Santa Clarita Short Sale Listings on the Rise

180983 Resource 120085 120144 120144 1188228840020 1188235522559 Controlled Bank Owned Property Sales in the Santa Clarita Area

Bargains are out there in the REO (bank owned) property arena, if you know how to look for them!

With short sales and REO's (Real Estate Owned, or bank owned properties) hitting the news a lot lately, it's time to take a closer look at the Santa Clarita market to see what's really going on here.A search of REO's on the local MLS shows that 13 REO properties closed escrow within the last three months (May 27 through August 27, 2007). Of these, eight are in Canyon Country, three are in Saugus, one is in Stevenson Ranch, and one is in Valencia. We'll take a look at the short sales data in a separate post.<table style="WIDTH: 80%" cellspacing="1" cellpadding="1" align="center" border="1"><tbody><tr><td>Address</td><td>SF</td><td>YrBlt</td><td>List Pr</td><td>Sale Pr</td><td>Tract</td><td>City</td></tr><tr><td>18105 Sundowner Way 979</td><td>844</td><td>1985</td><td>$249,900</td><td>$254,000</td><td>AmBeautyCondo</td><td>CC</td></tr><tr><td>26914 Rainbow Glen Drive 212</td><td>1007</td><td>1988</td><td>$299,900</td><td>$280,000</td><td>AmBeauty</td><td>CC</td></tr><tr><td>19601 Bruces Pl </td><td>1700</td><td>1987</td><td>$514,900</td><td>$474,900</td><td>AmBeautyClassic</td><td>CC</td></tr><tr><td>26850 Claudette Street 160</td><td>964</td><td>1986</td><td>$320,000</td><td>$250,000</td><td>AmBeautyVill</td><td>CC</td></tr><tr><td>20788 Plum Canyon Road </td><td>799</td><td>1972</td><td>$286,000</td><td>$230,000</td><td>BouqetVill</td><td>SAU</td></tr><tr><td>25959 Stafford Canyon Road B </td><td>1667</td><td>1991</td><td>$439,000</td><td>$419,999</td><td>CrownVillas</td><td>SR</td></tr><tr><td>29201 Flowerpark Drive </td><td>2266</td><td>1969</td><td>$519,900</td><td>$495,000</td><td>Pinetree</td><td>CC</td></tr><tr><td>19736 Byrne Place </td><td>3058</td><td>2005</td><td>$758,500</td><td>$758,500</td><td>SiennaHills</td><td>CC</td></tr><tr><td>28746 High Ridge Drive </td><td>2828</td><td>2003</td><td>$645,000</td><td>$630,000</td><td>Sonata</td><td>SAU</td></tr><tr><td>30243 Jasmine Valley Dr </td><td>1326</td><td>1974</td><td>$504,999</td><td>$445,000</td><td>Timberlane</td><td>CC</td></tr><tr><td>27621 Nugget Drive 6</td><td>1275</td><td>1985</td><td>$354,900</td><td>$352,000</td><td>TresRobles</td><td>CC</td></tr><tr><td>27363 Dearborn Drive </td><td>2156</td><td>2004</td><td>$554,900</td><td>$539,900</td><td>WindsorColl</td><td>VAL</td></tr><tr><td>21167 Lone Star Way </td><td>2921</td><td>2002</td><td>$699,900</td><td>$695,000</td><td>WhisperOaks</td><td>SAU</td></tr></tbody></table>The usual disclaimers apply: Information was obtained via SoCalMLS and is believed to be accurate but is not guaranteed.A closer look at these properties reveals that this is not the first, or second, or even third time that many of these have been listed.<h2>Case #1: 26914 Rainbow Glen Dr #212, CC</h2><ul dir="ltr"><li><div style="MARGIN-RIGHT: 0px">Purchased in 2002, went back to the bank in February 2007.</div></li><li><div style="MARGIN-RIGHT: 0px">Listed December 2005 at $375,000 with out-of-area Realtor. Listing expired April 2006.</div></li><li><div style="MARGIN-RIGHT: 0px">Listed October 2006 at $330,000 with out-of-area Realtor (Citrus Valley). Listing expired February 2007.</div></li><li><div style="MARGIN-RIGHT: 0px">Listed February 2007 at $335,000 and reduced to $315,000. Vacant and in need of work. Listing cancelled April 2007.</div></li><li><div style="MARGIN-RIGHT: 0px">Listed April 2007 as "rehabbed" by the bank at $299,900. Sold at $280,000 in June 2007.</div></li><li><div style="MARGIN-RIGHT: 0px">Net reduction in original list price to final sales price: $95,000.</div></li></ul><h2 style="MARGIN-RIGHT: 0px">Case #2: 19736 Byrne Pl., CC</h2><ul dir="ltr"><li><div style="MARGIN-RIGHT: 0px">Purchased in February 2006 for $870,000, went back to the bank in April 2007.</div></li><li><div style="MARGIN-RIGHT: 0px">Listed as short sale in December 2006 at $750,000. Shown as in escrow with first right of refusal, but apparently never closed escrow.</div></li><li><div style="MARGIN-RIGHT: 0px">Listed in April 2007 at $758,500 as bank-owned property. Sold in June 2007 at $758,500.</div></li><li><div style="MARGIN-RIGHT: 0px">Net reduction in purchase price in 2006 to final sale price as bank-owned in 2007 was $111,500.</div></li></ul>Admittedly, many of these properties aren't located in what would be considered "hot" developments in the Santa Clarita area, and in fact many are in the lowest price range. With lending guidelines and requirements tightening, it's harder than ever for buyers in this lowest price range to get loans, since many don't have down payments or stellar FICO scores.What does all this mean? Well, 13 REO's closing escrow in three months is such a small fraction of the homes listed and sold during that timeframe that it's probably not even a measureable percentage. However, the numbers do show that banks are "dealing", and that there may be some bargains to be found in the REO market.Interested in purchasing REO's or short sale properties? Call Linda Slocum at 661.670.0349 or email her at <a href="mailto:Linda@SantaClaritaRealEstateBlog.com">Linda@SantaClaritaRealEstateBlog.com</a>! 9 application/xml bank owned canyon country reo real estate owned reo santa clarita saugus reo short sale stevenson ranch reo valencia reo Santa Clarita Short Sale Listings on the Rise Valencia and Canyon Country lead in the number of short sale homes for sale. item/177467 Short Sale Primer Santa Clarita homeowners are starting to look to short sales to relieve them from over-financed homes. item/162260 Short Sale Listings in Santa Clarita Search for homes listed as short sales in the Santa Clarita area. http://socallistings.marketlinx.com/portal/?PID=850958&MID=F207099517 false Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.0.3705; .NET CLR 1.1.4322; Media Center PC 3.1) 127.0.0.1 127.0.0.1 lslocum false true false false true 181698 false false true false false false true 120085 blog blogsite/SantaClaritaRealEstate/web