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Sacramento Kings

Gavin Maloof sold his house in Natomas

September 16, 2013 By Ryan Lundquist 3 Comments

The Maloof family is still making headlines in Sacramento. I read in last week’s Sacramento Business Journal that Gavin Maloof, one of the former owners of the Sacramento Kings, recently sold his property in the Westlake neighborhood of Natomas for $1,112,500. I wanted to give some further market context to the sale, which I thought would be interesting to locals.

Westlake Maloof House in Sacramento - by Sacramento Appraisal Blog

Measuring by Pro Sports Standards: The Maloof property is definitely on the larger side. It comes in at 5203 square feet according to public records, which is a bit larger than an NBA basketball court at 4700 square feet (94′ x 50′). Technically if this home was measured in basketball courts it would be 1.10 courts. By the way, it sounds better to use basketball court figures for measurement since this house would be 110% of a basketball court, but only 9% of an NFL field or 64% of an MLB baseball diamond.

Westlake Natomas Sales History - by Sacramento Appraisal Blog

Neighborhood Market Trends: As you can see, the Maloof property sold quite a bit above others in the neighborhood. However, there are definitely a few things to keep in mind. First of all, this graph only includes properties that sold on MLS, which means private transactions and sales directly from the builder are excluded. For instance, the Maloof home was purchased originally in 2002 directly from JTS for $1,008,000. Obviously it was one of the premium homes at the time since it sold far above others. Secondly, property values are easily somewhere in the 2002 range right now in this neighborhood and in most areas of Sacramento (sometimes we see 2003 levels, but most areas are still hovering somewhere around 2002 levels). I am not saying this house sold at market value for its most recent sale, but only that buyers have been willing to pay 2002-ish levels for many houses in Sacramento. Ultimately I’m not terribly surprised to see a higher sale for a custom home in The Shores at Westlake.

In case you are not aware, the Westlake neighborhood is located literally 2.5 miles from the arena. There are definitely multi-million dollar properties in the surrounding Sacramento area, where some of the other Kings players live (and I imagine a Maloof could have afforded), but nothing in a gated community as close to the arena as this neighborhood.

Property Tax History for Gavin Maloof Sacramento Home - by Sacramento Appraisal Blog

Property Taxes for the Maloof Home: What do you notice about the property tax history for the Maloof home in Natomas? Interestingly enough, it looks like property taxes saw an increase through 2008 despite the market showing a clear decline – especially from 2006 to 2008. Also, you may have heard property taxes can only increase by 2% each year, so why were there increases far above that level on this house? Here is how it works. The Assessor can only inflate taxes by basically 2% each year under normal circumstances, but for property owners who had previously received a reduction in assessed value under Proposition 8 (this is the tax Prop 8 – not the marriage Prop 8), their property taxes can be raised any amount each year so long as it is not increased above the original “base-year value” (also called the “Prop 13 value” – which is usually the original purchase price from years ago). Does that make sense?

By the way, these figures are all a matter of public record. Check out Zillow to get the past 9 years of taxation or the Assessor’s website for the past 2 years. If it’s relevant, you can read more here about how property taxes work in Sacramento.

I hope this was as interesting. Any questions, thoughts or insight?

Question: Would you pay a premium to own a house previously owned by a celebrity?

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Filed Under: Market Trends, Random Stuff Tagged With: Gavin Maloof, Home Appraiser, House Appraiser, house of NBA owner, Maloof home sells in Natomas, Maloof property taxes, Natomas luxury property, Prop 13, Prop 8, Property Taxes, property taxes in Sacramento, Proposition 13, Proposition 8, Sacramento Kings, Westlake Neighborhood, Westlake Neighborhood in Natomas, Zillow

A break in arena property taxes this year for the Maloofs

July 6, 2011 By Ryan Lundquist 3 Comments

If you think your property tax bill is high in Sacramento County, take a look at the amount paid out each year by Maloof Sports & Entertainment for Power Balance Pavillion (formerly Arco Arena). More than just the numbers, what do you make up such a steep decline in property taxes over the past year? How does that impact the City of Sacramento?

There are actually five separate parcels for the arena in Natomas, but the above graph only considers 1 Sports Pkwy since it is the largest and most heavily taxed parcel (it’s the parcel that includes the arena). The other four parcels really only added up to just over $430,000 in assessed value for 2010, which is about $6,500 in property taxes.

Breakdown of assessed value and property taxes for 1 Sports Parkway
2011 assessed value: $29,129,000 ($450,000 in property taxes – estimate)
2010 assessed value: $56,534,445 ($881,208 in property taxes)
2009 assessed value: $58,844,792 ($904,003 in property taxes)
2008 assessed value: $59,595,796 ($940,690.94 in property taxes)

It might seem surprising to see such a low assessed value for an entire arena, but keep in mind the original stadium was constructed for about $40 million in 1987 (Wikipedia states today’s costs would be $74.3 million).

