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Two new listings I profiled here recently closed – All Cash – No Financing
When I profiled these Bank Owned Duplexes just about a month ago it didn’t really surprise me that both of them went to a Pending Sale status shortly after I posted the article.
One of them, 7444 Robmar Court, Citrus Heights, sold for the list price and the other one, 7720-7722 Sunset Avenue, Fair Oaks, closed escrow with a sales price of $285,000 which was four thousand dollars over list price.
7444 Robmar closed escrow on September 3rd and Sunset closed escrow just a few days ago on September 16th.
Bottom line is that if you like one of these properties and they have just come on the market, chances are you will be up against “all cash” investors.
If you are thinking of getting into this market, be prepared to do battle with other investors looking for these great deals.
Make it a great day…!!!
Ed Favinger, Broker CRS, GRI, SFR favinger@rwnetwork.com 916-203-1260
You Want the Cash Flow Numbers…? I Got The Numbers – Check Them Out…!
First the Short Sale Duplex
I was out and about and came across the Duplex located at 7535 Saint Philomena Way, Citrus Heights.
This thing has been priced so low that it will draw several multiple offers and I’m sure it will go into escrow for at least $180,000. Now I wasn’t able to get into the units because they are occupied.. At least one is, because when I was there taking pictures a resident was leaving one side.
I”ve based the Cash Flow estimates at a price of $180,000. Click here for a PDF File for more information.
Click here for a Video that I took that will show the neighborhood better than the Street View link I posted above. The Street View was taken during Winter months and doesn’t show as well as the Video I took.
Now below is the information for the Bank Owned Duplex
It’s located a few doors away at 7543-45 Saint Philomena. The “street view” will start you on the way out to Fair Oaks Blvd., so when you get on it, go to the left and around the corner to see the property. By the way… 0ne side is occupied and the other is just about “rent ready”. For the Pro-forma Cash Flow Figures Click Here.
If you don’t like these…?
I”ve got others that might pique your interest. Go to “Ed’s Free List” page for more.
I’m not seeing it. But there are some stats that say otherwise.
I got this blog post from Jim Wasserman, the Real Estate Reporter for the Sacramento Bee. If you have any questions regarding this report, you can contact him directly at: jwasswerman@sacbee.com
I think you’ll find this interesting. I’ve copied and pasted the article below it’s current link. The SacBee drops the links content off after a while.
Here’s his report below…
Average asking rents at 76,000 apartments in Sacramento, Placer, Yolo and El Dorado counties rose to $924 in the first quarter of 2010 – the first hike after five straight quarters of declines, a new report says. The new figure is up from $915 in the fourth quarter of 2009. That was the lowest since late 2004.
But even with the hike rents at the region’s largest apartment communities, rents remain at late 2005 levels now. Apartment brokers say the long period of declines have led to severe distress for owners who bought complexes at high housing boom prices. Some complexes are being unloaded to other investors through short-sales, in which banks accept less than their owed. Others have become bank-owned.
We’ll be checking with brokers today to see what is driving the slight increase in asking rents. But the report notes that occupancy is up a little – to 92.6 percent across the region. It was 92.1 percent in Q4 2009. Higher occupancy rates give a little more bargaining power to landlords.
Novato-based apartment industry tracker said it saw the same rise in rents across much of the United States. It attributed the improvements to modest gains in employment nationally.
It’s hard to imagine that’s the case regionally. Sacramento’s unemployment picture remains grim, with 13.1 percent joblessness. Analysts say apartment communities are feeling pressure of people having an abundance of vacant homes to rent - and also doubling up or moving back with their parents in a rough economy.
Here’s details straight from RealFacts:
First, a synopsis of the Sacramento-Arden-Arcade-Roseville MSA.
Second, a news release with regional and national overview.
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I had a conversation with Jim today and let him know that, anecdotally, we haven’t seen that in our business. I pointed out that on some of smaller Apartment complexes, we’ve not seen an increase in a while. We’re still having to offer specials.
Make it a great day…!
Ed Favinger, Broker CRS, GRI, SFR favinger@rwnetwork.com 916-203-1260
This is what creates jobs
Why do I say that…? Because it’s true.
I posted a story a couple of months ago about Mr. Philips and his inability to “qualify” for a decent loan because he is a “high net worth” investor that has “passive” income. Click here for the back ground story.
In that story I wrote about the “multiplyer effect” that each Real Estate Transaction generates. Because Mr. Philips didn’t do these new deals, non governmental stimulous funds were stopped from “spreading the wealth”.
So with the back ground story in mind, I’ve posted a video that will show you what happens when folks spend money on Real Estate.
Take a look at the video of the ”street scene” of a Duplex we sold to a Buyer that actually lives on one of this property. He’s fixing up his place and look at what is going on around him.
Comments anyone…?
Make it a great day.
Ed Favinger, Broker CRS, GRI 916-203-1260 favinger@rwnetwork.com
