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More Old News From the Sacramento Bee – When It Comes to Real Estate

I’ve Been Telling Folks For Years That They Had Stopped Building New Homes Here.

I can case you haven’t yet seen this article from the Sacramento Bee,  I’ve got the link for you below.

However… I have to add that the only reason prices haven’t climbed higher is the still high unemployment in this area.    When that gets better, you’ll see prices and demand really go up and new homes coming on the market.

Sacramento area home builders struggle with rising demand, lack of ready lots

 

Now… In the mean time…?

Make it a Great Day…!

 

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

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A HomeSteps Bank Owned Duplex in the Rosemont Area – Just On the Market.

Priced Well Below Some Recent Sales Just Around The Corner

While lately there hasn’t been much in the way of Duplex inventory come on the market, when they do, I get out there as soon as possible to see what kind of condition it’s in.

click on the picture to see the video

This one located at 9647-9649 Arlisson Drive, Sacramento, 95827 sits among other Duplex properties and has a great location near some shopping and Hwy 50 access.   It has a 3bed/2ba/2car and a 2bed/2ba/1car configuration.

This one is perfect for an “owner occupied” situation where the owner lives in one side and rents the other.  I think if you were a young person starting out,  it would be real smart to rent out the 3 bedroom side and live in the 2 bedroom side of this Duplex.   However the figures I have below fit the scenario that the 2 bedroom side would be rented and the 3 bedroom side would be occupied by the owner.

Click Here to see how cheap you could live in this Duplex for such a small down payment using an FHA loan

If you are an Investor, you’ll have to wait about 15 days til approximately January 17th before you’ll be able to make a run at it,  because they are offering this property to “owner occupied” folks first.   After that… then the investors get a shot if it’s not sold by then to a Buyer that wants to live there.

Click Here to see the “pro-forma” cash flow analysis if you were to purchase this as an Investment Rental.

By the way… Click on the picture to get a Walk Through Video I did today around 11:30 or so today

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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A Couple of Unique Bank Owned Homes in Folsom

One Is “Rent Ready” if You’re An Investor – The Other Needs a Little “TLC”.

I”ve been out and about more these days, since the local weather here has been so great, looking at a lot of homes.   I’ve got a couple here that are interesting.

Some features they both have in common are they are both located near parks, open space and the trail systems which are all over the City of Folsom.

The 1st one is located at 1176 Grey Fox Court, in “The Parkway”  and is priced at $310,000.   As of today, January 5th it still shows as an “Active” listing.   Located on a Cul-De-Sac, it’s just a few doors away from the Parkway Trail system and Nature Preserve.

Video is below

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The 2nd one is located in the Ridgeview neighborhood at 726 Hunter Place.   It’s got a nice corner lot orientation with some privacy that  includes almost 2,600 sq ft ,  4 bedroom 3 full baths, pool and spa.  Priced at $399,900 it’s also located just a few steps away from the neighborhood park and bike trails.

Video is below

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

 

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It Looks Like Multi-Family Properties Are Back…. If You Own An Apartment Complex…?

 

It Might Be Time to Sell.

The Tower Bridge, built in 1935, a popular lan...

 

I’ve been doing a little reading about the market and ran across this article that I think you might want to take a look at.   The source is from an outfit called Bisnow.

While the story centers on the Denver Area, they also cite examples in Los Angeles and other areas as well.   Their observations are symptomatic of what is occuring in the rest of the country when it comes to Multi-family units.

CLICK HERE for the link to their take Apartment Market.

 

In the Mean Time..?

Make it a Great Day…!

Ed Favinger, Broker CRS, GRI,SFR, CDPE

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Anybody looking for a Home in El Dorado Hills with Folsom Lake Views..?

Then Take a Peek at my Review of Two Homes – One a Bank Owned Home and One that is a “normal” Sale.

I’ve been running around the last couple of weeks looking at properties for a prospective buyer that is looking for a Custom Home in either Folsom or El Dorado Hills.   And… if I can get one with a pool, some Sacramento Valley Lights and Folsom Lake Views..? This prospective buyer would view that as a plus.

So lets start here with the Bank Owned Home located at 2740 Aberdeen Lane listed at $664,900.  The listing broker shows it at 4,358 sq.ft, a 1.012 acre lot that includes a Pool, Basketball or Sports Court and a Putting Green.

Now that you have seen the video above, take a look,  if you haven’t seen it already,  of the home located at 2795 Aberdeen Lane.   I did a blog review a couple of days ago but couldn’t get inside because the listing agent hadn’t put a key in the lock box at the time of my inspection.

I went back after I had completed the inspection of the above property a couple of days later.   What you have here below is the inspection that now includes the interior.

So what did you think…?   If I had to make a choice… I think I’d go for the one at 2740 Aberdeen for sure.   While it doesn’t have the almost 180 degree views the house above has, I think you’d have a lot more utility value with 2740 Aberdeen.  The house above had the great views, but it wasn’t really special at all once you got inside… Just my opinion.

 

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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Update on Some Recent Duplexes, Four-Plexes & Homes That Have Been Profiled Here….

I’m Still Amazed At the Amount of Investor Interest There is for Duplexes.

 

Here’s a list of properties that I have profiled in the past.  Some in the last few weeks and others earlier in the year.  I wanted to make this update because I’ve been busy working with some folks that have failed to get an offer they have submitted approved.   That’s because of the competition for quality investments.   It’s a frustrating experience for Buyers.

