Local El Dorado Hills, CA Election Issue

Among the issues on the June 3rd ballot that voters are to decide upon is Measure Q.   Measure Q is the El Dorado Union High School District Quality Educational Facilities Bond Measure.

I am usually one who believes in a fiscally conservative approach to local issues and oppose most issues that will result in increased taxes.  I feel that government is usually wasteful and inefficient.  However, the other side of the issueis our property values.  As a REALTOR, I can tell you the the quality of local schools is very important to most potential buyers.  People tend to move into districts where the schools are best.  That helps keep pressure on property values.

Measure Q will help maintain and improve our local high school districts.  I have to support those efforts.

YES ON Q.

SELECT THE VEHICLE FOR YOUR NEXT HEAD-ON COLLISION!

I have been negligent in updating my Blog for the past few days.  However, I do have an excuse.  View the photos.

The $ 64,000 question (for those few of you old enough to remember the 1950s TV quiz show) is…             if you were planning on getting into a head-on collision, which passenger car would you choose to participate in?

Broken wrist, SORE ribs, empty wallet, dented ego.

My choice, a BMW 540i.  “It takes a licken and keeps on ticken,” at least behind the firewall!

 

 

SOLD REO DATA FOR FOLSOM & EL DORADO HILLS, CA-APR 08

In my continuing quest to learn as much about REO property sales as possible, I present the sold data for Folsom and El Dorado Hills, CA. for the month of April 2008.

There has been the usual seasonal increase in activity overall. with 103 homes selling during the period.  Of those, 26, or 25.2% of the sales were REO properties.  The average days on market increased markedly in April.  There were quite a few long term REO listings that sold, although 38.5 % if the REOs were on the market for fourteen days or less.

Also noted is the fact that 42.3% of the REO properties sold for the asking price, OR MORE!  Are buyers negotiating with the banks to get funding for repairs and upgrades?  

Another interesting factor is that the price per square foot advantage for REO homes  has lost ground against the cost per square foot for all homes sold.  It has been consistently 11% – 14% lower.  In April is was only 8.5% lower.  You may draw your own conclusions.

 

Folsom/El Dorado Hills Sold REO Properties   April 2008 

 
                          Original            Listing Price                              SP as %      SP as %
                DOM   Listing Price      at Offer            Sold Price        Original    Final Price
1   Fol          3    $234,900.00    $234,900.00    $226,500.00      96.42%     96.42%
2   Fol        21    $289,900.00    $289,900.00    $260,000.00      89.69%     89.69%
3   EDH    234    $399,900.00    $320,900.00    $285,000.00      71.27%     88.81%
4   EDH    180    $299,900.00    $299,900.00    $290,000.00      96.70%     96.70%
5   EDH    103    $369,900.00    $299,900.00    $300,000.00      81.10%   100.03%
6   EDH        8    $315,000.00    $315,000.00    $294,900.00      93.62%      93.62%
7   Fol          3    $324,900.00    $324,900.00    $324,000.00      99.72%      99.72%
8   EDH      62    $264,900.00    $339,900.00    $330,000.00    124.58%      97.09%
9   Fol      211    $449,900.00    $419,900.00    $350,000.00       77.80%     83.35%
10  Fol     194    $345,000.00    $345,000.00    $355,000.00     102.90%   102.90%
11  EDH     22    $399,900.00    $399,900.00    $399,900.00     100.00%   100.00%
12  Fol         2    $399,900.00    $399,900.00    $400,000.00     100.03%   100.03%
13  EDH     30    $434,500.00    $434,500.00    $410,000.00       94.36%     94.36%
14  EDH    155   $529,900.00    $449,900.00    $445,000.00       83.98%     98.91%
15  EDH    233   $449,900.00    $455,000.00    $445,000.00       98.91%     97.80%
16  EDH        1   $449,900.00    $449,900.00    $449,900.00     100.00%   100.00%
17  EDH        5   $459,900.00    $459,900.00    $475,000.00     103.28%   103.28%
18  Fol          5   $484,900.00    $484,900.00    $494,500.00     101.98%   101.98%
19  EDH    152   $589,900.00    $514,900.00    $495,000.00       83.91%     96.14%
20  Fol          2   $504,900.00    $504,900.00    $504,900.00     100.00%   100.00%
21  Fol        13   $509,900.00    $509,900.00    $535,000.00     104.92%   104.92%
22  EDH      24   $535,000.00    $535,000.00    $550,000.00     102.80%   102.80%
23  EDH      99   $684,900.00    $609,900.00    $575,000.00       83.95%     94.28%
24  EDH      73   $598,000.00    $598,000.00    $590,000.00       98.66%     98.66%
25  Fol        51   $624,500.00    $609,900.00    $609,900.00       97.66%   100.00%
26  Fol          1   $709,900.00    $709,900.00    $725,000.00     102.13%   102.13%
AVerages  73                                                                                95.8%     97.8%

