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When 20% of sales are foreclosures and short sales, what does that say about your real estate market
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How you see it is the same as how you look at a glass --- half-full, or half-empty?
No man is an island. Yes, we get it. And even in our slice of paradise known as the wondrous island of Alameda, CA, we have our share of distressed properties.This is actual data. Analysts have different ways of looking at the same figures and extrapolating diffent conclusions.
So let's take a look at what it's like for 2009, as of today, November 3, 2009.
COMPARING SOLD PROPERTIES
Sold since January 1, 2009 - 362 homes
- Of which 47 were bank-owned, or 13% of total
- Of which 26 were short sales or 7 % of total
- Of which 73 were "distressed properties or 20% of total
FORECLOSURES
Sold - 47 homes.
- Highest price is for a lagoon-facing property foreclosed at $738,000
- Lowest price is for a 1 bedroom/1 bath condo foreclosed at $150,000
Pending - 10 homes
- Highest price is for a large home at the newer Bayport development, currently listed at $739,900
- Lowest prices is for a 2 bedrooms/1.5 bath condo listed at $262,900
Active - 7 homes
- Highest price is for a duplex (lower unit is totally gutted) on Park Street, listed at $709,900.
- Lowest price is for a 1 bedroom/1 bath condo listed at $175,000.
SHORT SALES --- if both buyers and sellers are willing to stick it out, there are some good deals to be found.
Sold - 26. Yes, folks. We do and have closed short sales.
- Highest price is for a Mediterranean style 3 BR/3 BA home that sold for $745,000
- Lowest price is for a 1 Bedroom/1 Bath 640 sq ft condo that sold for $180,000
Pending (pending, pending to subject lender approval) 25 homes.
- Highest price is for a large home in Harbor Bay, listed for $899.000
- Lowest price is for a 1 bedroom/1 bath 740 sq ft condo listed for $199,000
Active - 13 homes
- Highest price is for an overpriced then and still overpriced home on Westline Dr, listed for $918,000
- Lowest price is for a 1 bedroom/1 bath 701 sq ft condo listed for $210,000
WHERE IS ALAMEDA REAL ESTATE MARKET HEADED?
So....where is the Alameda market headed? Take a look at this post: Alameda CA; Where is the market headed to get a picture of what it was like for the last two years starting in October 2007-October 2009.
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