Sacramento Appraisal Blog

Market trends and real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely.

Wonderful Results from the Project 680 Shoe Drive

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I am very pleased to announce that the final tally of donations for the Project 680 Shoe Drive is $3,601.51. This effort is something I fully support in my community, and I am very proud of the way things unfolded for the shoe drive. I have been posting about this from time to time, so you may have known that our goal was to raise $1,500 to purchase 100 pairs of new shoes for students in need within the FCUSD. Well, it looks like the community really bought into the vision and we ended up collecting far more. 

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Together we can make a difference – even in this economy. Do you believe that? Thank you to local residents, businesses, churches and organizations that partnered together to put shoes on the feet of students in need. I stand in awe.

www.SacramentoAppraisalBlog.com Wonderful Results from the Project 680 Shoe Drive

Gold River Market Trends: Past 3 Years of Sales

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What’s been happening in the Gold River real estate market over the past several years? Gold River is a census designated place located just east of Rancho Cordova, south of the American River, and north of Highway 50. This HOA community has 25 separate villages and a combination of detached and attached housing – all single family residential. Gold River has the lowest unemployment rate in Sacramento County right now at 2.1% as of September 2009, but that does not mean that home values have been unaffacted.

Gold River Sales 2006 to 2009 Trend Graph by Lundquist Apprasial Company

What do you notice about the graph above? It looks like the upper end of the market above $550,000 has pretty much disappeared during 2009. It’s also evident that in the midst of a downward trend over the past several years that there have been few sales under $300,000. What else do you see? If you are a local Realtor or home owner in Gold River, what insight do you have into your market, and why is Gold River desirable to buyers in the marketplace (as a real estate appraiser, I love to hear people respond to questions like this)?

Gold River Real Estate Market Data:

  • 251 sales over the past 3 years
  • 62 sales over the past 12 months
  • 13 sales over the past 90 days
  • 11% of all sales over the past 12 months were REO (bank-owned)
  • 3% of all sales over the past 12 months were Short Sales
  • 29 current active listings
  • 13 current active short sale listings
  • 6 current pendings

The lower Western portion of the Gold River area is comprised of a subdivision called “Gold River Station”. Since Gold River Station is not a part of the Gold River HOA, it was prudent to look at data separately from Gold River. Sometimes outsiders to the area get confused about Gold River Station and therefore lump it in with Gold River, but it’s not a part of the Gold River neighborhood.

Gold River Station Sales 2006 to 2009 Trend Graph by Lundquist Appraisal Company

It’s not hard to see that there is a big value difference between Gold River and Gold River Station. Whereas there are few sales under $300,000 in Gold River, it appears that most recent sales in Gold River Station sold under $300,000. What else do you notice when comparing the graphs?

Feel free to contact me at 916-595-3735 or ryan@lundquistcompany.com if you have any questions about the local real estate market or any appraisal needs.

www.SacramentoAppraisalBlog.com Gold River Market Trends: Past 3 Years of Sales

The Bursting of the Duplex Market in Sacramento

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Do you remember several years ago in the Sacramento area when duplexes were selling for $400,000-$500,000+ like it was nothing? Well, the housing bubble burst and the residential-income market came crashing down along with everything else.

The graph below displays all sales in Sacramento County for duplex properties. I know, Sacramento County is an enormous territory, but sometimes viewing large ares helps to see an overall trend.

Duplex Sales Past Three Years in Sacramento County Trend Graph by Lundquist Appraisal

What do you notice when looking at all duplex sales in Sacramento county? It seems the bulk of sales are well under $300,000, and that the median sales price level easily lost $200,000 or more over the past three years. Ouch. There certainly are an enormous portion of sales between $100,000 to $200,000 too, aren’t there? 

Let’s take a closer look at a specific area in Sacramento by viewing sales in North Sacramento in the 95815 and 95838 zip codes. No, that’s not a ski slope, but a trend graph of all duplex sales.

Duplex Sales in 95815 and 95838 Zip Code of Sacramento November 2006 to 2009 by Lundquist Appraisal

It’s interesting to see what looks like two markets at hand above: One market below $100,000 and another market hovering between $150,000-$175,000. Market segmentation (bifurcation) is common depending on condition, location, size, or even the nature of the sale – short sale vs foreclosure vs typical arms-length transaction.

One more. What’s happened in the city of Rancho Cordova’s duplex market over the past thirty six months? No surprises. It looks similar to the graphs above.

Duplex Sales in Rancho Cordova Trend Graph 2006 to 2009 by Lundquist Apprasial Company

When it comes to duplexes in Rancho Cordova and surrounding areas of Sacramento, the majority of recent sales are reo properties (bank-owned). For example, in a recent duplex appraisal I just completed in a Sacramento neighborhood, 84% of all duplex sales over the past 12 months within this neighborhood were REO sales and 10% of all sales were Short Sales. It’s not an easy market when 94% of all sales carry some level of distress.

Contact me at 916-595-3735 or ryan@lundquistcompany.com if you have any questions.

www.SacramentoAppraisalBlog.com The Bursting of the Duplex Market in Sacramento

Christmas CanTree Project 2009: Event by Exit Realty West in Sacramento

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This is a great cause I plan to participate in. I became aware of the Christmas CanTree drive through Jeff Dominguez of Exit Realty West (Jeff is definitely one of the good guys) and the Sacramento Association of Realtors.

exit realty west can tree fundraiser

Per the Sacramento Association of Realtor’s website:

What CanTree Does
The food donated will be distributed to needy families through The Salvation Army’s Holiday Food Basket Program. Over 45,000 local families are expected to benefit from the food contributed through CanTree, according to The Salvation Army. The Army currently serves 36,000 meals per month in the Greater Sacramento Area. CanTree is a critical factor in successfully feeding thousands of people at Christmas time.

Why SAR Sponsors CanTree
Every REALTOR® knows that a healthy community is crucial to our success. All the money we raise for CanTree goes directly to the Salvation Army – none of it goes for administration or any other costs. Even though the real estate market has seen better days, enthusiasm is still very high and REALTORS® are as generous as ever.

Let me know if you have any questions and I’ll do my best to answer them. You are welcome to contact Exit Realty West at 916-441-4418 for more information on their potluck / auction.

www.SacramentoAppraisalBlog.com Christmas CanTree Project 2009: Event by Exit Realty West in Sacramento

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