Rancho Cordova

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The Sacramento real estate market has been hit hard over the past several years, and Plumas Lake has not escaped the damage either. Plumas Lake is a community located in Yuba County about 30 miles north of Sacramento and 10 miles south of Marysville. This neighborhood was built out over the past six years, with the bulk of houses being constructed between 2003-2005.

plPlumas Lake is a suburban community, but it does have somewhat of a secluded feel because of the lack of commercial property and conveniences within the immediate neighborhood. The plan was to have developed many commercial parcels by now, but unfortunately little progress has been made beyond a Walgreens. By the way, kudos to Walgreens because they also built a store in the Anatolia area of Rancho Cordova, which faced a similar situation (a new neighborhood was built, but commercial construction lagged far behind residential construction due to the market bubble burst).

Anyway, let’s take a look at recent real estate market trends in the Plumas Lake neighborhood. The graphs below depict the past three years of sales, past one year of sales and current listings and pendings. 

Plumas Lake Real Estate Market Trends Past 3 Years of Sales Lundquist Appraisal Company

Plumas Lake Real Estate Market Trends

Listings and Pendings in Plumas Lake CA by Lundquist Appraisal Company

What do you see in the graphs above? Does anything stand out to you? If you are a home owner in Plumas Lake, what is it you enjoy about your community? If you are considering buying a property in Plumas Lake, what is it that draws you to the neighborhood?

Your comments are welcome below. Please also contact me if you have any questions or a need for more developed research or my appraisal services. 916-595-3735 or ryan@lundquistcompany.com.

NOTE: Plumas Lake is located in Yuba County and so data is interesting. Since both Sacramento MLS and Yuba/Sutter MLS carry data for the Plumas Lake area, it’s important to look at and compare both sets of data to make sure to analyze all market activity. With that being said, the graphs above are based on Sacramento MLS for ease of use. Maybe a future post will analyze and compare both systems.

www.lundquistcompany.com/blog Taking a Dip in the Plumas Lake Real Estate Market

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I’d like to take a few moments to reflect on my favorite appraisal assignments of the year. Maybe I’m jumping the gun a bit since 2009 is not quite over, but that’s okay. I won’t get specific about addresses or location because I take client confidentiality very seriously.

Top 10 Favorite Appraisal Assignments of 2009

  1. water-bill-few-easy-steps-200X200Facuets Left On:  I appraised a bank-owned property in Solano County. It was a very nice property, but unfortunately all faucets and spickets were left on (with clogged drains), so there was extensive water damage. It was unclear if the damage was done by the disgruntled home owner or a vandal.
  2. oak park kj imagery former starbucksOak Park Fixers:  This year I appraised quite a few fixer properties in the Oak Park area of Sacramento that were purchased by an investment group, re-habbed, and then re-sold on the open market to first-time home buyers. It’s nice to be a part of a project where the end result is good for the community.
  3. 008Vacant Subdivision Land in Sacramento:  Acting as a property tax consultant, I valued two parcels in Sacramento County under the supervision of an AG (Commercial Appraiser). These sites were scheduled to be finished out as a subdivision, but then the market burst and subdivision building virtually stopped.
  4. imagesCA9RGC87Spring Water & Cesspool:  I appraised a house in Placer County that was on spring water and a cesspool (as opposed to a well and septic tank). Do you think this would have an impact on market value? How much of a price discount would it take for the typical buyer to look over an atypical feature such as this to purchase the property?
  5. Dilapidated Fourplex:  This property was interesting because it had repeated damage from squatters. I had to climb through a window to inspect one of the units too, and I cut my finger on broken glass (that made me remember this property even more).
  6. fixer-property-lundquist-appraisalUpgraded Duplex:  The residential-income market in Sacramento saw a huge decline in value over recent years. All of the latest sales in this particular neighborhood were fixers. So what is a bright and shiny upgraded non-bank-owned duplex worth in a marketplace of REO fixers?
  7. city-thumbnailRancho Cordova Property:  I’ll be honest. Since my office is located in Rancho Cordova, it sure is nice to get local assignments in the same city. I don’t mind at all driving to other counties, but it’s a great thing to travel a mile from the office to take care of business. My business in Rancho Cordova definitely increased this year.  
  8. Divorce Appraisals:  I do work for home owners and attorneys during a divorcedifficult time of life. It was a pleasure to provide excellent service to home owners in need this year and at least make the appraisal process smooth in the midst of a challenging situation. I grew up in a divorced home and I know it’s not an easy time of life.
  9. Pre-Listing Appraisals for Local Agent:  I am a realtor logohuge fan of working with local Realtors and it was a pleasure to establish a new working relationship with a particular agent who began to rely upon my knowledge and services this year. This year I had more referral work from Realtors and that’s a wonderful thing!!! I am also really grateful to be more connected to some stellar local real estate agents on Facebook and Twitter too.
  10. imagesCA42V1MYRipon New Subdivision:  There was nothing terribly complex about this assignment, but I really felt like I did a solid job on this appraisal in Stanislaus County and my client was very happy with the end-product. It’s just one of those I remember putting in a good amount of time and really enjoying the finished product.

