Source: The Business Journal
Written by ALEX VEIGA, AP Real Estate Writer
(AP) — U.S. homebuilders' confidence bounced back strongly this month, a sign that construction and industry hiring may pick up in coming months.
The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday climbed to 58. That was up from 54 in November and matched an eight-year high reached in August. Readings above 50 indicate that more builders view sales conditions as good than poor.
In addition, builders' view of current sales conditions jumped this month to the highest level in eight years. And their outlook for sales heading into next year's spring home-selling season also improved.
The index has stayed above 50 now for seven straight months after being below that level since May 2006. This month's reading is 11 points higher than a year ago. It reflects a U.S. housing market fueled by steady job growth and still-low mortgage rates.
The latest index suggests that builders remain optimistic that the housing recovery will endure even though mortgage rates have risen in recent months.
"The recent spike in mortgage interest rates has not deterred consumers as rates are still near historically low levels," said David Crowe, the NAHB's chief economist. "We continue to look for a gradual improvement in the housing recovery in the year ahead."
Mortgage rates peaked at 4.6 percent in August and have stabilized since September, when the Federal Reserve surprised markets by taking no action on starting to reduce its bond purchases. Its bond purchases are intended to keep long-term interest rates low, including mortgage rates.
The Fed ends a two-day policy meeting Wednesday, after which it will release a statement and projections for the economy.
Mortgage buyer Freddie Mac said last week that the average rate on the 30-year loan declined to 4.42 percent from 4.46 percent a week earlier. In November last year, the average had dipped as low as 3.31 percent, the lowest on records dating to 1971.
Sales of new homes slowed over the summer after mortgage rates rose sharply and a tight supply of homes for sale boosted prices. The combination made home-buying less affordable.
But Americans ramped up purchases of new homes in October 25.4 percent to a seasonally adjusted annual rate of 444,000, according to the Commerce Department.
All told, sales of newly built homes have risen 21.6 percent for the 12 months ending in October. Still, the pace remains well below the 700,000 consistent with a healthy market.
And there are signs that builders are preparing for less growth. Approved permits to build single-family houses began to flat line in the spring, while spending on home construction spending fell 0.5 percent in October from September.
Still, the latest NAHB survey, which included responses from 346 builders, shows builders' outlook is rising again after dimming during the 16-day partial shutdown in October.
A measure of current sales conditions for single-family homes climbed six points to 64, the highest level since December 2005. Builders' outlook for single-family home sales over the next six months rose two points from November to 62, while a gauge of traffic by prospective buyers increased three points from last month to 44.
Though new homes represent only a fraction of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to data from the homebuilders association.
URL to original article: http://www.thebusinessjournal.com/news/national/10024-us-homebuilder-confidence-surges-in-december
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, December 18, 2013
Madera County home sales lapse again
Source: The Business Journal
The real estate market kept on its roller coaster path in Madera County last month with home sales plummeting following a large increase in October. According to a new report from the California Association of Realtors, home sales were down 44.4 percent in Madera County in November and 23.1 percent from the year before. The new figures come after a 63.6-percent surge in home sales during October but a 40.5-percent drop in September. The county’s median home price remained fairly steady by comparison, going from $153,330 in October to $160,000 in the latest month for a 4.4-percent bump. That’s still up 41.2 percent from $113,330 in November 2012. Sales in Fresno County dropped 18.6 percent in the month and 18.7 percent from the year before. The county’s median home price of $193,020 marked a 5.7-percent increase from $182,620 in October and a 30.2-percent jump from $148,240 in November 2012. In Tulare County, sales fell 8.7 percent from October and last year. At $161,300, the county’s median home price was even with the prior month but up 15.8 percent from $139,260 a year ago. Kings County saw its home sales drop 7.2 percent in November and 24.7 percent over the last year. Meanwhile, the median price of a home fell 5.2 percent in the month, from $181,000 to $171,670, but increased 23.3 percent from $139,230 in November 2012. Sales may have dropped through the Valley, but the available supply of homes looked to be on the upswing. Fresno County’s unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 5.1 months in November, up from 4.3 months in October and 4.2 months in November 2012. Tulare County’s index stayed flat at 4 months in November but remained far ahead of 1.3 months last year. Kings County also saw no change at 3.9 months but had a little more wiggle room than 2.9 months a year ago. Madera County’s index