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Rosemont Neighborhood

Keeping Sacramento real estate in context

March 11, 2013 By Ryan Lundquist Leave a Comment

Let’s take a quick look at some trends in different neighborhoods of Sacramento. Yes, property values have been increasing, but it’s important to sift data and trends in context too. Instead of putting too much weight on county-wide median sales price figures, for instance, it’s vital to look at data in each neighborhood to interpret change. I’ll touch more on this in a few coming blog posts, but for now I really wanted to take a tour of sales in various neighborhoods to highlight the market.

How do these graphs strike you?

Quote in SacBee: By the way, I was quoted in an article in today’s Sacramento Bee article, “It feels like a house ‘boom’, but is it?” Check it out and let me know what you think.

899 GLA model in Arden Arcade Neighborhood - Graph by Sacramento Appraisal Blog

It’s interesting to note how tight the market was from the late 1990s through the “bust”, and how more recent sales in this Arden-Arcade neighborhood are a bit more segmented. Have you seen the price gap widen in different areas?

Boardwalk at Lakeside Condominiums in Elk Grove - Trend Graph by Sacramento Appraisal Blog

As you can see in most graphs in this post, The Boardwalk at Lakeside condos in Elk Grove have seen an uptick this year. This increase in value is seen almost across the board in the market whenever I make graphs. However, a 22% increase is not seen in every neighborhood, or with every property type or house size either (the median price was recently reported as having increased by 22% over the year by Zillow / SacBee). The key in valuation is to find recent sales that are truly competitive, and then give stronger weight to those sales instead of applying market-wide metrics that may not be reflective of a specific neighborhood or sub-market.

The Rivers West Sacramento 2004 to 2013 - by Sacramento Appraisal Blog

What do you see above in “The Rivers” in West Sacramento? There aren’t many recent sales, which sometimes makes it challenging to decipher current trends.

Condo Sales at The Reserves at Galleria in Roseville - Sacramento Appraisal Blog -smaller

The condos at The Reserves at Galleria (as well as other neighboring condos) have been seeing an uptick after a steep decline. One of the interesting things about condos in today’s market is there are many cash purchases from investors in some developments because conventional and FHA buyers cannot qualify because of HOA issues or lending issues. At the same time, some condo subdivisions are being marketed in MLS as “owner occupants only”, which is a move by the HOA to get back to adequate owner occupied percentages so the condos can be marketed to a wider pool of buyers (who can obtain financing).

Rosemont Area Newer Construction - by Sacramento Appraisal Blog

This graph shows all newer construction in the Rosemont area of Sacramento (built after the year 2000). There are a few subdivisions in the Rosemont area that were built out just before the “bubble” burst. There has been an uptick in these neighborhoods, but at the same time there are still some properties selling at lower levels for sure.

All Sales in Rosemont Area - 2008 to 2013 - by Sacramento Appraisal Blog

Property values are still lower than they were in 2008 and 2009 in Rosemont, but the uptick is still very obvious this year. This graph helps show a common thread in many Sacramento neighborhoods. There are far fewer sales at the bottom of the market in light of a decline in foreclosures and strong appetite by cash investors. In fact, 50% of all single family detached sales in Sacramento County in January and February 2013 were cash. We should definitely consider this factor as we interpret the market, don’t you think? Might rampant cash sales under $200,000 and vastly lower foreclosures help prop up median price levels? Yep.

Sales in Madrone Condo Complex in Folsom - by Sacramento Appraisal Blog

The Madrone condo subdivision in Empire Ranch in Folsom tells a common story. Huge decline. Stabilization. Beginning signs of increasing values. These condos have been flying off the market as prices bottomed out last year.

Suncountry sales in Sacramento - by Sacramento Apprasial Blog -smaller

When looking at 15 years of sales in the Sacramento area, we often see a mountain-ish image like the one above. One of the interesting aspects of the Suncountry PUD (55+ community) in South Sacramento is how segmented the market still is. For instance, there have been some foreclosures that sold recently at very low levels despite how “hot” the market has been (Jeff Grenz and I recently talked about this phenomenon). These properties may have not been in pristine condition, but they were still dumped on the market at lower price levels instead of given more time to have sold at a reasonable level. When many properties are selling between $115-130K, for example, having a couple foreclosures sell around $80,000 is just low.

