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November 2010 saw an increase in sales for the month! Fifteen sales closed from Government Camp, Welches, Brightwood, and Rhododendron. Mt. Hood real estate sales are picking up and this month proves it.
Here are the fifteen sales in November direct from multiple listing. SEVEN of these sales were bank owned properties including two Collins Lake Condos in Government Camp.
Information has just been released for November 2010 sales in the Mt. Hood area including Welches, Brightwood, Government Camp and Rhododendron. Below are the numbers straight out of our local multiple listing service.
Comparing the same month, November 2009, pending sales are down 35%. This is comparing the forth quarter of the year when the GNP was over 5%. What a difference a year makes.
Here are the numbers from RMLS for 2010 to give you an idea of what is happening as of the end of October. Average sale prices are down nearly 20% compared to last year. This is obviously due to the foreclosure sales this year at the lowest end of the pricing range. Our pending sales compared to last year at this time are down 23%. This reflects the difficulty in getting mortgage money in current times. Most sales that become pending through the rest of the year will probably close in 2011 with the banks moving at a snail's pace. Here's hoping 2011 will see lots of improvement!!
Eight total sales for the month of October. Here they are:
Three foreclosures this month and several second homes with price tags over the $300,000 mark. Finally, a sale in Government Camp!
It's been a dry spell for Collins Lake sales in Government Camp since January. Although the market is quite saturated with inventory, finally two units have closed in November. Both were cash sales but the prices a bit surprising.
Both of these units were foreclosures. The one selling for $234,000 was originally sold in November of 2005 for $439,000.
Financing is difficult for units, that is, if you can find it these days. Conventional lenders are placing these units under the "condotel" umbrella.
From Wikipedia: A Condo hotel, also known as a hotel-condo or a Condotel, is a building used as both a condominium and a hotel.
Condo hotels are typically high-rise buildings developed and operated as luxury hotels, usually in major cities and resorts.[1] These hotels have condominium units which allow someone to own a full-service vacation home. When they aren’t using this home, they can leverage the marketing and management done by the hotel chain to rent and manage the condo unit as it would any other hotel room.
So it goes with Collins Lake. This might be a hard pill to swallow for unit owners but until financing loosens up, this will be the hand dealt.
What is the real cost of foreclosures in a neighborhood? There are a few of them in the Mt. Hood area. Most are in Brightwood and Rhododendron but more are heading our way. This chart is taken from the web site Center for Responsible Lending and shows how much each Oregonian has lost due to foreclosures impacting the value of their homes. The average loss of value from homes that are near foreclosures is $8,442!
Many buyers and sellers are asking how are bare land sales on the mountain. Well if you take a look at Brightwood, Welches, Rhododendron and Government Camp you'll find sales are averaging about one a month this year. Not bad considering new home construction loans are difficult to find these days. Here are the ten sales since the beginning of the year.
Three sales were in subdivisions of Timberline Rim and Zig Zag Village. One Government Camp sale in Alpenglade, a couple of waterfront lots and a couple of acreage parcels. This has been a surprisingly good report for this year!
September saw an increase in the number of sales with nine closings for the month. A variety of properties sold including two foreclosures, one forest service cabin and one Government Camp single family residence. Interestingly, five of the nine sales were cash sales. Fortunately, for many sellers, the banks have been taken out of the equation since their standards are so restrictive. This could also be a move by investors to make their move into the market.
Here are the nine sales:
Recent sales for September 2010 in the Mt. Hood area from Welches, Rhododendron, Brightwood and Government Camp are in. Here's the info direct from multiple listing services:
Nationally, foreclosure buyers received a 26% discount when purchasing foreclosed properties if they purchased in the second quarter this year. Pre Foreclosure buyers received a 12.97% discount. REO or bank owned foreclosure buyers were able to receive a 34.54% discount for their purchase in the second quarter.
According to RealtyTrac, about 24% of sales in the U.S. were foreclosures! The hardest hit states were California, Nevada and Arizona averaging nearly 50% for all of them combined.
Oregon, in the second quarter had around 25% of sales as foreclosures. Of course these foreclosures impact pricing and are creeping into appraisal comparables if they are near a home that is selling. Bad news for sellers due to the impact they have on their values.
The good news is for buyers, there are many properties to choose from. Here is a list of the foreclosures currently for sale in the Mt. Hood area from Government Camp, Rhododendron, Welches, and Brightwood:
Displaying blog entries 261-270 of 348
