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Welcome to my first quarterly Real Estate newsletter. My goal of this publication is to providevaluable information to my clients, family and friends about the Real Estate market, economyand our local communities. I will also have some lighter information such as updates about mylife, fun stories, etc. This is a long overdue goal of mine and am glad I can now get this informa-tion to you. Any suggestions that would make this publication more valuable to you and your family and friends are greatly appreciated.I do not intend this to be a marketing pitch like other generic newsletters you may receive, butrather an information source compiled by me that I think will add value to you, your family andfriends. I write these articles utilizing data from multiple sources, experiences from my dailyactivities and listening to my clients’ actions and concerns. I hope you enjoy my newsletter!
Inaugural Issue
Inside this issue:
Inaugural Issue
1
Los Altos At a Glance
1
Really, where is the RealEstate Market?
2
New Laws in 2007
2
What are the Signs of aChanging Market?
3
 A Real Slip and FallCase
3
Current NeighborhoodStatistics
4
December 1, 2006Volume 1, Issue 1
Quarterly Review
Catton Properties
My intention is to have an ongoing section highlighting our communities. This quarter I amhighlighting Los Altos and their planning strategies.1) Charities Housing has a proposal in process for the old Echo site on Miramonte in LoyolaCorners. They intend to have a mix of residential and retail space, which is a style growingin popularity. There have been a number of meetings with the Planning Commission andsome changes are being made to fit within the neighborhood requirements. The develop-ment will include 14,290 square feet coverage with 2,800 square feet of retail space. The 30feet high building will consist of two parking garages with twenty-five spaces and thirteencondos on the second floor totaling 9,774 square feet.2) Silverstone Communities proposal for the 2.2 acre Red Lobster and Round Table Pizza sitesat the corner of El Camino and Los Altos Avenue was approved by Planning and Council.The seventy-eight unit development will include one, two and three bedroom condominiumsand sixteen two-story three bedroom town homes. The condominium building will standthirty-five feet high and the town homes twenty-seven feet in height. Eight of the units will be below market rates with a mix of one and two bedroom condominiums.3) Plans have been submitted for the redevelopment of a two-story office building on San An-tonio near the corner of Pasa Robles, including a few of the buildings in the Los Altos Gar-dens. This is in the infant stages with the town and I am sure that I will hear more about this project in the coming months.4) The downtown is a constant area of discussion amongst the residents. There are many opin-ions as to how the area should evolve, but unfortunately there is no one clear strategy thusfar amongst the decision makers.
Los Altos At a Glance...
Nicholas FrenchBroker Associate4906 El Camino Real #2Los Altos, CA 94022650 773 8000 (cell)650 961 2338 (office)650 961 5238 (fax)nfrench@cattonproperties.com
 
I do not believe a legitimate expert would argue that the national Real Estate market has not beendeclining over the past several months. We are experiencing record declines in prices and salesin both new and existing properties in certain parts of the country, but remember that these samedeclines are following historical increases in generally the same regions.According to the Office of Federal Housing Enterprise Oversight (OFHEO) data, the Metropoli-tan Statistical Areas which increased over one-hundred percent over the past five years are cur-rently experiencing the greatest declining markets. Many of these locations include parts of Florida, Washington DC, Nevada, Southern California and the Central Valley. I think it is inter-esting to point out that the Peninsula and South Bay had about a fifty percent increase in thesame time period. In my opinion, under the same economic conditions our declining market willsee a much lower percentage drop than other regions.The California Association of Realtors is forecasting a decline in the regions such as SouthernCalifornia and the Central Valley greater than the state as a whole. This is good data for yougiven that we are in an area quite unique from other regions. But do take note that even our ro- bust area suffers historical declining markets. Granted these declines are generally less severethan other areas, which supports that our area is a great place to safe-guard your money.
AB 1169
60-Day Notice to Terminate Lease—This law reestablishes the sixty (60) day noticewhich is required by landlords to give to residential tenants on periodic leases (e.g., month-to-month lease) when the tenants have been living in the property for at least one year. This lawmaintains the exception of a thirty (30) day notice for certain qualifying properties for sale.
AB 2618
Small Claims Court—This new law increases the jurisdictional limit in small claimscourt to $7,500 on certain issues, which were left unchanged when general limits increased from$5,000 to $7,500 last year.
SB 1607
Property Tax Reassessment Exemptions—This new law clarifies certain exemptionsfrom property tax reassessments. Most importantly, it clarifies that the exemption for transfers between grandparents and their grandchildren will be liberally construed.
Really, where is the Real Estate Market?New Laws in 2007
Page 2
Quarterly Review
For all of youthat drive whiletalking on thecell phone -
new state legislation prohibits talking on the phonewhile driving unless using a“hands-free”device. The fine for a first offenseis $20, each subsequent fineis $50. Theseinfractions will not beconsidered a point on your driving record.SB 1613 Effective July 1,2008
Metropolitan Statistical Area Appreciation Rates
 
