Posts from — April 2009

Below is an article I wrote in 2008 in a series entitled “Community Building 101” (pdf file). “Re-Believing in Community Participation” is part 4 in this mini-essay series and I wanted to share it here on my real estate appraisal blog because life is not just about the value of our homes, but the quality and value of the relationships we have, even in our neighborhoods – and especially in this economy.

Re-Believing in Community Participation by Ryan Lundquist

I recently attended a funeral of a local man. He raised four kids, stayed married for fifty years, knew success in his career, and had many remarkable traits. His eulogy was full of all the great stuff we often hear, but there was something more mentioned that was a very high compliment: he was a good neighbor. Story after story was shared about how he was known to say hi to others, pay attention to people around him, find ways to care for folks next door, talk to passersby, befriend local teenagers, and even share his roses and vegetables with neighbors.

The notion of being a contributor to the health of a community is seldom on the radar in today’s society. Somewhere along the way we lost the value for connectedness and are now more isolated and self-reliant. If we can re-believe though that it really does matter to have residents involved in neighborhood life, then our communities will thrive.

Whose responsibility is it anyway to help a neighborhood grow in the right direction? Is it the City and its programs? Council members? An HOA? Apartment managers? Local Business? Police? Code Enforcement? The answer is all of the above, but most of all it is the privilege of residents to shape the values of their tract. Just as each of us needs to eat certain foods to yield a healthy body, in neighborhoods individual households help to nourish the overall well being of their area. Not everyone has a desire to be social or get to know others, and that is understandable, but as more and more residents choose to be intentional about their community, we will experience a vibrancy that no HOA fee could ever create.

When we begin to put effort into the stream of subdivision life we will see stronger relationships and a greater sense of communal vision, not to mention having a whole lot of fun. This is not about taking on big neighborhood projects, but instead buying into a belief that our individual contributions and giftedness are valuable for the soul of the neighborhood. Let’s begin to re-believe that each household has something to offer for the health of the community and then act accordingly.

You are important for your neighborhood. Do you believe that?

I snapped the following shot while inspecting a Beazer property the other day in Rancho Cordova. This type of sign is very typical in many portions of the Greater Sacramento Region for new construction.

In hopes of selling off their inventory, most builders these days use marketing language such as “Foreclosure Pricing” or “Closing Costs Back to You” or “Tax Credits”. Builders definitely have to compete with the foreclosure and short sale properties within the marketplace and so there is quite a different marketing strategy from what we saw just five years ago. Let’s take 2004, for example, the Builders could pretty much command whatever price they wanted (prices went up 10K a month like it was nothing), “upgrades” were quite pricey, and the builder was definitely in control. Nowadays the buyer is in charge, sometimes the “upgrades” are now included as more standard features, concessions and closing costs offered within the purchase price are more normative, and prices have come down substantially in most areas.

What other ads or signs have you seen in the local market?

Tip for the Buyer of New Construction: Make sure that you are paying fair market value for the house you are purchasing. You need to have a reliable appraiser who understands the current market. It’s nice to get closing costs and concessions included within a purchase price, but if the purchase price is padded so greatly with these things, one must wonder if the house is really worth what it is being sold for. For example, if a house is being sold for $325,000 and there are $25,000-$35,000 worth of concessions within the purchase price, maybe the house is truly worth $290,000-300,000. If the house was offered for sale without concessions or closing costs covered within the purchase price, what would it sell for? That’s a good question to ask and it might save you some money in the long run. Obviously though many times the inclusion of concessions and closing costs is what helps the deal get done and assists the buyer’s financing. Even though prices are much lower in California right now, it is still very difficult for the bulk of buyers to put down 20% of the cost of a home (hence the popularity lately of FHA financing programs with 97% loans).

If you have any questions, feel free to call me at 916-595-3735, see my company website at www.lundquistcompany.comor email me at ryan [at] lundquistcompany [dot] com.

What’s been happening in the Lodi real estate market? The city of Lodi is located South of Galt and North of Stockton in San Joaquin County. Have a look below at two graphs as well as some market details.

City of Lodi Real Estate Market Data:

• 751 sales over past 12 months
• 151 sales over past 90 days
• 112 current Pending listings
• 140 current Active listings
• 97 current Short Sale Active listings
• Median Price over past 90 days: $175,000
• Low Sale over past 12 months: $25,215
• High Sale over past 12 months: $1,150,000

If you have any questions about the data above or any other market or appraisal-related questions or needs, feel free to contact me at 916-595-3735 or email me at ryan [at] lundquistcompany [dot] com.

“Anatolia” is a newly-built HOA community in Southern Rancho Cordova located within the 95742 zip code. There are roughly 2000 housing units which have been built since 2005 and construction is still ongoing. Below you will find some of the latest real estate market trends in Anatolia as of today’s date.

The following graphs take the past thirteen months of sales into consideration and are based upon data provided through Sacramento Metrolist.

“Anatolia” in Rancho Cordova Real Estate Market Data:

• 347 sales over past 12 months
• 80 sales over past 90 days
• Average of 26.67 sales per month over past 90 days
• 201 current Listings
• 7.5 months of housing supply currently listed on the market (due to aggressive pricing, this inventory may not necessarily be on the market that long. In fact, the previous 90 days had 8.5 months of inventory and then the six months prior to that had 12.4 months of inventory. It would appear then that right now the inventory is decreasing).
• Median Sales Price over past 90 days: $288,000
• Median Sales Price over previous 90 days: $312,016
• Median current List Price: $275,000
• Median Listing Days on Market: 54

Please feel free to give your two cents, ask questions, or provide any supplementary information or data by commenting above. You are welcome to contact me for additional information and questions too at 916-595-3735 or www.lundquistcompany.com

I had a conversation today with a friend about Rancho Cordova real estate market trends and I made this graph to show her in an image of what words so often say – that the market has declined.

