The Real Folsom Blog

Sales Up Last Week in Folsom

Home sales picked up in Folsom during the past week with 18 sales recording, this according to MetroList, our local multiple listing service. The properties were listed and sold by various multiple listing service brokers. If you don't see a sale you've been wondering about, drop me a line at annerhea@kw.com and I'll look it up for you.

Here's a sampling of those sales:

1304 Esplanade Circle (3 bedrooms/2.5 bath, 1355 sq feet) sold for $263,000 at 109.58% of list price on 6/30/08, $194 per sq foot.

380 Marsalla Drive (3 bedrooms/2 bath, 1130 sq feet) sold for $290,000 at 96.99% of list price on 6/27/08, $257 per sq foot.

1532 Guzzetti Way (3 bedrooms/2.5 bath, 1675 sq feet) sold for $299,755 at 92.01% of list price on 6/26/08, $179 per sq foot.

1368 Hartley Way (3 bedrooms/2 bath, 1434 sq feet) sold for $352 at 95.39% of list price on 6/30/08, $245 per sq foot.

112 Willow Creek Drive (4 bedrooms/2 bath, 1981 sq feet) sold for $380,000 at 95.02% of list price on 6/26/08, $192 per sq foot.

1714 Bowen Drive (3 bedrooms/2.5 bath, 2278 sq feet) sold for $490,000 at 98.20% of list price on 6/24/08, $215 per sq foot.

311 Alpine Falls Dr (4 bedrooms/4 bath, 4172 sq feet) sold for $665,000 at 95.70% of list price on 6/30/08, $159 per sq foot.

On average the 18 homes sold during the past week sold in 54 days for a median price of $372,500 for 98 percent of asking price. Six of the homes were foreclosed properties, which sold for a median price of $414,950 for 100.13 percent of list price and with an average days on the market of 40 days. Only two of the 18 homes sold were short sales (even though there are currently three times as many short sales on the market as foreclosed properties). These were on the market 114 days on average, sold for a median price of $350,000 and for 99.38 percent of asking price. The good news about short sales, is that word on the street (i.e., from other real estate agents) is that it is getting easier to close a deal on a short sale property.

Green Tuesday: Cool Energy-Saving Tips from PG&E

At last week's Folsom Broker tour meeting, our guest speaker was a nice lady from PG&E touting the company's energy efficiency programs including rebates and incentives. She also handed out a PG&E booklet called "30 Simple Energy Things You Can Do To Save the Earth." Here is Thing No. 5 you can do to save energy: Cool AC Tricks. Among the simple ways you can save energy:

• Set the thermostat as high as possible. The minimum recommended energy-efficient summer temperature is 78 F.
• Keep the heat out. Minimize the amount of heat entering your home by closing shades and curtains on hot days. Sunlight coming through windows can account for 20 percent of your AC bill.
• Turn off the AC when you leave the house for several hours or more.
• Cool your AC unit by keeping it in the shade. An AC exposed to direct sunlight will use up to 5 percent more energy than a shaded one. Consider building a simple wooden shade screen for your AC if it's in the sun.
• Care for the coils. You can serve energy by taking care of AC coils. They won't work efficiently unless the fins that cover the coils are clean and straight. So check them annually.
• And don't forget to replace or clean dirty filters. Did you know they are the number 1 cause of AC service calls? The filters are easy to replace. Consider putting a new one every month during the summer.

That's it for today!

Briggs Ranch Detour Starts Today

If you're a Briggs Ranch resident or visitor or just driving through the neighborhood, don't forget that starting today through August 15, Briggs Ranch Drive at East Natoma (directly across from Folsom Dam Road) will be closed due to construction related to the now newly named Folsom Lake Crossing Bridge.

Update on FHA’s 90-Day Flipping Rule

Today guest blogger Barbara Van Duyn, a mortgage planning specialist with First Priority Financial, covers a recent change to FHA's 90-day flipping rule. If you have any mortgage questions, you can reach her directly at Barbara@VanDuynGroup.com.

On June 9, 2008, FHA temporarily suspended the 90-day flipping rule that has been in place since 2003. The rule required 90 days of ownership seasoning before a property could be sold to a buyer using FHA financing. The rule was originally established to deter property flipping schemes that arose when the market was hot and investors were buying and flipping to make a quick profit. That was then. Now we have neighborhoods filled with bank-owned properties resulting from foreclosure and banks needing to get them sold as soon as possible. With FHA financing as a primary source for many home buyers today, this rule was causing many deals to blow up because banks often were on title for less than 90 days while ill-informed buyers came knocking on their door with a purchase offer in hand. So what does all this mean to you?

* FHA financing is NOW available to borrowers purchasing properties owned less than 90 days that were acquired by foreclosure by mortgagees (lenders).

* This waiver applies whether or not the mortgagee is state or federally chartered which was previously a restriction.

This rule is temporary and scheduled to revert back to the original rule in June of 2009. Happy Buying! Until the next time, take care! Barbara

Two Reasons I Love Living in Folsom

A small item in the Sac Bee this morning highlights once again why life is good in Folsom. The city, the paper announced, has won a $750,000 grant to build a nature trail from near Old Town Folsom to Lake Natoma improving access to the water for kayakers and canoers. The trail will include a lighted promenade along Lake Natoma. No word on when it will be built but that trail will be one of the crown jewels of the already impressive nature/bike trail system we have. Kudos to all involved in making the grant happen!

Another reason to say life is good in Folsom: the free summer Concerts in the Park series. The concerts take place Fridays from 6:30-8:30 p.m. in the Folsom City Lions Park at the corner of Natoma and Stafford (near City Hall and the Community Center). They are FREE so just bring a chair or blanket, maybe an evening picnic and enjoy the music. You can call the city at 355-7285 for more infor. Here is the schedule for the remaining concerts:

June 27-Dave Russell Band (country)

July 11-Andy Keane and Kinda Blue (latin/blues)

July 18-Essex (R&B/Dance hits from the '80s through today)

July 25-On Call (classic rock)

August 1-Bad Iron (cover/contemporary)

August 8-Peter Morgan (jazz)

See you there!