Last night Mr. BT and I had a spare moment to turn on the TV (doesn't happen often). A short time filler came on (KVIE, public TV) called Rob on the Road, which explores California. He featured a man from Woodland that has turned his home into a really cool gas station museum.
Of course my next thought was, to wonder what the neighbors thought (traffic, eye soar etc.).
This thought made me pause. We have been going through all the motions to build a deck in our backyard. We have already applied and received CSD (community service district) approval ($85), and then I spend some time in Placerville applying for the building permit (and asking some other questions) ($350). Of course all our relatives think it is outrageous that we have to jump through so many hoops to build a deck in our own backyard.....and I am a little ticked off at how expensive the fees are, since we are doing most of the work ourselves.
All this to say, I wish there was a happy medium. Less red tape, neighborhoods with character and charm, but nothing too over the top.
Showing posts with label Neighborhoods. Show all posts
Showing posts with label Neighborhoods. Show all posts
Tuesday, August 25, 2009
Monday, July 20, 2009
Further Bifurcation
Been thinking a bit more about what the next year or two will bring in terms of local real estate trends. They way I see it, the lower end is starting to stabilize. But the higher/desirable end (i.e. areas people would prefer to live) will be broken into two distinct patterns.
In areas with substantial new development (homes built in the last 10 years), such as Elk Grove, Rocklin/Roseville, Folsom, El Dorado Hills, West Sac etc. home values will fall fairly fast. Many homes in these areas were built and bought at or near the top of the market. Thus they are much more likely to see a disproportionate number of foreclosures due to the heavy use of Option-ARM and other affordability products, which puts substatial downward pressure on prices.
Established Sacramento neighborhoods, like East Sac, Arden/Arcade, Fair Oaks, Davis, Land Park etc. will fall at a much slower pace. As a percentage of total homes, there will be fewer buyers who bought at the top (but probably some who HELOC'd themselves into foreclosure). In general though, these owners are much less likely to be upside down.
Eventually, those who would have purchased in a more established neighborhood, will opt for a less expensive newer neighborhood (I know we did). This drain on demand will eventually push down prices, or at least keep them from appreciating in the established neighborhoods.
In areas with substantial new development (homes built in the last 10 years), such as Elk Grove, Rocklin/Roseville, Folsom, El Dorado Hills, West Sac etc. home values will fall fairly fast. Many homes in these areas were built and bought at or near the top of the market. Thus they are much more likely to see a disproportionate number of foreclosures due to the heavy use of Option-ARM and other affordability products, which puts substatial downward pressure on prices.
Established Sacramento neighborhoods, like East Sac, Arden/Arcade, Fair Oaks, Davis, Land Park etc. will fall at a much slower pace. As a percentage of total homes, there will be fewer buyers who bought at the top (but probably some who HELOC'd themselves into foreclosure). In general though, these owners are much less likely to be upside down.
Eventually, those who would have purchased in a more established neighborhood, will opt for a less expensive newer neighborhood (I know we did). This drain on demand will eventually push down prices, or at least keep them from appreciating in the established neighborhoods.
Tuesday, June 16, 2009
Join the Club?
As long time readers know, I am a big fan of the master planned community concept where the centerpiece is a community clubhouse (complete with swimming pools, fitness centers, gathering rooms, etc). They offer a nice setting for meeting neighbors (which builds community) and also provide activities for kids that don’t involve a TV or computer.
I recently had the occasion to visit two of the more popular developments in the Sacramento Region, the Whitney Ranch House, in Rocklin, as well as the Anatolia Clubhouse, in Rancho Cordova. Both were very nicely done, and made me wistful that we passed up on Blackstone in El Dorado Hills.
I especially liked the wading pools for the little ones that can’t swim. The Clubhouse at Anatolia even has theirs gated, so moms don’t have to worry about the little ones wandering off near the big pools. However the Clubhouse’s lack of bathrooms for people in the swimming area was a huge inconvenience for my 5 year old who makes frequent trips.
Regarding the Whitney Ranch House, the kids loved the “magic” water spray area, and we really liked the personal cabanas. However, the amount of surgical enhancements on display, made even the EDH Sports Club look tame.
Regarding Blackstone in EDH, we seriously considered purchasing there, primarily for the location and clubhouse. In the end, we didn’t want to risk purchasing early in the 900 acre development (due to the greater economic troubles etc.), and weren’t real keen on the home layouts we could afford.
In my early quest for a clubhouse like setting, my previous land lord mistakenly thought that the Serrano Country Club was a part of the package with the HOA (like it is with his development down in Elk Grove). However, when my husband and his mom when to check out the Country Club, they were in for disappointing news, as it’s for members only. To add insult to injury, someone actually asked my mother-in-law to leave while she was looking around because she was wearing….gasp…..black Jeans (no jeans allowed). So we obviously got off to a bad start with the whole Serrano experience (not to mention the snotty assistant when I went to get my car sticker).
I recently had the occasion to visit two of the more popular developments in the Sacramento Region, the Whitney Ranch House, in Rocklin, as well as the Anatolia Clubhouse, in Rancho Cordova. Both were very nicely done, and made me wistful that we passed up on Blackstone in El Dorado Hills.
I especially liked the wading pools for the little ones that can’t swim. The Clubhouse at Anatolia even has theirs gated, so moms don’t have to worry about the little ones wandering off near the big pools. However the Clubhouse’s lack of bathrooms for people in the swimming area was a huge inconvenience for my 5 year old who makes frequent trips.
Regarding the Whitney Ranch House, the kids loved the “magic” water spray area, and we really liked the personal cabanas. However, the amount of surgical enhancements on display, made even the EDH Sports Club look tame.
