Del Norte County is indeed the land of opportunity right now for both investors and buyer's.

The Daily Triplicate reported today that the resort plans are moving forward. The new casino's impact is viewed with optimism.

The new resort, coupled with the completion of the new Starbuck's, a Walgreen's coming to town and the renovation of the Square Deal building clearly indicates that some rather large companies see Del Norte County as a happening place to expand their business.

Here are some local business opportunities that are currently for sale:

1. Coffee Shop and soup/sandwich restaurant on Highway 101
2. Car Wash and Quick Lube on Highway 101
3. Movie Theater with 2 screens
4. Mini Storage
5. Hotel
6. 2 Restaurants, one on Highway 101 and located on the beach and the other in the harbor, both with ocean views
7. Hair/Tanning salon
8. Lodge
9. Resort with cabins with ocean views
10. Office buildings

Along with business opportunities, affordable housing abounds for home buyer's.

Here's a price breakdown of active residential listings:

• Less than $100,000 - 15 listings
• 101,000-200,000 - 35 listings
• 201,000-300,000 - 71 listings
• 301,000-400,000 - 55 listings
• 401,000-500,000 - 18 listings
• 501,000 and up - 36 listings

Del Norte County's median price home is currently $290,000 (California median home price was $450,000 last time I checked) far below the rest of the state of California. We have 9 homes listed that were built 2005 or newer that are priced between $200,000 and $300,000.

Del Norte County is the other California...come check us out and see why.

Del Norte County...The Other California
Copyright © 2008 Fran Gatti/Crescent City/Del Norte County...The Other California | All Rights Reserved

I would like to share an exciting experience that came my way because of my Active Rain blog.

I was contacted by a local newspaper reporter asking me if I would assist her with an article on the forecast for the Del Norte County real estate market for 2008.

She found my website, read my blog and determined I would be helpful after reading my monthly market reports, end of the year summary report and 2008 market forecast.

I enjoyed the experience, hope to do it again, and wanted to share it with you. Below is the article if you would like to take a gander.

Thank you Active Rain

P.S. I asked her if she would put my blog address in the article and she did. Yippee!
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Housing market best for buyers

Published: January 10, 2008

By Kelley Atherton

Triplicate staff writer

Not many people would consider 2007 to be a good year for the housing market as sales slid from a peak in 2005.

The good news is when the market slows, prices go down and buyers slowly come back into the market. Essentially, if you lower prices they will come.

This is especially true for Del Norte County. Ming Tree Realty Agent Fran Gatti calls it a "buyer's market."

"Now is the time to buy a home," she said. "Prices are good and sellers are motivated."

The median sale price dropped about six percent from 2006 to 2007, from $225,000 to $211,750, according to Multiple Listings Service (MLS) data.

"That's lower than our last big year in 2005 and it's been declining since then," Gatti said.

Gatti said properties still in escrow right now might affect the statistics for 2007 and the current numbers might change. She tracks monthly MLS housing reports for the county and housing developments on her blog, http://activerain.com/blogs/frangatti.

Re/Max Coastal Redwoods Agent Mike Nolan said the market is in a transitional period. Listings are staying on the market for an average of 120- 180 days rather than a few years ago during the buying frenzy, when listings stayed on the market for an average of just a few weeks.

"The market is in a state of transition from a hot market we experienced a couple of years back to more normal conditions," Nolan said.

Del Norte County is actually better off being a remote, coastal area.

"It's not as bad here as it is for the rest of country," Nolan said. "We're lucky to be here where people want to retire and get out of metropolitan areas. We're waiting for them to come back. We're looking for a good spring season."

Gatti said she thinks prices will mostly hold steady for the next year, possibly dropping slightly more before rising again, which is the cyclical nature of the market.

"I don't think it's going to get worse," Gatti said. "But prices will hold, maybe decline a little, but not as drastic as before."

The housing market started to slow in 2005 after prices rose into the $300,000 range. According to MLS data, 212 houses sold in Del Norte last year, a decrease of 14 percent from 2006, when 247 houses sold. The volume of sales decreased as well, to $50 million last year from more than $61 million in 2006.

Many people who bought homes in 2005 watched the value of their homes fall in 2006 and 2007.

"Prices in 2005 peaked really high," Gatti said. "There's not a lot of people who can afford (those prices), even though the median prices are lower than everywhere else."

A big part of the slow housing market is the foreclosure crisis. Many people are not able to afford their increasing subprime interest rates, putting a crunch on lenders and sending homes into foreclosure. On Dec. 6, President Bush announced a freeze on subprime interest rates for five years. However, critics claim that this is only a temporary fix.

