Prescott area REO and short sale homes sold in last 15 days > 03-26-09
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Prescott Area Market Report
Activity in the distressed home market in the Prescott AZ area remains strong with 26 homes closing in the last 15 days. This compares to 43 homes sold by traditional resales.
The average price per square foot for REO and short sales was $87 and the average time to sell was 128 days compared to $124 per square foot and 169 days on market for tradional resales. You can see that the REO and short market is moving much quicker and at a much lower average price.
Of the 25 distressed homes sold in the last 15 days, only 2 were short sales (highlighted in yellow).
Several of the homes sold for more than asking price (see green highlight) and got multiple offers to get there. This tells me that multiple buyers are getting in the game. Before you enter the fray, please read: Top 10 tips to win the REO multiple offer game.
| Single Family REO-Foreclosed-Short Sales Closed Last 15 Days* | |||||||
| Address | City | List Price | Sale Price | SP/LP | SQFT | $/SQFT | CDOM |
| 15926 Red Rock Ln | Cordes Lake | $49,900 | $39,000 | 78.2% | 1,332 | $29 | 167 |
| 2733 Kings Highway | Prescott Valley | $64,900 | $50,000 | 77.0% | 1,508 | $33 | 387 |
| 1898 Grasshopper | Chino Valley | $59,900 | $50,000 | 83.5% | 1,035 | $48 | 91 |
| 516 Lincoln Ave | Prescott | $114,900 | $106,000 | 92.3% | 1,723 | $62 | 101 |
| 13082 Durango | Dewey -Humboldt | $199,900 | $193,000 | 96.5% | 3,014 | $64 | 227 |
| 10996 Prescott Dell | Dewey -Humboldt | $294,900 | $228,375 | 77.4% | 3,122 | $73 | 202 |
| 3130 Princess | Prescott Valley | $99,900 | $105,000 | 105.1% | 1,344 | $78 | 95 |
| 981 Latigo Lane | Dewey -Humboldt | $164,900 | $168,500 | 102.2% | 2,130 | $79 | 119 |
| 9896 Tatum Circle | Prescott Valley | $174,900 | $170,900 | 97.7% | 2,108 | $81 | 59 |
| 2615 Covey Lane | Chino Valley | $214,900 | $135,000 | 62.8% | 1,645 | $82 | 208 |
| 7987 Autumn Sage S | Prescott Valley | $244,900 | $237,000 | 96.8% | 2,765 | $86 | 123 |
| 6613 Colbert | Prescott Valley | $169,900 | $180,000 | 105.9% | 2,007 | $90 | 96 |
| 6000 Poland Rd | Mayer | $199,900 | $185,000 | 92.5% | 2,030 | $91 | 145 |
| 700 Eleanor | Paulden | $129,900 | $129,900 | 100.0% | 1,376 | $94 | 47 |
| 1714 States St | Prescott | $189,900 | $170,000 | 89.5% | 1,794 | $95 | 179 |
| 8456 Manley Dr | Prescott Valley | $133,000 | $120,000 | 90.2% | 1,262 | $95 | 68 |
| 3841 Dale Dr | Prescott Valley | $134,900 | $132,000 | 97.9% | 1,366 | $97 | 61 |
| 6069 Old Mcdonald | Prescott Valley | $147,900 | $140,000 | 94.7% | 1,435 | $98 | 135 |
| 7749 Roaming Way | Prescott Valley | $214,900 | $209,000 | 97.3% | 2,079 | $101 | 40 |
| 55 Limberlost Ln | Prescott | $245,000 | $250,500 | 102.2% | 2,480 | $101 | 56 |
| 7875 Music Mountai | Prescott Valley | $160,000 | $153,000 | 95.6% | 1,510 | $101 | 174 |
| 2165 Constellation | Chino Valley | $139,900 | $139,900 | 100.0% | 1,347 | $104 | 46 |
| 10690 Oxbow Dr. | Dewey -Humboldt | $229,900 | $212,000 | 92.2% | 2,033 | $104 | 90 |
| 1716 Alpine Meadow | Prescott | $272,500 | $207,500 | 76.1% | 1,811 | $115 | 240 |
| 1150 Pronghorn Tra | Chino Valley | $199,900 | $195,000 | 97.5% | 1,660 | $117 | 144 |
| 73 Woodside Dr. | Prescott | $285,900 | $275,000 | 96.2% | 1,917 | $143 | 28 |
| Number of Homes: | 26 | ||||||
| Average | $174,512 | $160,830 | 92.2% | 1,840 | $87 | 128 | |
| Median | $172,400 | $169,250 | 95.9% | 1,759 | $93 | 110 | |
| MLS Data as of: | 3/26/2009 | *Source: PAAR MLS | |||||
For more information on any of these listings including the days on market for an individual property, please contact me.
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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 [...]
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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. [...]