40% of condos sold in March 2009 in Prescott area were REOs
The Precott Az area condo market finally got going again in March after having had ZERO closings in February, which was an anomoly. Two of the five closings were bank-owned, or REOs, and they were the driving factors behind the average $ per square foot at $118.
| Prescott Area Condos, Townhomes, Patio Homes Closed – March 2009 | |||||||
| Address | City | List Price | Sale Price | SP/LP | SQFT | $/SQFT | CDOM |
| 1970 Lazy Meadow L | Prescott | $409,000 | $395,000 | 96.6% | 3,398 | $116 | 273 |
| 1716 Alpine Meado | Prescott | $272,500 | $207,500 | 76.1% | 1,811 | $115 | 240 |
| 1216 Timber Point | Prescott | $245,000 | $232,000 | 94.7% | 1,882 | $123 | 210 |
| 3350 Iris Lane | Prescott | $207,000 | $197,000 | 95.2% | 1,188 | $166 | 213 |
| 12693 Tierra Aspera | Dewey -Humboldt | $145,000 | $137,000 | 94.5% | 1,893 | $72 | 176 |
| Number of Homes: | 5 | ||||||
| Average | $255,700 | $233,700 | 91.4% | 2,034 | $118 | 222 | |
| Median | $245,000 | $207,500 | 94.7% | 1,882 | $116 | 213 | |
| MLS Data as of: | 4/8/2009 | *Source: PAAR MLS | |||||
The one unit at 1716 Alpine Meadows in Hassayampa sold for $207,500, just below it’s 2/1/2003 sales price of $230,503. So in this case, prices were down to 2002 levels. Wells Fargo took a bit of a bath here, but I’m sure they learned something in the process. 
If you are waiting on the sidelines to buy a property in the Prescott, Prescott Valley, Chino Valley, or Dewey-Humboldt market area, consider a foreclosured or REO property. I can make the process as painless as possible.
See this post before you get going:
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