Celebrate - this is the 100th post on my blog!
February Good Deals!
Showing posts with label REO. Show all posts
Showing posts with label REO. Show all posts
Tuesday, February 19, 2013
February Good Deals Link - and my 100th POST!
Celebrate - this is the 100th post on my blog!
February Good Deals!
Thursday, December 6, 2012
Summit County Colorado Real Estate Deals December 2012
Good
Deals December
December good deals feature Bank Owned, REO,
Foreclosures and Short Sales along with Motivated Sellers! If you are looking
for a great deal in Summit County, start here!
There are 20 good deals this month! Far
less than just a year ago when the good deal list was at least 50
properties!
Wednesday, November 14, 2012
November 2012 Summit County Colorado Good Deals
The good deals are disappearing. For many months now I have been featuring good deals by pulling out of our MLS those listings that are bank owned, foreclosures, REO, short sales, along with those that have motivated sellers and say "bring all offers." In the past I would have as many 75 properties in the search. This month, there are 14. While there still are good deals to pick up, it's like being 2 hours late to the Filene's Basement Annual Bridal Sale. What's left are the ugly dresses or those that need a lot of work.
Click on the link below to see the good deals!
RES - Client Detail Report
Click on the link below to see the good deals!
RES - Client Detail Report
 |
| www.123rf.com - photo credit. |
Tuesday, September 18, 2012
Good Deals September 2012 - Summit County Colorado Real Estate
September good deals feature Bank
Owned, REO, Foreclosures and Short Sales along with Motivated
Sellers! If you are looking for a great deal in Summit County,
start here!
As I mentioned above, the good deal list is
SHRINKING!!!! Act now or forever hold your peace.
RES - Client Detail Report
Monday, August 13, 2012
Good Deals - August 2012 - Summit County Colorado Real Estate Deals
I have been featuring short sales, foreclosures, bank owned, and motivated sellers for many months now. The number of properties in this search continue to dwindle as time wears on, indicating that the distressed properties in Summit are being absorbed into the inventory.
August 2012 Good Deals
August 2012 Good Deals
 |
| image from askdeb.com |
Monday, July 2, 2012
Summit County Colorado Real Estate Good Deals - July 2012
We all love good deals don't we? For this month's good deals featuring short sales, foreclosures, and motivated sellers, click here: July 2012 Good Deals - Summit County Real Estate.
Amy Nakos, JD, GRI
Your Castle Summit, LLC
anakos@yourcastle.org
970-389-8388
 |
| compliments of http://www.prosperityforlife.net/ |
Amy Nakos, JD, GRI
Your Castle Summit, LLC
anakos@yourcastle.org
970-389-8388
Summit County Colorado Real Estate Market Report - July 2012
May 2012 best month of 2012 so far!
Vacant land making a comeback.
 |
| Compliments of bighornrentals.com |
May 2012 had a total of 108 residential improved transactions, with a total dollar volume of $50.6 million.
Dollar volume for all types of property was $68.5M in May, up from April’s $52.7M. The month of May 2012 indicated a large increase from May 2011 with dollar volume up 22% (May 2011: $56,1M v. May 2012: $68,5M). Transactions in May 2012 were up 25% from May 2011 (May 2011: 107 v May 2012: 134).
June 2012 residential sales from our MLS indicate 90 residential properties sold with dollar volume at $45.9 million.
May’s strongest price point was the $400,000-$500,000 with 25 total sales which shows a marked change from previous months in 2012. Usually lower price points have the most volume. Other price points were $300-400K with 19 sales and under $200,000 with 16 sales.
Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through May 2012:
Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $702,783
Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $358,389
Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $282,593
As of July 2, 2012, there are 1,540 active residential listings in Summit County. The number continues to increase slowly as we approach mid summer. The total dollar value of current inventory is $1.056 billion. This is the first time in 2012 that inventory has reached the billion dollar mark. As of the same date there are 415 land listings, up 14 from last month.
We are seeing vacant land picking up with an average value increase of 15% and a median increase of 28% so far in 2012, over the year 2011. Signs of a vacant land recovery mean that the overall market is improving as people are ready and willing to build new construction.
With respect to residential listings, average days on the market is 373; median days on the market is 246.
Our MLS is showing 188 residential properties currently Pending with a total dollar volume of $92.25 million. Pending properties remain steady from last month.
