Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park

Everybody knows it's a huge mistake to work with an agent who doesn't know an area like Land Park -- primarily because all real estate is local -- yet, they do it anyway. It's especially true in the Sacramento neighborhood of Land Park. I see some Land Park listings hit the market priced $200,000 over the amount that I know those homes are worth. I ask myself, how do those listings happen? Why would any Land Park seller want to list with an agent who doesn't live and sell in Land Park?

Then I recall my former listing at the corner of Land Park Drive and Vallejo -- that 2-story Spanish home with a tile roof. There are a lot of top-producing agents who live and work in Land Park; I include myself among those Land Park agents. In fact, all but a handful work for Lyon Real Estate, like me. But the seller of that home listed with an agent in San Francisco. When that million-dollar plus listing expired, she listed with an agent in Roseville.

Of course, after I put a reasonable price tag on that home and listed it as her third Land Park agent, it immediately sold. It sold at list price, around $700,000.

In today's Sacramento real estate market, the number of homes selling over $400,000 has been hovering between 5% and 6% all year. But does that mean the over-$400,000 homes in Land Park aren't selling? It depends on which homes you're talking about and on which streets those homes are located.

I am working with a Land Park area buyer who made an offer that was in negotiations for 5 solid weeks before we arrived at a mutual meeting of the minds. She's presently in escrow and delighted. But 5 weeks of negotiations is nuts. Last week I showed a home to a Land Park buyer who couldn't make up his mind whether he liked that $500,000 home. It was one of those homes where instinctively I knew it would quickly go into pending status. An experienced Land Park agent can tell those things. Sure enough, 10 days later it was sold.

Land Park home buyers who are looking in that over $400,000 price range have a fairly good chance at grabbing that dream home at a substantially reduced price from asking price. However, if that home is one of those highly desirable homes in Land Park and listed correctly, you may also find yourself in a multiple-offer situation.

To date, 5 homes are pending sales in Land Park. Of those 5, two were on the market for 10 days. The next two, more than 100 days, and one around 2 months. We have 35 homes for sale over $400,000 in Land Park. Over the past 30 days, only 6 homes in Land Park over $400,000 have sold. Here is how the numbers break down for the last 30 days of sales in Land Park by list price versus actual sales price:

• List price: $409,000. Sales price: $410,000. (on market 47 days)
  
• List price: $425,000. Sales price: $429,500. (on market 15 days)
  
• List price: $550,000. Sales price: $450,000. (on market 292 days)
• List price: $480,000. Sales price: $465,000. (on market 56 days)
• List price: $499,900. Sales price: $495,000. (on market 10 days)
• List price: $899,900. Sales price: $875,000. (on market 34 days)

You can see that a couple homes sold for more than list price. Three homes sold within 3% of list price. One sold for $100,000 less than list price, at about a 20% discount from list price. But it was also overpriced and listed by an agent who works in Roseville.

A few months ago I worked with a seller who wanted to list her home a bit over the comparable sales, to "test the market." That was against my advice, but it was her home and her decision to make. We made a few minor price adjustments.  When showings did not result in an offer, she asked me to reassess the price. She was ready to listen. Then I suggested a price point to her based on market activity and not based on the comparable sales. Finally, she was motivated. It sold within 10 days at full price.

Wherever you are buying or selling in Sacramento, please choose an agent who knows that area. I referred out a Land Park buyer a few days ago when he decided instead to look at homes in Gold River. I've never been to Gold River and don't know that area at all. He was better served by working with a Gold River agent, so that's where I sent him, kicking and screaming all the way. "Buuutt, I want YOU," he complained. Sorry, ethical agents must do what is best for their clients.

Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

The Short Sale Savior, by Elizabeth Weintraub, available in bookstores everywhere and at Amazon.com.

I spotted a ruby-throated hummingbird sitting on a telephone wire in the back yard of my Land Park home this morning. We have a lot of hummingbirds in Land Park, probably because all my neighbors grow spectacular flower gardens.

They are so small, and I rarely see them resting. Most of the time they flit about from flower to flower, but this hummingbird was calling for his mate. All alone, swaying slightly in the breeze, his toes securely fastened to the telephone wire. Have you ever heard a hummingbird sing? It's a soft melodic sound delivered in a series of chirps.

The hummingbird caught my eye because as he turned his head, the sun's glint shimmered off his jeweled neck. The light reflected a brilliant red metallic-like iridescent glow, like a lighthouse at sea guides sailors to shore.

Made me think about how we sometimes take for granted the simple things in life. Instead we get caught up in the frustrations and challenges of our days.

