House & Home: February 18, 2023

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Delinquent, Special, and Emergency Assessments

By Kelly G. Richardson, Esq. CCAL

Question:

Is an HOA allowed to announce the names of owners who have not paid their dues?

– K.G.

Dear K.G.:

I generally recommend against a “delinquent list” being published that announces the addresses or names of homeowners who are behind on their assessments. It comes down to balancing the privacy of the homeowners who may be having problems against the transparency interest of the assessment-paying homeowners. I think many if not most law firms and companies who pursue delinquent assessments use file numbers to identify given delinquency matters, to avoid unnecessarily shaming those who are behind. In my view, the prompt and efficient pursuit of delinquencies is better than embarrassing the delinquent.

– Best, Kelly Kelly:

My HOA has good reserves, but the board keeps proposing special assessments. We started some roof repairs, but did not finish. Then we started street repairs, but did not finish. Now the board wants to special assess all homeowners thousands of dollars to do both projects. The board doesn’t want to use the reserves set aside for these projects. They recently added an amenity the homeowners did not want. What can homeowners do? – N.K.

Dear N.K.:

The reserve funds are accumulated for specific stated common area elements and should be used for that purpose. Also, unless your HOA governing documents set a more liberal limit, the board can only specially assess up to an amount equal to 5% of the annual gross budgeted expenditures per year, or it must seek membership approval. If your board is not listening to a majority of the homeowners, they shouldn’t be on the

board for long. However, is it possible that a majority of neighbors do not agree with you? Sometimes in my HOA board (yes, I sit on one), I find to my surprise that my opinions are not shared by the majority.

– Sincerely, Kelly

By Todd Shea President of the Santa Barbara Association of REALTORS®

California Reparations Task Force

Hi Kelly:

My HOA just levied a [very large] emergency assessment against each of the units. It is to repair and replace balconies, stairwells, and siding. They have cited a threat to personal safety, but these issues developed over time as the result of neglect and mismanagement by the HOA and their failure to conduct regular maintenance. While the HOA may not have seen the issue until recently, it most certainly was foreseeable. Is this legal?

– B.P.

With black history month on everyone’s mind this month. I was fortunate to attend a fantastic Fair Housing and Diversity forum in Indian Wells last week at the California Association of Realtors Winter Directors Event. This forum focused on Reparations for African Americans and the California Reparations Task Force. The Reparations Task Force is studying the institution of slavery and its lingering negative effects on living African Americans, including descendants of persons enslaved in the United States and on society. This task force was put together to make recommendations to the California government following their findings. Led by Chair Kamilah Moore and rounded out by a fantastic group of Senators, Lawyers, Civil Rights Leaders, and Psychologists. This task force will have a Final report to be released on June 1, focused on Final Recommendations, Community Eligibility, and Compensation Models (Housing, Cash, etc.) with evidence to back each.

What are the possible Reparations?

Dear B.P.:

The statute authorizing emergency assessments, Civil Code 5610, allows boards to impose emergency assessments in the event of a court order, an extraordinary expense upon discovery of threats to personal safety, or for an extraordinary expense to address something which could not reasonably have been anticipated in the budget. It sounds like the board is invoking the second of the three reasons. I suspect many boards will in coming years invoke this “threat of personal safety” reason because of the mandatory inspections required by Civil Code Section 5551, as all HOAs must complete their first inspection before 2025.

A second, but often overlooked issue, is educating the members. All too often boards assume too much about what the members know and understand about the need for a major assessment (or assessment increase). Boards should take extra effort to provide the members information explaining the “whys” and not just the “whats.”

– Thanks, Kelly

They can include making amends for the offense or harm done, restitution for stolen land and cash, subsidized health care, legal services, satisfaction (Symbolic), and guarantees of non-repetition. There have been other instances both domestically, Japanese American Internment Camp Survivors, Rosewood Florida, and internationally, Post Nazi Germany, Holocaust Survivors, and Heirs, South Africa Apartheid, where Reparations have been made.