MSA
 
1-yr 
 
Qtr 
 
5-yr 
 
Bakersfield, CA
 
22.24
 
2.26
 
143.31
 
Fresno, CA
 
17.04
 
0.93
 
143.21
 
Riverside- San Bernardino, CA
 
17.72
 
1.75
 
141.19
 
Miami- Miami Beach-Kendall, FL
 
25.36
 
4.72
 
137.85
 
Los Angeles- Long Beach, CA
 
19.19
 
2.2
 
135.95
 
Fort Lauderdale- Pompano Beach, FL
 
20.83
 
0.69
 
134.52
 
Palm Bay- Melbourne, FL
 
16.63
 
0.71
 
127.72
 
Modesto, CA
 
13.62
 
0.1
 
119.35
 
Deltona- Daytona Beach- Ormond Beach, FL
 
23.23
 
3.57
 
119.01
 
Washington DC- Arlington, MD WV
 
15.67
 
1.79
 
111.74
 
Winchester, VA WV
 
16.96
 
2.2
 
106.58
 
Las Vegas- Paradise, NV
 
11.87
 
0.57
 
106.57
 
Reno- Sparks, NV
 
8.78
 
-0.85
 
106.16
 
San Diego- Carlsbad, CA
 
5.61
 
0.15
 
104.3
 
Sacramento- Roseville, CA
 
6.51
 
-0.38
 
102.96
 
Phoenix- Mesa- Scottdale, AZ
 
26.1
 
2.9
 
100.61
 
San Francisco- San Mateo- Redwood City, CA
 
9.27
 
1.23
 
58.05
 
San Jose- Sunnyvale- Santa Clara, CA
 
10.29
 
1.79
 
46.89
 
* data released September 5, 2006, OFHEO
 
 
How healthy is the Real Estate market? Are we in a Buyers market?Where is the market going? These common questions and the opinionsthereafter generally use a set of indicators to forecast the health of theReal Estate market. I would like to share some of these indicators withyou, so that you too can watch the signs of the market.The indicators below are used on a national level and some may not be assignificant to our area such as the new home sales. If you would likemore information about these indicators or any other questions please feelfree to contact me.
Monthly Inventory
 – Indicates how long the current inventory would last on the market giventhe current sales rate
 Housing Starts
– literally this is the number of new homes started in a given time. You will seethis figure is closely correlated with the builder’s confidence; as this number lowers they aresignaling lower confidence in the near-term growth
New Home Sales
– Defined as a new home with an accepted deposit or signed sales contract
Existing Home Sales
– Measures closed transactions of existing single-family homes, town-houses, condos, etc. In my opinion this is a better indicator of affordability than new home sales
Median Sales Price
– Price point where half of the houses sold in that period are at a higher  price and half are at a lower price
Affordability
– I argue one of the most important indicators for forecasting. This tells us howexpensive properties values are in relation to household incomes
Mortgage Defaults
– Measure indicating how many borrowers are having trouble meeting their mortgage obligations. As the figures rise it is typically associated with a weakening economyAn inmate in Decatur, Georgia found himself before the judge sooner than heexpected when he fell through the courthouse ceiling into the judge's chamberswhile trying to escape, according to local police.The not so light footed inmate, Ben N. Rogozensky, was one of about a dozeninmates awaiting hearings on September 6, 2003 when he was taken to theempty jury room to speak with his attorney.The inmate asked to go into the adjacent restroom and from there staged his ill-fated getaway, climbing into the ceiling crawl space.State Court Judge J. Antonio DelCampo was in the courtroom when the barefoot Rogozenskyfell through the ceiling and landed near the judge's desk in his chambers.A technician who was fixing the judge's computer called for security officers, who grabbedRogozensky in the hallway.Source: St. Petersburg Times, AP, "Inmate Falls Into Judge's Chambers," September 9, 2003.
What are the Signs of a Changing Market?A Real Slip and Fall Case
Page 3
Volume 1, Issue 1
Fun Facts:
According toHallmark, theaverage personreceives eightbirthday cardsannuallyIn the U.S., themost commonexcuse madeto get out of apaying a ticketis to say theymissed the signThere are over 1,000,000swimmingpools inFlorida, eventhough theocean is nofarther than 80miles away
 
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