Rancho cordova (anatolia area) vs. Folsom (Sacramento, Elk Grove: short sales, foreclosures, mortgage)

[gotpancit]

Ok I'm running into an issue here. Its feeling like there aren't many houses popping up in Folsom anymore and I'm getting antsy. I really want to stay in Folsom but its taking forever for new listings. We have an offer out on a short sale but short sales are extremely slow, and if for some reason the bank doesn't want to take our offer then all that time has gone wasted.

Semi close to folsom is the anatolia portion of rancho. I know I know, its not close to being the same, but for almost 50% of the price in Folsom you get a huge house. Thats almost enough to have me consider buying over there. These are my pros and cons. Tell me what you think:

pros:
cheap
huge sq footage
most are equipped with granite and upgrades already
central community area w/pools, bball, tennis, work out room, etc.
CHEAP

cons:
not a great school district (but with money saved we could actually do private school)
sunrise blvd traffic
far from groceries (unless you shop at costco)
airport noise
HOA (but it includes cable and the community area)

If there are people that live in anatolia I'd appreciate comments about that area.

Thanks in advance.

[rainman1]

You got the answer in your post..

There is a reason why Anatolia prices are so cheap. Around 25% houses are empty at this time. It will be a run down area in a few years. Those houses should not be even built, if not for housing bubble.. You are comparing apple to orange..

I am seeing some bad signs (in terms of people and kids) living in Anatolia now. It will be a ghetto in few years..

Buy a smaller house in Folsom and be happy with good schools.

Even with all the money saved in buying at Anatolia, where are you finding good private schools in the area? None.

[tande1n5]

Think of all the tract house communities and subdivisions out there that have turned bad where you think "this was once a nice, new place... what happened?" Then look at Anatolia. 'nuff said.

[Calidreemer]

We are relocating to Sac from Chicago and looked at Anatolia only because it had a couple of builders we wanted to look at, not because we were considering the community. From an outside perspective I have to agree with other people's observations.

Folsom seems to be a lovely, stable area and from what others have said seems to have good schools. There is a reason for that phrase "location, location, location".

[gotpancit]

ok very true. sigh, I'll just have to wait out this short sale and cross my fingers.

[Calidreemer]

Oh hey Gotpancit! How are you? It will all work out - the fed is cutting rates again and has been saying how bad the housing market is, so the deals will be available for people who are in a position to take advantage of them. Have you looked at forclosures?

[gotpancit]

I'm doing good Cali. Just kind of wondering when I can eventually move in to my new home. I think more than half of the houses we have looked at on MLS have been foreclosures. So essentially yes we have been looking at them.

Unfortunately the FED rate cut isn't going to effect the APR on our mortgages much if any. The banks are already hurting for money, so they won't give us the same rate cut they are getting from the FED. They need to make up for all the foreclosures that they have to pay for.

The housing market is pretty bad, but for some reason Folsom isn't getting beat down like the Anatolias, or elk groves or rosevilles. I hope if we do get this house in folsom that the market in folsom will pick up...but not until we get our house .

How is your house hunting going?

Oh and I just heard from a co-worker if you get your loan through Wells fargo today be prepared to come up with 25% down!!!! I don't know if its true, but I know thats who his current mortgage is with. Wells fargo slated ALL of Sacramento as BELOW distressed market. Distressed markets are bad enough where you have to add an additional 5% to your downpayment, but BELOW that is even worse. yikes!

[Calidreemer]

Hi - yes the rate cut wont help mortgage rates but it helps our HELOC and further supports the view that the economy is in trouble.

We have decided for now that Lennar in EDH is going to be the best fit for us - solar, mountain views, nice community etc. We have been talking with them about what they need to hold a lot and they initially said $7,500 down and pass the credit check. Well, that's fine until they came back and said they needed to see the 20% down payment in cash - where did we have it in our account? Of course like most other people it's wrapped up in our home. They don't want a contingency, so we said fine, we would wait. This is especially frustrating because their lendor told us we were fine and they would allow us to have the loan and contingency, but the builder said no and the sales person was between a rock and a hard place. I think time is on our side and I think the homes there are not priced with the current market, so we'll wait until they are prepared to negotiate a little more. If not, we will buy an existing home with a pool and retro fit it with solar.

[Parkarwarkar007]

Originally Posted by gotpancit

Ok I'm running into an issue here. Its feeling like there aren't many houses popping up in Folsom anymore and I'm getting antsy. I really want to stay in Folsom but its taking forever for new listings. We have an offer out on a short sale but short sales are extremely slow, and if for some reason the bank doesn't want to take our offer then all that time has gone wasted.

Semi close to folsom is the anatolia portion of rancho. I know I know, its not close to being the same, but for almost 50% of the price in Folsom you get a huge house. Thats almost enough to have me consider buying over there. These are my pros and cons. Tell me what you think:

pros:
cheap
huge sq footage
most are equipped with granite and upgrades already
central community area w/pools, bball, tennis, work out room, etc.
CHEAP

cons:
not a great school district (but with money saved we could actually do private school)
sunrise blvd traffic
far from groceries (unless you shop at costco)
airport noise
HOA (but it includes cable and the community area)

If there are people that live in anatolia I'd appreciate comments about that area.

Thanks in advance.

The school district is not a Rancho Cordova School district. It Elk Grove School district which is ranked very high nation wide.

[alisha544]

Wow. People are so sure about what's going to happen in a few years. It must be nice to have special "see into the future" powers. No one knows with any certainty, what Anatolia is going to be like down the road. What you can be sure of is what you see today. Folsom is an established community with all the necessary resources. There isn't much the city doesn't have or if not they're currently building it. Anatolia on the other hand is in a new city, with new city issues, and doesn't have the community resources of an established area. With that said, who can predict what Anatolia will be like in a few years.
I don't even want to give credence to the comments about the kids, people who live in Anatolia because it's not valid. A ghetto? What a crappy comment. If you're going to make statements like this give some valid basis.

FYI - Anatolia kids go to Elk Grove School District not Rancho...