Kelowna and Okanagan Foreclosure Property Sales For January 2012
The Central Okanagan foreclosure inventory levels continue to show steady increases from month to month especially now in 2012. As a matter of fact, since January 1,2012, there has already been 76 new foreclosure listings to hit the market. Buyers ask me all the time if I foresee a large influx of future foreclosure homes coming to the Kelowna real estate market? Having watched the foreclosure inventory rise steadily from 10-12 average listings per month in 2009 versus the over 170+ active listings already in early 2012 obviously I would have to say yes I do!
Foreclosure properties now in the $400,000 or less category continue to be the most sought after and competed for homes in the courts right now. I cannot emphasize enough the importance 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 171 active foreclosures (as of February 10,2012) amongst the entire listing inventory (3,934 properties) for the Central Okanagan. There are currently 82 active foreclosures (as of February 10,2012) amongst the entire listing inventory (1,792 properties) for the North Okanagan.
Active Central Okanagan Foreclosure Inventory Breakdown:
- 5 Lots and Acreages (Ranging in value from $79,000 to $419,000)
- 1 Manufactured Home (Currently listed at $79,900)
- 88 Strata Properties (Ranging in value from $71,000 to $2.9 Million)
- 77 Single Family Residential (Ranging in value from $198,000 to $2.595 Million)
Sold Foreclosure Properties for January 2012:
- No building lots sold during the month of January 2012.
- 1 Manufactured Home sold at $51,300 after being on the market 87 days.
- A total of 9 strata titled condos sales took place ranging in value from $97,000 to $265,900 with a total days on market ranging from 20 to 156 days.
- 1 Town Home sold at $285,000 after being on the market 203 days.
- A total of 15 residential home sales ranging in value from $130,000 to $451,500 with a total days on market ranging from 50 to 288 days.
It is 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.
If you would like more information on the how Court Ordered Sales and the foreclosure process works in Kelowna, West Kelowna and the Central Okanagan, North Okanagan please call or text me at (250) 808-7700 or email:firstname.lastname@example.org
Posted by Jason Neumann
on February 11, 2012