Prescott area REO and short sale homes sold 9-1-09 thru 9-30-09
Print This Post The average price per square foot for REO and short sales was $88 and the average time to sell was 110 days compared to $125 per square foot and 225 days on market for traditional resales. Traditional home sellers are continuing the trend of reducing their prices to sell against the foreclosures and short sales. In fact, you can see that with over 40% of the sales being REOS and short sales that these comps cannot be ignored.
Short sales about 18 % of sales: Of the 76 homes sold, 12 were short sales (highlighted in yellow). Short sales are becoming more mainstream as banks and buyers and especially REALTORS figure them out. So many agents are doing the whole industry a disservice by avoiding these transactions.
55% of the homes sold at or more than asking price (see green highlight). This is a huge jump from last month’s 35%. This is an amazing “weak market.” Also note that most of the ones that sold quickly (list is sorted by Cumulative Days on Market (CDOM) received full price offers.
Some of the buyers I am working with right now are trying to get 20% off of the bank’s price. You can see how futile this exercise is when the average is only about 5% off.
| Single Family REO-Foreclosed-Short Sales Closed 9/1/09 – 9/30/09 | |||||||
| Address | City | List Price | Sale Price | SP/LP | SQFT | $/SQFT | CDOM |
| 490 Lauren Ln | Chino Valley | $249,900 | $250,000 | 100.0% | 2,609 | $96 | 15 |
| 7021 Aspen Circle | Prescott Valley | $126,720 | $130,000 | 102.6% | 1,440 | $90 | 17 |
| 4105 Fort Bridger | Prescott | $625,000 | $595,000 | 95.2% | 3,964 | $150 | 22 |
| 20152 Mesa Verde Roa | Mayer | $69,900 | $68,000 | 97.3% | 1,455 | $47 | 25 |
| 936 City Lights | Prescott | $816,480 | $700,000 | 85.7% | 4,746 | $147 | 26 |
| 4070 Mustang | Prescott Valley | $140,900 | $139,000 | 98.7% | 1,744 | $80 | 27 |
| 5724 Mission | Prescott Valley | $124,900 | $125,000 | 100.1% | 1,414 | $88 | 28 |
| 352 La Paz St | Dewey -Humboldt | $155,800 | $143,600 | 92.2% | 1,729 | $83 | 31 |
| 4854 Granada | Prescott Valley | $144,900 | $144,900 | 100.0% | 1,719 | $84 | 36 |
| 19984 Antelope Rd | Cordes Lake | $44,900 | $48,100 | 107.1% | 1,384 | $35 | 39 |
| 325 Quail Rd | Paulden | $49,900 | $49,900 | 100.0% | 1,418 | $35 | 39 |
| 5700 Mission Lane | Prescott Valley | $106,000 | $115,000 | 108.5% | 1,270 | $91 | 43 |
| 20639 Cedar Canyon D | Cordes Lake | $116,250 | $120,900 | 104.0% | 1,550 | $78 | 47 |
| 8225 Tranquil | Prescott Valley | $120,000 | $107,500 | 89.6% | 1,176 | $91 | 49 |
| 2298 Lichen Ridge L | Prescott | $800,000 | $791,000 | 98.9% | 4,098 | $193 | 50 |
| 1615 Keno Dr. | Chino Valley | $58,500 | $52,000 | 88.9% | 1,364 | $38 | 52 |