shot up to 5.2 months in November compared to 2.9 months the prior month and 2.9 months in November 2012. Statewide, home sales totaled 387,520 units in November, the lowest since July 2010 and down 3.4 percent from 401,000 in October and 12 percent from 440,250 in November 2012. California’s median home price stood at $422,210 in November, slipping 1.2 percent from October’s $427,290 but picking up 22.2 percent from $345,560 last year. “Improving home prices are a double-edged sword for the housing market,” said C.A.R. President Kevin Brown. “While welcomed news for homeowners and prospective sellers, diminished affordability is squeezing out many buyers and dampening their enthusiasm for home purchasing. Buyers are playing the waiting game and putting their home search on hold until prices stabilize and more inventory becomes available in the market.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/10032-madera-county-home-sales-lapse-again
For further information on Fresno Real Estate check: http://www.londonproperties.com
The real estate market kept on its roller coaster path in Madera County last month with home sales plummeting following a large increase in October. According to a new report from the California Association of Realtors, home sales were down 44.4 percent in Madera County in November and 23.1 percent from the year before. The new figures come after a 63.6-percent surge in home sales during October but a 40.5-percent drop in September. The county’s median home price remained fairly steady by comparison, going from $153,330 in October to $160,000 in the latest month for a 4.4-percent bump. That’s still up 41.2 percent from $113,330 in November 2012. Sales in Fresno County dropped 18.6 percent in the month and 18.7 percent from the year before. The county’s median home price of $193,020 marked a 5.7-percent increase from $182,620 in October and a 30.2-percent jump from $148,240 in November 2012. In Tulare County, sales fell 8.7 percent from October and last year. At $161,300, the county’s median home price was even with the prior month but up 15.8 percent from $139,260 a year ago. Kings County saw its home sales drop 7.2 percent in November and 24.7 percent over the last year. Meanwhile, the median price of a home fell 5.2 percent in the month, from $181,000 to $171,670, but increased 23.3 percent from $139,230 in November 2012. Sales may have dropped through the Valley, but the available supply of homes looked to be on the upswing. Fresno County’s unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 5.1 months in November, up from 4.3 months in October and 4.2 months in November 2012. Tulare County’s index stayed flat at 4 months in November but remained far ahead of 1.3 months last year. Kings County also saw no change at 3.9 months but had a little more wiggle room than 2.9 months a year ago. Madera County’s index shot up to 5.2 months in November compared to 2.9 months the prior month and 2.9 months in November 2012. Statewide, home sales totaled 387,520 units in November, the lowest since July 2010 and down 3.4 percent from 401,000 in October and 12 percent from 440,250 in November 2012. California’s median home price stood at $422,210 in November, slipping 1.2 percent from October’s $427,290 but picking up 22.2 percent from $345,560 last year. “Improving home prices are a double-edged sword for the housing market,” said C.A.R. President Kevin Brown. “While welcomed news for homeowners and prospective sellers, diminished affordability is squeezing out many buyers and dampening their enthusiasm for home purchasing. Buyers are playing the waiting game and putting their home search on hold until prices stabilize and more inventory becomes available in the market.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/10032-madera-county-home-sales-lapse-again
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, December 17, 2013
Peeve's local market grand opening Friday
Source: The Business Journal
Written by Gabriel Dillard
After a successful Kickstarter campaign that raised nearly $20,000, Peeve's Pub on the Fulton Mall in downtown Fresno is hosting the grand opening of its entirely local market next door. Peeve's will be rocking Friday night from 6 to 10 p.m. to celebrate the market, which includes milk, cheese, olive oil, music albums, hand-crafted jewelry and more — all produced in the Central Valley. Peeve's Pub & Market owner Craig Scharton said the concept of an all-local market is rare — he knows of only one in upstate New York. "It's good for all of the people who live and work downtown," Scharton said of the market. "It's on the cutting edge from what we've heard." Scharton said he gets one or two people each day bringing new products to the store seeking shelf space in the market. One incentive to stop in for a craft beer or meal — Scharton asks potential vendors to demonstrate or sample their products for customers in the pub. "They get to taste the biscotti, or the jam or the honey," Scharton said. The local market operates as a retail operation, with Peeve's purchasing the products wholesale. Local vendors interested in selling their products in the local market can call (559) 573-5735. Friday's grand opening event will include musician David Trent at 6 p.m., with the Roger Perry Band scheduled for 8 p.m. Customers who spend $50 or more will receive a free Peeve's T-shirt. Regular store hours for the market will be Monday through Saturday from 9 a.m. to 9 p.m.
