Thursday, June 29th, 2017

Big Canoe Foreclosure Sales In 2010–The REAL Story

One of 19 Big Canoe foreclosure home sold in 2010

Now that we’ve passed into a new year, you might be interested to know the real story about foreclosure home sales in Big Canoe in 2010. I felt compelled to share the true statistics with you, because the rumor mill runs rampant with huge exaggerations of the number of Big Canoe foreclosures and short sales. If you are still a bit fuzzy about the definition of a “short sale,” it is when the bank or lender agrees to accept a purchase price less than the mortgage balance, rather than foreclosing on the loan and taking possession of the property.

To put the foreclosure numbers in perspective, you need to know that the average number of homes listed for sale by FMLS in Big Canoe during 2010 was about 260. As of today, there are 233 active listings. There are presently 2,500 homes and condos in Big Canoe, so only ten per cent of them were listed for sale at any point last year. While we’d prefer to see a lower percentage of our home inventory listed, there are plenty of communities and cities throughout the country with well over 25% of their homes on the market. According to FMLS figures, 108 Big Canoe homes sold and closed in 2010, and 12 were were under contract December 31.

So, here’s the scoop on Big Canoe foreclosures. The Big Canoe Property Owners Association tracks home sales and foreclosure activity. Their figures show that during 2010 there were a total of 24 foreclosed homes on the market. During the past five years, they have recorded a total of 78 homes in foreclosure. POA and FMLS numbers agree that only 19 foreclosed homes sold and closed in 2010 at prices ranging from $77,000 to $575,000. I want to stress that on average the foreclosures sold at 70% to 80% of their original listing price–not at “50 cents on the dollar” that some hopeful buyers unrealistically anticipate. Fortunately, Big Canoe didn’t take the kind of hit that Florida, Las Vegas and a few other locations did during the real estate market melt down. Overall, our little mountain paradise has held up quite well in this tough economic climate as compared with many other areas.

So, if you’re looking for a foreclosure or short sale, we’ve got ’em. If you’re looking for a great deal, we’ve got ’em, and that great deal may or may not be a foreclosure, because most home prices reflect current market conditions. Here at Mountain Home Resales we promise to find your mountain dream home and will guide you through the most stress-free, pleasant transaction you’ll ever experience! Visit our website to explore all Big Canoe and North Georgia Mountain up-to-date FMLS listings, and then give us a call. May you have a blessed and happy 2011.

Comments

3 Responses to “Big Canoe Foreclosure Sales In 2010–The REAL Story”
  1. Jim Elliott says:

    Good post Margo. Why don’t you send it to the paper. Jim

  2. Joe Thomas says:

    Very helpful and informative information. Spoken like the real estate pro you are.
    Keep up the good work!

  3. Jim Elliott says:

    Your site looks good Sounds like to have a clever webmaster.

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