The interim report thesis is focused on 12 specific areas of systemic discrimination. Racial Terror

Political Disenfranchisement

Housing Segregation

Separate and Unequal education

Racism in Environment and Infrastructure

Pathologizing the Black Family Control over Creative Cultural and Intellectual Life

Stolen Labor and Hindered opportunity

Unjust legal system

Metal and Physical Harm and Neglect

The Wealth gap

Please use this link to read the full report, executive summary, and preliminary recommendations:

https://oag.ca.gov/ab3121/reports

Final Proposals around housing are still being worked on, and a priority is to create a new state agency, African American/Freedman Affairs Agency, to continue this work and suggest to the governor to identify past harms and prevent future harms. This also could have a development branch similar to the former CA Redevelopment Agency to facilitate the development of housing. Also, they are looking for ways not just to give out cash, perhaps in the form of vouchers for housing, healthcare, and schooling, and continuing to remove those items or symbols. About 2.7 Million African Americans in California could be eligible. And the task force is looking at ways to accomplish this by more than just simple taxation, which I appreciate.

The California Association of Realtors released a formal apology this past year for their involvement in these covenants and laws. As of July 1st, anyone who finds language in a property deed that prohibits the sale of that property to someone because of their race can require the county to remove it. These covenants were outlawed in 1948, but advocates say the discrimination they created still exists today.

Kamilah Moore ended with a strong quote: “When it’s in your DNA and you believe something needs to be changed. Then no one can stop you.” I look forward to continuing to promote diversity in our Santa Barbara Community through our Santa Barbara Association of REALTORS and what the task force ultimately recommends.

Todd Shea

Specializing in Luxury Buyer & Seller Representation

Realtor Partner | Zia Group • Powered by eXp Realty

DRE#02028163 • (805) 991-9684 • Instagram@toddshearealtor • todd@ziagroup.com

Kelly G. Richardson CCAL is a Fellow of the College of Community Association Lawyers andSenior Partner of Richardson Ober LLP, a California law firm known for community association advice.

Uncovering the beauty and elegance of the cabbage plate

By Katie Laughridge

When interior designer Bunny Williams said “decorating a room is like making a great salad; you want interesting ingredients,” she probably didn’t think we would take it quite so literally.

Cabbage ware is one of my favorite ways to freshen up a tablescape. As Southern Living puts it, these dishes are “as recognizable as Spode’s Christmas dishes, as beloved as Blue Willow china, and as collectible as Depression glass.”

Depending on how they’re styled, they can evoke a more playful and whimsical tone, or an elevated and elegant one. Over the years these little pieces of pottery have marched their way into our hearts and homes, hallmarking them as a New Traditional design staple.

Continued on page 8

A clean blue and white foundation lets cabbage ware shine. Photos courtesy Provided photo/TNS

Your Mesa Realtors

Lower Riviera Duplex with city/ocean views!

This property is ideal for investors or owner-users. Unit #A is a 3bed/2.5bath approx. 1,334 sq. ft. unit with a spacious and private deck surrounded by mature trees. Unit #B is a 3bed/2bath approx. 1,100 sq. ft. unit with a large south-facing deck featuring ocean and city views. Unit #A is currently vacant and Unit #B has a 1-year lease through July 2023 at $4,300/mo. There is a common laundry room on-site. 1 open parking space for unit #A and 2 open parking spaces for unit #B. Both units are in well maintained condition and have received various updates over the years. Located just a few minutes from downtown Santa Barbara.

Enjoy complete privacy on this fabulous ~1 acre Montecito estate. Resting at the center of this property is a charming 2,300+ sq. ft. Craftsman style home originally built circa 1912. Today, it features modern amenities, and still retains its rustic charm. Located in MUS.

Rare ocean front estate on the Mesa! This spectacular 4bed/4.5bath ultra-luxury property boasts ~5,100+ sq. ft. of living space resting on over 1/2 acre of prime California coastline. Enjoy unparalleled ocean views from every corner of this contemporary home. Must see in person!

1/2 acre ocean front lot! in a life time opportunity a vacant piece of ocean located in one of Santa desirable neighborhoods. dream home to the exact that you desire. Panoramic

Serra

329 San Ysidro Offered at $3,250,000

1547 Shoreline Drive Offered at $7,995,000

1553 Shoreline Offered at $3,495,000

The history of cabbage ware

Like so many objects we know, love and use every day, cabbage ware has a fascinating history that goes back further than one might think. As cited in a 2021 Southern Living article, Sotheby’s porcelain and ceramics specialist Suzanne Harrison told the Wall Street Journal in 2013: “Pottery and porcelain table wares in naturalistic forms such as fruits and vegetables were widely produced in England and Europe throughout the 18th and 19th centuries.”

