Local Market Observations
What do you see in your housing market this weekend? Auctions? "The foreclosure of the Base Village properties in Snowmass Village, most recently scheduled for June 1, has been postponed once again, marking the eighth time the sale date has been moved, according to Tiffany Wancura of the Pitkin County Treasurer's Office. However, the fact that the banks requested a longer time frame, rather than just month by month, as has become the standard practice, increases the odds that the foreclosure sale may indeed happen following the Labor Day weekend."
"'I think this time everyone has taken a more realistic approach (which is), ‘let's just give it three months and get all of the things we need to get done, done' said Jim DeFrancia of Lowe Enterprises, which is acting as the property's receiver."
"He also said that there is actually some pending activity in the long-stalled base area project. 'We have some condos in Capitol Peak that are under contract,' he said."
Or foreclosures? "Foreclosure activity showed a significant increase last month in Pleasanton, Dublin, Livermore and San Ramon. Pleasanton saw four foreclosures in April, according to CalREsource, a real estate reporting service. They ranged from a 903-square-foot home on Arroyo Court that was obtained by Dublin Limited for $139,700 to a 1,368-square-foot home on Francisco Street that was valued at $570,000."
"Five foreclosures took place last month in Dublin, with investment groups acquiring properties ranging in value from $245,500 for a 1.234-square-foot home to a 3,790-square-foot home, acquired by the Silvergate Investment Group for $708,400."
"Livermore saw the most foreclosures during the month, with 10 listed between April 7 and April 25. The lowest-priced foreclosures was a 960-square-foot home on Elm Street, taken over by JP MorganChase Bank for $199,203. The most expensive was a 2,274-square-foot home on Ridgecrest Circle, acquired by ING Bank for $602,799."
"There were eight foreclosures last month in San Ramon, ranging from $149,121 for a 949-square-foot home on Reflections Drive to a 4,558-square-foot home on Calico Court that was taken over by Bank of America for $1,007,500."
"Some Realtors suggested that sales opportunities in the mid- to-low-priced housing market fell because incentives for first-time homebuyers went away. That left more sellers whose home mortgages were more than they could afford with few prospective buyers."
Or development? "For the past 86 years, Miami Corp. has been recognized for "enlightened" management of the 59,000-acre rural Farmton Tree Farm. Miami Corp. officials have come under pressure to develop the site to produce income. The proposed Restoration development, just a little north of Farmton, could double the current population of 21,225 in Edgewater by adding 8,500 homes on 5,181 acres during the next 15 years."
"In addition to other developments already approved, both Volusia and Brevard counties each have more than 40,000 vacant housing units, according to U.S. Census records."
"'You and I know ... (those) ranchettes would never happen,' said Volusia County Councilman Carl Persis, one of two who voted against the Miami Corp. plan. 'They're not going to find people to live out there. That would take 200 years.'"