I appreciate all my clients and colleagues who made 2009 a fantastic year. This has been a trying year for the appraisal industry in light of HVCC, but I am grateful nonetheless for all the good things that happened this year. Thank you.

If you are a real estate agent or home owner, what was the best experience you had this year with an appraiser? If you are a real estate appraiser reading this post, what were some of your favorite assignments this year.

www.lundquistcompany.com/blog My Top 10 Favorite Appraisals of 2009

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The Capital Village neighborhood of Rancho Cordova has played host to the Cordova Community Council’s annual tree lighting for the past two years at Village Green Park. Here are some photos showing the lit tree, tower at Capital Village and some of the “fusion” units in the development. I made a video tour of the Capital Village neighborhood last Summer in case you want to see the layout of this community.

Capital Village Rancho Cordovay Lundquist Appraisal Company

Capital Village Rancho Cordova Lundquist Appraisal Company 3

Capital Village Rancho Cordova Lundquist Appraisal Company 2

www.lundquistcompany.com/blog Photos from the Field: Christmas in Capital Village

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What sort of a price difference is there between bank-owned properties (REO), short sales, and arms-length transactions in the market? For an example, let’s take a look at a trend graph of all sales in Rancho Cordova below, where blue dots are REO sales, green dots are Short Sales and red dots are typical arms-length sales (per Sacramento MLS).

Rancho Cordova Sales REO Short Sale Typical Trend Graph by Lundquist Appraisal November 2009

Each neighborhood, niche, and location will differ in results, but generally speaking, like the data above seems to show for Rancho Cordova sales over the past 2 years, buyers tend to pay more for houses that are non-distressed transactions (notice how the red dots on the graph above tend to be located toward the top and NOT the bottom). When it comes to REO properties, it looks like the price level is a bit higher overall than short sales, though there are quite a few short sales on the upper-end of the market too. In fact, both Rancho Cordova and Sacramento County saw a 7% increase in short sales last year in comparison to the year before, so clearly there is a greater acceptance for short sales in the marketplace.

fixer-property-lundquist-appraisalOne important observation is that most of the sales at the bottom of the market are bank-owned. Why is that? Investors typically gobble up the lowest end of the market with all-cash offers because fixer-type properties at the lowest level will not qualify for conventional or government financing. This means first-time buyers utilizing conventional or FHA financing will usually need to look to a price level above the “all cash” market. In light of this segmentation, imagine scraping off the bottom layer of all-cash foreclosures. What would you find? You’d still see many REO properties, but you’d certainly see a good amount of Short Sales too. 

Overall, in my experience as a Sacramento-area real estate appraiser it seems the market price tier goes: 1) Arms-length sale; 2) REO; 3) Short Sale. This is common sense really, but it’s another thing to prove that by crunching numbers, making trend graphs, and observing data in the marketplace. But there are certainly cases and stories and sub-markets that might show a different order for whatever reason - especially depending on the supply of housing inventory and particulars of a given property. Interestingly enough, sometimes there is little to no difference between non-distressed sales and REO sales. For example, what does it do to pricing differences when 90% of all sales in a market are either bank-owned or short sales? In a case like this, since the market is clearly saturated with distressed sales, it’s probably a safe bet to assume foreclosure-pricing is indeed the market and will set the pace for what buyers expect to pay for properties (see a previous post on Patterson having 96.5% of all sales as distressed). In a case like this, there may be no verifiable difference between REO and non-distressed sales.

Let me know if you have questions or insight. Comments are welcome.

www.lundquistcompany.com/blog Is there a price difference between REO properties, short sales, and arms-length transactions?

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I am very pleased to announce that the final tally of donations for the Project 680 Shoe Drive is $3,601.51. This effort is something I fully support in my community, and I am very proud of the way local residents and organizations have advocated for students in need. I have been posting about this from time to time, so you may have known that our goal was to raise $1,500 to purchase 100 pairs of new shoes for students in need within the FCUSD.

