Visalia - New York-based Cornell University has signed a memorandum of understanding with College of the Sequoias that will provide a pathway for agricultural students to continue their education at a prestigious Ivy League college.
COS President Bill Scroggins says discussions in the past six months have led to an agreement between the two schools.
The well-known university has agreed that COS ag classes will be accepted by Cornell, allowing local students to continue their upper division work in Ithaca, New York.
That may be just the first step to closer ties between the east and west coast schools which are exploring a mutually beneficial relationship.
Also firm is the fact that Cornell has agreed to offer fully paid scholarships that can be used by COS graduating students this school year. “We are targeting perhaps five ag students that could move onto Cornell this year,” confirms Scroggins.
Scroggins says the budding relationship could mean Cornell might even offer upper division classes in the future at the new Tulare COS campus.
In addition, COS has suggested Cornell offer field research opportunities here to its graduate students, perhaps helping solve some of the pressing environmental problems faced in the Valley. “It seems kind of weird that we would have to go to New York to get graduate research on some of our key problems like air pollution, for example, but that's the way it is,” says Scroggins.
“One item we are talking about is a paid internship for a Cornell student here. They said they are interested.”
Cornell was particularly intrigued with the fact that COS has an educational working dairy, says trustee Sue Shannon of Tulare. “Cornell's ag department came out and met with us with the help of Cornell alumni and local businessmen Larry Stoneburner and Ejnar Knudsen.
“Not only do we have a working dairy and farm, but our students participate in an enterprise program getting real world experience,” says Shannon, noting that Cornell was impressed at all COS has to offer, particularly with big plans for the new Tulare campus.
Shannon says Cornell officials told her they want to utilize us on the West Coast. “If it happens, I will be jumping up and down telling the whole world.”
Reacting to reports recently about the Central Valley, Shannon says she “refuses to believe we have to be the Appalachia of the West Coast.”
Scroggins says plans for a Cornell presence at the new Tulare campus strengthens the campus curriculum and adds reason to support the planned COS bond issue to build the new campus.
Pathway to Cornell Leads Thru COS
“Just think of the 800 Tulare high school students who take agricultural classes,” remarks Scroggins. “If they could believe that they could end up going to an Ivy League college to pursue their ag interests and that pathway leads through COS-Tulare – it would be a real benefit to them, the community and the local economy.”
Tulare and Kings counties remain one of the largest regions of California without a four-year school. Efforts to entice Fresno State, Cal Poly or the University of California to open more upper division school classes here over the years have been less than successful.
The lack of nearby upper division opportunities obviously contributes to the fact that these two counties have the least number of college grads in the state.
About 27% of California residents over 25 have a bachelor's degree, but around here it's far lower – about 11% in Tulare County and just 8% in Tulare where the new campus is planned.
Stemming the Brain Drain
Cornell's offer to provide fully paid scholarship grants to needy students may help the area shake off the notion that our future is dim in light of the fact that about half the population is low or very low income.
The possibility of offering upper division Cornell classes in agriculture in Tulare as well as a venue for graduate research could help the area stem a brain drain of its most promising students who see the need to travel out of the area for higher education as well as a career even if it is in agriculture.
Higher educational research often leads to jobs and new enterprises and Cornell appears to be impressed with the fact they it is going to have a presence in the richest ag region in the U.S.
Cornell is a land grant institution founded in 1865 on Senator Ezra Cornell's farm. Although it receives state funds, Cornell is a private school that focuses extensively on conservation and ecology. It operates a 700-acre New York ag field station and also has a busy school of veterinary medicine. The college was ranked number nine in the U.S. by US News and World Report. It has a student population of 20,000 and students from all 50 states.
By Rick Elkins
Visalia -Carbon Footprint appears to be the buzz phrase of the 2000s and while Daley Homes' new “green” subdivision in Tulare certainly reduces a homeowner's carbon footprint, it also reduces that homeowner's energy and water bills.
This week, Daley Homes showcased Tulare County's first California Green Builder Community – Palm Ranch in Tulare's newest residential area, east of Mooney Blvd off of Alpine Avenue.
Being “green” means offering homes that go way beyond just being energy efficient, noted Scott Daley.
Not only will all 89 homes in the first phase of the new subdivision come with solar panels built into the roof, they will have scores of other energy features, be environmentally safer, use less water for landscaping and even the construction waste materials are recycled.
There are now more than 1,000 builders, remodelers and other members of the home building industry that have earned the Certified Green Professional (CGP) educational designation since it was introduced early this year by the National Association of Home Builders (NAHB), said the NAHB.
