RISING PRICES AT RIVA ON THE RIVER CONDOS IN WEST SACRAMENTO

1260 Riva Dr, #5, West Sacramento, CA 95691

My lucky clients just closed the sale of a unit in Riva on the River condos in West Sacramento. They bought this condo at the height of the market, before the crash and avoided capital gains due to a small loss, yet it still sold at a record per-square-foot-price of $213. Prices are rising at Riva condos in West Sacramento. We can’t keep anything in inventory. Buyers are desperate to buy condos in that complex.

It’s a nice complex, too. With a swimming pool, well manicured grounds, guest parking, courtyards for each unit, I’ve sold a lot of condos in Riva over the years, and more so lately. The short sales are gone. Practically every owner has equity now, and the HOA limits the rentals to 25% of the units. There is a waiting list for rentals.

In fact, I had a seller asked me to check out another potential condo for sale in Riva a few days ago. A rental, and her tenant was very unhappy. The tenant said, “It’s all the Realtors’ fault. Realtors called my landlord and told her they had buyers. They pushed her to put this condo up for sale, and now I have to move. Don’t Realtors understand people want to live here and they don’t want to have to move? How can do they do this to me? If it weren’t for Realtors, this wouldn’t be happening.”

What? Hello? I don’t think anybody’s home. Well, it wasn’t me who called the seller. I’m just the West Sacramento Realtor who will be taking the listing. The average sales price over the past three months in the Riva condos is $268,000. Compared to the same period last year, the average prices were $238,000. That’s a $30,000 price jump.

My listing at 1260 Riva Dr #5, West Sacramento, CA 95691, just closed escrow on June 14, 2017 at $279,000. It is a 2 bedroom, 2 bath at 1307 square feet. The buyer paid cash. Local buyer, too, not a buyer from the Bay Area. The buyer purchased this home contingent on selling her home on Q Street, but since my buyer’s agent represented the buyers on the sale of her home, it was a no-brainer to take a contingent offer on condos in West Sacramento. We knew it would close. It’s all in who you know.

The buyer of Riva had asked the sellers to sign a Request for Repair, even after agreeing to buy the home in its AS IS condition. The buyer found a few plumbing leaks and other things. So? We served the buyer with a Notice to Perform to remove the inspection contingencies. The buyer’s agent asked, aren’t we responding to his Request for Repair? We did. We sent the Notice to Perform. Which allows us to cancel if they don’t move forward. We are not required to respond to the Request for Repair.

Buyers don’t always understand how these things work in this market. They saw the light and removed their contingencies, thank goodness, and we didn’t do any repairs.

This is a hot market, especially for condos in West Sacramento. I look forward to my next listing in Riva on the River. Probably next week.