We love the well-known Portuguese pottery brand Borallo Pinheiro for their cabbage offering as well as their other lifelike fruits and veggies (not to mention an abundance of other gorgeous ceramics for the home). The brand, created by political cartoonist-turnedceramicist Raphael Bordallo Pinheiro, has been producing the beloved pieces since 1884.

A bit closer to home, American artist and “The Pottery Queen of Palm Beach” Dodie Thayer began creating similarly inspired tableware in the 1960s by hand in her home studio, gaining fans and a following that included Jackie Kennedy Onassis, Brooke Astor, Frank and Barbara Sinatra, and the Duchess of Windsor.

When we place them on our tables and shelves today, these piece remain just as timeless and adored. This time of year, I like to mix cabbage with other farm-fresh pieces like the tomatoes shown here. Dress them up with crisp

white linens and silverware for a ladies lunch, or down with block print napkins and wooden chargers for a meeting with the garden club. You just can’t style these yummy pieces wrong!

Styling your tabletop with cabbage ware

Looking to incorporate a healthy dose of leafy greens into your tablescape designs? Cabbage ware mixes surprisingly well with other china and a plethora of other colors and textures.

This sweet look is a perfect example of the timeless elegance of cabbage ware. In this design, the addition of decorative cabbages and a similarly colored green container doubles down on the organic elements, lending to a feeling of freshness that lasts season over season — namely, without feeling too springy. Definitely not born for a supporting role, cabbage ware is leading lady material. Don’t consider the tabletop to be the only way to show off your cabbage dishes. We love to incorporate ours into curio and cabinet vignettes — they are just as beautiful as they are functional, after all. Even Oprah has been spotted loving the cabbage look — a cabinet full of cabbage and lettuce ware is on display in the background of a post she shared in early 2021 while working at home. Wherever you buy it, there’s no denying that the luxe, leafy ceramics will forever be in style — an heirloom-worthy investment that will elevate your table for years to come.

A farm fresh vignette filled with decorative serveware is a beautiful way to style a curio. The pop of red in these tomatoes is a sweet add to the monochromatic green. The texture and lifelike details are what make cabbage ware so whimsical and fun.

Blue accents are paired with a cabinet full of cabbage ware for a fresh spring display.

Adapted from nellhills.com. Katie Laughridge is the owner of Kansas City interior design destination Nell Hill’s.

©2023 Tribune Content Agency, LLC.

Your Mesa Realtors

TWO DETACHED HOMES ON A 1/4 ACRE R-2 LOT!

Located in Santa Barbara’s gorgeous lower Riviera neighborhood, this property is ideal for owner-occupant users OR real estate developers! Remodel the existing units and add an ADU on the back of the lot to maximize the ROI. The front house is a charming 3bed/1bath 1,285 sq. ft. 1920 bungalow. The back house is a 3bed/2bath

Enjoy complete privacy on this fabulous ~1 acre Montecito estate. Resting at the center of this property is a charming 2,300+ sq. ft. Craftsman style home originally built circa 1912. Today, it features modern amenities, and still retains its rustic charm. Located in MUS.

Rare ocean front estate on the Mesa! This spectacular 4bed/4.5bath ultra-luxury property boasts ~5,100+ sq. ft. of living space resting on over 1/2 acre of prime California coastline. Enjoy unparalleled ocean views from every corner of this contemporary home. Must see in person!

1,097 sq. ft. unit with mountain views and ocean peeks built circa 1985 over the existing garage. The garage is over 1,000 sq. ft. and ideal for tenant parking, leased storage space, or a personal car collection. There is a spacious concrete driveway that leads to a flat/usable open area on the back of the lot, an attractive building site! Buyer to verify all development potential. Property will be delivered vacant.

1/2 acre ocean front lot! in a life time opportunity a vacant piece of ocean located in one of Santa desirable neighborhoods. dream home to the exact that you desire. Panoramic

329 San Ysidro Offered at $3,250,000

1547 Shoreline Drive Offered at $7,995,000

1553 Shoreline Offered at $3,495,000

Santa BarB ara County SaleS

This is a partial list of all recorded residential sales in Santa Barbara County from January 30 thru February 3, 2023. While these recordings are public record, the News-Press receives this information from an outside source. This list does not represent all sales that occurred over this time period. Consult your REALTOR® for further information regarding home sales in your area of interest.

