REALESTATE
NAR Legal UpdateBroker liability for “ACT” violation .. 1
CA Home Sales Up 4.1% ........ 5
REALTOR® DesignationAwareness Month .................. 8Jeff Davi AppointedGovernor Schwarzenegger appointsDRE Commissioner ..................... 10
SANTA CRUZ ASSOCIATION OF REALTORS®
REALESTATE
Santa Cruz County’sREAL ESTATENEWS SOURCE
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Inside Real Estate
Legislative Watch
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CAPITOLA, CAPERMIT NO. 59
REALTOR®
DEPARTMENTSAffiliate News .............................3Affiliate Spotlight.......................3New Members ...........................3Did You Know?Helpful reminders and resources 13
On the CalendarSCAOR December events ............ 13
December | Real Estate 1
E-DITIONMore News atWWW.SCAOR.ORGWWW.SCAOR.ORG
SANTA CRUZ ASSOCIATION OF REALTORS®
2525 MAIN STREETSOQUEL, CA 95073
REALTOR®
DECEMBER 2 0 0 4
InsertLEGISLATIVEWATCH
In a light of an opinion of the SupremeCourt of the United States, the UnitedStates Court of Appeals for the NinthCircuit has considered once againwhether a broker can be liable for viola-tions of the Fair Housing Act (“Act”)based on the actions of his salespeople.To briefly summarize the facts, Mary
Ellen and David Holley (“Buyers”), amixed race couple, were looking to pur-chase property in Twenty-Nine Palms,California. The Buyers visited Triad, Inc.,d/b/a Triad Realtor (“Brokerage”) to helpthem with their search and spoke withGrove Crank, a Triad representative. The
NAR Legal Update:Broker Can Be Liable for Salesperson’s
Violations of Fair Housing Act
Brokerage was a corporation whose soleshareholder was David Meyer (“Broker”),who was also the president of Triad andalso the designated officer/broker for theBrokerage. The Broker had turned theday-to-day operation of the Brokerageover to Crank. During the Buyers’ homesearch, Crank allegedly prevented theBuyers from purchasing a home for ra-cially discriminatory reasons. The Buy-ers eventually built their own house in thetown, and the home they intended to bidon sold for less than the Buyers’ proposedoffering price.The Buyers filed lawsuits against both
the Brokerage and the Broker person-ally, alleging violations of the Act. Be-cause Crank’s license was held by theBrokerage, rather than the Broker, thetrial court dismissed the allegationsmade against the Broker in his capacityas a corporate officer of the Brokerage.The court also entered judgment in fa-vor of the Broker individually on theother alleged violations of the Act, rul-ing that Crank’s actions could not beattributed to the Broker individually,only the Brokerage, because the Bro-kerage was a corporation.The appellate court reversed the trial
court’s ruling, determining that the Bro-ker had potential liability in his capac-ity as owner, president, or designatedofficer/broker for Crank’s actions be-cause the Broker’s duty to conform withthe Act was non-delegable. The Brokerappealed this ruling, and the SupremeCourt of the United States unanimouslyreversed the appellate court. The Courtdetermined that the Act did not vary thetraditional rules of vicarious liability(or, when an owner can be liable for theactions of its employees) and so directedthe appellate court to consider the alle-gations against the Broker under the tra-ditional principles of vicarious liability.On remand, the United States Court of
Appeals for the Ninth Circuit found thatthe Broker could be personally liable for
See NAR Legal Update, Page 5
CA Median Home Price, SalesIncrease .................................... 11
Reverse Mortgages Grow .. 14
2 December | Real Estate
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AffiliateSpotlight
PresidentPeggy Gillett, in memoriam
President-ElectDan Sedenquist
Ex-OfficioRonnie Trubek
Secretary/TreasurerBobbie Nelson
DirectorsDan DavisDebra Frey
Janet RomanowskiDennis Stewart
Lori StrusisTrevor Thorpe
Lela WilletSuzanne Yost
RE InfoLink RepresentativeSuzanne Yost 688-7434Chief Executive Officer
Philip B. Tedesco, RCE, CAEMember Services Director
Norma I. MileteBookkeeper
Colette AlexanderReceptionist/Administrative
Leslie FlintAdministrative Assistant
Gloria SpitzerExecutive Assistant
Toni Eaton
2004 Board of Directors
ProductionDiane SturgeonDawn Valentine
Production AssistantJanice Elrod
Production/Pre-pressCoastal Homes Magazine
Account ExecutiveBarbara Quinton
ADVERTISING INFORMATIONFor advertising and deadline
information please call
Barbara Quinton462-5700 ext 23
REALTOR®REAL
ESTATEREALESTATE
S A N TA C R U Z A S S O C I AT I O N O F R E A LT O R S ®
C R E A T I N G B E T T E R R E A L T O R S®
Coastal Homes Staff
December | Real Estate 3
Comments about an applicant’s admittanceshould be submitted in writing to the Santa CruzAssn. of REALTORS®, 2525 Main St., Soquel,CA 95073.
