Folsom July 2009

Current Statistics  07/08/09

Single Family Homes Available  625      

Short Sales Available 213          

REO’s (bank owned) 20

El Dorado Hills

It seems that even though most people say they want to get a deal from the bank, once they actually see the inventory they elect to spend more up front rather than after they purchase. Traditionally, bank owned homes are in need of repair or renovations and that is where FHA loans provide the perfect remedy to an ailing house. The 203k Streamline home loan offers up to $35,000 towards renovations without having to hire a contractor. In fact, Home Depot, Lowes and other major retailers have been approved for this program, which “streamlines” the process and gets the repairs done quickly so buyers can move in without delay. Repairs include everything from new appliances to roofs and gives the new buyers the opportunity to select which finish they prefer. Once the home closes escrow the repairs start immediately but have to be finished within 30 days which is not usually an issue.

Another thing to notice between Folsom and El Dorado Hills is that although Folsom has a much larger population than El Dorado Hills it has less inventory. Currently Folsom has 270 single family residences on the market and El Dorado Hills has 355 yet Folsom hovers around 67,000 people and El Dorado Hills comes in around 42,000 population. Current stats also show the extreme lack of activity in the higher end (above $700,000) market which contributes to the glut of inventory in El Dorado Hills.

Overall, it appears that the lower end market is fueling the fire and frankly, I’m delighted to see young people who have lived here their entire lives be able to purchase a home. It should prove to be much better for the entire community as the next generation puts down roots vs. what my generation had to do which was relocate in order to afford to live.  I’m sure the baby boomer grandparents are enjoying their grandchildren living closeby…I know I am. If you would like help finding a home in either community please email me and I’ll be happy to help you get started.

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One of the great advantages of living in the Sacramento valley is the great weather coupled with people who like to have a good time. The El Dorado Hills Town Center hosts concerts every Thursday night starting in June through to August which proves my point. The great part is that it’s FREE and in today’s economy that’s something everyone can afford.

The town center is a relatively new addition to the sleepy suburb of El Dorado Hills but is quickly making a name for itself with the variety of shops, restaurants and entertainment available. The new movie theaters offers IMAX and the Nugget Market has everything the gourmet could hope to find in a grocery store. Nestled in the foothills this area south of Hwy 50 is expanding with new home subdivisions, commercial and professional space all without losing it’s country charm.

Other events hosted here include an Art Fair in May, various holiday fairs with photos and a Wine Tasting in the fall. Events held at the Mercedes Benz dealership are usually advertised throughout the local business community for a variety of non-profit organizations. If you would like to know more about securing this venue contact the business center for a schedule and fees.

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On a clear day you can see the Sierra from the hills of El Dorado Hills and when Folsom Lake is full the view is breathtaking. Sports abound and on any given day you’ll see bicycle riders along Green Valley Rd. or Para-sailors flying near the lake. The weekends bring out the various clubs:bicycles, motorcycles, soccer, lacrosse, tennis, golf, etc and the lines at the local coffee shops prove just how seriously people in this town take their sports.

Within the past 3 years the El Dorado Hills Town Center has developed into one of the best shopping and night life venues. The boutiques remind me of Europe with the designer labels beckoning you inside. There are movie theaters, real estate offices and car dealerships all within walking distance from each other and yet only 10 minutes away from rural acreages, Folsom Lake and a golf course.

There are a variety of gated communities that began with Serrano and the expansion of the industrial area has come about as small businesses moved here to enjoy the affordable housing and friendly atmosphere. Blue Cross built and moved their offices here in the early 2000’s and the local arts scene has expanded to accommodate the growing interests of the community. All this and a school district that rivals the best in the country and did I mention sports?

The neighborhoods vary as you have older subdivisions of smaller ranch style homes next to gated new ones with custom homes on larger lots. One of the best features is that you can still find homes where you can take a walk to the lake. There are large acreages where farm animals and horses graze and condominium complexes close to shopping. The overall feel is country with mature landscaping predominating throughout most of the area.

El Dorado Hills is still growing and south of Hwy 50 there are new neighborhoods springing up from family friendly to adult only subdivisions. Once the new Connector highway from Elk Grove to the El Dorado County border is complete traffic congestion along the freeway should ease during the peak hours. This will add to the population and certainly bring about a change of character for this bedroom community which I hope manages to keep its small town charm.