Tag Archives: Nevada County

Real Estate

Real Estate Listing Prices Increasing in California

sold-signs

There are further indications that we may have hit the bottom of the housing markets. Real estate sales continue to go up in Nevada County with pending sales in the 200’s range. At the beginning of the year, the pending sales were below the 150’s. Sacramento saw a decline in inventory for April which is unusual. According the Sacramento Bee, sine 1994, only four years, 1995, 2003, 2008 and 2009 have seen for sale inventory fall from March to April. It also appears to have happened nationally this year.

According to PR Web, listing prices are increasing in California:

“Listing prices rose at the fastest rate in the California markets with San Jose up 3.7%, Los Angeles up 3.2% and San Diego up 2.8% in April. Prices in 18 markets are now showing three months of sequential listing price increases. Asking prices fell at the fastest rate during April in Las Vegas followed by Salt Lake City – down 3.8% and 2.6% respectively.

“Broadly rising asking prices in this difficult economic environment demonstrate the powerful effect of seasonality in the housing industry,” said Stephen Bedikian, partner and research director for Real IQ. “We expect to see continued strength during the next few months of the spring selling season fueled by historically low mortgage rates. We won’t be able to call a bottoming of the market until we see stability continue into the seasonally weak fall and winter months.”

Inventory levels decreased in a majority of major markets with inventory falling in 15 of 26 markets. Across the 10-City Composite Index markets, inventory fell by 1.5% in April and was effectively unchanged during the most recent three-month period. Inventory grew by the largest amount in Boston up 6.3% followed by Austin up 4.9%. Inventory fell by the largest amount in Phoenix and San Francisco where it contracted by 11.0% and 7.1% respectively.”

So no one is predicting that we are at the bottom of the market.  All I know is that sales in Nevada County are going up, and prices are starting to rise.

Entertainment, Hiking, Lakes in nevada county, Recreation

Lake Spaulding & High Sierra Lakes

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Lake Spaulding
Lake Spaulding

Nevada County has numerous lakes. Most of them are located in the high country between Nevada City and the City of Truckee. Some of these lakes are; Toll house Lake, French Lake, Lake Spaulding, Webber Lake, White Rock Lake and there are more! Many of the lakes were formed by ancient glaciers that are now long gone.

A few of the lakes provide hydroelectric power and is managed by Pacific Gas & Electric. Those owned by P.G.&E are used for hydroelectric power and the company provides camping grounds and picnic facilities. One of these is Lake Spaulding which sits at an elevation of 5,014 feet. It has a surface area of 698 acres surrounded by a high alpine forest. (Google Maps shows Lake Spaulding as Fordyce Creek)

The history of the lake is that it was built for hydraulic mining in 1912. Hydraulic mining generated millions of dollars in tax revenues but was an environmental disaster. Millions of tons of earth and water were delivered to mountain streams that fed rivers flowing into the Sacramento Valley. Once the rivers reached the relatively flat valley, the water slowed, the rivers widened, and the sediment was deposited in the floodplains and river beds causing them to rise, shift to new channels, and overflow their banks, causing major flooding, especially during the spring melt. The end came on January 7, 1884, Judge Lorenzo Sawyer ruled on the matter. – no more dumping of mining debris where it could reach farmlands or navigable rivers.

Lake Spaulding has 25 developed camp sites for tents and RV’s. Boating is allowed, including power, row boats, jet ski, windsurf, canoe, sail, water-ski and inflatable’s. However, check with P.G. & E. before you go up there, since rules and regulations change from time to time. This is also an area for fishing which include brown and rainbow trout. There is also swimming, picnicking, hiking and backpacking.

For reservations and further information, contact P.G.& E. Regional Land Department (916) 386-5164

Let me know if you can add to the above information, use the contact form and I’ll contact you.


