Money Talks - MoneyTalks's Blog - Bakersfield.com http://people.bakersfield.com/home/Blog/MoneyTalks The Bakersfield Californian's growth and economy team of reporters and editors strives to bring you the latest news and information on real estate, retail, restaurants, oil, energy, agriculture, aerospace, banking, cars and employment. If it's about money and our growing community, we want you to know it! The Bakersfield Californian's growth and economy team of reporters and editors strives to bring you the latest news and information on real estate, retail, restaurants, oil, energy, agriculture, aerospace, banking, cars and employment. If it's about money and our growing community, we want you to know it! en-us Bottom near, building group says http://people.bakersfield.com/home/Blog/MoneyTalks/26708 http://people.bakersfield.com/home/Blog/MoneyTalks/26708 <p>California's new-home market doldrums is nearing its nadir, the California Building Industry Assocation announced this morning.</p> <p>The trade group based its statement on the the slowing pace of year-over-year sales declines.</p> <p>Still, the numbers aren't pretty. Sales fell more than 48 percent statewide in March compared to the same month last year.</p> <p>In Bakersfield (which typically includes all of Kern County for most studies) they dropped about 41 percent.</p> <p>The silver lining in those numbers, the BIA's release says, is that they're better than last month's year-over-year drop of 57 percent.</p> <p>You can <a href="http://www.cbia.org/go/cbia/newsroom/press-releases/california-new-home-market-close-to-the-bottom-cbia-announces/">read the release here</a> and access a chart with localized figures. You can also download the PDF chart by clicking on the blue box in the upper left of this post.</p> <p>What do y'all think...is this figure enough to call &quot;bottom&quot; for the Golden State?</p> <p>&nbsp;</p> <p><i>-- Gretchen Wenner, staff writer</i></p> <p>&nbsp;</p> <p>&nbsp;</p>


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Credit: World Wide Web


Title: Bottom.jpg
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Credit: World Wide Web

 Bottom.jpg World Wide Web What we spend for grad gifts http://people.bakersfield.com/home/Blog/MoneyTalks/26620 http://people.bakersfield.com/home/Blog/MoneyTalks/26620 <p>It's nearly graduation time. Know a grad? What are you spending to say &quot;hey, good job!&quot;</p> <p>Some numbers to ponder:</p> <p>&bull; The average American who is buying grad gifts this year will have two lucky recipients.</p> <p>&bull; The givers are spending an average of $55.12 on each gift.</p> <p>That's from the National Retail Federation's graduation survey done by BIGresearch.</p> <p>What are you spending?</p> <p><i>&mdash; Christine Peterson</i></p>


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Credit: Google images


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Credit: Google images

 Google images Sixty cents gets you 25 miles http://people.bakersfield.com/home/Blog/MoneyTalks/26599 http://people.bakersfield.com/home/Blog/MoneyTalks/26599 <p>OK, OK, they only go 40 miles an hour. And yes, their range is but 25 miles.</p> <p>But folks, we're talking about 60 cents for those 25 miles. Beats whatever you're getting in your gas-powered vehicle, no?</p> <p>All this is according to Zap, a publicly traded Santa Rosa maker of electric cars and trucks (technically speaking, they're manufactured in China). Zap's plug-in Xebra model recently went on sale at a Visalia dealership, G&amp;M Used Cars/Zap of Visalia, at 1234 E. Center Ave. The truck version retails for about $12,500, while the car goes for about $11,200.</p> <p>So we ask ourselves: Who's in the market for these cars? If you're the kind of person who leaves town now and again, this can't be your only car. But if you have a fleet of cars for tooling around a limited campus, we don't see why they wouldn't work. Or if you live close to your job and don't need to take the vehicle outside the city.</p> <p>Really, honestly, it's the colors that get us. Check out Zap's <a href="http://www.zapworld.com/">Web site</a>.</p>


Title: A flaming Xebra
Caption: This is a photo of a Zap Xebra at G&M Used Cars/Zap of Visalia. The dealership has sold four of the vehicles in about a month.
Credit: Zap


Title: A flaming Xebra
Caption: This is a photo of a Zap Xebra at G&M Used Cars/Zap of Visalia. The dealership has sold four of the vehicles in about a month.
Credit: Zap