REAL ESTATE is the official monthlynewspaper of the Santa Cruz Associationo f REALTORS ® p rov ided a s amember-service to inform, educate andupdate REALTOR® and Aff iliatemembers on local, state and national realestate news and the Association’s cal-endar of events.
SANTA CRUZ ASSOCIATION OFREALTORS®
2525 Main Street, Soquel, California 95073(831) 464-2000 • (831) 464-2881 fax
www.scaor.org
New MembersAmerican Dream Realty
Tony Mendoza
Bailey Properties
Sherry Nezarati
Jeff Yunker
Jason Mathis
Julian Faras
The Office of Hector Burke
Hector Burke
Cal-Coast Realty and Lending
Faviola Perez
Century 21 Lad Realty
Shar Wiley
Century 21 Showcase REALTORS®
Seth Dunn
Harbor Home Loans
John Pancallo
Help U Sell SC Properties
Mary Mattick
Heritage Properties
Richard Jensen
The Office of Tom Horvath
Tom Horvath
Investment Services Co.
Alison White (secondary)
Monterey Bay Properties
Melissa (Missy) Hajduk
Network Alliance Real Estate
Kirsten McLean
Jennifer Andersen
Lorraine Thomas
Elizabeth Engelhardt
Tammy Deutscher
Curt Abramson
Prudential California Realty
Annette Lofano
Realty Executives
Barbara Hampton
Sherman & Boone Associates
Tanya Miraglia
Karine Strickland
Tristar
Steve Davies
Linda Roberson
Troop Real Estate
Veronica Rocha
Thunderbird Real Estate
Paul Franzosa
Zip Realty
Sean Byrne
Woodward O’Connor Mortgage4980 Capitola RoadCapitola, CA 95010
Phone: 831-479-3303Fax: 831-479-3307
AffiliateNews
By Scott Pine, Vice Chair of theAffiliate Committee
After a couple of years of hard work,the Santa Cruz Association of REAL-TORS® published the “2004 StrategicPlan” which was approved on January9, 2004. The Strategic Plan is a docu-ment that defines what the Santa CruzAssociation of REALTORS® wants to bein the future and recommends specificstrategies to accomplish this end. Incor-porated in the Strategic Plan are specificrecommendations for the Affiliate Com-mittee.The Affiliate Committee objectives fell
under Goal 5: to market and communi-cate the benefits and value of the RE-ALTOR® Association to both the publicand our members.Strategy Assignments for the Affiliate
Committee included the following sixareas of concentration.•Sponsor public education workshopsand real estate related topics (i.e. fi-nancing, first-time home buyers, pro-posed legislation, landlord-tenant etc.)
•Create and promote a Speaker’s Panel(public resource center) to speak or ap-pear at civic organization meetings(Kiwanis, Rotary, Elks, etc.), Chambermeetings, high school career days, etc.;develop talking points.
•Expand Office Liaison Program toCAR/Legal updates and Affiliate indus-try updates; invite general membership.
•Develop marketing materials to pro-mote the benefits of SCAOR Associa-tion membership (What is an Affiliate?)for distribution to non-member Affili-ates for the purpose of expanding mem-bership.