       
REO Sold Cost Per Square Foot:    $184.00  91.5%  
Total Sold Cost Per Square Foot:  $201.00    

       
Total Number of REO Homes Sold:  26  (25.2% of Total)   
Total Number of Homes Sold: 103   

 

 

 

THE PACK

Here are the monsters.

Mr. Tracy (left) starts the trouble and Giorgio (center) finishes it.  Kate (right)

just keeps looking for things to eat!  You never have a cold lap at my house!

 

REO SALES DATA FOR FOLSOM & EL DORADO HILLS, CA-MAR 08

This is the eighth in a series of Blogs in my quest to determine if REO properties are the great bargain that the public perceives them to be.  The subject data is for SOLD REO properties in Folsom and El Dorado Hills, CA during March of 2008.

The number of REO properties sold in March increased to 22 from 16 in February, an increase of 37.5%.  However the total number of properties sold increased 79.6% due to the seasonal adjustment in volume.  Therefore, REO properties represented only 22.6% of total sales.

The number of REO properties remaining on the market for 14 days or less is on the increase.  There still remain a number of REOs that have been on the market a long time.  Therefore, the average days on market has only dropped slightly. 

There has been a increase in the number of REO properties that have sold for 100% of the asking price, leading the observer to believe that buyers are finding the listing prices more acceptable.  Multiple offers on REOs are becoming more common.

Again, the average REO property cost per square foot remains in the range of 11% – 14% below the cost per square foot of all properties sold during the period.

 

Folsom/El Dorado Hills Sold REO Properties   March 2008         

                          Original          Listing Price at                    SP as %          SP as %     
              DOM      Listing Price   Time of Offer    Sold Price     Original Price   Final Price  
1 EDH      125      $359,900.00   $334,500.00   $303,100.00      84.22%       90.61%  
2 Fol         93      $389,900.00   $349,900.00   $310,000.00      79.51%        88.60%  
3 Fol           7      $355,000.00   $355,000.00   $355,000.00    100.00%      100.00%  
4 Fol           5      $360,000.00   $360,000.00   $340,000.00      94.44%       94.44%  
5 Fol         31      $369,900.00   $369,900.00   $341,500.00      92.32%       92.32%  
6 Fol           9      $345,000.00   $345,000.00   $349,000.00    101.16%      101.16%  
7 Fol         13      $354,500.00   $354,500.00   $353,000.00      99.58%       99.58%  
8 EDH         2      $369,900.00   $369,900.00   $369,900.00     100.00%     100.00%  
9 EDH      174      $446,900.00   $399,900.00   $373,000.00      83.46%       93.27%  
10 Fol       19      $399,900.00   $399,900.00   $415,000.00    103.78%      103.78%  
11 Fol         5      $411,900.00   $411,900.00   $423,500.00    102.82%      102.82%  
12 EDH      27      $474,900.00   $449,900.00   $440,500.00      92.76%       97.91%  
13 Fol      114      $528,900.00   $478,875.00   $465,000.00      87.92%       97.10%  
14 EDH    206      $595,950.00   $497,900.00   $485,000.00      81.38%       97.41%  
15 Fol        1       $549,000.00   $549,000.00   $535,000.00      97.45%       97.45%  
16 EDH     21       $574,900.00   $574,900.00   $574,900.00    100.00%     100.00%  
17 EDH     44       $605,000.00   $595,000.00   $585,000.00      96.69%       98.32%  
18 EDH     12       $624,900.00   $624,900.00   $600,000.00      96.02%       96.02%  
19 Fol        1       $613,900.00   $613,900.00   $613,000.00      99.85%       99.85%  
20 EDH     30       $661,000.00   $661,000.00   $661,000.00    100.00%     100.00%  
21 Fol       61       $770,000.00   $770,000.00   $690,000.00     89.61%       89.61%  
22 Fol        9        $875,000.00   $875,000.00   $875,000.00   100.00%     100.00%  
      
