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Elk Grove real estate appraiser

A profile of a pot house in Elk Grove

July 13, 2011 By Ryan Lundquist 9 Comments

There have been quite a few “pot houses” discovered in the Sacramento area over the past few years, especially in the City of Elk Grove. Most of these residential “farms” have been found in newer subdivision built during the past ten years in houses that are typically 2500-4000 square feet. Let’s take a look at one recent pot house sale from February 2011 to see how the neighborhood market reacted to this sale.

The sale circled in red on the graph signifies a recent pot house sale in a particular neighborhood in Elk Grove near W Stockton Blvd and Sheldon Road. This house as pictured to the right is just about 2,500 square feet and sold well below the range of other sales, which is obvious when viewing a bracket of properties between 2000-3000 square feet. As you can see, only one other house in this neighborhood sold below $200,000 over the past few years (an aggressively priced short sale in 2009). In this case similar competitive sales around February were selling between $220,000-$230,000 easily. Of course these “comps” did not have major electrical damage, moisture damage, holes in the sheetrock, potential structural issues and all the other factors associated with a “growing facility.”

Tips for Finding Pot House Comps: Usually pot houses can be found in MLS by searching for phrases like “marijuana”, “pot house”, “pot farm”, “agricultural income production” and “growing facility” (kidding on the “income production” – just seeing if you’re really reading). It’s always helpful to ask trusted real estate agents what they know too since sometimes sales are hard to find since listings can say things like “call agent for history of house”. Lastly, search online for terms like “pot houses in Elk Grove” to see what you can find. For example, this News 10 article lists six pot houses that were raided. If these houses have since sold on the open market, they have potential to help us measure the impact that indoor marijuana cultivation might have on local real estate.

Would you buy a former pot house? If you are an agent, have you sold one? How have you seen pot houses impact the ethos of a neighborhood or real estate values? Share your story below.

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 or subscribe to posts by email.

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Filed Under: Appraisal Stuff, Market Trends, Resources Tagged With: Appraisal Service in Elk Grove, Elk Grove appraisers, Elk Grove real estate appraiser, graph of pot house sale in neighborhood, impact of pot house sale, Lundquist Appraisal Company, pot houses in Elk Grove, Real Estate Appraiser in Sacramento, Sacramento pot houses, Sacramento Real Estate Appraiser, tips for real estate agents

Unpacking the Elk Grove real estate market

May 5, 2011 By Ryan Lundquist 1 Comment

What’s been happening in the Elk Grove real estate market? Let’s take a look at all sales over the past few years and unpack some data too.

Analysis of 36 months of sales in Elk Grove:

  • Prices have clearly declined over the past three years.
  • Short sales have increased through the years (see my post yesterday for specific percentages for short sales and foreclosures). 
  • Foreclosures have decreased in percentage over the past three years.
  • Typical non-distressed sales tend to sell at higher levels than bank-owned (REO) and short sale properties. The blue dots above represent all typical sales, and the top end of the market is dominated by blue. That says something, don’t you think?

Current real estate data in Elk Grove:

  • 41% of all sales in Elk Grove last year were bank-owned.
  • 32% of all sales in Elk Grove last year were short sales
  • 693 sales in Elk Grove over past 90 days.
  • 340 current active listings
  • 272 current active short sale listings
  • 392 current active short sale contingents (in contract already)
  • 409 pending listings
  • $68,250 was the lowest sale (only 14 sales under $100K)
  • $1,330,700 was the high sale.
  • There were two sales above $1,000,000 over the past year. One house was nearly 5,500 square feet on 17 acres and the other was nearly 7,000 square feet on 5 acres.
  • 10.3% unemployment rate in Elk Grove (March 2011)
  • 12.6% unemployement rate in Sacramento County (March 2011)
  • Median price levels for both the 95624 and 95758 zip codes are currently hovering around 2001 levels. The median price for 95624 in March 2011 was $224,900 and the median price for 95758 in March 2011 was $182,600.