Regarding Blackstone in EDH, we seriously considered purchasing there, primarily for the location and clubhouse. In the end, we didn’t want to risk purchasing early in the 900 acre development (due to the greater economic troubles etc.), and weren’t real keen on the home layouts we could afford.
In my early quest for a clubhouse like setting, my previous land lord mistakenly thought that the Serrano Country Club was a part of the package with the HOA (like it is with his development down in Elk Grove). However, when my husband and his mom when to check out the Country Club, they were in for disappointing news, as it’s for members only. To add insult to injury, someone actually asked my mother-in-law to leave while she was looking around because she was wearing….gasp…..black Jeans (no jeans allowed). So we obviously got off to a bad start with the whole Serrano experience (not to mention the snotty assistant when I went to get my car sticker).
Thursday, October 30, 2008
Local Builders Behaving Badly?
From the Mountain Democrat:
"West County home-building company known for constructing multi-million dollar homes in Serrano has been accused by one of its clients of fraud and forgery.
Ultimate Development Inc., an El Dorado Hills-based company that reported $13.5 million in construction activity in 2007, is not only being sued by Serrano homeowners Robert Keszler and Jennifer Cutts Keszler, but is also being investigated by the State Contractors License Board.
..........
The state licensing board is investigating what it calls a probable violation for a willful or fraudulent act that leads to substantial harm, theft and forgery. The investigation stemmed from a complaint being filed by an unknown party. "
"West County home-building company known for constructing multi-million dollar homes in Serrano has been accused by one of its clients of fraud and forgery.
Ultimate Development Inc., an El Dorado Hills-based company that reported $13.5 million in construction activity in 2007, is not only being sued by Serrano homeowners Robert Keszler and Jennifer Cutts Keszler, but is also being investigated by the State Contractors License Board.
..........
The state licensing board is investigating what it calls a probable violation for a willful or fraudulent act that leads to substantial harm, theft and forgery. The investigation stemmed from a complaint being filed by an unknown party. "
Sunday, August 31, 2008
The Home Stretch
Of all the new home developments in the area, the one we are most tempted by is the Pulte Laurel Oaks development off Bass Lake Road in El Dorado Hills. They have single story homes, on nice sized lots, in a lovely little valley, and even managed to keep some of the existing oak trees.
Initially the prices were way too high and we had written them off our list. But they are close to finishing the development (which is a huge plus) and dropped their prices back in May to move the last couple homes, and added in some upgrades.
When we visited last time, we were incredibly tempted, but the lots weren't quite what we were looking for (odd slopes, angles etc). So it was a bit easier to pass up. At that time, there was a particular lot that I coveted, but it was already reserved. As with recent trends, the buyer pulled out....and now it's available.
When we sat down with the sales guy after looking at the home, the monthly quote he gave us was a bit surprising. It was considerably higher than we had calculated (his higher interest rate, my tax benefit inclusion). We could afford the payment, but it would really stretch us, and force us to change some of our spending/saving habits. It's also significantly higher than our current rent.
There are some not-so-minor financial issues. 20% on the home is a bit more than our current down payment, so we would have to get a loan from family to avoid PMI. Pulte won't pay our agents commission, which is really annoying, since I have been working with him for over a year to find a home. And, with all new homes, we would have to put in a backyard.
So basically, it all comes down to money, and how much we are willing to stretch. The home is everything we want, but money would be very tight in the short term. I'm just not sure the perfect home is worth the financial strain. Sigh.
Initially the prices were way too high and we had written them off our list. But they are close to finishing the development (which is a huge plus) and dropped their prices back in May to move the last couple homes, and added in some upgrades.
When we visited last time, we were incredibly tempted, but the lots weren't quite what we were looking for (odd slopes, angles etc). So it was a bit easier to pass up. At that time, there was a particular lot that I coveted, but it was already reserved. As with recent trends, the buyer pulled out....and now it's available.
When we sat down with the sales guy after looking at the home, the monthly quote he gave us was a bit surprising. It was considerably higher than we had calculated (his higher interest rate, my tax benefit inclusion). We could afford the payment, but it would really stretch us, and force us to change some of our spending/saving habits. It's also significantly higher than our current rent.
There are some not-so-minor financial issues. 20% on the home is a bit more than our current down payment, so we would have to get a loan from family to avoid PMI. Pulte won't pay our agents commission, which is really annoying, since I have been working with him for over a year to find a home. And, with all new homes, we would have to put in a backyard.
So basically, it all comes down to money, and how much we are willing to stretch. The home is everything we want, but money would be very tight in the short term. I'm just not sure the perfect home is worth the financial strain. Sigh.
Monday, March 3, 2008
A New Meaning to the Term Bedroom Community
Now I like to keep my posts clean, but this latest incident was just too amusing to not mention. So in true tabloid fashion I will report on a rather interesting development in the sleepy bedroom community of El Dorado Hills.
Apparently, Masque restaurant, and now the new Bistro 33 have attracted some promiscuous clientele lately. It a rather interesting mix ....and I won't go into all the gory details, but the clientele fall into two main categories (on Thursday nights in particular).
There are the hired hands (if you know what I mean) working the bar area patrons (I hear the manager is trying to crack down on the activity that is actually occurring at the restaurant). Some mom's from my group actually witnessed the deed one recent Thursday.
And then there are the swingers. It a very active group in the EDH area (they actually have a club?), and it is surprisingly pervasive (including several neighbors of another mom I know).