Question: Any thoughts?

If you have any questions or Sacramento home appraisal or property tax appeal needs, let’s connect by phone 916-595-3735, email, Twitter, subscribe to posts by email (or RSS) or “like” my page on Facebook

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Filed Under: Market Trends Tagged With: appraiser in Sacramento, Arden-Arcade, Boardwalk at Lakeside Condos in Elk Grove, Home Appraiser, House Appraiser, Madrone Condos, neighborhood real estate market, Rosemont Neighborhood, Sacramento Appraisers Blog, Sacramento real estate market trends, Suncountry PUD in South Sacramento, The Reserves at Galleria, The Rivers in West Sacramento

Sacramento’s “Christmas Tree” real estate market

August 13, 2012 By Ryan Lundquist Leave a Comment

Is it just me, or do ten-year real estate graphs look a bit like Christmas trees lately? I’m not trying to gloss over the pain of the real estate “bubble burst” in the Sacramento area (especially since I bought in 2004), but it’s interesting to see how current values have been circling around to give a “tree” view in many neighborhoods lately. Most lower-end and middle-range areas tend to have this “tree-like” or “mountain-ish” look. Yet at the same time, more established areas like Curtis Park and River Park still have higher property values, so graphs look a bit different in those cases. Let me take you on a brief tour below.

Via Casitas Townhomes in Carmichael - Graph by Sacramento Appraisal Blog - 530

The “Via Casitas” townhomes in Carmichael are a perfect example of the “tree” phenomenon as you can see above.

All 1288 Model Sales in Rosemont Neighborhood of Sacramento - Graph by Sacramento Appraiser 1999 to 2012

When looking at all 1288 model sales in Rosemont, we see a similar outcome with a huge increase and then a huge decrease.

Subject PUD vs Two Nearby Complexes - Sacramento Appraisal Blog

This is a graph of a PUD community in the Citrus Heights area. In light of few recent sales in the complex, I wanted to help illustrate how the market has seen the subject complex compared to two surrounding complexes. While values have mostly been higher in these two other complexes, all three PUD communities have taken a more or less similar trip over the past decade.

Condo Market in Sacramento Example - Hillsdale Oaks Subdivision - by Sacramento Appraisal BlogI don’t have the other half of this graph, but trust me, you could pretty much flip the current trend since 2005 and it would fairly accurate. I wanted to include this one to illustrate how far the condo market has declined since the bubble burst. Older lower-end condos have particularly struggled in light of greater affordability outside the condo subdivision and sometimes lending problems on condominiums.

All River Park Sales March 1998 to July 2012 - by Sacramento Appraisal BlogIn contract, more well established classic neighborhoods in the Sacramento have a much less defined “tree view”. In other words, while property values have still seen a hefty decline from the top of the market, values are still higher historically speaking than many surrounding areas. River Park is a good example as you can see values hovering well above 2002, where as many areas have property values deeper into 2001 right now.

Curtis Park Sales - by Sacramento Appraisal Blog (2)The Curtis Park neighborhood shows a similar trend. The graph above isolates all sales with a GLA between 2000-2600. I put together graphs like this sometimes to help show context historically for my clients.

All Sales in The Bluffs in Fair Oaks 1998-2012 Graph by Sacramento AppraiserLastly, here is “The Bluffs” condo subdivision in Fair Oaks. You’ve probably seen these condos when passing over the American River on Hazel Avenue since they overlook the river and sit right on top of the “bluffs”.

I figured it would be interesting to show you a few brief examples of trends over the past 10 or so years. It’s interesting to me to see the market from such a perspective, and I believe it can be helpful to inform making a purchase and investment strategy too.

What do you think? Anything you’d like to add?

