Saw some homes in Natomas - Eye opening (Sacramento, Roseville: bank owned, foreclosed)

[inpd]

Hi,

I got a relator and saw 10 homes in Natomas's nicer area.

Interesting experience:

Firstly, 9 out of the 10 were foreclosed (bank owned)
and there are over 400 homes on the market.

Now these are beautiful homes, some former model
homes, but I was shocked to see that the former owners
had often banged up the property pretty bad. In some cases
they had stolen the gas stoves, inbuilt home theatre speakers.
Probably disgruntled owners and in some cases they had just
abandoned the property with junk out the back.

From the outside you couldn't tell anything was amis, though many
of the homes had been winterized (i.e. all services turned off) so
the grass will eventually get brown.

Not sure what the implications are. I'm not sure the bank even
knows the state of the property.

[cw68]

Not surprising, IMO. This is what I meant by "holding value."

[Guingirl]

Honestly, if you see a house that you like, if you can get it at a good price, it might be a good investment. We lived in Natomas Park for three years and really loved it. We rented for a year and then owned our own home for two.

Natomas is a very diversified neighborhood. I grew up in Roseville, lived up in Rocklin for years and I can tell you that when we moved from white bread Placer County to Natomas it took some getting used to.

The strikes that Natomas has is that it has had a LOT of bad press from the levees in order to get more federal funds into the area. That coupled with the subprime loan mess and a lot of investors with houses in Natomas hasn't made things easy.

I really liked the commitment to retail. It actually reminded me a LOT of Stanford Ranch in Rocklin as it was building up startign a few years ago with the new retail centers.

We have since moved out of the state, but I really enjoyed my time there.

[inpd]

Originally Posted by Guingirl

I really liked the commitment to retail. It actually reminded me a LOT of Stanford Ranch in Rocklin as it was building up startign a few years ago with the new retail centers.

The commitment to retail is interesting. I'm not sure if it is a plus or a minus.

My major concern is that even around nice areas like Natomas park there
are lots of undeveloped land owned by both the state (school districts)
and developers. Now both are getting squeezed due to the property
market going south (the state is getting reduced revenue from taxes).

Whose to stop **undesirable retail** like Walmart, Pepboys etc coming
in an building. I'm sure the state and those developers would love to offload some
of that land if they could.

[volleyballer]

Originally Posted by inpd

The commitment to retail is interesting. I'm not sure if it is a plus or a minus.

My major concern is that even around nice areas like Natomas park there
are lots of undeveloped land owned by both the state (school districts)
and developers. Now both are getting squeezed due to the property
market going south (the state is getting reduced revenue from taxes).

Whose to stop **undesirable retail** like Walmart, Pepboys etc coming
in an building. I'm sure the state and those developers would love to offload some
of that land if they could.

You've got a good point, but that land is already zoned for specific use. I don't think Walmart can fit on any of the land that is zoned for business, and most places just can't afford to rent on that land. I don't know how some of the businesses stay afloat because the rent must be crazy.

[inpd]

Originally Posted by volleyballer

You've got a good point, but that land is already zoned for specific use. I don't think Walmart can fit on any of the land that is zoned for business, and most places just can't afford to rent on that land. I don't know how some of the businesses stay afloat because the rent must be crazy.

Hmmm. So the land that the Sacramento Unified School district bought
(they bought two large parcels near Natomas park) can't be sold to
another party?

[Guingirl]

There is already a Walmart at Truxel and 80. I would look at it as a positive. I had moved into Stanford Ranch when the only thing that was out there was AM/PM and Bel Air and a bunch of fields and a few houses. During the nine years that we lived there, retail and convenience shopping were added and honestly, I see it the same way that started in Natomas.

[unhookt]

I currently live in Natomas and would not recommend it. The neighborhood is crime-ridden and the schools are not very good. Check out the Google mash-ups that show where the sex offenders live - it's extremely eye opening.

Natomas is also replete with renters with multiple cars parked out front and many foreclosed homes that are deteriorating quickly. The area is also in the floodplain and at great risk in the event of a levee break.

On the plus-side, there is ample shopping and Arco Arena nearby. However, this comes at the cost of heavy traffic, and wide thoroughfares. The area is almost certain to suffer from the impending move of the Kings to the new arena that will eventually be built in the location of the current near-downtown railyards.

The threat of break-ins, car theft, etc. is a real one. I'm personally looking to move in the direction of the foothills (East) or Davis (West), myself.

[Fat Freddy]

And if that wasn't enough, check out this from a story in today's (12/5/07) Sacramento Bee:

Have-nots pitch tents in Natomas

"Sacramento's newest homeless camp is acutely visible from Interstate 5, just south of the airport and near the Highway 99 connector. The American flag blowing between blue tarps and shaky tents offers a jarring first impression for city visitors.

The homeless campers were friendly enough, keeping to themselves amid a light mist and bracing wind on Tuesday. Visible in the distance, behind an iron gate, were curving roads of stately North Natomas homes. The haves and have-nots in plain sight; poverty at the gateway of California's capital."

[inpd]

Originally Posted by Fat Freddy

And if that wasn't enough, check out this from a story in today's (12/5/07) Sacramento Bee:

Have-nots pitch tents in Natomas

If you read the story, one guy who owns 60 acres is feeling sorry before
Christmas and letting 15 people stay on his land. Its not as though the homeless
are crawling the streets and pitching tents in the parks.