San Luis Obispo Realtors

San Luis Obispo, Paso Robles and Atascadero were ranked collectively at #3 in the most recent Frommers publication “Cities Ranked & Rated.” - Source.

“Cities Ranked and Rated”: The Top 50

1. Charlottesville, VA
2. Santa Fe, NM
3. San Luis Obispo-Atascadero-Paso Robles, CA
4. Santa Barbara-Santa Maria-Lompoc, CA
5. Honolulu, HI
6. Ann Arbor, MI
7. Atlanta, GA
8. Asheville, NC
9. Reno, NV
10. Corvallis, OR
11. Roanoke, VA
12. Portland-Vancouver, OR-WA
13. Raleigh-Durham-Chapel Hill, NC
14. Bryan-College Station, TX
15. Lynchburg, VA
16. Olympia, WA
17. Norfolk-Virginia Beach-Newport News, VA-NC
18. Colorado Springs, CO
19. Nassau-Suffolk, NY
20. Pueblo, CO
21. Eugene-Springfield, OR
22. Austin-San Marcos, TX
23. Lafayette, IN
24. Minneapolis-St. Paul, MN-WI
25. Dover, DE
26. Washington, DC-MD-VA-WV
27. Fayetteville-Springdale-Rogers, AR
28. Pittsburgh, PA
29. Bloomington, IN
30. Stamford-Norwalk, CT
31. State College, PA
32. Abilene, TX
33. Champaign-Urbana, IL
34. Athens, GA
35. Wichita, KS
36. Fort Worth-Arlington, TX
37. Madison, WI
38. Bellingham, WA
39. Las Cruces, NM
40. New York, NY
41. Dayton-Springfield, OH
42. Bloomington-Normal, IL
43. Sarasota-Bradenton, FL
44. Bremerton, WA
45. Albuquerque, NM
46. Harrisburg-Lebanon-Carlisle, PA
47. Evansville-Henderson, IN-KY
48. Tampa-St. Petersburg-Clearwater, FL
49. Punta Gorda, FL
50. Columbia, SC

Atascadero is among the most aggressive communities in the state in providing affordable housing for its residents, according to a study released this week.

The California Coalition for Rural Housing said the North County community was one of eight cities where at least 10 percent of its available housing was offered at below-market rates, and where 50 or more affordable units were built in the past seven years.

It was the only Central Coast city to make the list.

Housing advocates consistently describe Atascadero’s inclusionary housing policy — which the coalition says has led to the approval of 224 affordable dwellings since it was enacted in 2003—as the most aggressive in San Luis Obispo County. The mandate requires

builders of projects with 11 or more units to devote one-fifth of their housing stock to low-to moderate-income residents.

The coalition released its findings Wednesday in a detailed study. In it, researchers analyzed how many homes were approved under inclusionary housing policies between 1999 and 2006, Executive Director Rob Wiener said.

Of the eight communities the group recognized, five were in the Bay Area, where sky-high housing costs have long been an issue, and only one was in Southern California. Davis was the only Central California community.

The statewide recognition affirmed Atascadero’s commitment to providing reasonably priced housing for the middle-class workers who live there, said Community Services Director Warren Frace.

The council “had a lot of foresight to make sure we included affordable housing,” he said. “… We were on the cutting edge when people weren’t really talking about it.”

Atascadero’s policy was the driving force behind almost three dozen affordable homes set aside in two high-profile developments.

At Dove Creek, developer Centex Homes reserved 20 townhouses for “very low income” families, those earning about $31,000 for four people. The developer sold the 1,431- square-foot condominiums for $87,248, less than one-fourth the price at which it plans to sell the remaining 117 townhomes.

Midland Pacific Homes, meanwhile, has set aside 14 homes in the Colony at Apple Valley for families earning $74,050 per year or less.

But some builders have criticized inclusionary housing programs similar to Atascadero’s, saying they help create higher costs for those who do not qualify.

Jerry Bunin, government affairs director for the Home Builders Association of the Central Coast, said inclusionary housing policies were among many factors that drive developers away from the region.

The policies, he said, slow down the approval process, making the cost to build even higher.

“From our point of view, there are no more inclusionary ordinances here than elsewhere,” he said, “but it all adds up to making housing hard to produce and expensive.”

For home buyers, San Luis Obispo County has some of the most expensive properties in the nation. The median price of a home in the county last month — new, resale and condominiums— was $530,000.

