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Real estate broker, civil engineer and general contractor.
Nevada County Information

Tri Counties Bank, Chico, California, Assumes All of the Deposits of Citizens Bank of Northern California, Nevada City, California

September 24, 2011

Citizens Bank of Northern California, Nevada City, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri Counties Bank, Chico, California, to assume all of the deposits of Citizens Bank of Northern California.

The seven branches of Citizens Bank of Northern California will reopen on Monday as branches of Tri Counties Bank. Depositors of Citizens Bank of Northern California will automatically become depositors of Tri Counties Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Citizens Bank of Northern California should continue to use their existing branch until they receive notice from Tri Counties Bank that it has completed systems changes to allow other Tri Counties Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Citizens Bank of Northern California can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2011, Citizens Bank of Northern California had approximately $288.8 million in total assets and $253.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Tri Counties Bank agreed to purchase essentially all of the assets.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-430-6165. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/cbnc.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.2 million. Compared to other alternatives, Tri Counties Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Citizens Bank of Northern California is the 73rd FDIC-insured institution to fail in the nation this year, and the fourth in California. The last FDIC-insured institution closed in the state was San Luis Trust Bank, FSB, San Luis Obispo, on February 18, 2011.

Source FDIC

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John J. O’Dell Realtor® GRI
O’Dell Realty
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Real Estate

REALTORS® Expect 1 Percent Rise in Calif. Home Sales

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The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) released its 2012 Housing Market Forecast this week during CALIFORNIA REALTOR® EXPO 2011 in San Jose.  The forecast calls for California home sales and median price to improve only slightly in 2012, as the continuation of the tepid economic recovery, uncertainty about the future, and funding challenges for residential mortgages are expected to keep the market moving sideways, with little foreseeable momentum in either direction.

  • The forecast for California home sales next year is for a slight 1 percent increase to 496,200 units, following essentially flat sales of 491,100 homes this year compared to the 491,500 homes sold in 2010.
  • “Discretionary sellers will play a larger role in next year’s housing market,” said C.A.R. President Beth L. Peerce.  “Those who held off selling in 2011 may list their homes in 2012, thereby improving the mix of homes for sale compared with the last few years.  Additionally, distressed sales will remain an important segment of the overall market as lenders continue to work through the foreclosure process.”
  • The California median home price is expected to increase 1.7 percent in 2012 to $296,000 in 2012, according to the forecast.  Following a double-digit increase in the median price in 2010, the median home price will decrease a projected 4 percent in 2011 to $291,000.
  • View a video of C.A.R. Vice President and Chief Economist Leslie Appleton-Young discussing the 2012 Housing Market Forecast.
  • “2012 will be another transition year for the California housing market, as the continued uncertainty about the U.S. financial system, job growth, and the stability of the overall economy remain in the forefront for all market participants,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “An improvement in job growth, consumer spending, and corresponding gains in housing are essential to a broader recovery in the economy, but would-be buyers will remain cautious as they weigh these myriad uncertainties against the clear opportunities presented by today’s very affordable housing market.

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John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
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nevada county fair

Community Enterainment At This Weekend’s Draft Horse Classic

The magnificent six-up competition is always a crowd favorite at the Draft Horse Classic and Harvest Fair at the Nevada County Fairgrounds in Grass Valley.
The magnificent six-up competition is always a crowd favorite at the Draft Horse Classic and Harvest Fair at the Nevada County Fairgrounds in Grass Valley.

By Wendy Oaks

Local thespians to dazzle the audience with classic country music of Willie Nelson, Patsy Cline and Dolly Parton

Spectators at this weekend’s Draft Horse Classic will enjoy special musical entertainment provided by local performers Chris Crockett, Kris Stepanian, and Nancy Keith. Throughout the evening performances and at Sunday’s late afternoon performance, this dynamic trio will dazzle the audiences with the classic country music of Willie Nelson, Patsy Cline and Dolly Parton.

These three talented performers are regulars at Off Broadstreet Theatre in Nevada City and each have their own special charm.  Chris Crockett, performing as Willie Nelson, is a singer, songwriter and actor, and has performed all over the United States. Nancy Keith, performing as Dolly Parton, is an actress who has won numerous awards for her acting talent. Kris Stepanian, performing as Patsy Cline, is an award winning vocalist, and has performed as both a vocalist and an actress throughout California and Nevada.