Santa BarBara County SaleS

Plumber: Upgrade your shower with these quick pro tips

By Hunter Boyce

This year, many homeowners are ditching their tubs and giving their showers an upgrade. For those looking to spruce up their bathrooms, the interior design pros are here to help.

For those willing to break the bank, consider renovating your space with a doorless walk-in shower.

Doorless walk-in shower

Doorless walk-in showers are a great way to upgrade your bathroom into a place of pure luxury. It is important to note, however, that installing one comes with a hefty price tag. The project could cost around $5,000.

“More homeowners are looking to bring spalike serenity into their own spaces through the continuity of surface materials,” Nina Magon, interior designer and founder of Nina Magon Studio, told Realtor.com. “In the bathroom, materials that can extend from the flooring to shower walls creates an ultraluxe space that is easy to clean.”

Have fun with tiles

Upgrading your bathroom doesn’t have to be a costly affair. Replacing your shower’s tile with something that offers a more visually stimulating design is a relatively cheap and easy way to bring some fun into the bathroom.

“There’s a reason basic subway tiles are such a popular and timeless choice,” Mel Bean, of Mel Bean Interiors, told Marthastewart.com. “They are easy to work around, affordable, and can be taken in a different direction depending on other choices you make.”

Create some seating space

To make your shower as comforting as possible, consider adding some seating space. Miller Home Renovations said it’s not just for older adults.

“From built-in bench seating to removable shower seats, your shower will be even more relaxing with a comfortable place to sit,” the company reported. “Shower liners and shower surrounds can both incorporate builtin seating, creating a luxurious space to sit back and let the water wash over you. While shower seating is typically recommended for older adults, anyone in your household can enjoy the luxury of a comfy shower bench or seat.”

©2023 Distributed by Tribune Content Agency, LLC.

Doorless walk-in showers are a great way to upgrade your bathroom into a place of pure luxury.

Photo courtesy Jason Finn/Dreamstime/TNS

How can I prepare for power outages?

By Paul F. P. Pogue

Saturday’S Open HOmeS

To view this weekend’s Open Home Guide and all other Real Estate for sale or rent go to: newspress.com – click on Special Editions, House & Home

Goleta North

635 Avenida Pequena

4/2.5

12-4 $1,495,000

Private & Peaceful 4 bedroom 2.5 bath townhome with beautiful upgrades throughout. ground floor bedroom / office. The backyard patio features a garden area surrounded by oak trees.

Coldwell Banker Realty

Jeani Hansen Burke 805-451-1429 # 00119695

SaN roque

2850 Verde Vista Dr

3/2

Don’t forget to make plans to entertain each other and stave off boredom during extended power outages.

Many parts of the country currently face the coldest, windiest time of year. But no matter where you live, power outages remain a risk. Tornadoes, hurricanes, earthquakes, windstorms and other natural disasters (not to mention simple accidents) can put utilities out of commission for hours or even days. You should prepare an outage emergency plan long before you face the situation. Here are five tips on preparing for power outages:

1. Consider buying a portable generator

Gas-powered generators range from about $400 for a small unit that can keep the lights and small appliances on to $6,000 or more for a whole-house unit. Extra power during an outage can be a luxury for some families and an absolute necessity for others, such as those with durable medical equipment or vital medications that must remain refrigerated. You’ll need at least a medium generator to run appliances such as refrigerators. Major appliances such as air conditioners will require a large unit. An electrician can help work out your options.

2. Unplug unused appliances

A power outage creates an increased risk of electrical surges as utilities work to restore power. If you’re in for an extended outage, unplug all your appliances and bigticket electronics until the power comes back. Make sure you stash all the cords safely out of harm’s way since you might be walking through those rooms in the dark. Make sure to only open your refrigerator or freezer for an urgent reason. So long as these appliances remain sealed, they can preserve food for longer periods.

