Public transportation is not as sophisticated in Sacramento as it is in other cities, however we do have Light Rail and a number of bus lines. You can map a public transit route from one area of town to another using http://infoweb.sacrt.com/. It will tell you exactly which transit lines you must take, if and when you must transfer to another line, etc.
I have a friend who takes Light Rail from Folsom to downtown Sacramento and back for work each day...not only does she not have to pay to park downtown, but saves loads of money on gas.
Public Transportation in Sacramento
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 28 2007 11:26PMReady for Halloween?
Fog Willow Pumpkin Farm; 11011 Cecatra Drive, Wilton, CA 95693. Phone: 916 687-4547
Gibson Ranch; 8556 Gibson Ranch Road, Elverta, CA. Phone: 916-991-2686.
Pumpkin Acres; 3101 El Centro Road, South Natomas, CA. Phone: 916-929-7546.
Pumpkin Paul's; 5910 Hazel Ave, Orangevale, CA Phone: 916-988-7727.
Vern's Pumpkin Patch; 5415 Kenneth Ave., Fair Oaks, CA. Phone: 916-256-5069 .
Sleepy Hollow Pumpkin Patch & Corn Mazes; 210 S. Harding Blvd., Roseville, CA 95678. Phone: 877-672-2624.
Cool Patch Pumpkins; 38140 Russell Blvd., Davis, CA. Phone: 530-304-0163.
Dave's Pumpkin Patch; 3010 Burrows Ave, West Sacramento, CA 95691. Phone: 916-849-9450.
Ugly Ray's Pumpkin Patch & Petting Zoo; 19376 Old River Road, West Sacramento, CA, 95691. Phone: 916-997-8573.
Woodland Cornmaze & Pumpkins; County Road 103 and East Main Street, Woodland, CA. Phone: 530-666-7194.
Gibson Ranch; 8556 Gibson Ranch Road, Elverta, CA. Phone: 916-991-2686.
Pumpkin Acres; 3101 El Centro Road, South Natomas, CA. Phone: 916-929-7546.
Pumpkin Paul's; 5910 Hazel Ave, Orangevale, CA Phone: 916-988-7727.
Vern's Pumpkin Patch; 5415 Kenneth Ave., Fair Oaks, CA. Phone: 916-256-5069 .
Sleepy Hollow Pumpkin Patch & Corn Mazes; 210 S. Harding Blvd., Roseville, CA 95678. Phone: 877-672-2624.
Cool Patch Pumpkins; 38140 Russell Blvd., Davis, CA. Phone: 530-304-0163.
Dave's Pumpkin Patch; 3010 Burrows Ave, West Sacramento, CA 95691. Phone: 916-849-9450.
Ugly Ray's Pumpkin Patch & Petting Zoo; 19376 Old River Road, West Sacramento, CA, 95691. Phone: 916-997-8573.
Woodland Cornmaze & Pumpkins; County Road 103 and East Main Street, Woodland, CA. Phone: 530-666-7194.
1 comment • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 25 2007 04:51PMNeighborhood Spotlight: Curtis Park
Curtis Park was subdivided from the Curtis Ranch Homestead by William Curtis in the late 1800's and early 1900's. There are several different subdivisions within Curtis Park, including Curtis Oaks, West Curtis Oaks, Highland Park, Heilbron Oaks, and many others.
William Curtis died on January 27, 1907, shortly after the Curtis Oaks subdivision map was filed. After Curtis' death, a man named J.C. Carly picked up where Curtis left off and continued the development of Curtis Park. In 1919, J.C. Carly and the Hickman Investment Company proposed a conditional gift of land for a park to the City of Sacramento. The land was a strip 2740 feet long and 300 feet wide.
Curtis Park is predominantly a residential neighborhood of approximately 2,500 homes, comprised almost entirely of single family homes. Present are many classic architectural styles, such as Victorian, Craftsman, Colonial Revival, Arts and Crafts, Tudor Revival, and Spanish Revival.
I recently received an email from a former resident of Curtis Park asking about the current market climate on the 'prime streets' there. Literally the next day, I started working with a new client to find a home in Curtis Park. Curtis Park has always been one of my favorite neighborhoods, and I do tour and preview many homes there, but honestly I have not yet listed or sold a home there. I did some probing for both people, and found the following stats...
