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.
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.