Notices of Default are filed with the County Recorder's Office when a borrower has defaulted on their loan. You will now have access to the Notices Of Default (NODs) filed within Contra Costa County by visiting Notices of Default for Contra Costa courtesy Mark Darfler, Realtor .
This information can give the viewer a good feel for how the foreclosure market is developing over time. This report will be updated weekly.
If you'd like to receive a current list of Notices of Default, please contact me directly at 925-330-7507.
Regards, Mark Darfler, Realtor, REMAX CC Connection, Inc.
http://www.darfler.com/
Tuesday, April 7, 2009
Wednesday, April 1, 2009
Prices Dropping on Lamorinda & Walnut Creek High-End Homes
Sellers are cutting prices on the million-dollar homes in the communities of Lafayette, Orinda, Moraga (Lamorinda) & Walnut Creek.
According to the Contra Costa Multiple Listing Service (MLS) as of April 1, 2009 there are 467 residential properties listed for sale in the communities of Lamorinda & Walnut Creek. Of these properties, 180 units (38%) are priced above $1,000,000. Since January 1, 2009 only 35 of these million-dollar plus homes have entered into a purchase contract (gone pending) or closed escrow (sold) . That's an average of about 12 homes sold per month. At this rate, that means there's over 15 months supply currently on the market (a balanced real estate market typically carries about 3-5 months of inventory).
Although we're in the prime season for selling real estate, "move up" buyers who typically purchase high-end homes have seen the equity in their current homes & their stock portfolios crushed. Adding insult to injury, lenders have all but shut the doors on large real estate loans.
To get their homes sold, seller's are taking a page right out of the giant retailer's play book - they are cutting prices. So far this year, of the 17 homes in the million-plus price range which have closed escrow (Sold), the average discount from the seller's asking price has been 7% . On a percentage basis this may not sound like much, but it adds up to hundreds of thousands of dollars. And with only 20% of the existing inventory selling so far this year, and more units expected to hit the market, more price discounting is sure to come.
To search for homes in Lafayette, Orinda, Moraga and Walnut Creek visit my web site at http://www.darfler.com/
According to the Contra Costa Multiple Listing Service (MLS) as of April 1, 2009 there are 467 residential properties listed for sale in the communities of Lamorinda & Walnut Creek. Of these properties, 180 units (38%) are priced above $1,000,000. Since January 1, 2009 only 35 of these million-dollar plus homes have entered into a purchase contract (gone pending) or closed escrow (sold) . That's an average of about 12 homes sold per month. At this rate, that means there's over 15 months supply currently on the market (a balanced real estate market typically carries about 3-5 months of inventory).
Although we're in the prime season for selling real estate, "move up" buyers who typically purchase high-end homes have seen the equity in their current homes & their stock portfolios crushed. Adding insult to injury, lenders have all but shut the doors on large real estate loans.
To get their homes sold, seller's are taking a page right out of the giant retailer's play book - they are cutting prices. So far this year, of the 17 homes in the million-plus price range which have closed escrow (Sold), the average discount from the seller's asking price has been 7% . On a percentage basis this may not sound like much, but it adds up to hundreds of thousands of dollars. And with only 20% of the existing inventory selling so far this year, and more units expected to hit the market, more price discounting is sure to come.
To search for homes in Lafayette, Orinda, Moraga and Walnut Creek visit my web site at http://www.darfler.com/
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