Atascadero and four other San Luis Obispo County cities — Arroyo Grande, Morro Bay, Pismo Beach and San Luis Obispo—have inclusionary housing policies, according to a database assembled by the rural housing coalition.

The county Board of Supervisors is expected to decide whether to enact a similar ordinance for unincorporated regions this fall.

Wiener said the county would be wise to emulate Atascadero’s policy.

“Atascadero is ahead of the game, but it’s not impossible that you’ll see it in the county,” he said. “It’s a county that’s certainly ripe for this kind of policy.”

Original Source

The owners of coastal bluffs near Avila Beach known as Pirates Cove have secured the right to receive water from thecounty— increasing the price of their land, raising the possibility of housing development and placing another obstacle in the path of those trying to buy the property for a public park.

Having water available makes land more valuable. A preliminary appraisal of the 131 acres in and around Pirates Cove conducted in February, after the will-serve letter became known, came to $13.5 million, according to Karen

Frankel, project manager with the Trust for Public Land, a national nonprofit group working to broker the land purchase for San Luis Obispo County.

Last November, the trust’s estimate was $6 million to $10 million.

In addition, the county Planning Commission approved a so-called “declaration of conformity” two weeks ago, affirming that the development on the site fits with the county’s General Plan. That also pushes up the price.

The county parks division and land preservation groups have been eyeing the property since last year, when its owners, San Miguelito Partners, announced they were willing to sell.

The land is east of the Chevron/Unocal tank farm site at Avila Beach and contains a rocky point known as Mallagh Landing and the Pirates Cove nude beach, as well as an inland peak called Ontario Ridge.

It contains six legal lots, with four residential building sites. Even with the water available, there are other hurdles to building on the property. A builder most likely would have to put up retaining walls, said county planner Matt Janssen, and figure out a way to deal with the big landslide area directly above the cove.

County officials and conservationists believe the site would make a striking spot for a park and would help to connect some of the trails along the coast.

But the county’s fiscal contribution is in question. It is in a belt-tightening mode, in part because the real estate slump has led to declining property tax revenues.

That leaves it up to groups such as Frankel’s to collect money from various sources.

“We’re still hoping to do something out there,” Frankel said last week. But she acknowledged that it would be challenging. She is seeking money from an alphabet soup of state, federal and private organizations.

The heightened marketability of Pirates Cove is the second blow to the purchase in less than a year.

In November, the federal government turned down a $3 million grant request from the county that would have been used to help buy Pirates Cove.

The higher price doesn’t mean the deal is dead, said Jerry Lenthall, chairman of the Board of Supervisors.

“Everything is still on the table,” said Lenthall, who represents the area. “There are proposals. Any number of combinations might work,” including the county getting some, rather than all, of the land.

Source

The Paso Robles Planning Commission will hear Tuesday evening three requests for development projects on the northeast side of the city.

The projects are drastically different in nature — a senior residence, a commercial project and an RVpark— but each has the potential to change the neighborhood where it is proposed.

The commission is scheduled to consider:

•A proposal by Atascadero developer Kelly Gearhart to develop 14 acres of The Links golf course in Paso Robles for commercial and light industrial use.

The proposal for 5151 Jar-dine Road is greatly downsized from a plan Gearhart submitted in 2005.

Two years ago, Gearhart bought The Links and proposed a development of 100 acres with 222 buildings, encompassing more than 1 million square feet. That version of the project never made it to the Planning Commission.

The new proposal includes 32 buildings with just over 150,000 square feet of development space.

The golf course would remain unaltered.

Access from Dry Creek Road to the project would be on Aerotech Center Way, which would be extended to meet Beacon Road.

• A request to build a 125- unit senior retirement community at 1450 Golden Hill Road. It would require a rezoning of the property and an amendment to the city’s General Plan.

Property owner Bill Hawk wrote in a letter to the commission that he and his wife want to develop the property to serve the Paso Robles community. The land is now home to the Covenant Presbyterian Church and preschool, which would remain on the site. A lot split and expansion of the church are also proposed.

Two neighboring landowners, Harvey Mundee and Kenneth Clouston, have expressed concerns about the development and a proposed easement on their properties.

A petition with 124 signatures of local residents who support the project is part of the application.

•A proposed zoning change to property on Golden Hill Road, which would allow construction of an RV park.

