In September 09, my mother became gravely ill. She entered hospice on October 31, 2009 and passed away on Nov 10th. Her sister passed away 17 days later. I was an only child to a single mother and my aunt was childless. Nothing prepares you for losing a parent yet it's something most of us have to go through at some point. I can say that it's one of those events that will change you profoundly.
Winter here is very gray and Christmas was depressing. The one bright spot was spending New Year's with some good friends. We toasted to the demise of 2009. May we never see the likes of it again.
But it's time to put away the tissue. I am so ready for spring. In fact, I need spring.
Some times good things can spring out of the worst circumstances (there's that word again).
In late January 2010, I finally entered into escrow. After errr.... 19 offers over almost 4 years, one was accepted. I am scheduled to take occupancy on March 1st, my mother's birthday.
To answer the inevitable questions:
1. Do I think the market has bottomed?
Nope. The fact that a bank took my ridiculous lowball offer on a short sale is a sign that something is brewing. I still stick my prediction that absent even more government invention, Q3 2011 will be the bottom for the 4 county Sacramento area.
2. If 2011 is the bottom, why buy now?
Much of it was personal choice. I had a lease expiring in a few months and trying to find a decent place with a dog in midtown- bah. I had the money and then some so if I could buy for below what renting would run me, it made sense. Honestly, I still think the stars just aligned and I'm the butt of a great cosmic joke >; )
3. Did I finally go all cash?
Nope. But I did go conventional with 20% down and financed through my credit union. I qualified for the First Time Home Buyers credit which I really didn't need to buy but hey, I'll take it. Renovation work will be done on a cash. The major banks can kiss my lily white @ss and my Credit union is getting enough of a piece of me as it is.
4. Will I still follow Sacramento real estate?
Hell yes.
So thank you to everyone who sent in their prayers and best wishes.
What a long strange trip it's been.
Saturday, January 30, 2010
Thursday, April 3, 2008
A Sunday Funday in Davis
I should just avoid open houses, period. My husband refuses to go to them now because he knows what's coming. Smart man.... this is what happens when you marry a man with a better education then you >; )
There is a small, rundown house listed at 373K in Davis. The place is trashed as it had been a rental at $1600/mo since it was purchased. As you will see below, this doesn't cover the monthly nut at all. This seller are definately distressed. The sign in fornt of the house says "bring offers".
I asked the agent if the sellers were underwater and she said no (major bad move- they bought at 429k in 05 so do the math). So this is probably an undisclosed short sale. Whoopies!
Next I ask her why give a 4k credit to carpeting instead of just reducing the sales price? Never got a good answer but she did say the seller were willing to court lower offers.
So she asks, what would I offer? "215k".
Of course that will never fly. Turns out someone offered 320k and the seller rejected. I'm guessing it was the bank(s) that said nada in reality.
I ask her why should I buy this small, dirty houses for 373k when I can drive 7 mins up Poleline and buy a 2150 sqft beautiful new house for 349k plus incentives? Bless her heart, she didn't say "because this lot is bigger" because the Davis house had a smaller lot then the KB build I was referring to. She did come back with my favorite response "are you sure you would want to consider Woodland?" To my credit, I did not give her my 17 minutes lecture on why Davis sucks. I was still in a somewhat good mood.
"But 215k is why below market price!". I'm sure you can picture me standing there, rolling my eyes can't you.
Why was I willing to offer so little? "a seller can sell to me at a 09-10' price now or they can carry it for a while then let the bank have it later. Either way, someone like me is eventually going to purchase it for 215k, now or later."
So now she wants to be my buyer's agent because I'm soooo smart- oh goodie! In actuality, she wants to be my agent because I can go conventional financing and don't have a house to sell before purchasing something new. Mentioning FIVA with 10% to 20% down and seasoned assets and it's like chumming the water off the Farallon Islands during seal calving season.
So I decide to play along. I tell her my range (180k to 220k in Woodland or 200k to 240k in Davis) and restrictions (No condos, nothing attached, SFRs over 1200 sqft only, nothing with a HOA). Apparently not only did she not listen, she had her ears plugged while singing "la la la la" as she went on to tell me that there were some cute small "halfplexes" off Bidwell behind the the Davis AC.
