Has Sacramento Sunk to the Bottom?

  • Property assessments declined 2.9% in the four-county Sacramento area during the 2011-2012 fiscal year.  Read more: www.sacbee.com
  • Distress sales continue to weigh down real estate prices in the Sacramento area, which remained flat during the most recent four-month period.  Read more: www.sacbee.com
  • Last week Sacramento’s arena committee unveiled funding options for a new sports and entertainment center that would use a mix of private and public dollars and user fees.  Read more: www.bizjournals.com
  • Matching federal funds for the Natomas Levee Improvement Project are currently being negotiated at the federal level and should have some direction in November. The hope is to have an “A99” Flood Level Designation by summer 2012.  Check the following website for more information: http://www.safcanlip.org/facts.html.
  • Unemployment is still above 12% for the Sacramento region. Sacramento residents are feeling anxiety over what the State may do with its employees if budget issues continue.
  • Bids are due Wednesday (9/14/11) from interested parties in the unsold condos at the L Street Lofts in midtown.  The $55 million L Street Lofts were originally built by prominent developer Sotiris Kolokotronis. Onewest Bank foreclosed in April on 70 unsold units at the seven-story 92-unit signature condominium project in midtown that struggled to find buyers. 
  • Fixed mortgage rates fell this week to the lowest levels in six decades. But few Americans (including Sacramento home buyers) can take advantage of the rates to refinance or buy a home. Read more: www.builderonline.com 

Source: Jim Radler, Senior Marketing Consultant, (916) 784-3329 x11