While at the park today I heard a hilarious story by one of my daughter's best friend's mom. She and her husband, who are both very attractive, were the target of affections at Masque recently. They had been drinking and it didn't really register until the advances became physically overt. Needless to say they won't be going back to Masque any time soon. Of course I couldn't stop laughing on hearing the story.....but more in a shock and awe kinda of way.
I find the whole situation very entertaining, EDH being such a bastion of conservative values and all.
Apparently, Masque restaurant, and now the new Bistro 33 have attracted some promiscuous clientele lately. It a rather interesting mix ....and I won't go into all the gory details, but the clientele fall into two main categories (on Thursday nights in particular).
There are the hired hands (if you know what I mean) working the bar area patrons (I hear the manager is trying to crack down on the activity that is actually occurring at the restaurant). Some mom's from my group actually witnessed the deed one recent Thursday.
And then there are the swingers. It a very active group in the EDH area (they actually have a club?), and it is surprisingly pervasive (including several neighbors of another mom I know).
While at the park today I heard a hilarious story by one of my daughter's best friend's mom. She and her husband, who are both very attractive, were the target of affections at Masque recently. They had been drinking and it didn't really register until the advances became physically overt. Needless to say they won't be going back to Masque any time soon. Of course I couldn't stop laughing on hearing the story.....but more in a shock and awe kinda of way.
I find the whole situation very entertaining, EDH being such a bastion of conservative values and all.
Friday, February 29, 2008
If Every Day were a Leap Day
Thought I would take advantage of today, a day that only comes once every four years, to discuss the effect of scarcity. As any armchair economist knows, the more unique or special something is, the more it is valued. Conversely, the more common, abundant or replaceable something is, the less it tends to be valued.
Back in January, the WSJ had an article about how builders are reducing the choices available to new home buyers as a way to cut their costs. Apparently builders have finally figured out, the more you build to suit your buyer, the more your operating costs go up (or perhaps they just didn’t care during the boom times).
A perfect example of this trend can be seen at Lennar’s Blackstone El Dorado development. There, all the homes come with standard upgrades. The only customization allowed is in the flooring. This lack of choice was very surprising to us as buyers, since this is a rather high end development.
It also seems somewhat counterintuitive to me. As buyers have more to choose from these days, they are likely to be more discerning and want something suited to their tastes (as opposed to the time, when buyers were just grateful to get on the list to purchase a new home). I guess that’s why many builders are offering so many incentives, to differentiate themselves. However Lennar has built themselves into a corner regarding Blackstone (pun intended =). They already include all the trendy upgrades, so there isn’t much else they can do to tempt prospective buyers. I believe this commoditization of homes (no matter how nice) will lead to some depreciation for the new owners, because when the development is completed, the re-sales will have to compete almost purely on price and lot size/location.
Many of the major builders use the same floor plans from one development to the next, so commoditization is already a big problem in the rest of Sacramento. There are just too many similar homes on the market (Elk Grove, Natomas, Anatolia, Serrano etc.). The main way to make your home stand out, price it below your competition!
This scarcity argument has been used by many to explain why East Sac and other locations around town have not lost as much value compared to locations like Elk Grove. East Sac homes are both unique in character, supply (they come on the market less frequently), as well as location (close to the city) so there should definitely be a price premium that comes with these home. Just how much is a subject of great controversy =)
Back in January, the WSJ had an article about how builders are reducing the choices available to new home buyers as a way to cut their costs. Apparently builders have finally figured out, the more you build to suit your buyer, the more your operating costs go up (or perhaps they just didn’t care during the boom times).
A perfect example of this trend can be seen at Lennar’s Blackstone El Dorado development. There, all the homes come with standard upgrades. The only customization allowed is in the flooring. This lack of choice was very surprising to us as buyers, since this is a rather high end development.
It also seems somewhat counterintuitive to me. As buyers have more to choose from these days, they are likely to be more discerning and want something suited to their tastes (as opposed to the time, when buyers were just grateful to get on the list to purchase a new home). I guess that’s why many builders are offering so many incentives, to differentiate themselves. However Lennar has built themselves into a corner regarding Blackstone (pun intended =). They already include all the trendy upgrades, so there isn’t much else they can do to tempt prospective buyers. I believe this commoditization of homes (no matter how nice) will lead to some depreciation for the new owners, because when the development is completed, the re-sales will have to compete almost purely on price and lot size/location.
Many of the major builders use the same floor plans from one development to the next, so commoditization is already a big problem in the rest of Sacramento. There are just too many similar homes on the market (Elk Grove, Natomas, Anatolia, Serrano etc.). The main way to make your home stand out, price it below your competition!
This scarcity argument has been used by many to explain why East Sac and other locations around town have not lost as much value compared to locations like Elk Grove. East Sac homes are both unique in character, supply (they come on the market less frequently), as well as location (close to the city) so there should definitely be a price premium that comes with these home. Just how much is a subject of great controversy =)
Saturday, January 12, 2008
Food for Thought
Went to the Towne Center in El Dorado Hills last night. Businesses seem to be leaving just as fast as they are coming in.
My 2 cents on what we desperately need around here - Healthy, relatively inexpensive (under 20$ for a meal), take out. Examples would be, Baja Fresh, Panera, Dos Coyotes etc.
With two working parents, lots of families around here (especially mine) are looking for food that is fast and fresh that doesn't break the bank. Basically something between fast food (we have 3 of those) and sit down. Currently we have Stix, and Beach Hut which more or less fit the bill but I like a little variety.
Ohh I have an idea...how bout drive through sushi? How yuppie is that! Although sushi is usually a splurge for us. Rolls seem to start at 5$ each around here.
