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McKinley Park Fundraiser with SactoMoFo

McKinley Park Fundraiser with SactoMoFo

Posted by on Oct 26, 2012 in Events, McKinley Park | 0 comments

The fundraising for rebuilding McKinley Parkcontinues and the target numbers have gotten better. They are now projecting approximately $200,000 for a minimum rebuild and $600,000 for a major rebuild. It sounds like insurance and city funds will add up to $500,000 so the fundraising target for the community is $100,000 and they are already fast on their way to this. Several more great fundraisers and we should have a new playground next summer. Want to get in on the fundraising and have a great meal too? Then go to the SactoMoFo (Sacramento Mobile Food) event on Sunday October 28th from 12:00 to 4:00 at the Sutter Landing Regional Park(28th Streetover the tracks past C Street). As per Steve’s Facebook: “Come and enjoy lunch & a beer with your neighbors, Councilman Steve Cohn, and MC Mark S. Allen – and great live music from Hero’s Last Mission and Rebel Punk – with some of the region’s best mobile kitchens and some of Sacramento’s best restaurant chefs, too! We’ll have an extensive beer garden full of local microbrews and everything from paella to sandwiches to BBQ to authentic Hawaiian shave ice and Belgian waffles. We hope you can make it – and please consider riding your bike! We will have lots of bike parking, and maybe even a bike...

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Shadow Inventory

Shadow Inventory

Posted by on Oct 12, 2012 in In the News, Ramblings | 2 comments

I don’t usually post about new articles that I see, but this one was very good and relevant to so many conversations that I’ve had recently. The article is titled “Now You See It, Now You Don’t” and it is about the “shadow inventory” and the market condition. Anyone that works in the real estate industry knows that right now we have very low inventory and lots of interested buyers. Sacramento currently has 0.8 months of inventory on the market. The Months of Inventory is a reflection of how many houses are for sale and how many are being purchased each month and how long would it take for them all to sell at the current rate. The lowest Month of Inventory durring the boom was April 2003 and the highest inventory in the bust was September 2007. 4 months of inventory is a very balanced level with numbers lower than that being considered a sellers market and anything above that being a buyers market. Now we have seen several months in a row with inventory levels lower than 2.0 and even below 1.0! What is the reason for this? Are the banks holding onto a lot of shadow inventory, covering the carrying costs, keeping the non-performing assets on their books (or just doctoring them so they don’t show up) and waiting for/manipulating the market to improve before selling them? Do they have hundreds of thousands of houses that they have foreclosed on and are going to dump them on the market when prices come up? While I love a good conspiracy theory, I also believe that the simplest explanation with the least assumptions is often the best (a version of Occam’s Razor). This article went into several detailed aspects and included that by all expert analysis there is only a minimal amount of bank owned properties that aren’t put on the market quickly. I have often seen bank owned listings that show only 1 day on market (DOM) but hundreds of combined days on market (CDOM). I look at the history and see that this was a short sale that sat on the market for months waiting for bank approval for the sale but finally ended in foreclosure. The bank then had their asset manager arrange for the clean out, new paint and carpet and listed the property for sale, all in less than 30 days (otherwise, the CDOM would be the same as the DOM). The big issue that this article pointed to is that there is a different kind of shadow inventory and it’s not what I or most people consider or refer to as shadow inventory. It is all the properties that are delinquent on their payments and will most likely never become current. It is the houses in pre-foreclosure, foreclosure or short sale status where no payment is being made, the owners are getting...

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Oktoberfest at the Turn Verien

Oktoberfest at the Turn Verien

Posted by on Oct 10, 2012 in East Sac, Events | 0 comments

This is the 45th annual Octoberfest to be hosted in East Sac’s Turn Verien. Come out on Friday October 12th from 6:00 to 11:00 or Saturday October 13th from 3:00 to 11:00 for traditional German food, beer and dancing. They will also have the traditional German band, the Gruber Family Band in the Main Hall, with the rock-& roll band AKA LIVE upstairs. The Alpentänzer Schuhplattler will perform colorful traditional German dances during the evening. The Turn Verein’s Kaffeehaus and outdoor Biergarten will be open throughout the evening, offering German food specialties and beer from Munich. How did this wonderful tradition start, you may be asking yourself. The Turn Verien has these details on their site: “Prince Ludwig (later King Ludwig I) of Bavaria (the grandfather of “Mad” Ludwig II) started it when he threw a wedding party on the occasion of his marriage to Princess Theresia of Saxony-Hildburghausen on October 12, 1810. Ludwig gave an open invitation to the people of Munich, and about 40,000 of them came. The Prince set up tents in a field on the outskirts of Munich, later called ‘Theresienwiese’ (Theresa’s meadow) in honor of his lady. To entertain the crowd he organized a horse race and supplied copious amounts of beer. Everyone had such a good time that they decided to hold the horse race (and beer drinking) again the next year, but this time in conjunction with the state agricultural show. The rest, as they say, is history. The local brewers realized that they could sell a lot of beer in a very short time, the reason why it has become a 16-day extravaganza ending the first Sunday in...

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1457 47th Street Construction

1457 47th Street Construction

Posted by on Oct 9, 2012 in 1457 47th Street, East Sac, Fab 40's | 0 comments

This great project at 1457 47th Street in the Fab 40’s is about to enter my favorite phase. Where there is framing built out on the second story but no windows installed. I love going in as a break in a day of working on deals for clients and just hanging out a second story window and watching the neighborhood. I can’t do it yet because the stairs aren’t installed and I’m not about to bother the work crew with a guy in slacks climbing around on their...

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