URL to original article: http://thebusinessjournal.com/news/retail/10031-peeve-s-local-market-grand-opening-friday
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Gabriel Dillard
After a successful Kickstarter campaign that raised nearly $20,000, Peeve's Pub on the Fulton Mall in downtown Fresno is hosting the grand opening of its entirely local market next door. Peeve's will be rocking Friday night from 6 to 10 p.m. to celebrate the market, which includes milk, cheese, olive oil, music albums, hand-crafted jewelry and more — all produced in the Central Valley. Peeve's Pub & Market owner Craig Scharton said the concept of an all-local market is rare — he knows of only one in upstate New York. "It's good for all of the people who live and work downtown," Scharton said of the market. "It's on the cutting edge from what we've heard." Scharton said he gets one or two people each day bringing new products to the store seeking shelf space in the market. One incentive to stop in for a craft beer or meal — Scharton asks potential vendors to demonstrate or sample their products for customers in the pub. "They get to taste the biscotti, or the jam or the honey," Scharton said. The local market operates as a retail operation, with Peeve's purchasing the products wholesale. Local vendors interested in selling their products in the local market can call (559) 573-5735. Friday's grand opening event will include musician David Trent at 6 p.m., with the Roger Perry Band scheduled for 8 p.m. Customers who spend $50 or more will receive a free Peeve's T-shirt. Regular store hours for the market will be Monday through Saturday from 9 a.m. to 9 p.m.
URL to original article: http://thebusinessjournal.com/news/retail/10031-peeve-s-local-market-grand-opening-friday
For further information on Fresno Real Estate check: http://www.londonproperties.com
Film depicting Valley water shortage film wins at festival
Source: The Business Journal
A documentary depicting the struggles of migrant farm workers amid the Central Valley water shortage won its latest award at the 2013 International Monarch Film Festival. "The Fight For Water: A Farm Worker Struggle," earned Best Documentary at the annual film festival, which was held Dec. 11 and 12 in Pacific Grove, Calif. Juan Carlos Oseguera, a native of Central Mexico raised in the Central Valley, wrote and directed the film that follows a group of farmers and their farmworkers from the Firebaugh/Mendota area who battle against job losses and fallowed fields in the face of federal environmental rulings in 2008 that reduced the region's water supplies. The film has screened in more than 10 film festivals since its release in September 2012, receiving Best Documentary Honors at the 2013 Viña de Oro International Film Festival and runner-up honors for Best Documentary in Cinematography and Best Political Documentary Film and a nomination in Excellence in Filmmaking at the 2013 Action on Film International Film Festival. The film, Oseguera's directing debut, is currently acquiring sponsors for screening in Sacramento and during Tulare's World Ag Expo being held in February. Oseguera is the child of migrant farmworkers, inspiring the 39-year-old filmmaker to highlight the plight of the farm working community where unemployment has reached as high as 40 percent. Raised in Newman, Calif. in Stanislaus County, Oseguera went on to study film at San Francisco State University, later establishing his own post production editing studio, Filmunition Studios, in 2004. He currently lives and has family in the Firebaugh/Mendota area.
URL to original article: http://www.thebusinessjournal.com/news/media-and-marketing/10017-film-depicting-valley-water-shortage-film-wins-at-festival
For further information on Fresno Real Estate check: http://www.londonproperties.com
A documentary depicting the struggles of migrant farm workers amid the Central Valley water shortage won its latest award at the 2013 International Monarch Film Festival. "The Fight For Water: A Farm Worker Struggle," earned Best Documentary at the annual film festival, which was held Dec. 11 and 12 in Pacific Grove, Calif. Juan Carlos Oseguera, a native of Central Mexico raised in the Central Valley, wrote and directed the film that follows a group of farmers and their farmworkers from the Firebaugh/Mendota area who battle against job losses and fallowed fields in the face of federal environmental rulings in 2008 that reduced the region's water supplies. The film has screened in more than 10 film festivals since its release in September 2012, receiving Best Documentary Honors at the 2013 Viña de Oro International Film Festival and runner-up honors for Best Documentary in Cinematography and Best Political Documentary Film and a nomination in Excellence in Filmmaking at the 2013 Action on Film International Film Festival. The film, Oseguera's directing debut, is currently acquiring sponsors for screening in Sacramento and during Tulare's World Ag Expo being held in February. Oseguera is the child of migrant farmworkers, inspiring the 39-year-old filmmaker to highlight the plight of the farm working community where unemployment has reached as high as 40 percent. Raised in Newman, Calif. in Stanislaus County, Oseguera went on to study film at San Francisco State University, later establishing his own post production editing studio, Filmunition Studios, in 2004. He currently lives and has family in the Firebaugh/Mendota area.