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Hiking, History, Lakes in nevada county, Recreation

Lake Englebright in Nevada-Yuba County

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lake-englebright2

Englebright Lake offers a great deal of recreation including boating, camping and fishing. It’s located in Nevada-Yuba Counties, California. The lake was named after Harry Lane Englebright (January 2, 1884-May 13, 1943) who was a politician that served in the United States House of Representatives. He was a House minority whip between 1933 and 1943.  He was a mining engineer prior to entering politics in 1926 and was reelected every two years for the rest of his life.

Englebright Dam is a concrete arch structure and was constructed for the storage of hydraulic gold mining debris. The dam spans 1,142 feet across and is 260 feet high. The dam is in the steep Yuba River gorge known as the Narrows, holding back a 9 mile long lake with a surface area of 815 acres. It has 24 miles of shoreline and is at an elevation of 527 feet.

The shoreline is rocky and steep, with some areas of sandy beaches with pines and oaks.

lake-englebright1

Operating Hours:

Office hours are Monday – Friday 8:00 a.m. – 4:00 p.m. The park is open all year.

Camping:

Camping at Englebright Lake is unique as all campsites are boat-in only and located along the lake’s 24 miles of shoreline. Each campsite consists of a table, fire grill, lantern hanger and level spot for tents. Portable restrooms are centrally located in all campgrounds. Drinking water is available near each launch ramp.

Group Camping: (reservations required)

Point Defiance Recreation Area features a group campground that is available by reservation only. To help protect our natural resources, groups are limited to 50 people. Call the park office for reservations.

Boating:

The lake provides plenty of space for the boating enthusiast, water skier or angler. Boats can be launched from one of two boat ramps located near the park’s entrance. Due to narrow canyons and sharp bends, the upper 4 miles of the lake are not suitable for waterskiing and/or towing any type of inflatable device. Therefore, these activities are restricted to the lower five miles of the lake. A counter-clockwise direction of travel is strictly enforced for the safety of park visitors. Types of boating allowed, power, row, Jet Ski, windsurf, canoe, sail, water ski, house, and inflatable’s are allowed. There is a full service marina with launch ramps. Rentals: fishing, canoe, water ski boats, houseboats & patio boats. There are also docks, berths, moorings and gas.

Fishing:

To the expert or beginning angler, Englebright means fish. Game fish such as rainbow and brown trout, large and smallmouth bass and Kokanee salmon abound in the lake’s clear, cool water. Catfish and sunfish can also be caught. Fish may be taken from the shore or boat by bottom fishing or trolling with bright, flashy lures.

Day Use:

Picnic facilities are available at the Narrows Recreation Area. Each site has a picnic table, barbeque grill and lawn area. Enjoy a short scenic hike to the dam overlook area or along the less strenuous fishing access trail.

Ranger Programs:Group tours and ranger programs can be scheduled by calling 530-432-6427.
Boat-in Camping: (first-come first-served basis)

 

Contacts:
U.S. Army Corps of Engineers
P.O. Box 6
Smartville, CA 95977-0006
(530) 432-6427 or fax (530) 432-6418
Email: englebright-info@usace.army.mil

Skippers Cove Marina  (530) 432-6302 offers boat  rentals, mooring, gas, sewage pumping and store facilities.

Additional information on the amount of settlement from the gold mining days and run off are available by a recent study made by the USGS at
Bathymetric and geophysical surveys of Englebright Lake

Real Estate

The Sad Face of a Foreclosure

I was recently asked by an Eastern Bank to do a brokers professional opinion (BPO) as to the listing value of a property. This is not an appraisal, but a value based on six properties that are similar, three recently sold and three that are active that would compete for the property for which the bank wants a listing value.

 We had done an earlier BPO on this property several years ago when the home owners were in the process of building their home.  The bank had given them a loan to build their home and the homeowners wanted additional money to finish their home.