Additional entertainment can be found at the Harvest Fair, which takes place at the Fairgrounds during all four days of the Classic. Enjoy Bluegrass, Western & ‘Old-Time’ music, cowboy poetry, and stories of the old west. These toe-tapping, hand-clapping, crowd-pleasing performances take place on the Pine Tree Stage, beneath the shady tall trees where you can sit a spell and take in the show.  This year’s local performers include Sidewinder, a Western Swing band; Sourdough Slim, a yodeling cowboy comic and songster; Buffalo Gals, a good-time string band; Larry Ilg, a cowboy poet; Bill Schultz, a cowboy poet; and the Chillbillies, a rockabilly /country surf band. These performers will be entertaining throughout the weekend on the Pine Tree Stage at the Fairgrounds. Visit www.NevadaCountyFair.com for a schedule.

The Draft Horse Classic and Harvest Fair starts Thursday and runs through Sunday, September 25 at the Nevada County Fairgrounds in Grass Valley. While there is a charge for Draft Horse performance tickets, admission to the Fairgrounds is free for the Harvest Fair activities.  In addition to live entertainment, there is a world class art show, Treat Street goodies, vendors with western wear and items, a clogging jamboree, a live shoeing competition, community exhibits, and barn visits.

For Draft Horse Classic performance tickets, call the Fair office at 530-273-6217 or stop by the Arena box office. Visit www.NevadaCountyFair.com for additional information.

 

Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217
wsoaks@gmail.com

Website: www.NevadaCountyFair.com

Facebook: Nevada County Fairgrounds

Nevada County Fair                          August 8 – 12, 2012

Draft Horse Classic                            September 22 – 25, 2011

Halloween at the Fairgrounds      October 29, 2011

Country Christmas Faire                  November 25 – 27, 2011

 

Thinking of buying or selling?
For all your real estate needs, call or email:

John J. O’Dell Realtor®
Real Estate Broker
O’Dell Realty
9530) 263-1091
jodell@nevadacounty.com

nevada county fair

Meet The Judge OF The 25th Annual Draft Horse Classic

By Wendy Oaks

Jim Poole from St. Louis, Missouri, has been selected as the judge of this year’s Draft Horse Classic, September 22 – 25, at the Nevada County Fairgrounds. Poole has been judging horse shows across North America for more than 35 years, and this is his third time judging the Draft Horse Classic.

“The Draft Horse Classic in Grass Valley is one of the finest shows I have ever had the honor of judging,” he said. “The entire event is managed to perfection and held in a very unique and beautiful setting. From my past experiences at the Classic, the caliber of exhibitors and horses are always top notch and everyone works together to make this the great event that it is.”

Born in St. Boniface, Manitoba, Canada, Poole was immediately immersed in the world of Belgians on his family’s farm. Learning the ropes from his father Fred, Poole began traveling with the family’s hitch at an early age to exhibitions and fairs throughout Canada and the United States. As a young adult, he worked for various traveling six and eight horse hitches in the competitive and exhibition circuit. During that time, Poole worked at the Alberta Game Farm in Edmonton, Canada  where he took the reins of one of the most decorated 6-horse hitch of Belgians ever, and also managed the park of more than 3,000 wild animals.

In 1984, Poole moved to Ontario, Canada, where he spent the next 5 years managing his farm and showing his Belgians, before being recruited by the world famous Budweiser Clydesdales. In 1989, he and his family moved to St. Louis, Missouri where he supervised the traveling 8-horse hitch of the famous Clydesdales. For the next 22 years Poole moved through the ranks of Clydesdale Operations, eventually serving as department manager in 1997. In 2008, Poole was instrumental in leading the effort to develop a state-of-the-art breeding facility – located on 347 acres in Booneville, Missouri – specifically for the Budweiser Clydesdales.

Today, in addition to judging horse shows, Poole continues working with Draft Horses through his consulting and management business.

At this year’s Classic, September 22 – 25, Poole will be busy judging all six Draft Horse Classic performances that take place throughout the four day event. Live entertainment, a world class art show, Treat Street goodies, a Western Trade Show, a clogging jamboree, a live shoeing competition, community exhibits, and barn tours are all part of the activities at the Fairgrounds.

Tickets to the performances are on sale now, as well as the day of the event, and may be purchased by calling the Fair office at (530) 273-6217, or visiting www.NevadaCountyFair.com.

Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217

wsoaks@gmail.com

Website: www.NevadaCountyFair.com

Facebook: Nevada County Fairgrounds

Nevada County Fair                          August 8 – 12, 2012

Draft Horse Classic                            September 22 – 25, 2011

Halloween at the Fairgrounds      October 29, 2011

Country Christmas Faire                  November 25 – 27, 2011

 

 

Problems making your mortgage payments?
Consider the advantages of a short sale
Call or email today for a free consultation

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

Real Estate

Mistakes Housing Investors Make


With traditional investments delivering low returns, some are considering buying rental housing.  However, potential investors should do their homework and avoid the following common mistakes.

Making sense of the story

  • Investing in real estate right now can be profitable, if everything goes as planned.  Rents are increasing in many areas, and more properties may be coming on the market.
  • Last month, the Obama administration asked for proposals on how to convert at least some of Fannie Mae’s and Freddie Mac’s inventories of foreclosed homes into affordable rentals.
  • Traditionally, investors rented out properties for 1 percent of the purchase price per month.  However, according to one property management firm, today, some investors are receiving as much as 2 percent of the purchase price.
  • While it may be true that in some areas home prices are relatively low, that doesn’t mean the property can be rented out.  Homes in deserted subdivisions aren’t any more appealing to renters than they are to buyers.  The same is true for less-attractive properties or those in less-desirable school districts.
  • Prior to purchasing a property, investors should also factor in closing costs of 3 percent to 6 percent, the costs to fix up the place and maintain it, and the holding costs.
  • Investors become landlords, and as such, need to keep in mind that, just like homeowners, tenants may not always be able to pay rent.  Evicting tenants can take several weeks.
  • It’s also important to remember that owning a rental is not the same as owning a home.  An owner may put up with flaws in a home that a renter wouldn’t tolerate.  Additionally, many states and communities have strict laws for landlords, even for those who own only one property.

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Consider the advantages of a short sale
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John J. O’Dell Realtor® GRI
O’Dell Realty
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jodell@nevadacounty.com

 

Real Estate

Foreclosure Notices Soar 33%, Biggest Monthly Gain In 4 Years

A new wave of foreclosures hit in August, as banks picked up the pace in taking action against home owners who have fallen behind on their mortgage payments, RealtyTrac Inc. reported Thursday.

The number of U.S. homes that receiving an initial default notice rose 33 percent in August from July. That increase represents the biggest monthly gain in four years, according to RealtyTrac.

“This is really the first time we’ve seen a significant increase in the number of new foreclosure actions,” says Rick Sharga, a senior vice president at RealtyTrac. “It’s still possible this is a blip, but I think it’s much more likely we’re seeing the beginning of a trend here.”

The uptick in foreclosure activity follows after months of a slowdown in foreclosures, which started last fall, with banks reviewing foreclosure policies and paperwork after facing lawsuits and criticism over how they processed foreclosures. Some banks even temporarily halted their foreclosures as they more carefully reviewed pending cases. The slowdown was also blamed on court delays in some states.

But some housing experts say the increase in foreclosure activity actually could be good for the housing market. A faster turnaround in foreclosures could help clear the glut of shadow inventory hovering over the market, which many say has caused home values to plummet.

The “bloated foreclosure pipeline now presents the greatest obstacle to a housing market recovery,” said Josh Levin, a Citi analyst. About 3.7 million more homes are in some stage of foreclosure than in a normal housing market, Levin said.

Banks are on track to repossess about 800,000 homes this year — down from more than 1 million last year, Sharga said.

Overall, 228,098 U.S. homes — or one in every 570 U.S. households — received a foreclosure-related notice in August, a 7 percent increase from July. However, that represents a 33 percent decline from August 2010.

Source: “Report: Mortgage Default Warnings Spiked in August, Signaling Potential New Foreclosure Wave,” Associated Press (Sept. 15, 2011)

 

 

Facing foreclosure?
Consider the advantages of a short sale
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John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com


Nevada County Information

Western Nevada County’s Main Source of Water, Nevada Irrigation District

Nevada Irrigation District Water Source Map
Nevada Irrigation District Water Source Map

Nevada Irrigation District  (NID) water originates in the snow pack of a 70,000-acre watershed in the high mountains of Sierra and Nevada counties. The district’s Mountain Division reservoirs include Jackson Meadows, Milton, French, Faucherie, Sawmill and Bowman. Water from these reservoirs flows to PG&E’s Lake Spaulding via the Bowman-Spaulding Canal.

