Interesting week in the real estate. There was a rush of ratified contracts hoping to take advantage of the federal tax credit, expiring April 30, hoping to close by June 30th.
Activity remains healthy. Of the properties new to the market, 67 in all, 26 are either REOs or SS. Of the 29 homes that closed escrow in the last 7 days, 17 were REO's or SS.
It is a little rainy today. These are still inconsistent times. We are experiencing many Realtors practicing real estate in Napa who are not from Napa nor have a track record in our area. But the banks and ill-informed homeowners continue to trust these strangers. Most of us Realtors in Napa work hard to maintain the highest level of the Code of Ethics and communication. This is also the fallout from a regionalized MLS.
some activity at the Silverado Country Club. Offers submitted and escrows closing. This is a good sign.
Atives, New Listings: 67 Price Reductions: 38
Contingent, Under contract: 44 Pending Sales: 35
Solds, closed escrows: 29 Back on the market: 25
High new listing: St Helena, $3.990 Million, just over 2 acres, 6900 sq. ft, 4 bedrooms, 6 baths
Lowest new listing: Napa, Condo, $149,900 3/3/ 1232 sq. ft. Short Sale
High Sale, sold: Napa, $785,000, originally listed for $845,000 .50 acre, 2400 sq ft, 4/2, very desirable area, my clients waited one week to long and would have paid more for the house
Fun story: I do believe that the banks work off a different balance sheet. Many times we ask, why wouldn't they......? Well, they don;t make sense unless you know what numbers they are using. There is listing presently on the market I had in escrow, working for SS approval at $330,000, it is now listed for sale as a REO for $289,000, not in escrow and has been on the market for 60 days now. They could have closed this last November. I just know somewhere we are paying for this somewhere.
Have a great week.
Stefan Jezycki, in the Napa Valley