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Twitter, subscribe to posts by email or “like” my page on Facebook

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Filed Under: Market Trends Tagged With: analysis of sales graphs in Sacramento, appraiser in Sacramento, Christmas tree graphs, Curtis Park graph of sales, Curtis Park Neighborhood, graph of sales in River Park, Home Appriaser, House Appraiser, Real Estate Market in Sacramento, River Park neighborhood sales, Rosemont Neighborhood, The Bluffs in Fair Oaks, Via Casitas townhomes

The Rosemeont Area of Sacramento: Real Estate Market Trends June 2009

June 3, 2009 By Ryan Lundquist Leave a Comment

Rosemont is a community of single story, two-story and tri-level houses just South of Highway 50 and East of Watt Avenue in Sacramento. The neighborhood has easy access to Folsom Blvd and the Light Rail Station and is located within close proximity to Downtown Sacramento.

What’s been happening in the Rosemont area of Sacramento in terms of real estate activity? The data below is based upon information provided in Sacramento Metrolist within the following defined boundaries:

rosemont-trends

  • Sales in Past 12 Months:  139
  • Sales in Past 90 Days:  31
  • Current Active Listings:  6
  • Current Active Short Sale Listings:  19
  • Current Pending Listings:  18
  • Low Sale in Past 90 Days:  $90,000
  • High Sale in Past 90 Days:  $230,000
  • Low Sale in Past 12 Months:  $90,000
  • High Sale in Past 12 Months:  $280,000

It looks like the oversupply of listings is being absorbed and that price levels are becoming more attractive to local buyers. That’s a good thing and encouraging to home owneres too. Yet one question to ponder within Rosemont and any local neighborhood is how many foreclosures are coming to the market soon and how that might impact property values. Are banks holding on to some of their inventory within Rosemont right now? That’s a key factor in evaluating the coming future of local real estate. If you have any questions about the Rosemont area of Sacramento or any other local neighborhoods, feel free to give us a call at 916-595-3735 or see www.lundquistcompany.com

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Filed Under: Market Trends Tagged With: appeal property taxes in Rosemont, Rosemeont Divorce Appraisal, Rosemont Appraisal, Rosemont appraiser, Rosemont Area of Sacramento, Rosemont Date of Death Appraisal, Rosemont decline in property value, Rosemont Estate Settlement, Rosemont Home Appraiser, Rosemont House Appraiser, Rosemont Market Trends, Rosemont Neighborhood, Rosemont Property Values, rosemont property values and real estate data June 2009

Market Trends: Past 90 Days in the Rosemont Area

February 28, 2009 By Ryan Lundquist Leave a Comment

What’s been happening in the Rosemont area of Sacramento in terms of real estate activity? The trend graph below is based upon the past 90 days of sales and listings from information provided in Sacramento MLS (the only listings included in the graph are those which were actually listed in the past 90 days – some listings have been on the market for well over 90 days and were not used in the graph).

rosemont-area-of-sacramento-past-90-days

From the trend graph it appears that there are many recent sales and current listings being priced between $175-200K. It appears too that there are a good amount of listings priced below the level of the most recent sales, which is a classic feature of a declining market.

Data for Rosemont Area of Sacramento as of 02/27/09:

  • 7 current Actives
  • 20 current Short Sale Actives
  • 20 current Pendings
  • 27 sales over the past 90 days
  • Median Price of $190,000 over past 90 days
  • Average price per square foot over past 90 days: $126.33

The graph and data is based upon the following boundaries:

rosemont-trends

Please contact Lundquist Appraisal Company if you have further questions about the Rosemont area of Sacramento or other areas we cover within the Greater Sacramento Region. Thank you.

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Filed Under: Market Trends Tagged With: 95827 Zip Code, Property Value in the 95827 Zip Code of Sacramento, Rosemont Area of Sacramento, Rosemont decline in property value, Rosemont Market Trends, Rosemont Neighborhood, Rosemont Property Values, Sacramento, Sacramento Decline in Property Value, Sacramento Market Trends, Sacramento Real Estate Appraisal, Sacramento Real Estate Appraiser

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First off, thank you for being here. Now let's get into the fine print. The material and information contained on this website is the copyrighted property of Ryan Lundquist and Lundquist Appraisal Company. Content on this website may not be reproduced or republished without prior written permission from Ryan Lundquist.

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