2007 Curtis Park "prime streets" (Sutterville to the south, Marshall to the north, Franklin to the east, and 24th to the west):
-Avg original list price: $583,188
-Avg sales price: $557,054
-Median sales price: $545,000
-High sales price: $830,000
-Low sales price: $324,000
-DOM: 56
-$/square foot: $323.65
-YTD # of Sales: 28 sold with 5 currently pending
-Short sales: 1
-REO's: 0
2006
-Avg original list price: $553,486
-Avg sales price: $529,654
-Median sales price: $480,500
-High sales price: $842,000
-Low sales price: $325,000
-DOM: 43
-$/square foot: $335.93
-# of Sales: 27
-Short sales: 0
-REO's: 1
2005
-Avg original list price: $614,640
-Avg sales price: $588,459
-Median sales price: $585,000
-High sales price: $934,000
-Low sales price: $335,000
-DOM: 34
-$/square foot: $330.14
-# of Sales: 33
-Short sales: 0
-REO's: 0
For an area with such a wide range of property conditions, architectural style, etc., other than the average days on the market rising, these numbers have remained consistent.
Links:
http://www.sacmag.com/media/Sacramento-Magazine/March-2007/Great-Neighborhoods/
http://www.sierra2.org/index.html
http://www.insidepublications.com/pdf_stories/05-12/MYN%20ITC-Dan%20Brown.pdf
http://home.comcast.net/~murpete/index.html
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 24 2007 03:38AMNew Listing - 8263 Leesburg Way, Elk Grove 95624
Look no further - this is your dream home! Contractor's own home has more upgrades that you can imagine! Fantastic open floorplan boasts 1,862 square feet (per assessor's records) of living space, 4 bedrooms, 2.5 bathrooms. Step inside to find a beautiful formal living room, custom painted interior with beautiful mouldings, decorative window coverings, a formal dining area and more. You will love the custom covered cement patio, complete with built-in gas BBQ and refrigerator. That's not all - there is also an inviting built-in swimming pool and waterfall, and spa. Also is a spacious lawn area, separate dog run, and side yard with two large sheds! Offered at $369,000. Sale is subject to lender approval. For more details, photos, and a virtual tour, visit http://www.8263leesburgway.com/.
1 comment • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 21 2007 04:50PMNew Listing - 728 Morey Avenue, Sacramento 95838
Don't miss this affordable turn-key home! With 4 bedrooms and 1 bathroom, this single story gem was recently renovated with permits by licensed contractors, and has a great open floor plan. You will love the oak kitchen cabinets, tile counters, and white appliances, remodeled bathroom, dual pane windows, new carpet, freshly painted interior and exterior, ceiling fans, composition roof, central heat and air conditioning, huge yard, and more! This listing is offered at $199,000 - $205,000 (call Erin Attardi for details). For more detail, photos and a virtual tour, visit http://www.728moreyavenue.com/.
To view all of my listings, visit http://Erin.golyon.com/listings.html.
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 17 2007 06:00AMMore fun Charts...
Before I could log off after my last post, I got an email asking for the housing inventory trend over a larger period of time...That I can post! Here is the 5-year inventory chart for Sacramento.
I do have the full market report Trendgraphix/MLS reports, but they are miles long and I can not post them all here. If anyone wishes to have them, I am happy to email you directly...please email a request to me at erin@erinattardi.com.
Source: Trendgraphix, Metrolist MLS
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 15 2007 08:30PMCurrent Inventory
Ok...so the September statistics are out. While the actual number of resale homes on the market dropped, closed and pending sales are also substantially down in Sacramento County. Based on the current numbers, there is 15 MONTHS of resale inventory on the market! The chart is pretty compelling! This is a huge spike! Some areas weight this far more than others. For example, in 95818 (Land Park / Curtis Park), there is 4.4 months of inventory. On the other side of the coin, in 95832 (Meadowview), there is 67.5 (!) months of inventory.
DO NOT OVERPRICE YOUR HOMES!!!
I do have the full market report Trendgraphix/MLS reports, but they are miles long and I can not post them all here. If anyone wishes to have them, I am happy to email you directly...please email a request to me at erin@erinattardi.com.
Source: Trendgraphix, Metrolist MLS
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 15 2007 08:28PMRental Data
Not sure where exactly this website gets its data, but if you have an investment property and are unsure what the average market rents in surrounding areas are, this could be a good resource... it states it obtains its data from "from publicly available sources on the internet and in print" and that it does not use "private" data. Enjoy!
Link:
http://www.rentometer.com/
1 comment • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 15 2007 06:47AMAnother crime mapping tool...
A couple months back I posted a link to the Sacramento County Sheriff's crime mapping tool website... here is another tool courtesy of KCRA Channel 3. This offers a neighborhood search, an interesting address search, and appears to be mainly for the City of Sacramento jurisdiction, rather than just the county as the other link was. Enjoy!
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 15 2007 06:45AMThe Mortgage Cancellation Tax Relief Act
The Mortgage Cancellation Tax Relief Act, H.R. 3648, passed in the House of Representatives by a vote of 386 to 27. H.R. 1876 amends the Internal Revenue Code of 1986 to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.
This is fantastic news for those in the unfortunate situation of having to do a short sale or who are going through foreclosure...now as far as I understand, this legislation only applies to a principal residence...stay tuned.
