Kelowna foreclosure listings and in particular residential houses that are renovated in the $350,000 to $450,000 category continue to be the most sought after and competed for properties in the courts right now. I must emphasize how mportant it is of understanding the court ordered sale process and how the BC Court System works prior to placing an offer on one of these types of properties.
There are currently 134 active Kelowna and Central Okanagan foreclosure listings (as of January 12,2013) amongst the entire OMREB MLS listing inventory (3,362 properties) for the Central Okanagan. There are currently 52 active foreclosures (as of October 28,2012) amongst the entire listing inventory (1,712 properties) for the North Okanagan.
Active Central Okanagan Foreclosure Inventory Breakdown:
- 12 Lots and Acreages (Ranging in value from $29,000 to $999,000)
- 5 Manufactured Homes (Ranging in value from $29,000 to $148,000)
- 40 Strata Properties (Ranging in value from $89,500 to $1.799 Million)
- 77 Single Family Residential (Ranging in value from $189,000 to $1.646 Million)
Active North Okanagan Foreclosure Inventory Breakdown:
- 12 Lots and Acreages (Ranging in value from $45,000 to $899,000)
- No Manufactured Homes currently for sale
- 8 Strata Properties (Ranging in value from $84,900 to $470,000)
- 32 Single Family Residential (Ranging in value from $132,300 to $2.4 Million)
Total Of 14 Kelowna And Central Okanagan Foreclosure Properties Sold In December 2012:
- 2 Lots and Acreages (Ranging in value from $47,000 and $875,650 respectively)
- One Manufactured Home sold during the month of December 2012 for $57,000 after 97 days on the market.
- A total of 4 strata titled condos sales took place ranging in value from $160,000 to $285,000 with a total days on market ranging from 63 to 151 days.
- One Town Homes sold during the monthe of December 2012 for $470,000 after being on the market for 21 days.
- A total of 6 residential home sales ranging in value from $325,000 to $2.0 Million with a total days on market ranging from 47 to 366 days.
It's worth noting that offering on a court ordered sale property is not always going to work out for a buyer. I like to remind my buyers that "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices." I would suggest having a budget and sticking to it when it comes to placing an offer on a foreclosure home in order to avoid the idea of outbidding other interested parties just to be able to say that "you won!" I call this the "Ebay" mentalitily wanting to beat out all other competing offers and then coming to the realization that you spent way more on the home than you really intended to.
Visit my blog for more information on how Court Ordered Sales and the Foreclosure Process Works in Kelowna, West Kelowna and the Okanagan. Feel free to call or text me anytime at (250) 808-7700 or email: firstname.lastname@example.org