The Bay Collection Real Estate Market Update January 2014

Bay Collection Real Estate Market Data

For January 2014

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Bay Collection Real Estate Market Update Video Transcript

Hi I’m Michael Gaddis, your Bay Collection real estate expert. Today I want to talk to you a little bit about the state of the market and the Bay Collection as a January 15th 2014. I pull data today from the San Diego County Multiple Listing Service to see what exactly was going on in the Bay Collection. And as today there are only two listings in the Bay Collection , both of which are categorized as pending, one of which is my listing located at 7072 Heron Circle. This listing is a short sale actually is a short sell that seems to never end. The short sale has had so many problems I can hardly count in. We’ve had problems with buyers, we’ve had problems with banks, we had prompted banks changing from Bank of America and Nationstar with Nationstar not knowing what whether they want to put into the auction.com, process whether they wanted to do it through a traditional short sale. There have been no shortage of problems related to this particular listing. I’m hoping that very soon this will all be over with, but in the meantime I just have to move forward and hope that it will soon close. I do get a lot of calls on this property. I get so many calls on this property in fact that it’s crazy. In just so everybody knows I did not set the market price for this particular property.

The short sale started at Bank of America and Bank of America has what’s called a cooperative short sale program. Part of the cooperative short sale program is that a lot of the preliminary paperwork and determinations are made before it’s listed, one of these was list price. The bank is the one who set a list price and told me that this is what they want us to set it at. I thought it was a little bit low well a lot low, but that’s what they told me to do. We quickly found a buyer for that price and after a link the amount of time the buyer ended up falling out. Well since it was still in cooperative short sale program but the marking period had expired, they did another BPO in requested that we increase the price and we did and we eventually found another buyer. As it stands right now we’re waiting for final approval to come through so hopefully very soon we will have final approval for this property and we can get into Heron and finally get it closed.

The other property that is pending right now is 7077 Rose Drive which is pending for a million 98,000. It’s a couple underscore for smaller than my listing on here in Circle. The last close listing in the Bay Collection took place on November 18th and it was 7055 Heron Circle. It is a model match of my listing, so it is very interesting because that one is closed for million 75,000. So we’ll have to see what the bank says about that, because that’s pretty valid com. So that’s what’s going on in Bay Collection real estate. If you have any questions or you want more information regarding any of these listings or just you’re curious about to the value of your home, please feel free to give me a call. You can reach me at area code 760-692-5950. You can visit my website at Michael Gaddis.com or you can stop by my office which is in the towers a Bressi Ranch which is just of Palomar Airport Road and El Camino Real. Thank you for taking the time to
watch that Bay Collection real estate market update.

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