Distressed Inventory Report 11-13-10

By George Thurtle

The numbers keep riding but the rate has slowed. The Notice of  Trustee (NTS) is where most of the activity is occuring. In West Bellevue there was 5 new NTS in this week alone. This area had seen the least activity over the last few weeks. The other areas had a much more modest increase in inventory and NTS activity. The major issue is though is a lot of the new activity is in lower end condominiums.  The amount of listed inventory both short sale and bank owned seems to be declining.  This should change in the next few weeks as these new NTS sales go through foreclosure. It can take these banks a long time to bring inventory to the market.  In some cases over 90 days.

As we have discussed last week the quality of the inventory seems to be degrading with most of the inventory coming on being lowered priced homes needing repair or even worse old condo conversion units. However this week there is an exception. There is a home located at 2730 1o5th Ave SE in Beaux Arts. This home is a little over 5000 sq. ft. and is located in a prime area of West Bellevue. Beaux Arts is a private community which has retained a very natural character and is located close to downtown Bellevue and I-90 access. In addition this community has 1100 ft. of community beach on Lake Washington. This home was a builder’s own personal residence and was exquisitely done.¬† This is one of tail ends of the nicer new comes coming to the market. This home was foreclosed on about six weeks agao and will be listed in the next couple of weeks. It was at $1,680,000 as a short sale. If you figure about $300 per sq. ft. that would put the value at about $1,500,000. Anyone interested in this home should get a hold of me and we can discuss the best way to approach an offer. The bank selling the home is Wells Fargo and they have a policy of not accepting offers from the public for almost two weeks. In the early stages of the listing they only accept offers from municipalities and non-profits. So if you make an offer initially they just sit on it and wait for other offers so your best timing is right after they begin accepting offers from the general public.¬† The only good news about Wells Fargo is they tend to list high and their inventory will age and at some time they will capitulate. After 30 days then is the best time to make the offer. If this one gets listed over $1,500,00o I think that is what might happen here.

Here is the spreadsheet: Bellevue Foreclosure Report 11-13-10

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