 A flaming Xebra This is a photo of a Zap Xebra at G&M Used Cars/Zap of Visalia. The dealership has sold four of the vehicles in about a month. Zap How low will prices go? Check out our latest home sales map http://people.bakersfield.com/home/Blog/MoneyTalks/26579 http://people.bakersfield.com/home/Blog/MoneyTalks/26579 <p>Our latest home sales map is ready for a peek.</p> <p>No need to grab a map to find Otto Lane and Kent Drive (Homes on those streets recently sold.) <a href="http://www.bakersfield.com/hourly_news/story/443258.html">We&rsquo;ve done the work for you here.</a></p> <p>The map is updated with homes that sold in Bakersfield March 24-30, color-coded by sales price. </p> <p>We regularly publish single-family home sale transactions that occurred between individuals. Since foreclosures, or bank-owned properties, now account for an increasing number of weekly sales, sales between banks and individuals are now being included.</p> <p>Check out what homes are going for with the information from First American Real Estate Solutions compiled by reporter Vanessa Gregory.</p> <p>Highlights for March 24-30:</p> <p>87 homes are new on this map.</p> <p>Priciest? One sold for $540,000 in the 93308 ZIP code. (It was 2,675 square feet.)</p> <p>Cheapest? One sold for $53,000 in the 93308 ZIP code. (It was only 536 square feet.)</p> <p><i>&mdash; Christine Peterson</i></p>


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Caption: This home at 15602 Domaine Chandon Ave. sold on March 17 for $465,000. Located in the 93314 ZIP code, the 3,182-square-foot house has four bedrooms and three and a half baths.
Credit: Henry A. Barrios/ The Californian


Title:
Caption: This home at 15602 Domaine Chandon Ave. sold on March 17 for $465,000. Located in the 93314 ZIP code, the 3,182-square-foot house has four bedrooms and three and a half baths.
Credit: Henry A. Barrios/ The Californian

 This home at 15602 Domaine Chandon Ave. sold on March 17 for $465,000. Located in the 93314 ZIP code, the 3,182-square-foot house has four bedrooms and three and a half baths. Henry A. Barrios/ The Californian Toward a "more cohesive" health-care community http://people.bakersfield.com/home/Blog/MoneyTalks/26564 http://people.bakersfield.com/home/Blog/MoneyTalks/26564 <p>It seems obvious in retrospect: If you want to treat patients locally (and keep Kern County health-care expenditures in Kern County), it helps if local practitioners know who each other are.</p> <p>But it's the obvious things that often elude us. No longer. On Wednesday, Comprehensive Blood &amp; Cancer Center is hosting a networking dinner to kick off a get-to-know-you effort being headed up by Kern Economic Development Corp.</p> <p>The free event is to run from 5:30 to 7:30 p.m. at the center, 6501 Truxtun Ave. Scheduled to make presentations are KEDC President and CEO Richard Chapman; the center's business developer, Gitesh Patel; Trevor Townsend, co-manager of the Valley Institute of Prosthetics &amp; Orthotics; Mike Bartell, vice president of marketing and business development at Bakersfield Heart Hospital; and Houchin Blood Bank's community relations manager, Tracy Hunter.</p>


Title: medicine
Caption: The symbol for medicine.
Credit: students.ou.edu


Title: medicine
Caption: The symbol for medicine.
Credit: students.ou.edu

 medicine The symbol for medicine. students.ou.edu Rent or buy? http://people.bakersfield.com/home/Blog/MoneyTalks/26558 http://people.bakersfield.com/home/Blog/MoneyTalks/26558 <p>Here's a report I got last week from the Center for Economic Policy Research and the National Low Income Housing Coalition -- both out of Washington D.C.</p> <p>&quot;The bubble that developed in the U.S. housing market from the years 1996 to 2006 pushed prices in many markets far out of line with fundamental values,&quot; the report begins.</p> <p>The study goes on to compare rental and ownership costs in the 100 largest metropolitan statistical areas, and to look at the potential for accumulating equity in each market -- assuming a homeowner stays in the same home for four years.</p> <p>Here's the stats on Bako:</p> <p>In the Bakersfield MSA (a census designation including all of Kern), the middle figure for monthly ownership costs is $1,398, according to the report. Monthly cost for a three-bedroom rental? $981.</p> <p>The report's equity projections (Bako is on page eight) are almost too bad to mention. The report says some local homeowners will be in a 51,322 equity hole by 2012. Yikes.</p> <p>The whole report is attached (blue icon).</p> <p><i>-Vanessa Gregory, staff writer</i></p> Dairy $ drama... http://people.bakersfield.com/home/Blog/MoneyTalks/26528 http://people.bakersfield.com/home/Blog/MoneyTalks/26528 <p>Dairy Farmers of America recently alerted members that two (former) top executives spirited away $1 million. Unauthorized, like.</p> <p>&nbsp;</p> <p>This happened in 2001, when the trade group's former CEO, Gary Hanman, allegedly had the cool mill transferred to former board chair Herman Brubaker, without board approval.</p> <p>&nbsp;</p> <p>The money has been returned, the group's letter to members says, but they're investigating. It's not clear when they learned about the deal.</p> <p>&nbsp;</p> <p>I'm not sure where to post this but since we have lots of local dairy farmers I thought someone might like to know if they haven't already seen the letter. You should be able to download the PDF by clicking on the blue box.</p> <p>&nbsp;</p> <p>-- Gretchen Wenner, staff writer</p> <p>&nbsp;</p> <p>&nbsp;</p>


