Patterson, CA

Patterson, CA

Patterson is ony 20 miles south of Tracy. Patterson was a 'very far' bedroom community for the San Francisco Bay Aea, until the bubble burst. Now familes don't want to pay the gas prices to commute to a home that is 50 -70% underwater.

There is little employment IN PATTERSON, however, it appears that is all changing.

The City Council of Pattersons is CLOSE to making a deal. PROJECT X is what the Deal is called at this time. Word is IF the "deal" gets out, it could derail.

Yet, EVERYWHERE is the same speculation... Project X is Amazon.

As reported by the San Jose Mercury News:

Mercury News reports the following on speculation about the project:

“Some have speculated that could mean Internet giant Amazon, which last year made a deal with Gov. Jerry Brown to create at least 10,000 jobs in California in return for a delay on imposing sales taxes on online purchases in the state. Atlanta-based Seefried Properties, which is handling the sale, has built facilities for Amazon in Cleveland and in Chattanooga, Tenn. According to the company's Web site, the real estate firm also counts among its clients PetSmart, Dunkin' Donuts, PepsiCo, Emery Worldwide and Sealy Mattress Corp.

If this proves to be true, it means 1000- 2000 new jobs in Patterson. This will be huge for the community of Patterson.

It will be huge for the community of Tracy, as commuting to Patterson will be against traffic, all freeway and a great commute for those lucky enough to secure a job.


I guess we'll just wait and see who Project X really is.

Stanislaus County Short Sales - Patterson California

About 15 miles due west of my hometown of Turlock Ca is the town of Patterson Ca. Patterson is well know around here for the hundreds of palm trees that line the street while entering the town from the east. While it is true that Patterson grew like a weed during the "housing boom" it is still a small rural town by most standards. As of January 2009 the population of Patterson was 21,168. This was an 82% increase from April 2000 when the population stood at 11,606. A large part of the increase in population can be attributed to "Bay Area transplants".

Patterson Ca. is on the west side of the San Joaquin valley and offers easy access to the San Francisco Bay area. During the early part of this century while houses were being built as fast as possible many of the buyers were coming from "over the hill" in the East Bay and South Bay areas. Gas prices were significantly lower than they are today and it made sense for lots of people to buy in Patterson and commute daily to their jobs in the Bay Area. Of course this drove up the prices of homes significantly in Patterson. Now things have changed again.

Fewer people want to make that commute especially with the price of gas these days. Many people lost their jobs in the bay area or suffered pay cuts. Many homes in Patterson went into foreclosure in the first part of this decade. There are still some foreclosures in town and lots of short sales available. Prices are about half of what they were at the peak of the market.

In the last few years there has been some good economic news in Patterson. More jobs have come to the town. Over the last few years CVS , Kohls, and Grainger have opened up huge distribution centers in Patterson. Of course agriculture is still the biggest industry in the area with Patterson Frozen Foods being the largest employer in town.

Patterson has also seen its selection of retail stores increase in the last few years too. Save Mart Supermarkets, CVS, and Rite Aid all have opened stores in town. Of course all the fast food places have made their appearance too and you know you are on the map when Starbucks arrives.

I have a couple of listings coming up in Patterson. One is a bank owned home and one will be a short sale. Check out my coming soon listings on my website for more information.

If you are facing foreclosure in Patterson or anywhere else in Stanislaus County give me, Jim Patton, Stanislaus County Short Sale Agent a call at 209-633-2839 and we can discuss your options. A short sale may be your best option. Call me today, I look forward to hearing from you.

We knew we had a great property but we were very surprised that we received 10 offers all well over our asking price. This was on a SFR in Patterson, CA. Our research showed a strong rental market for this product that was selling for $500k+ at the peak of the market. The replacement cost is much higher per sq.ft than the $154k we were asking. With 20% down this cash flowed a little positive on a 30 yr.

We did not get a sniff on the investor market (o.k., a couple, but no offers).

Once we put on the MLS/owner occupied market we received 10 offers 10% or more over the $154k asking price within a 5 days. All offers were from local owner occupied buyers. Here's a link to pics and property info: http://northpointgroup.vflyer.com/home/flyer/home/2369089

We are hearing from our realtor connections in Modesto, CA that they are getting about 5 offers per listing, about 50% from the 1st time buyers market and 50% from the investor market.

Not sure how long it will last but we have experienced the shift from a buyers market to a sellers market almost on a dime. I am now lining up buyers in advance of re-hab work being done in order to have the best chance at the best properties. Remember, investment offers may have an advantage over FHA buyers because of the holding costs and other factors.

Is this truly a sellers market or, as one of my more colorful colleagues called it, " a dead cat bouncing"???

Any thoughts?