Real Estate Analysis and Commentary in [CITY]

Economic uncertainty driven by a tumultuous start of the year for financial markets does not seem to be dampening the pent-up demand that drove growth and sales in 2015. Instead, year-over-year trends point to this spring being the busiest since 2006, according to the analysis of preliminary January data on realtor.com

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Posted by Scott Hoth on February 3rd, 2016 7:34 AMLeave a Comment

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July 26th, 2014 11:56 AM
Country Grove in East Ventura is bounded by Wells Rd to the west, Telephone Rd to the north, agriculture fields to the east and Santa Paula Freeway to the south. Ages range from new construction to 51 years with 20 years being most predominate. Home prices range from the mid $300,000's to the low $500,000's. Zoning is RPD-8 which is Residential Planned Development. The general area is mixed residential use with multiple land uses including apartments, and small commercial centers. It is convenient to the 126 Freeway and employment centers with good access to all supporting facilities including public schools, shopping and recreation. A new townhouse and SFR development is currently being built (10% vacant land use). This new tract housing development that is currently place within the neighborhood is known as "The Orchard Collection" by City Ventures Homebuilding. Country Grove in East Ventura is a development of 110 homes and is part of the City of Ventura Affordable Housing neighborhood. There are three basic floor plan; two one-story units and a larger two-story unit (1,517 sf). Properties is this development must be sold according to the City of Ventura Affordable Housing program (price and income restrictions). All buyers must be approved by City of Ventura (http://www.hacityventura.org). These restrictions terminate upon foreclosure and after a 25 year period (2020-2021). There is demand for this type of housing as Ventura County is one of the most highly priced in the nation but the market has corrected itself and the price restrictions are not currently relevant. I am a California certified real estate appraiser currently located in Ventura, Ventura County. I have extensive appraisal experience in Ventura. Call me with any of your appraisal needs in Ventura.

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Posted by Scott Hoth on July 26th, 2014 11:56 AMLeave a Comment

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July 1st, 2014 6:05 AM
The Federal Housing Agency (FHA) recently announced that it is expanding its access to mortgage credit for what many people consider underserved borrowers. It has developed a program called BluePrint for Access. FHA believes that under its Homeowners Armed with Knowledge (HAWK) Program, homeowners who attend and complete housing counseling both before and after their home closing will receive a "fifty basis point reduction in the upfront FHA mortgage insurance premium (MIP) and a ten basis point reduction in the annual MIP." FHA sees this HAWK program as a way to extend credit to borrowers while also reducing mortgage defaults. Their study has shown that delinquencies are about 29% lower among first-time homebuyers who receive this type of housing counseling. An FHA borrower has on the average about a loan balance of $180,000. FHA estimates these savings will add up to $9,800 in savings over the life of the loan. FHA is set to implement the HAWK Program starting in Fall of 2014.

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Posted by Scott Hoth on July 1st, 2014 6:05 AMLeave a Comment

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Here is a disclosure statement that should be used in your appraisal report: The appraiser is not a home inspector and this appraisal report is not intended to be used as a Home Inspection Report. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar expert. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects and only performed a visual observation of accessible areas. Therefore, this appraisal report should not be relied upon to disclose the condition of the property as it relates to the presence/absence of defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment and is no guarantee that the property is free from defects. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvements are fundamentally sound and in working order. Statements regarding the condition are based on surface observations only; viewing of the property was limited to readily observable areas as the appraiser did not move furniture, floor coverings or other items. Additionally, mechanical systems were not activated or tested and attics and crawl space areas were not accessed. The client and/or borrower are encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected.

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Posted by Scott Hoth on June 28th, 2014 4:10 PMLeave a Comment

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April 26th, 2014 11:51 AM
Rancho Conejo Village in Newbury Park is mostly bounded by Rancho Conejo to the west, Arroyo Conejo Creek to the north, Arroyo Conejo Cree to the east and Ventu Park Rd to the south. The legal description city name is commonly referred to as Thousand Oaks, (Area of Newbury Park). The Rancho Conejo Village zoning code is RPD, Residential Planned Development as verified by the city of Thousand Oaks.

Ages range from 3 years to 23 years with 19 years being most predominate. Home prices range from the low $500,000's upwards to $1,000,000. It is mostly single-family residences surrounded by industrial uses (including United Postal Service (UPS )and MB2). Census Tract is 0061.00. Flood zone is on panel 06111C0958E. HOA fee is currently $100 per month.

