I wanted to remind everyone that you have one more month to appeal your 2012 property taxes in Sacramento County. The deadline to dispute your assessed value is November 30, 2012. This deadline is for typical “decline in value” situations where the market has decreased in value, but the assessed value is out of sync with reality. Keep in mind the assessed value is supposed to be based on January 1, 2012 – NOT today. If you have questions about how the process works, you can scan through over 60 property tax articles I’ve written or feel free to email or call. However, read here about some of the nuts and bolts of property taxes to help you get started. Being that it’s down to the last month, I highly recommend owners to fill out the Application for Changed Assessment (a formal appeal) instead of the Prop 8 Form (a free form that carries zero weight after November 30). Like I tell everyone, it’s great if you can do your own research in the appeals process, but if you need help, let’s connect.
Photos from the Field
This is what I’d call a super-sized pool. This house was purchased by Folsom Asset Management as one of their flip projects. For some perspective on the enormity of this swimming hole, look at my Realtor friend Whitney Johnson in the top image. Also, compare the 4400 sq ft house (single story with a 700 sq ft garage) with the pool. Have you ever seen a residential pool this big? What would you do with it if you were going to flip this house?
Even if the pool was finished, it would very likely be a market liability since most buyers are not looking for a pool this big. On top of that, imagine the cost to heat the pool. It’s no wonder the investment company filled it in before selling the house.
10 signs your pool is too big for the neighborhood
- If your backyard is a potential site for the next Olympics.
- If Google Maps mistakes your pool as a lake.
- If your pool looks like it should be at a resort.
- If prospective buyers think “Yikes, what were they thinking?”
- If aerial fire fighters use your pool to scoop up water.
- If the Coast Guard uses your pool for rescue training.
- If your pool yields little value in the resale market.
- If “block party” means the entire neighborhood can literally go swimming.
- If your buddies constantly ask you to use their jet skis in your pool.
- If buyers don’t have the expectation for such a large pool in the neighborhood.
Questions: What do you think of this pool? What is the 11th sign a pool is too big? I’d love to hear from you in the comments below.
Part of me has always wondered what homes end up looking like after they’re remodeled on the TV show “Extreme Makeover”. Have you had the same thought? Do owners actually take care of the property? Or does it end up reverting back to what it used to look like?
There are so many investors gobbling up the lower-income market right now in Sacramento, so I figured the image below would be timely and relevant for discussion. The “before & after” product is striking, yet here we see an “after the after” photo that wouldn’t make the highlight reel.
This house was originally bank-owned before being purchased by an investment company (not Extreme Makeover) who did a fantastic job on the remodel. The difference is stunning and a real win for the neighborhood. Unfortunately the hedge fund investor who purchased this home has let it sit vacant for over six weeks and has yet to mow the lawn either. This particular investment fund is purchasing properties all over Sacramento, so the question becomes, what does the rest of their portfolio look like? Moreover, do hedge funds have the infrastructure to be effective mega-landlords? With 40% of the market under $200,000 in Sacramento being all cash purchases, these are timely questions.
What do you think?
If you have any questions or Sacramento home appraisal or property tax appeal needs, let’s connect by phone 916-595-3735, email, Twitter, subscribe to posts by email (or RSS) or “like” my page on Facebook
If you’ve ever wondered where former President Ronald Reagan lived while he served as Governor of California, there are really three properties worth mentioning. He lived in two of these places and almost lived in another.
1) The Former Governor’s Mansion: When Ronald Reagan became Governor in California in 1967, he and has family lived in the Governor’s mansion on 15th and H Street in Downtown Sacramento for three months before moving out. It’s been well publicized that Nancy Reagan felt the residence was not safe, and was more suitable as a museum than anything. Reagan was actually the last Governor to live in this mansion (until Governor Brown had the place renovated and moved in there in December 2015 (note added March 2016)).
2) The “Fab 40’s” Neighborhood: After a brief stint at the Governor’s mansion, the Reagans moved to East Sacramento to lease a home in the “Fabulous 40s” neighborhood at 1341 45th Street. This is a very well-established classic neighborhood in Sacramento – not a gated community. The home boasted over 6,000 square feet with six bedrooms and four bathrooms (according to Tax Records). The home last recorded for $1,765,000 in May 2000. The Fab 40’s is well-known for it’s tree-lined streets as you can see in the photo below.
3) The Mansion Constructed under Reagan: The State of California built a Governor’s mansion in the 1970s in Carmichael, which is about 10 miles from Downtown Sacramento. This mansion began construction under Ronald Reagan’s leadership, and he would have likely lived there, but it was not completed until Jerry Brown took office (Brown refused to live in this house, which he dubbed “The Taj Majal”). This home located at 2300 California Avenue has 8 bedrooms, 8 bathrooms and is just under 12,000 square feet of living area (11,984). This property sold on the open market in MLS in 2004 for $4.1 million. It was previously listed for 1,429 days at 5.9 million, but when the price was lowered to 4.8 million, there was a pending status in only 41 days. The mansion is still there today, but some of the site has been subdivided for a few custom homes.
Questions: If you could own any of these homes, which one would it be? Why? Any other bits of history to share about these properties?