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REO and Short Sale Only

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CURT VAN HOOSER

Thread Starter
Senior Member
Joined
Nov 3, 2003
Professional Status
Licensed Appraiser
State
California
Well, it has finally happened. I have a gated community that has 5 active listings (3 REO and 2 short sale) and 5 sales in the last year (4 REO and 1 standard(from 12 months ago)). The neighboring, gated community, is in a similar situation but does have three standard sales which are significantly higher(about 100K). The REO's in this second community are listed approximately 15% higher than those in my community which is approximately the same pricing difference I have noticed between these communites over the last 4 or five years (all built between 2002 and 2004). I am now going to search the county database for additional sales but so far it looks like the REO's "are" the market. Any suggestion, answers, or observations are welcome. Thanks in advance! Curt
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Curt,

Paint the total picture for us with days on market, list to sale price ratio, expired listings, etc. How many total homes are their in your subject's PUD? Going back in time, I am sure will notice a transaction volume difference with today.
 

CURT VAN HOOSER

Thread Starter
Senior Member
Joined
Nov 3, 2003
Professional Status
Licensed Appraiser
State
California
Curt,

Paint the total picture for us with days on market, list to sale price ratio, expired listings, etc. How many total homes are their in your subject's PUD? Going back in time, I am sure will notice a transaction volume difference with today.

Actually, the volume is not significantly different. List to sale price is; low .97 to high 100. Average is .98. There are approximately 125 units in the development. No significant numbers of sales in any one year excluding builder sales. If REO's are the only game in town, how can I not call that the market, at least at present?
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
You have the convincing data. Now it is up to you to paint the picture in the appraisal.
 
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