My 2 cents on what we desperately need around here - Healthy, relatively inexpensive (under 20$ for a meal), take out. Examples would be, Baja Fresh, Panera, Dos Coyotes etc.
With two working parents, lots of families around here (especially mine) are looking for food that is fast and fresh that doesn't break the bank. Basically something between fast food (we have 3 of those) and sit down. Currently we have Stix, and Beach Hut which more or less fit the bill but I like a little variety.
Ohh I have an idea...how bout drive through sushi? How yuppie is that! Although sushi is usually a splurge for us. Rolls seem to start at 5$ each around here.
Thursday, December 13, 2007
A little schadenfreude
Some of you may remember my excitment when a home came on the market with the following description: "bring all offers." My agent called on the home, apparently it should have read "bring all offers above $400,000."
They are now listed at $399,000 (down from $439,000)! And in my opinion, still have a long way to go.
Mr. BT might get annoyed with me....but I will post details on this one. Its not a secret, that we have been looking at homes that back to the American River, south of 50 (I rented a room on Twin Falls out of college, and loved it). This home is one of the few 4 bedroom 2000 sqft+ homes in the area. From the drive by, it looked well maintained. But now we know why they don't have more pictures......really bad add on and poorly done DIY upgrades.
MLS 70108202
They are now listed at $399,000 (down from $439,000)! And in my opinion, still have a long way to go.
Mr. BT might get annoyed with me....but I will post details on this one. Its not a secret, that we have been looking at homes that back to the American River, south of 50 (I rented a room on Twin Falls out of college, and loved it). This home is one of the few 4 bedroom 2000 sqft+ homes in the area. From the drive by, it looked well maintained. But now we know why they don't have more pictures......really bad add on and poorly done DIY upgrades.
MLS 70108202
Wednesday, December 12, 2007
Midtown Sacramento Historical Data
Sample size is small so the data is rather jumpy. Although I do detect a bit of a downward price trend.
Not sure how much I buy the "land scarcity" leads to appreciation argument, as nice suburbs tend to hold up better in many metro areas, and blighted inner cities neighborhoods tend to stay that way.
I think the land scarcity is one small piece of the puzzle. Home values are highly dependent on many factors. Hence East Sac does better than West Sac, even though they are somewhat equidistant to downtown. There is a lot more in play than just the land.
Not sure how much I buy the "land scarcity" leads to appreciation argument, as nice suburbs tend to hold up better in many metro areas, and blighted inner cities neighborhoods tend to stay that way.
I think the land scarcity is one small piece of the puzzle. Home values are highly dependent on many factors. Hence East Sac does better than West Sac, even though they are somewhat equidistant to downtown. There is a lot more in play than just the land.
Sunday, December 9, 2007
Sacramento Schools that Make the Grade
U.S. New just came out with their latest rankings of High Schools.....our 4 county area schools that placed are listed below.
Silver
Oak Ridge, High El Dorado County, El Dorado Hills, CA
Ponderosa High, El Dorado County, Shingle Springs, CA
Rocklin High, Placer County, Rocklin, CA
West Campus, Sacramento County, Sacramento, CA
Davis Senior High, Yolo County, Davis, CA
Folsom High, Sacramento County, Folsom, CA
Bronze
Galt High, Sacramento County, Galt, CA
Natomas Charter #19, Sacramento County, Sacramento, CA
County Special Education, Sacramento County, Mather, CA
I don't know much about Granite Bay, but from what I have heard, I was surprised they didn't show up in the rankings. A methodology issue perhaps?
As discussed earlier many of the best schools are in the least affordable areas.
Silver
Oak Ridge, High El Dorado County, El Dorado Hills, CA
Ponderosa High, El Dorado County, Shingle Springs, CA
Rocklin High, Placer County, Rocklin, CA
West Campus, Sacramento County, Sacramento, CA
Davis Senior High, Yolo County, Davis, CA
Folsom High, Sacramento County, Folsom, CA
Bronze
Galt High, Sacramento County, Galt, CA
Natomas Charter #19, Sacramento County, Sacramento, CA
County Special Education, Sacramento County, Mather, CA
I don't know much about Granite Bay, but from what I have heard, I was surprised they didn't show up in the rankings. A methodology issue perhaps?
As discussed earlier many of the best schools are in the least affordable areas.
Sunday, December 2, 2007
We're selling homes!!!
I always like to have a safety home (think safety school when applying to college) in mind just in case something catastrophic happens and we needed to buy right away (or if I just can't take the beige rental wall any longer).
Up until yesterday, that safety home was in the new Blackstone development in EDH. With incentives the Lennar homes were priced well under resales and I could justify the outrageous HOA & Mello-Roos with comparisons to gym fees and the solar energy discount.
Bit of background.....bit of rant.
When we first visited the development shortly after opening (mid summer), we initially spoke with Peter (he was very condescending with us). After that experience we were pretty turned off. The homes were at least 50K over priced.
But decided to check back a couple months later since we were in the neighborhood, which was when we met Patti, who seemed much more open and honest, and was really trying to help us find a place we liked. We were glad we checked back cause the list price had taken a haircut of around 20K - 50K (in just 2 or so months of opening).
So I had stopped in on Friday talk to Patti again and see if they had any year end specials going. But she was gone and Peter wouldn't give out any details. He remembered us, not sure if it was from the initial visit or not. He insisted several time that they were selling houses, and then asked my price range. I replied under 500k. He then motioned to the list prices, basically telling me there wasn't much that fits that description (they do have a couple list under 500k). I left, rather disgusted.