The market at that time was red hot and the value for additional financing was there, based on the value of similar properties in the area.  What a change, going back there now, the owners had left, leaving behind their dreams, broken like the thousands of pieces of garbage they had left behind. Yes, they had left behind a home unfinished, garbage strewn all over the property, vehicles left behind that had been cannibalized. To further complicate matters, it is off the power grid, and the home was provided power by a generator and solar panels, all of that gone, leaving behind only one battery in the living room.

The kitchen was unusable, with the stove inoperable, and in a big mess. I would estimate that before the bank can even put this house on the market, it is going to cost $15,000 to clean up the garbage, haul away the vehicles, (including a trashed RV).  Due to the poor workmanship on the home, the home being off the grid, the cleanup necessary, the bank is going to lose a tremendous amount of money. Of course, this foreclosure will further depress the market in the area, as all foreclosures are doing to all of our property values.

 

Hiking, Lakes in nevada county, Recreation

Rollins Lake in Nevada County

rollinslake1

There are many recreational lakes in Nevada County, one of which is Rollins Lake. The lake is located in an unincorporated area called Chicago Park, so called because the first settlers there were first generation Italian-Americans who settled in the area from Chicago.

Rollins Lake is at an elevation of 2,100 feet, surrounded by a forest of pines, oaks and many other species of trees. It has a surface area of 900 acres with 26 miles of shoreline. You can sail or water ski on this lake which has many coves and long stretches of open water. Fishing is allowed, with many species of fish available which include brown trout, catfish, largemouth bass, crappie and bluegill. There is also swimming, picnicking, hiking and riding stables with horseback riding trails.

The boating which allowed on this lake include: power, row, Jet Ski, windsurf, canoe, sail, water ski and inflatable’s. You can also rent fishing boats with motors, canoes and paddle boats. There are four launch ramps, houseboat mooring and a floating gas dock.

rollinslake2

There are 250 developed camping sites for tents and RV’s. There are also full hookups for RV’s and trailer storage along with disposal station and flush toilets.

For further information contact:

Rollins Lake Resort Campground (530) 272-6100
Orchard Springs Campground      (530) 346-2212
Peninsula Campground                  (530) 477-9413
Long Ravine Campground             (530) 346-6166
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Lakes in nevada county, Recreation

Bullards Bar Lake, Dobbins, California

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Emerald Cove Marina - photo courtesy of Emerald Cove Marina
Emerald Cove Marina - photo courtesy of Emerald Cove Marina

While Bullards Bar Lake is not in Nevada County, it is close enough to Nevada City and Grass Valley as to make it a designation for water skiing, house boating and fishing. It’s only 21 miles north of Nevada City off of Highway 49 in the historic gold country. The two closest cities are Nevada City, Grass Valley and Marysville.

The lake surface is at 2,000 foot elevation, 16 miles loan with about 60 miles of shoreline. The boating surface is 4,700 acres, which is a lot of area to boat in. There are only two launch ramps and once you are in the water, you are surrounded by a greenbelt covered with pine, oak, fir, madrone, dogwood and other species of trees native to the area. As you cruise up into the North Yuba Canyon, sheer cliffs of granite come down to greet the crystal clear water.

The North Yuba River is backed up by Bullards Bar Dam which is an awesome sight all by itself. Standing 645′ above the canyon floor, it holds back 960,000 acre feet of water. It’s the second tallest dam in California, 5th tallest in the United States. A hydro-electric dam, Bollards’ Bar Dam is operated and controlled by the Yuba County Water Agency. They are able to manage the water so that recreation access to the reservoir is never restricted.

Bullards Bar offers boat access campgrounds, land based sites, and shoreline camping permits. There are a total of only 160 sites, which limits the amount of people the area can accommodate. Emerald Cove takes site specific reservations for all camping.

For the fisherman, there are kokanee salmon, rainbow trout, german browns, largemouth, smallmouth and black bass, crappie, catfish, and bluegill. Bullards Bar has a reputation as having the best kokanee salmon fishing in California.

