Dave and Patricia Zumbrun

We thought we would give you an update on the real estate market in Ventura County.

Most people know that the median market price for homes declined steadily through out the year of 2008. However, not as many are aware of the fact that the number of sales increased in 2008 versus 2007. In November of this year, sales increased by 111% compared to the sales for the same period in 2007. Statewide November sales were up 83.2% from the November sales of 2007.

The good news is that the sooner the market corrects itself in regards to pricing, the sooner the housing market in Ventura County and the nation will stabilize. When prices reach a level that the market will bear, the inventory will deplete and home price stabilization will begin.

Sales are expected to soften due to the stock market declines, drooping job market and the weakened economy. Although sales are expected to remain higher than the 2007 levels due to the recent fall in interest rates and increased affordability. Highs and lows in sales are a natural occurrence in a slow and recovering real estate market.

Currently, there are approximately 1,979 residential properties for sale in Ventura County . The median sales price is reported as $382,590. As in any market, homes that are in move-in condition are selling faster.

Qualified home buyers are taking advantage of the wide selection of homes, reduced home prices and historic low interest rates, giving them the best home purchasing opportunities in years. Ventura County continues to be a highly desirous place to purchase a home because of it's high quality lifestyle, excellent schools and recreational opportunities.

Foreclosed homes and distressed home sales are still driving the market. Until the supply of homes is diminished, it is predicted that home prices will continue to decline but at a less accelerated rate. The weak economy and sagging job market will also affect the demand for housing in Ventura County and the nation.

November saw an increase in the foreclosure rate for the County of Ventura by 19%. This includes notices, filings and actual foreclosures by the banks. However, the number of homes foreclosed on did decline. In an effort by lenders to help stabilize the housing market, more lenders are stalling foreclosure proceedings while considering work-out plans with distressed homeowners,. Foreclosures are expected to peak (nationally) in mid-2009.

Interest rates are currently being offered at rates not seen since the 1940's and 50's. Today's rate is quoted as 5.19% according to Realty Times. Loan points are being offered at less than 1%.

A turn-around in the national housing market is expected by mid-2009. Much will depend on consumer confidence which has increased markedly since the election. The actions of Congress and the Obama administration will determine the rest. It is hoped that Congress will help stem the tide of foreclosures by requiring lenders to be more cooperative in loan work-out plans with distressed homeowners.

The Federal Reserve has shown its commitment to resolving the tightened credit market and housing crisis by it's recent action of lowering it's key interest rate to 0 - .25%. This was an historic move on the part of the Federal Reserve.

It is anticipated that the lowest interest rates in 37 years and housing affordability (2002 prices) will continue the trend of increasing sales in 2009. More buyers are adopting a "buy now" attitude rather than a "wait-and-see" one. Savvy buyers are aware of the advantages of buying in today's market.

Remember that real estate is very local, changing from neighborhood to neighborhood. For the best values that meet your needs and budget, contact a trusted Realtor®.

Are you looking for a special dinner experience? Ventura has several restaurants offering a festive menu exclusively for Christmas Eve diners. Here is just a sampling of what is on the menu in Ventura tonight (Christmas Eve 2008):

Brooks Restaurant (545 E Thompson Blvd, Downtown Ventura): For $65/person ($95 with wine pairings), Chef Andy Brooks has put together a wonderful 5 course meal exclusively for Christmas Eve diners. Dinner includes wild mushroom soup, pumpkin and smoked duck fritters, baby arugula and fennel salad, butternut squash ravioli, smoked BBQ filet of beef tenderloin, lobster pancetta potato puree and pumpkin cheesecake. For more information and to make reservations, please call 805-652-7070.