Did he really have to do that? Who the hell believes that the list price is actually what they are selling for? I think they might have sold 2-3 homes a month since they opened....that doesn't seem like much to me. But perhaps its enough so jerks like Peter feel free to treat folks as if they aren't worthy of living in his development. So that is why Lennar at Blackstone has been removed from my safety list.
There are now some nice resales, under 500k going in the 150s a square foot around here. They are a bit bigger than we are looking for, but seems the mid sized homes aren't budging as much in price. So I am off to find a new safety house.
Update: So about an hour and a half after this posted, I got a call from...wait for it.......Peter! Very suspicious timing if you ask me. Not going to post the details of the call, till we make a decision either way......cause its tempting. Quite a bit bigger than we were looking for...but I have gotten rather used to our rental that's about the same size.
Up until yesterday, that safety home was in the new Blackstone development in EDH. With incentives the Lennar homes were priced well under resales and I could justify the outrageous HOA & Mello-Roos with comparisons to gym fees and the solar energy discount.
Bit of background.....bit of rant.
When we first visited the development shortly after opening (mid summer), we initially spoke with Peter (he was very condescending with us). After that experience we were pretty turned off. The homes were at least 50K over priced.
But decided to check back a couple months later since we were in the neighborhood, which was when we met Patti, who seemed much more open and honest, and was really trying to help us find a place we liked. We were glad we checked back cause the list price had taken a haircut of around 20K - 50K (in just 2 or so months of opening).
So I had stopped in on Friday talk to Patti again and see if they had any year end specials going. But she was gone and Peter wouldn't give out any details. He remembered us, not sure if it was from the initial visit or not. He insisted several time that they were selling houses, and then asked my price range. I replied under 500k. He then motioned to the list prices, basically telling me there wasn't much that fits that description (they do have a couple list under 500k). I left, rather disgusted.
Did he really have to do that? Who the hell believes that the list price is actually what they are selling for? I think they might have sold 2-3 homes a month since they opened....that doesn't seem like much to me. But perhaps its enough so jerks like Peter feel free to treat folks as if they aren't worthy of living in his development. So that is why Lennar at Blackstone has been removed from my safety list.
There are now some nice resales, under 500k going in the 150s a square foot around here. They are a bit bigger than we are looking for, but seems the mid sized homes aren't budging as much in price. So I am off to find a new safety house.
Update: So about an hour and a half after this posted, I got a call from...wait for it.......Peter! Very suspicious timing if you ask me. Not going to post the details of the call, till we make a decision either way......cause its tempting. Quite a bit bigger than we were looking for...but I have gotten rather used to our rental that's about the same size.
Tuesday, November 20, 2007
Focusing In
After checking out various Sacramento neighborhoods for the better part of the year......we have begun to seriously focus on a couple areas which are all off the 50 South of the American and have reputable public schools. Below I list out the associated pros and cons as I see them.
Gold River - Larger tract homes, in nice established neighborhood. Closest to downtown. SMUD (much cheaper than PG&E I hear). River close by, but in the flats.
Folsom -Nice smaller city within a city. Lots of family related activities available. Primarily tract homes. SMUD. Traffic and congestion becoming more of an issue as more retail is added. Lake close by, some hills.
El Dorado Hills - Mix of older custom homes and new tract homes (we can't afford the newer custom ones). PG&E is very expensive. Our daycare is here. Rather conservative crowd. Reminds me of SoCal. Lake close by, foothills, potential asbestos exposure.
Cameron Park - Some nicer custom homes on larger lots. Must drive down the hill to Folsom and EDH for most activities. In addition to expensive power, I hear water is also very expensive. Longest commute to downtown. People seem to be more friendly and down to earth compared to EDH. Above the fog line, potential asbestos exposure, cooler in summer and winter.
There are a couple notable exceptions to our main target areas...... such as the "bring all offers!" house near Sac State.
Unfortunately, even with a hefty correction I think East Sac/Midtown and Davis will remain too expensive.
Gold River - Larger tract homes, in nice established neighborhood. Closest to downtown. SMUD (much cheaper than PG&E I hear). River close by, but in the flats.
Folsom -Nice smaller city within a city. Lots of family related activities available. Primarily tract homes. SMUD. Traffic and congestion becoming more of an issue as more retail is added. Lake close by, some hills.
El Dorado Hills - Mix of older custom homes and new tract homes (we can't afford the newer custom ones). PG&E is very expensive. Our daycare is here. Rather conservative crowd. Reminds me of SoCal. Lake close by, foothills, potential asbestos exposure.
Cameron Park - Some nicer custom homes on larger lots. Must drive down the hill to Folsom and EDH for most activities. In addition to expensive power, I hear water is also very expensive. Longest commute to downtown. People seem to be more friendly and down to earth compared to EDH. Above the fog line, potential asbestos exposure, cooler in summer and winter.
There are a couple notable exceptions to our main target areas...... such as the "bring all offers!" house near Sac State.
Unfortunately, even with a hefty correction I think East Sac/Midtown and Davis will remain too expensive.
Sunday, November 4, 2007
The Facade is Ending
Took my camera on a leisurely stroll around the "prestigious" gated community of Serrano where we currently rent. Countrywide is offering a free appraisal and credit report on the second one. Talk about incentives. Saving $400 on a $429,000 house (that's a whopping .1% savings). Across the street is another for sale (but I wanted to make sure I got the side-by-side bank owned clearly in focus).
Looks the perfectly manicured facade is starting to crack in beautiful El Dorado Hills.
Tuesday, July 31, 2007
Market Comparison
We have started to branch out beyond Folsom and EDH in our home search. So of course, the first thing I wanted to do, was look at the stats for Shingle Springs, Fair Oaks, Granite Bay, and Orangevale (I wanted to do Gold River too, but I think the zip includes most of Rancho). I pulled the historical data from SacBee's DataQuick monthly charts. This data is frequently revised, but for trend purposes the original numbers work.
