Posts Tagged ‘foreclosures’

Monthly Investment Meet-Up Meeting with Antoine Pirson Tomorrow Night 7-9pm

January 4, 2011

Where will the Housing Market go in 2011?

Tomorrow evening (January 4th, 2011)  from 7 – 9 pm, Antoine Pirson (our Director of Investment Properties) will hold his regular monthly investment meet-up meeting at our Oakland office (5251 Broadway, Oakland, CA 94618 – the corner of Broadway and College Avenue)

This month, he will cover the following topics:

  1. What is the economical forecast for 2011? (Attendance participation encouraged)

  2. What is happening to lending, and underwriting requirements (A mortgage broker will be in attendance to answer these questions)

  3. Housing Rebound: Bull or Bear?

  4. Sales trend from December 2010

  5. What is inflation and how does it affect real estate?

  6. Who is buying NOW? And why?

Anyone who would like to join in the discussion is welcome to come and hear what Antoine and others have to say about the housing outlook for 2011.

Hope to see you there tomorrow night!

Antoine E. Pirson
MBA, CCRM, CCIM (candidate)
R.E. Broker and Investment Advisor
Lic #01372814

apirson@caldecott.com
Office: 510.594.2400 x 234
www.investmentpropertyfirst.com

Are there any foreclosed, bank-owned, REO or potential short sale properties in the East Bay cities Lafayette, Moraga or Orinda (Lamorinda)? If so, what type of discount are they selling for?

May 12, 2010

Yes, there are distressed properties in Lafayette, Moraga and Orinda, just not many compared to other cities in Alameda and Contra Costa that were hit significantly harder by the market downturn.

From January 1, 2010 to May 7, 2010, there were 28 distressed sales in Lamorinda accounting for 17.7% of total sales in these cities.  In addition, there were another 26 sales pending as of May 7, 2010.  Of these 28 sales, 10 were short sales, and 18 were REO’s.  These properties were listed for an average of $669,949 ($306/square foot) and sold for an average of $642,402 ($295/square foot) – a 4.1% average discount on the list price.

During the same period of January 1, 2010 to May 7, 2010, there were 130 non-distressed sales (re-sales and new construction) that were listed for an average of $1,017,907 ($427/square foot) and sold for an average of $966,636 ($409/square foot) – a 5.0% discount on the list price. 

Based on this data, distressed properties are selling for an average discount of 30.7% versus non-distressed real estate sales.

For more information about this market, or to sign up for a free-list of distressed sales in Lafayette, Moraga, Orinda or other Contra Costa or Alameda County cities, please contact Andy Read, Broker, at 510.594.2400 x 222 or aread@Caldecott.com.

Foreclosure Cancellations Continue to Climb

May 12, 2010

Short sales and loan modifications are not the only explanation

Discovery Bay, CA, May 11, 2010 ~ ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for April 2010. Foreclosure filings were down in April for the first time since the beginning of the year. Despite the decline in filings, the inventory of properties in preforeclosure or scheduled for sale only dipped slightly as the drop in filings were offset by an increase in the time to foreclose. Cancellations continue to climb, up more than 32 percent from the beginning of the year. The number of properties sold to 3rd parties also continues to climb, helped again this month by slightly better discounts.
 
“The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “I’d caution, however, that cancellations also occur due to filing errors and extended postponements, which require the Notice of Trustee Sale to be re-filed. In fact, 14.6 percent of new Notice of Trustee filings in April were on previously cancelled foreclosures.”
 
Click here for the full April 2010 Foreclosure Report.
 
 

 

ARE THERE ANY BANK OWNED (REO) PROPERTIES IN BERKELEY, CA?

January 6, 2010

Yes, there are REO’s available for purchase in Berkeley.  The inventory fluctuates, but as of 1/5/2010, there are ten current REO listings:

1.  1648 Curtis Street, 3/2, 1423 sq.ft, listed at $499,900

2.  1055 Amito Drive, 4/3, 4160 sq.ft, listed at $1,025,900

3.  827 Channing Way, 3/1, 1007 sq.ft, listed at $399,900

4.  1050 Creston Road, 4/3, 2953 sq.ft, listed at $950,000

5.  1239 MLK Way, 3/1, 1211 sq.ft, listed at $634,900

6.  452 Boynton Avenue, 4/2, 2301 sq.ft, listed at $859,000

7.  1687 Thousand Oaks Blvd, 3/2, 2244 sq.ft, listed at $859,900

8.  6946 Bristol Avenue, 4/4, 4120 sq.ft, listed at $999,900

9.  3227 Boise Street, 4/1, 1129 sq.ft, listed at $309,900

10. 1243 Ashby Avenue, 4/2, 1614 sq.ft, listed at $254,000

For more details about any of these listings, or to receive free automated emails with new REO listings in Berkeley, please email Andy Read at aread@caldecott.com or call him at 510.594.2400 x 222.