I picked up the LA Times yesterday morning and saw that they were reporting that in some markets in So. California bank owned properties represented 70 to 80% of their market.
I did some figures this morning to determine what percentage of our sales here on the mountain over the last 60 days were bank owned or REO properties. For the last 60 days from Crestline to Green Valley Lake according to Rim Association of Realtors, there were 147 properties that sold. 46 of those were bank owned or REO. That represents 31% of our total market.
In Lake Arrowhead, there were 57 sales of which 10 were bank owned. This represents 17%. I am hearing... the only thing that is selling is Bank Owned property... while that may be accurate in other markets, on the mountain, and particularly in Lake Arrowhead that is not the case.
What is selling is properties that are positioned correctly. Price is a key factor in this market. Values are selling. The reason so many bank owned properties are selling is the banks price them to move them.
If you are considering selling your property... don't be scared off by the media hype. We are making sales.
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