URL to original article: http://www.thebusinessjournal.com/news/media-and-marketing/10017-film-depicting-valley-water-shortage-film-wins-at-festival
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, December 16, 2013
Out with the old, in with the new
Source: Housingwire
Home improvement loans can provide New Year’s hope for 2014
By: Bill Ashmore
Every year at about this time I start hearing from homeowners interested in making a change. In some instances, the change may be a desire to buy a new, bigger or nicer home. In other instances it may mean remodeling or renovating an existing home. In either case, these queries start coming in during the holidays as people are considering goals for the coming year. For many homeowners or homebuyers the want often exceeds the need or the financial capabilities. In these instances, I see a lot of frustration over the discrepancy of want and reality. In many cases, this frustration can be avoided through a financing alternative that is available, which allows a homebuyer or homeowner to obtain a loan and have the available additional cash to make the repairs/improvements. This financing option is an FHA 203(k) “Home Improvement” loan. In my experience, most of the borrowers we speak to do not fully understand how they can benefit from these types of loans. That is why the process of identifying, evaluating and buying a “fixer upper” or a “Home Improvement” loan requires the right mortgage and real estate professionals. From a borrower perspective, the most common questions I receive focus on trying to understand how they can qualify or obtain a 203(k) Home Improvement loan. The eligibility requirements for both the property and the borrower to obtain a 203(k) loan are pretty straightforward. 203k qualification general guidelines include: • Qualify with standard Federal Housing Administration’s (FHA’s) underwriting guidelines. • Purchase own payment of 3.5% ----96.5% Loan-To-Value (LTV). • Refinance down payment of 2.25%---97.75 Loan-To_Value (LTV) • Loan amount and LTV based on after improved appraised value, which may result in “potential equity gain.” • One time close mortgage that combines purchase or refinance of a property with rehabilitation costs (two loans in one). At a time when rehabilitation lending for the new home buyer or existing owner should be at its height, many lenders have vacated the market due to transaction complexities and lack of infrastructure. Current market conditions are demanding a solution to the distressed and aging housing stock, creating an ideal environment for the 203k Home Improvement loan. There are two basic types of FHA 203(k) “Rehabilitation” loans that provide the best benefit to borrowers: • FHA 203(k) Standard: The Federal Housing Administration (FHA) 203(k) mortgage insurance program allows borrowers to purchase or refinance their home and include the cost to renovate it in the same loan. The Standard 203(k) enables borrowers to make a wide range of improvements including structural changes and additions to the building footprint. • Borrowers can borrow against the value of their homes after the improvements are completed up to 110 percent of the future value. Typically, the required improvements are completed within 180 days of funding the first of several staged draws for these improvements. • FHA 203(k) Streamline: Flexible credit qualifying permits homebuyers to finance up to an additional $35,000 into their mortgage without staged draws to improve or upgrade their home before move-in as part of a purchase or as part of a refinance. With a 203k Home Improvement “Streamline” loan, borrowers can tap into cash to pay for property repairs, improvements and to complete minor non-structural repairs. The process of renovating a home begins long before contractors show up and start framing, dry walling, and painting. It’s important to make sure borrowers understand the process and know that they are working with a responsible lender and, when purchasing a property, a real estate agent who is knowledgeable about this type of transaction. By educating borrowers and real estate agents, we can gain their trust while growing our individual businesses.