•Conduct a membership outreach pro-gram to include representatives from allreal estate related fields (appraisers, at-torneys, builders, architects, insuranceagents, septic, pest, home inspectionand home warranty companies, plumb-ers, roofers, electricians, etc.).
•Prepare outgoing press releases on ac-tivities and accomplishments of Affili-ate members.The Affiliate Committee/Affiliates are
participating in these types of activities,often times in the background. As wemove forward into 2005, the goal is toexpand our efforts in these specific ar-eas and create an environment where wecan better measure our impact. If youhave suggestions for activities, events orprograms, please forward them to ourattention at the Board or you can emailme at [email protected] the beginning of each year the incom-
ing Chairperson for each committee is
appointed by the Chairman of the Boardof the SCAOR and is responsible for re-cruiting committee members. The Affili-ate Committee has an active membershipand encourages both REALTORS® andreal estate affiliates to join us for whatpromises to be a very active 2005.
Woodward O’Connor Mortgage wasborn in 1989 when Stephanie Woodwarddecided to open her own business.Stephanie started in the real estate busi-ness in 1978 as a real estate agent andhas held jobs in the real estate industrysince then with experience in title, es-crow, and mortgage loans. WoodwardO’Connor Mortgage Associates movedto their present site at 4980 CapitolaRoad in Capitola in April 2000.Mary Ann Robinson joined the staff as
loan officer in May 2002, bringing withher experience in multi-family and com-mercial property lending as well as resi-dential lending.Woodward O’Connor Mortgage is a full
service mortgage broker with a cheer-ful, dedicated, experienced staff here toserve your real estate loan needs.
4 December | Real Estate
(831) 479-1901 or toll-free at (800) 829-19012815 Chanticleer Avenue, Santa Cruz, CA
or e-mail Frank May, MAI, ASA at [email protected]
MAYASSOCIATESAPPRAISERS
When you really need to know…
We have appraised all types of real estate in the area, from
coastal villas, mountain retreats and farms to hotels, tourist
attractions, and bowling alleys.
You name it, and we’ve probably appraised it!
When you really need to know the true market value of real
property; any type of real property, call us.
CurrentInventory
New Sold Average Median
Single Family Residences
Santa Cruz CountyStatistics
764 286 264 $714,165 $645,000
821 387 257 $740,612 $639,000
New Sold Average Median
Condos/Townhouses
103 68 58 $449,037 $429,964
106 79 62 $447,439 $425,000
CurrentInventory
Please visit http://www.scaor.org-/html/stats.htm for more Santa CruzCounty statistical information.
657 248 251 $706,196 $660,000
96 54 48 $459,692 $455,000
2004
Sept.
August
2004
Sept.
August
Oct.
Oct.
December | Real Estate 5
Purchase and Construction Loans Are Our SpecialitiesAt Shoreline Residential & Construction Lending, we pride ourselves on our combined experience of 75 years in banking,financial services, mortgage banking, and mortgage brokering. We represent the best lenders available in the mortgage business.When your client needs a purchase loan or that unusual construction or home rehabilitation loan, we have it. We’ve spent over75 years making sure that a client’s special needs can always be served. Call any one of our loan specialists for intelligent and wellconsidered recommendations.
Shoreline Residential & Construction Lending, Inc., 1395 41st Ave., Suite E, Capitola, California 95010Phone: 831-462-8840 • Fax 831-462-8843 • Toll Free 800-655-6027
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HORELINERESIDENTIAL & CONSTRUCTION LENDING INC.Happy Holidays
State HomeSales atSecond-
Highest PaceEver
Total state existing-home sales activ-ity in the third quarter was at the sec-ond-highest pace on record, up 4.1 per-cent from a year ago, according to NAR.Total sales rose in 36 states, and 10states saw double-digit increases in thethird quarter compared with the samequarter in 2003. David Lereah, NAR’schief economist, said home sales willeasily set a record this year. “The lastsix months is the strongest stretch ofhome sales ever recorded,” he said. Formore information, visit: www.realtor.org/PublicAffairsWeb.nsf/Pages/StateResales3rdQtr04.
