Housing reporter Jim Wasserman at the Sacramento Bee this morning shares his personal experience and observations. He bought an Elk Grove home in 2002 with a fixed-rate mortgage, which is worth today about what he paid for it. Several of his neighbors have gone into foreclosure. One neighbor bought at the height of the market in 2005 and the other refinanced, which is why they both lost those homes. Wasserman says his culdesac is beginning to turnaround. He appears to be optimistic that a recovery is underway.
As a Sacramento short sale agent, I see the market from a different perspective. I'm not so certain a recovery is here. Mortgage rates recently dropped to 4.375%, the lowest probably ever in some 50 years and, with the exception of mortgage refinancing activity, it's causing little stir. Buyers are writing offers and then ripping them up. Days on market are lingering. The marketplace is filled with pretend buyers -- buyers who have no handle on reality and therefore are not going into escrow.
Having said that, I offer you a remarkable opportunity to buy a 3-bedroom, 2-bath home in Antelope. This is a John Mourier home, built in 1996. It has a concrete tile roof. The garage is mostly stucco with lap siding and brick on the front. It holds two cars, with storage available in the rafters.
From the garage, you can conveniently enter the kitchen, which is great when you're unloading groceries. All the appliances in the kitchen stay such as the built-in microwave, free-standing gas stove and the stainless steel refrigerator with black sides. The cabinets are a contemporary blackened chocolate with brushed nickel hardware.
Apart from the breakfast bar and ceramic counters, there is room in the kitchen for a table. Plus, you'll find a formal dining area off the living room. There are vaults in the living room and a fireplace. Sliding glass doors lead to the back yard patio. The floors are laminate.
The master has vaults and a built-in headboard on the wall. Not only is there a closet in the master, but there's an additional closet in the master bath area, offering twice the storage space you normally find in homes this size. As an added benefit, there is additional access offered to the back-yard patio from the master suite as well. There's really nothing that needs to be done except move into this lovely home.
It's located on a culdesac. The back yard is fenced with a raised brick garden. Sprinklers are manually operated, but at least the irrigation system is in the ground. The subdivision of Northern Hills East is located north of Elkhorn and West of Waterga.
Oh, and for you feng shui followers, when you add these house numbers together, they equal the number 9. According to my manicurist, that is the luckiest number and almost magical.
4221 Oslo Court, Antelope, CA 95843 is offered exclusively by Lyon Real Estate as a short sale at $160,000. For more information, call your Sacramento short sale agent, Elizabeth Weintraub, at 916 233 6759.
Photos: Elizabeth Weintraub
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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 Sacramento. 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 through bookstores everywhere and at Amazon.com.
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.