From Spaulding, NID water flows down the South Yuba Canal to the Cascade Canal system which carries water into western Nevada County service areas. Water from Spaulding also flows down the Bear River watershed through PG&E’s Drum Hydroelectric Project and NID’s Yuba-Bear Power Project. This water supplies NID service areas in southern Nevada County and Placer County.

In addition to its seven mountain reservoirs, NID owns and operates three Foothill Division reservoirs, Scotts Flat, Rollins and Combie. The district operates and maintains 400 miles of canals and 300 miles of pipelines.

The highest point on NID watershed is 8373-foot English Mountain, which rises just south of Jackson Meadows. The lowest elevation NID water service is 100 miles to the southwest, at the 150-foot elevation, near Lincoln, Placer County.

Source: Waterways, a publication of NID

 

 

Problems making your mortgage payments?
Consider the advantages of a short sale
Call or email today for a free consultation

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

nevada county fair

Festivities At The Draft Horse Classic At The Nevada County Fairgrounds

“A Taste of the Gold,” a fun food and wine fest that features a selection of local and regional wines, fine foods and delectable sweets and treats, is part of the festivities planned during the Draft Horse Classic at the Nevada County Fairgrounds.
“A Taste of the Gold,” a fun food and wine fest that features a selection of local and regional wines, fine foods and delectable sweets and treats, is part of the festivities planned during the Draft Horse Classic at the Nevada County Fairgrounds.

By Wendy Oaks

“TASTE OF THE GOLD” AND RIB COOK-OFF  PART OF THE FESTIVITIES AT THE DRAFT HORSE CLASSIC

“Taste” event is held on Saturday, September 24; Rib Cook-Off held on Sunday, September 25

In between Draft Horse performances at the Nevada County Fairgrounds, September 22 – 25, take time to visit two community events happening on the grounds during the weekend.

On Saturday, September 24, visit “A Taste of the Gold,” a fun food and wine fest that features a selection of local and regional wines, fine foods and delectable sweets and treats from some of the Gold Country’s finest restaurants and vintners.  This fabulously fun and tasty event takes place on Saturday from 1 – 4 pm. Find your favorite wine, and with glass in hand, nibble your way through more restaurants than you could possibly visit in a long weekend.

Tickets for “A Taste of the Gold” are $30 in advance or $40 at the door, and the price includes five food tastings, unlimited wine tasting, and a commemorative wine glass. For tickets, visit www.SierraVintners.com, call the Grass Valley Downtown Association at (530) 272-8315, or purchase them at the door.  This event is presented by the Grass Valley Downtown Association and the Sierra Vintners.

On Sunday of the Classic, enjoy the Classic Rib Cook-Off from 1:30 – 4 pm. Whether you want to watch BBQ experts show off their cooking skills or simply join the fun and taste the treats—the Rib Cook-Off is the place to be!  Tasting tickets will be available at the event at 5 for $10. There will be live entertainment provided by The Dyin’ Breed Band, beverages for sale, and even a free cooking class.

As part of the Rib Cook-Off, a free Cooking Class, BBQ 101, is being offered on Sunday, September 25, at 3 pm. Watch and learn as BBQ PitMasters prepare chicken, pork, ribs, pork shoulder, and brisket, showing you some of their tips so that you can become a BBQ Pitmaster. When the class is complete, head over to the stage and see who will be crowned the Classic Rib Cook-Off Champion.

The Draft Horse Classic and Harvest Fair runs September 22 – 25 at the Nevada County Fairgrounds. There are six performances featuring the magnificent Draft Horses – Thursday and Friday at 6:30 pm, Saturday at 10 am and 6:30 pm, and Sunday at 10 am and 4 pm.

In addition to the Draft Horse performances, the Harvest Fair is bustling with activities during the four-day event. Live entertainment, Art at the Classic, Treat Street goodies, a clogging jamboree, and visits to the barns make for a family fun day at the Harvest Fair.

