There are currently 83 active foreclosures (as of May 24,2010) amongst the entire listing inventory for the Central Okanagan. That is a 36% increase in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
11 Lots and Acreages (Ranging in value from $39,500 to $1.75 Million)
0 Manufactured Homes currently on the market
29 Strata Properties (Ranging in value from $159,990 to $3.90 Million)
43 Single Family Residential (Ranging in value from $249,900 to $3.05 Million)
April 2010 foreclosure sales tallied eight total or a decrease of four properties sold versus March 2010. There were no sales of building lots or manufactured homes in March 2010. Surprisingly, stratified properties accounted for six of the eight sales ranging in value from $220,000 to $490,000. The remaining two solds were residential homes of $268,000 and $561,000 respectively.
I have included a detailed breakdown for each of the April foreclosure sales below:
A 2 bed/2 bath 982 sq/ft. 2008 built condo in Lake Country listed for $229,900 and sold 84 days later for $220,000 - 4.5% discount off list price
A 2 bed/2 bath 1125 sq/ft. 2006 built condo in Rutland South listed for $234,000 and sold 72 days later for $230,100 - 1.7% discount off list price
A 2 bed/2 bath 1158 sq/ft. 2008 built condo in Carr's Landing listed for $234,900 and sold 336 days later for $241,100 + 2.64% over list price
A 2 bed/2 bath 1181 sq/ft. 2008 built condo in Carr's Landing listed for $243,000 and sold 183 days later for $243,000 a full price
A 2 bed/2 bath 1316 sq/ft. 2008 built condo in Carr's Landing listed for $299,900 sold 221 days later for $299,900 another full price offer! A 3 bed/3 bath 2884 sq/ft. 2005 built townhome in the Lower Mission listed for $529,000 sold 126 days later for $490,000 - 7.96% discount off list price
A 5 bed/1 bath 2525 sq/ft. 1970's built home in Rutland South listed for $282,900 sold 41 days later for $268,000 - 5.56% discount off list price
A 4 bed/3 bath 3300 sq/ft. 2000's built home in the Upper Mission listed for $572,000 sold 105 days later for $561,000 - 1.96% discount off list price
The total volume sales of foreclosure properties for April 2010 was $2,553,100 versus $4,312,525 last month. As always I like to remind my buyers that "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices." Foreclosure homes in the $400,000 or less range continue to be the most sought after and competed for homes in the courts. There continues to be 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 the Central Okanagan please contact me at (250) 808-7700 or jason.neumann@century21.ca
Sincerely,
Jason Neumann
The foreclosure inventory breakdown is as follows:
11 Lots and Acreages (Ranging in value from $39,500 to $1.75 Million)
0 Manufactured Homes currently on the market
29 Strata Properties (Ranging in value from $159,990 to $3.90 Million)
43 Single Family Residential (Ranging in value from $249,900 to $3.05 Million)
April 2010 foreclosure sales tallied eight total or a decrease of four properties sold versus March 2010. There were no sales of building lots or manufactured homes in March 2010. Surprisingly, stratified properties accounted for six of the eight sales ranging in value from $220,000 to $490,000. The remaining two solds were residential homes of $268,000 and $561,000 respectively.
I have included a detailed breakdown for each of the April foreclosure sales below:
A 2 bed/2 bath 982 sq/ft. 2008 built condo in Lake Country listed for $229,900 and sold 84 days later for $220,000 - 4.5% discount off list price
A 2 bed/2 bath 1125 sq/ft. 2006 built condo in Rutland South listed for $234,000 and sold 72 days later for $230,100 - 1.7% discount off list price
A 2 bed/2 bath 1158 sq/ft. 2008 built condo in Carr's Landing listed for $234,900 and sold 336 days later for $241,100 + 2.64% over list price
A 2 bed/2 bath 1181 sq/ft. 2008 built condo in Carr's Landing listed for $243,000 and sold 183 days later for $243,000 a full price
A 2 bed/2 bath 1316 sq/ft. 2008 built condo in Carr's Landing listed for $299,900 sold 221 days later for $299,900 another full price offer! A 3 bed/3 bath 2884 sq/ft. 2005 built townhome in the Lower Mission listed for $529,000 sold 126 days later for $490,000 - 7.96% discount off list price
A 5 bed/1 bath 2525 sq/ft. 1970's built home in Rutland South listed for $282,900 sold 41 days later for $268,000 - 5.56% discount off list price
A 4 bed/3 bath 3300 sq/ft. 2000's built home in the Upper Mission listed for $572,000 sold 105 days later for $561,000 - 1.96% discount off list price
The total volume sales of foreclosure properties for April 2010 was $2,553,100 versus $4,312,525 last month. As always I like to remind my buyers that "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices." Foreclosure homes in the $400,000 or less range continue to be the most sought after and competed for homes in the courts. There continues to be 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 the Central Okanagan please contact me at (250) 808-7700 or jason.neumann@century21.ca
Sincerely,
Jason Neumann
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