URL to original article: http://www.housingwire.com/blogs/1-rewired/post/28306-out-with-the-old-in-with-the-new
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home improvement loans can provide New Year’s hope for 2014
By: Bill Ashmore
Every year at about this time I start hearing from homeowners interested in making a change. In some instances, the change may be a desire to buy a new, bigger or nicer home. In other instances it may mean remodeling or renovating an existing home. In either case, these queries start coming in during the holidays as people are considering goals for the coming year. For many homeowners or homebuyers the want often exceeds the need or the financial capabilities. In these instances, I see a lot of frustration over the discrepancy of want and reality. In many cases, this frustration can be avoided through a financing alternative that is available, which allows a homebuyer or homeowner to obtain a loan and have the available additional cash to make the repairs/improvements. This financing option is an FHA 203(k) “Home Improvement” loan. In my experience, most of the borrowers we speak to do not fully understand how they can benefit from these types of loans. That is why the process of identifying, evaluating and buying a “fixer upper” or a “Home Improvement” loan requires the right mortgage and real estate professionals. From a borrower perspective, the most common questions I receive focus on trying to understand how they can qualify or obtain a 203(k) Home Improvement loan. The eligibility requirements for both the property and the borrower to obtain a 203(k) loan are pretty straightforward. 203k qualification general guidelines include: • Qualify with standard Federal Housing Administration’s (FHA’s) underwriting guidelines. • Purchase own payment of 3.5% ----96.5% Loan-To-Value (LTV). • Refinance down payment of 2.25%---97.75 Loan-To_Value (LTV) • Loan amount and LTV based on after improved appraised value, which may result in “potential equity gain.” • One time close mortgage that combines purchase or refinance of a property with rehabilitation costs (two loans in one). At a time when rehabilitation lending for the new home buyer or existing owner should be at its height, many lenders have vacated the market due to transaction complexities and lack of infrastructure. Current market conditions are demanding a solution to the distressed and aging housing stock, creating an ideal environment for the 203k Home Improvement loan. There are two basic types of FHA 203(k) “Rehabilitation” loans that provide the best benefit to borrowers: • FHA 203(k) Standard: The Federal Housing Administration (FHA) 203(k) mortgage insurance program allows borrowers to purchase or refinance their home and include the cost to renovate it in the same loan. The Standard 203(k) enables borrowers to make a wide range of improvements including structural changes and additions to the building footprint. • Borrowers can borrow against the value of their homes after the improvements are completed up to 110 percent of the future value. Typically, the required improvements are completed within 180 days of funding the first of several staged draws for these improvements. • FHA 203(k) Streamline: Flexible credit qualifying permits homebuyers to finance up to an additional $35,000 into their mortgage without staged draws to improve or upgrade their home before move-in as part of a purchase or as part of a refinance. With a 203k Home Improvement “Streamline” loan, borrowers can tap into cash to pay for property repairs, improvements and to complete minor non-structural repairs. The process of renovating a home begins long before contractors show up and start framing, dry walling, and painting. It’s important to make sure borrowers understand the process and know that they are working with a responsible lender and, when purchasing a property, a real estate agent who is knowledgeable about this type of transaction. By educating borrowers and real estate agents, we can gain their trust while growing our individual businesses.
URL to original article: http://www.housingwire.com/blogs/1-rewired/post/28306-out-with-the-old-in-with-the-new
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, December 11, 2013
Fresno winery scene coming into its own
Source: The Business Journal
Written by Chuck Harvey
The Fresno area’s small wineries — also known as farm wineries — are boosting production and expanding facilities thanks to good wine, friendly owners and tourist support. In addition, the number of small wineries in the Fresno area has grown to 11 with six of the wineries in the west Fresno wine country where signs guide visitors to the various producers. Wineries west of Fresno include Maravia Wines, Yribarren Family Vineyards, Engelmann Cellars, A Nonini Winery, Lomac Winery and Milla Vineyards. Most wineries are open weekends, although some provide expanded hours, especially in the summer. Until recently, the cluster of Fresno wineries west of the city were known as “the best kept secret” in the area better known for its raisin production. But more people are visiting and buying wines. That has resulted in some positive growing pains. “We are in the permit process for a new tasting room,” said Bret Engelman, owner and winemaker for Engelmann Cellars on North Rolinda Avenue west of Fresno. It will span about 3,000 square feet. One reason for the success is that the wineries tend to work together for the betterment of the whole. Each one has its own wine specialty. And each provides a different kind of special event over the course of the year. For instance some wineries provide music and entertainment while others conduct fundraisers for the needy. And some specialize in parties