There are currently 82 active foreclosures (as of August 11,2010) amongst the entire listing inventory for the Central Okanagan. There are 5125 current active listings reporting at this time including the 82 foreclosure properties.
The foreclosure inventory breakdown is as follows:
8 Lots and Acreages (Ranging in value from $95,000 to $1.75 Million)
1 Manufactured Home currently listed for $85,000
31 Strata Properties (Ranging in value from $130,000 to $3.69 Million)
42 Single Family Residential (Ranging in value from $185,000 to $3.69 Million)
There were just five total foreclosure sales in July 2010. Of the five sales four were residential homes that sold between $345,000 and $480,000. The other lone sale was a condo near downtown Kelowna that ultimately sold for $378,000. For more details on these sold properties please Click Here.
I like to remind my buyers that "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices." Foreclosure homes now in the $500,000 or less range continue to be the most sought after and competed for homes in the courts. There continues to be buyers out there looking to purchase these Central Okanagan "Court Ordered Sales" that are willing to battle it out in the courts and pay in some cases well over list price. I cannot emphasize enough the importance of understanding the foreclosure process and how the BC Court System works prior to placing an offer on one of these properties.
Click Here for a current list of Okanagan foreclosures!
If you would like more information on the court process in Kelowna, West Kelowna and the Central Okanagan please contact me at (250) 808-7700 or jason.neumann@century21.ca
Sincerely,
Jason Neumann