Latest Folsom Real Estate Statistics – 2nd Quarter 2014…!!!

 Some interesting numbers here…

I thought I’d post the information from Trengraphix Inc. for your review.  From what I can see here,  it looks like anything over about $500,000 is taking a little longer to sell.

This information is for Single Family Homes only.

The graph below shows the Average Price Per Sq. Ft.,  which looks like it’s holding steady now north of $200 per sq. ft.

TGChartImage

 

The Graph Below shows the “for sale” and “solds”… You’ll notice the Closed Sales are below that $500, 000 threshold.

TGChartImage (3)

The following graph shows the “Average Days On Market” and the List Price/Sales Price Ratio.  

TGChartImage (2)

 

If you want more information about the market you can always send me a note at favinger@rwnetwork.com.

In the Mean Time…?

Make it a Great Day..!

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

You Want Info – Sacramento Duplexes for Sale..? Evaluation & Ca$h Flow Estimates Below..!

I Have Three Duplexes Profiled Here – They Might Work Out For You…

Yes… They might work out, but the Sellers on two of them at least will have to come down in price in my opinion.   Below you’ll see the Cash Flow estimates and some pictures I took this last Thursday and Friday.

6608 Gold Run Ave, Sacramento, Ca 95842 – 2 bedrooms 1 bath, 1 car garage ea. side, CH&A – Near Hwy 80, Neighborhood Shopping along with a large Park just around the corner.  Listed at$226,000, they will need come down some.  The seller started out at $216,000 got a quick offer that went Pending but then fell out of escrow.  It doesn’t help the tenant on the right side parks his truck on the grass which you can see by clicking on the address above… and that same white truck with flat tires is still in the driveway.

Click Here for the Cash Flow estimates –  Below are pictures I took yesterday, June 27. 

6304 San Benita Way, Citrus Heights, Ca  –  2 bedrooms 1 bath, 1 car garage ea. side, CH&A – This one is located on a Cul-De-Sac street with other Duplexes, some of which are nicely maintained.   This one is not one of them.   They did some updates but on the cheap, in my opinion, from what I can tell.    Listed at $225,000

Click here for the Cash Flow estimates   Below are pictures I took yesterday, June 27th.

And finally the Short Sale Duplex for sale located at 3013-15 Bluestar, Rancho Cordova, Ca – 2 bedrooms 1 bath, 1 car ea side – Also located on a Cul-De-Sac.   Listed at $200,000 – looks like it could use new roof to replace the Shake Roof there now.

Click Here for the Cash Flow estimates  Below are pictures I took yesterday, June 26th

 

Let me know what you think.

In the mean time…?

Make it a Great Day..!

 

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

 

Empire Ranch – The Latest Sales Data – Get it Here…!

Market Still Looks Good.

I have put together some sales information regarding the Empire Ranch Area that I thought I’d share with you.empire ranch

A quick glance shows that the “Pending Sales” and the “Sold and Closed” deals have about the same Cost/Per Sq.Ft and about the same number of “Days On Market”.

Another thing that pops out is the List Price/Sales Price Ratio is right at 100%.

The sales data is from April 1, 2014 to date June 11, 2014.

Single family detached homes are the only type Properties included in this report.

CLICK HERE TO GET THE REPORT IN A PDF FORMAT

We have buyers looking to move into the area, so if you are thinking of selling or know of someone thinking about it… please drop me a note or call me at anytime.

 

In the Mean Time…?

Make it a Great Day…!

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

When You Ask Top Dollar For a Property – Do It Right – Give Some Value…!

They Paid $139,000 – Now Asking $299,000.

I want to start off by saying that I believe in the “capitalist” system.   All of us have the right to ask any price we want if we decide to sell something and I think we’d all agree on that.

adding value

However after many years in the business I’m still amazed at some investors who think they can get absolute “top dollar” for a Duplex without doing much to really improve it.

The property I’m talking about is located at 1814 Cirby Way, Rosevile, Ca 95661.     I remembered this property because I did a video of it, when it was a “bank owned” Duplex in 2011.

After almost 3 years of ownership they’ve really not added any extra value.  “Curb Appeal” looked like the last thing they thought of.   Maybe they are still working on it.

The Buyer  now has been trying to sell this one since November of 2013.  They started out at the list price of $329,900.

While this Duplex is in a decent enough neighborhood, it’s also on a fairly busy street.   To overcome that major objection and get a decent tenant in a property like this, you have to have some nice curb appeal don’t you think…?

I have two videos below.   The 1st one is the property before the current owner purchased it and includes both sides.   The 2nd video is the “left side” only.

I think this owner really missed an opportunity and took far to many short cuts.  They ignored the principle of “adding value”.  As a result,  his rents are lower than other “like properties” near by, while at the same time he’s asking top dollar with no real return for the prospective Buyer he’s trying to sell to.

This is my opinion, but if you have followed this blog, you can see why I was disappointed.

Take a peek at these and let me know what you think

VIDEO ONE

VIDEO TWO

 

 

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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When is the Right Time for Investing in Property..?

This has always been a great question.

cash flow investments

 

Take a peek at this article I found that has some things to watch out for when “investing” in Real Estate.   Not a long read and has some good incites.

