How to Boat Where the Fish Go in Florence Oregon: Docks, Wharves, Water Sport Stuctures, Oh My!

How to Boat Where the Fish Go in Florence Oreogon: I attended a seminar put on by the Oregon Department of State Lands this week and learned a lot about wetlands, submerged and submersible land and structures on them. Turns out, folks must register boat docks, floats, boat houses, floating cabins, water sport structures, revetments, attenuators and retaining walls that are on state-owned submerged and submersible land. Whew! That was sure a mouthful. The state has a way with words, doesn't it? Here's the easy skinny: A water sport structure includes water ski buoys, jumps and ramps; kayak race gates and so forth. The cost of registration ranges from $125 to $350 depending on the structure and its size. The registration must be renewed every 5 years. You have to submit the names and addresses of your neighbors, those owning riparian land within 200 feet of your structure, along with their comments for and against with your application. The department may deny your registration if your neighbor has a legitimate bone to pick with you, for example, that your dock interferes with their fishing or recreation. The state won't deny you if the neighbor doesn't like the color you picked, however. If your dock gets washed away, you can replace it with the same size and use structure. You can't make it bigger or change the location or way it was used. Gaming the system is "no win." You can even submit a registration for a structure that is shared with your neighbor, including a floating recreational cabin. If you need more info, take a look at http://www.oregonstatelands.us/. Florence Oregon has some 18 lakes plus the Siuslaw River, and the mighty Pacific beyond, all full of fish and fun to boat and float and have a home on. I have a pamphlet which describes all the lakes and the types of fish they have along with a photo of each lake. I can send you a copy by snail mail or better yet, take a look at the pamphlet on my website, http://www.oregonflorencerealestate.com/ Wondering about the photo? It's the beautiful Florence harbor, marina and boardwalk.

My Favorite Small Homes in Florence, Oregon

There are two small homes in the greater Florence area that I just love. The first one is on W. 17th Street. Although it was built in 1954, it has been completely remodeled and when I say completely, I mean completely: new roof, new shake siding, new windows and trim, new garage door, new cabinets, new appliances, new flooring, new plumbing and most electrical. It's as cute as a small home can possibly be. It is 1008 square feet and is located across from Miller Park and a walking trail to take your dog and only 17 blocks from all the restaurants and boutiques of Old Town Florence. Take a look at it: http://preview.tinyurl.com/yhn7h8c. The second home that I love is north of the Florence city limits by about 10 minutes, ensconced in Western Red Cedar and Sitka Spruce. It's 896 square feet with two bedrooms and one bath located steps from Mercer Lake. It has new everything--plumbing, septic, electrical, cabinets, you name it. Built in 1966, it has a 2-car garage and plenty of room for parking. It's fully furnished and would make a great vacation home as well as an income property. You can see it at
http://preview.tinyurl.com/y8ten99. So if you're ready to downsize, you won't go wrong with these two cuties. Looking for something a bit bigger? We've got brand new small homes too. One that's soon to be built in town is listed at $169,900. And you get to pick out the color granite! That's right: granite. Want to know more? Email me at hope@hopemacmanus.net, www.oregonflorencerealestate.com, www.twitter.com/Florence_OR.

Florence Oregon Neighborhoods, Part 5: Munsel Creek Estates

One of my absolute favorite in-town neighborhoods in Florence is Munsel Creek Estates, a small cul-de-sac subdivision of 35 lovely homes built in 2003 to 2005. The homes are all one story except one and range in size from 1700 square feet to 2200 square feet. Lots are just shy of one quarter of an acre, large enough to garden, low maintenance landscaping already in place. I think the reason that I especially like this subdivision is that all the homes are gracefully placed on their lots, are very well kept and the subdivision is tucked away and quiet. The developer left some large trees, a sought-after feature for many who move to Florence. In addition, the homes are different from one another but harmonious. Munsel Creek runs along the northern edge of the subdivision and makes a nice destination for a dog walk. Munsel Creek Estates begins at 13th Street, making it only 13 blocks from Old Town Florence's boutiques, yummy restaurants and harbor, an easy walk or bike along pretty flat streets or along the Munsel Creek bike path. Since Munsel Creek Estates is located on the east side of highway 101, it's sunny when subdivisions at the beach are fogged in and it's a little warmer, making it more likely that you'll get a good crop of strawberries and fat squash in the summer. Since it's a small neighborhood, all the neighbors know one another and virtually every home is owner occupied, an added plus. Homes are not that frequently on the market. There's is only one for sale right now:
http://preview.tinyurl.com/yb4h4aq. If you'd like to stay in touch with this neighborhood's sales, let me know and I'll email you future listings as soon as they come onto the market. http://www.oregonflorencerealestate.com/, www.twitter.com/Florence_OR

