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Archive for September, 2009

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1674 Traziel Court/Folsom/Just Listed $579,000

Monday, September 14th, 2009

In beautiful Broadstone, this 5 bed, 3 bath home is immaculate & move-in ready! Enter the stunning front door to find a tastefully designed & decorated home. The well-equipped tile kitchen has center island w/sink & sunny dining nook. The spacious mstr suite has sitting area & the mstr bath boasts his & hers vanities, a jetted tub, separate shower, & huge walk-in closet. The well-appointed family room has built-in cabinetry & fireplace. The backyard features a cozy fireplace & pool w/waterfall.

PhotoPhotoPhotoPhotoPhotoPhoto

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Median price rising toward $200K again in Sacramento County

Monday, September 14th, 2009

August’s median sales price for existing single-family homes rose to $190,000 in Sacramento County and the City of West Sacramento – after three straight months parked at $180,000, the Sacramento Association of Realtors is reporting this afternoon.

That $190,000 figure is 2009’s highest – well up from bottoming out at $167,000 in March.

The median sales price first fell below $200,000 in August, 2008.

The higher number almost certainly reflects the continuing fall in the really cheap repo share of this market. Bank repos feel again to 47.6 percent of sales, while short sales – in which a bank accepts less than owed to avoid costs of foreclosing – went up again to 18.8 percent of sales.

That makes “distress sales” about two-thirds of all sales.

The number of single-family home sales also fell a bit. August’s 1,683 closed escrows were down 8.9 percent from 1,848 in July – and are down 10 percent from 1,871 the same month last year.

 

 Here is the  summary of statistics.

 

And here is a look by ZIP Code.

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Posted in Foreclosures, Real Estate, Real Estate News | No Comments »

California bill would extend tax credit on new homes

Thursday, September 10th, 2009

A popular state tax credit of up to $10,000 that helped sell hundreds of new houses throughout the Sacramento region earlier this year appears to be coming back.

A plan to extend the state tax credit to another 4,285 buyers of new, unoccupied homes in California – possibly as many as 500 in the capital area – is expected to receive a vote in the Legislature by Friday’s end of the session.

The buyer tax credit began March 1 and unexpectedly sold out by July 2 as many first-time California buyers combined the state credit with an $8,000 federal tax credit.

Statewide, Roseville ranked eighth among cities where new house buyers received the state credit. Sacramento ranked ninth, the state Franchise Tax Board reported.

“It was used very extensively,” said Dennis Rogers, a government affairs executive with the Roseville-based North State Building Industry Association. He and others in Sacramento’s struggling building industry said the credit helped prod buyers off the fence before it ended in July.

“We’ve definitely seen a lot of interest from homebuyers coming into the sales environment because of the program,” said Pulte Homes spokeswoman Jacque Petroulakis. Pulte is the capital region’s largest home builder.

The original tax credit also helped area builders clear an excess inventory of homes finished or nearly finished, but not yet sold.

Builders and buyers now in the sales process hope to see the bill pass the Legislature this week and be signed by Gov. Arnold Schwarzenegger.

That’s considered likely by many close to the legislation. The governor was a force behind the original tax credit, calling it a job generator for the construction industry and larger California economy.

Statewide, 10,659 California buyers got the homebuyer credits, which allowed tax breaks of up to $3,333 per year for three years, the Franchise Tax Board reported Aug. 31. Buyers are expected to be notified by Friday about the amount of credit allocated or denied.

The tax agency stopped taking applications July 2, assuming that it had reached the program’s $100 million limit. Original expectations were that most people could claim the entire $10,000. Then a newer FTB sample of taxpayers approved for the credit based on “their 2007 income tax liabilities, and incorporating 2009 tax law changes” showed most people won’t owe enough state taxes to claim an entire $10,000 credit over three years.

“It’s estimated that most people will get about $7,000,” said FTB spokeswoman Brenda Voet. She said those who qualify for the entire $10,000 will still receive it.

The new FTB liability estimates means an estimated $30 million in credits could go unclaimed under provisions of the original tax credit bill passed in February.

Assembly Bill 765, by Assemblywoman Anna Caballero, D-Salinas, reauthorizes the tax credit under the new estimates. New credits would be available upon the bill’s signing and run through March 1, 2010. Builders must apply on behalf of buyers within one week of closing escrow.

The new bill, however, won’t help capital-area buyers who closed escrow after the FTB’s July 2 deadline. They’ll be ineligible for the tax break because they closed escrow during a time when the law, if it passes, was not in effect.

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Posted in Real Estate, Real Estate News | 1 Comment »

Good call: He sold in 2005, rented, then bought a repo in 2008

Wednesday, September 2nd, 2009

That’s Michael Choe of Sacramento, who has turned up again in Time Magazine for his good call during California’s manic housing boom. The piece dated today notes that he bought a local bank repo late last year after selling in 2005, then renting for a few years as the market crested and crashed.

 Time uses his example to frame the age-old question: Is now a good time to buy?

Choe first made the magazine in June 2005 for the amazingly prescient decision to sell his house for $369,000 – twice what he paid for it in 2002 – and rent for awhile.  Time then called it “the (surprising) case for renting.”

In that 2005 issue the cover showed America’s love affair with houses. If ever a cartoon said a thousand words and evokes a thousand memories of great times that one does. Choe appeared in that light to be a bit of a kook for selling in a rising market and renting.

Years later, what’s better than national recognition for calling it right on the money?

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