Thu 1 May 2008
Are Short Sales Good?
Posted by Kendyl under Northwest Glendale, Stats and Numbers
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Northwest Glendale Real Estate Hot Sheet
click here for chart explanations and disclaimer
I would love to show you the new listing on Bellevue, but I can’t. No picture. No description. No reason to care about a listing that looks really expensive for it’s size and location.
1433 Randall is thinking they are accomplishing something by not telling the size of house or lot. I just assume that the house and lot are way below average. I don’t think that’s what the agent was going for! 
I rarely report on homes that are taken off the market (not sold, just no longer for sale). 1345 Cleveland is of note because it is a really nice house in every way - but price. The lesson is that you can’t price your home too far above others in your same location - no matter how nice your home is. There is no way the buyer will pay for your over improvements in this market.
On Monday I mentioned a report that said very few homes advertised as short sales would actually get approved by the bank and close. I decided to take a look at the actual numbers in our neck of the woods. Here’s what I found.
For 91021 and 91202, single family homes built before 1960, there are 29 homes sold so far this year. 4 were bank owned and 2 were short sales. In escrow right now are 30 homes. 7 are bank owned and 7 are short sales. Basically, about 30% of short sales actually close. Buyers - understand that short sale properties are treacherous waters! Do not assume that all short sales are great deals.