one of the lakefront vacation homes in Oak Shores; you may have enjoyed skiing on the lake or you have been a spectator of those who love the sport. Whether you ski or not, there’s a great way to experience fun on Lake Nacimiento with the Far West Water Ski Club!
This Lake Nacimiento ski club has been in existence since 1979 and attracts over 60 new members each year! Doug Dean and Mark Montgomery established the free slalom course that is open to the public, along with the Far West Water Ski Club. Their goal was to give the Lake Nacimiento community something fun to do and offer friendly competition through its tournaments. Each year, there is a full schedule of tournament dates in which anyone can participate! You can become a yearly member or just join for the weekend you would like to ski in the tournament. Visit the Far West Water Ski Club website for more information.
Not a skier? Don’t worry! These tournaments are great fun for spectators as well! There are two remaining ski tournaments for 2010 which will take place on September 18 & 19 and on October 9 & 10. Don’t miss out on this Lake Nacimiento tradition!
Another great way to enjoy the water, whether skiing or boating is through Heritage Ranch on Lake Nacimiento! This is a planned and gated community with thirteen subdivisions and totals more than 1,700 residential units. The Heritage Ranch Homeowners Association was established to manage and maintain the common areas among the ranch’s homeowners including campgrounds, marina, pools, and other facilities dedicated to community use. Heritage Ranch is a large aquatic recreation community with over 1,000 water crafts used by residents. Skiing and boating are among the favored activities and a great way to interact with neighbors in the community!
The gated Oak Shores community, which has over 66 boat slips and 144 privately owned slips, is an avid water sport community as well! Known for its homes with amazing scenic Lake Nacimiento views, Oak Shores is among the most desired places to live along this 5,370 acre lake! A beautiful Clubhouse facility, pool and even a miniature golf course make this a great place to call home.
For more information on Lake Nacimiento or if you are interested in buying one of the beautiful homes on Lake Nacimiento in the gated Oak Shores community; please let me know! There are many homes available and I would love to help you find one to fit your style and needs!
Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Real EstateView Oak Shores Listings
Visit My Website
Email Me
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
27August2010
Posted by Grace Borzini under: Oak Shores Listings.
2856 Lands End Rd, Bradley
4 Bedrooms / 3.5 Bathrooms
Approx. Sq. Ft.: 4,034
List Price: $1,099,000
MLS#: 168976
LAKEFRONT! Over 4000SQFT, home features Brazilian cherry hardwood floors, granite countertops, and two fireplaces. Amazing cook’s kitchen with Thermador gas/oven range, SubZero refrigerator, wine frig, and ice maker. Kitchen, family/dining room and master are located on first level. The second level offers an additional game room with wet bar and hottub area. Includes private boat dock.
Click Here for More Information and Photos!
Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Real EstateView Oak Shores Listings
Visit My Website
Email Me
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
23August2010
Posted by Grace Borzini under: News.
BOAT INSPECTION PROGRAM TO KEEP OUT EVASIVE MUSSELS HAS PAID OFF
Parks officials at lakes in San Luis Obispo and Monterey counties started an aggressive screening program two years ago to prevent invasive mussels from entering and damaging the ecosystem of local waters. So far, their efforts have paid off.
Click here to read the full article posted in the San Luis Opisbo Tribune.
Oak Shores Real Estate
View Oak Shores Listings
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
20August2010
Posted by Grace Borzini under: Oak Shores Listings; Oak Shores Real Estate Market News.
2852 Lands End Rd, Bradley
3 Bedrooms / 2.5 Bathrooms
Approx. Sq. Ft.: 1,712
List Price: $519,900
MLS#: 168854
This light and airy three bedroom home has all the features you could desire and is just steps away from the waterfront, clubhouse and pool! Located in Oak Shores on Lake Nacimiento, fantastic lake and marina views are accessible from one of three large decks equipped with a professional barbecue grill to test your outdoor culinary skills. Watch all of the lake activity while enjoying your favorite music with the outdoor speaker system. An extra deep, double car garage will provide an excellent means of storage. This home is fully furnished for your convenience including newer appliances, comfortable living and family room furniture, T.V.s, stereo and more. Escape to the game room to play a game of billiards on the professional-like pool table or a round of Foosball with the included Foosball table. Bring your suitcase and start enjoying life on the lake today!
Click Here for More Information and Photos!
Click Here for a Virtual Tour!
Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Real EstateView Oak Shores Listings
Visit My Website
Email Me
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
20August2010
Posted by Grace Borzini under: Uncategorized.
10925 Nacimiento Lake Dr, Bradley
3 Bedrooms / 2.5 Bathrooms
Approx. Sq. Ft.: 2,033
List Price: $326,400
MLS#: 168778
Charming home near entrance to Nacimiento Lake. Open floorplan featuring 3 bedrooms, 3 baths, great room and formal dining. Great views from rear of property.
Click Here for More Information and Photos!
Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Real EstateView Oak Shores Listings
Visit My Website
Email Me
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!
19August2010
Posted by Grace Borzini under: Oak Shores Real Estate Market News; Uncategorized.