and weddings. Milla Vineyards presents a spaghetti making contest in April called “Get Sauced at Milla Vineyards.” Contestants bring their own sauce and Milla Vineyards supplies the pasta. The event is a fundraiser for Community Food Bank. Nonini Winery, on North Dickerson Avenue, has the distinction of being haunted and has been the subject of paranormal investigations. It is also an older winery that has maintained most of its original equipment. Its niche is producing wine in the old-style non-filtered and with natural yeast. Nonini is also unique in that is it open every day but Sunday. Its wines sell for about $13 to $21. General manager James Jordan has been in the wine business for about 30 years. He said his has potential to grow, but he is no longer interested in fighting for shelf space in stores. Nonini wines are sold at the winery and to customers in bulk form. The wines are aged in oak and redwood barrels. Jordan’s top selling varieties include Alicante Bouschet, burgundy, a sweet zinfandel and zinfandel reserve. Capacity of wine production is 135,000 gallons and he sells 8,000 to 12,000 gallons a year. Along with all the attractions and events, wine lovers just enjoy spending a day visiting vineyards and wineries. It’s a chance to talk and be educated on wine. “You can talk to the winemaker and you’re treated like family,” said Debbie Milla, co-owner of Milla Vineyards on West McKinley Avenue. Milla said her winery works with tour companies to bring wine lovers to the rural vineyard and wine stops. That has paid off for the small, but growing winery. Wine sales are good for both red and white wines. Engelman said one of his best selling wines is Cabernet Sauvignon. The wine is available at the winery and also in Costco stores. Engelmann Cellars will produce about 3,400 cases of wine this year. The winery expects to reach 5,000 cases in about two years and 7,500 cases in six to seven years. Also Engelman plans to hit the restaurant market with a wine label called Engelmann Haus. Most of the local wines are priced competitively, Engelman said. Engelmann wines are priced from under $20 to more than $30 a bottle. “We keep wines inexpensive,” Milla said, adding that most of her wines are naturally made without the use of yeast. Milla Vineyards’ top wines include ruby cabernet, Syrah and zinfandel. Milla also makes a desert wine called Sunset. In total, Milla Vinyards produces about 1,200 cases of wine annually. The winery expects to see growth both in purchases at the winery and in restaurant sales. Engelman said that one of the nice things about smaller, local wineries is a big emphasis on vintages. He said wines vary by year and 2013 should be a very good year for wine taste and quality. By contrast, some of the larger wineries are focusing more on consistency of wines, Engelman said.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9935-fresno-winery-scene-coming-into-its-own
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Chuck Harvey
The Fresno area’s small wineries — also known as farm wineries — are boosting production and expanding facilities thanks to good wine, friendly owners and tourist support. In addition, the number of small wineries in the Fresno area has grown to 11 with six of the wineries in the west Fresno wine country where signs guide visitors to the various producers. Wineries west of Fresno include Maravia Wines, Yribarren Family Vineyards, Engelmann Cellars, A Nonini Winery, Lomac Winery and Milla Vineyards. Most wineries are open weekends, although some provide expanded hours, especially in the summer. Until recently, the cluster of Fresno wineries west of the city were known as “the best kept secret” in the area better known for its raisin production. But more people are visiting and buying wines. That has resulted in some positive growing pains. “We are in the permit process for a new tasting room,” said Bret Engelman, owner and winemaker for Engelmann Cellars on North Rolinda Avenue west of Fresno. It will span about 3,000 square feet. One reason for the success is that the wineries tend to work together for the betterment of the whole. Each one has its own wine specialty. And each provides a different kind of special event over the course of the year. For instance some wineries provide music and entertainment while others conduct fundraisers for the needy. And some specialize in parties and weddings. Milla Vineyards presents a spaghetti making contest in April called “Get Sauced at Milla Vineyards.” Contestants bring their own sauce and Milla Vineyards supplies the pasta. The event is a fundraiser for Community Food Bank. Nonini Winery, on North Dickerson Avenue, has the distinction of being haunted and has been the subject of paranormal investigations. It is also an older winery that has maintained most of its original equipment. Its niche is producing wine in the old-style non-filtered and with natural yeast. Nonini is also unique in that is it open every day but Sunday. Its wines sell for about $13 to $21. General manager James Jordan has been in the wine business for about 30 years. He said his has potential to grow, but he is no longer interested in fighting for shelf space in stores. Nonini wines are sold at the winery and to customers in bulk form. The wines are aged in oak and redwood barrels. Jordan’s top selling varieties include Alicante Bouschet, burgundy, a sweet zinfandel and zinfandel reserve. Capacity of wine production is 135,000 gallons and he sells 8,000 to 12,000 gallons a year. Along with all the attractions and events, wine lovers just enjoy spending a day visiting vineyards and wineries. It’s a chance to talk and be educated on wine. “You can talk to the winemaker and you’re treated like family,” said Debbie