A Year In Review: 2011 Jasmine Market Update Elk Grove, CA
By bslaton on January 3rd, 2012
A Year In Review
Jasmine Condominiums Elk Grove CA
The condominium market for Jasmine in Elk Grove CA was a cash buyers paradise for 2011 due to the lack of financing in the complex. There were approximately 21 sales in 2011 according to data obtained from Metrolist Services.
The Jasmine condominium complex in Elk Grove consists of 4 models, the 1185 sq ft Model which is a 1 bedroom plus loft with a 1 car garage, the 1314 sq ft model which is a single story model has 2 bedrooms and a 2 car garage, the 1519 sq ft model which has 2 bedrooms plus a loft and a 2 car garage and the 1728 sq ft model which has 2 bedrooms plus a loft and a 2 car garage.
The 1185 sq ft model in Jasmine started the year with a sale on 2/22/11 at $87,000 which was an REO and used Homepath financing to close and ended with a sale on 9/21/11 at 73,500 which included a $500 credit to the buyers closing costs. The year end decline was approximately 16%. A total of 4 units of the 1185 sq ft Jasmine model were sold in 2011. All of the 1185 sq ft Jasmine models were REO sales.
The 1314 sq ft model in Jasmine started the year with an REO sale on 2/3/2011 at 110,000 which was a cash sale and ended the year with an REO sale on 9/1/2011 at $105,600 which was a cash sale. The year end decline was approximately 4%. A total of 5 units of the 1314 sq ft Jasmine model were sold in 2011. All of the 1314 sq ft Jasmine models were REO sales.
The 1519 sq ft model in Jasmine was the most active sold unit sold in Jasmine in 2011 with the first sale of the year on 4/1/2011 which was an REO sale at $114,000 which was a cash sale and ended the year with the last sale on 12/19/2011 at $99,950. The year end decline was approximately 12% and turned in the last quarter from a positive trend to a negative trend with the closing of two short sales which took the comparable sale from $115,000 (which would have been a $1000 increase from the beginning of the year to an approximate $15,000 decrease from the beginning of the year. A total of 8 units of the 1519 sq ft Jasmine model were sold in 2011. Of the 8 units, 5 were REO sales, 1 was a HUD owned condo and 2 were short sales.
The last model in Jasmine is the 1728 sq ft model which started the year with a sale on 1/14/2011 at $117,500 which was an REO sale sold for cash and ended the year with an REO sale on 9/20/2011 at $119,500. A bright note is the year end INCREASE came in at 2%. There may have been concessions to the buyer on the last sale which were not listed in the MLS so the increase should be viewed with caution. There were a total of 4 units of the 1728 sq ft Jasmine model sold in 2011.
So the recap we saw in Jasmine was that only 2 short sales closed in Jasmine and they had the highest depreciation in value against the REO sales. We did see one investor flip in the data but listed it as REO based on how it was acquired. There were no equity sales in Jasmine for 2011.
We have provided for your use this chart of:
2011 condominium sales in the Jasmine community of Elk Grove CA
Our prediction for 2012
Jasmine will continue to see small depreciation in pricing due the lack of financing available to homebuyers and will see continued purchases with cash buyers. One key to the financial recovery of this complex will be to get those condominium owners facing foreclosure to keep their HOA fees paid and pursue a short sale instead of letting their condo units sit vacant and affecting the other sellers in the complex. Once financing opens up in the complex we anticipate to see an improvement of the sales pricing in the complex which is still in demand for homebuyers but out of reach due to financing options. Homebuyers searching for condos in Jasmine should focus on Homepath eligible units or HUD owned units as these provide more available homeowner financing than openly available.
SacramentoCondos.com continues to be dedicated to the condominium community through providing options for first time homebuyers to purchase their first condominium as well as providing services for those homeowners who may be at risk of foreclosure pursue short sales on their units. First time homebuyers should monitor our Jasmine page and condominium owners who need to seek advise on their foreclosure alternatives should contact us directly at info@SacramentoCondos.com or visit our information page at ForeclosureOptions.com. Our office can also be reached at 916-226-2700.
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