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Together we can make a difference – even in this economy. Do you believe that? Thank you to local residents, businesses, churches and organizations that partnered together to put shoes on the feet of students in need. I stand in awe.

www.lundquistcompany.com/blog Wonderful Results from the Project 680 Shoe Drive

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What’s the latest in the “Anatolia” neighborhood in Rancho Cordova? How much are houses selling for, and what are properties currently listed for on the market? Here is a quick scatter graph based upon 07/12/09 – 10/12/09 for single family detached residential properties within the defined neighborhood boundaries for Anatolia (well, technically there are no attached units located in Anatolia, but for the casual reader, I wanted to make sure the scope of data was clarified). Please note that there are more listings and pendings on the market in Anatolia, but this graph displays only listings and pendings that came on the market after 07/12/09. The intention of the graph is to display data for what has actually ocurred in Anatolia over the past three months.

Anatolia Neighborhood Rancho Cordova Sales Actives Pendings 2009 Lundquist Appraisal Company

I know, I know, the following sounds like a shameless plug, but this is very important information to understand. As an FYI, here is a video we made regarding lowering property taxes in Anatolia. We have been able to help Anatolia home owners over the past several months put together very thorough valuation reports to contest the level of their property taxes (the report is not a full appraisal OR near the cost of a full appraisal). Keep in mind that the deadline for disputing property taxes in Anatolia is 11/30/2009. 

 

Keep us posted if you have any questions. You are welcome to comment above, call 916-595-3735 or email ryan@lundquistcompany.com.

http://www.lundquistcompany.com/blog Anatolia Neighborhood in Rancho Cordova: Sales, Pendings and Listings over the past 90 Days

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On Saturday, I took 801 black and white pictures while riding my bike on the American River trail in Rancho Cordova and Sacramento. I built a mount for my bike (for only 87 cents, by the way) to hold down my camera and then I had to manually push the button to take photos. The images were then placed in sequence to show as a “video”. You can see my previous outing HERE.

I road an average of 15 mph throughout this brief ride and I tried the “continuous shooting” feature on my camera so that as long as I was holding the button down, my camera was taking photos.

I think the video got a bit washed out in the middle because of the sun. If you notice, when there are few trees along the bike path, the pictures look very bright. It was either that or evidence of my camera’s death since the last frame in this ride was the very last breath of life for my camera (bummer).

 

By the way, at the very beginning of the video there is a snake on the trail. Did you see it? A group of riders stopped to watch it cross the pavement.

I’m no photographer, but just a guy who loves biking and is experimenting with taking photos while on the road. This is my third “video” like this and I can only see my methodology evolving over time to capture some of the essence of the trails and how fun it is to ride them. The first “video” I made is much inferior to the second and third, but I’ll keep it up because that’s usually how experimentation goes. We tend to get better at what we do as time goes on. 

http://www.lundquistcompany.com/blog Riding my Bike on the American River: Round 3 – A “Video” in Black & White

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capital-village-rancho-cordovaHave you wondered what properties in the “Capital Village” neighborhood of Rancho Cordova are currently selling for. I’d like to satisfy your curiosity by providing all 28 of the current MLS listings (as of 08/28/2009). Please note that Beazer may also have other properties for sale that are not listed through MLS. For more information on “Capital Village”, see previous posts HERE and HERE as well as a Capital Village video tour I put together. By the way, “DOM” stands for “Days on Market”.

Status                  List Price     DOM    Address                       Sq Ft  
Active 216990 55    3115 Eades Way 1311
Active 219990 56    3139 Minturn Way 1311
Active 219990 51    10877 Wraysbury Way     1311
Active 234990 9    10892 Disk Dr 1658
Active 244990 45     10881 Wraysbury Way 1658
Active 249990 13    3103 Lea Sterling Way 1585
Active 251990 46    3102 Lea Sterling Way 1698
Active 257990 192    3105 Lea Sterling Way 1698
Active 257990 63    3113 Lea Sterling Way 1698
Active 315000 62    3480 Nouveau Way 1953
Active Short   174900 189    10896 Atherstone Dr 1774
Active Short 195000 189    11035 International Dr 1651
Active Short 199000 70    10966 Stourport Way 1650
Active Short 200000 147    11013 International Dr 1374
Pending 217108 21    10888 Disk Dr 1311
Pending 231208 2    10905 Tower Park Dr 1311
Pending 233990 13    3156 Lea Sterling Way 1286
Pending 237490 97    10929 Oakham Dr 1309
Pending 239990 33    10927 Oakham Drive 1444
Pending 244153 33    10894 Disk Dr 1658
Pending 249791 107    10909 Tower Park Dr 1658
Pending 249990 29    3108 Mowbray Way 1309
Pending 252490 42    10925 Oakham Drive 1585
Pending 255990 9    3110 Mowbray Way 1444
Pending 264990 29    3157 Lea Sterling Way 1857
Pending 266990 27    3112 Mowbray Way 1585
Pending 274990 6    3154 Lea Sterling Way 2090
Pending 299990 21    3159 Lea Sterling Way 2090

