Penticton Okanagan BC Foreclosures and Bank Sale Listings Spike!
Penticton BC
Home foreclosures in the South Okanagan Town of Penticton BC have climbed sharply in the past few months.
“In Penticton, you can now buy a 3 bedroom, one bathroom townhome for $105,000 which is just half of what the owners paid in 2008” says Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , BBA, CCC, ATM-B.
“I get calls probably very week from someone wanting me to find somebody to take over their mortgage,” MAASKE said.
A struggling economy is to blame for more people losing their homes in the South Okanagan Town of Penticton, BC but in the Kelowna area, the lure of luxury condominiums has waned as buyers turn to year-round sunshine destinations South of the our border.
“When was the last time you saw a house on a duplex zoned lot on the market in Penticton listed for $172,000 yes BC Tax Assessed for $292,000? - That is the value of the land” says Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , BBA, CCC, ATM-B
Buyers from Alberta and the Lower Mainland purchase luxury properties in Kelowna and in the South Okanagan Town of Penticton when the market was high in 2008. Now they are taking losses as prices have dropped, some by as much as 50%, which has sent foreclosures rates in the Okanagan through the roof.
There are currently 11 court ordered sales in Penticton BC, which is several times the amount three years ago.
Comments (0)Subscribe to CommentsComment