Wednesday, November 12, 2008

More Gilroy Bank Owned Properties and Update!

Here are the more to follow -
9155 Desiderio Way (near Church Street) is a beautiful 3 year old 5 bedroom 3 bath home with 2783 Square Feet on a 5662 Square Foot lot. Most bank owned property sales are "as-is" which means you can still (and should) inspect the property and do your due diligence but the Seller will not be responsible for any repairs (which is basically the price of a good deal these days).
The property on the right is on 860 West 8th Street (near Orchard Drive) and is a 5 bedroom, 2 bath home with 2014 Square Feet on a 6930 Square Foot lot (and is 33 years old). Neither one of these homes jumped out at me as 'screaming deal' but we'll see how long they stay on the market.

Update from Chicago Title this week says Gilroy has 356 active single family homes on the market with 136 currently pending sale. There are 132 short sale properties with 54 in contract and 90 bank owned properties with 54 in contract. I think the following is more significant - 20 transactions closed this past week with 4 of them being short sales and 8 being bank owned properties.
The reason I think this is more significant is although the number of sales has increased throughout the year, the percentage of transactions actually closing is much less than those going in contract to begin with. I will publish those figures on a monthly basis and feel free to comment or contact me if you have any questions.

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