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Madrone Condos

Keeping Sacramento real estate in context

March 11, 2013 By Ryan Lundquist Leave a Comment

Let’s take a quick look at some trends in different neighborhoods of Sacramento. Yes, property values have been increasing, but it’s important to sift data and trends in context too. Instead of putting too much weight on county-wide median sales price figures, for instance, it’s vital to look at data in each neighborhood to interpret change. I’ll touch more on this in a few coming blog posts, but for now I really wanted to take a tour of sales in various neighborhoods to highlight the market.

How do these graphs strike you?

Quote in SacBee: By the way, I was quoted in an article in today’s Sacramento Bee article, “It feels like a house ‘boom’, but is it?” Check it out and let me know what you think.

899 GLA model in Arden Arcade Neighborhood - Graph by Sacramento Appraisal Blog

It’s interesting to note how tight the market was from the late 1990s through the “bust”, and how more recent sales in this Arden-Arcade neighborhood are a bit more segmented. Have you seen the price gap widen in different areas?

Boardwalk at Lakeside Condominiums in Elk Grove - Trend Graph by Sacramento Appraisal Blog

As you can see in most graphs in this post, The Boardwalk at Lakeside condos in Elk Grove have seen an uptick this year. This increase in value is seen almost across the board in the market whenever I make graphs. However, a 22% increase is not seen in every neighborhood, or with every property type or house size either (the median price was recently reported as having increased by 22% over the year by Zillow / SacBee). The key in valuation is to find recent sales that are truly competitive, and then give stronger weight to those sales instead of applying market-wide metrics that may not be reflective of a specific neighborhood or sub-market.

The Rivers West Sacramento 2004 to 2013 - by Sacramento Appraisal Blog

What do you see above in “The Rivers” in West Sacramento? There aren’t many recent sales, which sometimes makes it challenging to decipher current trends.

Condo Sales at The Reserves at Galleria in Roseville - Sacramento Appraisal Blog -smaller

The condos at The Reserves at Galleria (as well as other neighboring condos) have been seeing an uptick after a steep decline. One of the interesting things about condos in today’s market is there are many cash purchases from investors in some developments because conventional and FHA buyers cannot qualify because of HOA issues or lending issues. At the same time, some condo subdivisions are being marketed in MLS as “owner occupants only”, which is a move by the HOA to get back to adequate owner occupied percentages so the condos can be marketed to a wider pool of buyers (who can obtain financing).

Rosemont Area Newer Construction - by Sacramento Appraisal Blog

This graph shows all newer construction in the Rosemont area of Sacramento (built after the year 2000). There are a few subdivisions in the Rosemont area that were built out just before the “bubble” burst. There has been an uptick in these neighborhoods, but at the same time there are still some properties selling at lower levels for sure.

All Sales in Rosemont Area - 2008 to 2013 - by Sacramento Appraisal Blog

Property values are still lower than they were in 2008 and 2009 in Rosemont, but the uptick is still very obvious this year. This graph helps show a common thread in many Sacramento neighborhoods. There are far fewer sales at the bottom of the market in light of a decline in foreclosures and strong appetite by cash investors. In fact, 50% of all single family detached sales in Sacramento County in January and February 2013 were cash. We should definitely consider this factor as we interpret the market, don’t you think? Might rampant cash sales under $200,000 and vastly lower foreclosures help prop up median price levels? Yep.

Sales in Madrone Condo Complex in Folsom - by Sacramento Appraisal Blog

The Madrone condo subdivision in Empire Ranch in Folsom tells a common story. Huge decline. Stabilization. Beginning signs of increasing values. These condos have been flying off the market as prices bottomed out last year.

Suncountry sales in Sacramento - by Sacramento Apprasial Blog -smaller

When looking at 15 years of sales in the Sacramento area, we often see a mountain-ish image like the one above. One of the interesting aspects of the Suncountry PUD (55+ community) in South Sacramento is how segmented the market still is. For instance, there have been some foreclosures that sold recently at very low levels despite how “hot” the market has been (Jeff Grenz and I recently talked about this phenomenon). These properties may have not been in pristine condition, but they were still dumped on the market at lower price levels instead of given more time to have sold at a reasonable level. When many properties are selling between $115-130K, for example, having a couple foreclosures sell around $80,000 is just low.

Question: Any thoughts?

