The real estate market has been an interesting ride over the past years in the Greater Sacramento Area, and the ups and downs of the market tend to show up when viewing a property’s sales history in Tax Records. I’m always curious to have a look at what houses sold for in 2005 or 2007 and what they are selling for now. I came across a house in the Serrano area of El Dorado Hills and I found the sales history below to tell a story about the market. This story could have come from mostly any area of the Sacramento Region really because in most cases there is a huge difference between property valuess in 2005 and 2010.
8/25/2005 $916,500 (original sale from builder)
6/30/2008 $735,000 (sale from original owner to new owner – not a short sale because the original owner put down $200,000+ on the original purchase).
2/04/2009 $429,500 (transfer – not a public sale – deed in lieu of foreclosure. We have seen banks exercise this option quite a bit so a property technically does not go into foreclosure).
5/27/2010 $551,000 (resale on the open market).
What do you think?
I wonder if the second buyer thought they were getting a great deal only to have it transfered in less than a year. Very sad. Just out of curiosity, how many sq.ft. is a home like this. There are not many homes in my market above $500,0000 and those close to $1,000,000 are monsters to measure.
It probably did seem like a good deal at the time. That’s always the truth. It’s easy to look at values now and think, “why would someone have bought then for $700K+, but then again, it’s always easier to look back, isn’t it?
This home was between 3500-4000 square feet.