Leavenworth Foreclosure Report 2011

Foreclosures, short sales, bank owned properties (REOs) and distressed sellers continued to be an important part of the national real estate landscape in 2011. However, despite all the press, these distressed sales had very little effect on the Leavenworth real estate market.

foreclosure

Photo courtesy of Jeff Turner aka @respres

How little?

Of the 98 single family homes and condominiums that sold in 2011 in Leavenworth and Peshastin (including Lake Wenatchee and Plain) only 4 homes were bank owned properties or short sales.

You read that right. About 4% of Leavenworth home sales in 2011 were foreclosures.

Nationally, about 19% of home sales were distressed sales so we are pretty lucky in that regard.

One of our biggest requests from clients is info about Leavenworth foreclosures. We get it. Everybody wants a good deal.  I am just not convinced that foreclosures are the place you will find the deals locally.

In 2011, the bank owned properties that sold in Leavenworth and Peshastin were an odd bunch:

  • huge fixer upper project in Peshastin
  • 600 sqft cabin in Chiwawa River Pines
  • newer home in rough shape backing to the railroad tracks
  • off grid home without winter access

Riverfront properties? None

Houses on Lake Wenatchee or Fish Lake? None

Luxury Homes? Nope - The most expensive house here sold for $204,000 (and this was a house that sold for $250,000 in 2006.) The other three sold for less than $150,000.

How did 2011 compare to 2010?

In 2010 we had 10 distressed sales and that number has dropped significantly.  However, there are 7 distressed sales that are pending/ under contract. 2011's numbers maybe a little low because these pending sales took so long to close.

We certainly haven't seen a rash of short sales or foreclosures come on the market. I see no signs nor have I heard anything that would lead me to believe that there is a large amount of "Phantom" inventory owned by banks or likely to be foreclosed on soon in the Leavenworth market.

 

 

 

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

 

 

 

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Comments

You just never know what kind of bargains you will find with bank owned homes. One's man's trash is another's gold mine. Maybe the ying and yang of the market will settle down soon.

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Allyson and Geordie Romer

Leavenworth real estate agents - Allyson and Geordie Romer

For over a decade, Allyson and Geordie have been serving clients in the Leavenworth-area real estate market. Together, they work tirelessly to stay on top of the regional market and present the most relevant opportunities to their clientele.

When not in the office, they can be found exploring the endless recreation opportunities of the area in all of its seasons.

 

Testimonials

 

Geordie provided excellent real estate representation! We appreciated his detailed knowledge of the market, his up front and honest approach, and his negotiation skills.
As reviewed on Zillow  – 

- Laura Anderson

 

 

As “west siders” looking for a getaway near Leavenworth, Geordie provided insight … his knowledge of design features important in a “snowy winter wonderland” was appreciated. Thanks Geordie!
As reviewed on Zillow  –
 

- Jean Stern

 

 

Geordie made this somewhat complicated transition easier for us…going above and beyond to help us work through issues that came up during the sale of our parents home. We appreciated his knowledge, attentiveness to details and his willing spirit.
Our family is grateful for Geordie!
As reviewed on Zillow  – 

- Terry Foster

 

 

Geordie was great in every way. We have been looking in the Leavenworth area for some time, and Geordie was absolutely the best for local knowledge, history and depth on neighborhoods, developments and the local market trends. He was very quick to respond (even when he was on his vacation) and worked very diligently to get all of our questions answered in a very timely fashion. We would recommend him highly to anyone looking to buy or sell a home. Very friendly, and helped us navigate all of the local options before we made an offer on the property that we purchased. Thank you, Geordie!

As reviewed on Zillow  – 

- Ryan Olsen

 

 

It was such a pleasure to work with Geordie and his wife, Allyson on our cabin purchase. They showed us a variety of locations, listened to what we wanted and helped us find the perfect match. Everything was smooth and not stressful, just relaxed and easy. We would definitely recommend Geordie and use him again if the need arises!

As reviewed on Zillow  – 

- Cammie Schlosser

 

Moving to Leavenworth?

Are you looking for a cabin or a condo in Leavenworth that your family can use as a home base when climbing, skiing or hiking around Leavenworth or Lake Wenatchee?

Maybe you rent a house here and have decided to stay, surprised how a summer of rafting somehow turned into seven years.

Maybe it’s time to escape the hustle of the big city (and its rain) and move to Leavenworth with its four seasons.

Maybe you bought a condo years ago, don’t seem to use as much, and it’s time to sell.

Whatever your motivation, we are here to help. If you are buying a home, the best place to start is with our Homebuyer’s Guide to Leavenworth.