The south side of the Googleplex building in Mountain View, California, as seen from Charleston Road. (Photo credit: Wikipedia)
Foreclosure properties still represent a viable opportunity for average investors to purchase real estate at a discount. However, as we all know Real Estate is extremely local and like the weather in Northern California we do have very different conditions in each Silicon Valley city which houses some of the most successful corporations.
In case of Mountain View foreclosures, there are some interesting trends where the Notice of Sales increased by 300% in April 2013 compared to April 2012. However, because of the rapid pace of hiring and growth of Google and others, the area is enjoying a robust employment condition which creates huge demand on Single Family Homes. In fact, Mountain View Foreclosures have remained in single digits for the majority of 2012 and we anticipate this trend will continue.
Now that we know that volume of Mt View Short Sale, Mt. View REOs, Mt. View Auction homes will be in single digits, the smart money would be to see how competitive the prices are at the Court House for Distressed Property acquisition.
The chart blow clearly indicate that the Opening Bids (price that banks want to start their bid with) for foreclosure auctions in Mt. View has jumped 38% over the the SAME month in 2012! Also the Winning Bid for the Mt. View Auction Sales has increased to 108% which implies that investors would be paying Full prices at the Court House steps and no discount is offered for buying at Auction.
Bottom line is that you need to study your target market to avoid over-paying 1st for at Foreclosure properties. You can start your search for Foreclosure Listing page to locate Short Sale, REO and Auction properties in Mt. View and Contact Us to help you develop a strategy to secure a specific property.
