Major Folsom Employeer Leaving | Folsom Home Price Impacts
From the Sacramento Bee:
Waste Connections, Inc., the Folsom trash-hauling company, said today it's moving its headquarters to The Woodlands, Texas.
The company, one of the fastest-growing public companies in the Sacramento area, has been threatening for months to move, saying it was unhappy with the business climate in California.
"Our expanding geographic reach and expected continuing growth required us to make an objective assessment of the appropriate location for our corporate headquarters. The Woodlands offers our employees an attractive, lower cost, and more centrally located community well serviced by two major airports," said Ronald J. Mittelstaedt, chairman and chief executive, in a press release.
Waste Connections expects to spend $15 million on the move next year. It could take a loss on its office lease in Folsom.
While employing less than 250 people in the Folsom area anytime a major employer leaves it is not favorable for Folsom Real Estate. Folsom already has excess commercial space and this will add to the inventory. We will see if this has an impact on the pricing and inventory of Folsom homes for sale.
In a 2011 CNBC study of the top states for business California ranks a dismal 32 out of 50 states. With the proposals for increased taxes to solve our budget woes we are likely to see our rank decline. Not great news for Folsom house prices!
About Jeff: Contact at 916-741-9505 or Jeff@SacPads.com. Jeff Werolin is a top producing Realtor and Vice President for Morris Williams Realty (formerly of Lyon Real Estate.) Jeff has 16 years’ experience in real estate sales and has been involved in over 1,700 transactions in residential and multifamily real estate including bank owned properties (foreclosure, REO) and short sales. Jeff specializes in representing buyers and sellers with real estate transactions involving both new / tract and resale single family homes, condominiums, and 2-4 unit structures. Jeff focuses his efforts on helping clients in Folsom, El Dorado Hills, Granite Bay, Roseville, Rocklin, Sacramento, Fair Oaks, Carmichael, Rancho Cordova and Elk Grove. Choosing The Right Realtor Does Make A Difference – Contact Jeff today to see how he can help you into your next home!
The Future of Sacramento Real Estate | 1,000 Jobs Coming To Sacramento
From The Central Valley Business Times:
A panel of experts will discuss emerging opportunities in the Sacramento region’s real estate market, highlighting key sectors leading regional economic recovery, at a meeting next week.
The Urban Land Institute Sacramento and PricewaterhouseCoopers are presenting the annual real estate trends and forecast event. They say it will feature insights from “leading national and local experts about the best bets for development and investment in the coming year.”
The event will feature a presentation of Emerging Trends in Real Estate 2012, the annual industry report developed by PwC and ULI. In addition, attendees will hear from advisors and investors influencing major capital expenditures in the Sacramento region.
Chuck DiRocco, director of real estate research at PricewaterhouseCoopers, will deliver the keynote presentation about national real estate trends, followed by regional issue speakers, including Ben Thornley, director of InSight/Pacific Community Ventures, who will explain how “Real Estate Impact Investing” can help drive economic development.
Also scheduled is a discussion of the Sacramento Clean Energy Program’s Green Technology Retrofit fund, which will bring $100 million worth of energy-saving retrofits to office buildings around the city. As part of a national effort launched by British billionaire Richard Branson's nonprofit Carbon War Room group, the Sacramento program is expected to create more than 1,000 jobs locally.
John Kaufman, regional director of the Greater Sacramento Area Ygrene Energy Fund, is overseeing the program and will explain how the program works through low-cost loans that are repaid through property tax assessments. Energy savings created by the retrofits are expected to more than cover the loan payments.
Here’s the FYI:
WHEN: Thursday, Dec. 8. Program: 4:00-6:00 p.m.; reception: 6:00-7:00 p.m.
WHERE: California Museum Auditoriu, 1020 O Street, Sacramento
INFO: There are fees to attend.
CONTACT: (916) 853-7401
About Jeff: Contact at 916-741-9505 or Jeff@SacPads.com. Jeff Werolin is a top producing Realtor and Vice President for Morris Williams Realty (formerly of Lyon Real Estate.) Jeff has 16 years’ experience in real estate sales and has been involved in over 1,700 transactions in residential and multifamily real estate including bank owned properties (foreclosure, REO) and short sales. Jeff specializes in representing buyers and sellers with real estate transactions involving both new / tract and resale single family homes, condominiums, and 2-4 unit structures. Jeff focuses his efforts on helping clients in Folsom, El Dorado Hills, Granite Bay, Roseville, Rocklin, Sacramento, Fair Oaks, Carmichael, Rancho Cordova and Elk Grove. Choosing The Right Realtor Does Make A Difference – Contact Jeff today to see how he can help you into your next home!
