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Tag CloudSan Ramon real estate is facing some tough challenges. A quick search on the Internet turned up these figures.
Yahoo Foreclosures shows 71 foreclosures in zip code 94583 and 87 in 94582.
In zip code 94583, RealtyTrac shows 292 properties in pre-foreclosure; 90 properties in auction status; and 173 bank-owned properties. In zip code 94582, RealtyTrac is showing 227 properties in pre-foreclosure; 72 properties in auction status and 168 properties as bank owned. If my math is right, this equals 1030 properties in the city of San Ramon that are in some degree of financial trouble.
Considering that there are approximately 20,000 homes in the area, the percentage of homes in trouble as reflected by RealtyTrac’s figures is about 5% of homes in San Ramon.
How does a foreclosure in your neighborhood affect the price of your home? A study by a nonprofit organization found that EACH foreclosure within 1/8 of a mile of your house will lower your property value between 0.9% to 1.1%.
San Ramon sits south of Danville and north of Dublin. Danville’s real estate market is more stable than San Ramon’s, but Dublin’s real estate market is experiencing more downward pressure than San Ramon’s.
How is this affecting prices in San Ramon? More stability at the top of the market, more downward pressure at the lower half. But, this is not necessarily so for the Windermere and Gale Ranch developments. The increased tax rate in the Dougherty Valley has to be taken into consideration. So, there is more downward pressure in those communities due to the tax rate and also because so many homeowners and investors over-extended in those areas.
One thing is certain - banks that are already losing money on an abandoned houses are going to do little or nothing to maintain the property and thus, property values. Any actions that neighbors take to help support the speedy sales of these properties in their neighborhoods, the better it will be for all.
