Existing home sales dropped last month in the Sacramento area, and the average home price fell in three of the four counties (Sacramento, El Dorado, Placer and Yolo), according to a report released by Lyon Real Estate who seem to be enjoying the bad market or at least being the bearer of bad news.
Lyon announced the mostly disappointing news for the Sacramento housing market though Trendgraphix, a division of Lyon Real Estate.
Prices and sales of new homes continued to slide in the Sacramento area.
The average price for a new single family home dropped 10 percent to $418,000 in June, from $464,990 a year ago, according to the California Building Industry Association. New home sales declined 14.6 percent to 505 homes, from 591 in June 2006.
Our four county region (Sacramento, Placer, El Dorado and Yolo), often cited as one of the nation’s most overinflated local housing markets, fared slightly better than the state’s overall new home market.
Homebuilders are encountering one of the most difficult housing markets in recent decades, but Sacramento home buyers are enjoying lower prices.
The Sierra Club and Sierra Foothills Audubon Society announced they have filed a lawsuit against Placer County over its approval of the Placer Vineyards Specific Plan, claiming that the project that would eventually create new homes for 32,000 residents doesn’t adequately preserve critical habitat areas. Placer County government unanimously approved a lower density version of project last month over another proposal that have would built enough homes for an estimated 49,000 residents.
Placer Vineyards is a primarily residential development to be built by approximately two dozen developers and property owners. It is located west of Roseville in the unincorporated area of Placer County land where it borders Sacramento and Sutter counties.
Sacramento downtown property owner Mohammed “Moe” Mohanna has won the first round in the legal dispute with Sacramento’s Redevelopment Agency over a long delayed land swap of property along K Street that had been scheduled for redevelopment.
The City of Sacramento is suing Mohanna and others, trying to enforce a land swap that has been stalled for several years since a fire gutted properties on the 800 block and others were demolished. Mohanna filed to have the lis pendens notice expunged. The actual court case is still pending.
Superior Court Judge Loren McMaster has ruled that the city was not legally justified in recording what’s known as a “lis pendens” (essentially a notice that there is pending litigation on the property and that any buyers or investors should be wary) on Mohanna’s and others property in the 700 block of K Street.
2801 Capitol Avenue, 916-455-2422 A setting of understated elegance and a style of cooking that changes with the seasons. Sacramento’s top rated restaurant. Biba appears every Tuesday of the KCRA-TV news to prepare something special.
Andersen Corp. has opened a logistics operation in Sacramento, according to the Sacramento Area Commerce and Trade Organization. The window manufacturer has leased a 72,000-square-foot space on Rovanna Circle from Oates Investments.
Andersen’s new facility has about 30 employees, including some moving from an existing contract distribution company.
The owner of Town & Country Village is investing $5 million into improvements and bringing new tenants into the back portion of the shopping center surrounding William Glen. Donahue Schriber is improving landscaping, parking, access, buildings and signage in that section of the shopping center at Fulton and Marconi avenues.
The back portion of Town & Country Village will be now be called The Collection, with more one of a kind, independent shops and restaurants. The Collection will complement such specialty stores within the center as the gift and housewares local institution of William Glen and men’s clothier Bonney & Gordon.
The closing of Scofield’s Furniture made available over 18,000 square feet for a new mixture of tenants. The Collection will consist of at least 20 tenants, of which 14 have either already opened or have signed commitments with the shopping center.
Some of the new tenants are Adams Jewelers, A Cup of Tea, a gift shop that will serve traditional high tea in the afternoon; Eyeglass Charlie’s, a designer eyewear and sunglasses shop; Starlette O’Hara, a women’s clothing store; and The Terrace Cafe, which will be serving California cuisine at breakfast and lunch.
Some existing tenants will be expanding their sites: home furnishings store FurnItalia, Bella Donna Bridal Salon, women’s clothing store Sisters’ Boutique, Tobacco Road and Viento’s Mexican Grill & Bar.
Donahue Schriber also operates Pavilions, Natomas Marketplace and Creekside Town Center.
Sacramento is the sixth least affordable real estate market in the nation, joining a list of much-pricier cities including New York and San Francisco, according to a recent Forbes.com report.
Affordability was based on the four county (Sacramento, El Dorado, Placer and Yolo) region’s median home price of $365,500 and the median household income of $63,750 — only 13.4 percent of homes sold in the first quarter considered affordable for families earning the median income.
Sacramento is still a lower-priced option for those in the Bay Area and Southern California.
Los Angeles was the least affordable with only three percent of families earning the median income able to purchase the median-priced home.
The Sacramento metro area (Sacramento, PLacer, El Dorado and Yolo counties) came in at number five for foreclosure rates in a survey of the United States’ top 100 metropolitan areas for the first six months of 2007.
Sacramento joined four other California cities in the top ten metro areas in RealtyTrac’s foreclosure activity report.
Sacramento saw a 241 percent increase in filings compared to the first half of 2006. The foreclosure rate also went up 162 percent from the second half of 2006.
More than 20,000 foreclosure filings were reported in the Sacramento area.
Stockton was number one for foreclosures in the nation, with one filing for every 27 homes.
Aioli Bodega Espanola, one of Sacramento’s best restaurants is located at 18th and L streets in Midtown Sacramento, 916- 447-9440
They feature tapas from the traditional to the original, along with regional specialties of Spain, are presented in a friendly atmosphere.