Elk Grove CA has Burst it's Bubble
February 4th, 2008 categories: Elk Grove, Real Estate Market
Repercussions from the decline in the Real Estate market seems to come as a surprise to so many. Real Estate really is the glue that holds our economy together.
Is it any wonder that we now have professionals touting a recession in the future or that we are in one, now?
Ask those living in Elk Grove or that have a business in Elk Grove, CA if they think we are in a recession.
I have watched many businesses fold in the recent year while others are down-sizing.
As foreclosures and short sales in real estate were eminent, I foresaw a lack of property taxes leading to a lack of income for the State and Counties in Sacramento.
It seems only common sense when one considers all the jobs that are initiated by Real Estate that when Real Estate is suffering, that the rest of the economy would be suffering, as well? The moaning and continued taunting on the television only feeds this frenzy.
Todays Sacramento Bees target headline was Bubble Burst in Elk Grove with the subtitle City may become yardstick for measuring regions recession.
Elk Grove, CA was touted as being the fastest growing City not too long ago. And with out of control growth there were new homes sprouting up one after the other. A City Council who was thrilled with the growth and approved strip mall after strip mall along with the long awaited Promenade mall to be built in 2008.
Well, things changed. These strip malls seen on almost every corner are many times vacant. The vacancy rate is about 68%. Elk Grove has been hit hard. Maderia thought to be the greatest residential development was halted. Many builders have taken bankruptcy. Promenade mall may have many stores back out before ever built and over all there has been a significant influx of foreclosures in Elk Grove.
So, what does all this mean? I see it as an opportunity. Prices obviously are at a record low and for those wanting to invest, this certainly is the prime time to do so, while prices are at a record low. New home buyers now have a great opportunity to buy their first home and those thinking of downsizing from other neighborhoods will find Elk Grove home prices to be an excellent value.
By 2010, Elk Grove in my opinion will be at the top once again. This City is one to watch, there should be a great come back and the payoff will be quite the benefit for those that invest. At the same time, it is a great opportunity for large business to put down their roots in Elk Grove, CA. This is a business dream low costs and plenty of future opportunity.
For those that are savvy, Elk Grove, CA is a prime place for investment and for those wanting to buy a home it is also a dream come true with ready made equity built-in.
Thats what I see for Elk Grove, CA. What’s your opinion?
Check out the Elk Grove MLS to see what homes are for sale in Elk Grove, CA and see the exceptional prices being offered truly a home buyers real estate market in Elk Grove, CA.
Where a Bubble has burst there will be recovery
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you have bumped your head. Prices are going to continue to fall through at least 2011.
Hap, This article was written Feb. 4, 2008 with hope for a come back for Elk Grove. No, I didn’t bump my head and have written many more articles since this one but I still stand firm on the fact that Elk Grove took a mighty big hit and I think that it will make a strong come back.
Thanks for your opinion and as always everyone is welcome here to share their opinion…even Monday Quarterbacking