Link:
http://www.realtor.org/RMODaily.nsf/pages/News2007100501?OpenDocument
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 06 2007 09:54PMPrivate Transfer Taxes - be aware!
"Private Transfer Taxes" are out there, and most buyers and sellers are not even aware that they exist. In California, but especially in Placer County, there are new home builders who have attached special transfer fees to the property deed, which would have to paid in over and over again with every transfer of the property...FOREVER!!! From what I have heard, the builder pays this private transfer fee when they convey the property to the 1st owner...when that owner then sells the property, those fees must be paid again!
Just who benefits from these fees? They are paid directly to a designated "land trust or charity." Hmm...sounds like someone's retirement plan!!
These fees are not an isolated to Placer County, and are beginning to rear their ugly heads in other counties in California, and in other states to. Incredibly, the the National Association of Realtors found that there were no legal mandates to regulate this manipulation of the deed. The California Association of Realtors is working with the California Legislature to attempt to regulate what is going on. Of course, the parties involved that benefit from these private transfer taxes are lobbying heavily against a remedy to all of this nonsense.
These private transfer "fees" are reported to be as high as 1.75% of the purchase price. That means that if you try to purchase a re-sale home where one of these private transfer fees has been levied, you could have a rude awakening at the settlement table. 1.75% of the purchase price on a $400,000 property is roughly $7,000! Who is supposed to pay this fee? The Seller? The Buyer?....for all perpetuity! YIKES!!
Here is an article from the National Association of Realtors...
Link:
http://www.realtor.org/rmomag.NSF/pages/frontlinesledesep07
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 06 2007 09:48PMAsk Erin: Short Sales
For some reason I have been asked by a zillion people over the last week regarding how short sales work. The 5-cent answer is short sales are hell for everyone involved. Sorry to be so blunt.
For those of you who are not familiar with this terminology, a short sale is the sale of a house for less than the amount that is owed to the bank/mortgage company. Occasionally, homeowners find themselves in positions in which they must to sell their home, but the reality is that their property is worth less than what they owe the bank...perhaps they went re-fi crazy?...perhaps they bought at the peak of the market with 100% Financing? Some banks will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
What can the seller of a short sale property expect? Be prepared to give the lender lots of financial documentation. Banks do not just forgive mortgage debt for no good reason. Also - make certain to speak with a qualified legal and/or tax professional about the implications of possible forgiven debt.
What can the buyer of a short sale property expect? Waiting and uncertainty...lots of it. Once you make an offer, it can sometimes take 60-90 days to hear a response from the bank. Expect to take the property as-is, expect to pay ALL your own closing costs, and expect to pay for all inspection costs. Make sure your financing is rock solid! Whatever loan program you have qualified for now may not be available in 4-6 months or interest rates may jump if and when you are able to close escrow...
It is not uncommon that the bank will reject a short sale for whatever reason. You do not have a binding contract until the bank consents in writing to the short payoff specifically with regard to your purchase agreement...they have the right to entertain other offers during this "response period."
In your purchase agreement (offer), your agent will use the Purchase Agreement Addendum. Paragraph 5 specifically addresses short sales. It reads "This Agreement is contingent upon Seller's receipt of written consent from all existing secured lenders and lienholders (Short-Pay Lenders), no later than 5:00PM on _____(Short Pay Contingency Date), to reduce their respective loan balances by an amount sufficient to permit the proceeds from the sale of the property, without additional funds from the seller, to pay the existing balances on loan, real property taxes, brokerage commissions, closing costs, and other monetary oblications the Agreement requires Seller to pay at Close of Escrow (including but not limited to escrow charges, title charges, documentary transfer taxes, prorations, retrofit costs and repairs). If Seller fails to give Buyer written notice of all existing Short Pay Lenders consent by the Short Pay Contingency date, either Seller of Buyer may cancel the agreement in writing. Seller shall reasonable cooperate with existing Short Pay Lenders in the short -payoff process. Buyer and Seller understand that Lenders are not obligated to accept a short-payoff and may accept other offers, and that Seller, Buyer, and Brokers do not have control over whether Short-Pay Lenders will consent to a short-payoff, or any act, ommission, or decision by any Short-Pay Lender in the short-payoff process Seller is informed that a short pay may create credit or legal problems or may result in taxable income to Seller. Seller may present to Short-Pay lender any additional offers that are received on the Property. Seller is advised to seek advice from an attorney, certified public accountant or other expert regarding such potential consequences of a short-payoff." As a buyer, you could end up waiting 60-90 days for a response, just for the bank to reject the request...sounds like fun??