There are several in California, but Bob Keenan, executive vice president of the Tulare and Kings County Building Industry Association, said Daley is perhaps the first to offer an entire “green” subdivision in the Central Valley. He said many builders will construct a green home and follow environmentally friendly practices, but he was not aware of any entire subdivisions. Definitely, he said Paul Daley, owner of Daley Homes, is breaking new ground.
“I think it's really neat. With people concerned about global warming and carbon footprint, it will be marketable,” said Keenan.
He explained the state building commission has drafted Green housing building standards to be phased in starting in 2009, so “green” subdivisions may become common within a few years. “Paul's doing them now,” noted Keenan.
Certified Green Professionals must complete 24 hours of classroom training, including 16 hours of green building instruction, must have two years' industry experience, must sign a code of ethics and must commit to fulfilling continuing education requirements to qualify for the designation. The educational designation is an important part of the new NAHB National Green Building Program, introduced in February.
“Home owners and home buyers are demanding more green products and features in their homes, and the building industry wants to meet that demand. That's how this market works,” said NAHB President Sandy Dunn.
Scott Daley explained that his father has always been environmentally conscious and he has had solar panels on his office for years.
“He's interested in energy efficiency. It has just been an evolution. It gives us a competitive advantage and it is good for the environment,” said Scott Daley. “The time is right.”
Besides the solar panels that are hardly detectable on the roof, every home comes with extra installation, higher than standard dual pane windows, coating of the roof sheeting to future reject outside heat and cold, a higher than standard energy efficient cooling and heating system, dim switches on lights, high-rated energy efficient appliances and more.
“Where we really go over the top is energy efficiency,” noted Scott Daley. He pointed out that the homes exceed energy efficiency by 35 percent. The solar panels alone provide 30 percent of the power needed for the home and extra panels can be added.
“With everything included – energy efficient and insulation – you can save 50 percent of your power bill,” said John Davis, senior construction manager for the home builder.
There are six components to the “green” program. First is energy, but there is also insulation, wood (using recycled or reconstituted wood products), inspections (home is certified for maximum energy efficiency), water (homes must use at least 20,000 gallons less water per year) and waste (builder must recycle more than 50 percent of waste – Daley recycles more than 80 percent).
Daley said they go “above and beyond” in insulation, explaining they use 2x6's on outside walls “that allows us to put in thicker insulation.” Thicker insulation is also put in the attic.
The company also uses certified inspectors to make sure that are few leaks of air, both into the home and out of the home. The inspection includes both the walls and the ducting.
Low volatile organic compounds are also used, lowering the environmental effects in the home from paint and other materials, resulting in better air quality.
To reduce water usage, every home comes with a Toro Intelli-Sense irrigation controller. The system automatically calculates the optimum irrigation scheduled and the control receives daily water updates from satellite-based weather stations and adjusts the watering accordingly.
Also, every home is equipped with a tankless water heater that immediately heats water on demand. The system is centrally located to quicken the delivery of hot water to outlets.
Daley said they also are installing drought-tolerant plants, and low-flow toilets and shower heads to reduce water usage.
Cost of the homes starts at $199,950 for the 1,245 square-foot model, up to $236,950 for the largest model, 1,732 s.f.
Davis said that is about $15-20,000 more than a conventional home, but much is recovered through reduced energy costs.
“We're trying to give people the best green bang for their buck,” said Daley.
Hanford - Passco Real Estate has put the Hanford Mall up for sale after owning it for just over four years. The sale excludes about a third of the 487,000-square-foot retail property, the two anchor properties at the mall leased to Mervyns and Gottschalks. Passco and partners bought the mall in early 2004 for a reported $49 million and are likely to sell it for more – around $60 million by one estimate.
The property is being marketed by L.A.-based Reza Investments that handled the sale of the mall to Passco the last time. “We just began the marketing in the past week,” said a Reza representative.
Passco is the same L.A. firm that bought and held, then sold the old Sequoia Plaza center in Visalia that was anchored by Costco, Home Base and Circuit City – now anchored only by Circuit City on South Mooney.
Passco is based in Santa Ana. The company buys and holds real estate and hands management off to an affiliated firm that manages over 3 million square feet of retail space in the state.
Sources say Passco operates as a management company for investors who are seeking tax free exchange of property. Passco “acquires” the property for management purposes and pays the individual property owners a fee without triggering a tax bite from the IRS. However, the key is that management must be successful in keeping the rent money flowing in or the investors can potentially lose money.
