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Triplex

Interview: The 2-4 unit real estate income market in Sacramento

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Part 2 of 3: I sat down recently with Sacramento real estate broker Joel Wright to discuss the 2-4 unit residential-income market in Sacramento. Joel specializes in working with investors and he knows his stuff. We hit on topics such as prices, inventory, rent levels and current trends with duplexes and fourplexes in the Sacramento area. Let me know if you have any questions and check out The Wright Report also for a very detailed analysis of the local market. View Part 1 of this interview series here and watch the new segment below.

Here is a graph of all duplex and fourplex sales in Sacramento County over the past three years. What do you see? Does anything stand out to you?

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.

Unpacking the real estate market in Sacramento: The Wright Report

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If you want to understand the real estate market in Sacramento, check out The Wright Report. I am not aware of any other report in the area that is so comprehensive. The Wright Report is birthed quarterly by Real Estate Broker Joel Wright. The latest version is packed full of graphs and details to help the reader understand exactly what went on during the last quarter of 2010 in Sacramento’s four county region (Sacramento, Placer, Yolo, El Dorado). This is helpful for local agents, residents and anyone considering investing in the Sacramento region. I recommend downloading and printing the document since it is over 40 pages.

I’m honored to have contributed a few paragraphs at the beginning of the report too. Check it out below or see a full screen view or direct link).

What do you think?

 

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.

A triplex, the housing boom, and foreclosure twice

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While appraising a triplex in Sacramento I came across an interesting property history of another nearby triplex in the “Gardenland” area of Sacramento in the 95833 zip code. As you can see below, this property has changed hands quite a bit in the past five years, and it has gone into foreclosure twice too. This is actually a fairly common phenomenon because investors and first-time buyers purchased properties several years ago when property values had already come down since 2005, but then the economy took a turn for the worse. Property values decreased even more and unemployment increased dramatically also.

Sales History of a Triplex Property:

10/01/2010  $117,500 (sold on MLS as bank-owned)
08/11/2010  $60,376 (foreclosure transfer)
02/28/2008  $180,000 (sold on MLS as bank-owned)
07/25/2007  $306,000 (foreclosure transfer)
06/22/2006  $399,000 (sale – not on MLS)
05/27/2005  $360,000 (sale – not on MLS)

It’s remarkable to think this triplex once sold at $399,000 and yet closed days ago for $117,500. This property seems to tell the story of the housing bust and current economy, huh? What do you see?

Three years of sales for multi-unit properties in the 95815 zip code of Sacramento

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Here’s a look at all 2-4 unit sales in the 95815 zip code of Sacramento over the past three years. No, these are not single family units. These are duplexes, triplexes and fourplexes. It’s amazing to see how far prices have come down from recent years when so many of these properties sold previously for $300,000-$400,000+. You think some of these might pencil nowadays?