Condos in Sacramento
If you are shopping for a condo, you might be wondering whether the Midtown condo market is ripe for picking. Is there a particular segment where I could get a great buy? It just so happens I know where to shop, and I should as I’m a Sacramento real estate agent.
When an agents works full-time in real estate, she gets a close-up view of the market. More so than many other agents.
The graph above shows more than 7 months of condos for sale, a high amount of inventory. This is the popular location in Midtown’s happening ZIP Code of 95811. Currently, eight units are for sale and there is approximately only one sale per month, based on Trendvision reports / Metrolist.
Wondering about the for sale sign in front of this chic Boulevard Park loft? Are you looking for an urban lifestyle in Sacramento? Well, look no more as you have arrived! Let us take a spin through this living room at 2020 H St. Sacramento (# C) 95811. The stained concrete floors and stone fireplace with glass rock give that industrial feel with iron handrails.
Affordable living at its best in Midtown Sacrametno, behind a gated entry. You’ll undoubtedly enjoy the additional privacy and security offered in this small complex.
The story of the sale of this Woodside Oaks condo started in January, when I was still working from our second house in Hawaii. I talked with the seller about her objectives. Studied the photos. The flooring was painted cement. A few of the accent walls were deep purple. Nice urban vibe but not right for the market. I suggested painting the walls and installing engineered wood.
This seller had called me because she found out I had just closed another Woodside Oaks condo in that complex. I was happy to help, and I love this complex. It’s so quiet, especially with speed bumps up and down Sierra, and most of the layout is not aligned with Sierra. The HOA amenities make it feel like you’re living at a resort. I’d gladly take any condo listing in Alicante Villas. They are apartment conversions but you’d never know it to look at the units.
We went on the market in early April and immediately attracted an offer from a referral. The referral was a Realtor. Who should have known that she can’t buy that condo as an owner occupant when her first home had not yet sold. There is a 70% rental occupancy in that complex, so no non-owner occupied loans allowed. No sooner did we go into escrow than this situation reared its head and the whole thing quickly canceled.
Enter next buyer, a few days later. This buyer did not offer list price, which was aggressive pricing, yes, but this a seller’s market. We countered at full list price and the buyer accepted. Now, one of the stipulations was the home is sold AS IS, no credits, no repairs, no renegotiations. Sure enough, the buyer asked the seller to repair several plumbing leaks and replace an electrical receptacle, which the seller refused.
However, the appraisal came in $2,000 low. The reason being an agent at my own brokerage with another listing in the complex blabbed to the appraiser and divulged the the sales price of her pending sale. Which was less than ours. So the appraiser came in $2,000 low. Why do appraisers do that, do you think? He could have certainly given us $2,000 for the new flooring and excellent condition of the condo. Petty.
Since we won rejection of the repair request, the seller appeared willing to split the difference in the appraisal with the buyer. Although I suggested she make the buyer pay the entire difference. It was not the seller’s fault the buyer was forced to get a loan. But I also leave these decisions up to the parties. It’s not my house. She can follow my advice or no.
Ultimately, the seller’s choice was to eat $1,000 and the buyer paid $1,000 more. We closed on the Woodside Oaks condo a few days early, on May 10th. Then, the evening of the 10th, the buyer’s agent emailed me a notice that was attached to the door. Guess he did not do a final walkthrough with the buyer or he would have caught this a few days earlier, and not after closing. When there is no seller liability over an unknown circumstance.
It was a notice from the Sacramento Building Permits and Inspection Code Enforcement. Which means some anonymous person contacted the County and filed a complaint, claiming there was unpermitted construction going on at this condo. Except, of course, there was not any unpermitted construction. Was it a neighbor? Was it another agent in the complex? Agents are fiercely envious and would throw their own grandparents under the bus.
Doesn’t matter. It’s the buyer’s problem now. Thanks, friendly good-doer, NOT.
548 Woodside Oaks, #5, Sacramento, CA 95825 closed on May 10, 2018 at $174,000. If you’d like to sell a condo in Woodside Oaks, call Elizabeth Weintraub at 916.233.6759.
