Hard Money Loans in Placerville: A Gold Rush Town Still Digging Up Real Estate Opportunities
After the discovery of gold at nearby Sutter’s Mill sparked the California Gold Rush, the town now known as Placerville was called Dry Diggins, after the manner in which the miners moved cartloads of dry soil to running water to separate the gold from the soil. While the real gold may be gone, there is still proverbial gold in this town for any creative real estate developer that seeks it.
Placerville is a charming Gold Rush town nestled in the foothills of the Sierra Nevadas with proximity to both Sacramento and the Bay Area. As property values in the Bay Area continue to skyrocket to nearly unaffordable prices, urban professionals are seeking the lower housing prices and pleasant, small-town atmosphere of nearby communities like Placerville. Only 45 minutes from Sacramento, Placerville offers an easy commute and plenty of charm. Placerville’s prime geographic location and picturesque nature give it the potential to be a residential development gold mine for creative developers with a home rehab project or mixed-use project.
Understanding the Placerville Real Estate Market
As property values in the metropolitan areas of California increase, professionals turn to small towns like Placerville for more affordable residential development. Recent population growth has supported Placerville’s already burgeoning residential construction, and Placerville has enjoyed a steady increase in property values. The median home sales price for homes in Placerville for June 15 to September 15, 2015, was $292,500. This represents an increase of 6.6%, or $18,000, compared to the prior quarter, and an increase of 14.7% year-to-year. Sales prices have appreciated 46.2% over the last five years in Placerville.
Placerville is largely a service-based economy, with many residents traveling to the major cities of the area to work. A full 25% of its residents work in the service industry, based largely on the great wine growing in the region (the area has its own recognized varietal). Its natural beauty, as well as its low home prices, are attracting people who are ready to buy a home that has had a lot of work done.
These new residents will need affordable, modernized housing, and a hard money loan from Socotra Capital can help you fix and flip an older house and modernize it to suit the developing market.
Socotra Capital Provides Hard Money Loans for the Placerville Market
While the gold rush may be over, don’t miss the chance to capitalize on the construction boom in Placerville–the demographics and infrastructure in Placerville make it poised to be one of California’s best residential redevelopment sites, and we want to help you get started. At Socotra Capital, we understand the Placerville real estate market, and our hard money loans can can provide you with the liquidity you need to get your foot in the door.
Socotra Capital is California’s premier hard money lender for your real estate investment needs. Contact us today to get started on your quick approval!