Busy Retail District
It's not clear why Passco is choosing to sell the mall at this time. On the plus side, the mall is now surrounded by several new big power center retailers and they are drawing more retail traffic. Since Passco bought the mall, the new Wal-mart and Target centers have opened along with scores of smaller retailers and restaurants. A new hospital is being built across the street increasing the traffic count as well with new development on all sides of this well-placed property.
On the other hand, retail prospects are down these days with most major retailers suffering sales declines, including Gottschalks and Mervyns – the big anchors here. Mervyns recently declared bankruptcy and announced it would close 11 stores in the state – none in this region. Gottschalks continues to report slower sales and its stock has fallen to the $1 to $2 range.
Merchants say traffic is slow in the Hanford Mall with the food court now down to just four restaurants with three spots empty.
Enclosed malls have been generally out of favor in recent years as investments with few new malls being built. But in the sweltering San Joaquin Valley, the air-conditioned mall remains a way of life.
Dinuba
- Save Mart officials will attend a Dinuba town meeting tonight
to hear citizen concerns over the pending closure of Dinuba's
Save Mart.
The session will be at 5:30 p.m. in the cafeteria of the JFK
Academy at 999 N. Crawford Ave.
Citing competition as a major factor in the company's decision, Save Mart announced the 35,000-square-foot store at 21505 El Monte Way on the east side of Dinuba will close at 5 p.m. Saturday, Sept. 6.
Dinuba Mayor Terry McKittrick, a self-described loyal Save Mart shopper, expects the town meeting will be well attended. Once news of the closure was made, McKittrick said city officials received “lots and lots of calls” from residents asking what can be done to keep the store open. The mayor said a letter including the phone number and e-mail of the Save Mart corporate headquarters in Modesto was published locally, prompting a large response.
Save Mart officials confirmed receiving at least 130 combined comments, calls and e-mails urging the huge supermarket chain to save the Dinuba market which has been there since 1991. Two corporation vice presidents, Dinuba store manager Bennett Lee and company communications director Alicia Rockwell are scheduled to attend the session.
Lee said none of the 35 workers at the Dinuba Save Mart will lose jobs. Each of them have been offered positions in stores in Reedley, Selma, Kingsburg, Visalia, Tulare, Fresno and other locations. Lee said it is fortunate that most of the employees live in the general vicinity and the majority will face no major commute changes. Lee, who was raised in Reedley, said he has not yet learned where he will be moved, adding that Save Mart has worked hard to ensure that no one will be jobless due to the Dinuba closure.
Lee said competition, especially from the Wal-Mart Superstore, which includes a large-scale supermarket, was part of the reason for the relatively poor economic performance of the Dinuba Save Mart over the past several years.
City Manager Ed Todd said there has been talk in the community that the Dinuba Save Mart was not doing well in meeting the corporation's profit margin. Todd said the Wal-Mart Superstore competition added to an already weak economic performance by the store.
Todd and McKittrick both said the company's response to community concerns and its willingness to meet with residents have been encouraging, but admitted that once a store closure decision is made it is unlikely to be reversed.
McKittrick said Dinuba's recent rapid growth, along with plans for a new elementary school and a large residential development in East Dinuba where Save Mart is located in a shopping center which includes K-Mart, will be stressed during the meeting.
Dinuba has at least three other food markets, besides Wal-Mart Superstore, but none is dominant, city officials said.
A letter addressed to community members and Save Mart customers states: “Store closures are never a happy occasion for us and we only do so after exhausting all other options. It is essential for us to not only protect the future success of our company as a whole but also protect the best interests of our employees. They are our most valuable commodity and their job security is important to us as well as to the communities where they live.”
The latter notes weekly Save Mart advertisements will continue to be sent to Dinuba area residents. “It is our hope that there may be times when shopping in our Reedley store will be worth the drive. Additionally, for those signed up with the S.H.A.R.E.s program, Save Mart will continue to put dollars back into the community buy supporting local schools and organizations whenever they shop.”
The letter acknowledges the Dinuba store's poor performance stating, “We regret any inconvenience this may cause you but it was time to take action with an under-achieving store. We are actively looking for another tenant for this location.”
Save Mart management has made no secret of concerns over Wal-Mart's blanketing some Central Valley areas with its Superstores. Grocery union and attorneys affiliated with Save Mart have filed legal actions in some cities basically over the competition issues.
Lemoore - A public notice announcing a bulk sale of assets of Bob Williams Chevrolet in Lemoore to General Motors has fueled speculation that the city's only new car dealership will soon close.
The sale is to take place Sept. 4 and the legal notice indicates “Certain assets used or useful in the operation of a Chevrolet car and/or truck dealership are located at 1356 West Iona Ave. in Lemoore.”
Attempts to contact Bob Williams were unsuccessful, although it was learned employees have been led to believe the dealership was closing and that layoffs were eminent.
Rick Sitek, GM dealer support regional manager in Thousand Oaks, whose name appears on the “Bulk Sale” notice, said he was not aware of the sale, asking the Voice to fax him a copy of the public notice. He later said he could not comment and that any comment would have to come from the dealer who was unavailable at press time.
Officials with the Kings County Economic Development Corporation said they were not aware of the dealership closing, but had also heard the rumors.
In April, the Lemoore City Council, acting as the city's Redevelopment Agency, approved a $465,325 line of credit to the Kings EDC which was used for a $250,000 business assistance loan to Bob Williams Chevrolet, one of Lemoore's top 25 sales tax revenue generating businesses. In making the latest loan, it was noted the dealership had already repaid two previous loans.
Lemoore City Manager Jeff Briltz said if the dealership closed, it would be a huge blow to the community.
“Their loss would be really significant,” Briltz said, noting it would go beyond simple economics. He said city revenues would be hurt, as well as a number of jobs lost in the city. Beyond that, the closure means people would have to travel out of town to purchase a new vehicle get parts or repairs. He said he was not concerned with the loan, saying he is confident the city will be repaid.
Bob Williams Chevrolet sells Chevrolet cars and trucks.
Auto dealers in California have seen sales of new cars and light trucks plummet by more than 18 percent in the first half of the year, according to figures from the California New Car Dealers Assn. That's compared with a nationwide drop of 10 percent. Not counting sales to corporate and government fleets, California dealers sold 634,577 cars, SUVs, pickup and minivans through June, versus 779,778 in the same period last year.
Sales are even worst for the Big Three U.S. companies. Domestic brand market share in California was 33.8 percent versus 47.8 percent in the nation.
Chevrolet sales were off even more. In California, Chevy sales were off 36 percent over the first quarter of last year with only 29,470 units sold statewide.
Although numbers are not available, there have been many dealership closings in the state the past several months. In the Sacramento area, six dealerships have closed this year. GM said it has closed about 600 dealerships in the U.S. over the past two to three years. The company announced a few years ago a move to consolidate dealerships.
What's New
Huell Howser and his California Gold PBS-TV program will visit Woodlake's Bravo Gardens in October, confirms the project founder, Manuel Jimenez. “We're still working out what weekend he will come,” says Jimenez. “The garden should be looking really good in October.” Howser saw a student-made video at a farm conference of the 13-acre demonstration garden nestled on the levees of Bravo Lake. The program is a popular weekly show seen by a wide audience where Howser goes on road trips to interesting cultural or historical locations around California. A recent show on Hanford brought tons of exposure to that town's historic roots. Jimenez says the garden is waiting for grant funds to enclose the facility to control traffic and vandalism and further the goals of the youth project.
Add Dan Garcia to the number of top planners who have left the county recently, including chief planner Theresa Szymanis who recently quit. Garcia worked on large-scale projects in the county like Yokohl Valley.
Latest Climate Prediction Center forecast calls for wetter conditions in the Pacific Northwest and Northern California this fall. The prediction on August 21 says there is a high probability of rain and snow in the Sierra in October and November, says forecaster Brad Pugh. “It's not a strong signal so the three-month prediction for all of California shows an equal chance of normal rainfall this winter.” California officials have been concerned about the chance of another dry year, given the record low reservoir levels.
At its Aug. 12 meeting, the Dinuba City Council appointed two unopposed candidates, Mike Smith and Joey Morales, to the council, effective when the November election results are certified. There were only two seats up for election this year in Dinuba.
County formalizes facility policy. Tulare County leases 78 properties and 45 are sub-vented programs and 33 are for General Fund programs. New policy calls for the 33 General Plan programs to be relocated eventually to county-owned facilities. New lease terms are not to exceed seven years, says the policy. The policy may spur along term realignment of some offices into new county-owned facilities.
Tulare County is opposing AB 2175 requiring urban areas reduce the per capita water use by Dec. 31, 2020. The Board of Supervisor's letter opposing the bill says the legislation disregards current water planning statewide and locally fearing loss of local control.
Kings County Supervisors are expected to support a plan to submit a 13-acre site near Highway 43 and Lacey Blvd. in the city of Hanford as a possible site for the planned re-entry facility being proposed by the state. The state has already seen the site. If approved in September, the state would be moving forward to open a 500-bed secure facility for local parolees.
Rite Aid Eyes New Mooney Location
Rite Aid would reportedly relocate its Mooney Blvd. store to the north at the 1100 block of Mooney to the former Copeland Sports location, according to a preliminary site plan review at the City of Visalia.
The 15,000-square-foot property has been empty since Copeland closed its sporting goods store in 2006. The drug store outlet wants a location with a drive-thru instead of a strip mall setting they have at its current location. The relocation would likely require city planning commission approval and council approval.
Valley Hopes for Water Bond Compromise Bill
With time running out to place the issue on the November ballot, hearings were held this week on a new Democratic supported water bond proposal – AB 8XX. Friant General Manager Ron Jacobsma calls the Demo plan promising, if modifications to the bill can be made.
Assembly Member Juan Arambula, who sat on the Assembly committee hearing the testimony, backed changes to the bill that would increase water supply along with repair of the Delta.
Jacobsma's views were backed this week by labor officials citing the job losses in the fields this summer. Jacobsma says the major problem with the bill is that, unlike the Feinstein/Schwarzenegger water bond proposal, it doesn't ensure surface water projects will be funded even if they meet all the criteria.
Jacobsma says the water bond bill has until about Sept. 3 to get on the November ballot. That would be the deadline as well for a possible bill to be submitted to voters in support of a compromise state budget.
Visalia Oaks Renew Arizona Affilliation
The Arizona Diamondbacks and Visalia Oaks agreed to renew their player development contract Monday, ensuring that Visalia will remain the D-Backs' Class A-Advanced Affiliate through 2010. The agreement, which hinged on the City of Visalia's pledge to continue to bring Oaks Ballpark into compliance with MLB facility standards, represents a major victory for baseball in Visalia.
“We are happy to have developed a good relationship in Visalia as a central part of our development system,” said A.J. Hinch, director of player development for the Diamondbacks. “We are encouraged about the renovation project, and we look forward to our future in Visalia.”
Air Board Blinks Over Tough Compost Rule
Visalia - The Valley Air Board is rethinking its plan for tough new composting rules that local green waste composters suggest would put them out of business. A message sent by email late last week to stakeholders concerned over the proposed draft rule 4566 said that staff is now recommending an extension of time to study the rule after questions of its effectiveness came up.
The memo says “new data shows the emissions from this category are much less than estimated in the Attainment Plan, but that effectiveness of controls was lacking.”
Postponing the draft rule, that was set to be adopted and in place by 2009, is good news to local composters who recently attended a Visalia City Council meeting to complain about the rule.
Two local companies compost all of Visalia green waste. Tulare County Compost Operations Manager John Jones says the company would not be able to afford a $2 million digester to keep emissions from escaping into the air.
Both local compost firms say they would simply
go out of business if the rule was adopted, as proposed by
board staff.
The proposed rule would have covered commercial companies
processing at least 50,000 tons a year. The Air Board sought
to cut emissions by 15% in part to meet mandated emission
cut goals submitted to the EPA.
Questioning the Science
COS President Bill Scroggins, an engineer by education, told the council that 50% of VOC emissions were naturally decaying matter that would decay with or without composting.
Several studies have been reported to the Air Board that appear to show the practice of covering piled rows of compost with new compost dramatically reduces VOCs – volatile organic compounds like methane.
The Air Board had been given a study done in Modesto to prove the claim that enclosed composting operations were not necessary. The study, funded through the state Integrated Waste Board, suggested finished compost lowered air pollution emissions by 75% compared to uncovered piles of compost.
Cities like Visalia work hard to divert green waste from their landfills under state regulatory requirements by the Integrated Waste Management Board to cut landfill waste by at least 50% and more in the future.
Visalia residents do their part of diverting green waste by putting their grass clippings and tree prunings in special cans collected and delivered to the two companies – Tulare County Compost and Wood Industries.
Wood Industries owner Kent Kaulfuss told the Voice that “the staff would have simply slipped these new rules by if it wasn't for the outcry of people from all over telling them that the science that backs up these proposals didn't make sense.”
One reported idea offered by the Air Board to cut emissions from green waste was to tarp fields requiring the use of heavy equipment and fueled by diesel appearing to cause more pollution than it cuts.