The topography is mostly rolling hills. Rancho Conejo Village is a private, guard-gated community developed by S & S Homes and encompasses 1,862 acres, of which 1,300 acres have been set aside for open space and nature preserves. It contains 936 predominately conforming SFR's. Within Rancho Conejo Village are developments known as Executive I and II, Terraza Executive I and II, Montecito, Village Homes, and Tapestry. It has very good access to all necessary supporting facilities and is located near Amgen, the city’s largest employer.

Rancho Conejo is a guard-gated development with two pool’s/spa’s and access to all homes via a private road. The accessibility and condition of these private roads meets community standards, is acceptable and typical for the market and is maintained by the Rancho Conejo HOA association (Gold Coast Management).

The Rancho Conejo Village development abuts the Wildwood State Park. The main entrance of the 1,765 acre Wildwood Park is at the corner of Avenida de los Arboles and Big Sky Drive. It is a popular spot for hiking and has 14 trails covering 17 miles, including 2 year-round waterfalls (Paradise Falls and Little Falls). Wildwood Park is known for its spring wildflower displays from January to June.

The community of Newbury Park is located in the western portion of the City of Thousand Oaks. It is located in the East County area of Ventura County in the Conejo Valley and abuts the Santa Monica Mountains National Recreation Area, with main entrances at the northern edge of the park at Satwiwa and Rancho Sierra Vista. It is a master planned community of mostly conforming single-family residences with some custom properties scattered throughout. Recreation amenities include an equestrian center, parks and open trails throughout. The are contains two newer residential communities, Rancho Conejo Village and Dos Vientos Ranch. In 2005, Newbury Park was ranked as one of the top 100 places to live in the country by Money Magazine.

The Rancho Conejo community is part of the City of Thousand Oaks, whose economy is based on a small range of businesses, with biotechnology, healthcare, automotive, aerospace, electronics, telecommunications and financing occupying most of Thousand Oaks' employment sector. Amgen, J.D. Power and Associates, Baxter International, Skyworks Solutions and General Dynamics Corporation offer high-tech jobs and have corporate headquarters in the city, while WellPoint, Verizon, Audi, Volkswagen and General Motors manage smaller regional offices.

I am a California certified real estate appraiser currently located in Ventura, Ventura County. I have extensive appraisal experience in Rancho Conejo and Newbury Park. Call me with any of your appraisal needs in Rancho Conejo and Newbury Park. Regards,

Scott


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Posted by Scott Hoth on April 26th, 2014 11:51 AMLeave a Comment

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April 15, 2014: Fannie Mae announced changes to its Selling Guide that affect appraisal policies relating to appraisal updates, required photos and acceptable comparable properties. The changes, effective immediately, follow a comprehensive review of the Guide’s appraisal requirements chapters. “As a result of that review, new policies have been developed, current policies have been clarified, and additional guidance has been incorporated,” Fannie Mae noted in its announcement. “Further, significant changes to the organization of both chapters have been made. In some cases, topics and paragraphs have been re-titled and content has been reorganized with the expectation that searching for specific information will be much easier.” Fannie now requires appraisers who are performing an appraisal update to include a photograph of the front of a subject property so that the exterior inspection can be validated. Appraisal updates must be reported on Form 1004D, the Appraisal Update and/or Completion Report. Fannie Mae also noted that original appraisals can be utilized for other transactions if there is no change to the subject property's condition that may affect market value and when other certain requirements are met. The requirements relate to the transaction type, age of the appraisal, continuity of ownership and the lender. When identifying an addition that doesn't have a required permit, the appraiser must comment on the quality and appearance of the work. Comments also are needed on the impact, if any, on the market value of the subject property. Fannie Mae clarified that it no longer needs an explanation when using comparable sales that are more than six months old. The lender also added an example in its Selling Guide that illustrates when it might be appropriate to use older sales with proper time adjustments instead of a more recent but dissimilar sale. “An older sale may be more appropriate in situations when market conditions have impacted the availability of recent sales as long as the appraisal reflects the changing market conditions,” the GSE stated in the announcement. I am a Ventura appraiser who specializes in all forms of residential appraisals. I cover all of Ventura County including Ventura, Oxnard, Ojai, Camarillo, Somis, Newbury Park, Thousand Oaks, Dos Vientos Ranch, Rancho Conejo, Westlake Village, Agoura, and Oak Park. Scott Hoth Certified Residential Appraiser