These are the Bidwell condos, where there are multiple pre-forclosures with 200 mo HOA fees. I correct her on the term Condo and leave it at that. Regardless, she says she is excited at the idea of finding me something. I give her my card and wonder off. She will never contact me again. Shame on her for trying to mislead me. It might have worked on someone else.
There is a small, rundown house listed at 373K in Davis. The place is trashed as it had been a rental at $1600/mo since it was purchased. As you will see below, this doesn't cover the monthly nut at all. This seller are definately distressed. The sign in fornt of the house says "bring offers".
I asked the agent if the sellers were underwater and she said no (major bad move- they bought at 429k in 05 so do the math). So this is probably an undisclosed short sale. Whoopies!
Next I ask her why give a 4k credit to carpeting instead of just reducing the sales price? Never got a good answer but she did say the seller were willing to court lower offers.
So she asks, what would I offer? "215k".
Of course that will never fly. Turns out someone offered 320k and the seller rejected. I'm guessing it was the bank(s) that said nada in reality.
I ask her why should I buy this small, dirty houses for 373k when I can drive 7 mins up Poleline and buy a 2150 sqft beautiful new house for 349k plus incentives? Bless her heart, she didn't say "because this lot is bigger" because the Davis house had a smaller lot then the KB build I was referring to. She did come back with my favorite response "are you sure you would want to consider Woodland?" To my credit, I did not give her my 17 minutes lecture on why Davis sucks. I was still in a somewhat good mood.
"But 215k is why below market price!". I'm sure you can picture me standing there, rolling my eyes can't you.
Why was I willing to offer so little? "a seller can sell to me at a 09-10' price now or they can carry it for a while then let the bank have it later. Either way, someone like me is eventually going to purchase it for 215k, now or later."
So now she wants to be my buyer's agent because I'm soooo smart- oh goodie! In actuality, she wants to be my agent because I can go conventional financing and don't have a house to sell before purchasing something new. Mentioning FIVA with 10% to 20% down and seasoned assets and it's like chumming the water off the Farallon Islands during seal calving season.
So I decide to play along. I tell her my range (180k to 220k in Woodland or 200k to 240k in Davis) and restrictions (No condos, nothing attached, SFRs over 1200 sqft only, nothing with a HOA). Apparently not only did she not listen, she had her ears plugged while singing "la la la la" as she went on to tell me that there were some cute small "halfplexes" off Bidwell behind the the Davis AC.
These are the Bidwell condos, where there are multiple pre-forclosures with 200 mo HOA fees. I correct her on the term Condo and leave it at that. Regardless, she says she is excited at the idea of finding me something. I give her my card and wonder off. She will never contact me again. Shame on her for trying to mislead me. It might have worked on someone else.
Backlash
Ever have one of those days when one little memory or action starts chain reaction? This happened to me this evening.
When I get a little depressed and think the markets will never become rational again, I go to Calculated Risk and look for one of Tanta's rockitorializing or spot-on posts. She's my guilty pleasure. After listening to "Doctor My Eyes" and watching Tanta slice and dice someone for trivializing the Bubble, I went searching for one thing and found another and had my "oh sh!t" moment of the week.
Things are going to get nasty and I do worry about the people who are going to be crushed through no fault of their own. Worrying led to frustration which then led to anger because I can't do jack to help these people. I was reminded of the "I'm sorry" website that sprang up after the 04' elections.
I keep a 2g memory stick of political art and photography and I saved a lot of the images from that site.
So I'm digging through my desk drawers for the stick and I came across a dark relic from the last big economic downturn. They are a set of business cards on beige paper printed to look like trading cards. They depict the four LAPD officers as Klan members and other hateful images. They were pressed into my hand outside the Federal building at Parker Center on April 29, 1992. I still have my "No Justice No Peace" sign and "Fire Gates" signs. I was about 7 feet away when the patrol car was flipped over by protestors. It had not be lit on fire... yet.
When I get a little depressed and think the markets will never become rational again, I go to Calculated Risk and look for one of Tanta's rockitorializing or spot-on posts. She's my guilty pleasure. After listening to "Doctor My Eyes" and watching Tanta slice and dice someone for trivializing the Bubble, I went searching for one thing and found another and had my "oh sh!t" moment of the week.
Things are going to get nasty and I do worry about the people who are going to be crushed through no fault of their own. Worrying led to frustration which then led to anger because I can't do jack to help these people. I was reminded of the "I'm sorry" website that sprang up after the 04' elections.
