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.

$5000 house

A major remodel of a $5,000 house in Sacramento

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This house was a major Oak Park fixer, and it actually sold in 2010 for $5,000. No, I’m not kidding. This was the lowest sale in all of Sacramento County last year, and there was certainly a good reason for that. Have a look at the video below to catch a glimpse of images throughout the rehab process and a walkthrough of the finished product.

This property was rehabbed by Housing Group Fund under the umbrella of the Neighborhood Stabilization Program (NSP) through SHRA. I shot this video during an appraisal inspection, and I have full permission to share the video and information (otherwise I would not be sharing it). And no, I’m not asking blog readers to buy this house and I’m not marketing to you either. I simply want to share a video about a house we’ve talked about here on the blog a couple times already. 

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.

The bottom of Sacramento real estate over the past three years (under $20,000)

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Can you purchase a house in the Sacramento area for under $20,000? Yes, if you’re lucky and happen to be first in line on one of the rare sub-20K properties. The answer is mostly “no” though. Properties priced under $20,000 right now either have very extensive damage or they get picked up immediately by investors because of the low price. There is only one active short sale under $20,000 right now in Sacramento County, and very few sub-20K properties in surrounding counties too (Placer, San Joaquin, Yolo). There are a few condos priced at $20,000, but even then it’s slim pickings. Here is a graph of all SFR detached sales in Sacramento County under $20,000 over the past three years.

The lowest sale this year was $5,000, and I actually shot two videos of this property throughout the year because my friends at Housing Group Fund (also a client) purchased the property for a rehab program (NSP). I honestly didn’t realize this property took the lowest sale honor until I made the graph above, so it made me chuckle a bit when I saw it there. Keep in mind though that the original price on this MAJOR fixer was near $20,000 and was reduced to compensate for out-of-pocket code enforcement fines that had to paid to the City of Sacramento. Check out the video and let me know what you think. Would you have purchased this house for $5,000?

It’s interesting to see so few sales under $20,000 after 2010. What do you think is happening there? Why so few in comparison to previous years? Is this evidence of a decrease in inventory? Or has the bottom been reached?

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.

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