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Bank Owned Fixer Upper Duplex in Citrus Heights…!

I like the location but it will take some work and imagination

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I ran across this Duplex located at 6553-6555 Mauana, Citrus Heights when I noticed that the listing agent had reduced the price by $25,000 down to $200,000.   I think it’s still overpriced because of it’s condition, but in this market who knows for sure.

I have estimated that to do this right you’d need about $45,000 in fix up, but that will mean you will wind up with new kitchens, bathrooms, paint etc.

After the fix up, if you could buy this property at that price it would still have a decent cash flow given the current market.  Click Here to see the Proforma Cash figures for 6553-6555 Mauana, Citrus Heights

Take a peek at the short walk through video here below.  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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Real Estate Sales Will Stay Steady And Maybe Increase Even If Rates Go Up Some…!

Mortgage rates increasing to the 4% range are still historically low, but…It’s not the point of this article.

Don’t you think by now that most of us active in the Real Estate Market in this region are aware that the economy here is on the upswing…?   If you are a Broker or an Agent, a Mortgage Loan officer, a home buyer or an investor active in the last couple of years this is old news to you.

Yes… I know interest rates helped to make it advantageous for many an investor,  especially if you had to finance a deal to get in.  I’m not going to panic over an increase in interest rates right now.

I’ve told just about everyone that I have ever worked for in a real estate deal, “the only reason prices haven’t gone up more is high unemployment”.

Here’s the latest headline from today’s Sacramento Bee Front Page.

Jobless rate plunges in Sacramento and California

Below here you’ll see some anecdotal evidence based on my experience to support my opinion.

English: The mall in Roseville, CA.

  • Traffic has gotten much more crowded on the local streets.   I see a lot of people at Restaurants, Entertainment venues and Shopping Malls.
  • Multiple Offers on a small supply of homes for sale – I know you have heard about that.
  • The Residential Rental Market is in great shape especially for well located and well maintained properties such as Folsom, El Dorado Hills, Roseville, Granite Bay, Fair Oaks, Gold River.   After only a week on the market, we recently leased a home in Empire Ranch for $2,850 with the new tenant paying the water, sewer and garbage.
  • Phone Book/Internet Searches – We are now getting calls from prospective tenants looking to move into a rental having difficulty finding a decent place.  They found us under Property Management listings hoping we had something they hadn’t seen elsewhere or maybe we had something “coming up”.
  • More “traditional” real estate transactions that are not Bank Owned/REO or Short Sales.
So… if you are thinking things are going to change anytime soon,  would you agree with me that it’s not going to be bad ?

Make It a Great Day…!

Ed Favinger, Broker CRS, GRI, SFR, CDPE     favinger@rwnetwork.com   916-203-1260
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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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This Real Estate Market Needs Sellers…

Short Inventory Will Cause You To Bump Into The Same Folks Looking At The Stuff You Are.

This was the case for us on Sunday, April 7th.

We are marketing a Duplex at 7243-45 Castilian Court, Citrus Heights and had scheduled an “open house” tour for a couple of hours starting about 12:00 PM.     

I met a Buyer that had written an offer on this duplex at the property and then decided to look at other similar properties open that day.   At a couple of places we ran into the some folks we’d seen earlier.

Later that day I was showing property to a lady looking for a single family home in Roseville.   At every home except for one, there were folks either coming out as we were going in or coming in as we were going out.   On more than one occasion we ran into familiar faces that we had bumped into earlier in the day.

Just another day in Real Estate in a short inventory environment.

If you know of someone thinking of Selling a their home, selling a rental property or apartment complex, we’d like to know.

 

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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Looking For A Small Apartment Investment…? These Might Work For You…

Here’s My Profile of Two Small Apartment Buildings.

Lets start with a property that was on the market a few months back… didn’t sell,  is now back on the market for sale.

7761 Lialana Way, Citrus Heights, Ca  

An 8 unit complex consisting of all 2 bedroom 1 bath units.

They include  Central Heat and Air, small patios or balconies.   The listing agent says in the listing offering a New Roof was installed in 2007.

List Price:  $535,000

 

Click here for the estimated cash flow analysis

Click on the picture above for a short Video of the exterior of this property.

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The other one is located at 5432 Olympic Way, Sacramento, Ca 95842

This one is unique because it sits at the end of a cul-de-sac and consists of (6) 2 bedroom 1.5 bath Town House style apartments in a street comprised mostly of duplexes and another nice 8 units across the street.

There’s a large park that can be accessed by the tenants who live in this building.

 

List Price is $495,000

Click here for the estimated cash flow analysis.

Click on the picture above for a short Video of the exterior of this property 

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Both of these properties need some work.   I’m not talking major structural stuff.   No we’re talking about the curb appeal and deferred maintenance that exists on both.   These are the kinds of properties if fixed up, will generate a better class of tenant and enhance the neighborhood instead of being somewhat of an eyesore.

By the way… All of the numbers you see in those “pro-forma” cash flow analysis’ are “estimates”.

If anyone that checks in on this site and is interested in these or any other properties, please send me a note or call me.

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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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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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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