| 7385 Brilliant Sky | Prescott Valley | $169,900 | $170,000 | 100.1% | 1,890 | $90 | 54 |
| 5517 Poke Dr | Prescott Valley | $105,900 | $105,900 | 100.0% | 1,104 | $96 | 55 |
| 7939 Impala | Prescott Valley | $214,900 | $215,300 | 100.2% | 2,144 | $100 | 55 |
| 3080 Starlight Dr | Prescott Valley | $114,900 | $115,000 | 100.1% | 1,194 | $96 | 56 |
| 3385 Pleasant View | Prescott Valley | $186,900 | $195,000 | 104.3% | 1,887 | $103 | 56 |
| 911 Audrey Ln. | Prescott | $119,900 | $121,300 | 101.2% | 1,010 | $120 | 57 |
| 5433 Pierce Ln | Prescott Valley | $194,000 | $191,000 | 98.5% | 2,041 | $94 | 57 |
| 7839 Falla Bella | Prescott Valley | $144,900 | $140,000 | 96.6% | 1,504 | $93 | 58 |
| 2965 Sweet Pea Lane | Dewey -Humboldt | $64,900 | $64,900 | 100.0% | 1,218 | $53 | 59 |
| 2420 Sioux | Chino Valley | $97,900 | $97,900 | 100.0% | 1,300 | $75 | 59 |
| 7610 Maloof Rd. | Prescott Valley | $233,500 | $233,500 | 100.0% | 2,048 | $114 | 62 |
| 6130 Tower Drive | Prescott Valley | $122,760 | $115,000 | 93.7% | 1,304 | $88 | 65 |
| 13055 Tijuana St | Dewey -Humboldt | $115,900 | $115,900 | 100.0% | 1,220 | $95 | 68 |
| 302 Alarcon | Prescott | $149,500 | $149,500 | 100.0% | 1,273 | $117 | 68 |
| 3076 Montana Drive | Prescott | $189,900 | $181,500 | 95.6% | 1,728 | $105 | 68 |
| 5405 Haystack Rd | Chino Valley | $390,000 | $455,000 | 116.7% | 3,854 | $118 | 69 |
| 883 Pulsar | Chino Valley | $155,000 | $155,000 | 100.0% | 1,617 | $96 | 70 |
| 3512 Needles Drive | Prescott Valley | $106,900 | $106,900 | 100.0% | 1,235 | $87 | 71 |
| 1166 Red Cinder Rd | Chino Valley | $389,900 | $360,000 | 92.3% | 5,919 | $61 | 71 |
| 7069 Horizon Wy | Prescott Valley | $137,900 | $137,900 | 100.0% | 1,433 | $96 | 73 |
| 6653 Brombil St | Prescott Valley | $230,900 | $216,000 | 93.5% | 2,359 | $92 | 76 |
| 403 Galloway | Chino Valley | $150,000 | $153,000 | 102.0% | 2,572 | $59 | 77 |
| 623 Cortina St. | Dewey -Humboldt | $128,500 | $124,000 | 96.5% | 1,728 | $72 | 85 |
| 7670 Baxter Ln | Prescott Valley | $234,900 | $222,000 | 94.5% | 1,847 | $120 | 86 |
| 20245 Sierra Dr | Cordes Lake | $93,000 | $98,500 | 105.9% | 1,395 | $71 | 87 |
| 12922 Madrid | Dewey -Humboldt | $149,900 | $148,500 | 99.1% | 1,888 | $79 | 87 |
| 7425 Woodchute Trai | Prescott Valley | $129,900 | $138,500 | 106.6% | 2,212 | $63 | 95 |
| 830 Heritage Cir | Prescott | $275,000 | $255,000 | 92.7% | 2,598 | $98 | 96 |
| 7931 Mesteno | Prescott Valley | $268,500 | $260,000 | 96.8% | 3,171 | $82 | 97 |
| 7300 Big Bug Mesa | Prescott | $394,900 | $346,500 | 87.7% | 2,848 | $122 | 97 |
| 8483 Sommer Drive | Prescott Valley | $124,900 | $125,000 | 100.1% | 1,320 | $95 | 99 |