Milla, co-owner of Milla Vineyards on West McKinley Avenue. Milla said her winery works with tour companies to bring wine lovers to the rural vineyard and wine stops. That has paid off for the small, but growing winery. Wine sales are good for both red and white wines. Engelman said one of his best selling wines is Cabernet Sauvignon. The wine is available at the winery and also in Costco stores. Engelmann Cellars will produce about 3,400 cases of wine this year. The winery expects to reach 5,000 cases in about two years and 7,500 cases in six to seven years. Also Engelman plans to hit the restaurant market with a wine label called Engelmann Haus. Most of the local wines are priced competitively, Engelman said. Engelmann wines are priced from under $20 to more than $30 a bottle. “We keep wines inexpensive,” Milla said, adding that most of her wines are naturally made without the use of yeast. Milla Vineyards’ top wines include ruby cabernet, Syrah and zinfandel. Milla also makes a desert wine called Sunset. In total, Milla Vinyards produces about 1,200 cases of wine annually. The winery expects to see growth both in purchases at the winery and in restaurant sales. Engelman said that one of the nice things about smaller, local wineries is a big emphasis on vintages. He said wines vary by year and 2013 should be a very good year for wine taste and quality. By contrast, some of the larger wineries are focusing more on consistency of wines, Engelman said.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9935-fresno-winery-scene-coming-into-its-own
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, December 10, 2013
Valley cities rated high in solar growth
Source: The Business Journal
Fresno, Clovis and Visalia ranked in a list of 25 cities with the most solar clients, indicating how well the industry is doing in areas with lower incomes. In Sunible's recent PV Solar Report, Fresno was at No. 3 for the most California solar installations in the first quarter of the year, just behind Bakersfield and San Diego. Clovis came in at No. 7 while Visalia was down just a little farther at No. 20. The report shows that around 75 percent of new California solar homeowners choose solar leasing in which homeowners purchase power produced by their systems from a third-party installer. The method is growing faster in communities with modest incomes over direct ownership seen in higher numbers in affluent areas. "Many of the leading solar cities in California are median-income communities like Fresno, Clovis, El Cajon and Chico," said Rosana Francscato of Sunible, in a statement. "According to the most recent census data, Fresno's median annual income was just over $41,000. Yet Fresno is near the top of the Solar Cities list, at #3 in installs for Q1 2013. "In the cities with the most solar growth since 2008, third-party-owned solar has increased substantially—an average of more than 104% from Q1 2012 to Q1 2013. In that period, the city of Chico experienced a 153% increase in TPO (third-party-owned) solar installations." According to data from the California Solar Initiative, solar installers have completed 2,701 solar installations in Fresno totaling 34.62 megawatts in energy generating capacity since the rebate program began in 2006. Clovis claims 1,587 installations for 12.76 megawatts while Visalia has 887 installations for a total of 12.6 megawatts.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9927-valley-cities-rated-high-in-solar-growth
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno, Clovis and Visalia ranked in a list of 25 cities with the most solar clients, indicating how well the industry is doing in areas with lower incomes. In Sunible's recent PV Solar Report, Fresno was at No. 3 for the most California solar installations in the first quarter of the year, just behind Bakersfield and San Diego. Clovis came in at No. 7 while Visalia was down just a little farther at No. 20. The report shows that around 75 percent of new California solar homeowners choose solar leasing in which homeowners purchase power produced by their systems from a third-party installer. The method is growing faster in communities with modest incomes over direct ownership seen in higher numbers in affluent areas. "Many of the leading solar cities in California are median-income communities like Fresno, Clovis, El Cajon and Chico," said Rosana Francscato of Sunible, in a statement. "According to the most recent census data, Fresno's median annual income was just over $41,000. Yet Fresno is near the top of the Solar Cities list, at #3 in installs for Q1 2013. "In the cities with the most solar growth since 2008, third-party-owned solar has increased substantially—an average of more than 104% from Q1 2012 to Q1 2013. In that period, the city of Chico experienced a 153% increase in TPO (third-party-owned) solar installations." According to data from the California Solar Initiative, solar installers have completed 2,701 solar installations in Fresno totaling 34.62 megawatts in energy generating capacity since the rebate program began in 2006. Clovis claims 1,587 installations for 12.76 megawatts while Visalia has 887 installations for a total of 12.6 megawatts.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9927-valley-cities-rated-high-in-solar-growth
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, December 2, 2013
CoreLogic: Fresno foreclosure rates fall
Source: The Business Journal
