Another ride around the REO block
By Jessica Swesey, Thursday, May 1, 2008.Bookmarking Sites
We're enjoying a series of Realtor-made videos that have been popping up on YouTube in which agents take a video camera around a neighborhood to show what's happening on the ground. (See this one from Wednesday.)
In this video, Jim "the Realtor" Klinge of Klinge Realty in San Diego gives us a peek at one of his newest listings in Oceanside, Calif., where he discovers about eight REOs or bank-owned homes for sale within about a three-block radius. (Hat tip to Andy Kaufman for digging this one up.)
Klinge says the seller of his listing paid $318,000 a little over a year ago -- and the asking price now is looking to be somwhere in the mid-$100,000s.
Signs of a market bottom, anyone?
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Submitted by Jessica Swesey on May 1, 2008 - 2:36pm.
Note: It's not that we're "enjoying" the situations these videos are showing us, but rather the way in which these agents are taking us straight to the story without having to leave our desktops. If you have one of your neighborhood, add a link in this post or drop us an email.
Jessica Swesey
VP of Content
Inman News
Submitted by Jillayne Schlicke on May 2, 2008 - 10:15am.
Was "Jim the Realtor" filming at the same time he was driving?
Calculated Risk is reporting that 63% of all listings are either short sales or REOs in San Diego:
http://calculatedrisk.blogspot.com/2008/05/reo-short-sale-prevalence-rea...
Submitted by Shane Kane on May 4, 2008 - 4:56pm.
I don't think we've reached a bottom yet. In some areas we will see an add'l 25-30% decline in values.
Submitted by Larry Hotz on July 26, 2009 - 11:01am.
These are exactly the kinds of homes that are disappearing fast in our Denver real estate market. This latest article shows that homes priced under $300,000 are selling fast and supply is falling.
Investors and first time home buyers are competing for the best listings. So, multiple offers are common at this price point.
The top of the market though is still very slow.
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