According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 6% of residential properties are for sale and 16% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 108 residential properties selling in May and inventory of 1,540, it will take around 14.2 months to sell the entire residential inventory.
Below are the total dollar amounts of sales in March and April from 2004 to 2012:
May 2004 $88.2M
May 2005 $104.8M
May 2006 $137.1M
May 2007 $158.7M
May 2008 $95.7M
May 2009 $63.7M
May 2010 $63.0M
May 2011 $56.2M
May 2012 $68.5M (up 22% from 2011)
Total Dollar Volume for 2004-2011 is as follows:
2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M
2011 $684.2M
The year 2006 had the most dollar volume totaling $1,637,874,800.
If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link:
http://www.ltgc.com/files/breckenridge-marketstats/MAY2012SUMMIT.pdf
What does all of this mean to you?
May has proven to be the best month so far in 2012 for dollar volume and number of transactions. With closings being 30-45 days from contract, this would mean that March and April were strong months for contracts which show signs of improvement for our real estate market.
With early season activity as proven by strong May numbers, it appears that summer is going to be an improvement since the recession. If you are interested in buying, we seem to climbing out of the bottom so it is a good time to take advantage of current pricing before demand brings prices up. If you are a seller, you will still need to be priced competitively within other inventory because buyers are sophisticated and educated and we still have an absorption time of around 14-15 months. That means that your property has a one in fifteen chance of selling each month.
As always, thank you to Land Title Guaranty Company and Brooke Roberts for these amazing statistics! http://www.ltgc.com/.
For more information on Summit County Colorado Real Estate and Market Conditions, or for specialized reports, please contact Amy Nakos, JD, GRI, anakos@yourcastle.org, 970-389-8388.
Thursday, April 5, 2012
Good Deals - Summit County Real Estate April 2012
Monday, January 9, 2012
Summit County Colorado Foreclosure Statistics November 2011
Summit County Foreclosure Update for November 2011
In November 2011 there have been 56 foreclosure actions; 29 with fee simple (100%) ownership, and 21 for timeshares. In November the Summit County Treasurer’s Office issued 33 Public Trustee’s Deeds - 9 for fee simple ownership, and 20 for timeshares; the other 4 are unknown.
The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 302 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 12 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 209 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.
In terms of property types, 152 single family homes, 130 multifamily units, 14 parcels of vacant land, 6 developments, 7 commercial properties, 47 unknown actions, and 167 timeshares in Summit County had foreclosure actions filed against them so far in 2011. Two hundred and twenty-five are in Breckenridge (but note, that all timeshares are in Breckenridge). Forty are in Blue River and Silverthorne each, 26 each in Keystone and Wildernest, and 23 in Dillon Valley.
In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.
In November 2011 there have been 56 foreclosure actions; 29 with fee simple (100%) ownership, and 21 for timeshares. In November the Summit County Treasurer’s Office issued 33 Public Trustee’s Deeds - 9 for fee simple ownership, and 20 for timeshares; the other 4 are unknown.
The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 302 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 12 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 209 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.
In terms of property types, 152 single family homes, 130 multifamily units, 14 parcels of vacant land, 6 developments, 7 commercial properties, 47 unknown actions, and 167 timeshares in Summit County had foreclosure actions filed against them so far in 2011. Two hundred and twenty-five are in Breckenridge (but note, that all timeshares are in Breckenridge). Forty are in Blue River and Silverthorne each, 26 each in Keystone and Wildernest, and 23 in Dillon Valley.
In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.
Wednesday, November 2, 2011
Good Deals - Summit County Real Estate - 11-1-11
Who doesn't like a great deal!? Each month I feature good deals in the Summit County Colorado real estate market. This month features bank owned, short sales, foreclosures, and motivated sellers.
click below to see the good deals!
http://summit.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1100444076&s=SUM&t=SUM
For more information on Summit County Real Estate, you can email me at anakos@yourcastle.org or call me at 970-389-8388.
You can also search Summit County MLS for Free using this link:
http://search.amynakos.summit.mlxchange.com/
click below to see the good deals!
http://summit.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1100444076&s=SUM&t=SUM
For more information on Summit County Real Estate, you can email me at anakos@yourcastle.org or call me at 970-389-8388.