the actions of Crank and sent the caseback to the trial court for further pro-ceedings. The court first consideredwhether under a traditional brokerage re-lationship the Broker could be liable forthe actions of his salespeople. Under thegeneral principles of corporate law, a cor-poration is liable for the actions of itsemployees. However, the court foundthat a real estate corporation was differ-ent, as a corporation’s designated real es-tate broker in California is legally re-sponsible for the actions of thecorporation’s salespeople. So, the courtfound that a designated officer/broker ina California real estate corporation canbe held personally liable for the actionsof the corporation’s salespeople. There-fore, the court ruled the Broker could beindividually liable for the violations ofthe Act by his salespeople.The court also considered whether the
Broker was individually liable for theactions of Crank because the parties werein an agency relationship. Since the Bro-ker had delegated the operation of theBrokerage to Crank, an agency relation-ship existed between the two, and Crankhad a responsibility to assure that theBrokerage was in compliance with theAct as well as state housing laws. Dueto the agency relationship between the
NAR Legal Update...continued from page 1
parties, the Broker could be individuallyliable for the actions of Crank.Next, the court considered whether the
Broker was liable for negligent supervi-sion because of his failure to properlysupervise Crank. To be liable for negli-gent supervision, a party must show thatthe principle was negligent in either theorders it gave to the agent or negligentlyfailed to supervise the agent’s actions.Since a jury could conclude that the Bro-ker was negligent in delegating his re-sponsibilities to Crank, the court sentthese allegations back to the trial courtfor further consideration.Finally, the court considered whether
the Buyers had alleged sufficient factsto pierce the corporate veil. These alle-gations had been dismissed by the trialcourt and the Buyers sought to reinstatethese allegations. “Piercing the corpo-rate veil” is a legal doctrine which re-moves the “corporate shield” and makesan individual personally liable for thecorporation’s debts. This can occur whena single individual so controls all aspectsof a corporation that it becomes the “al-ter ego” of that individual. A variety offactors are considered by courts whenmaking this determination, such as ob-servance of corporate formalities, capi-talization of corporation, and percentageof corporate ownership.Here, the Broker was the sole owner of
the Brokerage, had paid the Brokerage’s
taxes using his personal social securitynumber, and there was a failure to fol-low corporate formalities (such as shift-ing control of Brokerage to Crank). Thecourt also found that fairness and equityallowed the disregarding of the corpo-rate shield, as the Brokerage had fewassets to pay a judgment in favor of theBuyers and also did not have insurancecoverage for such a judgment. Thus, thecourt ruled the Buyers could re-file the“piercing the corporate veil” allegationsand these allegations would be consid-ered again by the trial court.
6 December | Real Estate
Our heartfelt thoughts and prayers are with Peggy’s family
and friends upon her passing.
Her contribution to the Santa Cruz Association of REALTORS®
and the real estate community was filled with endless energy,
dedication and commitment.
She will be greatly missed.
June 3, 1948–November 11, 20042002 REALTOR® of the Year1999 & 2004 PresidentSanta Cruz Association of REALTORS®
December | Real Estate 7
Reputation.“I came to David Lyng Real Estate because of the broker, thecompany image and most of all, the reputation of integrity. I havefound the support staff to be fantastic, allowing me to spend moretime with my clients.” —Pat Simmons
Aptos Village8050 Soquel Ave.Aptos, CA 95003831.662.0800
Capitola Village301 Capitola Ave.Capitola, CA 95010831.475.8111
Santa Cruz2170 41st AvenueCapitola, CA 95010831.476.0100
Scotts Valley101 Mt. Hermon Rd.Scotts Valley, CA 95066831.461.1200
Watsonville55 Penny Ln., Ste. 102Watsonville, CA 95076831.763.6700
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Support.“Two things really stand out for me about working for David Lyng RealEstate. First, the positive energy and great support by everyone in thecompany. Secondly, the marketing tools and systems the company has inplace are superior. I can provide the best for my clients. Thanks DavidLyng and staff. What a group!”` —Diana Mercer
8 December | Real Estate
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REALTOR® designations acknowledgeexperience and expertise in various realestate sectors, from commercial invest-ment to international property.The NATIONAL ASSOCIATION OF
REALTORS® and its nine affiliated In-stitutes, Societies, and Councils providenumerous programs and services thatgive you the knowledge and skillsneeded to succeed in your real estatecareer. Each group, as well as NAR,
November is DesignationAwareness Month
awards a designation after the success-ful completion of required classes.Celebrate Designation Awareness
Month by starting a program toward anofficial REALTOR® designation andtake your career to the next level. To learnmore about the designations conferredby NAR and its affiliated Institutes, So-cieties, and Councils, visit www.scaor.org and click on ‘Education’ on the leftside of the home page.