3 Maintain your temperature

If you’re out of power during severe cold, try to keep everyone in one room, wear layers of socks and clothing, and bundle up with blankets. If you have a fireplace, this is an excellent time to use it. If you’re in very hot weather with no fan or air conditioning, stay on the first floor of your home and open windows to create a breeze if possible. Block sunlight with heavy curtains or blinds.

4. Be ready to move

In emergencies, many localities assemble heated emergency shelters. If you have no power and heat source during a particularly dangerous cold snap, consider heading to the nearest shelter. Check your local emergency plan before a disaster, so you know where to go when it strikes.

5. Prepare an emergency kit in advance

The U.S. Department of Homeland Security recommends keeping an emergency kit on hand that can sustain and protect your household for up to three days without assistance. This kit should include the following:

• One gallon of water per person per day

• Enough nonperishable food to feed the household for three days

• Battery-operated or hand-crank radio and NOAA weather radio with tone alert

• Flashlight

• First aid kit

• Extra batteries

• Cellphones with chargers and backup batter

• Wrench or pliers

• Local maps

• Manual can opener

• Plastic sheeting and duct tape

• Moist towelettes, garbage bags, and plastic ties

• Masks and hand sanitizer

Add whatever personal and specific needs you have, plus some entertainment, such as cards or board games, to stave off boredom. A propane-powered portable stove can make meal prep much easier during an outage. Learn more vital emergency preparation tips and details on recommended supplies at ready.gov/kit.

©2023 Ask Angi. Visit at angi.com. Distributed by Tribune Content Agency, LLC.

12-3 $1,749,000

Enjoy single-level living in an immaculate and updated San Roque bungalow!

Zia Group | eXp Realty California Alexander Stoeber 805-450-9944 # 02090649

SaN roque

2850 Verde Vista Dr

3/2

3-5 $1,749,000

Enjoy single-level living in an immaculate and updated San Roque bungalow!

riviera

3/1 & 3/2

1-3 $2,100,000

1229 E Cota NEW LISTING + 1ST OPEN! 2 detached homes on a flat 1/4 lot. Owner-user? Live in house and rent the other. Investor? Remodel the units and add an ADU to maximize ROI. 1,000+ sq. ft. garage.

Mike Richardson, Realtors Kyle Richardson 805-680-3131 # 01902531

riviera

1721 Olive Street

4/4

11-1 $2,900,000

Extensively reimagined craftsman inspired 4 BR, 4 BA + bonus settled in the heart of Santa Barbara. From the moment you approach you are greeted with a full-scale of upgrades.

Big Block Realty

Jose Montes 805-717-2160 # 02066645

Photo courtesy Dreamstime/TNS

1229 E Cota NEW LISTING + 1ST OPEN! 2 detached homes on a flat 1/4 lot. Owner-user? Live in house and rent the other. Investor? Remodel the units and add an ADU to maximize ROI. 1,000+ sq. ft. garage.

1-3 $2,100,000

To view this weekend’s Open Home Guide and all other Real Estate for sale or rent go to: newspress.com – click on Special Editions, House & Home

Goleta North

635 Avenida Pequena Private & Peaceful 4 bedroom 2.5 bath townhome with beautiful upgrades throughout. Ground floor bedroom / office. Tranquil backyard features a garden surrounded by oak trees.

Hansen Burke

l aS PoSitaS

# 00119695

2621 State Street 4 Updated top floor Villa Constance North condo sited near the center of the complex away from State St. with views overlooking the manicured association grounds and pool.

Banker Realty Charles Brewer & Brisaly Balderas

MeSa

or 805.335.4726 #01477889 or #02128318

Mike Richardson, Realtors

Richardson 805-680-3131 # 01902531

1721 Olive Street

1-3 $2,900,000 riviera

Big Block Realty Ursula Santana 805-455-9025

# 01965452

Answer:

Question:

3202 Braemar Drive Resort Living! Updated modern-Mediterranean home near Hendry’s Beach. Entertainer’s yard with outdoor kitchen, expansive lawns, pool, spa!

MeSa

2507 Calle Andalucia

4/4.5

1-4 $4,995,000 Sun Coast Real Estate Chris Agnoli 805-895-0313 # 01132005

3/2.5

1-4 $3,175,000

Fulfill your day with inspiring ocean, mountain, sunrise & sunset views from this ideally located retreat at the top of the Mesa’s Westwood Hills enclave steps away from Elings Park.