Foreclosure rates in Fresno and nearby counties decreased for the month of September over the same period last year, according to newly released data from CoreLogic, a property information, analytics and services provider in the United States and Australia. The CoreLogic data shows the rate of Fresno area foreclosures among outstanding mortgage loans was 1.11 percent for the month of September, a decrease of 1.12 percentage points compared to Sept. 2012 when the rate was 2.23 percent. Foreclosure activity in Fresno was lower than the national foreclosure rate, which was 2.29 percent for Sept. 2013. Also in Fresno, the mortgage delinquency rate decreased. According to CoreLogic data for September, 3.97 percent of mortgage loans were 90 days or more delinquent compared to 6.18 percent for the same period last year, representing a decrease of 2.21 percentage points. Madera-Chowchilla Foreclosure rates in Madera-Chowchilla decreased for the month of September over the same period last year, according to CoreLogic data. The data reveals that the rate of Madera-Chowchilla area foreclosures among outstanding mortgage loans was 1.23 percent for the month of September, a decrease of 1.48 percentage points compared to Sept. 2012 when the rate was 2.71 percent. Also in Madera-Chowchilla, the mortgage delinquency rate decreased. Data for September shows 4.32 percent of mortgage loans were 90 days or more delinquent compared to 7.05 percent for the same period last year, representing a decrease of 2.73 percentage points. Hanford-Corcoran Foreclosure rates in Hanford-Corcoran decreased in September over the same period last year, CoreLogic reported. CoreLogic data shows that the rate of Hanford-Corcoran area foreclosures among outstanding mortgage loans was 1.31 percent for September, a decrease of 0.88 percentage points compared to Sept. 2012 when the rate was 2.19 percent. Also in Hanford-Corcoran, the mortgage delinquency rate decreased. CoreLogic data for September showed 5.03 percent of mortgage loans were 90 days or more delinquent compared to 6.72 percent for the same period last year, representing a decrease of 1.69 percentage points. Visalia-Porterville Foreclosure rates in Visalia-Porterville decreased for the month of September over the same period last year, CoreLogic reported. The CoreLogic data shows that the rate of Visalia-Porterville area foreclosures among outstanding mortgage loans was 1.15 percent for the month of September, a decrease of 1.12 percentage points compared to Sept. 2012 when the rate was 2.27 percent. Also in Visalia-Porterville, the mortgage delinquency rate decreased. Data for September showed 4.14 percent of mortgage loans were 90 days or more delinquent compared to 6.23 percent for the same period last year, representing a decrease of 2.09 percentage points.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9785-corelogic-fresno-foreclosure-rates-fall
For further information on Fresno Real Estate check: http://www.londonproperties.com
Foreclosure rates in Fresno and nearby counties decreased for the month of September over the same period last year, according to newly released data from CoreLogic, a property information, analytics and services provider in the United States and Australia. The CoreLogic data shows the rate of Fresno area foreclosures among outstanding mortgage loans was 1.11 percent for the month of September, a decrease of 1.12 percentage points compared to Sept. 2012 when the rate was 2.23 percent. Foreclosure activity in Fresno was lower than the national foreclosure rate, which was 2.29 percent for Sept. 2013. Also in Fresno, the mortgage delinquency rate decreased. According to CoreLogic data for September, 3.97 percent of mortgage loans were 90 days or more delinquent compared to 6.18 percent for the same period last year, representing a decrease of 2.21 percentage points. Madera-Chowchilla Foreclosure rates in Madera-Chowchilla decreased for the month of September over the same period last year, according to CoreLogic data. The data reveals that the rate of Madera-Chowchilla area foreclosures among outstanding mortgage loans was 1.23 percent for the month of September, a decrease of 1.48 percentage points compared to Sept. 2012 when the rate was 2.71 percent. Also in Madera-Chowchilla, the mortgage delinquency rate decreased. Data for September shows 4.32 percent of mortgage loans were 90 days or more delinquent compared to 7.05 percent for the same period last year, representing a decrease of 2.73 percentage points. Hanford-Corcoran Foreclosure rates in Hanford-Corcoran decreased in September over the same period last year, CoreLogic reported. CoreLogic data shows that the rate of Hanford-Corcoran area foreclosures among outstanding mortgage loans was 1.31 percent for September, a decrease of 0.88 percentage points compared to Sept. 2012 when the rate was 2.19 percent. Also in Hanford-Corcoran, the mortgage delinquency rate decreased. CoreLogic data for September showed 5.03 percent of mortgage loans were 90 days or more delinquent compared to 6.72 percent for the same period last year, representing a decrease of 1.69 percentage points. Visalia-Porterville Foreclosure rates in Visalia-Porterville decreased for the month of September over the same period last year, CoreLogic reported. The CoreLogic data shows that the rate of Visalia-Porterville area foreclosures among outstanding mortgage loans was 1.15 percent for the month of September, a decrease of 1.12 percentage points compared to Sept. 2012 when the rate was 2.27 percent. Also in Visalia-Porterville, the mortgage delinquency rate decreased. Data for September showed 4.14 percent of mortgage loans were 90 days or more delinquent compared to 6.23 percent for the same period last year, representing a decrease of 2.09 percentage points.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9785-corelogic-fresno-foreclosure-rates-fall
For further information on Fresno Real Estate check: http://www.londonproperties.com
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