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Low Inventory = Multiple Offers = Rising Prices – The Silicon Valley Spillover…?

Don’t Believe Me…?  Go to any weekend open house and watch the traffic.

I don’t care where you go these days in this region because what you’ll see are lines of cars parked to look at these “open houses”.

Last Saturday, I was out and about looking at property in the area for some investors I am working.  My 1st stop was at a home for sale in Roseville on Petruchio Way that has a list price of $549,000.

The agents who have this home listed held it open from 2:00PM to 4:00PM.   I showed up around 2:15 and couldn’t believe the crowds of buyers with and without agents viewing this property.    This is large home but I was bumping into folks in just about any room I entered.

The neighbor who is a good friend of mine said there was still a crowd there til about 4PM.

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Then later on that afternoon,  I was in the Rosemont area of Sacramento looking at a single family home located at 3201 Korovo Court that is a “short sale” listed at $149,000.

Just like the  home in Roseville, I was not the only guy in there.  It was amazing how many people were out looking.

The listing agent advised everyone on the MLS that offers would be presented the next day.  Sure enough… it sold the next day for I’m sure a price well over the list price.  The investors I’m working with made a “cash offer” of $160,000 and didn’t get it even though it did need some work.

This morning I wake up and get an update from RIS Media about Silicon Valley.   Take a look at that short article I’ve posted below and you’ll realize with me that we are in the middle of a bubble or a boom.   I think it’s more like a boom because the only thing holding back this real estate market now is the chronic unemployment.

January Housing Update:  Nothing Left to Buy in Silicon Valley

If you have had the same experience.. let me know.  I’d like to hear your feedback.

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 Landscaping Tip – Mistletoe Not Good For Your Trees…!

In case you didn’t know…  Mistletoe is a Parasite.

 

We work for a partnership that is fixing up a home at 9051 Posada Way in Sacramento.   As part of our service,  since they are out of the area, we go by during the week while the work is being done and Video the progress.

A couple of days ago I was out there and happen to notice that trees  belonging to the neighbors on both sides were infected with Mistletoe.   To see what it looks like take notice of the pictures above here.    Click on the picture to see a short video.

These trees are going to whither and die because of this infestation if they are not removed soon.

You might not notice them during the summer time because the host tree will have leaves that might hide or mask their presence.  However during the winter, they don’t die and are easy to spot.

If you see this condition on your property or a neighbors property let them know.  Ridding the tree of this pest will really make a difference in restoring the health of a tree, even if it’s near death.   All you have to do is cut the branch(s) where the mistletoe is to save the tree.

If you need a landscape company or tree service to do this for you, contact us and we’ll give you a couple of references.

 

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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Skunks in the City – What Do You Do with “Pepe Le Pue” and His Crowd…?

A Quick Lesson in the proper removal of “pests” which is part of your job as a Landlord.

 

Skunks in the City..?

We manage a single family home in a quiet neighborhood located at, 7589 Limerick Way in Citrus Heights.   If you clicked on that link you’ll notice the home is in an area  you’d think would not have critters  normally found near a creek, along a river or other open spaces in a more rural wide open area.

The nearest open space we have is the San Juan Park about a 1/2 mile away.   This whole area was developed years ago and you’d think by now  critters like skunks would have migrated away to a more rural and wide open area than in the middle of “suburbia”.

The Problem – Missing Vent Screens:

The house is on a “raised” foundation.  After the new tenants moved into this home, they did call us a couple of months later saying they thought they heard scratching sounds or noises below the house.

It was only by chance around dusk one evening that the lady of the house noticed a skunk exiting the area below a deck from an air vent that was missing a vent screen.   Vent screens are supposed to be in place to keep critters out, but allow air in.

We contacted a couple of our Pest Control vendors to take care of this and they had to “refer” this issue out because there are special rules in handling Skunks.   They have special cages to trap them in so their little tails don’t go sticking up spraying everywhere.

In all, they captured 4 of them and all are euthanized as per regulations.   It took a while too.   So when a trap caught one, the tenant would call the pest company, they’d come and get it and set another trap until 4 of them were finally picked up.

