Monday Morning Market Update – Week Ending Dec. 20, 2009

week ending dec. 20th blog graphAs the year draws to a close and I review the sales activity for this week it seems that things are pretty quiet. 

There were more new listings this week than last (although two were re-lists) but not as many pending and closed sales. There also weren’t as many price reductions but it would be hard to top the 20 from last week! All in all it appears that last week was busier on all fronts.

There is one unit that I’d like to highlight. It’s a condo foreclosure in a “boutique” Riverside building called The Peacock.  A 1BR/1BA with just under 1,000 square feet, the condo is priced at $74,900. This unit was purchased for $112,000 in 2004.

The Peacock is within walking distance to Riverside’s many restaurants and boutiques and it’s the only condo in Riverside under $100K today. The only other condos in the area under $100K are in Ortega in a building off Timuquana Road. There are two other condos for sale in The Peacock and they are not distressed properties.

The stats for the week are:
New Listings:   8 (2 are re-lists) – To see the list, click here
Active-Contigent:   0
Pending Sales:  3  – To see the list, click here
Closed Sales:   4 – To see the list, click here
Price Reductions:   13 – To see the list, click here

I looked at the history of closed sales at The Peacock (see the full list of closed sales at The Peacock here) to see where the foreclosure is priced relative to some other units that have sold. The last 1BR unit that sold below $80K was purchased for $70K in July 2001.

As always, I keep my eyes peeled for good opportunities — be sure to let me know if there’s something in particular that you’re looking for and I’ll make sure you’re the first one to know about it.

Thanks for reading — please join me next week for my last market update of 2009.

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