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Posted by Scott Hoth on April 23rd, 2014 1:03 PMLeave a Comment

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If you are thinking about buying a home in Ventura County (Camarillo, Ventura, Oxnard, Newbury Park, Thousand Oaks, etc.) this springtime or making updates to your home, you could be wondering what energy efficient updates are worth. The following are ten energy efficient ideas: 1. Upgrading your Ventura home to Energy-Star appliances can reduce electrical costs dramatically, especially if your current refrigerator or dish washer was built before 1990. 2. Upgrading your Camarillo or Newbury Park home from incandescent light bulbs requires spending more on replacement bulbs, but with the $$$ savings and longer lifespan, LED bulbs pay for themselves in about 3 years, and CFL bulbs can pay for themselves in as little as 3 months. 3. Replacing inefficient shower heads in Westlake Village with a water-saving models. This can save the average family 3,000 gallons/year and approx. 350 kilowatt hours of electricity. 4. Upgrading or Adding insulation – Home Deport will give you a blower for free for the day when you buy $300 or more in insulation. Try it, it can be is easy to do. 5. Upgrading in Camarillo to an older heating system to a high-efficiency furnace is an excellent investment if your system is older than 20 years and you use your heater a lot during the winter months. 6. Using a programmable thermostat in Newbury Park to automatically adjust your air temperatures lower or higher to save on heating and cooling costs can pay for itself in less than one year. 7. Switching to low-flow toilets in Ventura can reduce the water used for toilets by 20% to 60% (or 13,000 gallons per year) for an average savings of over $100 per year. 8. Switching to a front load washing machine in Thousand Oaks can save you $150 a year, using 35 to 50 percent less water and up to 50% less electricity power than an out-dated top-loading machine. 9.Installing a water heater blanket in Village at the Park is an really cheap way to save you 4% to 9% in water heating costs. 10. Installing weather stripping to an older home can reduce heating costs by 9% to 21%. The 10 Ventura home updates will save you $$$, they probably will not increase the immediate value of your home but they will make you “green” a good selling point and limit your impact to your wallet and the environment. I am a CA certified real estate appraiser currently located in Ventura County. I extensive appraisal experience in all of Ventura County. Regards, Scott

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Posted by Scott Hoth on April 21st, 2014 8:57 AMLeave a Comment

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April 15th, 2014 7:09 AM
Leisure Village is located within the city of Camarillo and is bounded by Santa Rosa Rd to the west, Conejo Creek to the north and to the east and Adolfo Rd to the south. Ages range from 30 years to 41 years with 38 years being most predominate. Home prices range from the low $200,000's to the mid to high $500,000's. The majority of homes are two bedrooms. Additionally, many homes in this area are located in a FEMA flood zone. Check before buying as this does increase the cost of home ownership. Census tract is 0053.04.

Leisure Village is an age-restricted (55+) Senior Housing Planned Unit Development. There are 2,136 units with 25 different models, all one-story California Ranch style, with layouts ranging from approx. 756 sf to 2,000 sf. Construction began in 1973 and was completed in 1984. It is convenient to the 101 Freeway and has very good access to all other necessary supporting facilities. Many of the homes back to greenbelt areas which are typical throughout Leisure Village.

Leisure Village recreational amenities/facilities include a 18-hole three-par golf course; two tennis courts; two paddle tennis courts; Pool and Spa; four Bocce Courts; Shuffleboard Courts; Billiard Room; Sewing Room; Library; Woodshop; Ceramics shop; Lapidary shop; RV parking lot; and a Computer Room. The HOA fee is $438.00 for all these recreational amenities.

Leisure Village is a guard-gated (three gates), age restricted, senior development and access to the one-story garden homes is by a private road. The accessibility and condition of the road surface meets community standards, is acceptable and typical for the market and is maintained by the Leisure Village Association.

Leisure Village senior age restrictions “survive" foreclosure. The market values are based on the resale of the age restriction "surviving" foreclosure. The age restriction does not adversely affect marketability as the Leisure Village market appeal is that of an age-restricted (55+) Senior Housing Planned Unit Development.

Regarding price trends, Leisure Village prices increased ~12% during 2013. A drop in inventory during the latter part of the 2012 year along with rock-bottom interest rates created a shortage of listings with marketing times under 30 days. This continued into 2013 as listing agents reported that with a limited supply of listings, low interest rates and pent-up buyer demand, if properties were priced near market value they received offers within the first few weeks. Currently, after a slight spike in interest rates around the May/June time period, it appears the market may have somewhat peaked/stabilized around the months of July/August (summer 2013) and prices are showing a more stable to increasing trend.