Things to Do: 17th Annual Pow-Wow

Now here's something fun and FREE to do in Florence. Everyone is welcome to attend.The 17th annual pow wow to benefit the Native American Education Programs in three area school districts--Siuslaw, Mapleton and Reedsport--is scheduled for Saturday, March 20th at Siuslaw Middle School on Oak Street. The Grand Entry is at 1:00 and 6:00 pm. The pot luck is at 4:30 pm. There's open drumming, Native American arts and crafts and much more. Dancers and drummers from all over Oregon and surrounding states come to this community for the pow wow. Any proceeds go to the Native American Education Program Parent Committee fund to help enhance the program. The Native American Education Program is a two part program with the schools districts. The first part is scholastic: children are helped with their school work and encouraged to stay in school. The second part helps students understand the culture and traditions of their ancestors. The program teaches respect of self, others and the world around. Now what could be a better accomplishment than that!

My Favorite Neighborhoods, Part Four: Golfing

There are two golf courses in Florence: Sandpines Golf Links http://www.sandpines.com/index.php and Ocean Dunes Golf Links http://www.oceandunesgolf.com/. Both are surrounded by lovely homes. Sandpines is still in the process of being developed with plans in process for townhomes and additional single family residences. Sandpines has a stunning Northwest Lodge style clubhouse with a restaurant, Tavolo's, which is open to the public serving Northwest style fare such as halibut, steak and a vegetarian pasta primavera. The Bistro at Ocean Dunes is also open to the public and offers unusual dishes like roasted beet and arugula salad. Neither golf course neighborhood has very many homes for sale at the moment. Sandpines has four ranging in price from $327,000 to $699,800 (this one has a fabulous view of the greens, high end finishes throughout and an elevator). Home Owner's Association dues are only $240 a year which includes road and gate maintenance. Ocean Dunes has two homes priced at $369,000 and $439,900. Some of my favorite homes in Ocean Dunes are the Cottages, a gated planned unit development of generously sized homes (2200 square feet is not unusual), some of which have a pond view. Home Owner's Association dues are $75 a month and include power washing once a year and window washing twice a year in addition to the usual road maintenance and so forth. Both golf courses are within the city limits, are on city services, and are close to shopping and all of Florence's wonderful ammenities like boutique shopping in Old Town, the beach and Freddies, our extraordinary grocery, department store and coffee shop. So if golf is your passion, if you want to look out on the greens while you sip that Cup of Joe, you have two beautiful places to choose between. You can view these homes on my website: www.oregonflorencerealestate.com

Pick of the Week: Darling Ranch on a Quiet Neighborhood Street

I'm positively in love with a charming ranch style home and just have to write about it. It's sweet, TOTALLY remodeled, on a quiet street across from Miller Park and the city's bike and walking path. http://tinyurl.com/yhn7h8c When I say totally remodeled, I mean new roof, new shake siding, new windows, new garage door, new cabinets, appliances, fixtures, lights, carpeting, vinyl, plumbing, electrical. Is there any more? Oh, the landscaping! So if you are serious about downsizing, living small, embracing the new ethic in housing and getting away from it all, this just might be the house for you. I spoke with the listing agent who told me that the owners bought it to remodel and re-sell. They're loan is due and they are VERY motivated to get it sold so I suspect there's still room for negotiation. If this cutie is not quite right, I've got another couple of small clean homes I can tell you about that'll bowl you over. Remember, the $6,000 tax credit for home buyers with existing homes runs out soon, so make your move and pocket a cool bunch of greenbacks. You won't be sorry. www.oregonflorencerealestate.com, www.twitter.com/Florence_OR