The 160-acre parcel at the northern end of Golden Hill Road is currently designated for agricultural use, with an airport overlay. The land is beneath the flight path of planes taking off from the Paso Robles Municipal Airport, making it problematic for residential development.

Owner Ken Mundee has asked the city to change the zoning to parks and open space with an airport overlay, which would allow construction of his proposed Mundee Motorcoach Resort. A conceptual plan for the resort includes 600 RV spaces, a spa, tennis courts, swimming pool and other amenities.

Some neighbors, who live in the Circle B Springs development across the street, are concerned about the RV park.

Victoria Simon Berg, who opposes the project, said she is worried about traffic, noise, environmental damage and potential harm to property values.

A fourth agenda item, a proposed shopping center at Highway 46 East and Golden Hill Road, will be postponed to the commission’s Aug. 28 meeting.

Source

The San Luis Obispo-Paso Robles area continues to be one of the least affordable regions in the country to buy a home, according to the National Association of Home Builders and Wells Fargo bank.

The San Luis Obispo-Paso Robles region ranked 211th out of 219 regions nationwide in terms of affordability for the first quarter of 2007. Less than 7 percent of local households could afford a median-priced home, which was listed at $504,000 in the study.

The median household income for this area was listed at $64,200.

Nationally, 44 percent of residents can afford a median-priced home in their area. The median is the midpoint on a scale.

Despite being listed ninth from the bottom of the list, affordability increased slightly locally from the second quarter of last year, when it dipped to 5.9 percent.

Indianapolis was named the most affordable area, with 89 percent of residents able to afford the median-priced home. California continues to be one of the least affordable places to buy a house — 17 out of the 20 least affordable regions are from the state. Napa, the Bay Area, Santa Barbara, Salinas and Los Angeles were all considered less affordable than San Luis Obispo County.

Source

Tom Copeland, developer of San Luis Obispo’s Downtown Centre, the Court Street shopping center and the planned Chinatown project, has purchased another downtown San Luis Obispo property —this one at Higuera and Morro streets — through a limited partnership called CP-Hi Morro, LLC.

The 10,000-square-foot parcel, with a two-story building and private parking lot, is across the street from the Downtown Centre and diagonally across from the Court Street center.

The lot was sold to the Copeland limited partnership

by E.S. Wilson Buildings, LLC, a family trust that also owns the First Bank building and parking lot at 995 Higuera St. next to Copeland’s new purchase. The purchase price was not disclosed by the seller. Copeland said he bought the property at 1110 Morro St. for investment purposes.

The property has tenants with active leases—such as Bali’s Self Serve Frozen Yogurt and R.E. Wacker Associates— and has no pending seismic retrofitting requirements. But Copeland said he may eventually redevelop the corner, perhaps adding a structure on the 5,000-square-foot private parking lot.

The property does have “good adjacencies” to his already developed downtown shopping centers, Copeland added, but noted that discussing any future retail or architectural design for the Bali’s corner property that might link his current downtown retail holdings would be “premature even to speculate.”

Santa Barbara-based Vince E. Wood, managing general partner and trustee for the E.S. Wilson family trust, did not want to discuss the transaction price, except to say, “Tom Copeland made us a very generous offer…and the purchase was a very smooth operation.” The property’s 2006 assessment value was $2,080,800, according to documents prepared by the First American Title Co.

Wood said Copeland had also previously expressed interest in buying the family’s First Bank property at 995 Higuera St., but the trust had no intention of selling that parcel at this time.

At one point, Copeland had also been in discussions to buy the property at 1120 Morro St., immediately adjacent to the Bali’s building, and also across from Copeland’s Downtown Centre. That property is occupied by Rose & Henry’s Tailors, the new Little Laura Lou Clothing Co. and other boutique businesses, as well as affordable housing residences in the portion of the building once known as the Grenada Hotel.

The building, owned by the Sirvart R. Harutunian Trust, has been up for sale because the city’s new seismic reinforcement requirements are too expensive for the current owners to finance, said Catherine Harutunian, the building landlord. Both Copeland and Harutunian declined to give details of their discussions.

However, local real estate developer and broker Patrick Aurignac recently confirmed he is in escrow to buy the Harutunian property for an undisclosed amount. That deal is projected to close sometime early next year, “if then,” Aurignac said.

Source

The building that formerly housed the Academy of Dance in downtown San Luis Obispo is for sale, with an asking price of $2.95 million.

Vacant for six months, the building owner opted to sell after few potential tenants showed interest in the more than 4,000-square-foot space at 672 Higuera St.

