Penn Valley, California

By Judy J. Pinegar

The first residents of the area were the Maidu Indians, who migrated in about 1833 from the Sacramento Valley. The four main areas they lived were the sites now called Bridgeport, Lake Wildwood, Indian Springs and Money Flat. However everything changed with the discovery of gold and the white settlers moved into the area, when Penn Valley became one of the first settlements in the county.

 

Photo courtesy of the Penn Valley Chamber of Commerce

The name Penn Valley may come from a Madam Penn who is remembered for her determination to make money if hard word would do it. Coming to the area in 1849, she took her turn with her husband carrying dirt to wash and rocking out the gold.  Later she had a 320 acre homestead at the intersection of Squirrel and Grub Creeks, which grew to 700 acres (most of Penn Valley) after being purchased in October 1852.

Early settlement of the area was probably started due to its location on a freight wagon route from Sacramento to mining regions east. Later men gave up their picks for plows and the valley produced fresh meat, fruits and vegetables to miners as far away as Nevada (state). In the late 1800’s the valley was home to a thriving dairy industry. In Western Gateway park is the rebuilt Butter Maker’s Cottage to commemorate the importance of the dairy industry in the area.

 

Photo Courtesy of Penn valley Chamber of Commerce

Today the valley is still a peaceful place, but continues to gain business opportunities and residential growth. Horses, llamas, deer and wild turkeys all coexist in the area with about 12,000 residents. The Western Gateway Park, Historic Bridgeport and Lake Englebright are all a short drive away.

Photo Courtesy of Penn valley Chamber of Commerce

Lake Wildwood is gated community in the area, off  Highway 20 on Pleasant Valley Road, which now has about 5,000 full time residents. Over half of the residents are retirees, but more and more families are moving in and the average age continues to go down.

Judy J. Pinegar is a writer
Her articles have appeared in many publications

 

For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE#00669941

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Bidding Wars Are Back

Picture courtesy of Arlington Real Estate Scoop

Home buyers are unexpectedly finding more competition this spring in landing their dream home. Bidding wars are increasingly being reported in markets across the country, from California to Florida, The Wall Street Journal reports.

“It’s a little surprising because we thought bidding wars were done with,” Andy Aley, a home shopper in Seattle, told The Wall Street Journal. Aley says he was outbid on a home earlier this year, even though he offered to pay $23,000 above the listing price and also waive inspections and other closing conditions.

Home buyers are frustrated and caught off-guard about the bidding wars re-emerging, real estate professionals report.

“We’re writing a record number of offers, but we’re not seeing a record number of closings and that’s because it’s so competitive,” Glenn Kelman, chief executive of Redfin Corp., told The Wall Street Journal.

Why are things getting so competitive? Many housing markets are seeing a drastic decrease in the number of homes listed for-sale, leaving home buyers with fewer options and more bidding on the same house. Housing analysts say the shortage in supply is from sellers unwilling to take much less for their home than what they originally paid for it and pulling their homes off the market. Also, a surge in investors has made the market more competitive, as investors snatch up homes in bulk in all-cash deals.

“The bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump,” The Wall Street Journal reports.

Indeed, the National Association of REALOTRS® reported late last week that pending home sales in March reached their highest level in nearly two years and are up 12.8 percent from a year ago.

Source: “Stunned Home Buyers Find the Bidding Wars Are Back,” The Wall Street Journal (April 27, 2012)

 

For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE#00669941

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