There are currently 104 active foreclosures (as of November 14,2010) amongst the entire listing inventory for the Central Okanagan. There are 4,307 current active listings reporting at this time including the 104 foreclosure properties.
Foreclosure Inventory breakdown:
8 Lots and Acreages (Ranging in value from $95,000 to $1.75 Million)
3 Manufactured Home (Ranging in value from $69,800 to $125,000)
36 Strata Properties (Ranging in value from $139,000 to $2.99 Million)
57 Single Family Residential (Ranging in value from $189,900 to $3.69 Million)
There were a total of 8 foreclosure sales in October 2010. Of the eight sales three were residential homes that sold between $215,000 and $422,500. There were three condos sold between $152,500 and $248,000, one townhome sold for $179,000 and a mobile home for $178,000 to round out the foreclosure sales for this past October. For more details on these sold properties please Click Here.
There has been a mini spike in the number of foreclosure properties on the market. There were 84 court ordered sales this past August and now there are 104 currently in November. The overall foreclosure inventory pales in comparison to the total inventory in the Central Okanagan which is a good sign. Buyers ask me all the time if I foresee a huge influx of court ordered sales to the Kelowna real estate market? In my opinion having watched how the local banks and lenders handle the process the answer would have to be no I don't. The reason being is banks and/or lenders reluctantly foreclose on homes until it is absolutely necessary (almost as if they hate to lose money or something). The process is very time consuming and very involved so it truly is a last resort for them to exercise!
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 now in the $500,000 or less range continue to be the most sought after and competed for homes in the courts. 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.
Click Here for a current list of Central Okanagan foreclosures!
Click Here for a current list of Big White Ski Resort foreclosures!
If you would like more information on the court process in Kelowna, West Kelowna and the Central Okanagan please call or text me at (250) 808-7700 or email: jason.neumann@century21.ca
Sincerely,
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