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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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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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Have a Home in Folsom You Want to Rent Out..?

Want to Know How Much You Can Get…?

 

This was a question asked by a consumer on Trulia.com a couple of weeks back.

 

His question was:

What is the average rental value for Empire Ranch property ? Specifically the ones within walkable distance to Russel Ranch school ?

CLICK HERE to see what other Brokers/Agents and I had to say regarding this question.   I think you will find this interesting and informative.

 

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 Bank Owned Home and A Duplex Profiled Here…

How Many Offers Will They get? And… How Many Will Be Cash ?

Who knows but it seems every home or duplex that I have taken a look at has had multiple offers.

The Sacramento Bee today comes out with another story in today’s paper about how “cash is king” in home shopping.

Anyone who has been in the Real Estate business as an Agent or Broker has known this for a while now.   If you are an Investor or Home Buyer that has been searching in this market to make a purchase in the last few months,  the SacBee story didn’t say anything new to you, did it..?

So let’s take a look at a couple of properties here that I’ve recently seen.   One is a single family home in Elk Grove that is next to a home that I listed last May at 2220 Yarnell Way.  By the way, we had 13 offers on it.  The other is a Duplex near the Carmichael Area.

The House – 2216 Yarnell Way, Elk Grove – a monster 3 bedroom 2.5 bath with a large bonus room that should be converted to a 4th bedroom if you are an investor looking to rent it out.   It’s listed at $225,000 and has 2600 sq ft of living space.   The listing agent said he’s not going to look at any offers until the 5th of September, so you have time.

Click here for the video walk through I did on Sept 1st.

The Duplex – 5208 – 5210 Shereen Court, Sacramento, Ca –  A large duplex with 3 bedrooms 2 baths & 2 car garage with a 2 bedroom 2 bath & 1 car garage that is listed at $259,000.   I personally think this is a little high but in this market who knows.   When I did the walk through I noticed a business card from another agent was left on the kitchen counter so I sent her a “text message” asking her for her opinion.   She also thought it was too high but did say her client was going to write an offer on it.

Click here for the video walk through of the Vacant Unit only.

Click here for a “pro-forma” cash flow analysis based upon the existing rents in the occupied unit & rents at $1,000 for the 2 bedroom 2 bath unit.

 Oh and by the way… These properties above just came on the market a few days ago.

 

Make it a Great Day…!

 

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

 

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Thinking of Buying a Four-Plex in this Area…? Better think twice is all I’m saying…!

Why…?  Well Read On and you’ll see why…

 

I was asked by a client to drive by and check out two  Four-Plexes he saw on MLS, one at 7816 Sayonara drive pictured here and another one at 7857 Sayonara Drive.

They are currently listed at $269,000 and$279,000 respectively and in my opinion show an income that I personally think might give a great “on paper” cash flow but that does not tell the whole story.

The City of Citrus Heights has done some great work in cleaning up the street the last few years.  Their solution was to just tear down about half of the 4-plexes on the street.  They have built a small community center and are working on creating a park there with the “new open space”.

Anyway… I was out there yesterday and took a short exterior video of these two.   I was “confronted” near the end of the video shoot.    Here’s the video  You’ll hear voice near the end asking what I’m doing.

If you want more information about this street, all you have to do is “google” Sayonara Drive, Citrus Heights and you’ll get a lot of information.   I’ll give you a link here to start with that I got from the City of Citrus Heights.

As you might imagine, I’m not a big fan of 4 plexes in this area and if you are thinking of buying one, just be prepared is all I can say.   I will say though at least the City of Citrus Heights is being “pro-active” in cleaning up what has been a troubled area for a very long time.

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

 

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Well It’s About Time This Duplex Had a Price Reduction..!

The Reason Why is Because It Does Need Some Work.

 

I was out there again yesterday afternoon  after showing this to a prospective buyer earlier in the morning.  The reason is because after getting back to my office I noticed that the listing agent had reduced the price to $181,100 from the original asking price of $197,900.