I’ve been doing property management for 23 years and had never encountered something like this.  Roaches, rats and mice yea, but not skunks.   If you look at the maps, you’d just not suspect it would be the case here.

I found out it’s not all that uncommon.  I took the liberty of doing a quick Google/Youtube search regarding this issue and found a couple of links here.

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 Bank Owned Home and With a Pool – Will it Carry Itself…?

That’s the question an investor always asks me on a Single Family Home whether it has a pool or not.

The short answer is yes.   Now, while they will not give you a big cash flow return from the beginning, they will pencil out enough that you won’t be writing a check every month to the bank.   That is because we have such low interest rates.

This one is located at 106 Haskins Court here in Folsom.   I previewed it yesterday.   It’s a 4 bedroom 2 bath, with a 3 car garage, a pool,  room for an RV or Boat Parking… You’ll see in the video below that it has some updates that include designer tile floors in all the “high traffic” areas and skylights in both bathrooms.   There was a enough natural light in the house without having the lights on that I was able to get this video even though the power was shut off.

While I know investors are always looking for cash flow, buying a single family home in an upscale area like Folsom will cost you more to start.  But, you will have a better class of tenant and one that pays the rent on time because of the location.

Don’t believe me…?   I know the area because we do Property Management here in town as well.

 Click here for a “pro-forma” cash flow analysis of this property.

Click Here for a Rent Comparison if you think I might be overstating what it might rent for.

Check out the walk through video below

 

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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You Want to Buy A Sacramento Four Plex…? Is The Summer Heat in Sacramento Hot…?

Have You Heard the Phrase…”Give Us Your Highest and Best”…?   How About 22 Offers on this Bank Owned Four-Plex…

A client of mine was one of the parties that made an offer on this 4-plex.  I won’t say how high he and his group bid,  but trust me it was up there.   After viewing it on Sunday, we submitted our offer the next day, this past Monday, Jan. 14th.

Click here for more information about this Four-Plex located at 5544 Keoncrest Circle.

The Listing agent noted in the original listing offering, that all “offers would be presented at 9:00 AM” on the 16th”.

While this week had gone by quickly I had our offer in the back of my mind because we did make a very strong offer.     Here’s a copy of the “update” note I got from the listing agent late this afternoon.   It was sent to all that made offers…

ALL AGENTS.  I wanted to keep you in touch with what is happening with this property.  I did receive 22 offers on this fourplex.  Most were considerably above list price.  These offers were presented to Bank of America yesterday.  At this time I am still waiting for the Multiple Offer/highest and best form from the Asset Manager.  I will forward this onto everybody as soon as I receive it.  Phil Hodgkins Prudential NorCal

Now that you have seen how hot the market is and because almost every thing in this area is getting multiple offers…   How much would you offer…?

Fixed Up:   This complex should rent for $750 each unit = $36,000 per year Gross Annual Income.  If you calculate it would cost you $10,000 per unit to “fix up”..?  What would you pay for it going in…?

I’ll keep you posted and let you know what happens.

In the Mean Time…?

Make it a Great Day…!

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

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Owning a Home is Still the American Dream…! Check Out the Survey…

Click Here for the Link to Real Estate News from the Sacramento Bee – Just more information that real estate is back in the State of California

Make it a Great Day…!

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

 

 

Looking for a Duplex, Four-plex, Apartment Complex or Even a Single Family Home…?

You Can Do Your Own Searching Right Here…

If you happen to be looking around and trying to find a Home for sale in Folsom, El Dorado Hills, Roseville, Granite Bay, Sacramento,  or any other city in the area, you can  Click Here to get started.

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While you are hanging around here you might check out the Foreclosure Search because you might find something there as well.

If you are looking for more than just a home, you can find Duplexes, Four-plexes and Apartment complexes that are for sale in the Sacramento Region by Clicking 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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Some Things To Do in Folsom

The Paladio starts the Summer Concert Series this Wed, June 6th.

 

This is a great time of the year because with the addition of the concerts on Wednesday nights here.

 

This weekend take a stroll down to the Historic District this Saturday for the Second Saturday on Sutter Street.

 

 

There’s so much to do here in town this time of year so take your pick and have fun.

 

I’ll probably see you out there.

 

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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