For Draft Horse performance tickets or information about entering a Harvest Fair exhibit, call the Fair Office at (530) 273-6217 or visit www.NevadaCountyFair.com

 

Wendy Oaks
Publicist, Nevada County Fair

 
Problems making your mortgage payments?
Consider the advantages of a short sale
Call or email today for a free consultation

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

 

nevada county fair

Go To The Guided Barn Tours Offered At This Year’s Draft Horse Classic

The magnificent six-up competition is always a crowd favorite at the Draft Horse Classic and Harvest Fair at the Nevada County Fairgrounds in Grass Valley.
The magnificent six-up competition is always a crowd favorite at the Draft Horse Classic and Harvest Fair at the Nevada County Fairgrounds in Grass Valley.

By Wendy Oaks

Get behind-the-scenes and meet the stars of the Classic – the beautiful Draft Horses

Guided Barn Tours will be offered to visitors to this year’s Draft Horse Classic and Harvest Fair – giving them an up close and personal visit with the magnificent Gentle Giant Draft Horses.  The behind-the-scenes Guided Barn Tours, led by teamster Eleanor Roberts, are another way for visitors to be able to meet and talk with Draft Horse exhibitors, as well as meet the stars of the Classic.

Barn tours will be held on Friday, September 23, at 4 pm and Saturday, September 24, at 2 pm. Advance reservations are recommended, as there are a limited number of openings for each tour. The cost for the tour is $10 per person, and advance reservations can be made by calling the Fair Office at 530-273-6217. If there is still availability, tickets may also be purchased the day of the event at the Arena box office.

Each tour will last approximately 45 minutes and will include meeting the exhibitors and learning about how they got involved with Draft Horses; discussing and seeing the different Draft Horse breeds; a show-and-tell of Draft Horse equipment, and a discussion about the training of Draft Horses and what it takes to put a team together.  You’ll also get to roam to the various barns on the Fairgrounds to meet the beautiful Draft Horses!

The 25th annual Draft Horse Classic and Harvest Fair starts Thursday, September 22 and runs Sunday, September 25 at the Nevada County Fairgrounds in Grass Valley.  The Draft Horse Classic features six stunning performances in the arena. If you can’t make it to a guided barn tour, the barns are always open for viewing the horses throughout the event in between performances. Additionally, live entertainment at the Pine Tree Stage, a world class art show, Treat Street goodies, vendors with western wear and items, a clogging jamboree, and a live horse shoeing competition are all part of the Harvest Fair, which takes place at the Fairgrounds during all four days of the Classic.

For tickets to the Draft Horse performances or tickets to the Barn Tours, call the office at 273-6217 or visit www.NevadaCountyFair.com for information about Draft Horse Classic.

Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217
wsoaks@gmail.com
Website: www.NevadaCountyFair.com
Facebook: Nevada County Fairgrounds

Nevada County Fair     August 8 – 12, 2012
Draft Horse Classic   September 22 – 25, 2011
Halloween at the Fairgrounds   October 29, 2011
Country Christmas Faire        November 25 – 27, 2011

 
For all your real estate needs
Call or email:

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

 

 

Real Estate

Getting A Fair Appraisal In A Tough Market


Since the real estate market took a downturn, some people have complained they couldn’t buy, sell, or refinance a home because an appraiser used bank-owned (REO) or short-sold homes as comparables in the valuation process, which dragged down the value of their home.  While using REO and short-sold properties can lower the value of a home, some homeowners are upset that their county assessor will not use these properties as comps for their property taxes.

  • In California,  some assessors will consider distressed sales when looking at comps, but it varies widely by county, neighborhood, and house.  In general, assessors will always look at non-distressed sales first and if there are enough, disregard REO and short sales.  However, if there are not enough standard sales, or the home is in an area dominated by distressed sales, the assessor likely will take these properties into account.
  • Under Proposition 13, property is assessed upon a change in ownership at its fair market value.  That is usually the same as the sale price.  However, with distressed property, the sale price may not equal fair market value.
  • Between changes of ownership, assessors can raise values only by an inflation rate, not to exceed 2 percent per year, plus the value of major improvements or additions.
  • Under Prop. 8, owners who think the market value of their property has fallen below its assessed value can ask for a temporary reduction to the fair market value.
  • Homeowners who think their homes are worth less than the assessed value can usually ask their assessor for an informal review.  If they are still not satisfied, they can file a formal appeal with their county’s assessment appeals board by Sept. 15 or Nov. 30, depending on the county.

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John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com