Average    46                                                                          94.7%       97.3%  
         
REO Sold Cost Per Square Foot:        $180.00  86%    
Total Sold Cost Per Square Foot:       $209.00      
         
Total Number of REO Homes Sold in November for area:           22  (22.6% of Total)     
Total Number of Homes Sold in November for the same area:    97     

Apologies for the alignment problem.  I do not posses the skills to make a more polished presentation.

REO SALES DATA FOR FOLSOM % EL DORADO HILLS,CA JAN-08

This is the sixth in a series of Blogs in my quest to determine if REO properties are the great bargain that the public perceives them to be.  The subject data is for REO properties in Folsom and El Dorado Hills, CA during January 2008.

The number of REO properties sold during January 2008 was lower than the number sold in December.  The 18 homes sold represent 33.96% of all homes sold in the area for the month. 

Those homes that were on the market longest tended to sell for a smaller percentage of the original asking price, but not consistently any lower than the final asking price than in any of the previous months for this study.

The cost per square foot of REO homes sold in January was 91.2% of the cost per square foot of all homes sold.  That is very similar to the 91.5% in December. 

The trends are becoming more evident as the study progresses.  The most consistent trend is that the number of REO homes sold in the area in increasing as a percentage of the total homes sold over time.  (6.7% in August of 2007 to almost 40% in January.  The second consistent factor is that the REO homes have sold for an average of nearly 10% less per square foot than the average cost per square foot for all of the homes that sold for the same period.  One would expect that the condition of the homes was a major factor, however, some of the REO homes were in move-in condition.

It is obvious that REO home sales are a consistent factor in our market and will continue to be so for some time.  They are going to have an impact on the sale of non-REO properties now and in the future.

Are REO properties the bargain perceived by the public?  You must decide for yourself.

Folsom/El Dorado Hills Sold REO Properties   January 2009

            
                        Original            Listing Price at                             SP as % of           SP as % of
            DOM    Listing Price     Time of Offer      Sold Price          Original Price     Final Price 
1   Fol      42  $342,900.00      $324,900.00       $319,000.00        93.03%              98.18% 
2   Fol        6  $339,900.00      $339,900.00       $341,500.00     100.47%            100.47% 
3   Fol      17  $349,900.00      $349,900.00       $348,500.00       99.60%              99.60% 
4   EDH    75  $449,900.00      $424,900.00       $385,000.00       85.57%              90.61% 
5   EDH  105  $462,900.00      $429,900.00       $410,000.00       88.57%              95.37% 
6   EDH  124  $469,900.00      $407,900.00       $418,000.00       88.96%            102.48% 
7   EDH      0  $429,900.00      $429,900.00       $430,000.00     100.02%            100.02% 
8   Fol      21  $422,500.00      $422,500.00       $435,000.00     102.96%           102.96% 
9   EDH    10  $448,900.00      $448,900.00       $435,000.00       96.90%             96.90% 
10 Fol      44  $515,900.00      $464,500.00       $469,000.00       90.91%           100.97% 
11 Fol        8  $499,900.00      $499,900.00       $499,900.00      100.00%          100.00% 
12 EDH    50  $569,900.00      $519,900.00       $515,000.00        90.37%            99.06% 
13 Fol      12  $539,900.00      $539,900.00       $517,000.00        95.76%            95.76% 
14 EDH      5  $513,000.00      $513,000.00       $530,000.00       103.31%          103.31% 
15 Fol    191  $639,900.00      $579,900.00       $540,000.00         84.39%            93.12% 
16 EDH    90  $593,900.00      $571,900.00        $561,500.00         94.54%           98.18% 
17 EDH  175  $798,000.00      $700,000.00        $627,000.00         78.57%           89.57% 
18 Fol      43  $805,500.00     $669,000.00        $650,000.00          80.70%           97.16% 
Averages  57                                                                                     93.0%             98.0% 
        
