The “Parkview Condos” were converted from apartments in 2005, and I thought it would be interesting to sneak a peek into the history of the development. These units located at 7032 Fair Oaks Blvd in Carmichael went on sale near near the very top of the market and have basically taken a pretty steep decline downward since (this is common to the Sacramento area since August 2005 of course).
Some key points about the Parkview Condos:
- There are 43 units in the Parkview Condos
- The size of some units are recorded incorrectly. The 1046 model is actually closer to 950 square feet. This could make a difference in market value and a tax assessment, don’t you think?
- This complex is NOT on the FHA approved condominium project list
- As of this week, the HOA says 40% of the units have an off-site address (this often means these units are rentals)
- All sales and listings this year appear to be overassessed between $138,000 to $165,000 despite sales between $60,000 to $80,000.
- There is a townhouse subdivision next door called “Parkview Townhomes”. There is a big difference between a condominium and townhouse, so sales in these two neighboring subdivisions really shouldn’t be compared. However, it’s nice to juxtapose each complex because the sales may still influence the immediate market (I just won’t use townhouse sales in a condo appraisal report though, for example).
Is there anything you’d be cautious of when purchasing a property like this? What other apartment complexes in the Sacramento area have you seen get converted?