I closed a short sale in Elk Grove yesterday and a short sale in Lincoln the day before that. There is something odd about both of these Sacramento short sales. something they both share in common. Both of these homes have a ton of upgrades that were not reflected in the sales price. Stuff the original sellers paid through the nose to get when they bought. Because upgrades is where the money is for builders.
All of those amenities -- elevation, plantation shutters, stainless appliances, oiled bronze, crown molding, CAT-5, stain finish, natural wood upgrades, tumbled stone, stained glass, slab granite, etched and frosted glass, optional built-in features, boxed ceilings, high-end triple pane, the list goes on and on -- they were all free. No value whatsoever in the sales price. This is the problem with buying a new home versus an older home. It's like driving a brand new car off the sales lot. It loses value the minute you turn the corner. The upgrades in a newer home are nice sale features but they are never worth as much as they were on the day you bought them.
In a short sale, often BPO agents don't even go inside. So, those upgrades don't count. They pull a 1/2 mile radius, similar square footage and age, which have sold over the last 90 days. Often they calculate on per-square-foot cost averaging, which doesn't really mean diddly squat.
Here is short sale in Cameron Park that comes with free upgrades, too. The kitchen feaures tiled counters and flooring, so it could use remodeling, but the rest of the home is pretty darn cool. OK, I'd probably replace the carpeting. It is situated at an elevated grade a ways up Millbrae Road in Cameron Park. It sits back from the road. The front yard is enormous.
I noticed previous listings of this home over the years all showed different lot sizes, bigger, and I don't know why. The assessor's office says it's .37 acres, so you might want to get a survey to determine if the acreage is actually larger.
This home has 3 bedrooms, 2 baths, and a formal dining room. The formal dining room is situated between the entry and the kitchen, so if you wanted to use it as a den, you probably could. Formal dining rooms seem to be falling out of favor. If you wanted to entertain at this home, I imagine you'd set up dining outside on the gigantic deck. Or in an area off the kitchen.
The deck runs the entire back length of the home. There are sliding doors from the living room and also exterior access from the master suite. You get a great view from the deck of the back yard and a fenced side yard. You never know, you might even spot a deer -- yup, you get wildlife in Cameron Park.
Both baths are upgraded and remodeled, with ceramic floors, newer vanities, mirrors, lighting -- the master suite bath features slab granite and dual sinks. When you open the door to the walk-in closet in the master, an automatic light comes on. How cool is that? You'll find recessed lighting sprinkled throughout as well.
If you're interested in living in the country yet being close to the city, come on out to Cameron Park.
3610 Millbrae Road, Cameron Park, CA 95682, is exclusively offered by Lyon Real Estate as a short sale at $195,000. For more information, call your Sacramento short sale agent, Elizabeth Weintraub, at 916 233 6759. For a private showing, call Linda Swanson, at 916 607 0111.
Photos: Elizabeth Weintraub
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