Below are graphs of the main areas we are considering. One graph displays median sales price and the other, median price per square foot. Note the big clump on the square foot chart, but the spacing on the sales price chart. To me, that signals the average size house is much bigger in the more expensive zips. I can't really think of another explanation (so if someone has one...do tell). Not all periods were pulled for the chart, and some months are missing data from their website.
Below are graphs of the main areas we are considering. One graph displays median sales price and the other, median price per square foot. Note the big clump on the square foot chart, but the spacing on the sales price chart. To me, that signals the average size house is much bigger in the more expensive zips. I can't really think of another explanation (so if someone has one...do tell). Not all periods were pulled for the chart, and some months are missing data from their website.
Side note: I went to subscribe to the SacBee, since I was feeling a little guilty using their data so much. But their prices are pretty high. Best I can tell, on an annual basis they charge more than the world renowned WSJ. And for what...news on the latest murder and mayhem. The WSJ reports what I consider to be real news. Freeway accidents, fires, and crime are what I consider current events. Important, but not healthy to read about on a regular basis if you want to keep your faith in the goodness of humanity.
Monday, July 30, 2007
Blackstone - Environmentally Friendly McMansions
Hubby and I have anxiously been awaiting the opening of Blackstone, a master planned community in El Dorado Hills (off Latrobe). They were scheduled to open early Spring, but Centex and Lennar didn't open till recently. Lennar is apparently running the show at this development. They have three communities, and Centex has one. The other developers haven't opened yet.
Our assessment as follows:
Pros:
Location: Great location. Convenient to the freeway and all that El Dorado Hills has to offer.
Community Center: There will be a large complex with swimming pools, gym facilities, and other ammenities that is the focal point for the community. Not slated to open till December 2007, but at the rate they are going, it will probably be spring of 2008.
Solar: All houses will have solar roof panels. Lennar claims their solar is better than Centex's. Also good, is this isn't their first experience with a solar community, they have one in Roseville.
Cons:
Fees & Taxes: We have been getting mixed stories on all the fees and taxes. The HOA fees do not cover yard maintenance but do cover the clubhouse. I think those run around $136 a month (per Centex). Lennar said they have a different HOA depending if the community is gated or not. The district taxes seemed really high, and slightly confusing (Centex said $147 a month, but Lennar made is sound like it would be twice that much). I need to get clarification on all the taxes still. The sales guys are still learning all the ins and outs of their community (so they are fuzzy on the CCRs and other details).
Very Limited Customization: While the base models all come very nicely "appointed," you cannot "have it your way." There is a very limited amount of choices, aside from the actual house model, that are offered. This is contrary to my understanding of the "new house purchase." I thought one of the most appealing parts of buying a new house was the fact that you get to pick everything out. In the case of Blackstone, especially Lennar, it has already been decided. All three Lennar developments will have the exact same cupboards, floors, etc. Hello.....we not drones....or are we? Neither developer has models that are finished. I find some of this hard to swallow, so I may go back and get clarification once the sales people have been on the job a little longer.
Price: While the prices are reasonable compared to resales right now, when you include the HOA and taxes it is still above what I consider a good value. We visited the Centex development in Roseville this weekend (we had never been to Roseville before) to look at the models since they are the same. The Roseville Avonlea development is less expensive, by 10-20k per model and doesn't have HOA. Unfortunately the two Lennar developments that were even close to our price range are both gated. The third high end development is not gated...go figure.
Personal Perspective: If I am going to buy a new tract house, this is probably where I would do it. I like the idea of a community center where I can take the kids swimming, and where they can hang out when they are teenagers. Our daycare center is also very close by. However hubbby is really turned off by the fees. In the current market, I'm sure it will take a long time to sell all they have to offer (especially at current prices), so I have plenty of time to decide.
For previous post see here.
Our assessment as follows:
Pros:
Location: Great location. Convenient to the freeway and all that El Dorado Hills has to offer.
Community Center: There will be a large complex with swimming pools, gym facilities, and other ammenities that is the focal point for the community. Not slated to open till December 2007, but at the rate they are going, it will probably be spring of 2008.
Solar: All houses will have solar roof panels. Lennar claims their solar is better than Centex's. Also good, is this isn't their first experience with a solar community, they have one in Roseville.
Cons:
Fees & Taxes: We have been getting mixed stories on all the fees and taxes. The HOA fees do not cover yard maintenance but do cover the clubhouse. I think those run around $136 a month (per Centex). Lennar said they have a different HOA depending if the community is gated or not. The district taxes seemed really high, and slightly confusing (Centex said $147 a month, but Lennar made is sound like it would be twice that much). I need to get clarification on all the taxes still. The sales guys are still learning all the ins and outs of their community (so they are fuzzy on the CCRs and other details).
Very Limited Customization: While the base models all come very nicely "appointed," you cannot "have it your way." There is a very limited amount of choices, aside from the actual house model, that are offered. This is contrary to my understanding of the "new house purchase." I thought one of the most appealing parts of buying a new house was the fact that you get to pick everything out. In the case of Blackstone, especially Lennar, it has already been decided. All three Lennar developments will have the exact same cupboards, floors, etc. Hello.....we not drones....or are we? Neither developer has models that are finished. I find some of this hard to swallow, so I may go back and get clarification once the sales people have been on the job a little longer.
