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40% of condos sold in March 2009 in Prescott AZ area were foreclosed properties

By
Real Estate Agent with Flex Realty

The Precott Az area condo market finally got going again in March after having had ZERO closings in February, which was an anomoly. Two of the five closings were bank-owned, or REOs, and they were the driving factors behind the average $ per square foot at $118.

Prescott Area Condos, Townhomes, Patio Homes Closed - March 2009
Address City List Price Sale Price SP/LP SQFT $/SQFT CDOM
1970 Lazy Meadow L Prescott $409,000 $395,000 96.6% 3,398 $116 273
1716 Alpine Meado Prescott $272,500 $207,500 76.1% 1,811 $115 240
1216 Timber Point Prescott $245,000 $232,000 94.7% 1,882 $123 210
3350 Iris Lane Prescott $207,000 $197,000 95.2% 1,188 $166 213
12693 Tierra Aspera Dewey -Humboldt $145,000 $137,000 94.5% 1,893 $72 176
Number of Homes: 5            
  Average $255,700 $233,700 91.4% 2,034 $118 222
  Median $245,000 $207,500 94.7% 1,882 $116 213
MLS Data as of: 4/8/2009 *Source: PAAR MLS        

The one unit at 1716 Alpine Meadows in Hassayampa sold for $207,500, just below it's 2/1/2003 sales price of $230,503. So in this case, prices were down to 2002 levels. Wells Fargo took a bit of a bath here, but I'm sure they learned something in the process. ;) If you are waiting on the sidelines to buy a property in the Prescott, Prescott Valley, Chino Valley, or Dewey-Humboldt market area, consider a foreclosured or REO property. I can make the process as painless as possible.

See this post before you get going: Top 10 tips to win the REO multiple offer game

If the chart above is garbled you can see the orginal post here:

40% of condos sold in March 2009 in Prescott area were REOs

Posted by

Patrick Schutte
REALTOR

Comments (1)

Ann Heitland
Retired from RE/MAX Peak Properties - Flagstaff, AZ
Retired from Flagstaff Real Estate Sales

Wow! That's almost as high as the Phoenix area.

Apr 08, 2009 02:26 PM