Sacramento Condo Talk

A Year In Review: 2011 Jasmine Market Update Elk Grove, CA

bslaton — Wed, 04 Jan 2012 03:00:47 +0000

A Year In Review

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.

SacramentoCondos.com is a division of eCurb Realty Services Inc. Real estate services provided by Realty World eCurb REALTORS CA License #01904297.

Condo Financing: Homepath Eligible Condominiums in Elk Grove

bslaton — Wed, 21 Dec 2011 23:07:55 +0000

Its becoming more and more part of our day these days here at SacramentoCondos.com to get questions about the lack of financing for condominiums in the Sacramento region. We’ve created a sort of work around for our users. Although financing may not be an option in some of the complexes, condominium units taken back in foreclosure by Fannie Mae are sometimes “eligible” for Homepath financing and this is the work around. We’ve compiled a selection of Elk Grove condominiums that are currently eligible for Homepath financing below:

If a selection of condos does not appear above, its because as of today there are no available listings that are eligible for Homepath financing, check back daily or contact our office to set up a personalized search for you. Because some of the best sought after condominium complexes currently do not have financing available, active listings eligible for Homepath financing tend to move quickly.

We can show you any of these condominiums once we determine your pre approval status. We work with a wide array of qualified and reputable lenders here in Sacramento and would be happy to refer one to you today, just email us at info@SacramentoCondos.com .

Condo Financing: Homepath Eligible Condominiums in West Sacramento

bslaton — Wed, 21 Dec 2011 23:02:15 +0000

Its becoming more and more part of our day these days here at SacramentoCondos.com to get questions about the lack of financing for condominiums in the Sacramento region. We’ve created a sort of work around for our users. Although financing may not be an option in some of the complexes, condominium units taken back in foreclosure by Fannie Mae are sometimes “eligible” for Homepath financing and this is the work around. We’ve compiled a selection of West Sacramento condominiums that are currently eligible for Homepath financing below:

Many L Street Lofts Condominiums Facing Foreclosure

bslaton — Fri, 10 Jun 2011 16:30:42 +0000

About 75 percent of the units at the upscale L Street Lofts development recently foreclosed, according to an article in The Sacramento Bee.

The Bee noted that the development, located at 1818 L Street, was plagued by a sluggish local economy and lawsuits related to the development’s vacancy rate.

Then around March 18, L Street Lofts LLC defaulted on a $33 million loan.

On April 13, the lender for the luxury 7-story, 92-unit condominium foreclosed on 70 unsold units after nobody came forward to bid.

Sacramento California Real Estate

While the recent foreclosure is not very good news for those wishing to sell their L Street Lofts unit, it does have potential benefits for interested Sacramento condominium buyers.

Now that the property has foreclosed, the bank will more likely be willing to accept lower-than-usual offers on units at L Street Lofts. After all, banks lose money the longer real estate properties remain on the market.

Plus, once the Sacramento housing market finally bottoms out, prices at L Street Lofts will likely rise, along with most other pieces of Sacramento real estate.

And with a restaurant and retail complex just across the street from L Street Lofts in midtown, location will certainly be a draw for the development once the economy recovers.

Purchasing a Sacramento Condominium for Sale

Sacramento real estate market conditions right now are favoring interested Sacramento buyers looking for a good deal on Sacramento real estate.

If you’ve been thinking about investing in a Sacramento condominium, then contact me, Bruce Slaton, your Sacramento real estate expert.

I’ll give you an even more comprehensive overview of the current state of Sacramento real estate as well as answer any questions you might have.

Want to get the process started right now? Then check out some of my FREE Sacramento condominium buying resources, including:

Until next time,

Bruce

Sacramento Condo, Bridgeway Towers, To Get Facelift

bslaton — Wed, 08 Jun 2011 16:20:13 +0000

Bridgeway Towers, a 30-year-old condominium located at 500 N. Street, is expected to receive major renovations soon.

The 15-story luxury downtown condominium was recently purchased by local developers Ray Sahadeo and Mark Chisick.

The two men own S360 Development, which is a company that specializes in purchasing distressed properties and revitalizing them.

This is great news for owners and future residents of Bridgeway Towers, which has faced several issues over the years.

When the Sacramento condominium was built in 1980, less than a dozen of the 134 units sold. Sacramento real estate experts credited the disappointing start to record high interest rates.

The units in Bridgeway Towers were converted into apartment units shortly thereafter, until 2005 when another developer attempted to restore Bridgeway Towers back to condominiums.

Unfortunately, the economy tanked just as efforts began and Bridgeway Towers North LLC defaulted on a $34 million loan.

Downtown Sacramento Condominiums for Sale

Admittedly, there’s still a lot of work to be done at Bridgeway Towers, including removing mold and asbestos in some of the units as well as updating the building’s permits.