Price: While the prices are reasonable compared to resales right now, when you include the HOA and taxes it is still above what I consider a good value. We visited the Centex development in Roseville this weekend (we had never been to Roseville before) to look at the models since they are the same. The Roseville Avonlea development is less expensive, by 10-20k per model and doesn't have HOA. Unfortunately the two Lennar developments that were even close to our price range are both gated. The third high end development is not gated...go figure.
Personal Perspective: If I am going to buy a new tract house, this is probably where I would do it. I like the idea of a community center where I can take the kids swimming, and where they can hang out when they are teenagers. Our daycare center is also very close by. However hubbby is really turned off by the fees. In the current market, I'm sure it will take a long time to sell all they have to offer (especially at current prices), so I have plenty of time to decide.
For previous post see here.
Saturday, July 28, 2007
Yard Sales & Gated Developments
Some of yesterdays comments reminded me of bargain hunting.......which then reminded me of another reason I don't like gated developments.
Side note: I am really struggling to figure out why people like gated developments, because they are very popular. When we visited Lennar last week over at Blackstone the sales guy looked at me like I was crazy not to like them. BTW - I am now refusing to call them gated communities, for the reason why....see this post.
Back to bargain hunting. It is that time of year when all the yard/garage sales start occurring. Round here in Serrano, I never see them. I am sure they are against the rules, and even if they weren't, the gated thing really makes it logistically difficult.
We used to hit yard sales all the time back East looking for stuff for our two young kids. They were a great way to get toys and baby gear on the cheap. Some really good bargains could be found, especially in the the nicer neighborhoods (almost none of which were gated). It was also a great way to meet neighbors.
Side note: I am really struggling to figure out why people like gated developments, because they are very popular. When we visited Lennar last week over at Blackstone the sales guy looked at me like I was crazy not to like them. BTW - I am now refusing to call them gated communities, for the reason why....see this post.
Back to bargain hunting. It is that time of year when all the yard/garage sales start occurring. Round here in Serrano, I never see them. I am sure they are against the rules, and even if they weren't, the gated thing really makes it logistically difficult.
We used to hit yard sales all the time back East looking for stuff for our two young kids. They were a great way to get toys and baby gear on the cheap. Some really good bargains could be found, especially in the the nicer neighborhoods (almost none of which were gated). It was also a great way to meet neighbors.
Wednesday, July 25, 2007
Who can Afford to Live in the "Best Places To Live"?
This week's Village Life reported that El Dorado Hills is number 77 in Money Magazine's "best places to live" and Granite Bay was 74.
They reported that the EDH median family income was around 116K. The median home price was reported to be 672K.
Late last night I had already done some math using a rough average between Folsom and EDH median home price as reported by DataQuick for June 2007. I looked at what the monthly payment on a 550K loan would be, then extrapolated to figure out what the family income would have to be for the monthly payment to be 3x income. I have a range since I wasn't exactly sure how to treat the tax situation.
Results: For a 550K loan (property tax at 1.25% and no HOA) a family would have to make between 145K and 175K!
So just where are these median folks getting the money for their median houses? Its not their income. Must be all those pesky new-fangled loan products!
They reported that the EDH median family income was around 116K. The median home price was reported to be 672K.
Late last night I had already done some math using a rough average between Folsom and EDH median home price as reported by DataQuick for June 2007. I looked at what the monthly payment on a 550K loan would be, then extrapolated to figure out what the family income would have to be for the monthly payment to be 3x income. I have a range since I wasn't exactly sure how to treat the tax situation.
Results: For a 550K loan (property tax at 1.25% and no HOA) a family would have to make between 145K and 175K!
So just where are these median folks getting the money for their median houses? Its not their income. Must be all those pesky new-fangled loan products!
Monday, July 9, 2007
The Anti-Socialization of America
Warning – This is a bit long and gets slightly off topic, but I promise to bring it back round to buying a house at the end.
______________________
For most Americans, the most social years of our lives are our youngest years. Up through college, we have regular interaction with others in our ages group. After college, a funny thing happens. We become slowly become more and more insular and withdrawn. How else do you explain the huge explosion in online dating? It’s hard to meet people outside of work these days.
I know I am not alone in longing for the America of my childhood. The days when we left the front door unlocked, and our parents sent us out to play till dinner time. The days when we were allowed to talk to strangers and eat all our Halloween candy. The days when hitchhikers were just folks who needed a lift, and not potential psychos.
So I have taken note of many factors I believe are contributing to this anti-socialization of our communities:
--Our culture is very mobile. People don’t set down roots as much as they used to. It is rare to find someone like my mom who lived in her house for over 30 years. She knew all the neighbors and they knew her.
--Our culture is 24/7. In Europe (at least when I lived there in the ‘90s), the shops were only open in the morning and the afternoons during the week, almost never on the weekends and evenings. This meant everyone was free to spend time together since they all had evenings and weekends off.
--It is rare to find a city center or common place for communities to gather in American cities these days. In Europe, all the young singles would hang out in the city center on Fridays, and the families would stroll around on Sunday afternoons. This activity keeps everyone in close contact and keeps everyone familiar with who lives in their community. Since many folks walk and take public transportation they also interact more.
--Gated community is an oxymoron – These gates are designed to keep people out and there is not anything communal about these developments. These “communities” keep the front lawn manicured, thus you never meet your neighbors as they work on their yards. With some associations, you can’t even park out front, which means, you don’t even get a chance to say hi to your neighbor as they walk to their car. Everyone now has a pool in their backyard as opposed to using a communal pool. The only opportunity you have to meet is at the mailbox! The one thing I enjoyed about the big snowstorms in the East, was that everyone would be out front together helping shovel snow afterwards.