| 4645 Pennycare Stre | Prescott Valley | $164,900 | $163,000 | 98.8% | 1,642 | $99 | 104 |
| 7460 Jasmine Vine W | Prescott Valley | $147,150 | $134,000 | 91.1% | 1,572 | $85 | 105 |
| 20735 Mingus Dr | Mayer | $50,000 | $50,100 | 100.2% | 1,472 | $34 | 110 |
| 3168 Crestview Dr. | Prescott | $259,900 | $245,000 | 94.3% | 2,460 | $100 | 110 |
| 3175 Pine Dr | Prescott | $125,000 | $129,000 | 103.2% | 1,819 | $71 | 118 |
| 9621 Rancho Vista D | Prescott Valley | $143,900 | $143,900 | 100.0% | 1,650 | $87 | 119 |
| 3971 Navajo Drive | Prescott Valley | $77,500 | $76,000 | 98.1% | 1,456 | $52 | 122 |
| 1819 Ryan Ct | Prescott | $234,500 | $215,000 | 91.7% | 2,667 | $81 | 135 |
| 4769 Meixner Rd | Prescott Valley | $131,000 | $131,000 | 100.0% | 1,538 | $85 | 139 |
| 12450 Century Ln | Dewey -Humboldt | $154,900 | $153,900 | 99.4% | 1,846 | $83 | 153 |
| 731 Highland Circl | Chino Valley | $139,900 | $146,000 | 104.4% | 1,536 | $95 | 156 |
| 7464 Plateau Ridge | Prescott Valley | $139,900 | $138,600 | 99.1% | 1,269 | $109 | 158 |
| 5733 Goldenrod Way | Prescott | $329,000 | $329,000 | 100.0% | 2,370 | $139 | 175 |
| 3501 Meadowlark Dr. | Prescott Valley | $197,100 | $178,000 | 90.3% | 1,548 | $115 | 177 |
| 3124 Corrine Dr | Prescott Valley | $110,000 | $100,000 | 90.9% | 1,161 | $86 | 185 |
| 17083 Duffers Drive | Spring Valley | $71,500 | $65,000 | 90.9% | 1,680 | $39 | 192 |
| 150 Bramble Dr | Paulden | $29,900 | $25,000 | 83.6% | 1,271 | $20 | 209 |
| 4713 Sauter Drive | Prescott Valley | $189,000 | $189,000 | 100.0% | 2,555 | $74 | 209 |
| 1796 Rolling Hills | Prescott | $309,900 | $309,900 | 100.0% | 2,664 | $116 | 213 |
| 2255 Sandia Dr | Prescott | $215,000 | $215,000 | 100.0% | 2,602 | $83 | 214 |
| 690 Ruth Rd | Chino Valley | $49,950 | $49,950 | 100.0% | 1,248 | $40 | 231 |
| 13093 Lima | Prescott Valley | $159,000 | $159,000 | 100.0% | 1,956 | $81 | 232 |
| 1722 Lapis | Prescott | $145,000 | $157,800 | 108.8% | 1,873 | $84 | 236 |
| 1508 Demerse | Prescott | $129,900 | $136,000 | 104.7% | 1,384 | $98 | 239 |
| 1608 Addington Dr. | Prescott | $185,000 | $185,000 | 100.0% | 1,500 | $123 | 244 |
| 2225 Yavapai St | Chino Valley | $139,900 | $132,000 | 94.4% | 1,409 | $94 | 285 |
| 2811 Panorama | Prescott Valley | $45,000 | $45,000 | 100.0% | 1,410 | $32 | 301 |
| 1127 Trev View Tr | Paulden | $259,000 | $240,000 | 92.7% | 2,811 | $85 | 336 |
| 10543 Claire Ridge C | Prescott Valley | $250,000 | $230,000 | 92.0% | 2,210 | $104 | 403 |
| Number of Homes: | 76 | ||||||
| Average | $183,138 | $178,481 | 98.3% | 1,928 | $88 | 110 | |
| Median | $144,900 | $143,750 | 100.0% | 1,646 | $89 | 81 | |
| MLS Data as of: | 10/2/2009 | *Source: PAAR MLS | |||||
See: Why short sales aren’t always a good deal.
