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Anyone Think We Have Too Many 2 Story Walkouts?

November 30, 2008 By Leave a Comment

I just read this post on HousingWire regarding a survey of baby boomers conducted by the National Association of Home Builders and the AARP.  The majority of baby boomers say they intend to stay in their current home if they can.  Those that are planning to move generally would like to move to either warmer climes or in to a one level house or both if they can.

The value of the 4000-5000 SF 2 story walkout would seem to me to be under pressure for some time to come given the demographic shift going on.  Yes, there are a number of young people getting ready to move in to the housing market, but from everything I’ve been reading, given that people are marrying later (or staying single) and having fewer children, it seems likely that the demand for these big homes will remain sluggish for for a while.

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Plymouth, MN Foreclosures and Distress Sales – 17% of Inventory November 30, 2008

November 30, 2008 By Leave a Comment

As we head in to the final month of the year, I thought I would take a look at the distress inventory for Plymouth.  It’s currently running at 16.8%.  That’s based on 78 distress properties out of a total of 465 for sale.  Plymouth has been running about 12-17% for the past few months although the trend is slowly growing in terms of more distress sales.

I have mentioned several times that if you’re buying property today, you should look at the distress inventory first.  It appears I’m not the only one who thinks that way given that distress sales represent twice as much in the pendings as they do in the active inventory.

Plymouth Listings for Sale

  • Overall market: 465 properties for sale
  • Average Days on Market: 171
  • Average Asking Price: $383,175
  • Lowest Price: $60,000
  • Highest Price: $2.95 million
  • Distress sales:  78 properties
    • Average Days on Market: 167
    • Average Asking Price: $250,020
    • Lowest Price: $60,000
    • Highest Price: $700,000
    • Distress sales represent 16.8% of overall inventory

    Plymouth Listings Pending

    • Overall pendings: 47 properties
    • Average Days on Market: 158
    • Average Asking Price: $315,976
  • Distress sales pending: 15 properties
    • Average Days on Market: 107
    • Average Asking Price: $253,713
    • Distress sales represent 31.9% of all pendings

    We have seen the competition rising from distress sellers and it appears to only be increasing as we wind up 2008.

    For a list of these Plymouth distress sales, please send me an e-mail or go to www.PlymouthDistressHomes.com.

    Distress Sale

    Bank Owned

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