Coldwell Banker Nicole Powers 925-548-1305 # 02185632

Real Estate Q&A:

What’s the right way to plan my estate?

By Gary M. Singer

My daughter wants me to put my apartment into a joint tenancy with survivorship to make things easier when I eventually pass away. I want to make things easier, but I don’t know what this means. Is this safe and something I should do? – Laura

Planning for our eventual demise can save those we leave behind a lot of headaches. There is no “right” way to plan your estate; there is only the best way based on your situation.

You can use many tools, such as wills, life estate deeds, trusts, and joint tenancy, which, individually or in combination, might be the right choice for your circumstances.

The point of planning your estate is to ensure your assets and savings go your loved ones instead of creditors in a way that is simple and inexpensive for those you leave behind. This lets your family grieve your loss rather than dealing with creditors, lawyers and bankers.

A typical planning tool is to deed your loved ones onto your property with you. However, transferring an interest in your home can have significant consequences.

SycaMore caNyoN

5/6

Home Realty and Investments

1-3 $5,450,000

Ben Rivera 805-452-6447 # 01367001

To submit your open home for the following weekend. Go to newspress.com Click on “SPECIAL EDITION” then click on “OPEN HOME”

For more information please e-mail: openhomes@newspress.com

Depending on how it is done, it can raise your property taxes, increase your liability, and create a situation where you need to ask your kids for permission to sell or mortgage your home. That said, properly doing this can be a great planning tool to accomplish specific goals.

Your daughter is suggesting that you include her in the ownership of your home. Jointly owned property can be shared in three ways.

The default type of joint ownership is known as “tenants in common.” Each owner owns their part of the property individually. The co-owners can each have the same shares, for example, each owning half, or they can agree to a different arrangement. When one owner dies, their share goes to their heirs, typically through the probate court.

Property can also be owned as “joint tenants with right of survivorship.” With this type, each person owns the entire property without any division from the other owners. When one owner dies, the entire property remains with the other owners, and the deceased’s heirs inherit nothing.

The final form of ownership, called “tenants by the entireties,” is similar to this but is reserved for spouses and offers additional advantages reserved for married couples.

Other options, like a life estate or lady bird deed, will allow you to maintain more control over the property while alive but still avoid probate when you pass.

The varied choices can make this all seem confusing, and to some extent, it is. An experienced estate planning attorney can help you sort through this and find the best solution for your family.

Property estate planning often proves the adage that “an ounce of prevention saves a pound of cure.”

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation. Follow him on Twitter @GarySingerLaw.

Distributed by Tribune Content Agency, LLC.

As property prices retreat, top economist isn’t expecting recession

By Steve Brown

The U.S. economy is likely to avoid a recession, even with a downturn in housing and commercial real estate, economist Mark Zandi predicts.

Zandi, chief economist at Moody’s Analytics, gave his forecast this week at an economic and commercial real estate outlook session sponsored by property firm Marcus & Millichap, which has a major office in Dallas.

He joined real estate execs who talked about where the economy and their industry is headed this year.

Zandi said he’s betting the country won’t see a recession — a view counter to many economists who think the U.S. is teetering on the edge of a downturn. “It’s clear that the pessimism regarding the economy is running thick,” he said. “I’ve been a professional economist for more than 30 years and I don’t think I’ve ever seen anything like it.

“The consensus view among economists is we will suffer an economic downturn of some form in 2023 or early 2024 — business people think so as well.”

But Zandi isn’t onboard the recession train.

“With a little bit of luck and some reasonably deft policy making by the Federal Reserve, I think we will be able to make our way through without an outright economic downtown,” he said. “It will be a difficult year but it won’t be a year of recession.

“It will be tricky. There are a lot of risks out there.” One of the risks he highlighted would be a refusal by Congress to lift the federal debt ceiling. “You can see the economic loss will be very significant” if that happens, Zandi said.

Real estate markets are resetting because of the higher interest rates the Federal Reserve has used to dial down overall inflation.

“I do expect housing prices to decline about 10%,” Zandi said.

In the Dallas area, Moody’s Analytics is forecasting

a 5% to 10% home value drop which is negligible after the huge price hikes of the last few years. The Fort Worth area and Austin are forecast to have a slightly higher 10% to 15% home price correction.

