There are a total of 57 foreclosures amongst the entire listing inventory. That is an overall change of 1 listing to the total number of foreclosures from September,2009 to October,2009.
Current foreclosures of all Central Okanagan listings represent 1.28% of the total listing inventory!
The breakdown is as follows:
4 Lots and Acreages ($115,000 and $590,000)
30 Single Family Residential ($250,000 to $2.295 Million)
22 Strata Properties ($199,500 to $999,000).
There were no big changes to the Central Okanagan foreclosure inventory this past month. There were two more lots and acreages added to the inventory list. There are currently two pending sales on Lots and Acreages foreclosure properties being reported.
In terms of recent sales there were a total of nine for the month of September. Seven residential homes ranging in price from $322,000 to $925,000. Two strata sales of $180,000 and $234,900 respectively. Three of the residential sales ended up selling for over list price, which essentially means a bidding war or auction environment was created by the courts. Of the remaining properties the highest discount given was 8% off of list price and as you probably guessed it was the $925,000 sale which was originally listed at $999,000.
There continues to be a trend of foreclosure properties selling at or near list price. The bottom line is investors and first time home buyers are starting to battle it out in the courts for these properties and it is causing bidding wars to take place. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.
If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca
Sincerely,Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
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