Just Another Tale of Multiple Offers on a home in Empire Ranch of Folsom

 

This one hits the market on a Friday….

10 offers by Monday…!

 

 

A good friend of mine, Sharon Kulbacki who is a long time Real Estate Broker here in Folsom,  just listed a home in Empire Ranch for some past clients of hers.   This home is a short sale, so the wait to the final close of this sale will take a little longer than a “normal” sale or what we now call an “equity sale”.  The fact that it is a short sale no longer matters it seems.

She mentioned this home to me in a conversation so I  got out there last Saturday and took a peek because I do have folks looking for homes in this price range.   From the description she gave me I knew this one would sell pretty fast.

Take a peek at the short video of my quick walk through of her listing.    She warned me that she had scheduled several appointments through out the day last Saturday to show this home.   Sure enough, there were other Agents/Brokers going through the house at the same time I was because they had seen it on the MLS and brought their clients as well.   For this property…?   This was a busy day..!

As I have stated in previous articles here, the market is moving at a pretty good clip… I’d say fast.   This is not just related to the lower price ranges either.   This home was listed at $499,900.  Sharon had 10 offers and the one that got the deal was well north of the list price.    She won’t let me say how much it is pending for, but if this buyer does close the deal, it will be an “eye opener”.

 

Check out the Video Below.  Not my best work because I had to rush, but you’ll get the idea.

 

 

In the Mean Time…?

Make it a Great Day…!

Ed Favinger, Broker , CRS, GRI, SFR CDPE     916-203-12260        favinger@rwnetwork.com

 

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You Know the Market is Hot when the Sacramento Bee Reports It…

Several Recent Positive Stories & Now Even a Local TV Station is reporting on it too…!

Of course those of us in the Real Estate business have been talking about this for almost a year now.

Take a peek at some articles in the SacBee just in the last few days which kind of prove my point:

Here’s a story that the local NBC station, KCRA posted on line that was shown earlier today.
I wrote an article with some data that I posted regarding duplex sales about 10 days ago.
Below is a video walk through inspection I did on a property last Saturday in the Rosemont section of Sacramento for a Bay Area Investor.     We made an “as is” cash offer about $8,000 over list price but didn’t get it because we were out bid.   The listing agent said they had 13 offers on it.    This video will give you an idea of what’s out there.

 

Come back tomorrow because I’ll have a video of a Short Sale in Folsom that had 10 offers on it.

 

In the mean time…?
Make it a Great Day…!
Ed Favinger, Broker, CRS, GRI, SFR, CDPE       916-203-1260            favinger@rwnetwork.com

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Some New Duplex & Four-Plex Listings Just Hit the Market… My Evaluation and Comments Below.

Let me know what you think..

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While I know that most of us are taking some time off for for Thanksgiving and getting ready for the Christmas holidays coming up, the sales of Residential Investment property in the Sacramento Region is still moving along.

I’ve been out and about looking at these properties to keep current with the market and came across a couple that I think are interesting.

Lets start with a couple of Duplexes first.

I think this Duplex is under priced even though it backs up to Madison.   They do say there is some needed fix up, but it can’t be all bad if they are both currently occupied.  I am of the opinion,  that if they were fixed up, the rents would also go up to compensate.   You don’t see these kinds of duplexes on the market all that often.

This is a nice neighborhood with single family homes across the street while on this side of the street is comprised of these larger duplexes that are perfect for the owner to live in one side.  The Video I took didn’t do the area justice.   This area consists of well manicured properties showing pride of ownership.

Click on the Address above for a video link.    Click here to get a “pro-forma” cash flow analysis.

Noisy street yea… You can’t move the street but inside though it’s quiet enough.   One unit is in need of a “big time” fix up so now would be the time to update it.  It does sit further away from the street and has more privacy with a good sized back yard.

You should be able to rent those units for $1,000 a month FIXED UP of course.  Orangevale is a pretty good rental area and inspite of the busy street there’s some folks out there that like a country feeling and I think this one kind of has it.

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Now for a couple of Four-Plexes.

Click on the address for a video. A Proforma Cash flow is here.  I’m pretty familiar with this area.   We manage a four plex up the street.  I would call this a “bread and butter” type of property.  This will cash flow, but you do have to manage it carefully.

Rents vary from $720 to $729 per unit with a Gross Annual Income of $34,776 according to the information provided by the listing agent.   For an estimate of what it would bring in just look at the cash flow estimates in the Tiara Way property above because the expenses aren’t going to vary much.    This one has already had an offer accepted but had since fallen out as of the date of this article.

Now might be the time to make a deal on this one.    Still shows active.

Finally… If you are an investor looking to jump into this market and have questions regarding any of the above properties or you are new to this area and want more information, please send a note or call me.

In the mean time…?

Make it a Great Day…!

 

Ed Favinger, Broker, CRS, GRI, SFR, CDPE      916-203-1260     favinger@rwnetwork.com

 

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Happy Thanksgiving to you all..!

Make it a great day…!

 

 

 

 

 

 

 

 

A Nice Looking Duplex – Nestled Among Single Family Homes

 

I Wish There Were More Like These on the Market because they are probably the most popular.  Check out the information and the video too…!

 

While out looking at Duplexes that have just come on the market the last few days,  I ran across this one.   I have a client that has purchased some property just around the corner from this property and others in the Rosemont Area.

This Duplex is located at 4001 and 4003 Westporter, Sacramento.    It’s got a configuration of 2 bedrooms, 1 bath and 1 car on each side.   The listing agent has the rents shown as $825.00 for each side but I know these would rent for more.    I think you could get at least $895.00 for each one even though they are smaller units than some of the duplexes we are currently renting not far away from here.

The reason is the location…!

For the Pro-Forma Cash flow figures CLICK HERE.

CLICK HERE FOR MY WALK THROUGH VIDEO

Let me know what you think of this one…   You’ll see that it doesn’t need much work.

In the mean time…?

Make it a Great Day

 

Ed Favinger, Broker CRS, GRI, SFR, CDPE        916-203-1260            favinger@rwnetwork.com

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Here’s the Most Recent Data Regarding the Duplex Sales in the Sacramento Region

 

Looks Like “Cash is Still King” in the Residential Investment Market here… Especially when it comes to Duplexes…!

I have prepared below some statistics and information regarding the sales of some Duplexes in what I call the “preferred” areas of the Sacramento Region.   I’m pretty sure these numbers would probably apply to all areas of the Region because they are percentiles and the market is pretty good in all areas here.

However since I don’t keep track of the sales in all the areas regards Duplexes,  I’m just letting you know that this is not a total for all of Sacramento County.

The data includes Sold and Closed transactions from July 1, 2012 to November 16, 2012.   I think you’ll find in interesting.   Let me know what you think.

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Total Closed Sales 124
Cash Transactions 57
Conventional 56
FHA  9
Seller Financing 1

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List Price/Sales Price Ratio All Properties 97%
List Price/Sales Price Ratio – Cash Transactions 97.06%
List Price/Sales Price Ratio – Conventional 96.86%
List Price/Sales Price Ratio – FHA Transactions 97.25%
LIST Price/Sales Price Ratio – Seller Financing 100%

By the way…. The Duplex shown above closed escrow on October 31st, for $239,000 –  3 bedroom 2 bath 2 car and a 2 bedroom 2 bath 1 car configuration.   CLICK ON THE PICTURE TO SEE MORE OF THE EXTERIOR AND NEIGHBORHOOD.

In the Mean Time…?

Make it a Great Day..!

Ed Favinger, Broker CRS, GRI, SFR, CDPE         916-203-1260        

favinger@rwnetwork.com 

 

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