BANK OWNED (REO) SALES DATA FOR FOLOSOM, CA MAY 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR May 2010
This is a continuation of a three year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in May 2010.
There were 17 REO homes sold in March, up from 13 in April. The days-on-market decreased to 45, down from 53 the previous month. Only one of these homes had been on the market for over 100 days. In May 30% of the bank owned homes sold in two weeks or less.
The 17 homes sold represent 20% of all homes sold in Folsom, on the low end of the normal range. There are far fewer Bank Owned homes available on the market and short sale homes continue to have an impact.
The overall home inventory in Folsom dropped back down to a 2.7 month supply after s spike in a February and April to a 4.2 month supply. A neutral market is considered a 6 month inventory. So, we are still looking at a strong or stronger seller’s market. Available inventory in Folsom has not reached the six month level in well over a year. It may be a seller’s market in some areas, but that has NOT been so In Folsom.
The cost per square foot of REO homes in May dropped back down to $ 163 from the April $ 175 number. It has been running in a narrow range of $ 180 to $ 156 over the past fourteen months. The cost per square foot of all homes sold in January decreased to $ 181, up from $ 176 the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 7% savings for REO buyers.
The overall sales price for REO homes was 97.5% of the final asking price. A full 30% of the buyers paid more than the asking price for their bank owned home. The banks are still pricing these homes well and in March there was a $ 13 dollar per square foot savings, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 32,500 savings, something worth considering when selecting a home.
The data follows:
El Dorado County Area & Real Estate
El Dorado County stretches from the east end of Sacramento County to the southern end of Lake Tahoe. El Dorado Hills lies on the western county, and as you drive east on Highway 50 you pass Cameron Park, Shingle Springs and Placerville. You rapidly gain altitude, passing Pollock Pines and Kyburz before you go over the pass and descend in to the Lake Tahoe Basin, finally arriving in South Lake Tahoe.
The county is one of the most beautiful in California, including Emerald Bay on Lake Tahoe; the American River Valley, a whitewater rafter’s dream and the gently rolling hills in the southwestern corner.
The area is an outdoor sportsman’s paradise. Boating, rafting, hunting, fishing, horseback riding, golfing, camping, gold panning and hiking are just a few of the activities available to the visitor and resident alike. Ski slopes abound in the eastern end of the county before Highway 50 descends into the Lake Tahoe basin.
For those of us who enjoy less strenuous activities there are many possibilities. Visit the numerous excellent restaurants or spend a day wine tasting in any of the 50 wineries in the county, California’s eighth largest wine producing region. The Apple Hill area is a popular destination and in October the Apple Hill Festival brings visitors from all over the state.
The area is an excellent option for those who want to escape the urban sprawl, smog and noise common in other parts of the state. Yet Sacramento is only a short down-hill drive from the communities in the western end of the county.
Red Hawk Casino blends a full complement of gaming excitement with the natural beauty of Northern California. It features six restaurants and four bars mixed with the gaming excitement.
Numerous historical sites are located throughout the county. Sutter’s Mill, where gold was first discovered, starting the gold rush of 1849 is located in Coloma, a mere fifteen minute trip north of Highway 50 from Cameron Park. Placerville, a former stop on the stage route over the pass, was once known as “Hang Town,” where frontier justice was doled out when highway men were tried and sentenced to meet their maker.
In more refined modern times county residents pursue less colorful activities conducting business and raising their families. Housing is more affordable in the area than in many parts of California and buyers love the fact that they can buy a home on five or more acres with endless river or mountain views. Horse properties abound and livestock herds come into view as you drive along the local roads and highways.
The real estate market offers an abundant selection to meet any need. Buyers can choose properties that range from remote, rustic foothill locations with acres of privacy, lower cost neighborhoods to fit a frugal budget or the highly sophisticated gated communities filled with mansions. Just pick your ideal lifestyle and settle in to clean air and rushing rivers. Manufactured home parks, manufactured homes on acreage, modest developments, homes on private parcels or gated communities with all of the amenities; all are available in El Dorado County. As it was once know, it still is the Mother Lode! An ideal place to raise a family.