Foreclosures do not dominate the market in Del Norte. The county has the third lowest foreclosure rate in the state, according to Gatti.

But nationwide events do affect even remote areas.

"There's no way to discount the effect the subprime disaster had on the real estate market," Gatti said.

Lending standards have tightened up since then and not as many people are qualified for mortgage loans, so therefore there are less people able to afford a home.

Gatti said that buyers should be approved for a mortgage before looking for a home. She warned that even though they might have been approved months ago, standards have changed. Potential buyers don't want to find out too late that they can't afford the home of their dreams.

Gatti is optimistic about the local real estate market, saying Del Norte County is a prime retirement spot.

Nolan agreed.

"This is the perfect time for buyers," Nolan said. "Don't wait for everyone else to get back in the market."

Covenants, Conditions & Restrictions -

What are CC&Rs? The covenants, conditions and restrictions (CC&Rs) are the governing documents that dictate how the homeowners association operates and what rules the owners -- and their tenants and guests -- must obey. These legal documents might also be called the bylaws, the master deed, the houses rules or another name.

These documents and rules are legally enforceable by the homeowners association, unless a specific provision conflicts with federal, state or local laws.

Neighborhoods in Del Norte County with CC&R's are increasing in number due to developers wanting to keep consistency throughout the development.

Most of the CC&R's in Del Norte County address a variety of issues, while almost all CC&R's address the issue of whether they will allow manufactured homes. Most developments in Del Norte County with CCR's do not allow manufactured homes, but one neighborhood allows them exclusively. That development also calls for strict adherence to improvements a home owner must make to place a home.

The improvements, gutters and curbs, carport, driveway, water and sewer hook-up, to name a few, are quite costly. If a buyer did not take the time to read the CC&R's, paid cash for the lot, then went about setting the home, the required improvements would add an extra $45,000 to $50,000 to the placement cost. Think that might give you a heart attack?

If a property has CC&R's, it should come to light in the title search. The CC&R's could be the determining factor for a buyer on whether they want to purchase in that neighborhood or not. A good real estate agent in Del Norte County should know that certain neighborhood's or developments have CC&R's and get them to the buyer before they ever write an offer.

I urge all buyer's to always ask their agent if there are CC&R's for a home before writing an offer. That way you do not bond with a home and find out during escrow you have to sell your family dog, get rid of your trailer, or change your plan to paint your home fuchsia if you consummate the purchase. You could possibly lose your deposit or worse if you decide to back out.

I had a client decide against purchasing in a particular neighborhood because the CC&R's were entirely too strict as to animals that were allowed (down to how many fish were allowed in the fish tank). Another client wanted to leave an RV on the side of a home, which was against the CC&R's and still another picked a particular community because homeowner's couldn't park RV's and trailers in plain sight. In another instance I would have written a contract for a buyer last week if her Rotweiler weighed under 15 pounds, but alas, the mobile home park only allows small dogs. When I relayed this to my seller, he said the buyer could cut the dog in half, that would get it under 15 pounds (he was joking BTW, I think).

The best surprise in a real estate transaction is no surprise. Use an experienced agent who will cover all the bases for you.

Here's a quiz for you to take on Home Buying Core Knowledge. I hope you score high.

Here are new laws that took effect on January 1st, 2008 and that might effect you:

• Smokers in California should think twice before they light up while driving in the car with youngsters. People can now be fined up to $100 if they are caught smoking in a vehicle when people under 18 are present. Motorists must be pulled over for another offense, such as speeding, before they can be cited under the new smoking law. For more information about the new law, visit SB 7.
  
  
• An increase in minimum wage to $8 an hour, up 50 cents from last year.
  
  

• Traffic violations: Courts are prohibited from dismissing serious traffic violations by allowing violators to complete traffic school programs. These violations include hit-and-run incidents and drunk driving.

• Bicycle safety: Bicyclists riding on highways, roadways or sidewalks after dark must use a lamp and specific types of reflectants.

• License plates: It's illegal to cover or obstruct vehicle license plates with anything that keeps officers from using electronic devices, such as red-light cameras, to identify cars.

• Cellular phones: Two cellular phone laws will take effect July 1, 2008. Drivers over age 18 cannot drive while using a cell phone unless a hands-free device is used.

• For drivers under 18, it will be illegal to use cell phones, including all hands-free devices, while driving. Emergencies are the exception to both laws.

Fran Gatti is keeping you up-to-date on news that effects you in Del Norte County.

Fran Gatti is the #1 Buyer's Agent in Del Norte County for 2007. Put her experience to work for you when buying or selling property in Del Norte County.

Del Norte County...The Other California
Copyright © 2008 Fran Gatti/Crescent City/Del Norte County...The Other California | All Rights Reserved