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Old 10-06-2019, 08:07 PM
 
923 posts, read 341,733 times
Reputation: 2680

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Quote:
Originally Posted by brotherfromthegutter View Post
Over the years i have had various projects: move to EHR/folsom, upgrade in EG, holiday home in Pollock Pines etc.

But i havent look recently until today.

Wow.

2500 sqft homes on 0.2 acres in EHR $575k
(many are now dropping prices by $20K and still not sold).

1500 sq ft homes on 1+ acres lots in Pollock pines for $250k sitting on the market since May.

1900 sq foot homes on 8000sqft+ lots in Granite Bay for $539K.

So I have two questions:

1) What happened that caused these price drops?
2) Is it temporary or going to continue?
I just went to check on some properties I've had my eye on. You are so right! I can't believe one prime area where there are flats coming on the market for minimum $540,000 within just a month or two are now going for $499,000. That's pretty significant -- to me anyway.
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Old 10-06-2019, 08:23 PM
 
2,581 posts, read 952,370 times
Reputation: 6601
Reno prices are not dropping.
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Old 10-06-2019, 09:56 PM
 
923 posts, read 341,733 times
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Quote:
Originally Posted by Teacher Terry View Post
Reno prices are not dropping.
probably due to the great California exodus.
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Old 10-06-2019, 09:58 PM
 
Location: Living rent free in your head
35,219 posts, read 16,281,256 times
Reputation: 25833
Quote:
Originally Posted by settled00 View Post
I just went to check on some properties I've had my eye on. You are so right! I can't believe one prime area where there are flats coming on the market for minimum $540,000 within just a month or two are now going for $499,000. That's pretty significant -- to me anyway.
Sounds like a good deal, I might be interested, could you post a link?
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Old 10-06-2019, 10:40 PM
 
923 posts, read 341,733 times
Reputation: 2680
Quote:
Originally Posted by 2sleepy View Post
Sounds like a good deal, I might be interested, could you post a link?
You'll see the property on this link:

https://www.redfin.com/neighborhood/...own-Sacramento

It's the one at 1716 SoCap Walk. Just three months ago those were going for a $540,000 ballpark.

I decided not to invest in those after learning who owned them.

You'll have to do your own research there.
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Old 10-06-2019, 11:36 PM
 
Location: Living rent free in your head
35,219 posts, read 16,281,256 times
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Quote:
Originally Posted by settled00 View Post
You'll see the property on this link:

https://www.redfin.com/neighborhood/...own-Sacramento

It's the one at 1716 SoCap Walk. Just three months ago those were going for a $540,000 ballpark.

I decided not to invest in those after learning who owned them.

You'll have to do your own research there.
Thanks, I can't find anything that indicates comps selling for much more than 500k, but maybe I'm missing something. They haven't gone up in value that's for sure but I don't see the market getting soft in that part of Sac. Homes in Carmichael, Arden Arcade and parts of Roseville seem to be selling for less than asking price but that could just be a seasonal thing rather than a trend, it's too soon to tell.
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Old 10-08-2019, 09:14 PM
 
923 posts, read 341,733 times
Reputation: 2680
Quote:
Originally Posted by 2sleepy View Post
Thanks, I can't find anything that indicates comps selling for much more than 500k, but maybe I'm missing something. They haven't gone up in value that's for sure but I don't see the market getting soft in that part of Sac. Homes in Carmichael, Arden Arcade and parts of Roseville seem to be selling for less than asking price but that could just be a seasonal thing rather than a trend, it's too soon to tell.
Trust me, less than six months ago there've been at least three others sold. They started out at $539,000, the second one went for ??(I don't remember) and the last one went for $519,000. As I stated before the latest one is going for $499,000. The trend is obvious. The RE market is correcting - finally!

I'll see if I can find some historic sales - that particular place seems to have a revolving door but people say it's a great place to live and fully solar, which is a bonus.

Okay, just looked. My mistake was taking Redfin's estimates as opposed to the actual sale price. But the trend is still going the same direction. It still starts at 539,000 and then goes down in larger leaps. Seems like your pulse is on it! Today's low there is $493,000

Last edited by settled00; 10-08-2019 at 10:20 PM.. Reason: added new information
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Old 10-09-2019, 09:58 AM
 
39 posts, read 75,827 times
Reputation: 66
Quote:
Originally Posted by mixxalot View Post
I am not seeing prices dropping in the Sacramento area that are safe places to live.
All the areas I listed (EDH, Folsom) are quite nice to live in and safe as well.
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Old 10-09-2019, 06:12 PM
 
Location: Living rent free in your head
35,219 posts, read 16,281,256 times
Reputation: 25833
Quote:
Originally Posted by brotherfromthegutter View Post
All the areas I listed (EDH, Folsom) are quite nice to live in and safe as well.
They certainly are, but I think that homes selling for more than 500-600k may be impacted by the limitations on SALT deductions, what do you think? I read an article recently that said in Sac County houses over 550K are closing with one offer while homes selling for less are generally receiving more than one offer.
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Old 10-09-2019, 09:19 PM
 
923 posts, read 341,733 times
Reputation: 2680
Quote:
Originally Posted by mixxalot View Post
I am not seeing prices dropping in the Sacramento area that are safe places to live.
Assuming you're a RE Agent, I wonder if that's what your buyers are prioritizing, (i.e., safe places to live) over price. Have you seen shifts in priorities of buyers?

I'm not an agent, btw, but am curious about trends.
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