What to Look for if Sunshine and Warmth are MUST HAVES

On our first visit to Florence from North Carolina in January 2004, our real estate agent told us that there are people who move to Florence seeking a small coastal town with natural beauty and the ambiance of Old Town. Florence has all that and more. But, he said, some leave after five years, seeking warmer temperatures and more sunshine. Well, Florence has warmth and sunshine too, but to find it in spades, those looking for the perfect home need to be experts about the area's many micro climates. Here's what I mean: most people think they want to live close to the beach, maybe even within walking distance. What could be finer? Well, here's some little known facts to consider about beach area living in Florence. In the summer, the prevailing winds are from the north, and let me tell you, that northern wind is chilly: the air temperature may be a perfect 70 but the northern wind makes it feel as though it's 40. In fact, it's often warmer on the beach in January than it is in July because there's no wind in the winter--I'm talking shirt sleeve warmth. Florence's winter weather is one of our best kept secrets. Here's another little known fact: if you're strolling the beach after noon in the summer, you're likely to get a free facial microdermabrasion because of blowing sand, so you learn to take your stroll at 10:00 a.m. and 5:00 p.m when the wind is calm. And then there's the summer fog: the fog line often hangs a half mile inland and follows the river all the way into Old Town Florence. Sometimes the fog doesn't lift until noon. Fog is cold. So all this means, if you want plenty of sunshine, don't live right at the beach or close to the river. Many people prefer living on the east side of highway 101 to be sure of sun because they're out of the fog line. Now to find warmth, that's a whole other story. Would you believe there are homes at the beach that are situated so perfectly that you can go out on your deck on a sunny day when the fog has lifted in a bikini and be perfectly warm--and tanned! You can even grow--and ripen--tomatoes, which for most places in the greater Florence area is a real art. Many people who want to be out of the wind and the fog and want to grow a garden live in the so-called banana belts north and south of the city. I have a friend who grows tomatoes as big as my two fists and zucchini like watermelons who lives on an acre in the south lakes area. He gets temperatures 80 to 85 degrees consistently in the summer. And I live 10 minutes north of Florence in the banana belt. However, I can't grow tomatoes because my home sits on top of a ridge and doesn't get nearly as much warmth as I need and can be breezy. But my neighbor below me has a home that is snugged into a sunny spot and she grows a huge organic garden with enough veggies to can and freeze. So it all comes down to this: unless you plan to spend lots of personal time trying to find out everything there is to know about Florence's microclimates, you'd be best served by finding a real estate agent who is a microclimatologist. Want to know more about Florence's weather? I have a chart of prevailing temperatues I can send you or look at the chart on our website, http://www.oregonflorencerealestate.com/.

Florence Named Number One. Again.

Florence was named THE number one retirement community by "Retirement Places Rated" in August 2004. People flocked to my town, Paradise on the Pacific, driving up real estate prices. New homes popped up overnight, like mushrooms after a good rain in our beautiful forests. Five years later, Florence has been named to another List: "8 Fantastic Coastal Sites with Bargains," according to "Where to Retire," January/February 2010. The magazine's subtitle for their article is "Ready for the Rebound: Hot Spots for Retirement Real Estate Discounts." Florence is included with Barnstable, MA, Hilton Head, SC, Whidbey Island, WA and Oceanside, CA, among others. Pretty good company, I'd say. Not only that, our median sales price is much lower than all of these towns, coming in at $205,000 for the fourth quarter of 2009. And we've got brand new homes starting at $180,000. There are lots of folks wandering Bay Street, picking up real estate information and dreaming of relocating, enjoying a phenomenally warm and dry winter, and beginning to learn some of the secrets of my home town. Welcome, all of you! Read the full article at www.oregonflorencerealestate.com under Retirement Living.

