There are currently 61 foreclosures (as of February 8,2010) amongst the entire listing inventory for the Central Okanagan. That is a decrease of 14 properties (-22.95%) in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
2 Lots and Acreages (both at $115,000) with no pending sales
2 Manufactured Homes ($79,000 and $125,000) with no pending sales
31 Single Family Residential ($199,900 to $1.995 Million) with two pending sales
26 Strata Properties ($179,900 to $570,000) with no pending sales
In terms of January 2010 foreclosure sales there were a total of just 7 or a decrease of 10 properties from December 2009. There were 6 sales of single family residential homes ranging in value from $345,000 to a whopping $2,075,000 estate property. There was also one sale of a building lot in West Kelowna originally listed for $259,900 and sold 35 days later for $250,000. This lot sold in June 2007 for $429,000 plus GST so that is an overall loss of approximately 55.5%. The purchasing of single family dwellings continues to be the top priority for the buying public of foreclosure properties.
Here's the breakdown for all residential sales in January 2010:
A 3 bed/2 bath 2200 sq/ft. 1970's built home in Rutland South listed for $350,000 sold 164 days later for $345,000 - 1.45% discount off list price
A 4 bed/1 bath 1200 sq/ft. 1970's built home in South East Kelowna listed for $349,000 sold 80 days later for $355,200 - 1.78% increase over list price
A 4 bed/3 bath 1820 sq/ft. 1980's built home in Black Mountain listed for $442,166 sold 99 days later for $436,000 - 3.17% discount off list price
A 3 bed/3 bath 2995 sq/ft. 1990's built home in University District listed for $499,900 sold 68 days later for $488,000 - 2.44% discount off list price
A 5 bed/4 bath 4696 sq/ft. 1990's built home in Dilworth Mountain listed for $1.130M sold 43 days later for $899,000 - 25.70% discount off list price
A 4 bed/5 bath 6728 sq/ft. 2006 built home in Dilworth Mountain listed for $2.295M sold 158 days later for $2.075M - 10.60% discount off list price
Current foreclosures of all Central Okanagan listings represent 1.65% of the total listing inventory!
Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. However, there is a trend for higher priced listings to take the greatest financial beatings at the hands of buyers in the courts. There are fewer buyers for the multi-million dollar foreclosure homes whereas the average homes in the $400,000 range are most sought after and competed for. 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 firstname.lastname@example.org