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Short Sales - What's the DEAL? Are they a DEAL? Are they closing?

Back in May I wrote about short sales and if they were even worth looking at. 

Take a look here: http://activerain.com/blogsview/524066/Should-Buyers-Look-at

Well, I continue to show them and write offers on them, because it's important to me to do everything I can do to get the best house at the best price for my clients even if it is a "long shot".  (By long shot, I'm referring to getting the bank to approve the short sale.  I usually do not advocate "low-balling", but I'll save that for another post.)  

So, what's been going on since the last stats I ran on 5/25/08? 

Here's a review of Southwest Las Vegas Area priced under $300k 1/1/08 - 5/25/08

1031 Total Closings 

  • 430 Bank owned property sales (42%)
  • Median sale price per square foot $119.86
  • Average sale price per square foot $120.84
  • Median list price to sale price = 100%

 

  • 89 Short Sales (9%)
  • Median sale price per square foot $129.70
  • Average sale price per square foot $128.64
  • Median list price to sale price = 99%

 

  • 512 NON short sale or foreclosure sales (49%)
  • Median sale price per square foot $131.55
  • Average sale price per square foot $135.19
  • Median list price to sale price = 98%

 

 And here's the results for Southwest Las Vegas Area priced under $300k 5/25/08 - 7/29/08

 824 Total Closings 

  • 592 Bank owned property sales (72%)
  • Median sale price per square foot $116.07
  • Average sale price per square foot $116.97
  • Median list price to sale price = 101%

 

  • 70 Short Sales (8%)
  • Median sale price per square foot $121.02
  • Average sale price per square foot $122.99
  • Median list price to sale price = 100%

 

  • 162 NON short sale or foreclosure sales (20%)
  • Median sale price per square foot $136.64
  • Average sale price per square foot $136.74
  • Median list price to sale price = 98%

 btw:  today (7/29/08) in the southwest area there are 3009 homes on the market or in contract

  • 1161 bank owned homes on the market or in contract (39%)
  • 1324 short sale homes on the market or in contract (44%)
  • 524 non foreclosure/non short sale on the market or in contract (17%)

 Well are they a good deal...if they close?  Maybe. 

Or they could just not be up to the same standards as the homes with equity, but not quite as destroyed as some of the bank owned homes.  That alone might explain the difference in price per square foot.

But look at the percentage of short sales currently on the market and in contract (44%) compared to the percentage of short sale closings (8%)!  The odds of getting a great deal on a short sale are not looking that good...and the payoff doesn't look that terrific either.  But of course, I continue to leave that decision to the client.

Comment balloon 0 commentsDamon Botticelli • July 29 2008 05:51PM

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