It seems like every day we’re bombarded with the news of the disastrous real estate market. It’s like a never ending dirge to accompany the shrieking higher notes of gas and food prices. Those puny utility increases, which include a doubling sewer rate in Morro Nay, seem miniscule in comparison. Tightening belts on America’s ever expanding waistlines, to pay bills, includes not spending frivolously on that new car or flat screen TV. Less consumerism is good, right? Not necessarily, as our economy no longer manufacturing based, only seems to thrive if we spend more than we make. Morro Bay’s economic engine is now tourism, rather than fishing, even though we like to promote ourselves as a “little fishing village’. Will our “engine” sputter this year, due to the high cost of gas, or will it just hum along because people are taking trips closer to home…time will tell, but we still seem to be humming that happy little tourist tune so far this year. However, the local real estate market is still very slow, with about ½ the number of homes being sold in the past year as did in 2005, which peaked in May ’05. This gives you a little perspective on the “current housing crisis” which has been going on for the past three years on the coast. The good news is the hills are still green, the ocean blue and the weather glorious. And, I know you’ve heard the saying “there’s only so much beachfront in CA” well it looks like a new sand bar is forming in the back bay that you can walk on, almost, at low tide. Give it a few years and maybe it’ll have “beachfront” real estate signs on it!
For Your Information
What’s in and out? Whether you’re remodeling for yourself, or planning on selling in the near future, in today’s buyer’s market, in order for sellers to get top dollar, their homes need to be “current, clean and green.” This year what buyers are interested in include housing with a “reduced carbon footprint”, which basically means how energy efficient is the home. Huge outdoor living areas are in vogue, except on the coast, unless you have heat lamps. Fully concealed appliances in the kitchen, hidden behind hinged doors and drawers. Elevators are a must with the boomers coming of “old” age. Pet showers are needed in the garage, mud room, or outside along with human showers outside for beach residences. You thought whirlpool bath tubs were “the ultimate”? Well, not now, you need a free standing “bath throne,” oversized soaker tub and while you’re replacing that old fashioned whirlpool, you might as well add a flat screen TV and mini bar to the area, so you have something to do while you soak. On the “outs” are living rooms, or parlors, which are replaced with the great room; voluminous ceiling heights (maybe because of their massive waste of energy?); tiny balconies, where only one little chair can fit and McMansions are being pushed over for a “small is beautiful” attitude. Of course, some people’s idea of small at 3500sqft, is a McMansion to some…
And you thought that tax season was officially over? Well, both yes and no. It’s over for 2007, but is on for 2008.
The following are some 2008 tax law changes that knowing about now could save you money next year. (1) The standard mileage deduction for businesses increases to 50.5 cents per mile, but the mileage for moving or medical falls to 19 cents per mile. (2) Top contribution to an IRA is $6,000, if you’re over 50 years old, or $5,000.00 if you’re younger. (3)No tax on some capital gains in 2008, if you make less than $65,000 as a couple or $32,550 as a single filer. Everyone else will pay 15%. I think this break is due to expire in 2009, so be sure to check with your tax advisor to find out exclusions. (I do think real estate is excluded from this, but please check). (4) Sage advice upon the death of a spouse is not to make major decisions for at least a year, which includes selling your home. However, a new law takes effect this year which allows you to take an exclusion of $500,000.00 in gain on the sale of your principal residence, previously allowed only to couples, for up to two years after the death of your spouse. (5) If you’re thinking of purchasing a hybrid car to cut down on gas and your “carbon footprint” and think you’ll catch a tax break, as in previous years, you need to check out the 2008 Model Year Hybrid List at www.irs.gov before you buy, since some cars, including the Prius have lost their tax credits. (As always, if you need clarification, please talk to your tax advisor.)
Gas saving tips Go easy on the gas pedals, you aren’t a jackrabbit! Don’t idle for long. Clear excess weight from your car and trunk. Go easy on the air conditioning. Use cruise control. Drive the speed limit. Keep your tires aligned and inflated correctly. Maintain your engine with regular oil changes and checkups. Fill up in the mornings when the ground and gas storage tank is cool if possible, you’ll get more gas in your tank that way.
Upcoming Local Events
Upcoming Local Events
Quilt and garden art Don’t forget to go to two events over 4/26&27. One’s the fabulous Seven Sister’s Quilt Show at the Madonna Expo Center on both days. View 350+ pieces of art for only $7.00. On Sunday only, noon-5PM, enjoy the “Secret Gardens of the Central Coast” an AAUW fund raiser on the 27th. Call me!
Wine art at the Paso Robles 26th Annual Wine Festival held on May 16-18 with wine tasting at City Park and events throughout the Paso wine country including winemaker dinners, open houses, winery tours, etc.
Car art . at the Crusin’ Morro Bay Car Show. Another fabulous display of old cars this year, beginning on May 1st for registration, May 2nd for Cruise Night, and Show “n” Shine on both Saturday & Sunday. Over 400 cars.
Art in the Park, in Morro Bay on 5/24-5/26, also July 4-5. Funky art at the Peddler’s Faire in Cayucos over the holiday’s also. In addition, there’s a new Art in the Park @ Dinosaur Caves park in Shell Beach on June 1st.
Firework art in the evening over the bay in Morro Bay, includes a family oriented July 4th celebration at Tidelands Park. In Cayucos the celebration includes a morning parade, sand sculpture contest and fireworks over the pier. The annual huge fireworks display over the pier will also be held in Pismo Beach.
Running art at the Rock to Pier Run starting from Morro Bay’s Rock parking lot to Cayucos’ Pier, includes fun & food at the end of the journey. “Art” or not, some runners are poetry in motion as they run.
Art of the inexpensive day trip visit www.morrobaymuseum.org for a schedule of events sponsored by the Natural History Museum, from whale watching and heron rookery visits to Rattlesnake Flats geology. Most weekends have scheduled free events, including “Walk in Nature” guided tours.
