The REOs are rolling through the higher end of the market – the 7,500sf REO around the corner on Poco Lago just closed for $2,318,332 on Dec 21st, yet others keep hoping.
The REO in the second clip of the video is to the right on this map, plus two others are for sale out of the six:
This is a dramatic example because of the price point, but this is how the REOs are impacting neighborhoods everywhere. By under-cutting the exuberance of other less-motivated sellers, it makes them look like a deal, but is that enough to get them to sell?
In a conservative market I think you’re going to see buyers wanting to snuggle up to the recent comps more than ever, which means this $3.25-er (second home in video) might need to get into the 2s before selling, since the 7,500sf REO just closed for $2.318. Or because it’s a single-level, will buyers shrug off a two-story comp and pay what’s needed to get it?
Youtube video around the RSF Farms area: