SunCal Says they will finish Marblehead Road Improvements

In a special meeting held by the City Council this week, SunCal assured the City they will complete the promised road improvements that are part of the Marblehead project but will not start building homes until the real estate market rebounds. SunCal announced they had secured enough financing to complete the road improvement to Ave. Vista Hermosa, Ave. Pico and El Camino Real as laid out in the plans.

Recently, the City had been especially worried that these unfinished road projects posed a safety hazard to motorists and pedestrians alike so this was good news for the Council. SunCal also intends to complete the grading by the end of this year for Commercial site up near the freeway.

LOWER YOUR PROPERTY TAXES

Prop 13, passed in the 70's, says property tax can only increase a maximum of 2% per year regardless of the housing market. This is great for all those that purchased their home in 2000-2003. But what if you purchased your home in 2004 or later?If you purchased your home during the boom, you may see your taxes reduced. According to the assessors website "The Assessor initiated reviews on approximately 150,000 properties that were purchased in 2004, 2005, 2006, or 2007 to compare their market value with their Prop. 13 taxable value. Approximately 100,000 single-family homes and condo’s and 16,000 timeshares will receive a temporary value reduction that should lower their 2008-2009 property taxes."Taxpayers should review their Taxable Value Notice carefully. These values are the basis for their 2008-2009 property tax calculations. Market value is normally greater than taxable value and January 1, 2008 values were used in the Assessor review. Property owners that disagree with the taxable values on their June Taxable Value Notice can file an application for assessment appeal with the Clerk of the Board of Supervisors. The filing period is July 2, 2008 to September 15, 2008. Forms are available on-line at www.ocgov.com/cob, and at most public libraries. The Appeals process is free. For information on how your property was valued, call the Assessor Department at (714) 834-2727.

OVER 1 MILLION HOMES IN FORECLOSURE

The seasonally adjusted total delinquency rate is the highest recorded in the MBA survey since 1979, however the non-seasonally adjusted delinquency rate is not. Delinquency rates normally peak at the end of the year and drop to their lowest point for the year at the end of the first quarter. The non-seasonally adjusted rate is down 67 basis points from the fourth quarter but up 131 basis points from the first quarter of last year. The increase in the overall delinquency rate was driven by increases in the number of loans 60 and 90 or more days past due, primarily in California and Florida. The 30 day delinquency percentage is still below levels seen as recently as 2002.Read the entire story at National Realty News.

Bernanke says rate is “well positioned,” and he is 'watching dollar'...

Federal Reserve Chairman Ben Bernanke Tuesday signaled he is finished cutting interest rates for now and has turned his attention to concerns about inflation in the world’s foreign exchange markets in the wake of the U.S. dollar’s 16 percent decline against the Euro over the past year. Speaking to the International Monetary Conference, Bernanke stated that, “For now, policy seems well positioned to promote moderate growth and price stability over time. We will, of course, be watching the evolving situation closely and are prepared to act as needed to meet our dual mandate.”

Observers called Bernanke’s statement a “strong defense of the dollar” and a sign that the Fed believes a weaker U.S. dollar would be detrimental. Declines over the past year against the Euro and more recent oil price surges have increased fears of inflation. These fears are one reason the Fed is not expected to pare interest rates further at least through October. Bernanke called financial market conditions “strained” and reiterated that U.S. consumers face challenges from declining home prices and stricter mortgage and other lending standards, a weaker job market and higher energy costs. He added that economic growth will remain limited until home prices and the housing market show clearer signs of stabilization

VOTERS APPROVE SHORECLIFF'S HEIGHT RESTRICTION

On Tuesday, voters in San Clemente confirmed the City Council's approval of a 16-ft. residential height limit for portions of the Shorecliffs Community. The measure overwhelmingly passed with 69% of the voters in favor of the ordinance. Second story additions will not be allowed in portions of the community but special planning guidelines are in place to allow those homes affected by the ordinance to add-on more square footage on one level, just not build second stories. This ends a long, rancorous battle between the Save Shorecliffs neighbors and those who felt their property rights were being taken away through government overregulation and unfair spot zoning.

For more information on selling or buying a property in Shorecliff and how Measure I effects you, contact Brooke and Elly at WeSellSC@cox.net

Smoking Ban on Beach Trail

It’s already illegal to smoke on the city’s beach and Pier but on Tuesday, the City Council agreed to extend that ban to the Coast Beach Trail. The rationale is that the trail adjoins to the beach where smoking is illegal and connects to coastal canyons where smoking is banned due to fire danger. The ordinance will take effect sometime later this summer.

YES OR NO ON MEASURE I?

A "yes" vote on this measure will affirm and approve the City Council’s action. A "no" vote will have the effect of rescinding the City Council’s action, keeping the existing 25-foot maximum building height limit in effect throughout the entire Shorecliffs neighborhood.This is the impartial analysis from a city attorney on Measure I.Shorecliffs is an established single-family residential neighborhood on the ocean side of nterstate 5, in the northern portion of San Clemente. The homes in Shorecliffs are predominantly single-story construction, although the maximum building height currently permitted under the City’s Zoning Code is 25 feet, which will accommodate a typical 2-story home. The topography in the neighborhood slopes toward the ocean and many of the homes have significant ocean views over the homes below.In July 2006, the San Clemente City Council adopted an ordinance reducing the maximum permitted building height in the majority of the Shorecliffs neighborhood from 25 feet to 16 feet--essentially a 1-story building height restriction. The lots affected by this restriction were selected based on the City Council’s assessment of their potential to impair ocean views if 2-story construction were allowed to occur. The purpose of the ordinance is to prohibit 2-story above-grade construction on the affected lots and thereby preserve the existing ocean views from other homes, predominantly single-story homes, in the neighborhood.

2ND ANNUAL DANA POINT GRAND PRIX OF CYCLING

The 2nd Annual Dana Point Grand Prix of Cycling is on Sunday June 1, 2008.For 2008, a newly revised and upgraded .8 mile L-shape 6 turn course will be utilized to facilitate true Championship style criterium racing action allowing participants to compete at their top-level best. The course begins in Heritage Park overlooking the beautiful Dana Point Harbor and follows through the adjoining residential community on safe, smooth streets. Athletes then proceed onto a straight, long and fast downtown stretch on Del Prado Ave (Hwy 101) with the final turn onto Old Golden Lantern, finishing towards Heritage Park and a wide open 200 meter final sprint.There are 17 races, starting at 7am