REO Sold Cost Per Square Foot:     $188.00     
Total Sold Cost Per Square Foot:            $206.00     
        
Total Number of REO Homes Sold in November for area:    18  (33.96% of Total)    
Total Number of Homes Sold in November for the same area:    53    

 

REO SALES DATA FOR FOLSOM & EL DORADO HILLS,CA DEC 07

This is the fifth in a series of Blogs in my quest to determine if REO properties are the great bargain that the public perceives them to be.  The subject data is for REO properties in Folsom and El Dorado Hills, CA during December 2007.

The number of REO properties sold during December 2007 was the highest in the five month period that I have reviewed.  The 22 homes sold represent 27.2 % of all homes sold in the area for that month.  That trend seems to be on the increase. 

Those homes that were on the market longest tended to sell for a smaller percentage of the original asking price, but not consistently any lower than the final asking price than any of the other homes.

There was a marked change in the cost per square foot of REO homes sold in December, at 91.5%.  That number has remained in the 85%- 86% range until December.

Home Number five in the list below sold for 73.4 of the original asking price in five days.  That is the lowest percentage of any home in the five month period.  One would expect that the condition of the home was a major factor.

Are REO properties the bargain perceived by the public?  You must decide.

Folsom/El Dorado Hills Sold REO Properties December 2007 

      
                          Original             Listing Price                                     SP as %            SP as %
             DOM     Listing Price      at Time of Offer     Sold Price           Original Price   Final Price  
1    EDH   133    $405,000.00    $325,000.00          $295,000.00            72.84%       90.77%  
2    Fol       22    $360,000.00    $360,000.00          $325,000.00            90.28%       90.28%  
3    EDH   108    $369,900.00    $339,500.00          $330,000.00            89.21%       97.20%  
4    Fol       18    $348,900.00    $348,900.00          $355,000.00          101.75%     101.75%  
5    Fol         5    $365,000.00    $365,000.00          $266,650.00            73.05%       73.05%  
6    EDH     82    $371,900.00    $371,900.00          $372,000.00          100.03%     100.03%  
7    EDH     97    $454,900.00    $428,500.00          $386,925.00            85.06%       90.30%  
8    EDH   116    $464,900.00    $419,500.00          $395,000.00            84.96%       94.16%  
9    EDH     35    $429,000.00    $419,900.00          $400,000.00            93.24%       95.26%  
10  Fol     152    $504,900.00    $454,900.00          $409,000.00            81.01%       89.91%  
11  Fol       42    $459,900.00    $429,900.00          $420,000.00            91.32%       97.70%  
12  EDH     16    $454,900.00    $454,900.00          $435,000.00            95.63%        95.63%  
13  EDH     54    $494,900.00    $484,900.00          $480,000.00            96.99%        98.99%  
14  EDH   118    $600,000.00    $505,000.00          $490,000.00            81.67%        97.03%  
15  Fol        9     $559,900.00    $559,900.00          $535,000.00            95.55%        95.55%  
16  EDH      8     $549,900.00    $549,000.00          $539,000.00             98.02%       98.18%  
17  Fol      37     $605,900.00    $605,900.00          $550,000.00             90.77%       90.77%  
18  EDH      3     $554,900.00    $554,900.00          $555,000.00           100.02%      100.02%  
19  EDH  126     $719,900.00   $579,900.00          $579,900.00              80.55%      100.00%  
20  EDH    28     $723,900.00    $712,900.00          $700,000.00             96.70%       98.19%  
21  EDH    43     $949,900.00    $935,900.00          $930,000.00             97.91%       99.37%  
22  EDH    41     $964,900.00    $959,900.00          $940,000.00             97.42%       97.93%  
       