December | Real Estate 9
10 December | Real Estate
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The California Association of REAL-TORS® welcomed Governor ArnoldSchwarzenegger’s appointment of JeffDavi to the post of Commissioner of theDepartment of Real Estate.“C.A.R. has already expressed its con-
gratulations to the new commissionerand looks forward to a productive rela-tionship as Mr. Davi settles into his newrole,” said C.A.R. President AnnPettijohn. “We’re pleased that a REAL-TOR® is part of Governor Schwarz-enegger’s team in Sacramento.“C.A.R. is confident that REALTORS®
will find a receptive commissioner onthe housing policy issues that mattermost to Californians. We look forwardto working together to develop solutionsto our state’s housing affordability cri-sis,” she said. “With his extensive back-ground in the real estate industry, Mr.Davi will bring a unique slate of experi-
Governor ArnoldSchwarzenegger Appoints
REALTOR® Jeff DaviDRE Commissioner
ence to his role as DRE Commissioner.”In addition to being the broker/owner
of A.G. Davi Ltd., in Monterey, Davimost recently served as president of theMonterey Association of REALTORS®
and chairman of RE InfoLink MLS. Heserved on the Affordable Housing Steer-ing Committee of Monterey County, aswell as numerous charitable and com-munity organizations in the state. He alsois a member of the California Associa-tion of REALTORS® and serves on itsboard of directors.
December | Real Estate 11
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The median price of an existing homein California in October increased 21.4percent, and sales increased .5 percentcompared with the same period a yearago, the California Association of RE-ALTORS® (C.A.R.) reported last week.“While the median price of a home con-
tinued to charge ahead in October com-pared with a year ago, sales moderatedto a more sustainable pace, typical forthis time of year,” said C.A.R. PresidentJim Hamilton. “The inventory of homesfor sale also increased to nearly a four-month supply, compared with about atwo-month supply a year ago,” he said.“This is giving buyers a greater numberof options when looking for a home andis also reflected in the time it’s taking tolist and sell a home, which has increasedto 37 days—its highest level since July1999.”Closed escrow sales of existing, single-
family detached homes in California to-taled 639,570 in October at a seasonallyadjusted annualized rate, according toinformation collected by C.A.R. frommore than 90 local REALTOR® associa-tions statewide. Statewide home resaleactivity increased .5 percent from the636,690 sales pace recorded in October2003. The statewide sales figure repre-sents what the total number of homes
Median Price of a Home inCalifornia Increases 21.4
Percent in October—SalesPost .5 Percent Increase,
C.A.R. Reports
sold during 2004 would be if sales main-tained the October pace throughout theyear. It is adjusted to account for sea-sonal factors that typically influencehome sales.The median price of an existing, single-
family detached home in California dur-ing October 2004 was $460,370, a 21.4percent increase over the revised$379,120 median for October 2003,C.A.R. reported. The October 2004 me-dian price decreased .7 percent comparedwith a revised $463,620 median price inSeptember. “Year-to-date sales are up 4.1percent compared with the same perioda year ago, in line with our expectations,”said Leslie Appleton-Young, C.A.R.’svice president and chief economist. “Oc-tober was the ninth month where theyear-over-year price has increased bymore than 20 percent, with the mostrapid appreciation occurring in theshrinking pockets of affordability in thestate—the High Desert, Riverside/SanBernardino and Palm Springs/LowerDesert regions.”Highlights of C.A.R.’s resale housing
figures for October 2004: C.A.R.’s Un-sold Inventory Index for existing, single-family detached homes in October 2004
See Median Prices, Page 14
12 December | Real Estate
When REALTORS®
want the bestfor their Sellers,
they chooseCoastal HOMES.
