Kelowna foreclosure listings and in particular residential houses that are priced in the $350,000 to $450,000 category continue to be the most sought after and competed for properties in the courts currently. As a real estate professional I must emphasize how mportant it is to have a complete understanding of how the court ordered sales process works prior to placing an offer on one of these types of properties.
There are currently 109 active Kelowna and Central Okanagan foreclosure listings (as of December 4,2013) amongst the entire OMREB MLS® listing inventory (3,251 properties) for the Central Okanagan. There are currently 42 active foreclosures (as of December 4,2013) amongst the entire listing inventory (1,729 properties) for the North Okanagan.
Active Central Okanagan Foreclosure Inventory Breakdown:
- 27 Lots and Acreages (Ranging in value from $37,000 to $4.5 Million)
- 5 Manufactured Homes (Ranging in value from $14,900 to $69,000)
- 26 Strata Properties (Ranging in value from $97,000 to $1.222 Million)
- 51 Single Family Residential (Ranging in value from $184,900 to $11.9 Million)
Active North Okanagan Foreclosure Inventory Breakdown:
- 4 Lots and Acreages (Ranging in value from $174,000 to $429,000)
- 1 Manufactured Home (Currently for sale at $166,950)
- 7 Strata Properties (Ranging in value from $84,000 to $399,000)
- 30 Single Family Residential (Ranging in value from $149,000 to $1.998 Million)
Total of 15 Kelowna And Central Okanagan Foreclosure Properties Sold In November 2013:
- 1 Lot and Acreage sold for $350,000 after being on the market for 111 Days.
- No Manufactured Homes sold during the month of October 2013.
- 3 Strata Titled Property sales took place ranging in value from $187,000 to $330,500 with a total days on market ranging from 46 to 446 days.
- 8 Residential Home sales ranging in value from $160,000 to $615,000 with a total days on market ranging from 35 to 391 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