71 Palm Restaurant (71 N Palm Street, Downtown Ventura): Chef Didier has created a Christmas Eve dinner special menu that includes sauteed duck foie gras with fresh asparagus and raspberry sauce, prosciutto wrapped diver scallops with roasted garlic sauce, free range Canadian goose with wild rice stuffing, duck a l'orange, grilled venison medallions with peppercorn port sauce and roasted apple and lobster tail with grilled petit filet mignon (surf and turf) with chocolate creme brulee. For more information and reservations, please call 805-653-7222.

SideCar Restaurant (3029 E Main St, Ventura): Christmas Eve dinner is a 4 course specially-prepared meal for $45 per adult and $15 per child. Seating is limited. Please call 805-653-7433 for more information and to make a reservation.

Prime Steakhouse & Winebar (Thompson Blvd in Ventura): For only $25 per person, you get a 4 course dinner and festive holiday music. The menu consists of shrimp scampi, house salad, prime rib, stuffed salmon, mac and cheese, garlic mashed potatoes, asparagus and mango brandy sauce over vanilla bean ice cream for dessert. For more information and to make reservations, please call 805-652-1055.

If you're too busy for Christmas Eve dinner, Alexander's at Four Points by Sheraton and The Pierpont Inn both are offering Christmas Day menus. Alexander's has a champagne brunch buffet that includes seafood, turkey and trimmings, prime rib, salad bar and omlete, waffle and dessert stations. For more info, including prices, please call 805-658-2000. The Pierpont Inn offers a Christmas Day lunch and dinner from 12-6pm for a turkey or prime rib dinner. For more information, including prices and reservations, please call 805-643-6144 ext 144.

Happy Holidays, everyone!

Actually, it was a green, green Christmas Parade. The 47th Camarillo Christmas Parade was decidedly green this year. The theme of the parade was "A Green Christmas". Not green as in Christmas tree green, but green as is environmentally conscious green.

Marching bands and floats were decorated with plastic bottles and recycled items. The environmental theme provided a fun twist to the annual parade, delighting everyone with the creative thinking of the parade participants.

The San Gabriel High School marching band showed their creativity by attaching cans and bottles to their tubas and drums. Scripps Ranch High School wore mismatched old band uniforms from years past. Valencia High School showed their practical environmental mindedness by wheeling bins along the parade route so that parade spectators could dispose of their bottles and cans.

The float designers were as creative as the marching bands. The winner of the Sweepstakes Float Award was a pushcart with a rotating tree made of 1,000 plastic bottles. All components of the float were recycled parts. The push cart was powered by congregational members of the Peace Lutheran Church of Camarillo. The float was titled "Heavenly Peace".

Another creative float, "Leave No Trace" was entered by the Cub Scout Pack 3858. The float featured a soda can Christmas tree. The decorations for the float were made from magazines, plastic bottles and aluminum cans. The Cub Scouts took the green theme a step further and for two months before the parade collected recyclable items. When the parade ended the scouts crushed all the cans they had collected and boxed them up. The boxes of cans will be taken to a recycling center. The funds earned will then be given to a charity.

The 47th annual Camarillo Christmas Parade also featured a Marching Band competition and carnival. The marching band competition was held before the parade began. The carnival was held after the parade at the Camarillo Community Center Park. The carnival featured games, live music, vendor booths and a large variety of great foods.

If you are wishing you could have seen this holiday environmental themed parade, wish no longer! The parade will be televised this Saturday (December 20) at 7p.m. on the Time Warner Cable Channel 25.

Float and Band Award Winners

If you would like to particpate in Camarillo's 48th Annual Christmas Parade (December 12, 2009) you can call the Pleasant Valley Recreations and Parks Department at: 482-1996 ext. 18. They will be able to answer any questions you may have and give you information on volunteer opportunities.

The City of Oxnard has several Christmas celebrations on its calendar; but for today and tomorrow only you can experience the Holly Trolley Tour.