Why would a bank reject a short sale offer? Banks generally want proof that the seller of the subject property is completely financially insolvent. They ask for A LOT of documentation from the seller. They want to know that the sellers have drained all financial resources available to them. If the sellers have a 401k with $100k, guess what - the bank will want the sellers to contribute that to the sale. Or perhaps the bank is betting on the fact that they will be able to sell the property after foreclosure and come out ahead financially...
I could go on and on about short sales...pros and cons...there are lots of each. They can be a big win-win or a complete waste of time. Please call or email me with any specific questions.
For those of you who are not familiar with this terminology, a short sale is the sale of a house for less than the amount that is owed to the bank/mortgage company. Occasionally, homeowners find themselves in positions in which they must to sell their home, but the reality is that their property is worth less than what they owe the bank...perhaps they went re-fi crazy?...perhaps they bought at the peak of the market with 100% Financing? Some banks will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
What can the seller of a short sale property expect? Be prepared to give the lender lots of financial documentation. Banks do not just forgive mortgage debt for no good reason. Also - make certain to speak with a qualified legal and/or tax professional about the implications of possible forgiven debt.
What can the buyer of a short sale property expect? Waiting and uncertainty...lots of it. Once you make an offer, it can sometimes take 60-90 days to hear a response from the bank. Expect to take the property as-is, expect to pay ALL your own closing costs, and expect to pay for all inspection costs. Make sure your financing is rock solid! Whatever loan program you have qualified for now may not be available in 4-6 months or interest rates may jump if and when you are able to close escrow...
It is not uncommon that the bank will reject a short sale for whatever reason. You do not have a binding contract until the bank consents in writing to the short payoff specifically with regard to your purchase agreement...they have the right to entertain other offers during this "response period."
In your purchase agreement (offer), your agent will use the Purchase Agreement Addendum. Paragraph 5 specifically addresses short sales. It reads "This Agreement is contingent upon Seller's receipt of written consent from all existing secured lenders and lienholders (Short-Pay Lenders), no later than 5:00PM on _____(Short Pay Contingency Date), to reduce their respective loan balances by an amount sufficient to permit the proceeds from the sale of the property, without additional funds from the seller, to pay the existing balances on loan, real property taxes, brokerage commissions, closing costs, and other monetary oblications the Agreement requires Seller to pay at Close of Escrow (including but not limited to escrow charges, title charges, documentary transfer taxes, prorations, retrofit costs and repairs). If Seller fails to give Buyer written notice of all existing Short Pay Lenders consent by the Short Pay Contingency date, either Seller of Buyer may cancel the agreement in writing. Seller shall reasonable cooperate with existing Short Pay Lenders in the short -payoff process. Buyer and Seller understand that Lenders are not obligated to accept a short-payoff and may accept other offers, and that Seller, Buyer, and Brokers do not have control over whether Short-Pay Lenders will consent to a short-payoff, or any act, ommission, or decision by any Short-Pay Lender in the short-payoff process Seller is informed that a short pay may create credit or legal problems or may result in taxable income to Seller. Seller may present to Short-Pay lender any additional offers that are received on the Property. Seller is advised to seek advice from an attorney, certified public accountant or other expert regarding such potential consequences of a short-payoff." As a buyer, you could end up waiting 60-90 days for a response, just for the bank to reject the request...sounds like fun??
Why would a bank reject a short sale offer? Banks generally want proof that the seller of the subject property is completely financially insolvent. They ask for A LOT of documentation from the seller. They want to know that the sellers have drained all financial resources available to them. If the sellers have a 401k with $100k, guess what - the bank will want the sellers to contribute that to the sale. Or perhaps the bank is betting on the fact that they will be able to sell the property after foreclosure and come out ahead financially...
I could go on and on about short sales...pros and cons...there are lots of each. They can be a big win-win or a complete waste of time. Please call or email me with any specific questions.
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 01 2007 08:03PMDownpayment Gift Ban
Well now...as an agent who is certified to assist buyers leverage a few different types of downpayment assistance programs, it is too bad to learn that U.S. Department of Housing and Urban Development has nixed these for now.
One of the more prominent programs is Nehemiah, which is based in Sacramento. I received an email from the CEO of Nehemiah, Scott Syphax, explaining they intend to fight this ban. According to the Sacramento Business Journal, Nehemiah has already filed suit today.
Write to your local elected officials to voice your concern about the elimination of downpayment assistance programs! Visit http://www.takeaction.ahaanow.org/ahaa/home.
Interesting...I have assisted buyers to use these types of programs in the past, and all have come out as a win-win for both buyer and seller. I am aware that there are unscrupulous agents and buyers who probably have used this program in ways for which it was not intended, and their abuse ruined this for legitimate buyers who truly benefit from these programs.
I will be curious to see where this all goes and what both sides have to say...
Links:
http://www.bizjournals.com/sacramento/stories/2007/10/01/daily13.html?f=et76&ana=e_du
0 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • October 01 2007 07:18PMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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