As an upscale gated-community, Big Canoe, Georgia, might seem otherwise impervious to the problematic rash of foreclosures that is sweeping the nation.  And, to an extent, this appears true.  While Big Canoe routinely has foreclosure homes for sale listed in real estate, unlike its sister community, Bent Tree, the trend in Big Canoe doesn't seem to be in any way more exaggerated in the present market, over previous years.  At least for now. 

Recent notices of public sale on the Dawson County or Pickens County courthouse steps of Big Canoe properties, suggest we may see a slight up-tick in the near future.  Of course, not all foreclosure notices translate into actual bank repossessions -- many don't -- but the indication is that more homeowners are facing financial distress, even in this higher-end market, and particularly as low initial ARM rates begin to adjust.

A look at sales of bank-owned homes in Big Canoe listed in real estate over the past three years actually reflects more REO sales for 2006 than 2007 (6 versus 5), while 2005 had only 1.  The average sale price in 2007 however, was much higher than 2006, climbing from $313,000 to around $447,000 -- higher even than the neighborhood average sale price, by about 9%.

Going into 2008, we already have 2 bank-owned REO home listings, with more likely to follow. Both houses are priced under $280,000, and represent a substantial discount over their previous sale price and/or loan amount -- in one case about $100,000 less than its 2005 sale price!  Possibly good opportunities for either homebuyers or investors.

Not too many of these homes seem to ultimately make it onto the auction block (as is the case for at least one Bent Tree home in the next couple of weeks), but occasionally they do, and as a growing real estate trend, I wouldn't be surprised to see more in the future.  I recall a live auction of a million-dollar-plus home in Big Canoe a few years back, which ended up selling substantially below market . . . so always something to keep an eye out for when looking for bargain Big Canoe real estate.

Short sales are also sure to increase, but these can be a time-consuming and frustrating process for all parties involved, and are therefore not ideal for just anybody looking for a home without a lot of hassle or on a short time line.

Hopefully the foreclosure fiasco will be reigned in before too much damage is done, but for those faced with this unpleasant possibility, there are options available and these should be fully explored before losing a home or land to a bank.  For those in a position to benefit from the lower prices and stronger bargaining positions when buying, there also many options out there.

With all that said, the number of foreclosed homes (as of yet, I have seen no foreclosure lots or land in Big Canoe), is certainly nothing to get in an uproar over.  Two REO homes constitutes less than 1% of current Big Canoe inventory of 232 homes for sale, and even smaller percentage of all homes in Big Canoe.  The percentage is also well below county and other local averages, even when applied to last year's sales totals (4.7% of Big Canoe sales were bank-owned, against 8.6% of county sales, by comparison).  So again, this is not intended to alarm, but rather present facts over hysterical media hype, to show what is really going on.

To learn more about foreclosures, short sales, real estate auctions, and homes available in Big Canoe, or other parts of Pickens and Dawson County, feel free to contact me by email, text, phone, or even just post a comment below (be sure to include in your comment a way of contacting you back!).