Considering making an offer in today’s distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game.
For more information on any of these listings, please contact me.
Search for Prescott area REO/Foreclosed and Short Sale Listings
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Thanks for your comment, Robert. I think if you read the entirety of my blog you will see that I try to post the current news and views about the market. You are welcome to post your analysis of what the market will do. My readers welcome input from all sides.
Thank you! This is just what I was looking for. Keep up the great work!
[...] How to help speed up a short sale tips [...]
Great blog post. The media will never pick up on this because it is more complicated than a soundbite.
If I may add that with the number of outstanding loans that are scheduled to reset in the next couple of years, decreasing home values and stricter lending guidelines, the rate of foreclosures are on track to peak in 2010. Short sales have become a growing niche for Real Estate Agents to sell homes before they become bank owned.
short sales | short sales education | short sales success
1/3 on the market are foreclosed or short sales – wow. It’s nice that you research this information. The agents who represent home sellers prob don’t share that info with buyers. Take care.
Dear Patrick,
Great article! I agree with you. I also would like to add couple more alternatives to those homeowners who want to stay in their homes.
There are two products those aren’t widely knowing and common in the market place. Trsutee Foreclosure Delays and Loan Re-Write.
Did you know that Homeowners are illegally being foreclosed on especially in Trustee States?
In Judicial Foreclosure states, a judge reviews the legality of the foreclosure proceedings to ensure the homeowner is being protected against greedy lenders and yet still the lenders are not properly following the foreclosure laws correctly (see this article: http://www.nytimes.com/2009/08/31/nyregion/31judge.html?_r=2).
In Trustee States, lenders employ a “third party” trustee company to replace the legal function of a judge and orchestrate the foreclosure process. If banks are not legally foreclosing when they know a judge reviews the case what do you think they are doing when they only have to go through a trustee that they pay? And what is more interesting, the trustee company is liable for the foreclosure proceedings but who is going after the trustee companies to review the legality of these foreclosure packages? You guess it! Yes, No one is..!
Did you know that a loan Re-Write program has the ability to reduce homeowner’s current loan balance down to the current market value at prime + 3%?
Here is an example: You owe $500K on your home but it is only worth $350k. Investors will bulk purchase the note from your current lender and re-write it back to you at $350k, saving you (the homeowner) over $150k!
I hope this helps!
To find out more about our services you may want to visit http://ASNDinc.com/
Yamen Elasadi
yamen@ASNDinc.com
Arizona Unemployment Trends – September 2009
Arizona Unemployment Trends Visualized as a Heat Map:
Arizona Unemployment in September 2009 (BLS data)
http://www.localetrends.com/st/az_arizona_unemployment.php?MAP_TYPE=curr_ue
versus Arizona Unemployment Levels 1 year ago
http://www.localetrends.com/st/az_arizona_unemployment.php?MAP_TYPE=m12_ue
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
This is good news… Foreclosure market needs movement to make more money and start leaving this situation
that’s good to hear. when you are experiencing foreclosure, you need the help of reliable real estate agents. when you are looking for them you may visit this site:
REALTOR
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
Hi!. Thanks for the blog. I
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Considering, finding the right foreclosure home is the most essential step involved while buying a foreclosure some research should be done ahead of time before finding the most affordable home.
[...] See: Why short sales aren’t always a good deal. [...]
[...] Considering making an offer in today’s distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game. [...]
[...] Foreclosures are still cranking in the U.S [...]
[...] 31% of Phoenix area home sales are foreclosures in March down from 51% in Feb [...]
[...] How to help speed up a short sale tips [...]
[...] See: Why short sales aren’t always a good deal. [...]
[...] Considering making an offer in today’s distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game. [...]
[...] See: Why short sales aren’t always a good deal. [...]
[...] Considering making an offer in today’s distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game. [...]
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
[...] See: Why short sales aren’t always a good deal. [...]