 

Capital Village Real Esate Listings Graph August 2009 Rancho Cordova CA

What do you notice about the listings above? Does anything stand out to you or surprise you? Let me know if you have any questions about the data or a need for additional research or valuation services. I know the Capital Village market area well. You can comment at the top of the post (just below the main post title) or contact me at info@lundquistcompany.com or 916-595-3735.

http://www.lundquistcompany.com/blog Current Houses for Sale in the “Capital Village” Neighborhood in Rancho Cordova CA: Aug 2009

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After work and getting the kids down to an early bed time last night, it was time to do run # 2 for my latest project. At dusk I headed over to the American River trails in Rancho Cordova to take some photos while riding my bike. I showed a video in a previous post of the first round of this biking / photography experiment, and now I have a second video.

Last time (the first time), I manually held the camera on my handlebars and managed to snap 800+ photos while riding. Yes, my fingers and wrists were extremely tired. The video turned out okay considering it was a first stab, but since I wanted to increase stabilization this time, I put on my MacGyver thinking cap and ended up making a contraption to mount the camera on my handlebars. The great thing too is that this device cost me only 87 cents.

2009-08-24 18.57.30

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I found that the mount helped to stabilize the camera a whole lot better (not perfect though), but since I still had to manually click each of the 653 pictures, I am still on the hunt to find a way to take images with a remote or some other method so that I can give maximum attention to steering. The more I can steer straight, the better the end product will be. Whatever the case, it’s fun to be creative and to learn something new. You can see the new video on my YouTube page or below.

If you have any ideas or resources for me to improve my technique and explore the possibilities for biking / photography, I am open to your suggestions. Thank you.

http://www.lundquistcompany.com/blog Riding my Bike on the American River Trails: Turning 653 Pictures into a “Video”

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I have been thinking of doing a little photography / biking experiment for the past couple of weeks, and yesterday I made it happen. I set out to snap some pictures from my bike (and then make a video out of it). I manually took 882 photos while holding a small Canon SD300 in my hands. You can see the video below or HERE directly.

I rode through the trails surrounding the “Stone Creek” neighborhood in Rancho Cordova and then I headed North on Kilgore to International. I then cut through the “Capital Village” neighborhood in Rancho Cordova on the way back to my truck in the parking lot of CVS Pharmacy.

This was a little experiment and I’m glad I did it. There is definitely some room for improvement in methodology, so keep in mind that this was a first stab. I’m not a photographer by any stretch of the imagination, but just a guy who loves to ride throughout my home town.

 http://www.lundquistcompany.com/blog  882 Pictures from my Bike (Rancho Cordova)

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I shot this video below earlier while in the field in between inspections. There are quite a few people searching for information on the “Capital Village” neighborhood in Rancho Cordova and this site is getting a good amount of hits on the subject. I figured it would be relevant then to shoot a little informative video about this Rancho Cordova subdivision.

 

Let me know if you have any questions about Capital Village, the local real estate market or if you have any potential real estate appraisal needs. As an experienced FHA approved real estate appraiser in the Sacramento area, I am glad to be in business and to serve my client’s needs. Please contact me at 916-595-3735, www.lundquistcompany.com or LundquistCompany@gmail.com.

http://www.lundquistcompany.com/blog  A Video Tour of “Capital Village” in Rancho Cordova: June 2009

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Here is a quick post to show what you can buy a house for in the 95670 zip code in Rancho Cordova these days. It looks like there are some good deals, huh? The 95670 zip code covers the North side of the freeway (“Riverside” portion) as well as some of the Southern side of Highway 50 (Stone Creek, Capital Village, some older tracts). There are currently 193 listings in MLS for detached single family residential properties.

rancho-cordova-listings-june-2009

If you have any questions about the Rancho Cordova real estate market, feel free to give us a call at 916-595-3735 and see www.lundquistcompany.com or www.ranchocordovaappraiser.com

http://www.lundquistcompany.com/blog  Rancho Cordova Listings in the 95670 Zip Code: June 2009

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