CAMPING
39 Boat access campgrounds – Call for reservations & fees
Pets, Full Hookups, RV & Trailer Storage, Disposal Station, Flush Toilets

BOATING
Power, Row, Jet ski, Windsurf, Canoe, Sail, Water-ski, and Inflatables are allowed.
There is a full service marina with gas and propane available
Rentals: Fishing Boats with Motors, House Boats

RECREATION
Fishing
Swimming, Picnicking, & Hiking
Snack Bar, Groceries, Bait & Tackle

For further information and reservations contact   Emerald Cove Resort and Marina (530) 692-3200


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Lakes in nevada county, Recreation

Scotts Flat Lake, Nevada City, CA

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Scotts Flat Lake picture from my deck March 21, 2009
Scotts Flat Lake picture from my deck March 21, 2009

My house overlooks Scotts Flat Lake and as you can see in the picture above, I get a really beautiful view of the lake . It’s a wonderful experience living above such a body of water, which is constantly changing appearance, either due to wind or other forces of nature. At times I can look out and see fog completely covering the lake, at other times; wind plays with the water and makes designs that are captivating to the eye and imagination. The lake is large enough for fairly large sail boats (my daughter had a 25 foot long sail boat that she sailed on the lake and there are  larger sail boats that use the lake), along with ski boats, canoes and small boats for fishing.

Scotts Flat Lake is at 3,100 feet in elevation and has a surface area of 850 acres with 7.5 miles of shoreline lined with a forest of pine trees. There are two launch ramps, a marina, campsites, a picnic area, sandy beaches and a general store. (My house is at 3,700 foot elevation.)

Looking at far side of Scotts Flat Lake, boat ramp and camp ground area. Notice the wind patterns
Looking at far side of Scotts Flat Lake, boat ramp and camp ground area. Notice the wind patterns

The fish in the lake are German Brown Trout, Massachusetts Brown Trout, Rainbow Trout, Kokanee, Large Mouth Bass, Small Mouth Bass, Bullhead Catfish and Channel Catfish. There are sites that are available for camping at Gate 1 with nightly single sites, and (1) one hundred person group site, Gate 2 has seventy five single sites and three group sites, one hosts twenty, one hosts thirty and  the third one hosts forty people.

Showers and flush toilets are available, along with multiple RV sites, but no RV hookupsare available. However, they do have dumping facilities for RV’s. You can bring pets, however they must be leashed at all times and they are not allowed along the beach or swim areas.

Below Scotts Flat Lake is Lower Scotts Flat, also called Deer Creek Reservoir which is much smaller than the upper lake. The only water craft I’ve seen here are mainly canoes and a few small boats for fishing.

For more information and to make reservations for camping follow this link Scotts Flat Lake Reservations

For a map of the lake follow this link Map of Scotts Flat Lake

Nevada County Home & Land Statistics, Real Estate

Nevada County Residential Sales January-February 2008 vs. 2009

And the real estate market is going to go?
And the real estate market is going to go?

 Residential sales for the period January 1, 2009 to February 28, 2009 compared to the same period last year remained about the same. Eighty homes were sold this year compared to eighty six homes last year. However, average sales prices dropped 12% or about $48,500 per home. The average sale price this two month period was $340,866 compared to the same period last year’s average of $389,350.

Days on the market increased to 158 days compared to 128 days on the market for last year or about 19 percent longer on the marked before they sold.

That’s the long and short of it, but I did an analysis of the entire year of 2008. Sales figures for residential home prices in Nevada County indicate a 12% decline in value.  Prices of residential homes in Nevada County are still higher than our surrounding neighbors and higher than the State average of $281,100 versus our average of $340,866.

A report from the California Association of Realtors states that “The median price of an existing, single-family detached home in California during December 2008 was $281,100, a 41.5 percent decrease from the revised $480,820 median for December 2007, C.A.R. reported. The December 2008 median price fell 2 percent compared with November’s revised $286,850 median price.

