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.

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.