North Texas home prices have drifted lower in recent months.

A recent report by Fitch Ratings labeled DallasFort Worth home prices as “sustainable.” The D-FW area is one of only a handful or so U.S. markets where the Wall Street firm thinks homes aren’t overvalued.

The biggest price drops are forecast for previously hot markets including the Pacific Northwest, the Desert Southwest, Colorado and parts of Florida, according to Moody’s.

“The risk here is once prices start to decline, things can take on a life of their own,” Zandi said. “People are pushed underwater – the value of their home is less than the mortgage debt they owe. You could see more distressed sales,” he said. “I don’t think that’s going to happen, but that clearly is a risk.”

Likewise Zandi said apartment rents are trending lower across the country after recent runups. Average apartment rents in Dallas-Fort Worth were down slightly at the end of 2022.

“You’ve seen less demand because of the high rents and unaffordability,” he said. “Vacancy rates are starting to turn up a little bit, taking the edge off rents.

“That should help to support lower inflation.”

Sharply higher borrowing costs have more severely impacted the commercial property market.

“We are all feeling the impact of the most aggressive financial tightening this county has experienced since 1980,” said Hessam Nadji, president and CEO of Marcus & Millichap. “There’s been a significant slowdown in transaction activity which is understandable when you have debt increase so much, so fast.”

Nadji said nationwide commercial property

trading volume was down about 60% in the fourth quarter.

“All of these interest rate increases have a six to nine month lag effect,” he said. “Not all the impact has been felt yet — we have more to come.

“It is putting a lot of pressure on prices — there is no question about,” he said. “The market is recalibrating.”

But he said properties are still trading if they are priced realistically.

Nadji doesn’t expect the kind of property shakeout he’s seen in previous cycles.

“There is a wall of capital waiting to come into commercial real estate,” he said. “That’s why I don’t think there is going to be a bargain basement pricing or fire sale period coming up for the market.

“There is very little actual distressed sales or distressed loans.”

The D-FW area has so far outperformed the rest of the country in commercial real estate activity and is expected to fare better in 2023 than other major metro areas.

A surprise bright spot in the commercial property sector is the shopping center market, which suffered consumer migration from storefronts to the internet even before the pandemic torpedoed sales in 2020.

But retail centers have bounced back, said Tom McGee, president of the International Council of Shopping Centers.

“2022 in particular was a very strong year for retail,” McGee said. “Shoppers rediscovered the joy of physical shopping.

“The leasing activity in the industry is very strong right now,” he said. “There has not been a lot of new supply really since the financial crisis.”

©2023 Distributed by Tribune Content Agency, LLC.

Yard Sale Tips

Yard Sale Tips Yard Sale Tips

Before Your Sale

• Prepare to start early. Collectors and antique dealers like to show up early in the morning.

• obtain a permit if required

• Clean up your space. People like clean and neat places.

• Gather lots of shopping bags. Gathering Items

• Test any electrical items to make sure they work.

• Collect your items and sort it by type. (clothing, toys, tools, etc.)

• Take time to clean or repair your items.

• Wash all the clothes so they smell fresh.

WhaT SellS BeST?

• Tools: Guys love it all, any kind.

• Baby items of all kinds, especially clothing.

• Kitchen appliances.

• Clothing: Kids and adult.

What Should You Not Sell?

• Items missing safety parts.

• unused prescription drugs or medications.

• Personal hygiene items.

• halogen floor lamps.

• old baby cribs or playpens, incomplete child safety seats.

adverTISING

• Tell your friends, family or coworkers about your sale. Word travels.

• Place a classified ad in the Santa Barbara NeWS-PreSS!! remember to check the publication’s deadline.

• In your ad, give lots of details. Include the address, day(s), time of your sale. list major items such as “lots of kids clothes.”

SIGNS

• Check your local ordinances.

• list your address and sale date on all signs.

• Post your signs at main intersections, street corners and at the end of your driveway.

• use same colors and writing on your signs as people recognize them at a glance.

• Keep a list of where you posted your signs. It will be helpful when it’s time to take them down.

The consumer Protection Agency offers a complete list of dangerous items to avoid selling at yard sales. Visit www.cpec.gov

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