The market in Elk Grove is competitive right now since there are many properties in contract (contingent status) or already pending. Prices are lower than they’ve been in years, so buyers are absorbing properties. However, with an unemployment rate at 10.3% and the market still being considered distressed due to a high level of foreclosures and short sales, property values have been struggling still in many pockets of Elk Grove. 

Let me know if you have any questions or insight.

If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our appraiser website or via Facebook.

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Filed Under: Market Trends Tagged With: Appraisal Service in Elk Grove, data, decline of property value in Elk Grove, Distressed Properties, Elk Grove real estate appraiser, Elk Grove real estate appraisers, Elk Grove real estate market, Lundquist Appraisal Company, Percentage of bank-owned sales in Elk Grove, property trends in Elk Grove, REO vs Short Sales

Positive real estate news in Elk Grove

May 4, 2011 By Ryan Lundquist 3 Comments

How about some positive real estate news? Let’s unpack all sales in Elk Grove to see the trend with bank-owned vs. short sale properties over the past 36 months. 

The overall percentage of bank-owned sales has decreased in Elk Grove during the last few years. At the same time, short sales have more than doubled in 36 months. Additionally, the total percentage of distressed sales (REO + SS) has decreased from 86% three years ago to 73% over the past two consecutive years. I’ll unpack more of the market in coming days too to share some of the trends I see in the appraisal trenches of Elk Grove. The data above is based on all detached SFR sales in Sacramento MLS

What do you make of the numbers above?

If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our appraiser website or via Facebook.

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Filed Under: Appraisal Stuff, Market Trends, Resources Tagged With: Appraisal Service in Elk Grove, data, Distressed Properties, Elk Grove real estate appraiser, Elk Grove real estate appraisers, Elk Grove real estate market, Lundquist Appraisal Company, Percentage of bank-owned sales in Elk Grove, REO vs Short Sales, Sacramento MLS

Elk Grove Market Trends: Past 90 Days

March 12, 2009 By Ryan Lundquist Leave a Comment

What’s happening in the Elk Grove market lately? Specifically, what is going on in the following parameters: Elk Grove Blvd. to the North, Franklin Blvd. to the West, Bruceville Rd to the East, & Bilby Road to the South. There are many pockets within these boundaires (Machado Dairy, Backer Ranch, Franklin Meadows, Bilby Meadows…).

elk-grove-market-trends

In this neighborhood there were a plethora of builders who built out the neighborhood over the past five or so years and so the quality of construction varies from pocket to pocket throughout the local market depending on who the builder was (JTS, Beazer, KB…). The style is generally the same throughout with contemporary detached dwellings with stucco exterior and tile roofing. There are local commercial retail properties on the Northwestern end of the neighborhood as well as one other portion as well as a local church.

elk-grove-market-trends-graph

Elk Grove Real Estate Data:

  • 60 current Active listings
  • 187 current Short Sale Active listings
  • 141 current Pending listings
  • 205 sales over the past 90 days
  • 66 sales under $250,000
  • Median Price over past 90 days: $275,000

elk-grove-market-trends-36-months

If you have any questions about the data, the market, or have any potential appraisal needs in this neighborhood or others, please contact me at 916-595-3735 or www.lundquistcompany.com

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Filed Under: Market Trends Tagged With: 95757 zip code, 95758 zip code, Bibly Meadows, Bilby Ranch, Elk Grove Decline in Property Value, Elk Grove Home Appraiser, Elk Grove Market Data, Elk Grove Market Trends, Elk Grove Property Appraiser, Elk Grove property values, Elk Grove Real Estate, Elk Grove real estate appraisal, Elk Grove real estate appraiser, experienced Elk Grove appraiser, Franklin Meadows, how much is my house in Elk Grove worth, how to find an appraiser in Elk Grove, Machado Dairy, Quail Ridge

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