My Favorite Neighborhoods, Part Three: Ocean View

Everyone who comes to Florence asks about property that's water view. That makes water view property especially valuable and therefore especially pricey. That said, there are water view properties that may be attainable for you. One of my favorite water view neighborhoods is Southview. Located about 7 miles north of Florence, Southview is located on a high bluff overlooking the Pacific. Many of the homes are positioned such that they can view the coastline south as far as 15 miles on a clear day. Right now there are three homes for sale ranging in price from $899,500 to $1,495,000 and ranging in size from 3,000 to 6,500 square feet. It's the most spectacular views in the Florence area. If you're looking for peace and quiet the WOW view and a beautiful neighborhood not far from shopping, they don't get any better than Southview. Now my favorite "affordable" ocean view neighborhood is Rhodoview Dunes. There are three homes for sale ranging in price from $349,900 to $499,000. These homes have views of the City of Florence, the dunes, the Pacific Ocean and in some cases, the Siuslaw River. They sit on a small ridge inside the city of Florence limits so have all city services like water, sewer, and so forth and are only a few minutes from great shopping at Fred Meyer. Kla-ha-nee is an ocean front/ocean view gated community. The ocean is only steps away from any of the homes in this neighborhood. There is only one home for sale right now and it's listed for $679,000. Fawn Ridge West is Florence's newest ocean view gated community. The homes being built there are all custom homes. There's only one for sale now, though there are lots for sale. The ocean views on this home are fabulous and yet you're out of the tsunami zone. The home is listed for $895,000 and it's a real bell ringer. Now apart from these planned neighborhoods, there are stand alone homes that have ocean views too. Take, for example, one on 3rd Avenue at Heceta Beach, priced at $699,000 with panoramic ocean views and a really short walk to the Beach. With nearly 3,200 square feet, it's not a bad deal, especially if you enjoy beachy rusticity. If the ocean isn't your favorite water, then the Florence area has river and lake views. I'll be blogging about those in future posts.

Commercial Property for Sale in Florence

I've just completed a cursory study of Florence commercial property for sale. Here's some observations. The least expensive property is a 40' x 40' airplane hanger at the Florence Airport on land leased by the City of Florence. Current lease is $386.56 annually. Schweiss bi-fold electric door is approx. 9'4" high and 37"6' wide. Seller financing to qualified buyer. All this for $50,000. And the most expensive property is $2,299,000 and consists of the Bead Warehouse with a half a million dollars worth of inventory and excellent income AND Town Center Condominiums built in 2007 which has 10 single level units with attached garages, all two bed and two baths. There's also a great Italian restaurant in a remodeled bungalow just off of highway 101; and the building that houses Florence's only organic restaurant is for sale for a mere $175,000 and it's smack dab on 101, so has great drive-by traffic. There's a couple of buildings in Old Town for sale, including a Bed and Breakfast in a Craftsman style home and a darling historic building on a double lot with room for expansion. Want a motel? Or an RV storage park? Or how about a very profitable bar? You name it. We've got it. The selection of commercial property and businesses for sale in the Florence area has never been better. Just ask me about it.

Who Owns Oregon's Beaches

Oregon has nearly 363 miles of pristine, public coastline beaches. Or does it? The Oregon Beach Laws of 1967 and 1969 protected the public's right of access to the free and uninterrupted use of Oregon ocean beaches and regulated the use of motor vehicles on the beaches. Now the U.S. Supreme Court may have something to say about that. A case from Florida being argued today pits the state's need to prevent beach erosion against the rights of property owners to keep ownership of the land at the water's edge. Property owners bringing the case claim that new beach laid down through the State's beach replenishment program, is theirs. The State says the property owner's property line hasn't changed with the addition of more beach. It's just that they have more dry beach now. The real issue is that property owners don't want the general public to use the new beach area, in essence preserving the beach as their own private domain. Now it's up to the supreme court to decide if the State of Florida judicial system acted unconstitutionally by making a ruling which resulted in an unconstitutional taking of private property. The Florida Supreme Court says that the beach replenishment is just "the state's constitutional duty to protect Florida's beaches in a way that reasonably balances public and private interests." When new beach is created, property owners' rights haven't changed: they can still get to the ocean and see the water. The court also said Florida common law has never provided the landowner a right to own the emerging land as their own property. Now the U.S. Supreme Court — including at least one justice who owns a vacation house on the water — will make a ruling. The decision might make big changes for Oregon's beautiful public beaches--and not in a good way.

