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Bank Owned (REO)'s In Sugarloaf

Originally Published on the Sugarloaf Real Estate Blog

We're all hearing the doom and gloom about the Real Estate Market and how there are so many bank owned or REO properties on the market. As I farm the community of Sugarloaf, I thought I would check the numbers and see how things are going over there.

As of today, there are 137 homes listed for sale in Sugarloaf. Of those homes, only 6 of them are bank owned (REO) properties. We subscribe to another service that lists all properties that are in the foreclosure process, including bank owned properties. I pulled up all of the bank owned properties on that list and checked them against what we have listed in the Big Bear Multiple listing Service. I found an additional 17 properties that are bank owned but not yet listed in the Sugarloaf area.

If we added the bank owned properties to the list of active listings, we'd have 154 homes for sale in Sugarloaf. Of the 154 homes for sale, only 21 of those homes are bank owned. What does all of this mean? 14% of the homes for sale in the community of Sugarloaf are bank owned. I don't know about you, but that doesn't sound like the doom and gloom that the news agencies are telling us.

There are some great deals out there on those bank owned properties, but there are also some great deals on homes that have not been taken over by the bank. One thing is for sure, prices are down and as a buyer or investor, there has never been a better time to take advantage of someone's misfortune.

Tony Card Big Bear Real Estate

Posted by Tony Card, Big Bear Lake Real Estate on 04/07/2008 06:41 PM

Comments (5)

bank owned, reo, sugarloaf, ca tony card big bear real estate

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5 Comments on Bank Owned (REO)'s In Sugarloaf

Is 14% about the average rate of foreclosure where you are? It sounds quite high to me.

04/07/2008 06:44 PM

by Abacus Properties Inc.

Actually in my area most of the active listings are short sales, and most buyers today know that a short sale takes for ever and its not a sure thing, so i usually show reo's.

Did you also include short sales in that list?

http://www.agentbrokerforum.com

04/08/2008 01:38 AM

by Julie

Hi Kathy,

I never said that the foreclosure rate in Big Bear is 14%. I simply stated that of all the homes in the community of Sugarloaf, 14% of them were bank owned. Thanks for reading my post.

Tony Card Big Bear Real Estate

04/09/2008 03:44 PM

by Tony Card, Big Bear Lake Real Estate (Coldwell Banker)

Tony Real estate is local as we all know. But that does not make headlines and sell advertising. My wife and I have been showing property to a couple here at the resorts and they made the comment I thought real estate is slow everywhere. I said it is only through the paradigm of the news media. We are actually up again this year and have almost no foreclosures. They were shocked to hear that.

04/09/2008 03:51 PM

by Jason & Deanna Long Breckenridge Real Estate (The Long Group)

Jason,

While we can't say that we don't have foreclosures in Big Bear, we are finding ourselves busy. It's not like two years ago but there are buyers out there. Listening to what the buyer wants and then knowing the inventory so you can show it to him is very important. I think that has a lot to do with why some agents are very busy and others are sitting around with the doom and gloom attitude.

Thanks for reading my post and commenting

Tony Card Big Bear Real Estate

04/09/2008 03:57 PM

by Tony Card, Big Bear Lake Real Estate (Coldwell Banker)

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