6900 sf Custom Home in Catta Verdera-now only $1,132,900
Well, let me preface this by saying what I say right now might not apply 10 days or 10 minutes from now. The real estate market is ever changing. There are numerous variables that will cause price shifts, movement in supply and demand and the overall “mood” of the market. Some of these variables can affect the market nationwide (interest rates, govt. stimulus etc.) and others affect Lincoln or even just parts of the city.
This being said, here is my simple take on the market today:
1) rates are extremely low and many buyers that have been looking for a while are realizing their “buying power” has increased. They qualify for a higher loan amount. Even with the lower rates we haven’t seen the price increases that usually go hand in hand. Buyer power has truly increased.
2) the low rates haven’t stimulated the housing market overall like the government hoped. However, in Lincoln, we still have a shortage of properties that can be closed in 30 or so days (non shortsale). Most buyers want to close quickly and a lot of the regular or bank-owned properties sell fast. I did see a bit of a lag in the market the last couple weeks but things are picking up again. I attribute the slow down to ”back to school”.
3)prices in Lincoln Crossing and West Lincoln seem to be falling. The smaller homes between 180K and 215K seem to be staying steady, but the larger 2800 sf+ homes are dropping. Prices in 12 Bridges (with the exception of the custom homes in Verdera) are generally stable. The custom homes in Catta Verdera will see a PLUNGE in the next few months. Sun City Lincoln is a little harder to figure out. In general the prices have dropped, but the buyers in that market will buy regardless, if it is what they want.
Overall, the properties are moving and the banks are starting to get better at processing their short sales. This is just a snapshot of my feelings as to what is going on. If you have specific questions, let me know!
Good afternoon. I thought I would just write a quick post about a questions I answer numerous times everyday. People are always asking “Have we seen the bottom of the real estate market yet?” and “What’s going on with the market in Lincoln?”
There really isn’t a short answer to it, but I will try to sum it up without going into too much detail. First of all, in some market segments I believe that we are at or close to the bottom. In the lower prices, $200K and below, I believe we are pretty much at the bottom. Most listings coming up at that price are sold very quickly regardless of condition. That being said, it may also be due to the fact that there is a low supply at this point. The prices seem to have stabilized and are even trending upwards in some areas. Who knows though, if we see another big influx of bank-owned properties in this segment the prices may fluxuate to some extent. Bottom line, the numbers are working for investors and if the rental market remains strong, the less expensive houses will sell as long as lenders make the money available.
In the mid range, $250K to $350K, I am seeing about the same results. Homes are selling quickly, but most of the buyers are move-up buyers or even some first-time buyers. Not as many investors in this segment.
The luxury homes, $600K and above seem to still be falling substantially. We are starting to see home owners default on their principle residences whereas it was mostly investors that bought on speculation that had bailed out previously. In the lower luxury homes (tract homes in Verdera priced between $400 and $500K etc.) we are seeing a very competitive market with most listings recieving multiple offers in the first couple days. Currently I think this is a safer risk than the higher priced custom homes.
Hopefully this gives everyone some insight. Obviously there are many factors that can swing the market one way or another. Area (even within Lincoln) makes a difference, interest rates, supply and demand, lending policies and dozens of other variables can cause changes. Please feel free to comment or ask questions on this post.
So here are a couple of the listings that caught my eye as pretty good deals-one on the high end and one that could be a good investment or a starter home.
207 Corte Sendero, Lincoln, CA 95648
This home is in the highly desireable neighborhood of Catta Verdera. A custom home with amazing views of the city and golf course, a nice location on a cul-de-sac and a built-in pool, I don’t think it will last too much longer. They recently reduced the price to $830,000. This home sits on .74 of an acre, 4 beds and 4 baths, 4174 sf, built in 2006 and is richly appointed with many upgrades. The pictures they posted really don’t do it justice. If this was my listing, I would have a lot of fun with the marketing.
The other new listing is located on the East side of Lincoln and is a Ron Ward built home and I just found out it went pending…That was quick! Homes that are priced well really move quick in this market. FYI, it was listed at $155,000, 3 bed 2 bath, about 1350 sf and had new flooring, A/C … More like this one will be coming, let me know what you are looking for.