Celebrating 23 Years as Santa Cruz County’s Real Estate Magazine831-462-5700
c o a s t a l h o m e s . c o m
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music and REALTOR® introsavailable on CD and the web.
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COASTAL HOMES MAGAZINEThe most comprehensive listing of
real estate for sale throughoutSanta Cruz County.
AFFILIATE
December | Real Estate 13
Calendar December 2004Sun Mon Tues Wed Thur Fri Sat
1 2 3 4
5 6 7 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
Annual Calendar of EventsJanuary 20051/3 Off ice Closed—New Year’s
Holiday1/14 GRI 100–101/Agency Rela-
tionships & Ethics1/17 Office Closed—Martin Luther
King Observance
February 20052/2 Orientation—Day 12/4 Orientation—Day 22/11 GRI 102–104/Trust Fund
Management/Fair Housing2/16 Blood Drive—Assn Office2/21 Office Closed—President’s Day
26 27 28
TOURSAreas 23–439:30 A.M.–noonAreas 44–5912:30–3:00 P.M.
TOURDEADLINE2:00 P.M.
AFFILIATECOMMITTEE8:30 A.M.MARKETING &PR COMMITTEE2:00 P.M.
TOURSAreas 23–439:30 A.M.–noonAreas 44–5912:30–3:00 P.M.GRI 114EssentialConcepts of theCAR PurchaseAgreement
OFFICECLOSED ATNOONInstallationDinner/DanceSeascape Resort
TOURDEADLINE2:00 P.M.
STRATEGICPLANNINGCOMMITTEE8:30 A.M.GRIEVANCECOMMITTEE2:30 P.M.FOUNDATIONFUNDRAISINGCOMMITTEE3:00 P.M.
TOURSAreas 23–439:30 A.M.–noonAreas 44–5912:30–3:00 P.M.
NO TOUR OFFICECLOSEDCHRISTMASHOLIDAY
RE INFOLINKCLASS2–3:30 P.M.FOUNDATIONTRUSTEES3:00 P.M.
Did YouKnow?
Santa Cruz Association ofREALTORS® Housing Foundation• The Santa Cruz Association of Real-tors Housing Foundation is now accept-ing tax-deductible donations. If youwish to donate, please make your checkspayable to SCAORHF and mail to theSanta Cruz Association of REAL-TORS®, 2525 Main Street, Soquel, CA95073. Any amount you are able to do-nate is greatly appreciated.• We would like to acknowledge you foryour gift; please add your name or in-clude your business card with yourcheck. If you have any questions, pleasecall Philip Tedesco, CEO, CAE at831.464.2000.
Credit Cards• The Santa Cruz Association of REAL-TORS® accepts Mastercard and VisaONLY.
In a Pinch, You Can ManuallyeSYNC (update) Your DisplayKEY1.) Press Enter to turn on yourDisplayKEY.2.) Scroll to the MANUAL eSYNC op-tion and press Enter.3.) Place the DisplayKEY in the Cradle.The Cradle light turns green indicatingthe DisplayKEY and Cradle are con-nected. The Cradle light flickers greenand amber and then turns red indicatingthe modem is connected to KIM. TheKey displays “CONNECTING TOCRADLE” during the entire eSYNCprocess. When the transfer of informa-tion is complete, the light turns GREENand the key status is displayed to indi-cate the battery is charging. Once the keystatus is displayed, you may remove theKey from the Cradle.IMPORTANT! Do not remove the
DisplayKEY from the Cradle while theRED light is illuminated.
SCAORHOLIDAY OPENHOUSE4–6:00 P.M.
BOARD OFDIRECTORS8:30 A.M.DENNISMCKENZIETax deduction forR.E. Agents8:30 A.M.–noon
8
29 30 31 January 1,2005
OFFICECLOSED ATNOONStaff/Board ofDirectorsLuncheon
MERRYCHRISTMAS
OFFICE CLOSEDCHRISTMASHOLIDAY
NO TOUR OFFICE CLOSEDNEW YEAR’SHOLIDAY
HAPPY NEWYEAR!