I keep a 2g memory stick of political art and photography and I saved a lot of the images from that site.
So I'm digging through my desk drawers for the stick and I came across a dark relic from the last big economic downturn. They are a set of business cards on beige paper printed to look like trading cards. They depict the four LAPD officers as Klan members and other hateful images. They were pressed into my hand outside the Federal building at Parker Center on April 29, 1992. I still have my "No Justice No Peace" sign and "Fire Gates" signs. I was about 7 feet away when the patrol car was flipped over by protestors. It had not be lit on fire... yet.
I don't mean to gloat
OK you caught me. I am gloating >; )
The news is in from Dataquik.
The news is in from Dataquik.
California Home Sale Price Medians by City
Home Sales Recorded in July 2007
DAVIS sales 41
July 2007 $471,000, July 2006 $570,000, % Change -17.37%
EL MACERO sales 29
July 2007 $574,000, July 2006 $518,000, % Change 10.81%
WEST SACRAMENTO sales 39
July 2007 $350,000, July 2006 $379,500, % Change -7.77%
WINTERS sales 8
July 2007 $353,000, July 2006 $410,000, % Change -13.90%
WOODLAND sales 44
July 2007 $377,000, July 2006$409,750, % Change -7.99%
Because I don't want to loose this article
This was published in 2007 and I applaude the effort that went into this article. As a resident of this two-faced town, Thank you Daniel
http://www.sacbee.com/weintraub/story/283946.html
http://www.sacbee.com/weintraub/story/283946.html
Daniel Weintraub: Liberal town?
Davis is white, wealthy and conservative
Sacramento Bee Sunday, July 22, 2007
When Helen Thomson's daughter went looking for housing a few years ago in her native Davis, the cheapest thing she could find was a half-million-dollar fixer-upper.
The home reeked from the smell of too many cats, and the floors sloped. "If you dropped a marble at the front door," Thomson says, "it would roll through the house and into the back yard." Her daughter settled for a house in West Sacramento instead.
Thomson, a Yolo County supervisor and Davis resident since 1965, says her family's story was typical.
"I've talked to a lot of people whose kids have tried to come back to the town they grew up in," she says. "They're not making it."
Thomson thinks the answer is to build more housing. But in Davis, that idea is enough to get you run out of town. Thomson ought to know. Just saying she would consider rezoning some farmland for homes has prompted anti-growth activists to threaten to recall her from office.
But even Thomson, a moderate by Davis standards, wouldn't support exploring a creative proposal put forward last week by Sacramento's biggest developer, Angelo K. Tsakopoulos, and the president of the state's stem cell institute, Robert Klein.
Tsakopoulos and his family own about 1,500 acres of farmland just east of the Davis city limits and south of Interstate 80. He proposed building houses on some of that land and then donating 60 percent of the proceeds to a nonprofit foundation that would build a research center for scientists looking to turn their stem cell discoveries into therapies that could cure disease.
Tsakopoulos, a major player in Democratic politics, has made a habit of buying up farmland or other open space and then trying to pressure local officials to rezone the land for housing in combination with some other strategy. In Sacramento, it was a new arena for the NBA's Kings. In Placer County, it was a private university.
Klein, a Silicon Valley millionaire who was the driving force behind Proposition 71, the stem cell bond voters approved in 2004, is hoping to run the new foundation. While his commitment to turning stem cell research into effective therapies is impressive, Klein's dual roles as president of the state stem cell board and head of a nascent foundation to turn those discoveries into profit-making medical inventions would be a conflict.
But their idea had merit. Davis, as a hub for biotech research, is as good a place as any to host the kind of center Klein is proposing. And the land Tsakopoulos was offering, while not ideal for the project, was certainly worth considering. It is adjacent to I-80, contiguous to existing development and four miles from the campus at the University of California, Davis.
Tsakopoulos proposed dedicating a portion of his land as a permanent buffer for a nearby wildlife refuge and setting aside two acres for every acre of farmland developed in the project.
None of that, however, was enough to persuade the Yolo County supervisors to even study the idea. After angry protests from Davis leaders, including recall threats against Thomson and fellow supervisor Mariko Yamada, the supervisors left the land off a list of parcels they wanted to consider for future development.
William Kopper, an environmental attorney and former Davis mayor, told The Bee the two supervisors never would have been elected had they told voters they were open to more development.
