On Thursday I got to go through the new McKinley Village properties. Since then I have talked to a lot of people about the development. Here are my thoughts…
The quality of construction is top notch. I wouldn’t expect anything less from Kevin Carson and The New Home Company. They did great work on all of these properties and I think they stack up very well against anything else that is in the market.
The VIP event was packed with people ranging from everyone associated with the building of the development, agents, lenders, councilmen, neighbors and most importantly, interested buyers. I talked to a lot of them in an effort to get a good cross reference of feedback and have talked with many more since the event.
Many neighbors are still concerned about the impacts of the development on their own properties. Some fear the traffic impacts. Some worry that the development might devalue the older homes in East Sac for one reason or another. Others see this as potentially being very positive for the values in East Sac, Midtown and the surrounding neighborhoods if the houses in McKinley Village can get those prices.
The agents ranged from impressed to doubtful. Some focused on the train noise, lack of backyard spaces and the tight streets that were packed with people touring the properties. Some see this as a good amount of inventory in an otherwise very scarce market, a suburb style development without the commute to the suburbs.
The buyers that I have talked to also ranged from ready to buy to realizing that this isn’t the home for them. The ones that can see themselves living there don’t want a yard, they want a nice patio. They might be used to not having a yard or are finally done with the work that comes with one. They want all new construction with a 2 car garage but can’t justify the hour plus long commute home to Roseville at 5:00 on a weekday. The ones that have ruled it out after seeing the property want that yard, they want big trees, they are willing to deal with all of the quirks that come with the old homes that dominate the close in neighborhoods.
I have a listing coming up in two weeks in Roseville. It is a house on a tiny lot in a cluster home development near a lot of big box stores. I recently helped the owner of that property buy a brick home that was built in East Sac in 1925. At one point his 1,400 square foot, two story new home with dual pane windows on a 1,096 square foot lot in Roseville was the right fit for him. Now a 89 year old home with antique light fixtures and single pane, leaded glass windows that are painted shut is the right fit.
When we list the Roseville home for sale for $329,000 we will get an offer from a buyer that thinks it is the perfect fit for them. If they had an extra $100,000 to spend on a home they might want to buy one of the Mulberry models in McKinley Village instead.
One of the things that I keep saying in this business is that I love the wide range of homes in a wide range of locations that I get to work with. I love all of the different people that I get to meet. East Sac is the place for me and I can’t see myself living anywhere except in our 1936 brick home for the rest of our lives. You couldn’t pay me to sell my home and move to a new development in Roseville, but I also know that is the right place for many other people. I’m happy to help them buy a home in Roseville if an old home with knob and tube wiring isn’t the right home for them. We are a diverse world and not everyone wants what I want and this is a good thing.
I think the properties in McKinley Village will sell and they will sell quickly. I think the new owners will love them and the houses will be the right fit for them. I think that it is going to blend into the fabric of Sacramento over the years and some people will continue to prefer the newer home with a two car garage and a patio and others will want the 100 year old home with leaded glass windows and massive sycamore trees lining their street.
There will be good options for both of them…