My Favorite Neighborhoods, Part Two: Greentrees Village

Greentrees Village is one of two over 55 gated communities in Florence. Greentrees residents enjoy the privileges of owning both their home and their land. Established in the early 70's, Greentrees has about 700 homes located east and west of Rhododendron Drive perhaps a mile from highway 101 near Old Town. Some homes on the west side are river front where owners have a spectacular view of the Siuslaw River and the ocean dunes. These home owners have their own beach available to them, especially at low tide. For those residents who don't own river front property, there is river and beach access for all residents who want to take advantage of Greentrees' fabulous location. Greentrees Village has so many advantages and amenities, it's hard for me to decide which I love the most. Perhaps it's the two swimming pools, pool table, sauna, tennis courts, library, popcorn machine, club house and so forth. Or maybe its all the fun events that one resident or another sponsors. Check out their calendar at http://www.greentreesvillage.com/ Or maybe it's one of the many clubs. Perhaps the well-kept pet-friendly streets where the speed limit is 10 mph. Or the native vegetation that must be kept as a visual barrier between homes. Perhaps the flock of wild turkeys that stand in the road. Or maybe it's the price of homes ranging from $75,000 to $322,650. There's a home in most every one's price range. I am particularly impressed with what's covered in the $146.00 a month home owner's association fees: maintenance of all the recreational facilities and the club house; the beach access; paving and maintenance of private roads; garbage collection; water and sewer; basic cable; and of course staffing. There's not a better deal anywhere else in friendly Florence, Oregon. I've represented several buyers who now are happy home owners in Greentrees Village. And soon one of my buyers, who has just sold her home in Oklahoma City will be one of the newest residents of Greentrees. All my buyers would be so pleased to speak with anyone thinking of relocating to Florence about the joys of living in their neighborhood. Just email or call me, and I'll put you right in touch with them.

My Favorite Neighborhoods, Part One: Heceta South

Florence, though a small town, includes areas and subdivisions both north and south of the Siuslaw River bridge, all with unique neighborhoods with their own style, ambiance, amenities and microclimates. One subdivision near the beach but out of the tsunami zone is a favorite of mine: Heceta South. Perhaps its distinguishing feature is the size and character of the lots, which range from .4 acres to .8 acres and are heavily vegetated with native plants and trees, primarily salal and shore pine. The CCR's require a 10 foot vegetative buffer around the perimeter of each property and that's such a good thing. Not only does it preserve native vegetation which provides food and shelter for animals large and small, like bear, deer, chipmunks, squirrels and birds, but it also acts to retain fragile beach area soils from washing away, acts as a rain filter, looks beautiful and, not insignificantly, acts as a wind break for our summer winds from the north and from our infrequent winter storms from the south. The homes in Heceta South are all custom built, so no tracts of the same design here. Home sizes range from about 1,800 to 3,000 square feet. Since there are only two access roads into the subdivision, the whole neighborhood is one big cul de sac with wide streets that are perfect for jogging, biking and walking. Most streets are either flat or sloped gently. Though there are a few second homes, most homes are owner occupied with very few rentals. What few rentals there are tend to be long-term rather than vacation rentals. Properties are very well kept, many with lovely landscaping, some with vegetable gardens planted with blueberry bushes and cool weather crops which do especially well in the prevailing temperatures in and around Florence. I am particularly fond of two homes that are for sale now in Heceta South. One is a short sale, particularly well-priced at $299,000. http://preview.tinyurl.com/y9tnud3 My favorite characteristic of the home is the cathedral ceiling in the living room with floor to ceiling windows that look out at a sea of green. My other favorite home is probably the most interesting home architecturally in Heceta South: http://preview.tinyurl.com/ye4ftzr It reminds me of a ship at sea with all the different windows and roof lines. It has 7 decks, a 3/4 acre lot on which live fascinating wild life, hardwood floors, a backyard Zen garden and so much more. If you want the best of living close to the beach without the disadvantages of being oceanfront, this neighborhood is the perfect choice.