There’s a lot to consider besides “location” which is probably the biggest thing.

Let me know what you think…

 

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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Do You Allow Tenants to Park Their Vehicles on The Front Yard Landscaping…?

I Get That Icky Fingernails on a Blackboard  Feeling Whenever I See This…!

You know when I’m out and about and I spot this, it irritates me to no end.   It’s amazing to me that any Owner/Investor would put up with this.

Number one, I think it shows how disrespectful of the Owner this act is when a tenant does it.    Number two, ask yourself the question.  If you have a rental close by or god forbid, it’s right next to a property like this, would you think  “prospective” tenants would find this appealing and then decide they’d want to live next to that…?   I wouldn’t and I think the vast majority of folks agree with me.

It certainly promotes a devaluation of the neighborhood… don’t you think..?

One of the things we do as Property Managers for our clients is to drive by their properties on a fairly regular basis.   The reason you would hire a Property Manager would be to stop just this kind of thing if you don’t have the time or inclination to confront a tenant doing this.

Take a peek at the duplex here on Montrose in Folsom that I drove by last Friday.   Along with a pick up truck parked smack dab in the front yard, we’ve got trash cans sitting out in front when they should be behind the fence or in the garage until trash day.  It doesn’t help that the owner has a poorly maintained landscaped area.

I did some research on this property and the current owner bought this from the bank as an REO.   I think the owner is making a big mistake not taking more care of this property.   “Pride of Ownership” principles apply for rental properties too.   Not only is he hurting himself, by not maintaining and in fact “improving” his curb appeal, he’s keeping the potential rents and income to him down for his property.   As I pointed out earlier, it  also denigrates the neighborhood and lowers the “tenant profile”.

Here’s a picture of a property at 2728 El Parque, Rancho Cordova that represents the kind of pride of ownership from an owner that “gets it”.

2728 El Parque, Rancho Cordova

What do you think…?   Am I wrong…?  Drop me a note or post a comment here.

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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Don’t Overpay for a Folsom Duplex Without Checking Out Recent Sales…!

Why Would a Duplex almost identical to one we closed last year be worth $80,000 more…?

I ask the question because the property listing does show the owner did pay to install a Roof recently.   The Seller also made updates to the heating and air systems in one of the units and a recent exterior paint job for the building along with some recent water heater replacements.

The Seller is also offering a credit to the Buyer for new flooring in one of the units if you pay his price of $375,000.  However, the most recent comparable sale just around the corner closed escrow at $295,000.

By the way, the Fargo property started out even higher…

Both of these properties were built approximately the same time within 2 years of each other and both have 2 bedroom 1 bath units with single car garages.

The rents reported on the Fargo duplex are at $1,500 more annually then the one we closed escrow on at 46 Dean.   

The square footage of the units are about the same as well.    While the Seller of the Fargo duplex has recently reduced his price, don’t you think it’s still a little high..?

If you are a Seller you should look at recent sales and price them accordingly because the longer it sits on the market and gets stale, the tougher it will be to get sold.   Even if you did get an offer, if conventional financing is involved, it will be hard for the property to appraise anywhere near the current asking price.

In addition, I was disappointed at the “curb appeal” of the Fargo property because it wouldn’t have taken much to get the landscaping a little nicer.

What is my opinion of where the Fargo Duplex should sell for..?   I think somewhere in the $300,000 – $315,000 range and that would be “top dollar”.

Let me know what you think.

 

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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Want Some Ideas on Landscaping…?

Check Out The Folsom Garden Club’s Annual “Garden Tour”.

I am amazed at some of the ideas people come up with in landscaping their yards and patios.

The one thing that stood out to me after reading my first landscaping DIY “how to book” from Home Depot, was the reason why people do landscaping.   That is…”landscaping is an extension of the living area”.

So if you are looking at doing some landscaping, whether it is a large project or a small enhancement, why not take in the Folsom Garden Club, 14th annual Garden Tour coming up April 26th and 27th.  It’s a charity event and proceeds go to various scholarships and grants and you’ll get some good ideas about what you might like in your own place.

Here’s a video below of last years tour

 

https://www.youtube.com/watch?feature=player_embedded&v=MD72ybSkjQw

 

In the Mean Time…?

Make it a Great Day…!!!

Ed Favinger, Broker, CRS, GRI, SFR, CDPE

 

 

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We Need Jobs In The Sacramento Region – Looks Like More Could Be on The Way…?

Check out this report regarding large office space..!

When I’ve been approached by people curious about the Real Estate market in Folsom, El Dorado Hills and the rest of the Greater Sacramento Region and what they think the future is…. well,  the answer has always been…”depends on the job market”.

If you don’t have good paying jobs, you’re not going to have a flourishing market of homes, apartments and other types of Real Estate.   There’s a nice array of jobs along the “50 corridor” from El Dorado Hills, Folsom and Rancho Cordova… from Hi-tech start ups, Intel and the Rocket Ship factory over at Areojet.   We need more private sector jobs to keep the momentum growing.

While I know the market in Single Family homes and Apartments has been good of late, there’s some mixed news about Office space.   This does affect housing.

Take a look at this article I got from the Sacarmento Business Journal today.

Sacramento office market tight for big users

Let me know what you think.

 

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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