You can also search Summit County MLS for Free using this link:
http://search.amynakos.summit.mlxchange.com/
Friday, August 12, 2011
Summit County Colorado Foreclosure Statistics - August 2011
Summit County Foreclosure Update for June 2011
In June 2011, there have been 49 foreclosure actions; 30 with fee simple (100%) ownership, and 18 for timeshares. In June the Summit County Treasurer’s Office issued 12 Public Trustee’s Deeds - 9 for fee simple ownership, and 3 for timeshares.
The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 168 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 1 Certificate of Purchase action which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 94 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.
In terms of property types, 83 single family homes, 64 multifamily units, 11 parcels of vacant land, 5 developments, 3 commercial properties, 17 unknown actions, and 80 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and eleven are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-four are in Blue River, 20 in Silverthorne, 15 in Wildernest, and 14 in Keystone.
In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. In the first six months of 2011, Summit County is at 168 NED’s, and if doubled, predicts 336 for 2011.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.
Amy Nakos, JD, GRI
In June 2011, there have been 49 foreclosure actions; 30 with fee simple (100%) ownership, and 18 for timeshares. In June the Summit County Treasurer’s Office issued 12 Public Trustee’s Deeds - 9 for fee simple ownership, and 3 for timeshares.
The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 168 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 1 Certificate of Purchase action which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 94 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.
In terms of property types, 83 single family homes, 64 multifamily units, 11 parcels of vacant land, 5 developments, 3 commercial properties, 17 unknown actions, and 80 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and eleven are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-four are in Blue River, 20 in Silverthorne, 15 in Wildernest, and 14 in Keystone.
In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. In the first six months of 2011, Summit County is at 168 NED’s, and if doubled, predicts 336 for 2011.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.
Amy Nakos, JD, GRI
Summit County Colorado Real Estate Market Conditions - August 2011 Update
Real Estate Statistics
June numbers flat over May.
Increase in Pending Properties.
June 2011 had a total of 85 residential improved transactions, up only 1 from May 2011. Total residential dollar volume in June was $46.7M, down $2M from $48.7M in May, a decrease of 4%.
While residential volume saw a decrease, looking at all types of properties, June showed a dollar volume increase over May. Dollar volume for all types of property however went up from May’s $56.1M to June’s $65.7M. June transactions included almost $20M of non-residential transactions. Total number of transactions in June for all types of real estate was 104, down 3 from May’s 107.
Total dollar volume on all types of transactions decreased year over year: June 2011 closed with $65.7M and June 2010 closed with $83.8M – a decline of 22.5%. July 2011 residential sales from our MLS indicate 77 residential properties sold with dollar volume at $34.2 million – a substantial decline for a summer month that historically has seen more dollar volume.
The price point with the most activity in June is the $200,000-$200,000 with 17 sales. In second place is the $300,000-$400,000 with 14 sales followed by the $400,000-$500,000 and $500,000 to $600,000 price points with 10 sales each. Ten sales over $1 million closed in June a decrease from the 14 sales in both April and May.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.
Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $792,010 ($780,637-May, $764,853-April, $710,227-March)
Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $399,832 ($409,389-May, $409,960-April, $401,769-March)
Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $261,398 ($261,997-May, $285,563-April, $252,583-March)
As of August 1, 2011, there are 1,832 residential properties for sale, up only 7 from last month. Most of the summer inventory is already on the market, but you can always expect a few new properties to come on the market at any time. The total dollar value of current inventory is $1.29 billion. As of the same date there are 423 land listings, up 6 from last month.
With respect to residential listings, average days on the market is 261; median days on the market is 132. Days on market increased this month because of much less new inventory entering the market.
Our MLS is showing 171 residential properties currently Pending, up 42 from June. Total dollar volume of pending properties per list price is $91.7 million. Pending properties have showed an increase corroborating an increase in summer sales activity. However, with only $91.7 million pending in Summit County, the selling season for 2011 will likely not show any signs of improvement over 2010.
According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 7.1% of residential properties are for sale and 16.4% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 85 residential properties selling in June and inventory of 1,832, it will take 21.5 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.
Below are the total dollar amounts of sales in June from 2004 to 2011:
June 2004 $111.7M
June 2005 $112.2M
June 2006 $162.7M
June 2007 $141.8M
June 2008 $92.5M
June 2009 $34.0M
June 2010 $83.8M
June 2011 $65.7M
Total Dollar Volume for 2004-2010 is as follows:
2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M
The year 2006 had the most dollar volume totaling $1,637,874,800.