Relative Humidity and Mold on the Florence Oregon Coast

I went to a Home Inspection seminar recently conducted by a licensed home inspector who has 30,000 home inspections under his belt. I learned some great facts that affect homes on the Florence Oregon coast. 1. If wood has an 18-20% moisture content, you get rot. 2. You can rent a machine at Florence Heating that pumps hot air into a space to dry it out. 3. There is a 19 gallon moisture loss in a 1,000 square foot area of exposed soil in 24 hours. 4. A good website to look at is www.advancedenergy.org. Click on "buildings," then "Knowledge Library," then "Crawl Spaces." Their research shows that keeping crawl space vents closed keeps the space drier and therefore less likely to have mold/moisture problems. Great information throughout this site, so tootle around to learn lots of good "stuff." 5. There were only 8 days in the first half of 2009 when the relative humidity in the Florence area did not exceed 80% at some point during the day. There were only 7 days when the dew point i.e. condensation, was not achieved at some point during the day. Moisture condensation can lead to mold, rot and insect infestation. Florence is humid. So don't vent your crawl space. Learn the latest on how to keep your crawl space dry and how to build a home so that the crawl space is sealed properly and kept dry to begin with. Need more information? You can contact Charlie Rouse directly 503-708-3211 or email him at charlierouse@comcast.net

Distressed Properties in Florence, Oregon

There are 15 homes for sale in the Florence multiple listing service that are bank owned, ranging in price from $44,000 to $405,000. The home for $44,000 is a tear down on highway 101 north of town. The home for $404,000 is in the highly desirable south lakes area on a quiet dead end street. It was built as a spec. home, has never been occupied and is very nice with over 3,000 square feet. There's also a condo in Old Town Florence for $148,000 and a condo at Florence's only beachfront resort, Driftwood Shores, for $299,500. There are four short sales. My favorite is a 2006 square foot custom home in Heceta South, one of the beach area's most sought-after neighborhoods because of the large lots and the heavy native vegetation which gives homes great privacy. If you'd like the complete list of foreclosed and short sale homes, contact me at hope@hopemacmanus.net or call my cell at 541-991-7480.

What to Do About Mold--Is It Really a Problem?

Home buyers and sellers want to know if there is mold in a home. So why not do mold testing? If it were only that simple. Fungal air tests are expensive and inconclusive. Neither the New York City Department of Health nor the Environmental Protection Agency recommend measuring airborne fungal levels. So how DO you know if there's mold: If you see mold or you smell mold you have mold. You do not need to test for it if you see it or smell it. Mold problems are caused by water problems. No water problem, no mold problem. Find the water problem and you will find the mold. Moisture meters can help determine whether a material is wet, even when it appears dry and can therefore help locate a moisture source or reservoir; the moisture meter provides immediate results. Here's where to look for water: high spots--roofs and attics near dormers. Low spots--basement and crawl spaces. The holes--doors, windows, under windows. Plumbing pipes and fixtures, water tanks, toilets, sinks, dishwashers, showers, washers. The cold spots, areas in contact with the outside, especially corners of closets. Mold may grow in hidden spaces like in exterior walls or ceilings or spaces that contain water pipes or air conditioning ducts. Look behind or beneath cabinets, furniture, shelving, appliances fixtures, sinks, cabinets, toilets, behind headboards, bookcases, sofas, dressers, file cabinets, or toilets. Under vinyl wallpaper, mop boards, under carpet or vinyl flooring. If you don't see it or smell it on a surface you probably don't have it. The "white glove test" and common sense are currently the best approach. No dust and dirt--no mold. Clean everything for dust and dirt and everything will be clean of mold. Dry dry dry. A little bit of mold is not a problem. A little bit of residual moisture may be a problem. Find that moisture! For futher information, see www.cdc.gov/mold/ , http://forensic-applications.com/moulds/sok.html and http://forensic-applications.com/index files/page477.htm

When's a Tsunami Coming to Florence?

