Palm Springs and the desert cities in general are seeing declining short sale listings. Not just the numbers in listings, but also the prices have begun to creep up to closer to FMV. Why? I suspect there are several things at work here...
1. We are a resort town. By that I mean, there are many buyers wishing to own in our winter wonderland and so very few propeties languish on the market.
2. The new inventory which was hardest hit..2003-2006 built..have been sold out. These developments have mostly turned.
Short Sales have been purchased, refurbished, moved into or resold and have new homeowners. Equity sales or standard sales are increasingand our inventory is markedly low..all across the valley. There are still great values to be had if you compare price/sf to what they were in the peak, but those smashing Short Sale values??? Not so much.
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Great news Kimberly!!!
"DING DONG - It's sounding like the Short Sale may be dead"
We have seen such a decline in short sales in San Francisco as our inventory is down, prices are up and the number of buyers outnumber sellers probably by 5:1
As a matter of fact I just wrote an offer on a foreclosed property that was listed nearly $100k below what the lender purchased it back at the courthouse steps and we were amongst 27 offers. The funny thing is the listing agent must have a directive to have everyone re-submit their offer through RES.net. I'm keeping my fingers crossed that I am one of the few agents around who has enough patience to do so after all our experience on Equator.
(Sidebar Note: IMHO Equator is superior compared to the RES.net Agent interface - I can't believe RES.net tried to scalp me with a promise to get REO's if I paid them $800! Caveat Emptor!)
It's Tuesday Broker's Tour day and I'm about to break out into song: "Ding Dong the SHORT SALE IS DEAD" at least it certainly seems that way in Oz/SF... "Oh Toto it certainly doesn't look like we're in Kansas anymore..."
https://www.youtube.com/watch?v=XOEq-ImGWJ0
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