Bank-owned Offers Half Moon Bay-Coastside to Pacifica: Over or under list price?
I read a recent post about how many Ann Arbor MI REO offers were selling over list price, and wanted to examine those stats for us here too. We’ll look at whether our Half Moon Bay-Coastside and Pacifica bank-owned listings have been selling for over or under list (asking) price throughout 2010. I researched single family homes and condo/townhouses (HMB is the only area with condos) only – not lots or multi-family properties. I checked Half Moon Bay, El Granada, Moss Beach and Montara together as “Coastside” and Pacifica.
They are mostly not selling over the list price at this time. The amount over list prices range from 1-6% depending on the type and area. Here is more detail:
Half Moon Bay-Coastside REO SALES:
January to June 2010 – 17 closed REO properties
3 sold for over-asking price; 2 of the 3 were low-end condos for under $260,000. Since the numbers were so different between the single family homes and the condos, I will separate them out. Over-asking single family home was less than 1%. Condo sales prices averaged 6% over asking – 2 condos in the entry tier of our market.
The remaining 14 properties sold for under asking price.
July to December 2010 – 17 closed REO properties
4 sold for an average of 1% over-asking price; 2 of the 4 were high-end properties, 1 over $1 million and the other almost $2 million.
The remaining 13 properties sold for under asking price.
CURRENTLY ON THE COASTSIDE: 7 Active bank-owned listings (123 Active SFH and condos); Of the 7 Active bank-owned listings, 5 of them have had price reductions so far. 4 pending bank-owned listings.
Pacifica REO SALES:
January to June 2010 – 20 closed REO properties
10 sold for an average of 4% over asking price; 10 sold for under asking price
July to December 2010 – 22 closed REO properties
6 sold for an average of 3% over asking price; 16 sold for under asking price
CURRENTLY IN PACIFICA: 14 Active bank-owned listings (94 Active SFH and condos); Of the 14 Actives, 11 have already had price reductions so far. The ones that haven’t reduced yet are new listings. 6 pending listings.
As of now, approximately 7% of the Half Moon Bay Coastside market is holding bank-owned listings, and 15% of the Pacifica market is holding bank-owned listings. This is a little higher than last year, but not a huge jump. If you want to “snag” a foreclosure listing on the Half Moon Bay Coastside or Pacifica, you may end up paying over asking price; however, it’s clearly not a foregone conclusion that you will have to. The accepted offer could also be quite a bit under the list price. It will depend on several factors with location and condition being two big factors.
(p.s. I follow the Ann Arbor market because we lived and owned property there in the past.)