Our new website is really an opportunity to create a domain that will compliment our main appraisal website as well as offer an easy-to-remember domain name. All original content developed here has already been transferred to the new site so that articles will be searchable in one place still. You can expect quality writing, in-depth market research, conversations about real estate and life, podcasts, and other local stuff we like to talk about.

Thank you to so many for following along and making this past year a successful beginning. Please join us on the new site and tell your friends. You can subscribe by RSS or get posts delivered to you by email.

Sacramento Appraisal Blog
www.SacramentoAppraisalBlog.com
Subscribe by RSS or Get Posts Delivered by Email

Follow on Facebook 

See you at the new site!!!

What’s been happening the Rancho Murieta real estate market? Below are two graphs consisting of all single family detached sales and listings in Rancho Murieta per Sacramento area Metrolist. What do you see? Does anything stand out to you?

I’d be very curious to hear from home owners in Rancho Murieta about their community. What do you enjoy most about RM? What do you think your neighborhood has to offer to prospective buyers? How has Rancho Murieta fared during the housing bubble burst? What sort of impact do you think the foundation troubles in Rancho Murieta South has had on the RM market?

www.lundquistcompany.com/blog Rancho Murieta Real Estate Market Trends

www.lundquistcompany.com/blog Recap of 2009 Sacramento Area Real Estate Market

All sales over the past 36 months in Carmichael are listed below in blue and all sales in Fair Oaks are displayed in green.

It’s interesting to see an overall common trend for both Carmichael & Fair Oaks, though not ultimately surprising since the communities tend to overall have a somewhat similar appeal in the marketplace (though Fair Oaks has a slight edge as local Realtor Nate Sisam mentions below). Despite there being niches in both communities that may be superior to other areas, and a slightly higher median price level in Fair Oaks, it seems that the ups and downs of the real estate market over the past few years have been taken in stride for both of these communities. In fact, the median price level for Fair Oaks over the past year was only 2% higher than Carmichael during the first 6 months of the year, and 4% higher during the past two consecutive quarters. For reference, the latest unemployment rate in Carmichael as of November 2009 is 9.2%, whereas the unemployment rate in Fair Oak si 7.0%. The rate of unemployment in Sacramento County as a whole for November 2009 is 12.5%.

Sacramento Realtor Nate Sisam gives us further insight:

Fair Oaks and Carmichael are both established neighborhoods that offer people larger than overage lot sizes and diverse architecture. It has always been that Fair Oaks commanded a slightly higher price due to several key elements. Fair Oaks was one of the first established “Country communities” in the 20′s-40′s with a rich history in Olive and Citrus farming. Today that heritage is still evident when looking at property in Fair Oaks. Additionally the Fair Oaks Village brings the community together and adds to the charm of the area. From an accessibility standpoint Fair Oaks is slightly more freeway accessible. I would note that these communities are diverse and that pockets within each of them could be considered equal.

What do you think of the graph above? Does anything stand out to you? If you live or work in Carmichael or Fair Oaks, what do you enjoy about the community? If you had your choice to live in either of these areas, which would you choose? Comments are welcome below.

www.lundquistcompany.com/blog Riding the Same Wave in Carmichael & Fair Oaks

If you live in the Glen Cove area, what is it you enjoy about your community? What drew you to purchase a home in the neighborhood?

www.lundquistcompany.com/blog Carquinez Bridge & Glen Clove in Vallejo: Photos from the Field

I know citywide graphs are not as descriptive as neighborhood-specific graphs or even if we looked at a specific square footage or age range in Fairfield. Just take the graph above for what it’s worth. It’s interesting to see six of the highest sales of the year over the past six months. Does it seem too that the lowest end of the market is a tad higher than the lowest point during the beginning of the year?

www.lundquistcompany.com/blog City of Fairfield Recent Sales and Pendings

USB3YSHV4JXS

When appraisers come across issues like this, one would think we’d simply call the substance “mold”, but that’s not the case. The truth is that since a real estate appraiser is not a fungus or mold specialist, it’s important to not speak definitively about something that another licensed professional should be the expert on. Moreover, what if the substance was not just mold caused by excessive moisture damage, but ”toxic mold”?

So what do appraisers say when encountering properties with an issue like this? Well, until we get clarification or a definitive pronouncement from a licensed mold professional, we simply describe the substance in words similar to “an unknown blackish-greenish substance”. When we do find out what the substance is, then we can better determine the impact on market value depending on cost-to-cure and the reaction in the marketplace to the existence of such a substance.

On Fannie Mae’s 1004 Appraisal Form, real estate appraisers are asked to identify any physical deficiencies or adverse conditions that might affect the livability, soundness or structural integrity of a property. The blackish-greenish substance in the photos above might potentially impact livability, right?

For further reading on mold, see the following links. You are welcome to suggest a link or share a story above in the comments sections.  Thank you to an appraiser colleague who provided these images to me out of his work file.

Mold Links:

• CDC Mold Information
• EPA Toxic Mold
• Wikipedia: Mold Health Issues
• Toxic Mold Resource Links

www.lundquistcompany.com/blog An Unknown Blackish-Greenish Substance

This photo was taken today in the southern portion of Plumas Lake (Cresleigh Meadows / Plumas Ranch). Vacant residential lots are commonplace these days and seen in the Plumas Lake area and throughout the Sacramento Region in many cities and counties.This vacant lot is located right across the street from a brand new park, and I loved the contrast of residential cables, brown grass and grazing sheep. 

Many newly constructed communites have “coming soon” signs for future residential and commercial construction. In general there is not enough profitability for local builders at this time, so postponed construction during the economic downturn is very standard protocol. Just think of how many jobs (and excited residents) there will be when the economy turns around and building can resume.

www.lundquistcompany.com/blog Sheep in Plumas Lake: Photos from the Field

Plumas 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. 

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

In light of this less-than-wonderful news, I thought it would be interesting to use the “Obama Cam” app on my mobile phone to snap a few images of some local REO and Short Sale properties in the Sacramento area. The “Obama Cam” application overlays an image of President Obama (17 to choose from) on any picture taken with my mobile phone (an Android G1).

These images are in no way meant to belittle the President, make a political statement for any political party, or even rant about the Making Home Affordable program. There is actually a deep element here for me since the shots juxtapose governmental programs with real life local distressed properties. I’m reminded of the ever-present struggle in today’s economy for so many households, that recovery is going to take a long time, and also that good intentions in Washington DC do not necessarily translate to good results on “Main Street”.

What do these images evoke in you? Why is the “Making Home Affordable” program not yet working as it should? Please give your two cents and feel free to share your experience. By the way, do you have an app like this on your phone? Your comments are welcome below.

www.lundquistcompany.com/blog ”Obama Cam” Photos in Sacramento