What does all of this mean to you?
June residential numbers did not impress - instead it was even less than May – a historically low month! July residential closings, according to the MLS, show yet another decline. As I mentioned a couple months ago in this newsletter, this summer was going to be a barometer of how the Summit County real estate market is faring. Unfortunately, it is not picking up, instead it appears to be continuing a slow road downward. Can August transactions save the summer? We will have to see.
Last month, I provided the following historical graphs, but for those of you who didn’t see them, I am going to print them again.
Looking big picture at Summit County Real Estate, Summit has experienced great appreciation over the last 20 years. Recently, average prices have declined around 16%. An interesting side note, the property value reassessments also showed an average of a 16% decline in price. (While people don’t always agree with their property tax valuation, the Assessor’s formula has proven to be accurate with real MLS sales data.)
Sales volume is down 63% from the height of 2006. This factor is the biggest change in our market creating an over-supply and under-demand for Summit County real estate, putting downward pressure on pricing. Sales are steady if not slowing, but surely not increasing. With months of inventory close to two years, it is still a buyer’s market and depending on which neighborhood you want, it could be the perfect time to buy.
To the Sellers out there: Depending on the type of property you own, my advice may differ slightly. In no circumstances are you in the driver’s seat of getting the price you were told it was worth in 2007, but some property types and sectors are performing better than others. With a fairly nice inventory of distressed properties (See Good Deals Section!), in order to sell, properties must be priced aggressively and show beautifully to have a chance to sell. Given absorption numbers, only one in 22 properties is selling each month. How are you going to ensure your property is that one?
To the Buyers out there: My advice has not really changed – although I know you are wondering if we have hit the bottom. I would say we are in the bottom zone, but you never know when the bottom has hit until it’s over. I thought this summer would provide more sales than it has which means there are probably anxious sellers out there. Within this buyer’s market, you can find the right property for a price that we haven’t seen in years. Note that more competition exists in the under $400,000 market.
Amy Nakos, JD, GRI
Your Castle Summit
www.yourcastle.org
anakos@yourcastle.org
June numbers flat over May.
Increase in Pending Properties.
June 2011 had a total of 85 residential improved transactions, up only 1 from May 2011. Total residential dollar volume in June was $46.7M, down $2M from $48.7M in May, a decrease of 4%.
While residential volume saw a decrease, looking at all types of properties, June showed a dollar volume increase over May. Dollar volume for all types of property however went up from May’s $56.1M to June’s $65.7M. June transactions included almost $20M of non-residential transactions. Total number of transactions in June for all types of real estate was 104, down 3 from May’s 107.
Total dollar volume on all types of transactions decreased year over year: June 2011 closed with $65.7M and June 2010 closed with $83.8M – a decline of 22.5%. July 2011 residential sales from our MLS indicate 77 residential properties sold with dollar volume at $34.2 million – a substantial decline for a summer month that historically has seen more dollar volume.
The price point with the most activity in June is the $200,000-$200,000 with 17 sales. In second place is the $300,000-$400,000 with 14 sales followed by the $400,000-$500,000 and $500,000 to $600,000 price points with 10 sales each. Ten sales over $1 million closed in June a decrease from the 14 sales in both April and May.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.
Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $792,010 ($780,637-May, $764,853-April, $710,227-March)
Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $399,832 ($409,389-May, $409,960-April, $401,769-March)
Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $261,398 ($261,997-May, $285,563-April, $252,583-March)
As of August 1, 2011, there are 1,832 residential properties for sale, up only 7 from last month. Most of the summer inventory is already on the market, but you can always expect a few new properties to come on the market at any time. The total dollar value of current inventory is $1.29 billion. As of the same date there are 423 land listings, up 6 from last month.
With respect to residential listings, average days on the market is 261; median days on the market is 132. Days on market increased this month because of much less new inventory entering the market.
Our MLS is showing 171 residential properties currently Pending, up 42 from June. Total dollar volume of pending properties per list price is $91.7 million. Pending properties have showed an increase corroborating an increase in summer sales activity. However, with only $91.7 million pending in Summit County, the selling season for 2011 will likely not show any signs of improvement over 2010.
According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 7.1% of residential properties are for sale and 16.4% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 85 residential properties selling in June and inventory of 1,832, it will take 21.5 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.