When making trend graphs in many local areas and cities in the Greater Sacramento Region, I often think the overall trend looks like a ski slope. This one above is maybe a bit more bunny-slope-like, but still, you get the point. If you have questions about the local real estate market, feel free to contact me at 916-595-3735 or www.lundquistcompany.com

A Closing Thought:  Looking at market trends doesn’t often times “bring gladness to the heart of man” so to speak (that was a quote from Chimay, if you follow), so let’s remember that relationships and so much of life can be wonderful even though home values aren’t much to brag about right now.

What’s been happening in the real estate market in the city of Rancho Cordova in 2009 so far? Below is a graph and some stats for you: 

Rancho Cordova Real Estate Market Trends in 2009:

• 179 total sales in MLS in 2009
• 77 current Active listings
• 129 current Short Sale listings
• 104 current Pending listings
• 99 of 179 sales were in the 95670 zip code
• 80 of 179 sales were in the 95742 zip code (Anatolia)
• Overall 2009 Median Sales Price for 95670:  $165,000
• Overall 2009 Median Sales Price for 95742:  $290,000
• Low Sales Price in 95670 in 2009:  $75,000
• High Sales Price in 95670 in 2009:  $420,000
• Low Sales Price in 95742 in 2009:  $220,000
• High Sales Price in 95742 in 2009:  $510,000

Property Taxes in Rancho Cordova (and Surrounding Counties):

While on the subject of Rancho Cordova, I wanted to say a few words on property taxes. When looking at my blog stats and what keywords people are typing in to get here, it is clear that property taxes are on the minds of fellow Cordovans as well as many locals in surrounding counties. There are quite a few people finding this blog by searching for things like “How to Lower Property Taxes in Rancho Cordova”, “City Taxes in Rancho Cordova”, “Stockton Property Taxes”, or “Placer County Property Taxes” (etc…) 

I hope the following information proves to be helpful:

1.Our local cities (including Rancho Cordova) do not collect property taxes. Property taxes are handled through the local Assessor’s Office (for Rancho Cordova, that would be the Sacramento County Assessor’s Office).

2. The Sacramento County Assessor’s Office has not yet released their assessed values for 2009. Their assessed values will be based upon January 1, 2009. You should receive a letter in the mail if they determined that your property taxes have decreased based upon a decline in value last year.

3. When the Assessor’s Office releases their assessment of your property in hopefully May 2009, you can follow a specific set of steps to contest the level of your property taxes if you disagree with their opinion (this process is the same for anyone in Sacramento County or for that matter, anyone in surrounding counties. The exact dates for appealing taxes may differ, so you can check with your local Assessor with specific dates).

4. Read an article I wrote called “The Skinny on Lowering Property Taxes” that gives you the gist of what you need to do to contest your property taxes. I would be glad to help you with this process also. Please see www.SacramentoTaxAppeals.com for further information.

Local Assessor’s Offices in Surrounding Counties:

Let me know if you have any questions. I am glad to talk you through the process of appealing your property taxes in Rancho Cordova (or elsewhere) and help you understand what you need to do. Even if you are in a surrounding county that I also serve (Placer, Yolo, El Dorado, San Joaquin….), feel free to give me a call at 916-595-3735. Just last week I spoke with two property owners who found me through this blog and I was able to shed light on what they need to do for 2009 property taxes and also what they could have done in 2008.

What is happening in the Rio Linda market area? Here is a glimpse of the past 36 months of sales? Like many other areas in the Greater Sacramento Region and beyond, Rio Linda has seen a steep decline over the past three years.

Rio Linda is a Census Designated Place within Sacramento County North of the Del Paso area. It is a suburban community, but it does have a more “rural” feel to it since Rio Linda and neighboring Elverta are located a bit away from main commercial centers and typical conveniences. Rio Linda is located just West of Antelope and due East of I-5 and the Natomas area of Sacramento.

Rio Linda Real Estate Market Data:

• 73 current Active listings
• 15 current Short Sale listings
• 48 current Pending listings
• 15.7% current unemployment rate per February 2009 stats from the Employment Develompent Department.
• 10% decline in median price level when considering sales in  February 2008 and sales in February 2009 per Data Quick News

While on a recent inspection in Rio Linda I snapped the following image of a cow on top of a gas station. This cow can be found off of Elkhorn Blvd. & Rio Linda Blvd on the Northwest corner. Everytime I appraise in Rio Linda, it makes me smile to see this cow.

And speaking of cows, if you live in the Sacramento area, you may be aware of a very famous cow named Ruofs (pronounced “Rufus”). This cow is located on 16th Street near North B Street in front of Ruland’s Office Furniture. RUOFS actually stands for “Ruland’s Used Office Furniture Store” and you can read all about the cow on the Ruland’s website. The great thing about this cow is that it gets painted different colors every now and then and even has various sayings painted on its side from time to time.

If you have any questions about Rio Linda, the data above or if you happen to have any knowledge of other local cow landmarks, make sure to comment above.