SHORT SALES AND REOS FOR SALE
As of this writing, there are 166 homes for sale in Alameda. 14 are short sales, and 9 are bank-owned --- or 14% of total homes actively for sale.
We just didn't think it would be this high. At first, it was just 2% of total...then it slowly inched up. A few month ago, it was at 10%. But 14%?
Among the REOs are 2 condos, 1 townhouse, and 6 detached single family homes. One of these is a home in the new development of Bayport, 4 bedrooms/3.5 baths, 3423 sq ft, built in 2005, and listed at $849,900. The least expensive is a junior 1-bedroom condo listed at $174,900.
And among the 14 short sales, another home in Bayport is in peril. This one has 4 bedrooms/2.5 baths, 2219 sq ft, and listed at $774,999. And there is a home facing the lagoon. Similar lagoon homes in this area have sold for just a tad over $800K just a few months ago, and this one is listed at $775,900.
Since January 2008, there were 281 properties sold of which 21 were REOs. REOs had 27 average days on market, average sales price of $473,358, and average $365 sales/sq ft. REOs represented 7.5% of total sales.
RIGHT TIME TO BUY
Buyers must be rejoicing --- their chances are getting better at buying a home in Alameda at the prices they want. And there are quite a few choices. If there is ever a good time to buy, and if one were to follow the adage "Buy low, sell high" then this may be the time.
Interestingly enough, we have a continuous stream of people going through open houses. So it would appear that Buyers are thinking along the same lines.