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Carpenteria Contemporary

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This contemporary residence is designed to seamlessly open unto the panoramic coastal ridge-top site via expansive operable glazed walls. The glazed transparency is balanced and the home is anchored in place by substantial cut native sandstone walls. The architectural design evolved from our client’s desire for a home that is a tranquil place for living, art and retreat.

The project site is located on a ridge in the foothills of Carpinteria, ten miles down the coast from Santa Barbara. The program asked for a master suite, one guest room, a study for two, a more contained den and an informal open living space they could share with their children and grand children. The site strategy was to separate the guesthouse, pool and pool house from the main house, by locating them amongst the oaks on a lower terrace. The smaller structures were easier to place around the mature oak trees without disturbing their root systems. Each structure has its own orientation and privacy.

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http://www.contemporist.com/2014/06/02/the-carpinteria-foothills-residence-by-neumann-mendro-andrulaitis/

BBOTY

riding the range

I grew up on the outskirts of Phoenix, Arizona, not far from Taliesin West.  Back in the 1970s, it was still wide open desert all the way to Reata Pass, a steak house where they cut your tie off – it was a real cowboy existence.

Even though I’m a city slicker now, those roots had me appreciate this:

SD Case Shiller, April 2014

Case Shiller SD

The year-over-year change still looks great considering it’s compared to April, 2013 which already had some frenzy-boost in it.  The month-over-month trend is probably the most relevant, and one to watch.

These are the Case-Shiller Index NSA changes below for San Diego:

Month
M-O-M
Y-O-Y
Jan ’13
-1.0%
+9.8%
Feb ’13
+1.0%
+10.2%
March ’13
+2.0%
+12.1%
April ’13
+2.8%
+14.7%
May ’13
+3.2%
+17.3%
June ’13
+2.8%
+19.3%
July ’13
+2.0%
+20.4%
August ’13
+1.8%
+21.5%
September ’13
+0.9%
+20.9%
October ’13
+0.3%
+19.7%
November ’13
+0.0%
+18.7%
December ’13
-0.1%
+18.0%
January ’14
+0.6%
+19.4%
February ’14
+1.0%
+19.9%
March ’14
+1.3%
+18.9%
April ’14
+0.76%
+15.34%

Robert Shiller, co-founder of the Case-Shiller index and a professor of economics at Yale University, said on “Squawk on the Street” that he remains bullish on the housing recovery.”The housing market is actually better than public perception,” he said. “There has been a lot of momentum, upward momentum, and I’m not sure that that’s gone.”

He added: “The market is going up faster than people perceive it. It’s actually a better market than people think and expectations are not really very high yet for home price increases.”

Prof. Shiller told CNBC he felt prices “went up way too high in 2006 and they came down like 50 percent, and now they’re going up. They look about right and you know, I hope people just don’t get so worked up about them.”

http://www.cnbc.com/id/101783818

Effect of Higher Mortgage Rates

From Fannie Mae:

http://www.fanniemae.com/portal/about-us/media/commentary/062314-palim.html

In July 2013, we wrote an FM Commentary about the impact of rising mortgage rates on the housing recovery.  At that point, rates had risen to 4.51 percent.

We examined the impact of rising rates on home prices and home sales during the two periods since 1990 when the market had experienced a sharp rise in mortgage rates.

The first instance was a 14-month period from October 1993 to December 1994, when mortgage rates increased by 237 basis points (from 6.83 percent to 9.20 percent).

The second instance of a meaningful rise in rates was longer and the rate rise was smaller – a 19-month period from October 1998 to May 2000, when mortgage rates increased by 180 basis points (from 6.71 percent to 8.51 percent).

Based on these past experiences, we suggested that rising rates were more likely to lead to a slowdown in home purchases rather than a decline in prices.

(more…)

They Ran Out of Excuses

The ‘analysts’ can’t blame the housing market on the cold winter any more.

The numbers look weak because you are comparing them to last year’s frenzy era (one of the hottest of all-time) plus sellers are asking too much!

From: http://www.cnbc.com/id/101767459

Widely watched measures of existing home sales and new home sales this week, as well as the latest release of the S&P Case-Shiller Housing Price Index, are expected to shed fresh light on the state of the housing market in America. And with the housing market appearing to lag the rest of the economy, that could have a big effect on where equities are heading.

“These housing numbers are the granddaddy of all numbers, if you ask me,” said Anthony Grisanti of GRZ Energy. “If these numbers do not come out good this week, you’re going to look at an S&P that’s going to be a lot weaker. … I don’t think the market or economy can sustain a few more months of weak housing.”

(more…)

Inventory Watch – Summer Begins

The active-listing counts are at or near their highs for the year – there might be a couple of weeks left before buyers regain control of the market:

North SD County’s Coastal Region (La Jolla-to-Carlsbad)

The UNDER-$800,000 Market:

Date
NSDCC Active Listings
Avg. LP/sf
DOM
Avg SF
November 25
95
$376/sf
47
1,988sf
December 2
79
$371/sf
50
2,047sf
December 9
72
$383/sf
43
1,954sf
December 16
81
$378/sf
42
1,948sf
December 23
77
$374/sf
49
1,937sf
December 30
76
$373/sf
51
1,950sf
January 6
74
$370/sf
49
1,995sf
January 13
71
$381/sf
44
1,921sf
January 20
72
$384/sf
41
1,877sf
January 27
75
$399/sf
40
1,891sf
February 3
78
$409/sf
41
1,876sf
February 10
82
$395/sf
38
1,927sf
February 17
85
$387/sf
35
1,929sf
February 24
90
$383/sf
37
2,008sf
March 3
82
$397/sf
39
1,942sf
March 10
88
$377/sf
37
2,008sf
March 17
89
$366/sf
34
2,038sf
March 24
79
$369/sf
34
2,031sf
March 31
78
$367/sf
39
2,069sf
April 7
87
$373/sf
32
2,054sf
April 14
97
$380/sf
31
2,000sf
April 21
87
$377/sf
32
2,062sf
April 28
107
$379/sf
29
2,044sf
May 5
114
$376/sf
27
2,046sf
May 12
108
$385/sf
31
2,012sf
May 19
107
$385/sf
0
0sf
May 26
105
$375/sf
34
0sf
Jun 2
102
$376/sf
36
0sf
Jun 9
102
$377/sf
37
0sf
Jun 16
104
$369/sf
35
0sf
Jun 23
111
$380/sf
34
0sf

(more…)

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