Residential lots in the Healdsburg area selling again

The biggest news to report in the local real estate market is that there are residential lot sales and the opportunity for job growth. 

We saw four residential lots sell in the past two weeks. That may not sound like much but in this columnist’s opinion it is huge.

These lots were all previously foreclosed on and placed back on the market by banks --known as REO’s, or real estate owned. Some had been on the market for 700 plus days.

The prices that they sold for certainly do not reflect a fire sale and averaged $140,000.

“It would be nice to see some of these lots built on and there are definitely good opportunities in the local market," said John Torres of Century 21 in Healdsburg. "I know that the city is willing to work with these builders and streamline the process.”

In the greater Santa Rosa area, you can purchase small mapped subdivisions with the curb and gutter in place for about $50,000 to $75,000.per lot.

“Healdsburg’s residential lots are clearly holding their value at this point” said Steve Vail, a local mortgage broker and investor with High Tech Lending. 

Those lots are being purchased to be built on as soon as possible and the great news is how many jobs that will create.

“They are projecting 12 jobs per lot when that construction starts,” said Mark Englund, a local real estate investor. 

Interest rates this week are at 5 percent.

“Typically, when the stock market goes up, that draws money out of the bond market and that causes interest rates to go up," said Hunt Conrad of Prospect Mortgage.  "The opposite is also true -- with all of the turmoil in Northern Africa and the drop in the stock market the past few days ,we are not seeing that reaction so far.”

I have included some video of the local MLS meeting. It is of two local lenders giving their weekly report to the group. It is interesting because there are a lot of top producing Realtors here, but there is more to learn every week 

OPEN HOUSES, Sunday, 1-4 PM

$529,000. 106 Parkwoods Court, Healdsburg 3 bdrm, 2 bath,

$1,250,000. 626 Coghlan Rd, Healdsburg, 3 bdrm, 3 bath,

$950,000. 722 University St., Healdsburg, 4 bedrm, 2 bath,

$789,000, 429 Sherman St. Healdsburg, not on MLS yet,

$699,000. 979 Jasmine Court, Healdsburg, 4 bedrm, 3 bath, 1-3 PM

Download the movie

Download the movie