Welcome,

I'd like to take this opportunity to thank you for stopping by my site. This past month has found San Luis Obispo enjoying fantastic weather. This is one of the best times to see San Luis Obispo and the surrounding areas. The skys are blue and the days are a wonderful 70+ degrees, and that's why we moved here.

If you're coming to San Luis Obispo in the near future, remember to stop by our "World Famous" Farmer's Market (and street festival) on Thursday evenings (all year long, rain does cancel this event). BBQ's, music and a full farmer's market make this the best attraction between Santa Barbara and San Francisco. The Downtown Association has put together a great selection of talent for you to enjoy each week, so come and have a good time.

Also stop by my office located at 570 Marsh Street right next to the Jack House Gardens. I would love to help with any of your real estate questions.

Gota go for now, so enjoy my website and take a look at my eNewsletter.

Best Wishes, Tom Swem, GRI, CCIM

The Local Economy as of April... As of April 18, 2008 the local real estate economy is continuing with homes getting good showings if properly priced. The average number of homes sold seems to be roughly half of similar periods in time. This is due to the statistics shown below where homes will sell if the sellers are willing to price them in today's market. The average single family home sale price in the City of San Luis Obispo is now $770,788. This was 95.26% of list price at time of sale (and 91.2% of the original list price) and related to a average cost per square foot of $378.00 (based on sales from March 1, 2008 to date, 26 homes sold with an average Cummulative Days On Market of 119). The average Condominium/PUD sale price in the same period is $390,556 which was 98.8% of the list price at time of sale (and 94.5% of the original list price) based on 17 units sold at an average cost/sqft of $355.00 with an average Cummulative Days On Market of 50.

In the investment arena, investors are coming out of exchange properties and continuing to look for properties valued from $1,000,000 to $3,500,000. Most are utilizing delayed exchanges and are seeking 7-8% cap rates. Inventory is very low throughout the County and the available properties are being listed between 5% and 7% Cap Rates (well located properties priced under $2M are experiencing a lot of activity). All this being said, the investors are seeking quality properties with upside potential. The "Monopoly Money" seems to have dried up.

Still, San Luis Obispo is seen as a great "Growth Possibility". CNN Financial has researched the 10 best places to buy real estate. Click Here for another reason we all live and invest here.

Fast Facts Calif. median home price - March 08: $413,980(Source: C.A.R.) Calif. highest median home price by C.A.R. region February 08: Santa Barbara So. Coast $1,140,000 (Source: C.A.R.) Calif. lowest median home price by C.A.R. region February 08: High Desert $210,66-(Source: C.A.R.) Calif. First-time Buyer Affordability Index - Third Quarter 07: 33 percent (Source: C.A.R.) Mortgage rates - week ending 05/1/08 30-yr. fixed: 6.06% Fees/points: 0.5% 15-yr. fixed: 5.59% Fees/points: 0.5% 1-yr. adjustable: 5.29 % Fees/points: 0.6% (Source: Freddie Mac)

In summary, the residential market should continue moderately through the Spring and into the Summer. Investment property is being consistantly considered by investors and will remain a solid opportunity given the number of properties on the market and the "No Growth" attitude in the area. Downtown SLO Retail/Office Property is the current "Hot Ticket" due to the dramatic increase in mixed use development projects in the pipeline.

In all regards, it is a good time to consider real estate as an investment and a great time to purchase a home. e-mail me with your questions and thoughts, I'll get back to you as soon as possible.