The “Parkview Condos” were converted from apartments in 2005, and I thought it would be interesting to sneak a peek into the history of the development. These units located at 7032 Fair Oaks Blvd in Carmichael went on sale near near the very top of the market and have basically taken a pretty steep decline downward since (this is common to the Sacramento area since August 2005 of course).
Some key points about the Parkview Condos:
There are 43 units in the Parkview Condos- The size of some units are recorded incorrectly. The 1046 model is actually closer to 950 square feet. This could make a difference in market value and a tax assessment, don’t you think?
- This complex is NOT on the FHA approved condominium project list
- As of this week, the HOA says 40% of the units have an off-site address (this often means these units are rentals)
- All sales and listings this year appear to be overassessed between $138,000 to $165,000 despite sales between $60,000 to $80,000.
- There is a townhouse subdivision next door called “Parkview Townhomes”. There is a big difference between a condominium and townhouse, so sales in these two neighboring subdivisions really shouldn’t be compared. However, it’s nice to juxtapose each complex because the sales may still influence the immediate market (I just won’t use townhouse sales in a condo appraisal report though, for example).
Is there anything you’d be cautious of when purchasing a property like this? What other apartment complexes in the Sacramento area have you seen get converted?
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.
Yowza! Ryan – that trend line is terrible! I guess a picture is worth a thousand words, or in this case, thousands of dollars.
I feel bad for the owners who bought in 2005 – and have lost over half of their value.
The tax assessments need to go down, to match the actual market value for these condos. Those owners need to hire you!
I know, Alison. It’s not an easy situation. Declines like this aren’t just found with condos either. It’s not been an easy time in real estate since 2005 in terms of value and price. Though life is still good. Thanks so much for the kudos. I do hope to conect with some of these owners at some point if the Assessor does not adjust their values down come July when they post their new data. It’s really too bad what has happened.
Hi Ryan, I am a resident of and board member for Parkview. I’m not entirely sure what you are referring to with the differences between “Parkview Townhomes” and “Parkview Condos.” Our association does have two different parts to our property, one with an entrance on Fair Oaks with 31 units and the other with an entrance on Grant Ave around the corner with 12 units. They were built at different times and have some different features, but we are all one association. In all honesty some of us think we need a lot more than just our property taxes to go down, but it is what is is. 🙂
Hi Anne, thank you for checking in. It’s been a while since I’ve looked, but I think these two separate portions of Parkview may have different forms of ownership (condominum and townhome). I could be wrong, but off the top of my head I believe that is the case. Way to go on being on the board. I always admire it when residents step up to the plate to lead.