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El DORADO HILLS TOWN & REAL ESTATE
El Dorado Hills Town & Real Estate
El Dorado Hills is located along the western border of El Dorado County from Folsom Lake to the north, and stretching south to Latrobe. It borders Cameron Park and Rescue to the east and Folsom on the west. Sacramento is just a short commute to the west and Lake Tahoe is only an hour to the east, with vineyards, rivers and ski slopes along the way.
A master planned community started in the early 1960s, the original developer planned a series of residential villages separated by open space to facilitate outdoor recreational activities with small commercial centers in each village and a larger, growing Town Center shopping center just south of Highway 50. The area between Folsom Lake and Highway 50 remains mostly residential. The area south of Highway 50 is a mixture of residential and commercial with a number of business parks.
In 1995 the Parker Development Company purchased 3500 acres and started developing Serrano El Dorado, one of 
the largest master planned communities in Northern California. It is known for its innovative use of recycled water for irrigation. Each home has a potable water system and a recycled water system for the landscape. The result is reduced costs for resident’s landscape irrigation.
The El Dorado Hills schools are excellent and there are many parks, hiking trails and, of course, Folsom Lake for your boating pleasure. The El Dorado Hills Community Service District is in the process of resurfacing the community pool with completion expected in time for this years swimming season. El Dorado Hills also contains the award winning Serrano Golf Course.
With a population reported to be in excess of 42,000, EL Dorado Hills is the most heavily populated community in El Dorado County. Since El Dorado Hills remains unincorporated exact numbers are difficult to obtain. El Dorado County and the CHP provide Police services. This avoids any city taxes and the issue of incorporation is a frequently disputed election issue.
El Dorado Hills offers a wide range of residential real estate options. There is a manufactured home park just south of Highway 50, several apartment complexes, condo complexes and two senior (age restricted) developments. However, most of the community is dedicated to single family homes that are available to all ages. Home sizes, age, styles and prices vary widely, and there are usually homes available to meet every taste and budget. Settings for your idea home can range from golf course lots, to those with lake and/or mountain views. Homes with mature landscaping, water front settings or gated access can all be purchased. Although modest homes are available, most exceed 2000 square feet with the largest at 10,500 square feet.
Many community activities are scheduled throughout the year. The community Easter Egg Hunt is held on the Village Green for the children, the annual Passport Weekend offers participants a sampling of hors d’oeuvres to complement the award-winning local wines, free concerts are held at the Serrano Visitor center along with outdoor movie showings.
El Dorado Hills provides an ideal setting for the lifestyle that you select and provides an excellent place to raise a family.
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El Dorado Hills School Rankings
PROPOSITION 8 — PROPERTY TAX RELIEF FOR HOMES THAT HAVE DROPPED IN VALUE
Proposition 8 –Property Tax Relief
California homeowners may or may not be aware of Proposition 8.
In 1978 California voters passed this constitutional amendment that allows a temporary reduction in the assessed value of their property when that property suffers a decline in current market value.
When, on January 1 of each year, the market value of a property falls below the assessed value, the assessor is obligated to review the property and enroll the lesser of the two values. If it is determined that the market value of the property at that time is less than the assessed value your property’s assessed value will be adjusted to the level of its current market value. This will result in a reduction of your property tax for that year.
To apply, contact your county assessor’s office. Some counties require the tax payer to complete a form requesting participation in the Proposition 8 outlined process, others will include you in the program based on information that you provide on the telephone.
Some counties have programs in place that review properties based on the purchase date. It is wise to contact them and ensure that your home is in the program. For more data go to:
http://www.boe.ca.gov/proptaxes/assessors/htm .
SCAM ALERT—NO FEE NECESSARY FOR THE VALUE REDUCTION
There is no reason to pay for a review that is required by law and will be performed FREE! Various private companies send mailings to property owners offering their services to pursue a reduction in the owner’s property taxes. These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies even impose late fees if the application is received after an arbitrary deadline. Homeowners do not need the services of a private firm to seek a property tax reduction. State law requires county assessors to review all requests for property value reduction for FREE! |
Note that the reduction is not permanent. Each year on January 1 participating properties will be reviewed until their values return to the former Proposition 13 values.
If you do not agree with the assessor’s findings you may file a formal appeal with the County Assessment Appeals Board or the County Board of Equalization. These boards are independent bodies established to resolve differences in property value opinions between the county assessor and property owners.
For more information go to:
http://www.boe.ca.gov/proptaxes/pdf/filingperiods.pdf