Leisure Village is located within the Mission Oaks area of the city of Camarillo, which is located at the base of the Conejo Grade. It is the fourth largest city in Ventura County. Many people in the community are employed by the military, high tech, and specialty industries. Major employers in the community include Harbor Freight, Semtech Corporation, Technicolor, Power-One, Teledyne Rockwell Scientific and Vitesse Semiconductor and Data Exchange Corporation.

Mission Oaks is located in the north-eastern portion of the city of Camarillo east of Lewis Road (State Route 34), south of Somis and north of the 101 Freeway. It is considered the "newer" area of Camarillo with the majority of developments built after the 1990's making it a more desirable area for buyers with young families as the schools are newer and considered superior academically to schools in the older areas (west of Lewis Rd) of Camarillo. Camarillo High School is also located in the Mission Oaks area.

I am a CA certified real estate appraiser currently located in Ventura, Ventura County. I lived in Mission Oaks, Camarillo for five years and have extensive appraisal experience in all of Camarillo as well as the Leisure Village neighborhood. Call me at 805-312-1260 for any of your residential appraisal needs.

Regards,

Scott


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Posted by Scott Hoth on April 15th, 2014 7:09 AMLeave a Comment

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April 14th, 2014 9:26 AM
Silver Strand Beach is an oceanfront "beach" community located in an unincorporated area of Oxnard and is part of Ventura County. It is a typical non conforming beach community as it contains custom properties of varying size, condition, architectural styles and quality and is a mix of newer, larger properties and older modest beach cottages. Although the area has a majority of mostly owner-occupied units, as with most beach communities, it also contains many rental dwellings (rented on a weekly, monthly or yearly basis), weekend cottages and still a few vacant lots.

Silver Strand Beach is bounded by Victoria Ave to the west, Hemlock St to the north, Ventura Rd to the east and Channel Islands Blvd to the south. Ages range from new construction to 93 years with 30 years being most predominate. Home prices range from the low $300,000's to upward of $4,000,000. Ocean Drive runs parallel to the beach and contains the highest value properties.

Typical zoning code in Silver Strand Beach is RBH, Residential Beach Harbor as verified by Ventura County zoning. Silver Strand Beach has good access to all necessary facilities including transportation, public schools and shopping.

The Silver Strand Beach borders Port Hueneme. The port of Hueneme is controlled by the US Navy and is the only deep water harbor between Los Angeles and the San Francisco Bay area and is the U.S. Port of Entry for California's central coast region. The port of Hueneme is controlled by the United States Navy and is the only deep water harbor between Los Angeles and the San Francisco Bay area and is the U.S. Port of Entry for California's central coast region.

I am a CA certified real estate appraiser located in Ventura, Ventura County. I perform all types of appraisal such as tax appeals, divorce and estates (date of death). I have extensive appraisal experience in Silver Strand Beach as well as Hollywood Beach, Hollywood by the Sea and Mandalay Beach neighborhoods.


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Posted by Scott Hoth on April 14th, 2014 9:26 AMLeave a Comment

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HUD and the Federal Housing Administration’s Office of Single-Family Housing are going to soon offer a web-based appraisal portal similar to the UAD Portal already in use by Federal National Mortgage Association (FNMA), and Federal Home Loan Mortgage Corporation (FHLMC).

Fannie Mae was founded in 1938 and is a government-sponsored enterprise (GSE). Freddie Mac, is also a GSE. FHLMC was created in 1970 to expand the secondary market for mortgages in the United States. Both these GSE’s buys mortgages on the secondary market.

HUD/FHA said the portal is designed to make the appraisal submission process more consistent and to increase the efficiency of doing business with the agency. It also said that it expects to launch the Electronic Appraisal Delivery (EAD) portal sometime in 2015 after it undergoes substantial testing. After this testing is complete, the process will include training for all of the FHA’s mortgagees and investors. Following this, and the website being ready and functional, the portal will allow mortgagees to electronically submit appraisal data to HUD/FHA.

I am a California certified real estate appraiser (#AR011818) currently located in Ventura, Ventura County. I have appraisal experience in all of Ventura County. Call me, Scott, at 805-312-1260 with any of your real estate appraisal questions and/or needs. I am here to help you.

Regards,

Scott


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Posted by Scott Hoth on April 14th, 2014 7:40 AMLeave a Comment

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