When I saw that change I thought, “well it’s about time the list price was reduced” because I knew when it first hit the market in the middle of June it was a little high for the condition it was in.

The smell when you first walk walk in the vacant unit is compelling to say the least… kind of takes your breath away.   But as you’ll see in the video I shot, it just needs some paint, carpet & lino and other minor fixes.   You’ll see in the video that one bedroom has a sliding door to a nice little back yard patio.  The grass is dead of course, but nothing a little watering won’t cure.   Click on the picture above to see the video walk through..!

Rents for this Duplex “fixed up” should be at least $1,000 for the 2 bedroom 2 bath side and at least $950 for the 2 bedroom 1 bath side.   Click Here for the “pro-forma” cash flow analysis.

By the way, there was a duplex just a couple of doors away at 8326 Summerplace that closed escrow a week or so ago for $182,000 that started out priced at $197,500.

 

Make it a Great Day..!
Ed Favinger, Broker CRS, GRI, SFR, CDPE    916-203-1260     favinger@rwnetwork.com

 

 

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Some Sacramento Cash Flow Opportunities I Like..!

I’ve got profiles of a Duplex “Flip”, A Short Sale Duplex & a 6 Unit Complex.

 

 

Let’s talk about the Short Sale Duplex 1st.

6813-15 Greenback Lane, Citrus Heights – Listed at $129,500 a few days ago.  They are accepting offers tomorrow, August 20th around 6PM.    This will get multiple offers..!

Click Here for a Pro-forma Cash Flow Analysis     Click Here For the Exterior Video

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Here’s a “Flip” Duplex.

6604 Summer Rain Way, Citrus Heights, Ca – Listed at $214,888.   2 bedrooms 1 bath ea side.    Rents should be at $1,000 per unit on this street because our company manages a unit a couple of doors away.  One unit is vacant and the other is reported to be renting at $750.00  per month.

Click Here for the Video of the one vacant unit

Click here for a video of the Duplex we manage just a couple doors away for comparison

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You have to take a look at this 6 unit deal located at 1911 El Monte, Sacramento, Ca.    It consists of 6 separate single family homes on one lot.  Listed at $299,000 I think this is probably one of the better deals out there now.   The problem with this one is that it must be a cash deal because its difficult to get multi-unit financing with loans below $500,000.   They’ve had a couple of deals fall out because the Buyers could not get financing.

Click Here for the Exterior Video and I’ll think you’ll agree with me that this is a “unique” property.

Click here for a list of expenses I got from the listing agent.   I don’t know if these are annual figures or..?  The reason I say that is because they look high for some reason.  You will notice there is a “gas” utility bill included which would be unusual in a situation like this.   This is something you’d have to clarify of course in your due diligence review of their income and expenses.

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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Eviction Troubles…?

I have an eviction 4years ago and can’t get anyone to give me a chance.  Im a single mother needing a place to call home any ideas?

This questions was asked by a lady who is a reader on Trulia.com and is seeking help with her situation.   Take a look at the answers I and other professionals had to say.

If this is a problem you are currently experiencing or know a friend that has this problem, then pass this on to them as well.

Click Here for The Solutions We Gave Her…

 

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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Cash Flow Anyone…? I Haven’t Seen One Like This in a While..!

Somebody is going to jump on this one.

 

I think this is a “wow”…!   Because it’s a very unique and small apartment complex and located in a neat area with a mix of  Single Family Homes, Duplexes & one other small apartment complex on the street.   It’s Listed in a Price Range of $590,000 to $590,888.

The Neighborhood does show some pride of ownership with most of properties in better than average condition.

I’ve taken an exterior video of the property and immediate area.   Click on the Picture here to get a short exterior view of the property.

I’ve got the cash flow figures here and they look pretty darn good.  They do have one vacancy now.     By the way…  I did call the various agencies and verify most of these expenses… so what you are seeing will be close to “actuals”.

Click Here for the Pro-forma Cash flow Analysis

We manage two duplexes on this street and they are pretty easy to rent up.

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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