Roseville, Rocklin, Lincoln, Loomis, Granite Bay - Placer County, California - Real Estate Blog - Souza Realty

Real Estate Recovery in Loomis, CA - New Construction At Sierra de Montserrat and Terracina Estates

It's been a while since we've seen new construction in the quaint Town of Loomis, but there are currently two luxury homes that are now under construction at Sierra de Montserrat and Terracina Estates. Here is a beautiful custom home being built at Sierra de Montserrat (located in a cul-de-sac with vineyard views):

Here is the Terracina Estates custom home that is currently under construction:

Lots and land sales have been quite steady in Loomis, CA as well as the neighboring community of Granite Bay, CA. Some lots have been purchased to hold for investment and some were bought with the intention of being the future site of the purchaser's dream home. Most land sales have been all cash, as lot loans are not only difficult to find, but they are even tougher to qualify for...just like construction loans. Do these two new construction starts signify builder confidence as well as a real estate recovery for Loomis luxury homes? What do you think?

Real Estate Recovery in Roseville, CA - 28 Days From Listing To Closing...On A Short Sale!

What are the two words in real estate that are most likely to generate a negative reaction from most people? If you guessed SHORT SALE - you're right! Those two words would get at least an eye roll, a disgusted groan or a long, drawn out "Eeeeeewwwww" from the majority of those who have experienced a short sale, no matter which side of the table they were on. The long periods of time waiting for the bank's response and the unsettled feeling everyone has while holding their breath to see what happens is not the way to get the warm-and-fuzzies from a real estate transaction. But I digress...

The Roseville short sale I recently closed (as the selling agent) was definitely NOT the type that gave those two words such a bad reputation. It was, in fact, a very SHORT short sale...28 days from the listing date to the closing date, to be exact. Wow! That's even somewhat amazing for an REO or a traditional sale. To me, this vast improvement in the world of short sales signifies a real estate recovery. It means that at least one bank has finally gotten their act together...and in this case, so has all other parties involved in the transaction (the cooperative seller, listing agent, cash buyer and selling agent).

Real Estate Recovery in Lincoln, CA - Lot Sales Are Up At Catta Verdera Country Club

Lot sales at Catta Verdera Country Club in Lincoln, CA have officially hit bottom this year, with lots selling at $50,000 (March 2011), $49,000 (April 2011) and $60,000 (May and June 2011). Since then, sales prices of vacant lots at Catta Verdera have doubled, with the last three sales closing at $130,000 (June 2011), $100,000 (June 2011) and $130,000 (July 2011). There is one pending sale of a Catta Verdera lot at $150,000.

With all of this recent sales activity for vacant lots at Catta Verdera, I'm wondering when we'll start seeing another construction project breaking ground, since there hasn't been any new construction in Catta Verdera for a few years now. My guess is that the next home will be designed, built and lived in by the owner. With the high cost of building permits in Lincoln, combined with holding costs that include monthly HOA dues and high property taxes with extra assessments, a builder can't compete with existing home sales by trying to make a profit by building a spec home.

Real Estate Recovery in Roseville, CA - Condo Prices Have Already Hit Bottom At Roseville Greens

Roseville Greens Condominiums have been selling like hotcakes lately! Does that signify a real estate recovery for Roseville, CA? Sure it does...at least for the Roseville Greens condo community, where prices have hit bottom ($44,000) in March 2011 and have been increasing since then. The last two Roseville Greens condos that sold both closed at $60,000. Also, there are no available condos at Roseville Greens, all units are either contingent, pending or sold. 

Roseville Greens is a condominium community conveniently located near Interstate 80 on Harding between Douglas and Lead Hill. It is across the street from Antique Trove and Claim Jumper and not far from Trader Joe's, Denio's Market, Downtown Roseville, Galleria Mall, UA Movie Theaters and the Roseville Auto Mall.

The Atlantic Street Veterinary Hospital is just around the corner from Roseville Greens, which has a Pet Emergency Centeropen 24/7. Nearby restaurants include: Macaroni Grill, McCormick & Schmick's, Ruth's Chris Steak House, BJ's Restaurant & Brewery,Mimi's Cafe, Olive Garden, Outback Steakhouse, California Pizza Kitchen, On The Border and many more.

The Roseville Greens condominiums were built in 1970 and there are a total of 232 units in 58 structures. The condos resemble a fourplex with all 2 bedrooms/1 bath units, plus 2 parking spaces (1 covered, 1 uncovered) for each unit and a shared coin-operated laundry facility. The Roseville Greens HOA is $145 per month and includes common area maintenance, insurance on the structure, grounds maintenance and management fees.

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Real Estate Recovery - Placer County, CA - Q2 2011 Foreclosure Activity Declines

The number of properties foreclosed in Placer County, CA has been on a steady decline for the past 3 months. From May 2011 to June 2011, the amount of Placer County foreclosures decreased by 17.6% and in July 2011, foreclosures went down another 14.5%.

Here are the exact numbers for the 2nd Quarter of 2011:

• May 2011 - 250 foreclosures
• 173 bank owned/REO
• 77 sold to 3rd parties
   
• June 2011 - 206 foreclosures
• 158 bank owned/REO
• 48 sold to 3rd parties
   
• July 2011 - 176 foreclosures
• 132 bank owned/REO
• 44 sold to 3rd parties

WHAT DOES THIS MEAN FOR CONSUMERS AND INVESTORS?

For consumers, a decline in the amount of bank owned/REO's mean that there are less homes being added to the existing shadow inventory (properties that are foreclosed, but not yet listed for sale). This means that as foreclosures continue to decline, a real estate recovery will begin to take place. Financial experts like Suze Orman predict that the real estate market may come back as early as 2015. We'll see about that, but remember that real estate is LOCAL...so just because a real estate recovery taking place in one part of the country, it doesn't necessarily mean that a national recovery is happening. :)

For investors, a decline in foreclosures that are sold to 3rd means that there is likely to be an increase in the competition...which could equate to higher prices paid by bidders at trustee's sales...which means reduced profit margins for the investors who flip properties. Institutional investors have more overhead expenses than private investors, but their ability to buy in volume will allow them to tighten their margin on one property "just to get the deal" whereas a private investor needs to be more cautious on each and every transaction.

INVESTORS AT A TRUSTEE'S SALE IN ROSEVILLE, CALIFORNIA (JULY 2011)