Foreclosures, Foreclosures, Foreclosures!

One of my Specialty Areas is Located North of Rinaldi between Wilbur Ave and Tampa Ave... the above aerial view includes Porter Valley Country Club Golf Course surrounded by 807 single family homes. Currently their are 2 Homes going to Auction and 15 Homes in the preforeclosure stage. The good news is while this seems like a large amount for a small area it only represents 2% of the area homes that are in documented trouble while 98% of the area is current enough to stay out of foreclosure. The bad news is the impact is that since the banks cannot own real estate all of these homes will be coming on to the market in the very near future at probably superior pricing. So what that means is if you are the Non Troubled Seller you still have to compete with the banks growing inventory and give-away prices. If you are interested in tracking foreclosure properties contact me and I can assist you. If you are interested in Selling your property before the foreclosure supply takes off contact me so I can immediatly assist you.

Porter Ranch Trends:East of Tampa, West of Rinaldi

Currently there are only 31 Active Single Family Homes Listed for Sale in Porter Ranch community North of Rinaldi, East of Tampa which can be referred to as Older Porter Ranch. There are currently 26 Homes In Escrow. The inventory breaks down as such:

----------- ACTIVE---March ESCROW - April ESCROW
400K-500K - - - 0 - - - -0 - - - - - - - - - - 0
501K-600K - - - 7 - - - - 3 - - - - - - - - - - - 2
601K-700K - - -11 - - - - 5 - - - - - - - - - - 4
701K-800K - - - 4 - - - - 3 - - - - - - - - - - - 8
801K-900K - - - 6 - - - - 1 - - - - - - - - - - - 0
901K-1MIL - - - 1 - - - - 0 - - - - - - - - - - -0
Over 1MIL - - - 2 - - - - 0 - - - - - - - - - - - 0

The past 7 closed sales had an original list price of $726K with a Sale Price of $695K, the average Sq Ft was 2405 with 39 days on the market. The 19 homes in escrow had an original list price of $728,500 with a reduced list price of $689,500, average Sq Ft was 2297 with 76 days on the market. Market trends are showing that the properties once priced in the $800K level are down in the $700K level and so forth. The good news is property is still selling, interest rates are good and there is alot of opportunity. Call me on my cell at 818.438.2684 to discuss your next real estate move or log on to http://www.porterranchhomeseller.com/ for more area facts.