Market Insights: Distressed properties, the facts
February 2, 2013
Editor’s note: For the purpose of this article, “distressed property” refers to any property (excluding timeshares) that is in some stage of the foreclosure process, including short sales, or has become bank-owned. “NED” refers the Notice of Election and Demand, the first step banks are required to take in the foreclosure process.It appears the bulk of the foreclosures are behind us.” says Maggie Dew of Stewart Title, the authority on distressed properties in Summit County. Maggie has been to more public trustee auctions than anyone (county employees excluded). In addition to attending the sales each Friday, she tracks every single distressed property. I have been fortunate over the past few years to team up with Maggie to provide you with the data of what has happened and to predict, with amazing accuracy, what will happen next. Distressed properties hit Summit County like a wave. Here is Maggie’s data:
356 properties receive their NED.104 properties foreclosed.
316 properties receive their NED.145 properties foreclosed.
268 properties receive their NED. 87 properties foreclosed.
215 properties likely to receive their NED.50-75 properties likely to be foreclosed.
31,000: the number of residential properties in Summit County.0.28 percent: the percent of homes foreclosed on in 2012.92 percent: the percent of properties purchased at the public trustee auction by the lien holder.What great news! Above are the facts. No fudge factor, no baloney, just the truth. And any way you look at it, the truth is really great news for our county.
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The numbers are clear. There are few distressed properties available and we can expect to see even fewer. Right now, 76 Buffalo Terrace, located in The Highlands in Breckenridge, appears to be probably the best value short sale in Summit County at the bank-approved asking price of $839,100. Let me know what you think of the photos.Love life, DanielDaniel Webster Johnson completed the Certified Distressed Property Expert training in 2009. He has conduced dozens of distressed property sales & is a broker associate at Resort Brokers Real Estate in Breckenridge. Contact him at (970) 393-3300 and/or Daniel@YourMountainBroker.com.