Academy of Dance owner Lori Silvaggio operated her dance classes serving 800 students out of the multistory building for 22 years before moving to a larger space off Broad Street on the city’s outskirts. Her new location has triple the amount of space and has undergone a $2 million remodel to become a “world-class facility,” Silvaggio said.

The building has an option for residential space on the top floor.

Source

San Luis Obispo County home sales and median home price declined last month. And while January is typically a slower time for real estate activity, some in the industry say it’s another sign that a more balanced housing market has returned.

A total of 247 new and existing homes and condominiums were sold in January, down from 292 sold in January 2006. That represents a 15.4 percent decline from the previous year, according to DataQuick Information Systems, a La Jolla-based research firm.

The county’s median home price — the point where half of homes sold for more and half for less — declined last month to $537,500, a 1.7 percent decrease from January 2006, when it was $547,000.

Andrew LePage, a DataQuick spokesman, said the county has averaged about 390 home sales in January in the past 10 years.

As for the all-home median price, the county started seeing declines in October 2006 when the median price dipped 0.9 percent from a year earlier.

“January was the fourth consecutive month going negative year over year,’’ he said. “We’re seeing a market that has really flattened out and seen some mild declines in parts of the county.”

Sean Fitzpatrick, co-owner of CornerStone Real Estate in San Luis Obispo, said the January declines are not surprising.

“It’s a combination of values coming down, more of the lower-end homes being put on the market and the general decline in the market overall,’’ said Fitzpatrick, noting that sellers are being more realistic about their prices and buyers are starting to return. “We’ve seen more demand recently than at the end of last year. We could have hit bottom and be on our way back up.”

On the North Coast, Richard Watkins, an agent with Dale Kaiser Real Estate in Cayucos, said there’s not a lot of softness in the market.

“Unless we start seeing some substantial increases in inventory, we won’t see a tremendous amount of price reduction,” he said. “If prime resort properties begin to sell, we may see a return of appreciation by the third quarter.”

Source

The price of an existing, single-family home in San Luis Obispo County inched up in December compared to a year ago, as sales continued to slide from the same period in 2005, according to the California Association of Realtors.

The monthly median price — the statistical point where half the homes sold for more and half for less — was $537,740, a 0.5 percent increase from the previous December when the price registered at $534,930, and a 0.9 percent increase from November 2006, when the association recorded a median price of $532,890.

Meanwhile, home sales in the county dipped nearly 15 percent from December 2005, the association reported. Sales rose 9.1 percent in November 2006.

The trend was much the same statewide, with home sales in California decreasing 15.3 percent in December compared to the same month in 2005. The median price in California increased 3.7 percent over the previous year.

“The market continues to level out as buyers and sellers search for common ground in today’s more balanced environment,” Colleen Badagliacco, president of the association, said in a news release issued Thursday. “The number of homes for sale peaked in June and July and has since edged downward. Although time on market remains higher than it was a year ago, competitively priced homes continue to sell well.”

Ed Steinbeck, a broker associate at RE/MAX Parkside Real Estate in Paso Robles, said he’s more confident about the outlook in 2007. Activity, at least in his North County office, picked up in late December and January, he said.

“I think people are settling down,’’ he said. “This is a very normal market, and they’re thinking that if they need to buy or sell now, now is the time to do it. Of course, some are waiting for it to drop more and want to see what’s going to happen. They may or may not win.”

Source: The Tribune

Top 10 cities: Where to buy now
The real estate slump could get worse before it gets better. But these 10 markets offer great opportunities for those who have the patience to buy and hold.

SLO-Town, as the locals call it, is on the development fast track. It’s in the middle of the last semi-rural stretch of central California coastline, and it’s also home to the state’s rising star of wine production, Paso Robles, where even French vintners are buying property.

The Median home price in Paso Robles has shot up by more than 100% since 2000. And according to local developer Peter Laughlin, commercial land has skyrocketed from $3 to $20 a square foot since 2001.

Yet the natural amenities, proximity to Southern California, and relatively low prices support forecasts of a continuing surge. Thousands of retirement-age boomers, it’s said, will sell their SoCal homes for cheaper digs in SLO. Anti-development sentiment also helps. “They’re not zoning quickly enough for the demand,” Laughlin says. “Either they have to allow more homes or prices will go through the roof.”

CAUTION: Prices are already getting ahead of job and income growth.