North Valley and Los Ranchos real estate has seen a number of interesting transactions recently. Foreclosure and bank ownership has affected the market and the perceptions of buyers. For instance, the old Nunzio DeSantis property at the corner of Rio Grande Blvd and Rio Grande Lane sold in October, 2010 after being foreclosed on by the lender. The sale price and square foot price cannot be broadcast in this blog, but the property sold after being on the market just a few days and the list price of $1,000,000 was definitely at the "quick sale" level. This property was advertised at 3.9 acres and over 10,000 square feet, so it was easy for any North Valley dweller to recognize a bargain in the offing. At the same time the sale created value issues in minds of potential buyers of nearby properties. Just consider the DeSantis property was offered at more than four million just a few years ago is a virtual resort-style property. This neighborhood regularly sees sales over one million and even several two million dollar sales.
5701 Tinnin Road is another bank-owned property that has been for sale since the end of last year. This property is now under contract. Last offered around $489,900 this property is in Tinnin Farms which is a great place to live. Tinnin Farms does not have a lot of turnover in properties so 5701 will constitute one of few benchmarks to other potential buyers. Most potential buyers will never know the cost of getting this property back to standard Tinnin Farms condition. They will only know about the list and sale prices, which are far below regular market Tinnin Farms prices.
What is the best way for buyers and sellers to deal with these price anomalies? How can sellers get their prices and how can buyers get into desirable North Valley and Los Ranchos properties?
1. Use an experienced and knowledgeable broker. Brokers with extensive knowledge and experience in this market can help buyers and sellers understand the marker. We know the market and its blips.
2. Make your sale property sparkle. Bank owned properties are often different in condition than privately owner properties. Bringing a run-down property up to standards is not something everyone wants to do. Make your property move-in ready and separate yourself from the banked properties.
3. Engage the private market. Hire a broker who knows the area and the residents well enough that your property can be "shopped" prior to being listed in the open market. You might find a local resident that has been waiting for a property in your area to become available.