There are currently 75 foreclosures (as of January 10,2010) amongst the entire listing inventory for the Central Okanagan. There was a slight decrease of 3 properties in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
4 Lots and Acreages ($115,000 to $590,000) with no pending sales.
32 Single Family Residential ($199,000 to $1.995 Million) with one pending sale.
38 Strata Properties ($179,900 to $899,900) with no pending sales.
In terms of December foreclosure sales there were a total of 17 for the month. There were just 5 residential home sales versus 12 the prior month ranging in value from $340,500 to $499,000 with an overall average days on market reaching 84 days versus 117 days in November. Stratified properties saw a sharp increase to 12 sales with 11 of those being in one development in Lake Country alone. Those 11 sales were for full list price ranging in value from $189,900 to $339,900. The other lone strata sale was another condo in Lake County and it sold for $180,000 after sitting on the market for 223 days at $184,900.
It is worth mentioning that all 5 residential home sales in December sold for under list price, here's their breakdown:
- A 5 bed/4 bath 2650 sq/ft. 1990's built home in West Kelowna listed for $359,000 sold 26 days later for $340,500
- A 3 bed/2 bath 2200 sq/ft. 1970's built home in Rutland South listed for $350,000 sold 162 days later for $345,000
- A 4 bed/3 bath 1820 sq/ft. 1990's built home in Glenmore listed for $399,000 sold 104 days later for $387,500
- A 6 bed/3 bath 1318 sq/ft. 1950's built home in Kelowna North listed for $439,900 sold 91 days later for $391,000
- A 4 bed/4 bath 3210 sq/ft. 1990's built home in West Kelowna listed for $529,900 sold 40 days later for $499,000
Current foreclosures of all Central Okanagan listings represent 2.22% of the total listing inventory!
Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. Real Estate investors are a savvy bunch and will patiently wait for the proverbial deal to come to them. Some buyers going to purchase these "Court Ordered Sales" are willing to battle it out in the courts and as a result are creating bidding wars in the process. 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/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca
Take care and have a very prosperous 2010!Sincerely,Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
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