A few days ago, I finished entering photos of a new short sale listing into MLS and clicked on the link to electronically attach a lockbox. It wasn't my lockbox, so I called my co-listing agent, a brand new agent, to get his shackle code. He told me it was 48.

Without giving it a second thought, I went about my business of trying to attach it, but it wasn't working. I stopped to consider the fact that we have 5,000-some Sacramento real estate agents who subscribe to MetroList and use Supra lockboxes. Duh. Nobody could have a 2-digit code.

So, I tracked down the agent and asked him again for the shackle code. He gave me the same 2-digit code. I explained the code must be at least 4 digits. I believe English is his second language. He said, "It does. It's 48. It's 8888."

Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

The Short Sale Savior, by Elizabeth Weintraub, available in bookstores everywhere and at Amazon.com.

Sacramento Short Sale Agent, Elizabeth Weintraub, has the answers to your Sacramento short sale questions.

Photo of ruby-throated hummingbird by Big Stock Photo

You never know what you might see in Land Park, especially the closer you get to William Land Park. The Sacramento SPCA (SSPCA) held its annual Doggy Dash event today at William Land Park. I sponsored one of my client's dog packs in the race. Amy McMullan supports the Pit Bull club known as Sacramento Responsible Pet Bull Lovers.

On the way there, what did you suppose I spotted? A unicyclist riding just a few blocks away from the park, on the corner of Land Park Drive and 12th.

I thought you might enjoy seeing a photo or two of this guy. I suppose he uses that wood stick as a balance as opposed to bonking passersby on the noggin. I haven't had the guts to try to ride of these bikes. I wonder if his mom told him to wear a helmet and he declined. Helmets are for sissies, I bet he says.

And here is he having passed the corner without getting hit by a car. You will note the Lyon Real Estate for sale sign behind him. You see Lyon Real Estate signs everywhere in Land Park these days. We dominate the marketplace in Land Park and sell more homes in Land Park than any other real estate company!

Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

The Short Sale Savior, by Elizabeth Weintraub, available in bookstores everywhere and at Amazon.com.

Lions and tigers and bears, oh my! And throw into the mix a praying mantis, giant panda, dung beetle, wart hog and anteater. The Sacramento Zoo in Land Park opened Wednesday the long-awaited Conservation Carousel, financed by a loan through U.S. Bank and private donations.

If you've always wanted to ride a baby giraffe or poison dart frog, now is your chance. The ride features 32 different animals. Each animal is hand-carved from wood and imported from Ohio. What? We have no artists in Land Park who can carve a pink flamingo out of redwood?

Rides cost $2.00. The Sacramento Zoo is open every day from 9 AM to 4 PM. During June and July, extended hours keep the Zoo open on Tuesdays to 7 PM. Proceeds from the ride go to take care of the 140 real animals at the Zoo.

General admission is $9 for adults and $6.50 for children 3 to 12 during the week. On the weekends and holidays, adult general admission is $9.50 and $7.00 for children 3 to 12. Children under 2 get in free.

The Sacramento Zoo is located in William Land Park; the entrance is at the corner of Land Park Drive and 16th Avenue.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com

Photo: Big Stock Photo

Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

As of this morning, we have 72 listings on the market in the ZIP 95818. This ZIP encompasses an area from a few blocks north of Broadway all the way to Sutterville, and between I-5 on the West and the railroad tracks on the East. The two major neighborhoods are Land Park and Curtis Park.

Residents, myself included, like living here because we are close to downtown / Midtown Sacramento, we can walk to restaurants, stores, parks, the Zoo and the river. We enjoy tree-canopied streets, friendly neighbors, and there's a general pride of ownership in the area, making Land Park and Curtis Park a desirable place to live. With that desirability, though, comes a price. And that price is reflected in how much it costs to buy a home in Land Park or Curtis Park.

The median sales price for April in 95818 is $350,000. The median sales price for April in Sacramento County is $165,000. Of the 72 listings in 95818, 20 of those homes are priced under $350,000.

Here is an example of a 3 bedroom / 1 1/2 bath home in Land Park that is available for sale. It is not a foreclosure nor a short sale. It is owned by a seller who paid off her mortgage a long time ago. You can buy this home for $285,000.

It was built in 1952, which just happens to be the year I was born! The hardwood floors have been refinished and are positively gleaming with shine and sparkle. It has good sized bedrooms, an updated kitchen with granite counters, an extra work room, an attached 2-car garage and a big back yard begging for a spring vegetable or flower garden.

