I recently spoke with Pat Watson from Help U Sell Outer Banks about the state of the local Real Estate Market. Pat provided some information on the bank owned properties and the difference between the listing price and the selling price.
Here are the bank owned sales from August 1. The sale price to list price ratios are not very wide. I guess what I would say is that if anyone is looking to purchase a foreclosure, they should work with an agent skilled in maneuvering through the process, even though it will cost some money. Banks will often purchase the property back thinking they can do better in a straight sale than even the highest foreclosure bid. In general, a person will get a better deal in the foreclosure but they need to be ready with the financing. That's where you, Ronnie come in!!!
CMA Summary Report
| RESIDENTIAL - Sold |
| ADDRESS | MLS # | Area | Price | HtdLvArSF | DOM | LP | SP |
| 137 Faris Drive | 52110 | Jarvisburg to Poplar Br. | $95,000 | 1208 | 45 | $105,000 | $95,000 |
| 105 The Oaks | 51680 | Manteo-S. of Airport Road | $165,000 | 988 | 38 | $170,000 | $165,000 |
| 52632 Piney Ridge Road | 51291 | Frisco Oceanside | $171,000 | 1456 | 94 | $189,500 | $171,000 |
| 130 Lee Court | 51533 | Colington Harbour | $210,000 | 950 | 48 | $219,900 | $210,000 |
| 26017 Galleon Drive | 51404 | Salvo Oceanside | $230,000 | 960 | 77 | $230,900 | $230,000 |
| 504 Wingina Avenue | 51745 | Manteo-S. of Airport Road | $270,600 | 1770 | 34 | $269,900 | $270,600 |
| 129 East Woodlands Drive | 50829 | Manteo-S. of Airport Road | $300,000 | 2010 | 70 | $309,750 | $300,000 |
| 203 W Bridge Lane | 51553 | Nags Head Westside | $342,000 | 1780 | 35 | $359,900 | $342,000 |
| 83 Poteskeet Trail | 51838 | Southern Shores Westside | $385,000 | 2350 | 66 | $395,900 | $385,000 |
| 105 Ruddy Duck Lane | 51239 | Duck Westside | $525,000 | 2550 | 20 | $599,900 | $525,000 |
| 765 Voyager Road | 49008 | Corolla Oceanside | $1,625,000 | 5690 | 216 | $1,699,000 | $1,625,000 |
| Total Listings | Avg | Avg | Avg | ||||
| 11 | 67 | $413,604 | $392,600 |
| RESIDENTIAL Summary Statistics | ||||
| High | Low | Average | Median | |
| LP: | $1,699,000 | $105,000 | $413,604 | $269,900 |
| SP: | $1,625,000 | $95,000 | $392,600 | $270,600 |
This is good information - and thanks for the plug Pat. Based on my research for the OBXforeclosures.info site, many of the properties that make it to foreclosure in Dare County are purchased back by the lenders. In many cases - they are the only ones that show up on the courthouse steps. Those properties are then put back into the MLS and listed by Realtors.
I got hit with a $500 fine from the MLS for posting similar sales stats on my blog. Be careful, there are a lot of agents with nothing better to do than pretend to be the blog police.
Posted by: Greg Cremia | November 16, 2007 at 01:14 PM
Greg,
I don't understand why the association would fine someone for publishing market statistics. I think you are just blazing a new trail. Consumers want this information so we should provide it.
Posted by: Ronnie Roach | November 17, 2007 at 07:17 AM