Posts Tagged ‘foreclosures’

Active listings of bank-owned properties are decreasing

Thursday, June 16th, 2011

Foreclosure properties — bank-owned homes and those in some stage of foreclosure — continued to make up a large number of all home sales across the country. And with discounts averaging 27% below the average price of homes not in foreclosure, they weighed heavily on prices. Below is an outline of the Q1 2011 foreclosure sales in Colorado and the discount these distressed properties commanded (source MSN Real Estate).

State: Colorado     ———–       No. of sales: 4,032  

Avg. sales price: $176,291  ———-   Avg. discount: 29.52% 

In Steamboat:

Discounted prices coupled with competitive loan conditions attract buyers to distressed properties in Steamboat Springs. More and more units are sold and the inventory of active bank-owned properties continues to decrease. The numbers tell the story: In the first quarter of this year, 45 bank-owned properties were sold, a significant increase from the first quarter of 2010 (with only 10 bank-owned properties sold). Accordingly, the number of active listings of bank-owned properties has been declining steadily since the beginning of 2011. The month of January was marked with an average of 50 bank-owned residential units on the market. By the end of March, this number has decreased 26% to only 37 residential bank-owned listings. Currently there are only 29 bank-owned residential units and 12 bank-owned land listings.

If you would like to learn more about current foreclosures, call an agent from Buyer’s Resource Real Estate of Steamboat at 970.870.8885. You can also pick up an updated foreclosure list from our office at 56 9th street, downtown Steamboat Springs, next door to the Off the Beaten Path Bookstore.

To receive a weekly foreclosure list update via email, please send a request to Gery Smith

Source: MLS Steamboat Springs and MSN Real Estate

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Foreclosure List

Thursday, March 31st, 2011

Updated foreclosure lists available at Buyer’s Resource Office.

Steamboat Springs is a home to over 12,000 people and an attractive vacation place for many more. Tourist spending and number of visitors are in direct correlation with employment rates and economic development for this beautiful mountain town. These factors also affect activity in the real estate market.
The increased number of visitors in Steamboat follows the nation trend of growth in travel spending. The US Bureau of Economic Analysis reports growth in the travel and tourism spending in third quarter of 2010. Real spending on travel and tourism increased at an annual rate of 8.0 percent in 2010:3, following an increase of 3.4 percent in 2010:2. By comparison, real gross domestic product (GDP) increased 2.5 percent in 2010:3 after increasing 1.7 percent in 2010:2. While tourism spending outpaced overall growth in the economy, it still remains below its peak set in 2007:3.

How is Steamboat affected? Steamboat Springs received more visitors than expected due to record snowfall, great lodging rates and increased tourist spending. Accordingly, real estate market is seeing an increased interest from buyers. With attractive property prices and abundance of listings to choose from, more and more people look at Steamboat as a great real estate investment.
Referring to February 2011 data, real estate market shows that units sold were 105 and up 34% from the previous February 2010 (78 units sold). In addition, of the 34 Residential Improved Units sold for this February, 24 of those were sold for $500,000 or less. Compared to February 2010, there were 20 Residential Improved Units sold and 7 of those were sold for $500,000 or less.
With the increased number of foreclosures in Steamboat, bank owned properties are an attractive buy for many buyers. February 2011 saw 12 Bank sales to compare with only 4 in February of 2010. As of March 30, 2010, there are 60 bank owned listing – a significant increase since March 2010 and 30 listings (MLS source).

Visit Buyer’s Resource Real Estate information Center to pick up a detailed foreclosure list and browse our huge inventory of market statistics. We are open from 8:30 am to 7:00 pm Monday – Saturday and from 10:00 am to 4:00 pm on Sundays.

Think Snow!

Ref: US Bureau of Economic Analysis
Land Title

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Alternative Buying Opportunities

Monday, October 12th, 2009

The vast majority of U.S. real estate transactions begin as advertised listings, held by real estate brokerage firms. Sellers begin the process by selecting an agent to represent their side of the transaction and agree to a listing price. These listings are then readily promoted by the agent’s brokerage firm, in hopes of attracting interested buyers.

This, however, is not the only way you can buy real property. Alternative buying opportunities, including foreclosures and auction sales, provide additional paths to homeownership. While listed transactions still dominate the real estate market, informed buyers will want to consider all their options.  One advantage of working with the Exclusive Buyer’s Broker’s at Buyer’s Resource is that we will exhaust the market to locate the type of property you are seeking.

If you decide to investigate alternative buying opportunities, make sure you take time to become fully educated on the process. Educating buyers is our primary function!  Foreclosures and auction sales are unique, involving specialized knowledge and training. You may find attractive opportunities, but you must also be prepared to avoid potential pitfalls, and we would be happy to discuss all of the options with you.

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