San Francisco REO and Short Sale Update
How does this affect the distressed home inventory in San Francisco? Available short sale properties are down over 60% from last winter (180+ to 70–this includes single-family homes, condos and 2-4 unit buildings). REOs (foreclosures) are down almost 44% (from 80 last November to only 45 currently).
Overall inventory is down as well. Normally we have between 400 an 500 homes for sale and 600-700 condos. As of today, March 19, 2012, there are only 291 houses for sale and 329 condos (including lofts but NOT including coops and TICs).
Here are some more details from my latest update to my REO/Short Sale website: Current REOs in San Francisco including the Marina, Noe Valley and Glen Park
What do these numbers and information mean? IF you still want to buy a distressed property in the City of San Francisco, you’d better hurry. IF you remove the multi-family properties from these numbers, there are only 101 distressed home (condos and SFRs) for sale. And my clients are writing offers on them. IF you want a good deal on a decent home, we need to meet and I will help you get one. You must either have cash or be pre-approved by a stable lender and be prepared to jump quickly and as high as you can!