"Their conduct is a breach of trust with the voters," he said.
In the end, Thomson and Yamada said they were intrigued by the concept but could not support housing on the land Tsakopoulos owns. One reason: the need to protect prime farmland.
But they were talking here about 1,500 acres next to a major freeway and existing urban development. Yolo County currently has 550,000 acres zoned for agriculture, and 64 percent of the county's acreage is owned by farmers who get tax breaks in exchange for keeping their land free from development. The place is hardly in danger of being overrun.
Davis has a reputation as a liberal bastion. But the city is truly conservative, fighting change with every ounce of its political body. While the rest of California becomes more ethnically and economically diverse, Davis remains a mostly white enclave for wealthy, highly educated people.
The city is 70 percent white and 17 percent Asian American, but fewer than 3 percent of its residents are African American and only about 10 percent are Latino. Nearly 70 percent of its adult residents have college degrees, and more than a third have graduate degrees. The median family income of $74,000 at the last census was 50 percent higher than the national figure, and the median selling price for houses sold in June was about $550,000.
The children who grow up in Davis cannot afford to live in town once they leave their parents' homes, but their parents refuse to consider just about any project to build more houses. Anyone lucky enough to get a job in the city has to live elsewhere and commute in, causing more traffic congestion, smog and global warming. Wonderful.
Living on the edge
This is my neighborhood.
Those apartments are just up the street on Covell. Right across the street is the Cannery and Covell Village properties which were to be developed but the rabid-zero growth NIMBYites in Davis blocked it. Now it's all vacant lots, a great place to run to if you need to beat a hasty retreat.
I've had people where I work experience break-ins and thefts in the better parts of Davis in the last year. I expect to see lots of property crime in the areas on the perimeter of Davis as this economy turns worse.
Davis woman escapes gunman in apartment
Those apartments are just up the street on Covell. Right across the street is the Cannery and Covell Village properties which were to be developed but the rabid-zero growth NIMBYites in Davis blocked it. Now it's all vacant lots, a great place to run to if you need to beat a hasty retreat.
I've had people where I work experience break-ins and thefts in the better parts of Davis in the last year. I expect to see lots of property crime in the areas on the perimeter of Davis as this economy turns worse.
Davis woman escapes gunman in apartment
A Davis woman was able to escape two men who attempted what Davis police characterized as either a home invasion robbery or sexual assault Sunday afternoon. Around 4 p.m., one suspect produced a gun, forced his way into the apartment on Cranbrook Court and shoved the woman to the floor, Sgt. Glenn Glasgow said in a news release. The victim screamed and was able to push past the suspect and flee the apartment.
A second suspect outside the apartment was seen running from the complex with the first man, Glasgow said.
Foreclosures never happen in Davis
What a difference a few months makes.
As many have told me, repeatedly and at considerable volume, there are no bank owned properties in Davis. I had the listing agent of this house tell just that last Sunday as I toured the home. I was reassured that I could buy safely because the Davis market would not suffer the downturn that Woodland and Sacramento are facing.
Ladies and Gentelmen - please see exhibit A below
As many have told me, repeatedly and at considerable volume, there are no bank owned properties in Davis. I had the listing agent of this house tell just that last Sunday as I toured the home. I was reassured that I could buy safely because the Davis market would not suffer the downturn that Woodland and Sacramento are facing.
Ladies and Gentelmen - please see exhibit A below
And there you have it. I love being right >; )3030 WOODS CIR, Davis, CA 95616
2 bedroom, 1.5 bath 1,142 Square Feet Condo
Sold on 2003-12-24 for $285,000
Sold on 2006-07-31 for $385,000
Previous Listing: MLS #: 70058308 List Price: $372,000
Listing Date: 05/31/07
This beautiful 2 bedroom condo in the woods of stonegate is in a great location & is bordered by fantastic trees. Newer paint inside & out, a newer stove & newer ceiling fan. The floors are wood laminate & the carpet has been recently cleaned. Well-priced & easy to show. See it
today!
Listing: MLS #: 70083712 List Price: $332,900
Listing Date: 08/06/07
Bank owned property-allow 2-3 business days for offers to be reviewed. Buyers are to be pre-qualified by countrywide mortgage prior to submittal of purchase offer. Home being sold in as-is condition. Home is very clean
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