Morro Bay, CA

The Cal Poly Lion Dance Team was a hit with our guests who came to celebrate the Lunar New Year with our RE/MAX team at our Morro Bay, CA office.

2008 is the Year of the Rat that began on February 7, 2008. There are 12 animals in the Chinese zodiac. Predictions on what will happen for that year and attributes of the people born during that year, are associated with the characteristics of that animal. According to legend, the rat was the first animal to show up when Buddha summoned all the animals to come to him. Thus, the rat is the first sign of the Chinese zodiac and represents the beginning of a new 12-year cycle. Those born in the Year of the Rat are considered smart, clever, resourceful, quick-witted, and courageous. Rats are energertic and cunning problem solvers. They are also responsible, protective and careful planners. Being the first in line, they're also considered leaders. Their sign is also associated with entrepreneurship.

As part of our celebration, we served a wide spread of Asian homemade treats, including Chinese noodle salad with Asian sesame seed dressing, Pineapple Shrimp rice, Chicken ramaki, tofu with bonito, variety of mu shu delicacies and warm spiced tea. Our guests enjoyed the food - in fact, we ran out, just before the event ended! The event closed with a celebratory lion dance performed by the Cal Poly Lion Dance Team. The Cal Poly Lion Dance Team comprises students from the Chinese Students Association from Cal Poly, San Luis Obispo, CA. The lion dance (not to be confused with the dragon dance) is a traditional way to bless an event, business and community at the beginning of each Lunar New Year. It was an appreciation evening for our clients and friends, so we were really happy to be able to share this special cultural celebration with the community.

REVIEW OF THE PAST 5-YEAR PRICE / SALE TRENDS

MORRO BAY

The above statistics reveal that homeowners of single-family residences in Morro Bay saw a huge jump in median price appreciation by 25% in 2004 when compared to 2003. The median home price appreciation fell by 8% a year later, and continued to decline each year. In 2006, the median home price dropped by 5% in 2006 and a further 7% last year. Year over year sales also declined from 2004. The highest drop in the number of single-family home sales was the 33% drop in 2005 when compared to the previous year. Last year, Morro Bay suffered a 10% drop in home sales. Buyers were paying about 96% of the listed prices in 2007; just 1% higher than 2006, and 1% lower than 2005 and 2004. The average marketing time to sell a single-family home has more than doubled, i.e. by 63% in 2006. The 106 days needed in 2006 have increased to 132 in 2007, whereby the average time is lengthened by another 25%.

**Avg. CDOM - average cumulative days on the market ** +/- (%) Difference in %

**Avg. SP/LP - average selling price vs. listed price ** Median - refers to median home prices

Residents of the Central Coast are invited to a unique Open House on Thursday, February 7, as RE/MAX Seven Cities ushers in the Lunar New Year!

As Western culture rings in the New Year every January, Chinese culture similarly celebrates the New Year, albeit a little later in the Winter. Chinese culture celebrates the new year with the coming together of friends and family, all sharing delicious food, and generally with the creating of an atmosphere of happiness and prosperity. It's a fun way for us all to get together with colleagues and customers to welcome 2008, the "Year of the Rat"!

In addition to a wide array of Asian foods and treats, celebrants will have the opportunity to enjoy a lion dance performance by the Cal Poly Lion Dance Team.

Anyone wishing to usher in the Lunar New Year is invited to join the staff of RE/MAX Seven Cities Realty at 815 Morro Bay Boulevard, Morro Bay, CA 93442. Bring your good karma, your good wishes for prosperity and general good nature and celebrate the "Year of the Rat" from 3.00 p.m to 7.00 p.m. on February 7, 2008!