A summary of first and second quarter Real Estate in Grand Lake activity…
A quick glance at the Grand County Public Trustee sight shows some promising news. The total number of Foreclosures listed, through July 7, 2011 is 89, a 28% decrease in the number of properties listed in 2010, which was 123.
The properties that were foreclosed on last year are beginning to hit the market this year. The number of listed bank owned homes in Granby is up 25%, 100% in Grand Lake and 71% in Fraser. There bank owned homes represent 8% of the total active listings in all three areas. The number of sold bank owned homes, for the first two quarters of 2011 has increased significantly in Grand Lake and Granby but has decreased in Winter Park. Over all the average price of bank owned homes has decreased in Granby and in Winter Park but has remained flat in Grand Lake.
In the condo category, there has been 2 bank owned properties sold this year in the Winter Park area, one in the Grand Lake area and one in the Granby area. The number of active listings are up from 4 to 6 in Winter Park but down in both Granby and Real Estate in Grand Lake. The total number of bank owned condo listings and solds are both down just 1% since last year in all three areas. The bank owned condos represent 3% of the total active listings.
If you are looking for a great deal in this Buyer’s market keep in mind that just because a property is bank owned it is not always the best deal. Most times they need significant work and repairs and Banks will only agree to “As Is” contracts, which means you buy the property in its current condition with out any concessions from the bank. Don’t rule out looking at everything that is available in your price range. You never know how motivated a seller might be or how much equity they have in the property.