There are currently 61 active foreclosures (as of April 21,2010) amongst the entire listing inventory for the Central Okanagan. That is a decrease of 3 properties in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
6 Lots and Acreages ($114,900 to $1.22 Million) with no pending sales
0 Manufactured Homes currently on the market
24 Strata Properties ($169,990 to $599,000) with no pending sales
31 Single Family Residential ($254,900 to $1.559 Million) with no pending sales
In terms of March 2010 foreclosure sales there were a total of 12 or a decrease of 1 property versus February 2010. There were no sales of building lots or manufactured homes in March 2010. Stratified properties accounted for one sale of a 1 bed, 2 bath 870 sq/ft. condo in Rutland South. The condo listed for $199,900 and sold 78 days later for $185,500. The remaining 11 sales were residential homes ranging in value from $275,525 to $546,000
I have included a detailed breakdown for each residential sale below:
A 3 bed/2 bath 1230 sq/ft. 1970's built home in Peachland listed for $265,000 sold 60 days later for $275,525
A 5 bed/2 bath 2022 sq/ft. 1960's built home in Rutland South listed for $309,900 sold 101 days later for $279,900 -
A 3 bed/2 bath 1914 sq/ft. 1960's built home in Glenmore listed for $305,000 and sold 115 days later for $300,000 -
A 3 bed/3 bath 1333 sq/ft. 2003 built home in West Kelowna listed for $365,000 sold 77 days later for $355,000 -
A 1 bed/1 bath 745 sq/ft. 1960's built home on 4.6 acres in Lake Country listed for $380,000 sold 111 days later for $380,000 - a full price offer!
A 3 bed/3 bath 2481 sq/ft. 1980's built home in North Glenmore listed for $419,000 sold 34 days later for $380,000 -
A 4 bed/4 bath 3284 sq/ft. 1970's built home in West Kelowna listed for $399,900 sold 187 days later for $390,000 -
A 4 bed/4 bath 3589 sq/ft. 1970's built home in Lakeview Heights listed for $424,900 sold 79 days later for $441,100 -
A 4 bed/5 bath 2958 sq/ft. 2007 built home in University District listed for $499,900 sold 220 days later for $475,000 -
A 3 bed/4 bath 3133 sq/ft. 2002 built home in Shannon Lake listed for $495,900 sold 109 days later for $490,000 -
A 5 bed/4 bath 3284 sq/ft. 2005 built home in University District listed for $591,900 sold 210 days later for $546,000 -
The month of March continued to see a little more movement on the sale prices of foreclosure homes than in past months. The total volume sales of foreclosure properties for March 2010 was $4,312,525 versus $5,346,650 last month. I like to remind my buyers that "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices." Housing in the $400,000 or less range continue to be the most sought after and competed for homes in the courts. There are still buyers out there looking to purchase these Central Okanagan "Court Ordered Sales" that are willing to battle it out in the courts and pay in some cases well over list price. I cannot emphasize enough the importance of understanding the foreclosure process and how the BC Court System works prior to placing an offer on one of these properties.
If you would like more information on the court process or a detailed list of current foreclosures in Kelowna, West Kelowna and their 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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