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?
I see a neighborhood headed for real trouble, if it isn’t already suffering the affects of so much turnover. I would love to see a sales/title history of the 4 plex apartments on Croetto Way, east of Mills Park Drive, say since 1990. I have often thought (and said) that the cost of services provided to those units had far exceeded their value long ago and that they, like their counterparts on Woodberry Way, should come down. I know these are not first time buyer opportunities, but the sales history I believe would reflect the lack of accountability and descent into becoming an irretrievable neighborhood. I’ve seen a great deal of investment lately (Grande Apts demolished, Lido Terrace renovation, Cordova Terrace renovation-rebranding, the senior housing project on Woodberry) but these four plexes on Croetto, each owned by a different owner, don’t have a rosy future ahead of them.
I would also love to see those 4-plexes come down or to see them owned by owners who will take care of them. I’ll have to look into the history of ownership to see if there might be anything interesting.
I think the foreclosure stats in this Vallejo condo complex are similar to what has been taking place at the COLOMA ESTATES HOMEOWNERS ASSOCIATION complex off Coloma Rd and Benita Drive. We had considered getting into one of these a few years back when the market started to implode. I have been following them ever since and it is, well, a financial bloodbath taking place. Know if they have a high dues default rate or poor owner to renter ratio?
Coloma Estates has really struggled in recent years. Condos throughout the Sacramento area have really been hit hard since the single family detached market has declined in value so much. Coloma Estates really has two sections as you know. There are the McKeon properties (Coloma Estates 1) and the attached units (in clusters of four I believe) on Coloma / Benita closer to Sunriver (Coloma Estates 2). My most recent records show Coloma Estates 1 having an HOA fee of $200 per month with only 34% of the units rented (honestly that seems low, but that’s what the HOA said). Most sales in Coloma Estates 1 have been REO over the past year. A recent appraisal there I did showed 24 of 25 sales over the past year being REO or Short Sales. Coloma Estates 2 has an HOA fee of $210 per month and 39% of units are rentals per the HOA (as of an appraisal I did there a few weeks ago). Most of the sales there are either REO or Short Sales too, but the values tend to be higher than Coloma Estates 1. The McKeon properties seem to scrape the bottom of the market for property values.