But many people in the Sacramento condominium community told The Bee that they were optimistic the new owners would be able to restore the downtown Sacramento condominium to the level of prominence it was meant to have.

After all, Bridgeway Towers has one of the best locations in the city, giving tenants easy access to a bustling downtown environment with plenty of unique dining and shopping venues nearby.

Purchasing a Sacramento, California Condominium

I too am optimistic that Bridgeway Towers will receive some much-needed improvements soon that will make it a desirable address on the Sacramento real estate market again.

If you’d like to learn more about Bridgeway Towers, or any other Sacramento condominium community, then contact me, Bruce Slaton.

I’ll let you know about available listings as well as answer any questions you might have.

And if you’re relocating to the Sacramento area, I suggest you check out some of my helpful Sacramento relocation tools, including:

Until next time,

Bruce

More Sacramento Condos Being Developed in Downtown Alleys

bslaton — Mon, 06 Jun 2011 16:07:18 +0000

The Sacramento Bee recently reported on an interested trend happening on the Sacramento condominium scene.

More and more developers are investing in condominiums in Sacramento’s alleys. From cosmopolitan to bungalow designs, these new condominiums are revitalizing the city’s alleys.

Cty officials have also lent a hand in this new trend by offering to help developers clean up alleys and repave them for improved walkability and drainage.

Sacramento, California Condominiums for Sale

The new trend in alleyway condominiums is a remarkable example of how Sacramento developers are bringing new life to existing structures all over the city.

For example, 9 on F in Alkali Flat is a LEED certified condominium building that consists of 9 tri-level homes.

There are three floor plans in this development, ranging from 1,300 to 1,550 square feet. All three floor plans feature 3 bedrooms.

As if to signal the rising popularity of alleyway condominiums, the three units on the alley side sold faster than those facing the courtyard and streets.

Alley condominiums can be appealing to interested Sacramento condominium buyers because of their close proximity to downtown amenities. Residents also see the low maintenance of alley condos as another benefit.

Investing in a Sacramento, California Condominium

Whether you’re interested in purchasing a Sacramento alley condominium or one further away from downtown Sacramento, you’ll want to work with an experienced Sacramento REALTOR.

Contact me, Bruce Slaton, today to learn more about how I can help make the Sacramento real estate transaction process exponentially easier for you and your family.

And if you get a chance, please feel free to check out some of my Sacramento condo buying resources, including:

Until next time,

Bruce

Riva On The River: Rental Cap In Place

bslaton — Wed, 18 May 2011 17:21:20 +0000

Riva On The River has a rental cap currently in place and any investors should understand the process. Currently no more than 25% of the units can be used as rentals. Landlords need to request permission from the Association to allow their unit to be used as a rental. Once approval has been given, the landlord has 90 days to enter into a lease agreement with a tenant. Lease agreements need to be a minimum of 1 year.

A couple of notes from my understanding of the policy

Lease agreement need to be a minimum of 1 year
Once the unit is approved to be rented ,the landlord has 90 days to provide a lease agreement to the Association.
If the unit is sold and was previously an approved rental unit, the new owner will have to request permission and would most likely be placed on a waiting list until the cap comes below the 25% rental cap.
If an Investor wants to purchase in the complex, they can purchase and hold the unit but they cannot rent out the unit until the unit has been approved to be rented out.

The HOA Management company for Riva on The River is Kocal Management Group in Folsom CA and they can be reached at 916-985-3633

Riva On The River: Lawsuit In Settlement Stage

bslaton — Wed, 18 May 2011 17:00:03 +0000

According to a May 2nd 2011 announcement from the law firm of Berding & Weil LLP, the builder defect lawsuit against Nevada Pacific West Builders Inc is coming to settlement.

According to the announcement the Association expects to receive $900,000 as its portion of the settlement.

You can read the full announcement here: 5.2.11LawsuitMemo .

This is a great step towards Riva On The River being able to accept FHA financing in the future and seeing a shift in the purchasing buyer pool from investors to more owner occupied homeowners.

New Facebook Fanpage for Riva On The River

bslaton — Wed, 18 May 2011 16:50:09 +0000

After hearing from several residents that they wanted a common place to share information, events, complex updates and announcements, we decided here at SacramentoCondos.com to facilitate that page. You can search for Riva On The River on Facebook and you’ll find the new fan page for Riva on The River in West Sacramento.

Ex King Kevin Martins Condo Sells in Midtown

bslaton — Wed, 18 May 2011 16:46:49 +0000

Ex Kings basketball star Kevin Martin sold his 1818 St penthouse condominium on 4/19/11 for $775,000 cash. The property was originally listed for 995,000 and went through a series of price reductions until it was listed for $899,000 and sold for the $775,000 price. Many media sources reported this sale as a short sale but according to a recent Sacramento Bee article, Martin came to the table with money to close the deal.

1818 L Street’s unsold units were recently foreclosed on by OneWest Bank and we antici