Keeping in mind that this quiz was from a few weeks ago--but also doubtful that much has changed--here are the first few answers to the True and False questions in the San Francisco short sale and REO quiz that I posted recently. Also bearing in mind that this was aimed at Realtors, let me share with you the link to our San Francisco Association of Realtors real estate district map so that you will know what the "district numbers" refer to: http://www.sfarmls.com/docs/areamaps.htm
Let me repeat the first few questions, ponder a moment--and then I will give you the answers--along with some commentary/explanation. Some may surprise you!!
1. Every district in San Francisco has at least one distressed property. T ___ F ___
2. One in 10 homes in America is in danger of foreclosure. T ___ F ___
3. There are more than 100 short sale listings currently on the market. T ___ F ___
4. There are no short sales or REOs in Districts 6, 7, and 8. T ___ F ___
There are 10 real estate districts in San Francisco. All but district 5 (Noe, Glen Park etc. http://www.sfarmls.com/docs/central.htm have some type of distressed property. The answer to #1 is FALSE.
Not sure where I heard this--I think on ABC News, but this is TRUE.
There are around 80 short sale homes and enough short sale condos currently on the market--and this number is steadily increasing--so that #3 is TRUE as well.
Now that you know #1 is false, it logically follows that #4 is FALSE as well. We in the North End like to think that we are immune but even Presidio and Pacific Heights have their muti-million dollar foreclosures! District 8 (Nob hill, North Beach and Russian Hill http://www.sfarmls.com/docs/northeast.htm ) would be immune if not for some Civic Center condos.
The onslaught of distressed properties is steadily creeping northward. Could your neighborhood be next? Somewhat kidding as you will NOT find a $500,000 single-family distressed property in the northerly neighborhoods. Get real! MOST of the single-family distressed homes are in the southern reaches of districts 3 (http://www.sfarmls.com/docs/southwest.htm) and 10 (http://www.sfarmls.com/docs/southeast.htm ).
I was pleasantly surprised at the nice-sized homes with lawns, hardwood floors and the occasional view that Oceaview has to offer when showing property there recently Oh, and did I mention the prices?!?!?? Nine homes are under $500,000 and four under $400,000!!!! At well-below median price, I think that this neighborhood has exciting potential!
I will update my statistics and return to answer more questions again soon.