This is the seventh in as series of Blogs in my quest to determine if REO properties are the great bargain that the public perceives them to be. The subject data is for SOLD REO properties in Folsom and El Dorado Hills, CA during February 2008.
The number of REO properties sold during the month declined by two, or 11.1%. However REO sales comprised nearly one third of all homes sold for the month.
At this writing the most consistent trend is that the cost per square foot for REOs remains consistently in a range of between 11% and 14% below the cost per square foot of all properties sold. As usual, REO properties that remain on the market for a long time sell for a lower percentage of the original listing price.
This month one property sold for 140.44% of the asking price. One could infer that the buyer negotiated a significant amount from the seller to cover repair costs.
Folsom/El Dorado Hills Sold REO Properties February 2008
Original Listing Price at SP as % SP as %
DOM Listing Price Time of Offer Sold Price Original Price Final Price
1 Fol 6 $289,900.00 $289,900.00 $280,000.00 96.59% 96.59%
2 Fol 10 $294,900.00 $294,900.00 $290,000.00 98.34% 98.34%
3 EDH 13 $314,900.00 $314,900.00 $320,000.00 101.62% 101.62%
4 Fol 36 $378,900.00 $346,000.00 $333,000.00 87.89% 96.24%
5 Fol 14 $349,900.00 $349,900.00 $340,000.00 97.17% 97.17%
6 Fol 4 $359,000.00 $359,000.00 $345,000.00 96.10% 96.10%
7 Fol 8 $259,900.00 $259,900.00 $365,000.00 140.44% 140.44%
8 Fol 1 $390,000.00 $390,000.00 $385,000.00 98.72% 98.72%
9 Fol 226 $475,000.00 $399,900.00 $397,500.00 83.68% 99.40%
10 Fol 62 $439,900.00 $419,000.00 $399,000.00 90.70% 95.23%
11 EDH 178 $579,900.00 $474,900.00 $413,000.00 71.22% 86.97%
12 Fol 61 $494,900.00 $464,000.00 $464,000.00 93.76% 100.00%
13 EDH 39 $529,900.00 $489,900.00 $474,000.00 89.45% 96.75%
14 Fol 95 $710,900.00 $670,900.00 $625,000.00 87.92% 93.16%
15 EDH 1 $755,000.00 $755,000.00 $745,000.00 98.68% 98.68%
16 Fol 77 $899,900.00 $829,900.00 $753,000.00 83.68% 90.73%
AVERAGES 52 94.7% 99.1%
REO Sold Cost Per Square Foot: $187.00 89% of the cost of all homes sold.
Total Sold Cost Per Square Foot: $210.00
Total Number of REO Homes Sold in November for area: 16 (29.6% of Total)
Total Number of Homes Sold in November for the same area: 54