The Holly Trolley is a narrated tour on an open-top double decker trolley. The Holly Trolley tour begins at downtown Oxnard's "A" Street and includes a stop at Heritage Square with two homes featuring Victorian Christmas decor, a ride down Christmas Tree Lane and a stop at Plaza Park which will be hosting the Winter Fantasy Music and Light Show. Reservation are strongly recommended, so be sure to call 805.385.2706 for availability. Tours leave at 6 p.m., 7 p.m. and 8 p.m. Tickets are $5.00 per person (5 and under are free). If you are dining in downtown Oxnard before the tour be sure to take your receipt with you as you will be eligible for a special gift. Those taking the tour will receive hot chocolate and cookies at the homes in Heritage Square .

The Winter Fantasy Music and Light Show will run from now until (including) January 1st (5 - 10 p.m.) at the Plaza Park Pagoda. The show is a computer generated synchronized light and Christmas music extravaganza. computer-generated music and light show comprised of Christmas songs, animated characters, holiday trees, strobe lighting and 30,000 multicolored lights. You will be dazzled by the strobe lights, lighted holiday trees, animated characters and music during this awesome show.

Christmas Tree Lane is located in the Henry T. Oxnard Historic District. More than 100 homes along "F" and "G" Streets have been decorated by the owners with lawn displays and lights. Christmas Tree Lane is visited by more than 10,000 people each year, it is that incredible! The last day to enjoy this special treat is December 26th.

Another holiday special you will not want to miss is the stage play "A Christmas Story" which is based on the film classic (of the same name). The performance is presented by the Elite Theatre Company. Reservations are recommended. For information, call 805.483.5118 for show times and availability. The play will run until December 21.

A new event this year is the First Annual Santa to the Sea Half Marathon. Santa to the Sea is a fundraiser which helps to raise money and collect toys for needy children in Ventura County . The marathon is scheduled for this Saturday. You can find the details here.

On Saturday you can also experience the wonderful 43rd Annual Parade of Lights at Channel Islands Harbor . The boat parade begins at 7 p.m. but there are day long activities which begin at 10:00. If you are wishing that your children could experience a white Christmas, you will surely want to attend as there will be 25 tons for snow for the kiddies to play in. Mr. and Mrs. Santa will be there and so should you.

The Oxnard Police and Fire Departments will be hosting the Santa Float Tours. There are several locations and dates beginning on December 17th. To find the location nearest you, just click here.

Take advantage of all that the wonderful and beautiful City of Oxnard is offering you this holiday season.

There are two holiday traditions that will take place in Ventura this weekend. The Pacific View Mall will host its annual holiday celebration on Saturday with 30 tons of snow and fireworks! Of course, Santa will be there. He has the very special honor of lighting the Community Tree. The event will also feature music, community performances, children's crafts and great food.

Children can frolic in the snow from 2 p.m. to 6 p.m. on Saturday (December 6, 2008). Bring all the children from zero to 12 years of age for a very fun-filled afternoon. Two areas have been designated for the children to enjoy their snow day; ages 5 and under will play in one area while those ranging in age from 6 to 12 years will play in another.

The "Holiday Traditions Ventura Style" event at the Pacific View mall will be held in the Community Plaza located at Lemon Grove Avenue and East Main Street . A special holiday canned food and toy drive will be held during the event. Toy donations will go to the Children's Services Auxiliary and the canned food will be given to Food Share. A $5.00 gift card will be given to anyone who donates a toy and two cans of food.

The second event will be hosted by the City of Ventura when it holds its annual Holiday Street Festival on Sunday (December 7) between the hours of 10 a.m. and 4 p.m. It is expected that approximately 50,000 will flock to Ventura 's Downtown Cultural District for the event.

Ventura 's Holiday Street Festival is the largest street festival in Southern California , covering nine city blocks. The Holiday Street Festival offers great gift ideas at the many arts and craft booths. Of course, no festival would be complete without live entertainment and food of all varieties.

There is no entrance fee and a free shuttle service from the Ventura County Government Center to the festival is available.

Dave and Pat