The proposal by the Air Board had put commercial composters in an impossible position of trying to comply with opposing government agencies battling over recycling rules.
“I think (COS president) Bill Scroggins may have made the difference,” says COS trustee Sue Shannon, whose family runs Tulare County Compost. “Not only does he have a keen grip of the facts, but he has a robust personality and seems to have the ability to get 900 people to move in the same direction.”
Shannon says Cal State University Fresno researchers will now do VOC testing at the company location on Lovers Lane with the data to be passed on to the Valley Air Board.
Now the Air Board says they will ask for further input at an October 16 board meeting.
Dairy researchers, like some in the composting industry, have been having a similar ongoing battle with air officials over the extent of the problem from cow emissions and the wisdom and cost of fixes for it – an issue that remains up in the air.
Serpa Packaging Solutions Plans Expansion
Visalia - Steady growth and a solid pharmaceutical industry have led Serpa Packaging Solutions to seek approval for another expansion, said plant owner Fernando Serpa.
The company that manufactures packaging machinery for pharmaceutical companies is seeking approval to nearly double in size with the addition of 30,884 square feet to its facility in the Visalia Industrial Park.
According to its Web site, Serpa Packaging Solutions builds high-quality vertical and horizontal balcony cartoners, side load and top load balcony case packers and tray packers. Serpa has sold almost 1,000 machines throughout the United States and across the world.
“We have a major presence in the pharmaceutical, medical device, personal care, cosmetics and nutraceutical industries,” says the Web site.
“It's kind of unique,” said Serpa of the plant he founded in 1981 after many years of experience as a machine service technician. “We started in Goshen, and then moved to the industrial park,” he added. When he started, he had just four employees and today that number has grown to 85. He said the expansion should allow for the workforce to grow to 100 within a year.
The company manufactures packaging machinery for companies like Pfizer, Merck & Co. and GlaxoSmithKline. He said Nyquil boxes come from machinery his company made and they also deliver machinery overseas.
“The average machine cost more than a quarter of a million dollars,” said Serpa, adding they make about 100 such machines a year.
He hopes to have the expansion completely within a year. New offices for the plant are already completed, he said.
Visalia
Metro One of State's Lowest Median Price for Homes
Low
Prices Boost Sales
Visalia - A new California Building Industry Association report this past week says the Visalia-Porterville metropolitan area has the 27th lowest median price for homes sold in 28 metro areas of the state.
Merced was the lowest at $174,000 in the second quarter of 2008 with the Visalia-Porterville metro area listed at $182,000. That's lower than Bakersfield at $187,000, Hanford at $215,000, Modesto at $205,000 or Fresno at $207,000. Even El Centro was higher at $183,000 median price for homes sold.
San Francisco remains the least affordable in the state, says the BIA with 13.8% being able to afford the median price of a home there listed at $685,000.
The affordability index has improved statewide since the housing crunch with nearly 37% of the state's median income finally being able to afford a home in California – up from just 31% in the first quarter of the year.
Despite not having one of the cheapest median prices, Sacramento is listed as most affordable because the median income family there earns more money and can afford the median-priced home there - $240,000. The report says over 55% of the median families can afford a home there.
The Visalia area has a median family income of $34,200, making 42.2% of homes “affordable” according to the BIA, but that's up from the first quarter when just 34.2% of the families could afford a home.
“This is a great time for first-time home buyers to get out there and start shopping around because affordability at these levels will not last long,” says BIA CEO Robert Ribinus.
The median price of existing homes at $182,000 is lower than the median for new homes in the Visalia metro area which was around $250,000 for the past few months. That's down from over $300,000 in summer of 2006.
Rock bottom prices for existing homes in the
Visalia metro area are resulting in much higher sales, according
to local reports, with 350 closings in July in the local MLS,
a level of home sales in the boom year of 2005. But sale prices
in the mid and low $100s are being reported as the inventory
of homes is heading down. Still plenty of new distressed homes,
many bank-owned, are there each month to take their place
helping to continue a downward spiral in price.
Statewide, home sales increased 43.4% in July in California
compared with the same period a year ago, while the median
price of an existing home fell 40.3%, the California Association
of Realtors (CAR) says.
“Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000 conforming loan limits likely had an impact on closed sales,” says CAR.
Of the homes sold in June, 44.8% were foreclosure resales, up from a revised 42.5% in June and 7.6% in July a year ago.
The above stories are the property of The Valley Voice Newspaper and may not be reprinted without explicit permission in writing from the publisher.
August 28, 2008
