(Fresno Bee file photo. Sign for house for sale in the Fresno High area.)
The California Association of Realtors has some good news and bad news to report.
The good news is that home prices continue to rise or at least remain stable. But the bad news is that the rise in home price continues to drive home affordability down in Fresno and other central San Joaquin Valley counties.
In Fresno County, 56% of prospective homebuyers could afford a median-priced single-family house compared to 61% during the second quarter of the year, the association said in its third quarter report released last week.
Last year at the same time, affordability was much higher at 69%.
A Fresno buyer would have to earn $37,920 a year to afford a median-priced home at $184,550.
Home affordability levels have also fallen in other Valley counties. About 62% of the buyers in Kings and Madera counties could afford to buy a home compared to 70% and 71% during the second quarter, respectively. In Tulare County, 61% of the buyers could qualify compared to 66% the previous quarter.
Even with the declines, the Valley still remains one of the most affordable areas statewide to buy a home.
Only 15% of the buyers in San Mateo could afford to buy a home and 16% in San Francisco. In the Sacramento area, 50% of the homebuyers could buy while 35% of the buyers in Los Angeles could afford a home.
(Submitted photo. Mike, Marc and Rick Schuil of Schuil and Associates Real Estate in Visalia.)
Visalia real estate company, Schuil and Associates, is celebrating 30 years in business this month.
The company, run by three brothers, started in Dinuba in 1983 and over the years opened three other offices in Kingsburg, Reedley and Visalia. Back then, the business handled residential, commercial and agricultural property sales. Each brother — twins Mike and Marc and younger brother Rick — managed an office.
Then in 2007, the brothers decided it was time to consolidate locations. The company built a nearly 4,000-square-foot building on Mineral King Avenue and Akers Street in Visalia six years ago where the brothers and all employees reunited under the same roof.
What’s it like to work with family all these years?
“Obviously family businesses always offer challenges,” Rick Schuil said. “The fact that we consolidated rather than moving farther away (from each other) is a testament that we get along pretty darn well.”
The company made its name specializing in agricultural and dairy sales. It shed the residential portion of the business just before the economic downturn to concentrate on agricultural and commercial property.
“The economic downturn really affected residential sales,” Rick Schuil said. “We were proactive before that happened.”
While the residential market suffered, farmland prospered allowing the Schuils to remain stable in recent years.
“Agricultural sales and values have dramatically increased in the last five years so our timing was very good.”
Single-family homebuilding may be on its way up in Visalia.
Homebuilders pulled more permits to build new houses in October than the month before, according to a city report released Friday.
Last month, builders pulled 57 permits compared to 26 in September. A year ago, only 17 permits were issued for the construction of new homes.
Fresno building permit numbers for October have not been released yet, but the September report shows 66 new home permits were issued that month. In August, builders pulled 111 permits.
Community Services Employment Training will hold a free First-time Homebuyer workshop in Visalia on Nov. 2.
The daylong event will provide buyers with information about the homeownership process and downpayment assistance.
Low-income buyers who are interested in purchasing a home within the city should also attend to learn if they qualify for the city’s gap financing program, or second mortgage, which can be used as part of a downpayment on a home.
The workshop will be held from 8 a.m. to 4:30 p.m. at the CSET office, 312 N.W. 3rd Ave. To reserve a seat or for more information, call (559) 741-4641.
The pace of Fresno County’s home price appreciation is slowing down, but the median home price of an existing single-family home still inched up higher in September compared to the month before, a monthly report said.
The median home price of a home in Fresno was $185,830 last month compared to $184,000 in August, the California Association of Realtors monthly housing report said.
In September 2012, the median home price was $159,130.
Madera and Tulare counties followed a similar trend with home prices increasing nearly 12% and 3.2% month-over-month respectively. Kings County, however, saw an 8.4% fall in home prices.
State Sen. Andy Vidak, R-Hanford.
State Sen. Andy Vidak, R-Hanford, is taking his anti-high-speed rail show on the road, launchng what he calls his “Whistle-Stop-the-High-Speed Rail” tour.
In a statement Friday, Vidak cited a recent visit to PFFJ LLC, a large hog farm operated by a subsidiary of Hormel Foods in Tulare County southeast of Corcoran. Vidak said the 420-acre farm supplies about 150,000 pigs a year to a Farmer John processing plant in Los Angeles, and includes a feed mill that produces hog and chicken feed.
The California High-Speed Rail Authority has yet to finalize a route for its Fresno-Bakersfield section that would also cross Kings and Tulare counties, but Vidak’s statement said the rail route “runs right through the farm” and would displace not only the farm, but the feed mill.
“The result of wiping out this business is 43 full-time, year-round employees will lose their jobs and benefits,” Vidak’s statement said.
(View PFFJ hog farm and feed plant in a larger map)
Vidak said he plans to visit other local businesses “being run over by the HSR Authority.”
