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appraiser in Fair Oaks

Argh, Land Ho!! 14 years of lot sales in Fair Oaks and Carmichael

March 19, 2012 By Ryan Lundquist Leave a Comment

After completing a vacant land appraisal in Carmichael recently, I wanted to share a graph of land sales over the past 14 years. Below you’ll find all residential lot sales between January 1998 to March 2012 (acreage and smaller lots – anything listed as “residential” in MLS). These are only sales through MLS and not private sales that may have occurred.

The decline has been hefty, hasn’t it? Yet lots are still moving (just at very low levels). What do you see? Does anything surprise you?

All Land Sales in Carmichael from 1998 to 2012 - Trend Graph by Sacramento Real Estate Appraiser - 530 pixels

While we’re on the subject of land, let’s take a look at nearby Fair Oaks too. It’s a bit of a similar trend to the graph above, isn’t it?

All Land Sales in Fair Oaks - Graph from 1998 to 2012 by Sacramento Appraiser - 530 pixels

By the way, for anyone who purchased to speculate during the peak years of the market (or even build, but you got caught in the market at the wrong time and could not build out your land), I would suggest checking your property tax bill to ensure you’re paying at levels consistent with today’s market instead of 2005. I helped a client recently lower his assessed land value in Sacramento from over $1,804,000 to $340,000.

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

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Filed Under: Market Trends Tagged With: appraisal of land, appraiser in Carmichael, appraiser in Fair Oaks, decline of property value for land, Home Appraiser, land sales in Carmichael, land sales in Fair Oaks, tax appeal for land

Dear Doctor, how healthy is the real estate market in Sacramento?

October 25, 2011 By Ryan Lundquist Leave a Comment

Where would you say the real estate market is “doing pretty good” in the Sacramento area? What does that even mean in a post-bubble-bursting context? Take a look at the image below to get a hint of what the real estate market has been like in places like Elk Grove, Rancho Cordova, Davis, Fair Oaks, Carmichael, Citrus Heights, Folsom and El Dorado Hills among others.

Citywide stats are only so useful because sub-markets within a particular city might have drastically different figures. For example, Land Park and Pocket / Greenhaven will not show the same trends as the entire City of Sacramento mentioned above. Without making this post exhaustive though, let’s take this one indicator for what it’s worth. Overall any neighborhood under 30% in REOs and Short Sales would really be classified as “doing pretty good” for the current market. Despite 30% still representing 1 in 3 sales being distressed, it’s a fairly low percentage for a city or neighborhood. Even 50% seems to be a fairly common stat for areas that locals often think of as more “move up” kind of places. Many cities and neighborhoods have a foreclosure/short sale rate between 60-70%. It’s amazing to think that is normative, but it is definitely the case – particularly in cities where there was ample new construction during the boom years.

What do you think the information says about the health of the market? How does it impact real estate to have such a high percentage of distressed sales? What opportunities and threats exist in the current real estate market?

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

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Filed Under: Market Trends, Resources Tagged With: appraisal service in Sacramento, appraiser in elk grove, appraiser in Fair Oaks, appraisers in Sacramento, Carmichael Real Estate Appraiser, Carmichael Real Estate Market, Citrus Heights Real Estate Appraiser, Citrus Heights real estate market, EDH appraiser, El Dorado Hills Real Estate Market Trends, Elk Grove real estate market, Fair Oaks Real Estate Market, Folsom Real Estate Appraiser, Galt Real Estate Appraiser, Granite Bay real estate market, health of real estate market in Sacramento, Lundquist Appraisal Company, percentage of foreclosures in Sacramento, Percentage of Short Sales in Sacramento, Rancho Cordova Real Estate Market, Real Estate Appraiser in Sacramento, Sacramento Real Estate Appraiser, West Sacramento real estate market

What impact can pending litigation have on a condominium association?

March 16, 2011 By Ryan Lundquist 2 Comments

Litigation happens, right? Well, how does pending litigation impact a condominium association? The truth is that sometimes lenders will not lend on a property when there is current litigation against the association – depending on what the lawsuit is of course. The lender’s concern is that a substantial settlement will ultimately force the HOA into bankruptcy because insurance payouts do not cover the cost of the settlement.

