Monday, July 30, 2007

Up in Smoke

From the Sacramento Bee:


Elk Grove police are looking for residents whose home, which was being used for a marijuana growing operation, caught fire early Monday morning.

Trim said this is the second time this year that police have found an Elk Grove home being used for marijuana growing purposes.

Update 7/31/2007 from Sacramento Bee

Apparently the previous ones don't count (hat tip Sacramento Real Estate Statistics )

8 comments:

rocklin renter said...

Oh man, I bet the IHOP on Stockton Blvd was absolutely PACKED that morning!!!!

Patient Renter said...

"Apparently the previous ones don't count"

That's what I was just about to say. Maybe the second one this week...

Brian said...

maybe they mean in Elk Grove in 2007. Most of the EG ones were last year. Recent ones might have been in unincorporated Sac county, natomas, rancho, west sac, stockton, modesto, etc.

SacramentoCrash said...

put more of those cookie cutter houses on the market and watch the prices drop even more.

A pot house will sell for $100 a square foot at the most.

Even though is is not truly comparable, you probably will see a huge downwards push on prices per square foot when those toker palaces hit the market.

1,786 homes on MetroListMLS.com and counting. That is probably 14 - 15 months of inventory from what a realtor told me.

Normal inventory is about three to four months. This market is so out of whack that it is hard to tell how far prices will drop.

Maybe 2002 levels?

That's alot of cookie cutters on the market.

smf said...

It is getting easier to find rollbacks to 2004 prices now.

The problem is that there is still a wide range of prices for similar models.

I have seen models in 95655 (Mather) than have a range of $555K-$749K for the same model. And the low end is STILL sitting.

2003 prices are few, but are there.

2002 is not too far away, let's wait a few months to see the stats for this summer season. I highly doubt that there are many that can hold on to an losing asset for a long time.

SacramentoCrash said...

2002 as in $125 to $150 a square foot for a higher end Elk Grove tract house.

Alot of those poor "whatever you call thems" paid $250 to $325 for those houses in East Franklin.

No bleeping way are those houses worth $250 let alone $200 a square foot!

Those developers took the buyers to the cleaners.

There is a huge gap between what income levels will support and what the sellers are asking.

You are going to see alot of houses sitting there for a long period of time.

David said...

This market is so crazy. It's insane that we're forced to talk of "2004 prices," "2002 prices" and so forth. Housing used to be a relatively stable commodity in terms of affordability. It was by design that way in order to allow widespread homeownership. The speculation will have severe consequences for millions of households nationally. Sacramento is truly the epicenter. Interesting times...

What's with these pot houses? Why would they sell for so much less than a comparable house? I personally always despised Elk Grove since they started building out there, and thought it was destined to become a ghetto of sorts. It's aesthetically unpleasant, lacking in good culture - it just is gross as far as I'm concerned.

SacramentoCrash said...

david;

in response to your question regarding the pricing.

The pot growers ripped holes in the interior walls, ruined the floor coverings, messed up the plumbing, fried the electrical system.

On top of that the pot houses are veritable Mold Farms.

So $100 to $125 might even be to high. Maybe just land and shell value at $85 a square foot.