Averages  59                                                                                             90.6%          95.1%  
         
REO Sold Cost Per Square Foot:     $194.00      
Total Sold Cost Per Square Foot:             $212.00      
         
Total Number of REO Homes Sold in November for area:           22  (27.2% of Total)     
Total Number of Homes Sold in November for the same area:   81     

REO SALES DATA FOR FOLSOM & EL DORADO HILLS,CA_NOV 07

This is the forth in a series of Blogs in my quest to determine if REO properties are the great bargain that the public perceives them to be. The subject data is for REO sold properties in Folsom and El Dorado Hills, CA during November of 2007.

As usual, the REO properties that remained on the market longer tended to sell for less.  Once the listing price reached the market price the financial institutions tended to remain fairly firm on Price.  However, the November sold prices were slightly lower than any of the previous three months.

The sold REO cost per square foot remains remarkably steady at 85% – 86% of the cost per square foot of the general population of sold properties for the period.  Could this reflect the REO property condition issues, you will have to decide.

Folsom/El Dorado Hills Sold REO Properties   November 2007         
                             Original             Listing Price                                   SP as % of           SP as % of
      CIty     DOM    Listing Price      at Time of Offer       Sold Price       Original Price SP  Final Price  
1     Fol          2     $284,900.00     $284,900.00          $284,900.00        100.00%         100.00%  
2     Fol        42     $352,500.00      $352,500.00         $295,000.00          83.69%           83.69%  
3     Fol        25     $419,900.00      $419,900.00         $368,000.00          87.64%           87.64%  
4    EDH       72     $447,900.00      $388,900.00          $388,900.00         86.83%         100.00%  
5     Fol      130     $529,900.00      $459,900.00          $410,000.00          77.37%          89.15%  
6     Fol         8      $429,900.00      $429,900.00          $429,900.00         100.00%        100.00%  
7    EDH       83      $480,000.00     $465,600.00          $436,000.00          90.83%          93.64%  
8     Fol      105      $546,900.00     $479,900.00          $450,000.00          82.28%          93.77%  
9     Fol        34      $491,900.00     $491,900.00          $468,500.00          95.24%          95.24%  
10    Fol       74      $545,000.00      $535,000.00         $505,000.00           92.66%         94.39%  
11   EDH     179      $839,900.00     $729,900.00         $695,000.00           82.75%         95.22%  
12    Fol       81      $849,900.00      $807,500.00          $750,000.00          88.25%         92.88%    
13   EDH      32      $785,000.00      $785,000.00          $780,000.00          99.36%         99.36%  
Averages     67                                                                                                89.8%           94.2%  
         
REO Sold Cost Per Square Foot:      $188.00      
Total Sold Cost Per Square Foot:               $219.00      
         
Total Number of REO Homes Sold in November for area:           13  (14.8% of Total)     
Total Number of Homes Sold in November for the same area:    88     

REO SALES DATA FOR FOLSOM & EL DORADO HILLS,CA-OCT 07

This is the third in a series of Blogs in my quest to determine if REO properties are the great bargain that the public perceived them to be.  The subject data is for REO sold properties in Folsom and El Dorado Hills, Ca for October 2007.