Lots of people who are interested in owning a home in Florence ask me about tsunamis and the tsunami zone. The Cascadia subduction zone is a fault that stretches from northern Vancouver to northern California. Recent findings concluded the Cascadia subduction zone was more hazardous than previously suggested. The feared next major earthquake has some geologists predicting a 10 to 14% probability that the Cascadia Subduction will rupture in the next 50 years, producing an event of magnitude 9 or higher. The tsunami produced may reach heights of approximately 100 ft. The last known great earthquake in the northwest was in January of 1700. The Great Alaska earthquake of 1964 was the most powerful recorded earthquake in US history, a magnitude 9.2. The resulting tsunami affected Florence as well. Water was pushed up the Siuslaw River until it ran out of steam where the river widens out at the North Fork of the Siuslaw, not far from Florence. Geological evidence indicates that great earthquakes may have occurred at least seven times in the last 3,500 years, suggesting a return time of 300 to 600 years. There is also evidence of accompanying tsunamis with every earthquake. The City of Florence has addressed the question of tsunamis head on. Follow this link for more information, including a tsunami map: http://www.ci.florence.or.us/default.cfm. Click on the link on the left, Emergency Preparedness.

Weekly Mortgage Report

MORTGAGE RATES REMAIN LOW, INCREASING AFFORDABILITY
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.04 percent with an average 0.6 point for the week ending September 24, 2009, unchanged from last week when it averaged 5.04 percent. Last year at this time, the 30-year FRM averaged 6.09 percent.
The 15-year FRM this week averaged 4.46 percent with an average 0.6 point, down from last week when it averaged 4.47 percent. A year ago at this time, the 15-year FRM averaged 5.77 percent. This is the lowest the 15-year FRM has been since Freddie Mac started tracking it in 1991.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.51 percent this week, with an average 0.5 point, unchanged from last week when it averaged 4.51 percent. A year ago, the 5-year ARM averaged 6.02 percent.
The one-year Treasury-indexed ARM averaged 4.52 percent this week with an average 0.6 point, down from last week when it averaged 4.58 percent. At this time last year, the 1-year ARM averaged 5.03 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
“Mortgage rates held relatively steady at three-month lows this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. Correspondingly, the Mortgage Bankers Association reported that mortgage applications jumped 12.8 percent over the week of September 18th to the strongest pace since late May, boosted by refinancing activity.
“In its September 23rd policy statement, the Federal Reserve (Fed) indicated that it plans to keep its benchmark interest rate exceptionally low for an extended period. This will likely benefit consumers who opt for ARMs, because they are typically tied to shorter-term interest rates. The Fed also noted that activity in the economy and housing market has picked up and financial markets have improved.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

Carbon Monoxide Detectors Mandated by HB 3450

The Oregon legislature passed HB 3450 in June mandating residential carbon monoxide detectors under the state building code. This requirement becomes effective in April of 2011. Carbon monoxide detectors will also be required in all residences with a carbon monoxide source at the time of sale under State Fire Marshall rules also to become effective in April 2011. Until the rules are adopted and the time of sale requirement becomes effective, no change in real estate practice is necessary.

Condos in Florence Oregon

There are 53 condos for sale in Florence now ranging in price from $110,000 to $479,000. The condo at $110,000 is an apartment conversion about 10 blocks from Old Town. The condo listed at $479,000 is in Old Town with views of the Siuslaw River in a beautiful building with elegant tiled courtyard outfitted to appeal to those who love Tuscan themes. Secure parking on the ground floor of the building combined with a market and gift store offer the discriminating buyer just what they need. The best deal in a condo is on Jasper Lane. Priced at $129,00 with 1368 square feet and a garage, it's a good investment whether you live in it yourself or rent it out. My favorite view condos are the Bay Bridge Condos. Built in the 1980's, many of these condos have fabulous views of the river and the Glenada Dune on the south side of the river. Sunsets are spectacular. There are two units for sale both priced at $299,000. One is 1500 square feet; one is 1048 square feet. The smaller unit is ground floor on one level. The larger unit is two level. Both have covered carports and outside storage. Home Owners Association Dues range from $75 a month at Cedarwood (there's a nicely renovated unit there priced at only $114,500) to $319 a month at Bridgeport Landing. If you'd like further information on condos in Florence, email me or call me at 541-991-7480. www.oregoncoastrealestate.com