Wednesday, May 03, 2006

Housing Smackdown: Sacramento v. Dallas-Forth Worth

From CBS13:

The condo market is fairly new in the Sacramento area, with pricey high rises planned and more of these new dwellings popping up all over the city. Sure, the real estate market is starting to cool off but the cost of a home in the Sacramento area is still shocking when compared to the rest of the nation. We had an idea to show what half a million dollars gets you here in the Sacramento area, then every day this week, see what the same amount of money gets you somewhere else.
What you get in Sacramento County:
The exclusive neighborhood of Campus Commons is nestled in the tree-lined streets near the American River. There, you're paying as much for zip code as you are for property. This two-bedroom stand alone condominium is one of only a handful in the area. The 1750 square foot floor plan features crown moldings, built-in desk, bookcase and wet bar, a bright and airy patio area for outdoor grilling and entertaining. The large master bedroom has a fireplace & large walk-in closet.

If you're hunting for a single family home, a short drive east of the city and you find yourself in the town of Carmichael. A half a million dollars will land you a pretty pad similar to this one we looked at. This 2055 square foot home sits on about a quarter acre on this nicely manicured lot. The following is what you’ll find inside this fully renovated, 45-year-old home:

• Tile-floored entry way
• Living room with a fireplace and mantle
• Family room with a second fireplace
• Breakfast nook
• Dining room with hardwood floors
• Kitchen with updated appliances
• Spacious master bedroom with a grand master bath
• Landscaped backyard
What you get in Dallas-Fort Worth:
Our first comparison is in Dallas-Fort Worth, and we won’t even bother with condos. If you have that much money in Dallas, you're not buying a condo.

In North Dallas, we found a house for just under a half a million dollars with 3,300 square feet. It has five bedrooms and a kitchen designed as much for entertaining as eating. It also features a master bath has a jetted-tub, glass enclosed shower, a toilet, lots of mirrors and a closet. The price? $499,000.

Just a few miles away in Fort Worth you get a beautiful 5,585 square foot home with four bedrooms, each with a private bathroom and walk-in closet. The master suite in this home has a separate shower, Jacuzzi tub and bidet. The price? $499,500.


Gwynster said...

The 2004 census numbers showed significant movement of CA's population moving out of state. Immigration is the only thing that kept the population from turning to a loss. Now it's just stagnant.

I also expect EG and Roseville to begin to loose more of it's population as energy prices continue to take their bite and families find they need to move closer to their employers.

Happy Renter said...

Sac is feeling the arm pinch.
Posted on Ben's blog

Happy in SF said...

Finally.. I won't have to constantly hear about what the "house down the street" sold for. This bubble was created by panic and greed and sadly the crash will actually be a surprise to many. Houses are not gold bricks or google shares, they are homes for the folks who live and work in the community. I think serious regulation of housing speculation is required when 80% of a town can not afford a house (even in North Hoghlands.. christ)I moved to SF 6 years ago and have been priced out of moving back. When did everyone become rich in Sacramento? How can I get on this gravy train? And why would rich people want to live in areas where there are (or were) constant car jackings, shootings, burgleries and meth lab busts? If there are those low chain link fences and bars on all the windows in the 'hood, your house may not be worth 400k. Oh Sacramento, I'll never understand you.

Happy in SF said...

Oh, and one more thing.. If you are "flipping" a house, please do not feel inclined to put in the cheapest maple vaneer cabinets, faux marble counters and floor tile. Some people like the charm of the old stuff and or don't want the cheapest, bargain basement, tryin' to make a quick buck, remodel.
Thank you, I feel much better now. Awesome blog by the way. I check it everyday. It feels like watching Gulf War 1 on CNN.. The crash as it unfolds. Buyers, keep on not buying.