Once again the REO properties that remained on the market longer tended to sell at lower prices.  Once the listing price reached market price the financial institutions tended to remain firm on price.

The REO property cost per square foot remains very close to 86% of the cost per square foot of the general sold home population.  Does this reflect REO property condition issues?  You must decide. 

Folsom/El Dorado Hills Sold REO Properties   October  2007         
                           Original            Listing Price at                            SP as % of         SP as % of
    City    DOM     Listing Price     Time of Offer       Sold Price        Original Price    Final Price  
1   Fol        9      $294,900.00    $294,900.00       $320,000.00         108.51%        108.51%  
2   Fol       21     $340,000.00    $340,000.00       $340,000.00         100.00%        100.00%  
3   Fol       77     $378,000.00    $360,000.00       $340,000.00           89.95%         94.44%  
4   Fol       60     $379,900.00    $367,900.00       $366,000.00           96.34%         99.48%  
5   Fol       36     $444,900.00    $429,900.00       $405,000.00           91.03%         94.21%  
6   Fol     198     $535,000.00    $429,900.00       $410,000.00           76.64%         95.37%  
7   EDH    140     $639,900.00    $549,900.00      $520,000.00           81.26%          94.56%  
8   EDH      39     $589,900.00    $569,900.00      $569,900.00           96.61%        100.00%    
9   EDH    120     $729,900.00    $649,900.00      $649,900.00           89.04%        100.00%  
Averages   77                                                                                        92.2%            98.5%  
         
REO Sold Cost Per Square Foot:      $194.00      
Total Sold Cost Per Square Foot:              $225.00      
         
         
Total Number of REO Homes Sold:                                        9  (10.7% of Total)     
Total Number of Homes Sold in October in this same area:    84     

REO SALES DATA FOR FOLSOM&EL DORADO HILLS,CA-SEPT 07

Continuing my quest to determine if REO properties are the great bargain that the public perceives them to be, I have compiled the data for REO sold homes in Folsom and El Dorado Hills, Ca for September 2007.

Unlike the August statistics, none to the homes sold for more of the asking price.  The days on Market climbed from 30 to 51 days.  Once again, the longer the REO property was on the market the lower the selling price tended to be.

The REO property price per square foot continues to be lower than the price per square foot for the general population of properties sold for the same period.  That number tended to hover close to 85%.  Once again you must decide if that is because of he usual condition of REO properties or not.

The lending institutions are still not dropping their price very far below the final asking price.

Are the REO properties a bargain?  Again you must decide.

Folsom/El Dorado Hills Sold REO Properties   September  2007  

  
                              Original             Listing Price at                          SP as % of        SP as % of
    City       DOM     Listing Price      Time of Offer       Sold Price      Original Price   Final Price  
1   Fol        105      $414,900.00     $399,900.00       $370,000.00      89.18%          92.52%  
2   EDH        40      $499,900.00     $499,900.00       $470,000.00      94.02%          94.02%  
3   EDH          1      $512,500.00     $512,500.00       $470,000.00      91.71%          91.71%  
4   EDH        93      $598,500.00     $536,900.00       $519,900.00      86.87%          96.83%  
5   Fol          41      $544,900.00     $544,900.00       $522,000.00      95.80%          95.80%  
9   EDH        14      $579,950.00      $579,950.00      $530,000.00       91.39%         91.39%  
7   EDH        70      $659,900.00      $629,900.00      $585,000.00       88.65%         92.87%  
8   EDH        77      $669,900.00      $639,900.00      $640,000.00       95.54%       100.02%  
9   EDH        21      $775,000.00      $775,000.00      $750,000.00       96.77%         96.77%  
AVERAGES    51                                                                                     92.2%           94.7%  
           
REO Sold Cost Per Square Foot:      $189.00      
Total Sold Cost Per Square Foot:              $223.00      
         
Total REO Homes Sold                                               9  (13.4% of Total)     
Total Number of Homes Sold in August in This Area     67