Saturday, August 27, 2011

Seattle Foreclosures

There are 265 bank-owned, foreclosed properties in Seattle currently listed for sale on the NWMLS. Tomorrow, we will be offering a FREE tour of five of those properties. The tour begins at 1 pm, at the first house on the tour: 12743 3rd Ave NW in Broadview.

Of the 265 bank-owned (or "REO") properties in Seattle, the average REO has three bedrooms and approximately 1346sf, and the current average list price is $226,000 (median price of $180,000 - which means half the REOs cost more and half the REOs cost less).

There are three REO properties with asking prices over $1million. The most expensive REO currently listed is a seven bedroom waterfront home with 4560sf that has been on the market for 831 days. It is offered at $1,329,000. Tax-assessed value on this home is $1,680,000.

There are 41 Seattle REOs with at least three bedrooms priced under $180,000. Virtually all of these are located to the south of Seward Park in the southeast end of the City; or south of White Center in the southwest end of the City.

Popular neighborhoods like Ballard have only four REOs currently listed; Fremont, Maple Leaf, Green Lake and Leschi each have one; Greenwood three; and Haller Lake four. Capitol Hill has two.

523 REOs have been sold in Seattle in the last six months, with an average size of 1500sf with three bedrooms and 1.75 baths. The average sales price was $239,000 (median $205,000). Median days on market was 76 (half sold faster, half slower).

There have been 82 sales of Seattle REOs in the last 30 days. In the last 30 days, most of the sales of three-bedroom REOs under $205,000 have taken place south of White Center in southwest Seattle.

Our tour tomorrow focuses on three bedroom homes in more desirable neighborhoods of Seattle like Broadview, Greenwood, Green Lake and Ballard. No reservations are necessary, and the tour is free. For more information, please call our 24/7 real estate recorded information line at 888-621-4999 x4.

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