Below are the total dollar amounts of sales in June from 2004 to 2011:
June 2004 $111.7M
June 2005 $112.2M
June 2006 $162.7M
June 2007 $141.8M
June 2008 $92.5M
June 2009 $34.0M
June 2010 $83.8M
June 2011 $65.7M
Total Dollar Volume for 2004-2010 is as follows:
2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M
The year 2006 had the most dollar volume totaling $1,637,874,800.
What does all of this mean to you?
June residential numbers did not impress - instead it was even less than May – a historically low month! July residential closings, according to the MLS, show yet another decline. As I mentioned a couple months ago in this newsletter, this summer was going to be a barometer of how the Summit County real estate market is faring. Unfortunately, it is not picking up, instead it appears to be continuing a slow road downward. Can August transactions save the summer? We will have to see.
Last month, I provided the following historical graphs, but for those of you who didn’t see them, I am going to print them again.
Looking big picture at Summit County Real Estate, Summit has experienced great appreciation over the last 20 years. Recently, average prices have declined around 16%. An interesting side note, the property value reassessments also showed an average of a 16% decline in price. (While people don’t always agree with their property tax valuation, the Assessor’s formula has proven to be accurate with real MLS sales data.)
Sales volume is down 63% from the height of 2006. This factor is the biggest change in our market creating an over-supply and under-demand for Summit County real estate, putting downward pressure on pricing. Sales are steady if not slowing, but surely not increasing. With months of inventory close to two years, it is still a buyer’s market and depending on which neighborhood you want, it could be the perfect time to buy.
To the Sellers out there: Depending on the type of property you own, my advice may differ slightly. In no circumstances are you in the driver’s seat of getting the price you were told it was worth in 2007, but some property types and sectors are performing better than others. With a fairly nice inventory of distressed properties (See Good Deals Section!), in order to sell, properties must be priced aggressively and show beautifully to have a chance to sell. Given absorption numbers, only one in 22 properties is selling each month. How are you going to ensure your property is that one?
To the Buyers out there: My advice has not really changed – although I know you are wondering if we have hit the bottom. I would say we are in the bottom zone, but you never know when the bottom has hit until it’s over. I thought this summer would provide more sales than it has which means there are probably anxious sellers out there. Within this buyer’s market, you can find the right property for a price that we haven’t seen in years. Note that more competition exists in the under $400,000 market.
Amy Nakos, JD, GRI
Your Castle Summit
www.yourcastle.org
anakos@yourcastle.org
Summit County Colorado Foreclosure Statistics - July 2011
Summit County Foreclosure Update for May 2011
In May 2011, there have been 48 foreclosure actions; 27 with fee simple (100%) ownership, and 21 for timeshares. In May the Summit County Treasurer’s Office issued 21 Public Trustee’s Deeds - 14 for fee simple ownership, and 7 for timeshares.
The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 131 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 1 Certificate of Purchase action which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 82 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.
In terms of property types, 72 single family homes, 55 multifamily units, 6 parcels of vacant land, 1 development, 2 commercial properties, 16 unknown actions, and 62 timeshares in Summit County had foreclosure actions filed against them so far in 2011. Eighty-six are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-one are in Blue River, 18 in Silverthorne, and 12 in Wildernest.
In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. In the first five months of 2011, Summit County is at 131 NED’s.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.
Amy Nakos, JD, GRI
Your Castle Summit
www.yourcastle.org
anakos@yourcastle.org
In May 2011, there have been 48 foreclosure actions; 27 with fee simple (100%) ownership, and 21 for timeshares. In May the Summit County Treasurer’s Office issued 21 Public Trustee’s Deeds - 14 for fee simple ownership, and 7 for timeshares.
The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 131 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 1 Certificate of Purchase action which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 82 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.
In terms of property types, 72 single family homes, 55 multifamily units, 6 parcels of vacant land, 1 development, 2 commercial properties, 16 unknown actions, and 62 timeshares in Summit County had foreclosure actions filed against them so far in 2011. Eighty-six are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-one are in Blue River, 18 in Silverthorne, and 12 in Wildernest.
In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. In the first five months of 2011, Summit County is at 131 NED’s.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.
Amy Nakos, JD, GRI
Your Castle Summit
www.yourcastle.org
anakos@yourcastle.org
Subscribe to:
Posts (Atom)