Well, Sacramento appraisers are not gonna like this blog, I can tell you, but I think agents will find it interesting. Let’s say, for example, that there are two different listing agents at Lyon Real Estate. Both of these agents list identical condos. Same square footage, same type of location, similar amenities, and identical sales price. The first condo sells at list price. Shortly after that condo status changes to pending, the second condo comes on the market and that seller goes pending in 3 days. We later discover it went pending at a lower price than the first condo. I know, sounds strange and peculiar that the seller accepted a lower price. Especially after only 3 days on the market.
In any case, fast forward to the first condo is getting ready to close escrow. The appraiser goes over to appraise that sale. The appraiser then calls the other Lyon agent and asks this agent to disclose confidential information about the pending sale. The second Lyon agent, not thinking probably, blurts out the condo sold for less than list price. Shares the exact price. Due to limited inventory, the appraiser uses this pending sale as a comp and discounts the appraisal for the first condo seller. Yup, one could reasonably conclude that the appraisal came in low because a Lyon agent blabbed.
Two condos. Same company. Lyon Real Estate is a huge company in Sacramento. 17 offices and almost 1,000 agents. The likelihood of this scenario happening is very high. So likely that it did happen.
Let’s just say I am not that second agent. For one thing, I would suggest to a seller that she counter a lower offer like that. Especially when the condos sell so quickly in a hot market. But I’m not privy to that second contract or transaction so I have no idea, really, what went down. Do not mean to point fingers.
But I do know this situation has opened my eyes. Especially concerning dual representation of more than one seller. From now on, helping out Sacramento appraisers by providing more information than they are really entitled to know could be a very bad move. I suppose I could ask Sacramento appraisers if their transaction involved a Lyon agent on either the selling or buying side and then refuse to disclose. But it seems to make more sense not to disclose any confidential information that could affect a sale or harm other parties.
Sacramento appraisers can find everything they need to know in MLS and at the County Recorder’s Office. Good risk management says it’s wise to limited exposure to potential lawsuits.
What can I say about the Woodside Oaks complex or an Alicante Villas one bedroom condo that I haven’t said before? I’ve sold a few other condos in this complex, which is probably why sellers keep calling me to sell their condos. I really like the Woodside Oaks condos. They are set up as two fourplex units connected by a bridge and set of stairs. This particular cluster is second to last at the very end of the complex, next to Sierra. But not right on Sierra.
In fact, this Alicante Villas one bedroom condo is on the inside of the cluster, in the second building and toward the back. So it’s pretty quiet. The unit is also a one-story, which many buyers find extremely desirable. In addition, it is a first-floor unit, which only adds to the desirability.
If you need more reasons to buy an Alicante Villas one bedroom condo, how about the fact the seller just installed brand new bamboo flooring throughout. The new bamboo these days is so strong, interwoven and glued. You can whack it with a hammer and it’s difficult to dent. Plus, I’ve heard it rumored (in Hawaii mostly) that termites do not like the glue in the bamboo. Is it true? Dunno.
In the living room is a fireplace with a travertine surround, right next to the sliding doors leading to the enclosed patio. Isn’t this a cute layout and very functional? Check out the kitchen. We have granite counters, well maintained cabinets with glass doors in the upper cabinets over the sink. All of the stainless appliances stay, including the refrigerator. There is also a formal dining space off the kitchen.
The master bedroom shown here features mirrored closet doors, and there is an extra closet in the master bath. Plus, there is a third really deep closet in the hall. So, plenty of storage. Another nice feature of the bedroom is the fact it is the farthest away from the front door. You probably would not hear anybody going up the stairs.
In short, the unit is fresh, clean and spotless, ready for occupancy. It’s got everything you need. So turnkey. Just walk in with a sofa, bed and luggage and you’re in business.
Your HOA dues are affordable, too. Only $330 a month. It offers a pool, spa, fitness center and clubhouse privileges. If you desire a lock-and-go lifestyle, it doesn’t get any better or more affordable than this. You get covered parking for one vehicle, too.
548 Woodside Oaks, #5, Sacramento, CA 95825 is offered exclusively by Elizabeth Weintraub and Lyon Real Estate at $175,000. Please call Elizabeth at 916.233.6759 for more information or to arrange a private showing. See the virtual tour.
The information in this advertisement, including, but not limited to, square footage and/or acreage, has been provided by various sources which may include the Seller, the Multiple Listing Service or other sources. Lyon Real Estate has not and will not investigate or verify the accuracy of this information. Prospective buyers are advised to conduct their own investigation of the Property and this advertised information utilizing appropriate professionals before purchasing this Property.