What do you think of the numbers above? How much of a role does the arena play in the health of our local economy?

FYI: Property taxes for 2011 were posted yesterday by the Sacramento County Assessor. I strongly recommend all property owners to look over their assessed value closely (click this link) to make sure you are paying your fair share of taxes – and no more. If you have any questions about the tax appeal process or would like my tax appeal company to look up your property for free, please click here.

UPDATED POST: If you’re visiting from the Forbes article that mentioned this post, you can also see an updated version of this post here for 2012.

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook or subscribe to posts by email.

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Filed Under: Property Taxes, Random Stuff, Resources Tagged With: #herewebuild, 1 Sports Pkwy, 2011 assessed values, Appealing property taxes in Sacramento County, Arco Arena, arena plans in Sacramento, Assesor in Sacramento County, decline in property value in Sacramento County, history of property taxes for Arco Arena, Joe & Gavin Maloof, Lundquist Appraisal Company, Maloof Sports & Entertainment, Natomas, Power Balance Pavillion, Real Estate Appraiser in Sacramento, Sacramento Kings, Sacramento Real Estate Appraiser, SacramentoTaxAppeals

The L Street Lofts, Kevin Martin & Condo Sales

April 20, 2011 By Ryan Lundquist 1 Comment

It’s Day 3 of “Condo Week” on the Sacramento Appraisal Blog, so let’s take a look at all condominium sales in the City of Sacramento in Downtown and Midtown over the past three years. You can see all condo sales in a previous post if you wish to see the overall context of the condo market. What do you see in the graph below?

Most of the higher condominium sales over the past three years are from the L Street Lofts in Midtown Sacramento. These lofts have quite a selling range depending on floor location, view and size of course. Between the lofts not being listed on the market between June 2008 to the end of 2009, a challenging real estate market in general, and difficulties for buyers to obtain financing in this development, there have been few loft sales as shown above. Per conversation this week with Michael Onstead of Coldwell Banker, there were many buyers lined up to purchase lofts, but financing stood in the way. With that being said, imagine the graph above with more sales at higher levels. That could change the overall look of the trend line, couldn’t it?

Right now the lofts on L Street are typically listed between $300,000 to $600,000 for the most part (that doesn’t include penthouse lofts though). If you’re local, you’ve probably seen or read stories about the L Street Lofts having gone into foreclosure. Hopefully this unique project will be able to resume their sales program soon. 

As an FYI, former Sacramento Kings basketball player Kevin Martin is currently selling his penthouse loft on L Street. He paid $1,340,000 in September 2008 and it is currently listed as pending in MLS at $899,000. This is one beautiful property!!

What is your favorite condominium development in Sacramento? Why?

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. 

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Filed Under: Market Trends Tagged With: #herewebuild, #herewestay, appraiser in Sacramento, Condo Week, condoweek, downtown sacramento condos, here we build, Kevin Martin NBA, Kevin Martin's Sacramento Condo, L Street Lofts, midtown sacramento condos, sacramento appraisers, Sacramento condominiums, Sacramento Kings, trend graph of condo sales

Is there a connection between the Sacramento Kings and property value?

March 31, 2011 By Ryan Lundquist 5 Comments

The talk of the town has been whether the Sacramento Kings will stay in Sacramento or move to a different arena in Southern California (Anaheim). I won’t rehash all the details here, but I did want to compare the past thirteen years of the Kings’ NBA seasons with the market median price in Sacramento over that same time period. Is there a connection between NBA wins and property value? What do you see?  

Let me make it clear that I don’t really believe there is any connection whatsoever between property value and how well the Sacramento Kings have done. I just find it interesting to think about out of the ordinary faux-indicators for real estate. When we do analyze the graphs above though, there is a similar trend with property values beginning to decline in 2005 and the Kings slipping to either 4th or 5th place from 2005 onward. It seems as if both home prices in Sacramento and our NBA team reached their peak in 2005. Also, when the Kings began to play extremely well for four seasons beginning in 2001, the real estate market was booming in Sacramento. There is even evidence of a slight uptick in each graph above for the most recent years. Median price graph by Wright Real Estate. Coincidence or not, you be the judge.   🙂 

What sort of impact will it have on the Sacramento area if the Kings do leave?

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.

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Filed Under: Market Trends, Random Stuff Tagged With: #herewebuild, #herewestay, 1997-2010 Sales, Anaheim, Anaheim Royals?, Appraisal Service of Sacramento, appraiser in Sacramento, graph of NBA wins for Sacramento Kings, here we build, here we stay, Joe & Gavin Maloof, Kings moving to Anaheim, Lundquist Appraisal Company, Maloof, NBA in Sacramento, Property Value in Sacramento, sacramento appraisers, Sacramento Kings, Sacramento Real Estate Appraiser, Southern California NBA, Trend Graph of Property Sales in Sacramento, Wright Real Estate

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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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