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Credit: World Wide Web


Title: Cow.jpg
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Credit: World Wide Web

 Cow.jpg World Wide Web First comes love, then comes marriage... http://people.bakersfield.com/home/Blog/MoneyTalks/26523 http://people.bakersfield.com/home/Blog/MoneyTalks/26523 <p>Downtown has two new businesses--a bridal boutique for the recently bethrothed and an all ages nightclub for any kids who come later.</p> <p>Little White Dress has left the Haberfelde building, where it occupied 600 square feet, for fancy new glass and corrugated steel diggs at 1800 21st Street. The new site is 2,000 square feet, with a loft and skylight. The owner eventually wants to put a rooftop garden on top for bridal parties and other special occasions.</p> <p>Speaking of which, there's a ribbon cutting 4:30 p.m. Wednesday May 14, followed by a private party with a D.J., hors d'oeuvres and cocktails.</p> <p>Not far from there is Screwy's, 902 19th St., a new all ages club that serves coffee, energy drinks and smoothies to anyone who shows up for the local bands or D.J.s offering up music Friday and Saturday nights.</p> <p>There's no age limit, but anyone age 14 and younger must be accompanied by an adult.</p> <p>Some day, you might be accompanied by a dog, too. The owner wants to convert some space near an outdoor patio into a private dog park, charging admission that he'll donate to the Society for the Prevention of Cruelty to Animals.</p> <p><i>--Courtenay Edelhart</i></p> No. 9 in mortgage risk http://people.bakersfield.com/home/Blog/MoneyTalks/26511 http://people.bakersfield.com/home/Blog/MoneyTalks/26511 <p>Kern County had the nation&rsquo;s ninth riskiest residential mortgage market during the first three months of the year, according to a Monday report by First American CoreLogic, a Santa Ana-based real estate data company.</p> <p>At the end of 2007, the county ranked No. 8 among the 100 large metropolitan areas reviewed in the quarterly report.</p> <p>Eight of the top 10 high-risk markets, defined as those where home loans are most likely to become delinquent, were in California, the report states.</p> <p>Risky mortgage markets are typically characterized by double digit home price declines and deteriorating labor markets, CoreLogic reports.</p> <p>Kern home prices depreciated 20 percent in the first three months of&nbsp; 2008 compared with the same time period a year ago, according to CoreLogic.</p> <p>Foreclosures and risk of fraud are also factored into the report&rsquo;s ranking system.</p> <p>The report is attached (click on the blue icon).</p> <p><i>-Vanessa Gregory, staff writer</i></p> Now what: Your builder is bankrupt http://people.bakersfield.com/home/Blog/MoneyTalks/26317 http://people.bakersfield.com/home/Blog/MoneyTalks/26317 <p>Reporter Vanessa Gregory headed up to Tehachapi this morning to catch up with residents of Alta Estates.</p> <p>The developer of their new subdivision, Empire Land (aka Prestige Homes and numerous other entities) filed for bankruptcy April 25. The Ontario homebuider's attorney told us the company will be liquidated although it's currently a reorganization case.</p> <p>Folks who bought homes in the tract this fall wonder what will happen with little things that need fixing and whether they'll have home warranties they were counting on.</p> <p><a href="http://www.bakersfield.com/hourly_news/story/439527.html">Here's the full story,</a> along with links to our other coverage of the troubled market.</p> <p>-- Gretchen Wenner, staff writer</p> <p>&nbsp;</p>


Title: AltaEstates.jpg
Caption: Elevate Your Life...Empire's slogan for the Tehachapi project
Credit: Empire Land Web page


Title: AltaEstates.jpg
Caption: Elevate Your Life...Empire's slogan for the Tehachapi project
Credit: Empire Land Web page

 AltaEstates.jpg Elevate Your Life...Empire's slogan for the Tehachapi project Empire Land Web page