If you’re looking to buy your dream home in Oak Shores, you may want to do so sooner rather than later. Currently, there are many homes on Lake Nacimiento that are very affordable and offer breathtaking lake views while offering the privacy of being in the gated Oak Shores community! While it is still considered a buyers’ market, there are some changes coming soon to the Federal Housing Administration that will alter the way loans are processed. It seems there will be more hurdles and higher costs under the new legislation and new rules that can go into effect as soon as the end of this month.
Recently, an article written by Jennifer Waters was issues in The Wall Street Journal noting these upcoming changes.
Higher monthly fees, larger down payments and better credit scores are among the new initiatives intended to ensure that the FHA stays solvent. Its reserves, which are used to cover bad loans, plummeted to $3.5 billion at midyear from $19.3 billion in September 2008, according to a report from the FHA’s parent, the Department of Housing and Urban Development.
Proponents of the measures applaud the FHA’s efforts to preclude the need for a taxpayer bailout, while also stepping up the quality of its insurance portfolio. But critics fear that the moves will stifle an already sluggish recovery in housing and will be most burdensome on first-time home buyers who rely most on the FHA insuring their loans. The FHA backs 30% of all loans outstanding and is on track to insure 1.7 million loans by the end of its fiscal year Sept. 30, according to its recent quarterly report to Congress.
“This wouldn’t be such a big deal if the economy was going well and houses were moving quickly,” says Gibran Nicholas, chairman of CMPS Institute, which trains certified mortgage-planning specialists. “But when you’re talking that the majority of buyers out there are first-time home buyers using FHA financing, now it begins to make a pretty big impact.”
Here’s a rundown on some of the initiatives: Higher monthly fees. Earlier this month, Congress gave the green light for the FHA to raise the monthly premium it charges on loans; a presidential signature is expected.
FHA-backed loans have looser restrictions than other mortgages on down payments — now at 3.5% of the home’s selling price — but require borrowers to pay an upfront fee and a monthly fee. The legislation allows the FHA to hike the monthly fee to as much as an annualized 1.5% of the loan balance, up from 0.55%, though initially it will go only to 0.9%.
The initial fee was increased earlier this year to 2.25% from 1.75%, though the FHA has said it will bring it down to 1% with the higher monthly fee. Even with the decrease in the upfront fee, increasing the continuing fee is expected to generate $300 million per month, “which would replenish FHA’s capital reserves much faster than is possible under the premium authority” now, according to the quarterly report.
Better credit scores. In its 76-year history, the FHA has never required a credit score from borrowers, though the lenders typically have. That would change under a proposed rule that the FHA is expected to adopt. The FHA would require borrowers to have at least a 500 score for FHA backing. At 580 and above, borrowers would be eligible for the 3.5% down payment. But those who fall between 500 and 580 would see their down payments jump to 10%.
That, however, is still well below scores of 660 to 720 that most lenders look for to accept only a 10% down payment. “No lender is going to do that loan for a borrower with a 580 score and only 10% down,” says Christopher Gardner, chief executive of FHA Pros, an FHA approval service.
For the FHA, “this change is dramatic,” the quarterly report said. Among borrowers with scores below 580, loans 90 days in arrears, what FHA calls “seriously delinquent,” have been three times as high as those for borrowers with scores above 580, the FHA said. Of the total FHA loan portfolio, some 6% are to borrowers who had scores below 580 at the time of origination, FHA Commissioner David Stevens told a House subcommittee in March.
Cutting sellers’ contributions. This is the change that may have the biggest impact on borrowers, because it could nearly double their total upfront costs from just the required 3.5% down payment to a total 6.5%.
Sellers have been able to contribute up to 6% of the price of the home toward the buyer’s purchase. That was often done by paying some of the closing costs, such as the upfront FHA fee and other fees, amounting to about 3% of the purchase price. Sellers might also agree to pay for some needed repairs, sparing the buyers that expense.
As part of its proposed rule changes, the FHA wants to slice the seller’s contribution to no more than 3%, which CMPS Institute’s Mr. Nicholas says ups the buyer’s ante to 6.5%. “Why [should] the home be less affordable to the buyer under the new rules,” Mr. Nicholas asks.
The FHA contends that this change will weed out sellers who artificially inflate the sales price to create the concession. It also will bring FHA in line with industry standards, according to Bankrate.com.
These are just the latest in a string of new policies that the FHA has imposed in the last few years and that could lead to substantially fewer buyers looking for the FHA insurance, turning instead to Fannie Mae or Freddie Mac programs. “Many of these reforms were long overdue as FHA did not respond effectively to changes in the marketplace that happened during the housing boom and the subsequent decline,” Mr. Stevens told Congress.
Being in the real estate industry for years, I understand these changes can be overwhelming. If you would like to talk about buying a home in Oak Shores, please let me know! I’d be happy to go over your loan options or answer any other questions you may have! I look forward to helping you with the process of buying your home in Lake Nacimiento!
Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Real EstateView Oak Shores Listings
Visit My Website
Email Me
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!