January 2012
Dear Eastview Condo-owner;
Have we really turned a corner economically? Less people are unemployed and hopefully that’s not just because of holiday retail employment, though that time seems far away already. There has been an increase in home sales and building permits and the stock market is up and holiday sales were up but not as much as hoped. Though no one of these has made a strong statement—just slightly up.
Interest rates are staying low, around 4%. They move a little but basically stay the same.
It’s finally time for Eastview condos to sell. 18 sold this year vs 6 last year and 8 sold this usually slow 4th qtr. Actually more condo sales occurred in this quarter than all of 2010.
2 units sold at Eastview Townhomes from $193,200 for the usual 1200sqft condo but in foreclosure, to $310,000 for the larger 1784 sqft unit. 1 3bdrm unit sold at Strathmore for $330,000 . There were 5 sales at the Courtyards. It seemed the whole complex was for sale for a moment. They were all 3 bdrms units that ranged in sales price from $325,199 for a foreclosure to $429,500 for a totally remodeled unit backing Toscanini. That a $100,000 range in price for condition and if there’s a bank involved.
Half of the condo sales this quarter were bank involved: short sales or foreclosures. The difference in price between the highest price bank involved property at $349,000 and the lowest price standard sale at $380 was $30,000. The difference at Eastview Townhomes was 8% in $/sqft.
But the greater effect of bank involved sales is not to be overlooked. The banks want out, the short pays are coming on the market at teaser prices which together brings all the prices down.
At least condos are selling. Seemed for a time there was no market, not sell or go to foreclosure.
If you have a problem with your mortgage or lender, give me a call. I am a Certified Distressed Property Expert (CDPE) and hopefully can help with your lender problems. Or if you’re just looking for real estate advice, give me a call
Sincerely,
Lynne Testa, CRS, CDPE
310-293-7601 LTesta@remaxpv.com
