There are currently 64 foreclosures (as of March 22,2010) amongst the entire listing inventory for the Central Okanagan. That is a increase of 3 properties in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
2 Lots and Acreages (both at $115,000) with no pending sales
1 Manufactured Homes ($125,000) with no pending sale
35 Single Family Residential ($258,900 to $1.559 Million) with one pending sale
26 Strata Properties ($179,900 to $599,000) with no pending sales
In terms of February 2010 foreclosure sales there were a total of 13 or an increase of 6 properties over January 2010. The manufactured home segment of the market saw a single sale in Lakeview Heights for $75,000 after 32 days on the market. There were a total of 4 sales of stratified properties in the Central Okanagan in February. Two of the strata sales were in Lake Country ($268,000 and $269,900) with an average days on market of 267 days. The other strata sale was in North Glenmore, a 2 bed/2bath 888 sq/ft condo that sold for $225,250 after 67 DOM (Days on Market). There was a 7 bed/5 bath 3,700 sq/ft stand alone chalet at Big White Ski Resort that sold for $775,000 after being on the market for 248 days and at an original list price of $990,000. A total of 8 residential homes sold ranging in value from $201,000 to $802,000. The purchasing of single family dwellings continues to be the top priority for the buying public of foreclosure properties.
Here is the breakdown for all residential sales in February 2010:
A 2 bed/1 bath 977 sq/ft. 2003 built home in Fintry listed for $199,900 sold 65 days later for $201,000 + .55% increase over list price
A 2 bed/1 bath 1017 sq/ft. 1980's built home in Kelowna North listed for $319,900 sold 175 days later for $291,000 - 9.93% discount off list price
A 2 bed/3 bath 2310 sq/ft. 1970's built home in Lakeview Heights listed for $419,000 and sold 31 days later for $419,000 - a full price offer!
A 3 bed/4 bath 3500 sq/ft. 2008 built home in West Kelowna listed for $599,000 sold 106 days later for $432,500 - a whopping 38.50% discount off list price
A 4 bed/1 bath 2045 sq/ft. 1970's built home in Lower Mission listed for $499,000 sold 109 days later for $462,000 - 8.0% discount off list price
A 4 bed/3 bath 3135 sq/ft. 2005 built home in University District listed for $494,000 sold 45 days later for $506,000 + 2.42% increase over list price
A 4 bed/5 bath 3945 sq/ft. 2004 built home in Joe Riche listed for $749,000 sold 175 days later for $620,000 - 20.81% discount off list price
A 3 bed/3 bath 3365 sq/ft. 2000 built home in Lower Mission listed for $892,900 sold 77 days later for $802,000 - 11.33% discount off list price
The month of February saw more movement on pricing than in past months in favour of buyers. The total volume sales of foreclosure properties last month was $5,346,650. As I like to remind my buyers "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices!" Housing in the $400,000 or less range tend to be the most sought after and competed for in the courts. Many buyers going to purchase these "Court Ordered Sales" are willing to battle it out in the courts and as a result are creating bidding wars in the process on well priced properties. It is important to understand the foreclosure process and how the court system works prior to placing an offer on one of these properties.
If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca
Sincerely,
Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com
Follow me on Twitter
My Facebook Page
Network on Friendfeed
Comments(0)