2738 San Luis Court, Sacramento, CA 95818

Offered at $285,000

Elizabeth Weintraub

Lyon Real Estate

916.233.6759

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com

Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

Photo: Elizabeth Weintraub

The real estate market in Land Park and Curtis Park is very different from the market in the rest of Sacramento. All real estate is local, which is why you hear that lovely mantra over and over: location, location, location. Home prices in Natomas, for example, have dropped about in half from 2005 sales prices, but Land Park and Curtis Park median prices have dipped about 21% over this same time period.

Experts often advise home buyers and sellers to rely on a neighborhood specialist to get the facts about specific markets. In Land Park where I sell, for example, there are very few foreclosures -- none in the over $400,000 price range -- and I can tell you that inventory is growing in that price range. My point is that trends in the general real estate market in Sacramento rarely apply to Land Park and Curtis Park.

We live in a world of our own. And in this world, the over $400,000 market is reacting differently from the under $400,000 market. Let me show you what I mean. Below is a chart that shows the last 15 months of activity in 95818 for homes sold under $400,000:

The average sold price for Land Park / Curtis Park homes under $400,000 has fallen by 13.7% over April of 2008. The median sales price in April of 2008 was $280,000. In April of 2009, the median sales price fell to $250,000. The average moved from $293,000 in '08 to $253,000 in '09. Pending sales in this price range have fallen off as well. Here are those numbers:

April 2008

• Homes for sale under $400,000: 22
• Homes sold under $400,000: 8
• Homes pending under $400,000: 16

April 2009

• Homes for sale under $400,000: 24
  
• Homes sold under $400,000: 9
• Homes pending under $400,000: 10

However, homes are selling much faster now, and the offered sales prices are more realistic. A year ago, the average cumulative days on market -- the total amount of time it took to sell a home in this price range -- was a little more than 2 months, 70 days to be precise. This April, those average cumulative days on market fell to 36. Moreover, the average difference between list prices and sold prices was 5%. Last month, Land Park and Curtis Park buyers paid on average 1% less than list price.

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Below is a chart that shows the last 15 months of activity in 95818 for homes sold over $400,000:

Inventory has doubled in the over $400,000 market.  This is the number of months it would take to sell everything on the market in Land Park and Curtis Park. In April of 2008, we had 5.1 months of inventory. This April, inventory leaped to 10.3 months. The median sales price has jumped as well. It moved from $470,000 a year ago to $518,000 today. The average sold price in April of 2008 was $495,000, and in April of 2009 it was $537,000, which increased 8.5%.

The contrast to Sacramento county is significant. In Sacramento, prices are falling and inventory is falling, but in the over $400,000 market in Land Park and Curtis Park, inventory is going up and prices are going up.

However, it is taking longer to sell these homes. A year ago, the average cumulative days on market was 13. Last month, the average cumulative days on market was 72.

Here are the numbers for activity in the over $400,000 market year-over-year:

April 2008

• Homes for sale over $400,000: 36
  
• Homes sold over $400,000: 7
• Homes pending over $400,000: 9
  

April 2009

• Homes for sale over $400,000: 41
  
• Homes sold over $400,000: 4
  
• Homes pending over $400,000: 8

One of those sold listings was mine. We professionally staged the home, gathered feedback from buyers and made improvements based on that feedback and extensively marketed the home everywhere online, including hosting open houses. The home sold at 100% of list price. The fact is only 10% of the homes for sale over $400,000 actually sold last month. If you're thinking about selling your home in Land Park or Curtis Park, consider listing your home with a neighborhood specialist and not with an agent from outside of the area. Those are generally the homes that fall into the 90% (that didn't sell) group.

Graphs: Trendgraphix, licensed exclusively to Lyon Real Estate agents.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

The good news is that Trader Joe's is still considering opening a franchise store in Land Park in the shopping center at Del Rio Road and Land Park Drive in Land Park. If you like imported cheeses, organic vegetables and a place to find those unique products that can't be found anywhere else such as Adzuki rice and bean chips, gourmet ready-to-heat food or even hand-tossed pizza, you know you can count on Trader Joe's to deliver.

If you're tired of driving to East Sacramento to get your Trader Joe's fix, why not show Trader Joe's that Land Park wants its very own store? You can show your support and perhaps sway the Powers-That-Be to make the final decision to come to Land Park.

Simply go to the Land Park Community Association's survey page and answer a YES or NO question. It's fast and easy. I just did it. One click to the page and one click on the answer.  All responses need to be received by 5 PM on Wednesday, May 27.

Photo:Big Stock Photo

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com

Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

The worst thing that could happen to my Land Park neighbor, she says, is to be out of town when our gardens produce the first blooms of spring. We have a good 3 weeks to enjoy showy, spectacular flowers from the end of April to early May. And as luck would have it, my neighbor was out of the country when it happened this year.

