Short sales and foreclosures. In Alameda CA? Alas, it's true!

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Real Estate Agent with Alain Pinel BRE 01367196

SHORT SALES AND REOS FOR SALE

As of this writing, there are 166 homes for sale in Alameda. 14 are short sales, and 9 are bank-owned --- or 14% of total homes actively for sale.

We just didn't think it would be this high. At first, it was just 2% of total...then it slowly inched up. A few month  ago, it was at 10%. But 14%?

Among the REOs are 2 condos, 1 townhouse, and 6 detached single family homes. One of these is a home in the new development of Bayport, 4 bedrooms/3.5 baths, 3423 sq ft, built in 2005, and listed at $849,900. The least expensive is a junior 1-bedroom condo listed at $174,900.

And among the 14 short sales, another home in Bayport is in peril. This one has 4 bedrooms/2.5 baths, 2219 sq ft, and listed at $774,999. And there is a home facing the lagoon. Similar lagoon homes in this area have sold for just a tad over $800K just a few months ago, and this one is listed at $775,900.

REO SALES

Since January 2008, there were 281 properties sold of which 21 were REOs.  REOs had 27 average days on  market, average sales price of $473,358, and average $365 sales/sq ft. REOs represented 7.5% of total sales.

RIGHT TIME TO BUY

Buyers must be rejoicing --- their chances are getting better at buying a home in Alameda at the prices they want. And there are quite a few choices. If there is ever a good time to buy, and if one were to follow the adage "Buy low, sell high" then this may be the time.

Interestingly enough, we have a continuous stream of people going through open houses. So it would appear that Buyers are thinking along the same lines.

 

 

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Pacita Dimacali

Alameda/Contra Costa Counties CA
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