--Our culture, especially post 9/11, has taught us to fear and judge one another. These days, we are afraid to interact with the outside world, discipline others children, or help out someone in need for fear of being sued or shot or yelled at. We are very quick to judge others, calling them stupid, or lazy or fat. Eying them suspiciously and wondering if they are a terrorist. It’s amazing how people feel they can rip each other apart on the internet or e-mail when they would never feel at ease saying those things in person.
--Many people prefer to watch reality TV and Sports in their homes rather than to experience reality and play sports outside their homes. Our TVs have gotten bigger, while our outside lives have gotten smaller.
I think this phenomenon also explains the large growth in the size of American houses. We no longer trust the outside world, so we retreat to our inside world, our houses. Thus they need to grow to accommodate more of our lives.
So where does all this leave me in respect to my house search? It leaves me looking for neighborhoods that have sidewalks for strolling, a local pool for hanging out, and last but certainly not least, no gates. I would love to find the community of my childhood, but unfortunately, I don’t think I will find it here in Sacramento.
______________________
For most Americans, the most social years of our lives are our youngest years. Up through college, we have regular interaction with others in our ages group. After college, a funny thing happens. We become slowly become more and more insular and withdrawn. How else do you explain the huge explosion in online dating? It’s hard to meet people outside of work these days.
I know I am not alone in longing for the America of my childhood. The days when we left the front door unlocked, and our parents sent us out to play till dinner time. The days when we were allowed to talk to strangers and eat all our Halloween candy. The days when hitchhikers were just folks who needed a lift, and not potential psychos.
So I have taken note of many factors I believe are contributing to this anti-socialization of our communities:
--Our culture is very mobile. People don’t set down roots as much as they used to. It is rare to find someone like my mom who lived in her house for over 30 years. She knew all the neighbors and they knew her.
--Our culture is 24/7. In Europe (at least when I lived there in the ‘90s), the shops were only open in the morning and the afternoons during the week, almost never on the weekends and evenings. This meant everyone was free to spend time together since they all had evenings and weekends off.
--It is rare to find a city center or common place for communities to gather in American cities these days. In Europe, all the young singles would hang out in the city center on Fridays, and the families would stroll around on Sunday afternoons. This activity keeps everyone in close contact and keeps everyone familiar with who lives in their community. Since many folks walk and take public transportation they also interact more.
--Gated community is an oxymoron – These gates are designed to keep people out and there is not anything communal about these developments. These “communities” keep the front lawn manicured, thus you never meet your neighbors as they work on their yards. With some associations, you can’t even park out front, which means, you don’t even get a chance to say hi to your neighbor as they walk to their car. Everyone now has a pool in their backyard as opposed to using a communal pool. The only opportunity you have to meet is at the mailbox! The one thing I enjoyed about the big snowstorms in the East, was that everyone would be out front together helping shovel snow afterwards.
--Our culture, especially post 9/11, has taught us to fear and judge one another. These days, we are afraid to interact with the outside world, discipline others children, or help out someone in need for fear of being sued or shot or yelled at. We are very quick to judge others, calling them stupid, or lazy or fat. Eying them suspiciously and wondering if they are a terrorist. It’s amazing how people feel they can rip each other apart on the internet or e-mail when they would never feel at ease saying those things in person.
--Many people prefer to watch reality TV and Sports in their homes rather than to experience reality and play sports outside their homes. Our TVs have gotten bigger, while our outside lives have gotten smaller.
I think this phenomenon also explains the large growth in the size of American houses. We no longer trust the outside world, so we retreat to our inside world, our houses. Thus they need to grow to accommodate more of our lives.
So where does all this leave me in respect to my house search? It leaves me looking for neighborhoods that have sidewalks for strolling, a local pool for hanging out, and last but certainly not least, no gates. I would love to find the community of my childhood, but unfortunately, I don’t think I will find it here in Sacramento.
Friday, June 29, 2007
This and That
Answers: Naturally Occurring Asbestos in El Dorado Hills
First I want to thank everyone for providing information and opinions on this subject. After several flip flops on this issue, hubby and I have determined we will continue to consider EDH as a potential location for a home purchase. I spoke with our pediatrician yesterday, he said it would be like not living in California because there is more sun than other states. He has been practicing for 16 years in the county, and his wife is also in general medicine. They have not seen any asbestos related health problems, and assured me that the medical community in the county is not concerned. They live in Shingle Springs (5 acres accessed by a dirt road) so his wife was initially concerned when the controversy came up. She looked through the very thorough county health records (back to the 1800’s) and did not find anything to cause alarm. This was especially reassuring since it addressed the 20-30 year incubation period.
_______
It’s hard to believe if you pay the slightest bit of attention, but there are many who still don’t believe there is a problem in real estate.
_________
There is something very wrong about this marketing remark: “Customized Neutral Colors”
First I want to thank everyone for providing information and opinions on this subject. After several flip flops on this issue, hubby and I have determined we will continue to consider EDH as a potential location for a home purchase. I spoke with our pediatrician yesterday, he said it would be like not living in California because there is more sun than other states. He has been practicing for 16 years in the county, and his wife is also in general medicine. They have not seen any asbestos related health problems, and assured me that the medical community in the county is not concerned. They live in Shingle Springs (5 acres accessed by a dirt road) so his wife was initially concerned when the controversy came up. She looked through the very thorough county health records (back to the 1800’s) and did not find anything to cause alarm. This was especially reassuring since it addressed the 20-30 year incubation period.
_______
It’s hard to believe if you pay the slightest bit of attention, but there are many who still don’t believe there is a problem in real estate.
_________
There is something very wrong about this marketing remark: “Customized Neutral Colors”
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