I was thinking about this because there is a complex right now in the Sacramento area (Fair Oaks) that is facing this very situation and it’s been more difficult for sellers because lenders have seemed hesitant on making loans on properties in the complex right now. The litigation in this case involves construction defects in the common areas and actually has nothing to do with the actual units (built in 2007 – very nice).

Action Steps & Wisdom:

1) If you are buying a condominium in the Sacramento area, do your homework to make sure the HOA does not have any big litigation that might impede lending. Also, make sure the association is not on the verge of bankruptcy either due to massive vacancy or non-payment of dues (or some other issue).

2) If you live in a complex with an HOA and you are considering filing a lawsuit against the HOA, make sure the issue is worth the potential risk of impacting lending in your entire complex. There is definitely a place for lawsuits, but just know what you’re dealing with. You may be wise to consult with other home owners and do a team approach so you are not the sole individual to bring about the lawsuit. Before proceeding, it may be worth talking to some of the key real estate agents who sell property in the community and an experienced attorney. Disclaimer: This is not legal advice.

Do you have any experience with HOAs and litigation? Maybe you’re a lender, loan officer, real estate agent, home owner or prospective buyer. Share your story below.

If you have any real estate appraisal, valuation consulting, or property tax appeal needs, contact me at 916.595.3735, www.LundquistCompany.com or via Facebook.

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Filed Under: Appraisal Stuff, Resources Tagged With: appraiser in Fair Oaks, appraisers in Sacramento, condo appraisal in Fair Oaks, condominium real estate apprasier in Sacramento, Fair Oaks, Fair Oaks appraisals, getting a loan when there is pending litigation, HOA, Home Owner's Association, lenders and litigation in HOA, litigation in a condominium complex, sacramento appraisers, Sacramento condominiums, Sacramento litigation, Sundance condominiums

How far has the Sacramento real estate market declined since the “bubble” burst?

December 6, 2010 By Ryan Lundquist 8 Comments

Home owners often wonder how far the real estate market in the Sacramento area has declined since the housing “bubble” burst several years ago. Or in other words, if you bought your house today, how far back would you have to go to find the same price in the past? The graphs below from the Sacramento Association of Realtors help answer this question as they compare median sales price in respective zip codes to the county-wide median sales price from 1997 to 2010.

Have a look at the following graphs, see my commentary below, and let me know what you think. What do you see?

Carmichael Trend Graph (95608 zip code):

Elk Grove Trend Graph (95624 zip code):

Elk Grove Trend Graph (95758 zip code):

Fair Oaks Trend Graph (95628 zip code):

Greenhaven / Pocket Trend Graph (95831 zip code):

Land Park / Curtis Park Trend Graph (95818 zip code):

Mather Trend Graph (95655 zip code):

West Sacramento Trend Graph (95605 zip code):

Basically, if you bought a house today in the post-bubble real estate market in Sacramento, you’d be paying somewhere around late 2001 house prices generally (depending on the area of course). Many areas currently have a median price somewhere just before 2002, while some of the higher-priced zip codes tend to have a median price level right now closer to 2003-ish level. Keep in mind too that each house is different and may or may not be consistent with the overall zip code trend.

If you have any questions or insight, I’d love to hear your comment belows. If you have a need for my real estate appraisal or consluting services also, feel free to call 916.595.375, visit my website at www.LundquistCompany.com or email ryan@LundquistCompany.com.

How do the graphs above strike you?

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Filed Under: Market Trends, Resources Tagged With: 95605 zip code, 95608 zip code, 95624 zip code, 95628 zip code, 95655 zip code, 95758 zip code, 95818 zip code, 95831 zip code, appraiser in Carmichael, appraiser in elk grove, appraiser in Fair Oaks, appraiser in Greenhaven / Pocket, appraiser in West Sacramento, Carmichael sales, Curtis Park appraiser, Curtis Park Neighborhood, Decline of Property Value in Sacramento, Elk Grove real estate trends, Fair Oaks real estate trends, Greenhaven / Pocket real estate trends, Home Appraiser, House Appraiser, Housing Bubble, how far have prices declined, Land Park appraiser, Land Park Neighborhood, Lundquist Appraisal Company, Mather real estate trends, real estate appraiser in Mather, Sacramento Association of Realtors, Sacramento Real Estate Market, trend graphs from 1997 to 2010, West Sacramento real estate trends

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