Outbid!!January 27, 2011
You’ve Got To Be Kidding Me! Your’re Kidding Me, Right?February 2, 2011
Earlier in this foreclosure cycle we are currently experiencing, local real estate agents and appraisers in Sun Valley would discount the value of the bank owned foreclosure properties. In other words, the foreclosure properties were considered less valuable than non foreclosures and therefore not seen as equal. As in, “yes, that property sold but it was a foreclosure so it’s not a good comparable.”
Often we didn’t want to include them as comparables when in determining value of other properties. Now it’s unavoidable. Bank owned and distressed properties are defining our market, they aren’t just influencing it. And not just in entry level properties.
The process started out in the south valley in Hailey and Bellevue but then it started creeping its way North. A $4.9+/-MM foreclosure sale on the Big Wood River closed a just a few months ago.
Unfortuantely this is part of a broader correction from the market hey day that needed to happen. And it will impact our market for years to come.