You know,  while you might hear stories out there from the State and National Network News regarding the lousy economy, areas like the San Francisco Bay Area and the Sacramento Area along with the Coastal Areas of Southern California are doing a “robust” business when it comes to real estate.

“Multiple Offers” are the normal course off events when a new listing comes on the market.  I’ve written about it,  I think,  for well over a year now.  Others in my business have also expressed the same experiences.   There are areas of exception of course,  but I’m referring to, I guess, for lack of a better term, “the preferred” areas… the areas that I have been to the most and written about here.

I’ve also included some properties I may not have written about before as well.   The purpose behind this is to show you how much work many of them may or may not have needed to get into a “rent ready” condition.

So if you are out looking now for an investment property whether it’s a Duplex or a Four-Plex you’ll hopefully get an idea of what other investors have done and have been up against like you.

The Following Are Closed Transactions:

2358-60 Imran Court, 2bd/2ba/1car & a 2bd/1ba/1car – Listed at $180,000 – Was a Short Sale – closed escrow 11/20/2012 Sold for $180,000Click Here for the video   which was uploaded 1-8-2012.  The wait to close this short sale was worth it.  You can’t find a duplex like this for the price they closed it at.

6604 Summer Rain Way, Citrus Heights, 2 bed/1 ba each side – A “flip” that I thought was listed too high back in August at $214,888 – It finally closed just  a couple of days ago, Dec. 20th,  at $201,800.    Rents were only at $750 on one side – we manage a duplex just like this one just two doors away from here and get $950.    Here’s the video of the vacant side

Here’s some that just came on the market and are now “Pending Sales”

6535-37 Hazel, Orangevale, Ca, 3 bed/1ba each side – Was Listed at $179,900 but then lowered to $159,900, which made it a much better deal.  You’ll see why it didn’t sell for the higher price by going to the Video Here.

4341  Alsace Ct,  Fair Oaks, CA  95628   – Was Listed at $425,000 – Duplex with a 3 bedroom on one side located in an area of mostly single family homes.   This is an interesting property that would be perfect to live in one side and rent the other.  Let me know what you think of it after you see The Video Here

3107 – 3109 Laurelhurst, Rancho Cordova, 3 bedrooms/2 bath ea side – Bank Owned – Was Listed at $155,400.   An Investor I’m working with offered $171,000…. AND DID NOT GET IT..!  Check Out the Video

3283 Cambridge Road, Cameron Park, – Single Family Home that had been priced much higher at $309,900 but then lowered to $269,900.  I had a buyer make an offer but it was also not accepted because others had out bid us.  Click here for the Video and more.

I will have more examples coming later….  

In the Mean Time…?

Make it a Great Day…!

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

 

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A Bank Owned Home in Cameron Park – Been Sitting There A While Too…!!

That’s because they had it priced to high – they’ve just lowered the price to $269,900 and now it’s getting action.

I was out there today looking at this home for a client of mine and thought I’d share this video with you.   This one is located at 3283 Cambridge Road, in Cameron Park.   It’s just a few doors away from the Cameron Park recreational area and lake.   You could walk there to see the 4th of July fireworks show they put on every year.

If you are commuter to Folsom or the work centers along Highway 50…?   This would be a great spot to land after coming home.

At around 2,200 sq.ft., it’s got 4 bedrooms 2.5 baths a monster lot with plenty of room for your boat or RV.

I’ll let the video do the talking… 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

 

 

Ok… I’ve Been Asked to Review Some 4-Plexes again

I think these are so out of style.

I have some folks looking at investing in the area and interested in 4-plexes because the cost per unit is lower and there’s the potential for a higher cash on cash return.

While I might agree with that on paper, reality is that the type of 4 plexes they’ve built in this region are some of the most basic of rental units.   I guess the term “bread and butter” units would be what you’d hear most often when discussing a property like this.   As I said, they are basic apartment units with not much in the way of amenities…. “bread and butter”.   No yard, no central heat and air, no fireplaces, some don’t even have dishwashers and no covered parking or garage.

This property is located at 4569 Ashcroft Avenue, Sacramento – the Foothill Farms area.  All of the units are 2 bedrooms, 1 bath.   They have wall A/C’s and gas wall heaters.   There is a laundry room for this building.

Rents should be at $700.00 per unit for an annual income of $33,600 which gives you a gross rent multiplier of about 6.84 and about an 8-9% capitalization rate if you only have about 40% of gross rents as your expenses.

There is an HOA that takes care of the grounds and just recently resurfaced the common area driveways.

One of the things I do like about this property is that you have to drive through a street of single family homes to get to it and it’s at the very end of a dead end street.

I’ll let the video below do the rest of the talking

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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Have We Reached the Bottom and Starting the Crawl Back Up…?

This Article From Today’s Sacramento Bee – Just More Evidence It Has…

Sacramento area home sellers again walking away with cash

By Hudson Sangree and Phillip Reese

hsangree@sacbee.com

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I Have a Couple of Nice Duplexes for Sale…Not a Short Sale or an REO

In a Pride of Ownership Area too…!

6819-21 Trovita Way,    and    6924-26 Trovita Way Both properties are configured with 3 Bedrooms 2 bath, 2 car garage and a 2 bedroom 2 bath, 1 car garage.

Listed at $269,900 each – An Exterior Video here of 6819-21 along with some pictures of the 2 bedroom side at 6821 Trovita.

For a “Pro-Forma” Cash Flow Analysis Click Here 

 MORE VIDEO BELOW…..

Click Here for a video of the interior of the 2 bedroom side of 6924-6926 Trovita Way.

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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