I never gave much thought to the first bloom before and had no idea it was considered a special occasion.  I can be so focused on selling homes in Land Park that I sometimes don't notice the trees leafing out. One day my elm tree has no leaves, and the next day it's full of leaves. It's like leaves magically appear overnight.

Note to self: must take more time to stop and smell the roses. It's not just a cliché you know.

I shot a few photos last week of flowers in my Land Park garden. I hope you enjoy them. I know my neighbor will when she returns.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com

Photos: Elizabeth Weintraub

Elizabeth Weintraub is an author, 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 and the inner core of our capital city of Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

Many people don't know that most cactus flowers bloom only for one day. Most of them bloom in the spring. Here is a photo of an original cactus planted in my Land Park garden that did not have any flowers at all last year, but this year exploded in color. There were a bazillion flowers that opened on April 22:

And here is another. This is a round cactus. With all those thorns, it's hard to pick out debris, too, without getting poked or punctured. I recently planted this cactus to replace one that died in the frost last winter.

I had no idea that these type of cacti even bloomed. It didn't last year. They also multiple like crazy. I see them at many homes in Land Park, so they must like the weather here. Also, none of these died in the frost last winter. Cacti are a perfect for me because they require so little care -- and time, which, as a Realtor, I don't have.

If you're looking for a Land Park specialist who understands the intricacies inherent in the older, classic homes in Land Park, call Elizabeth Weintraub at 916.233.6759. Put 35 years of experience to work for you.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com

Photos: Land Park cacti garden by Elizabeth Weintraub

Like most of Sacramento right now, the homes in Land Park that are priced under $400,000 are receiving a lot of attention from home buyers. That's because first-time home buyers are driving the market. However, the over $400,000 homes in Land Park / Curtis Park are picking up steam. We are seeing a 60% increase in pending sales for March of 2009 over March of 2008 in the over $400K market. But it's not as strong as the lower-priced homes. Those pending sales have jumped 75% in year-over-year comparison.

The good news is the average days on market stat for the under $400,000 Land Park / Curtis Park homes has dropped 39.8% over the past 12 months. On the other hand, the average sold price to original sales price has increased by 7.1%.

The Under $400,000 Market in Land Park / Curtis Park

Here is a chart that shows you the average price-per-square foot in Land Park / Curtis Park for homes under $400,000 over the past 12 months:

You can see that the price-per-square foot from March of 2008 to March of 2009 has increased by 2.5%. We also have slightly fewer homes for sale than we did a year ago. The months of inventory stat (the number of months it will take to sell everything on the market under $400,000) is 3.3 months.

In March of 2009, we had 26 homes under $400,000 for sale in Land Park / Curtis Park, 14 homes were in pending status and 8 sold. While the number of homes for sale decreased by 7.1%, the number of homes that sold are equal to those of a year ago. This means there are slightly fewer homes to choose from for home buyers, but the demand remains constant. We should also see an increase in sold homes for April.

The Over $400,000 Market in Land Park / Curtis Park, Sacramento:

Here is a chart that shows you the average price-per-square foot for homes over $400,000 in Land Park over the past 12 months:

You can see that the average price-per-square foot has dropped by 4.1% over the past 12 months. It is constant with February. We also have 5.6 months of inventory (the number of months it would take to sell everything on the market over $400,000), making it a buyer's market in Land Park and Curtis Park for the higher priced homes.

In March of 2009, we had 28 homes over $400,000 for sale in Land Park / Curtis Park, 8 homes were in pending status and 5 sold. Surprisingly, over the past 12 months, the number of Land Park / Curtis Park homes for sale over $400,000 decreased by 33.3%; the number of homes that sold dropped by 54.5%. In March of 2008, 11 homes sold over $400,000. In March of 2009, that number is 5.

The good news for home buyers in Land Park or Curtis Park who want a home over $400,000 is there are half as many sales as a year ago; the values have dropped slightly and with inventory at almost six months, there are plenty of homes from which to choose.

For home sellers priced over $400,000 in Land Park and Curtis Park, the days on market stat has dropped 18.3% from a year ago, presently at 58 days; but the better news is the average sold price to original sales price has actually increased 1.1%, which means most sellers are pricing their homes according to market and not according to whim.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Charts: Trendgraphix. Used with permission. Available exclusively to Lyon Real Estate agents.

If you're looking for a Land Park agent who lives in Land Park and specializes in the older classic homes in Land Park and Curtis Park, call Elizabeth Weintraub at 916.233.6759. Put 35 years of service to work for you.