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Real Estate ballot recap: Arden-Arcade remains city-free and marijuana stays illegal

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Now that the first Tuesday has passed and the polls are closed, let me give a few comments about real estate-related measures and propositions on the ballot yesterday in the Sacramento area.  

Measure D: A vote on Arden-Arcade Cityhood
Residents voted very strongly against the Arden-Arcade area of Sacramento becoming a city. Based on conversations with residents and signage over the past two months, it seemed like the “no” vote was strong, but it was actually overwhelmingly strong with 76.05% of the vote against cityhood. The most recent areas in Sacramento County to become cities have been Rancho Cordova, Citrus Heights & Elk Grove, but Arden-Arcade will not join their ranks anytime soon.

A blog post on the “Stay Sacramento” website today says the following:

In a lopsided win, Measure D went down to a sounding defeat with gathering only 23% of the vote to an overwhelming 76% of voters who said no to this risky venture. It was a passionate fight on both sides but the majority vote won out to prevent another layer of government coming to our region. Today it is time to forge forward and work together to make our communities better. We hope those who supported Measure D will join us in our efforts.

Proposition 19: Legalization of Marijuana.
This proposition did not pass, so I suppose I’ll continue to see more tomato and cucumber plants in backyards of properties I inspect instead of cannabis. 58.97% of voters said “no” to the legalization of marijuana. Speaking of pot, I just looked up half-a-dozen local pot house comps for a local Realtor who recently listed a former “growing facility” in a nearby community. Would you purchase a house that was formerly used for marijuana cultivation?

Any thoughts on the propositions above or any others that you feel impact real estate?

Past three years of sales in Rancho Murieta, CA

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I’ve been doing some research and appraisal work in Rancho Murieta lately and figured I’d share a graph. These are all sales in both Rancho Mureita North and Rancho Murieta South over the past four years. I like Rancho Murieta. I was just emailing with a home owner this morning about foundation issues in the “South” too. What do you see in the graph below?

Let me know if you have any questions as market data is certainly fresh in my mind. Do keep me posted also if you have any real estate appraisal needs – whether estate settlement, bankruptcy, divorce, or a second opinion of value, among other reasons. It’s always a pleasure to serve local home owners.

Why do foreclosures often sell for less?

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Let me give you a little tour of a South Sacramento bank-owned property. Why do foreclosures often sell for less? Beyond any stigma for being “bank-owned” and banks pricing these properties to move quickly, there is a very obvious reason why these REOs sell for less. They’re often not in very good condition – at all.

This is a very typical foreclosure scenario, so it’s no wonder why arms-length sales are usually not comparable and tend to sell for more. They’re usually in better condition and they come without a “distressed” nature.

By the way, what do you think of the bathroom. Is that mold? What is it?

My client did give me permission to share this video, by the way. If you have any questions, let me know. Give me a call at 916.595.3575, shoot me an email, or catch me on Facebook.