“Median prices continued to decline in December, and based on preliminary calculations, the statewide annual median price declined 38 percent for all of 2008 compared with 2007,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “While the month-to-month decrease in December was considerably smaller than in recent months, it remains too early to determine if prices are beginning to stabilize.  Many distressed sales still must work their way through the system.”

Real Estate

Now is the Time to Buy Real Estate

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real-estate-sign
According to Forbes Warren Buffett is number two in the line up of the  400 richest Americans. If you believe in his wisdom, Mr. Buffett says now is the time to buy! (Mr. Buffett is worth 61 billion dollars)

I’ve read his simple rule for buying of stocks, companies and real estate, “Be fearful when others are greedy, and be greedy when others are fearful.”

He admits that fear now is widespread, gripping even seasoned investors. And that fear makes us sell stocks and hold on to cash, or hold off buying anything.

Then he observed, “In waiting for the comfort of good news, they are ignoring the great hockey player, Wayne Gretzky’s advice: ‘I skate to where the puck is going to be, not to where it has been.'”

Continuing with some other comments by Mr. Buffett, this is part of the text of an opinion piece written by Warren Buffett and published in the New York Times on Friday, October 17, 2008.

“Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value. Indeed, the policies that government will follow in its efforts to alleviate the current crisis will probably prove inflationary and therefore accelerate declines in the real value of cash accounts”

So while everyone is selling, Warren Buffett is buying. So where are you, are you sitting on your cash, waiting for the market to settle down? Remember the greed of some investors when the market was soaring, they were buying real estate for whatever price the seller was asking. They were buying on the greed side of real estate and many lost their total investment. So who is buying during this fear cycle? Read my previous blog , For Some, Foreclosed Homes Equals Gold.

So if you have the money to invest, now is the time to buy, according to Warren Buffett.

Real Estate

Hard Money Loans and Some Pitfalls

money
First a brief definition of what a hard money loan is from Wikpedia:

Many hard money mortgages are made by private investors, generally in their local areas. Usually the credit score of the borrower is not important, as the loan is secured by the value of the collateral property. Typically, the maximum loan to value ratio is 65-70%. That is, if the property is worth $100,000, the lender would advance $65,000-70,000 against it. This low LTV provides added security for the lender, in case the borrower does not pay and they have to foreclose on the property.

By now we have all heard about Thomas Hastert, 53, who now faces 73 counts of embezzlement, securities fraud, conspiracy and filing false documents . He is alleged to have misused funds taken from private investors that were supposed to be invested in real estate properties or construction of new homes.

I don’t know all of the various schemes that he is supposed to have perpetrated, but I am familiar with at least one. I was approached by a mortgage broker and asked if I knew any good hard money lenders because her friend had started building a home with a loan from Thomas Haskert . As the conversation continued, it was explained to me that Haskert had made the loan with insufficient money in her friends construction account.

I am not a lawyer, but I believe this is a felony. Prior to allowing the homeowner to sign papers for the construction loan, the loan must be fully funded by the hard money lender, the money must be placed in a trust fund independent of the lender after the papers are signed and a third party must inspect the construction phases prior to releasing any money. This protects both the investors and the borrower.

What Haskert apparently did was to have the borrower sign papers prior to having the loan fully funded, putting his investors and borrower at great risk. For example, if you borrow $500,000 to build a home, then during the course of construction you incur costs of $150,000 in materials and subcontractors bills. At that point you are ready for a draw of $150,000. However, if Haskert has not fully funded the loan and there is insufficient funds to give you $150,000, you are in a lot trouble.

Now your property is subject to construction liens, you have a note against your property for $500,000 (the money you borrowed that is not there) and you are going to have some real problems getting out of this mess.

So remember, if you do borrow from a hard money lender for a construction loan, be sure all of the money is there, be sure that the money is put in a trust fund and that someone comes out and inspects your progress. If you invest your money with a hard money lender, check out how long they have been in business, which may or not mean anything (think Bernard Madoff), look at the property you are going to invest in, and determine that you have a safe loan to value ratio.