New home of Governor Newsom among most expensive in Sacramento County
California Gov. Gavin Newsom is already having an impact on the housing market. Well, at least in the Sacramento region.
The governor and first partner Jennifer Siebel Newsom recently bought a six-bedroom, 10-bath home in Fair Oaks, a Sacramento-area suburb about 20 miles east of the Capitol.
The $3.7 million purchase is the fifth-largest deal for a home in Sacramento County, according to appraiser Ryan Lundquist of the Sacramento Appraisal Blog.
Goodbye, Governor’s Mansion
The 12,000-square-foot home will undergo an extensive renovation before the state’s first couple and their four children move from the Governor’s Mansion in downtown Sacramento.
Newsom and his wife had announced plans to remain in the Governor’s Mansion, but the new home better suits the young family with more space and a large backyard that includes a swimming pool.
Watch a two-minute video of the Fair Oaks property from a previous listing on the market.
Photo of Gov. Gavin Newsom by Karl Sonnenberg/Shutterstock. Photo of California Governor’s Mansion by SLDdigital/Flickr
Head east, young man (and woman)
Bay Area residents were looking at homes in nearby Sacramento, where home prices are about one-fourth of those in San Francisco.
More than two of every five (42%) of home searches in Sacramento were from those outside of the four-county region during the fourth quarter, according to Redfin.
San Francisco residents searched Sacramento-area homes the most, while Seattle was the leading out-of-state searches of the capital region.
In fact, almost one of every four San Francisco residents searching for homes on Redfin looked outside the city in the October-through-December period.
Photo of downtown Sacramento by Cassiohabib/Shutterstock
About the author
Ron Trujillo, an award-winning business journalist-turned-public relations executive, is the editor-owner of CalHomeNews and can be reached at firstname.lastname@example.org.
Demand for Irvine Ranch continues
California boasted three of the nation’s 10 best-selling master-planned communities in 2018, with The Irvine Company’s Irvine Ranch leading the way, according to John Burns Real Estate Consulting.
The Irvine Company, arguably the poster-child for master-planned communities in the U.S., sold an estimated 1,000 homes last year, the fifth-most in the nation.
Ontario Ranch finished at No. 8 with 902 homes sold in the Riverside-San Bernardino area. Brookfield, DR Horton and Lennar are among the developers of Ontario Ranch. Otay Ranch in San Diego County finished at No. 10, with 600 homes sold.
Check the complete list.
Photo of Irvine Ranch at sunset by Kevin/Flickr
Foreclosures fall to 13-year low
Foreclosures are so 2010. And for a large majority of homeowners — and mortgage lenders — they are of little concern, according to ATTOM Data Solutions.
Lenders foreclosed on 624,735 homes in 2018, the fewest since 2005 — and far from the record 2.87 million foreclosures in 2010. California foreclosures were not released.
However, Salinas and San Luis Obispo had the largest declines in foreclosure last year compared to 2018, at 49% and 44%, respectively.
“Plummeting foreclosure completions combined with consistently falling foreclosure timelines in 2018 provide evidence that most of the distress from the last housing crisis has now been cleaned up,” says Todd Teta, chief product officer for ATTOM Data. “But there was also some evidence of distress gradually returning to the housing market in 2018, with foreclosure starts increasing from the previous year in more than one-third of all state and local housing markets.”
Some of the cities with an increase in foreclosures were in areas with natural disasters, such as Houston, Teta says. California’s recent wildfires — in Santa Rosa, Ventura and Los Angeles counties, and the devastating Camp Fire in Paradise — could prompt an increase in foreclosures.
(Related story: More than 1.1 million California homeowners were foreclosure victims during the housing downturn.)
Photo of foreclosed home by Jeff Turner/Flickr