Pismo Beach cracks down on short-term rentals amid complaints

Pismo Beach leaders are placing a moratorium on new short-term rental permits amid complaints for residents who say the occupants are a nuisance and don't follow local rules.

There are currently 28 STRs in the city, but residents continue to file complaints about noise and not following the rules. At its June 21 meeting, the City Council unanimously passed an emergency ordinance to stop issuing STR permits until they can come up with more strict rules for enforcement.

Councilmember Sheila Blake said even the threat of high fines doesn't seem to solve the issue.

"I'd like to know where the hell we went wrong?" she said. "We got a great town here, and all of a sudden it's so attractive to everyone that they don't care how much they have to pay for a penalty. It happens everywhere. ... They will pay anything just to have use of the house."

Developers may be required to build more affordable housing in SLO

Real estate developers could be required to include as much as 10 percent of their housing stock to be below-market-rate value for low- and moderate-income families, according to a new proposal.

The City of San Luis Obispo wants to ramp up the construction of affordable housing units. An updated draft of the Inclusionary Housing Ordinance would require 5 percent of new development to be low income. 

Another 5 percent would be moderate-income, meaning 10 percent of housing in the city would be below market rate value. That's up from the current requirement of 3 percent for low income, or 5 percent for moderate-income households.

The proposal will be discussed at the planning commission's next meeting on June 8. 

There will be some exemptions to the new ordinance if it's passed, including new developments of four units or less.

Wind Turbines to Float off the Morro Bay Coast

The US government proposes to lease wind energy businesses in a region roughly 17 miles off Morro Bay to provide more electricity than the Diablo Canyon nuclear power plant's 2,200 megawatts. 

The proposal specified commercial ships and the US Navy as active in the 376-square-mile area, which required negotiation with the Navy Secretary. It has also alerted fishermen in Santa Barbara and other harbors, the Santa Barbara Independent newspaper reported.

Increasingly powerful wind turbines, with a wingspan of two-and-a-half football fields, are reaching the height of the Statue of Liberty. Some of them are being tested in Denmark and the Netherlands and can power 18,000 European homes. 

The Bureau of Ocean Energy Management is conducting the first of several environmental reviews in the US (BOEM). No leases have been sold yet. Companies will utilize buoys to determine weather and wind conditions, along with bathymetric (underwater topography) investigations, as the big floating turbine building projects move forward with development and approval, including environmental studies.

Grover Beach declares Stage 2 water shortage

Grover Beach is experiencing a Stage 2 water shortage emergency after almost a year of saving water in a Stage 1 shortage declaration. 

Water customers will also get some respite, as the City Council unanimously decided at its May 9 meeting to pause penalties on water conservation violations. 

The 10 percent mandatory reduction in residential water use sprung from the combination of depleting water levels at Lopez Lake along with diminished groundwater supply as a result of low rainfall. 

Commercial and industrial groups are exempt from that declaration, but residential customers will receive a reprieve from penalties.

Tell Me About Foreclosures in Today’s Housing Market

According to current data, the majority of homeowners are either fully caught up on payments or have a plan from the bank to modify their loan so that they may start making payments again.

The majority of homeowners have sufficient equity to sell their homes

The average homeowner has accumulated unprecedented levels of equity in their home. Many people who are leaving the forbearance program without a plan will have enough equity in their homes to sell.

In the last two years, there have been fewer foreclosures

Today, there are fewer foreclosures than there were before the pandemic. Homeowners were given an extra two years to get their finances in shape and work out a plan with their lender under the scheme. This helped to avoid the forelosures that would have otherwise hit the market.

New listings are easily absorbed by the current market

When foreclosures flooded the market in 2008, they added to the glut of homes already on the market. The housing market is extremely undersupplied today, with a supply of 2.0 months. A balanced market would have enough inventory to last six months.

If you see stories today concerning the rising number of foreclosures, keep in mind that context is crucial. Foreclosures are still significantly below levels seen before the outbreak. Contact a real estate agent for assistance in understanding current market circumstances.

Can Homeownership Protect You From Inflation?

As the news goes today, you're more than likely to have heard about an increase in prices. In your day-to-day life, prices for gas, groceries, and more are likely going up. There are more and more costs for people to buy things. This can hurt your wallet and make you think twice about any big purchases you have planned.

If you've been thinking about buying a home this year, you might be wondering if you should keep going or if it would be better to wait. Here's how owning a home can help you deal with the rising costs that come with inflation, even though the answer is different for everyone.

Stability and security come with owning a home

Investopedia says that when there is a lot of inflation, prices go up all over the place. That's true for things like food, entertainment, and other goods and services, as well as housing, as far as I know. Rental and home prices are going up. So, as a buyer, how can you protect yourself from the cost of things going up? The answer is to own your own home.

Buying a home lets you keep your biggest monthly expense, your housing costs, the same. As long as you get a fixed-rate mortgage on your home, you can set your payments for as long as your loan lasts. Usually, this is for 15 to 30 years. 

As prices go up, your housing payment will stay the same. This will help you keep your budget in check even if other prices go up. It's not the same if you rent, and you won't be able to keep up with rising housing costs.

Use the rising value of your home to your advantage

Because mortgage rates and home prices are going up, it costs more to buy a house now than it did a year ago. You can still set yourself up for a long-term win, though. Now is the best time to buy so that you can lock in today's rates and prices before both of them rise.

You should put your money into an asset that usually stays or grows in value when inflation is high. The graph below shows that home price appreciation has outperformed inflation in most decades, going back to the seventies. This makes homeownership a historically strong hedge against inflation, as shown in the graph below.

Can owning a home protect you from inflation?

Today, experts say that home prices will only go up from here because there is still a lot of imbalance between supply and demand in the market. It will be good for your equity and your net worth if you buy a house. As a result, you can have peace of mind that your investment in a home is a good one, even in times when prices go up.

What Inflation Means For Your Homebuying Dreams

It might be a good idea to move forward with your plans even though prices are going up. If you want help with your specific situation and when to buy, a trusted real estate agent can help.

Coming Soon: Cute As A Bug Mid-Century Bungalow!

 

What a great location for this adorable beach bungalow!

243 Leighton St, Cambria 

Offered at $968,000 by Barnes and Associates Sotheby's International Realty

This charming Mid-Century Beach Bungalow is a rare find. Cute and cozy and only a half a block from the ocean. This property encompasses two nice, level lots in the desirable Park Hill community. Ocean views from the front patio area, and inside the living room and dining area too. Nice open concept for kitchen, dining, and living room complete with a comfortable and warming gas fireplace to enjoy those cool ocean evenings. Plenty of closets and storage.

All new windows, doors, bathroom rebuilt and upgraded, new water heater, flooring, plus more. Enjoy barbecues in your private backyard. Enjoy sitting out front on your sizable flagstone patio, enjoying the breaching whales and plentiful ocean birds. Invite your friends and family over to enjoy spectacular sunsets with a glass or two of local wines from the many local tasting rooms in the quaint town of Cambria. Just a short walk to the expansive Fiscalini Ranch Preserve for a morning hike or head over to Shamel Park for a picnic. Moonstone Beach is just a minute or two away offering world-famous beaches and restaurants. Beach living at its best! SEE MORE