CentralCityDigsBlog

Midtown Market Report

Despite inventory increases –much of it from newly-constructed lofts and condos- residential properties in Midtown continue to sell.   And with interest rates at low levels, there are numerous first-time and move-up buyers participating in home sales.

First, let’s define the boundaries. I’ve defined Midtown as the geographical area bordered by the train tracks to the north, Highway 50 to the south, Cap City Freeway (Biz 80) to the east and

16^th Street

to the west. This does include homes in the 95818, 95811, and 95816 zip codes.

Midtown Sales Reports – Jan 1, 2008- March 11, 2008
	# of listings	Low	High	Average	Median	Total Volume	Average Days on Market
Active	57	214,900	1,550,000	501,775	424,900	28,6001,174	93
3 of these homes are short sales – 2 are REO (bank-owned) properties
Pending	18	286,000	689,990	439,080	407,950	7,903,440	171
3 are REO properties
Sold	22	245,000	693,665	481,810	482,950	10,599,825	188
5 were REO properties

As of today, there are 57 properties actively listed on the Multiple Listing Service market and 18 pending properties (a seller has accepted a buyer’s offer).    22 properties have sold during this same term (since Jan 1, 2008). 

From a hands-on perspective, home interest seems to have increased since mid-February as weather improvements and new listings have come online. And, naturally, lower priced homes are selling faster than the highest priced ones.

In other

Sacramento

markets, short sales (where the seller owes more than a buyer will pay, so the bank must accept a lesser amount) and “REO” properties (bank-owned after a foreclosure), are plentiful. Streets have real estate signs on every street and prices are dropping. The ratio of bank-owned and short sale properties in Midtown is quite low compared with other markets outside the Central City. This will continue to keep Midtown’s home values high as sellers aren’t competing against banks eager to sell.

CONDOS - LOFTS

To me, the biggest change in the Midtown market has been the influx of new construction. Loft projects, condo conversions, and high density planned unit developments are new to the market and are not always reflected in MetroList, and therefore the charts provided.

Currently 22 condo/loft properties are listed as available. In truth there are many not offered on MLS and only enter MLS upon sale. Some, never appear and seem available only through tax records. It appears 14 have sold over the last 6 months.

The lowest priced units are those that were introduced to the market within the last 5 years and are now resale properties Prices per square foot in these new units are very high and the accompanying HOAs (housing association fees) are as well.

CONDOS HAVE CHANGED IN SACTO!

The sales of the L Street Lofts, which officially sold (closed escrow) starting in 2008, have dramatically affected price/square foot.

Condo/PUD Price Per Square Foot

Available (active):

Ave $435/sqft

(lowest: $265)

In Contract (Pending):

Ave: $466

Sold Properties:

$490

Since 9/07

Source: Metrolist

Location. Location.Location

Does location matter? YOU BET!

Midtown Sacramento is great. Great trees, great services, walkable, bike friendly. But it has lots of human-made boundaries that can reduce a home's desirability.

Like..... the highways that border the eastern and southern borders? While I've always heard elevated freeways are better than the underground (like Hwy 50 near 50th-59th Streets) Hypothetically, a house on the corner of a 20s Street home & the "W-X" freeway is beautiful and amazing. But if bedrooms are on the freeway side and it's one-way to get in the driveway, that's tough!

...........or the train tracks. Urban life includes rumbles when you live on 19th or 20th Streets, or along B Street.

...........or a bar. Sure, you like to drink there on weekends. But every bar I know is open 7 days a week. So that one night you take off can mean no sleep for you!

.........or a busy one-way street. Some of our arterial streets have serious daily traffic. But if it's only once a day, maybe that's not so bad.

Fortunately, Midtown Sacramento is laden with many positives which may make the above forgettable. And, at least you'll be reaping the benefits of proximity.

Boulevard Park - News & Updates

Just received my Boulevard Park Park Beat. The newsletter for members of BP! (Great resource!) Here's some updates...

Feb 21st - grand opening of Rite Aid on 22nd & F Streets (once the home of Lucky Store where I used to pick up breakfast food on the way to work!)

The association - and this is why we LOVE them - is raising money for kids at Washington School to receive bikes and cycling gear as rewards for good attendance. (Send your money..people!)

MidtownGrid.com: Partners for Neighborhood Success

http://midtowngrid.com/

Since moving to The Central City (ok, Midtown! and back when it wasn't cool, just cheap!) in 1990, the explosive and wonderful changes the CC has undergone in the last 10 years has been remarkable. Mr Central City Digs and I met, worked and now play in Midtown every chance we get.

A great resource for finding out what's going on is MidtownGrid.com. Check out their website for a Sacramento community and events calendar, coupon source, and, of course, a list of service providers, restaurants and retail establishments who've all committed to Brian Fischer & Julia Seebach's vision. They work hard bringing together the sometimes-competitive business folk to work for Midtown's success.

Cheers!

Whiskey Hill Lofts: Poverty Ridge

I once lived at 22nd & S Streets....on the S side of the street was apartments and large historic homes. R Street was always rather industrial and empty.

And, of course, it was known as Poverty Ridge. Yeh, back in my day I used to ride my bike to and from the grocery store on Capitol and 17th because there was NO Midtown Safeway, folks!  Life was rough in those days. Now Poverty Ridge has a (Petrovich-inspired) Rite Aid AND a Safeway...lucky lucky lucky.

Anywhoo, times are a changin'. They're now calling it Whiskey Hill - - and even got a bar named after this 'hood (why didn't they call the area around 19th & P The Zebra Corners or Zebrahood???)....

I just received an email from the folks at Kuchman Architects indicating that they're preparing for sale the "WHISKEY HILL LOFTS." I'd heard it was going to be a rental property, but sounds like they'll soon be available. 28 units with garages. More info to follow.

http://www.kuchman.com/architecture-portfolio/urban/whiskey-hill.html

L Street Lofts

The L Street Lofts are looking fabulous these days.  And the listing agent tells me one of the Sacramento Kings has bought one of the two story penthouses!

I most recently toured with a client who found the appeal of condo living in downtown to be huge! Loved the Midtown scene but wasn't into older homes. 

The timeline for completion has been put off  - my clients still have not closed escrow, but are expected to at any moment this week. I think the original timeline was closing in November, however with the finishing touches adding appeal, I haven't heard any distressful calls.