Your Monthly Update from McCloud Realty!
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Your source for market updates, local news & more... |
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Greetings from McCloud!
After a challenging Summer fraught with wildfires and smoke, we are grateful for this change in seasons and welcome in Autumn with open arms and grateful hearts.
While we are very blessed that McCloud remained safe during the fires, we are devastated for loss that so many have experienced and are forever thankful for the fire personnel that have worked so hard during this fire season to keep us all safe.
To show our gratitude and support, we are now offering a $500 credit towards closing costs for any active firefighters or first responders who enter into contract on a property by December 31, 2021.
Cheers,
Josh &Linn
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McCloud Real Estate Market Updates for SEPTEMBER 2021
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While Summer is traditionally the hottest season for sales regionally, this year has been different! We had an incredibly strong Spring selling season and when the wildfires heated up, the selling season cooled off. We are hopeful that with the fires being less of a threat and the air being smoke-free that we will have strong Fall season!
View all of our listings on our website:
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Featured Property
$395,000
Rustic charm exudes from this classic McCloud home with reclaimed & refinished wood accents throughout. This home has had many structural upgrades over the years, including electrical, plumbing, foundation work, cedar siding, metal roof, upstairs addition, windows and more!
Heated efficiently with a Blaze King stove and a monitor heater, this home is bound to stay cozy on cold winter nights. Each level offers 2 spacious bedrooms & 2 full bathrooms- each with a classic clawfoot tub!
The original vertical grain fir floors flow throughout the downstairs, and the upstairs boasts reclaimed pine floors. Many of the original 5-panel doors have also been refinished and add character to this historic home.
Skylights and custom windows add an abundance of natural light to the upstairs rooms & the balcony off of the master bedroom is perfect for stargazing.
This larger lot offers spacious yards on all sides of the home as well as mature fruit trees in many varieties, & room for gardening.
You’ll find two charming structures located in the back yard- one for storage and/or wood shed & the other perfect for guest room, art/music studio, home gym, office space or more!
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Loni Reginato
Senior Loan Originator
Axia Home Loans
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Need financing for a home purchase?
Don't trust your home financing to just anyone... work with someone that you know you can TRUST!
We highly recommend McCloud native Loni Reginato, Senior Loan Originator with Axia Home Loans for all of your home financing needs.
We've had many of our real estate clients use Loni for their home loans and we can't say enough about her integrity, work ethic and something that is very important in both lending and real estate... a sense of humor!
Loni always goes the extra mile for her clients and we are so thankful for her providing only the best service to our clients!
Loni Reginato
530-227-5664
loni.reginato@axiahomeloans.com
(Pictured here with Dad, Tony, from Reginato's Deli, Gas and Mini Mart)
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We want to share with you some of the effects we have seen from the recent County-wide 18 month moratorium on vacation rental permits on homes located on less that 2.5 acres on the McCloud real estate market. Since this moratorium went into affect in early September, we have had several of our own clients, plus a few from other agents, express that they will not be purchasing a home here in McCloud due to this moratorium.
The most common reason is that these home buyers are looking to purchase a second home for their own use and enjoyment, but aren’t at the financial level to justify doing so without having the possibility of off-setting some of their costs by renting it out when they are using it themselves. Other buyers that are having an issue is those doing a 1031 tax exchange with an income property and in order to buy a house here, it has to qualify as an income property. Others simply don’t like the idea of having more regulation on personal property. These are issues we have seen with buyers just this month.
While many proponents of the moratorium were hoping that without the opportunity to turn homes into vacation rentals, investors would now buy homes here to operate as full-time rentals, solving our rental shortage, but the current prices of homes doesn’t justify that as a smart investment. If these homes were purchased as long-term rentals, the monthly rent would have to be so high that they would not be affordable for the people here that are in need. The only way homes here would be investment properties would be if the there was a market crash resulting in the cost of homes dropping by at least 50%, which of course no one wants!
What we anticipate happening, especially if this moratorium doesn’t get lifted after the initial 18 months, is a shift in the type of buyers that purchase homes in McCloud. It will become a place where only people who can fully afford a second home, without the need to offset costs, can afford to buy. That means those homes they purchase will sit empty when the owners are not here, which will most definitely affect tourism in our community which is vital to support our local restaurants and shops.
The other affect this will have is that those homes that already have vacation rental permits will have a huge increase in value and also that limiting the numbers of rentals here will cause the currently permitted ones to be able to operate at a much higher nightly rate, therefore making McCloud a more premium place to vacation. We believe this moratorium will also give an unfair financial advantage to those who own homes on over 2.5 acres, as they will still be allowed to obtain vacation rental permits, while those homeowners on smaller parcels will not. All of these things might end up having long-term affects on our community that were not anticipated when the County Board of Supervisors initiated the moratorium.
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McCloud Realty
305 Main Street, McCloud, CA 96057
530-964-3120 Office
530-925-3370 Cell
mccloudoffice@gmail.com
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