Potential Flood of new Salt Lake Luxury Foreclosures

Potential Flood of new Salt Lake Luxury Foreclosures

As I mentioned in a previous article I think the banks are sitting on inventory to keep from flooding the market any more than it already is, this time I looked up the info.

I looked for notice of defaults filed this year on 5 East Side zip codes 84020, 84092, 84093, 84094 & 84121 with an assessed value of $400,000 or more and there are over 200. I think we have a steady supply of deals in that price point for some time to come.

This is creating an interesting market conditions. The biggest demand we have in Salt Lake County is entry level. Let’s look at the opportunities that are being created. The deals seem to be in the high $300k and above. The $250,000 and below is starting to break a seller’s market. I don’t mean a seller’s market where you get 10 offers in 3 days and 5-10% above list price. I mean just the other side of neutral where the seller will not take a beating and will get within 3% of their asking price. Still seller’s market. So the $250,000 and below seller is now the $350,000 and above buyer. So they can sell fairly easily and in a reasonable amount of time as long as they are realistic on the price and move into deal territory.

See What Makes A Buyers Market or a Seller’s Market