MAKE YOUR RESERVATION TODAYYou are invited to the 83rd Annual
Santa Cruz Association of REALTORS®Installation Awards Dinner
“The Path to Professionalism”
Honoring Dan Sedenquist,2005 President and the Officers & DirectorsFriday, December 10, 2004, 6:30 to 11:30 P.M.
Seascape Resort, Aptos$65 per person
Call 464-2000 to reserve your tickets
14 December | Real Estate
Median Prices...continued from page 11was 3.7 months, compared with 2.1months (revised) for the same period ayear ago. The index indicates the num-ber of months needed to deplete the sup-ply of homes on the market at the cur-rent sales rate. Thirty-year fixed mort-gage interest rates averaged 5.72 percentduring October 2004, down from 5.95percent in October 2003, according toFreddie Mac. Adjustable mortgage inter-est rates averaged 4.02 percent in Octo-ber 2004 compared to 3.74 percent inOctober 2003. The median number ofdays it took to sell a single-family homewas 37 days in October 2004, comparedwith 26.2 days (revised) for the sameperiod a year ago.Regional MLS sales and price informa-
tion is contained in the tables that ac-company this press release. Regionalsales data are not adjusted to account forseasonal factors that can influence homesales. The MLS median price and salesdata for detached homes are generatedfrom a survey of more than 90 associa-tions of REALTORS® throughout thestate. MLS median price and sales datafor condominiums are based on a sur-vey of more than 60 associations. Themedian price for both detached homesand condominiums represents closedescrow sales.
Statewide, the 10 cities and communi-ties with the highest median home pricesin California during October 2004 were:Laguna Beach, $1,400,000; Los Altos,$1,399,000; Newport Beach,$1,278,250; Burlingame, $1,180,000;Palos Verdes Estates, $1,170,000;Beverly Hills, $1,155,000; Calabasas,$1,137,000; Coronado, $1,125,000;Saratoga, $1,108,000; Mill Valley,$905,000.Statewide, the 10 cities and communi-
ties with the greatest median home priceincreases in October 2004 comparedwith the same period a year ago were:Victorville, 54.6 percent; Redlands, 54.6percent; Hesperia, 53.3 percent; Barstow,53.3 percent; West Sacramento, 53.3percent; Calabasas, 51.7 percent;Adelanto, 51.2 percent; California City,50 percent; Newport Beach, 48.6 per-cent; Desert Hot Springs, 47.2 percent.For more information, visit: www.car.org/index.php?id=MzQzNjA=.
The number of reverse mortgages en-dorsed by the Federal Housing Admin-istration (FHA) during the fiscal year2004 was 37,829, more than double thefiscal year 2003 production of 18,097.Reverse mortgages represented 3.8 per-cent of FHA’s entire single-family vol-ume during 2004. With 10,045 endorse-ments, California was the state with thegreatest number of reverse mortgages,
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call Barbara
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Reverse MortgagesContinue Dramatic Growth
followed by Florida and Texas.FHA’s Home Equity Conversion Mort-
gage (HECM) program, created by Con-gress in 1987, allows homeowners overthe age of 62 to tap into the equity intheir homes without having to repay theloan until they move out. For more in-formation, visit www.mortgagebankers.org/industry/news/04/1104.html.
December | Real Estate 15
16 December | Real Estate
Building on Our Commitment to Team Bailey
We Are Pleased to Announcethe opening of our career training center located in the CreeksideOffice Suites, at 2425 Porter Street, Suite 12, Soquel.We have taken our commitment of career development to thenext level. We look forward to our peers and vendors within thereal estate community having the opportunity to do businesswith our ever growing team of real estate professionals.
Property Management& Vacation Rentals
831.688.7009
Bailey Mortgage, L.P. A Chase Manhattan Affiliate
831.689.8500CHASE
APTOS
831.688.7434SANTA CRUZ
831.426.4100
Relocation Services3040 Valencia Ave. Suite 2, Aptos, CA 95003
831.685.6494baileyproperties.com