“We’ve got sky-high unemployment in our Central Valley,” he added. “Wiping out jobs to build a train to nowhere just defies common sense.”
It’s a sentiment that’s going to be popular in much of Vidak’s state senate district, where discontent and distrust of the rail authority run high, particularly in his own backyard in Kings County and the cities of Hanford and Corcoran.
Under the law, the rail authority is obligated to compensate businesses that are displaced by the project, including paying for relocating. But the agency has said it cannot begin negotiating with businesses to acquire property, or start eminent domain proceedings, until a final environmental impact report is certified and an actual route determined — neither of which has happened for the Fresno-Bakersfield section of the project.
People are getting a breather between dirty-air seasons right now in the San Joaquin Valley — ozone season is almost gone and soot season hasn’t quite started.
Which is worse, ozone or soot? It’s definitely soot, which is my shorthand term for specks of soot, chemicals and other microscopic debris.
These specks account for the vast majority of early mortality related to dirty air. In the air-quality community, the specks are known as PM-2.5.
About 670 premature deaths will be eliminated by 2019 when the region is supposed to achieve the PM-2.5 standard, according to the San Joaquin Valley Air Pollution Control District.
Where are the deaths occurring? Kern County has nearly a third of them with 207 a year, according to the research. Fresno County has 172. Tulare County has 86.
There’s a lot of other folks suffering, too.
Research shows there will be reductions hospital admissions related to heart attacks and asthma. More than 125,000 days of lost work will be eliminated.
When you add up all costs for those non-fatal health problems, you get $102 million total, the air district says.
A long-awaited housing development surrounding a golf course designed by a former PGA-level golfer is finally coming to fruition.
No, it’s not Running Horse, the defunct southwest Fresno project once courted by famed developer Donald Trump. This project is south of the Valley at the Ridge Creek Golf Course in Dinuba.
The Dinuba City Council approved the site map this week and took a look at the first renderings and floor plans for the custom and semi-custom development on the city’s western edge.
“The recession delayed the project but we feel the time is right now,” said Mark Davis, managing partner of Ridge Creek Partners. “Dinuba is growing and there are no homes like this in the greater Dinuba area. The golf club has a great reputation and we will build on that.”
Ridge Creek Partners is the developer. The builder is Ted Intravia of TTI Development in Los Banos.
The development will have two communities. The Golf Estates at Ridge Creek will be a gated community with 55 custom homes on lots ranging from 10,000 to 26,000 square feet.
The Golf Villas at Ridge Creek will have 115 semi-custom homes from 1,780 to 3,400 square feet. Buyers can choose from eight floor plans designed by Visalia architect Stan Canby of Teter AE. Prices will range from the $200,000s to $400,000s.
The project is expected to be developed in four phases. A boutique hotel and recreation center are also proposed for the community.
There’s big news for seven northern Tulare County communities that have waited years for healthy drinking water.
The California Department of Public Health has agreed to approve funding for a feasibility study on how to fix the problem.
The Bee has written stories about the possible fix since 2011, but technicalities and confusion have delayed the feasibility study.
Well water in the rural communities is tainted by nitrates, a chemical that comes from farm fertilizers, septic tanks, sewage treatment and decomposing vegetation.
Water advocates and leaders in Tulare County believe the problem can be solved with a regional plant to treat Kings River water for the towns of Culter, Orosi, East Orosi, Monson, Seville, Sultana and Yettem. The combined population of the region is 15,000.
Alta Irrigation District in Dinuba already has completed a project to make water available. River water would be banked in the ground during wet years and pumped back out for use on farms, thus making a supply of river water available for the towns.
The agreement for the funding is scheduled before the Tulare County Board of Supervisors on Oct. 8.
The study will evaluate many parts of the project, including the ability of the towns to pay for operation and maintenance of the treatment plant.
The plant construction could cost as much as $20 million, engineers say, and healthy drinking water will still be several years away after the feasibility study.
The strong and fast climb in the median price of an existing home in Fresno County and other communities nationwide this summer is starting to slow down.
Fresno’s median home price increased slightly to $184,000 last month from $183,870 in July, according to a monthly housing report released Monday by the California Association of Realtors.
Tulare County home prices followed the same trend increasing to $158,460 in August from $157,140 the month before. But Kings County saw a strong jump in median home price to $184,000 from $173,330.
The only odd ball was Madera County where the median home price fell to $170,000 from $175,710, the report said.
Home sales are also slipping although that’s not unusual in Fresno where there has been a low inventory of houses for sale this year.
Home sales were down 4.5% last month in Fresno. Madera and Tulare saw sales fall by 5% and nearly 11% respectively. In Kings County, home sales increased 26.5%.
The change of pace in home price appreciation and sales is expected as the housing market heads out of the busy months and into fall, said Leslie Appleton-Young, the association’s vice president and chief economist.
“As housing supply loosens up with the seasonal slowdown, annual home price increases are expected to taper as we’ve observed in the last two months,” Appleton-Young said.