MLS listings of REOs and short sales are mere glimpses of what is really happening

By
Real Estate Agent with Alain Pinel BRE 01367196

We in the picturesque and lovely island of Alameda were probably lulled into thinking we are not going to be as adversely affected by the economic downturn. After all, this is a desirable place to live. It may not be in the same league as posh neighborhoods like Piedmont, but it certainly has its fans among people looking for a good place to live in the East Bay and within a fairly short commute to San Francisco.

FOR SALE

As of this writing, Alameda has 143 residential properties, actively listed as for sale on our local MLS. Of these, 21.6% are distressed sales. Last year, it was at 11%. And the year ago was less than that.

  • 24 are short sales
  • 8 are bank owned

....AND NOW, FOR THE REST OF THE STORY...

But upon checking with ForeclosureRadar.com ---check out the link on our company website at www.GLRealtor.com, the picture is surprisingly sad. We are soon going to see a few more short sales and bank-owned listings.

Since November, 2008:

  • 25 are scheduled for auction
  • 23 are bank-owned
  • 58 are at pre-foreclosure stage (Notice of Default)
  • $232,784 is the lowest estimated value property (condo scheduled for auction)
  • $1,252,054 is the highest (detached single family home close to downtown, also scheduled for auction)

Fasten your seat belts, folks. It's going to be a long and bumpy ride.

>SIGH<

 

 

 

 

 

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Rainmaker
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Lori Churchill Cofer
Beasley Realty - Pullman, WA
Realtor - 509-330-0086 - Pullman, WA

Pacita,

I sympathsize with a big sigh with you...

 

Mar 19, 2009 01:47 AM #1
Rainmaker
710,643
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Lori --- what's it like where you are? Have the short sales and foreclosures increased from where they were a year ago?

Mar 19, 2009 04:28 AM #2
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Rainmaker
710,643

Pacita Dimacali

Alameda/Contra Costa Counties CA
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