December 29, 2007

Grand Jury Gives Carlmont High School a Lesson in Enrollment The Civil Grand Jury directed Carlmont High Scholl to clarify its own open-enrollment program and limit the number of students who can transfer, increase capacity, or change school boundaries. Carlmont is over its official capacity of 2,100 students. Administrators say the district's use of open enrollment - which allows students to choose a school outside the one designated by attendance boundaries - along with the popularity of Carlmont has caused the shift. Superintendent Pat Gemma said for starters, the district plans to allow only about 80 open enrollment transfers to Carlmont for the freshman class that will start next fall, compared to about 220 transfers that were let in this fall. Students with siblings at the school will get the highest priority, followed by those who chose Carlmont after making a documented effort to educate themselves on the options. ""There's no question in my mind nor the mind of the principal at Carlmont that 2,300 students at Carlmont is too many," Gemma said. With that in mind is seem unlikely that Carlmont will be choosing the option of increasing capacity, and will likely be forced to move school boundaries. Currently, any eligible Belmont resident can go to Carlmont High while only certain parts of San Carlos may attend providing they are within the designated school boundaries. The third option has been to apply for an intra-district transfer to Carlmont. This dilemma could have an impact on housing values as buyers are apparently more inclined to pay extra to live within...
Hello 2008! We’re busy compiling the numbers from 2007 to see where the housing market ended compared to 2006. Of course the peninsula market fared relatively well compared to many California cities and that of other states. Why did certain areas do better? We look at understanding the issues which caused the current market conditions to predict which areas will be impacted more than others. The jolt that knocked over the housing house of cards was interest rates and adjustable teaser rates indexing to higher levels. In the past five years many investment properties were purchased with adjustable loans. This enabled an investor to break-even on their mortgage payment vs. the rent they could charge. With properties appreciating at levels from 20-50% per year, it’s easy to see why so many investors jumped at the chance to buy in a new development. A new home often means great financing (available through the developer); purchase incentives, literally no maintenance issues; in fact many speculators purchased unfinished homes and re-sold them six months later at completion for a tidy profit. The first shoe to drop: When interest rates began rising many speculative investments became less lucrative. As investors began selling off properties in droves, inventory grew and home values dropped. The second shoe to drop: Owner occupied homeowners also found themselves in difficult situations. Many had qualified for their loans based on a teaser start rate. Once the rates fully adjusted, they could no longer afford their home (the practice of qualifying people for...

Drew Morgan

Sponsored by Drew & Christine Morgan"Helping People Make Good Decisions"smReal Estate Sales and ConsultingCarlmont Associates

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