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

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Filed Under: Market Trends Tagged With: appraiser in Sacramento, Arden-Arcade, Boardwalk at Lakeside Condos in Elk Grove, Home Appraiser, House Appraiser, Madrone Condos, neighborhood real estate market, Rosemont Neighborhood, Sacramento Appraisers Blog, Sacramento real estate market trends, Suncountry PUD in South Sacramento, The Reserves at Galleria, The Rivers in West Sacramento

Visualizing a few Sacramento neighborhoods by making graphs

January 28, 2013 By Ryan Lundquist 6 Comments

One of the intriguing parts of appraising is visualizing data through making graphs. I know that might sound really dull to some, but I actually get a kick out of it. Here are some recent graphs I’ve made during the appraisal process. I hope they help give a window into a few neighborhoods in the Sacramento area.

All Sales in Del Paso Heights - 2 Houses on 1 Lot - 1998 to 2013 - by Sacramento Appraisal Blog

This is the Del Paso Heights area of Sacramento for all properties with two houses on one lot. A quick rise, very sharp decline and current lower prices around $100,000 all stand out to me.

All sales in 95824 zip code 2012 to 2013 - graph by Sacramento Appraisal Blog sm

It’s astounding to think 67% of all sales in the 95824 zip code have been cash sales over the past two years. What will be the impact to rents in the area over time with so many new rentals? Do you think they’ll increase or decrease?

All Sales in The Ranch in Wilton - by Sacramento Appraisal Blog

It’s easy to see many sales in “The Ranch” in Wilton have hovered around $500,000. Some of these are distressed, so they sold lower than they could have, but minus one sale at $700,000, there has been very little activity above $600,000. Property values have obviously seen a huge decline since this JTS neighborhood was built, but that’s how most of Sacramento looks. Current values are easily about 50% of what they were during the peak in most neighborhoods.

Sales in Madrone Condo Complex in Folsom - by Sacramento Appraisal Blog

Last but not least, here are sales in the Madrone condominium complex in the Empire Ranch area of Folsom.

I hope this was helpful to maybe give you some context into a few different areas of the Sacramento market. Do you have any questions or further insight about these neighborhoods? I’d love to hear from you in the comments below.

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

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Filed Under: Market Trends Tagged With: 95824 Zip Code, Del Paso Heights, Fruitridge Area Real Estate, graph of sales in The Ranch, Home Appraiser, House Appraiser, Madrone Condos, Mardone in Empire Ranch, sacramento appraisers, Sacramento Real Estate Market, The Ranch in Wilton

Is your Condominium Approved by FHA/HUD?

March 10, 2010 By Ryan Lundquist 6 Comments

I hit the jackpot yesterday when talking with a local realtor, and it ended up being a “two birds with one stone” situation. Here’s what happened.

Earlier in the day I emailed a Facebook Realtor friend and asked her if she ever sold a condo in a particular subdivision in the city of Folsom. There are ZERO recent condo sales in this subdivision in Empire Ranch, so I want to get as much firsthand information as possible. Well, my friend gave me a chunk of insight, but it turned out that she needed some help because she was having financing issues with one of her deals in the “Rivage” condo subdivision in Folsom.

Anyway, through the course of contacting listing agents for research for my appraisal, I talked with Realtor Ann Boswell of Insight Real Estate. I had never spoken with Ann before, but she ended up being a wealth of information for not only the subject subdivision, but for “Rivage” up the street. Ann spent a good 10-15 minutes on the phone with me (I love when Realtors take time like that. It’s good on so many levels). 

It turns out that since Rivage has not yet completed construction, some of the buildings are FHA approved and others are not. That could be an issue, don’t you think? It’s funny to think that despite these buildings being next door to each other in the same new development, some of them don’t make the cut (yet) to be guaranteed by HUD. More specifically, per HUD’s website, only buildings 1 and 13-26 are currently approved by HUD/FHA.

Two birds with one stone? One, I got insight into the subject subdivision. And Two, thanks to Ann Boswell I was able to resource my Facebook friend with information on Rivage and why her deal was maybe having some issues. But most of all, I was able to give my Facebook friend the name of someone at Wells Fargo who could help her get her condo on the HUD approved list.

You can search HERE to see the HUD/FHA approved condominium list.

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Filed Under: Appraisal Stuff, FHA Appraisal Articles, Resources Tagged With: Ann Boswell Realtor, Buying a Condo in Folsom, City of Folsom, Condo Approved List for HUD, Empire Ranch, Empire Rancho Condominiums, Folsom, How to find out if your condominium is approved by HUD / FHA, Madrone Condos, Real Estate Appraisal, Real Estate Appraiser in Folsom, Rivage Condminiums in Folsom

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