What is the price/sq.ft. in serrano and promontory area of El Dorado Hills?

Asked by Dave, Folsom, CA Wed Jan 9, 2008

How has the price/sq. ft. trended in Q4 of 2008 in serrano and promontory areas in El Dorado Hills?
Based on your experience and best estimation, how do you expect the pricing to trend in 2008?
I realize the outlook might be a personal opinion and differ widely. Housing is still believed to go down this year, but since real estate trends are local to the area/town, I'd like to get expert opinions from professionals local to El Dorado Hills.

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2
Realtor in El…, Agent, El Dorado Hills, CA
Mon Jul 30, 2012
You can change anything about a Home, except where it is at.
People have chose to build mufti-million dollar homes there since the last millennium. The magnificent sunsets, are only exceeded by the copious amounts of peace and quiet.
Consider the Full-Spectrum.of tenability and livability in these Stone-quiet Neighborhoods.
Lake View, of no Lake view ?
Ask yourself these questions to help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.
1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments.
3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.
4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. If you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
5. Are you comfortable moving in the current housing market? If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer. There are still down payment assistance programs available to help First Time buyers buy your home.
7. Can you afford a Higher Mortgage Payment? The fact is with housing prices and interests dropping, you may be able to have a larger home with a similar payment to what you have now.
If you've answered Yes to the majority of these questions, your next step is to talk to a lender and find out what you can qualify for. A Realtor typically has Mortgage lenders they can refer you to. After a Pre-qualification, talk to a Realtor about what larger homes in your desired area are selling for to determine if you can make a move up now. This information is usually offered Free.
Author: Jill Berni, Realtor/Broker
Oak Tree Real estate Services
0 votes
Jim Walker, Agent, Carmichael, CA
Sun Jan 13, 2008
Dave, Here are some statistics:

50 Promontory and Serrano Closed Sales July - September 2007

Median Price $613,.000 Median Square foot 3024 Median price per Square foot: $202

Average Price $771,896 Average Square foot 3370 Average price per Square foot: $229

39 Promontory and Serrano Closed Sales October - December 2007

Median Price $640,.000 Median Square foot 3177 Median price per Square foot: $201


Average Price $724.772 Average Square foot 3284 Average price per Square foot: $220


Statistically then the average price per square foot declined by $9 or 4% But the median price declined by less than 1%. from Q3 to Q4.

The number of closed sales also declined by 22% from Q3 to Q4. Some of that is probably seasonal.

The decline was a continuation of a trend that goes back to Q2 of 2005 which was the peak

63 Homes sold in Promontory and Serrano Closed Sales in Q2 , 2005 April through June

Median Price $705,.000 Median Square foot 2899 Median price per Square foot: $243

Average Price $817,930 Average Square foot 3104 Average price per Square foot: $263

The percentage decline was about 17% from the peak as measured by the median price per square foot.

The percentage decline was about 16% from the peak as measured by the average price per square foot.

Your observation about area trends has merit. El Dorado Hills declined, but not as badly as North Highlands, Del Paso Heights, North Sacramento, Meadowview (40%) Lincoln, Elk Grove, (30%).

I expect the reported statistics to continue to fall in the next two quarters; it may be smart to buy this winter or spring in order to catch the very bottom. Alternatively, waiting until summer or fall when historical recorded prices show increases can be reassuring.
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