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Housing Group Fund

The bottom of Sacramento real estate over the past three years (under $20,000)

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Can you purchase a house in the Sacramento area for under $20,000? Yes, if you’re lucky and happen to be first in line on one of the rare sub-20K properties. The answer is mostly “no” though. Properties priced under $20,000 right now either have very extensive damage or they get picked up immediately by investors because of the low price. There is only one active short sale under $20,000 right now in Sacramento County, and very few sub-20K properties in surrounding counties too (Placer, San Joaquin, Yolo). There are a few condos priced at $20,000, but even then it’s slim pickings. Here is a graph of all SFR detached sales in Sacramento County under $20,000 over the past three years.

The lowest sale this year was $5,000, and I actually shot two videos of this property throughout the year because my friends at Housing Group Fund (also a client) purchased the property for a rehab program (NSP). I honestly didn’t realize this property took the lowest sale honor until I made the graph above, so it made me chuckle a bit when I saw it there. Keep in mind though that the original price on this MAJOR fixer was near $20,000 and was reduced to compensate for out-of-pocket code enforcement fines that had to paid to the City of Sacramento. Check out the video and let me know what you think. Would you have purchased this house for $5,000?

It’s interesting to see so few sales under $20,000 after 2010. What do you think is happening there? Why so few in comparison to previous years? Is this evidence of a decrease in inventory? Or has the bottom been reached?

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.

Oak Park “Extreme Makeover” by Housing Group Fund

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In May I posted about a major bank-owned fixer in the Oak Park area of Sacramento. Well, round 2 of video is now here as I shot the following promo a couple days ago as I met Housing Group Fund at this 36th Street property to watch tressels be installed.

If you cannot see the video in your RSS or email, click HERE. Thanks for watching. What do you think?

I recorded the video with my Flip camera, and the cool thing is my client kicked down a little money for me to do a video for them this time around.

A major hoarder property in West Sacramento

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If you’ve seen or heard of the show Hoarders, you may have come across a house like this. A client purchased this West Sacramento property earlier in the week for nearly $20,000 and gave me permission to do a video before they do a complete remodel. This property can best be described as a “hoarder’s delight”. There is rubbish and junk everywhere throughout the house and it has some very obvious condition issues too.

As I mentioned in the video, it can be very challenging to get a loan on a hoarder property because of the health & safety and potential or actual condition issues. However, it is possible (If FHA, it would probably take an FHA 203K loan because a traditional FHA loan won’t work).  I’d be curious to hear from anyone who has found success on either side if the equation, whether obtaining the loan or brokering the loan.

What do you think of a house like this? What types of potential health and safety and condition issues do houses with hoarding face? How does hoarding impact life and even real estate?

Heavenly Stairway in the “Oak Park” area of Sacramento

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Here is a before and after image of a house in the “Oak Park” area of Sacramento that one of my clients rehabbed recently. It’s a joy to see properties like this get an “extreme makeover” because it’s great for the community and wonderful for one lucky buyer too. The previous stairs were apparently failing, and so someone built a very shoddy walkway on top of them (don’t miss the huge pile of dirt underneath too). The new stairs are quite an improvement, don’t you think? Neighbors just might appreciate the upgrade too.