Sacramento Real Estate Market Update | Home Buyers Snatching Up Best Deals
The Sacramento real estate market is getting busy while prices are still declining.
Prices have dropped at a rate of about 9%, albeit at a slower rate than we have seen over the last several years. “The slowing rate of price declines indicates that we are getting closer to the long awaited bottom of the market” says Jeff Werolin, Vice President for Morris Williams Realty. “The lower prices coupled with continued record low interest rates and a shrinking inventory of homes on the market is driving strong buyer activity.”
The supply of homes on the market has dropped 39% over the last 12 months. At the same time closed home sales are up 14% over 2010.
“This puts us in an interesting situation” says Werolin. “Increased demand and lower supply usually creates increases in home prices, or at least stability in pricing. However we are still seeing prices drop. The reason that prices are still declining while sales are increasing is due to the makeup of the homes being sold. Distressed properties account for 62% of the regions total sales, driving the continued slide in prices.” Distressed properties are priced at discounts of 5% to 10% less than traditional equity sales, making these an attractive option for buyers. With 11% of the homeowners in the region either behind on their payments or in foreclosure we will continue to see a high percentage of the homes for sale being in the distressed category for the foreseeable future.
Homeowners in neighborhoods with lower distressed property sales are holding on to their values better. For example in Folsom distressed sales only account for 49% of total sales and prices have only declined 6% in the last year.
About Jeff: Contact at 916-741-9505 or Jeff@SacPads.com. Jeff Werolin is a top producing Realtor and Vice President for Morris Williams Realty (formerly of Lyon Real Estate.) Jeff has 16 years’ experience in real estate sales and has been involved in over 1,700 transactions in residential and multifamily real estate including bank owned properties (foreclosure, REO) and short sales. Jeff specializes in representing buyers and sellers with real estate transactions involving both new / tract and resale single family homes, condominiums, and 2-4 unit structures. Jeff focuses his efforts on helping clients in Folsom, El Dorado Hills, Granite Bay, Roseville, Rocklin, Sacramento, Fair Oaks, Carmichael, Rancho Cordova and Elk Grove. Choosing The Right Realtor Does Make A Difference – Contact Jeff today to see how he can help you into your next home!
Folsom CA Market Update
The Folsom CA real estate market saw some significant changes in August. Folsom has seen a fairly steady decline in the number of homes on the market since the peak in October 2010. This is reflected in the numbers of buyers that are having trouble finding a home to purchase in Folsom – multiple offers are common under $350,000. We have had two sets of frustrated buyers come to us just this last week asking for help getting them into a Folsom home.
Folsom real estate has also seen a decline in average price per square foot – the average has dropped 6.8% in the last year, although we have seen the rate of decline slow in recent months.
The median sales price rose from $305,000 in July to $312,000 in August, but is still 9.3% lower than the Folsom median sales price from August 2010.
Foreclosures in Folsom are hard to come by – nearly every foreclosure that comes on the market sells almost immediately. The inventory of Folsom REO property has been steadily declining since December 2010. With the recent news of large increases in foreclosure activity by the major lenders we expect to see the inventory increase over the coming months.
Short Sale inventory in Folsom has also been declining except for a bump in August. The good news here is that buyer demand is still strong and even with declining inventory we are continuing to see an increase in successful short sales.
“In August, Folsom short sales have increased 65% over 2010. Buyer demand remains strong not only in Folsom, but throughout the Sacramento region” says Jeff Werolin Vice President for Morris Williams Realty in California. “In every category – equity sales, short sales and REO sales we are seeing stronger activity. Lower inventories of homes for sale, incredibly low interest rates and affordable prices are driving our current market.”
About Jeff: Contact at 916-741-9505 or Jeff@SacPads.com. Jeff Werolin is a top producing Realtor and Vice President for Morris Williams Realty (formerly of Lyon Real Estate.) Jeff has 16 years’ experience in real estate sales and has been involved in over 1,700 transactions in residential and multifamily real estate including bank owned properties (foreclosure, REO) and short sales. Jeff specializes in representing buyers and sellers with real estate transactions involving both new / tract and resale single family homes, condominiums, and 2-4 unit structures. Jeff focuses his efforts on helping clients in Folsom, El Dorado Hills, Granite Bay, Roseville, Rocklin, Sacramento, Fair Oaks, Carmichael, Rancho Cordova and Elk Grove. Choosing The Right Realtor Does Make A Difference – Contact Jeff today to see how he can help you into your next home!
Morris Williams Realty Launches in California
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Folsom Homes | First Time Home Buyer Tax Credit
The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.
