There are currently 84 active foreclosures (as of September 17,2010) amongst the entire listing inventory for the Central Okanagan. There are 4,910 current active listings reporting at this time including the 84 foreclosure properties.
Foreclosure Inventory breakdown:
8 Lots and Acreages (Ranging in value from $99,000 to $1.75 Million)
2 Manufactured Home (Listed at $85,000 and $189,900 respectively)
29 Strata Properties (Ranging in value from $159,000 to $3.69 Million)
45 Single Family Residential (Ranging in value from $185,000 to $3.69 Million)
There were a total of 22 foreclosure sales in August 2010. Of the twenty-two sales seven were residential homes that sold between $225,000 and $555,000. There were eleven condos sold (239,900 to , one townhome, one half-duplex, one full duplex and a recreational home to round out the foreclosure sales for August. For more details on these sold properties please Click Here.
There was a bit of an anomoly this past month in the number of foreclosures sold. I am referring to the ten full price offers on court ordered sale units at the Winterra development in Carrs Landing. If you take these ten sales out of the equation then August was a relatively quiet month for sales. Of the remaining twelve sold properties 10 were sold at less than list price and the remaining two sold for over list price.
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. 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 call or text me at (250) 808-7700 or email: jason.neumann@century21.ca
Sincerely,
Jason Neumann