Residential Distressed Properties for April – June 2012

Residential Distressed Properties for April – June 2012

This chart shows the number of Bank Owned and Short Sales in all areas of the RMLS™ system during the second quarter of 2012. To download or print the chart, click here.

Below are links to additional charts for some of our larger areas*:
Portland Metro
Clark County, WA
Lane County, OR
Douglas County, OR

*If you want information on percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

Here are some additional facts about distressed residential properties in the second quarter of 2012:

All Areas when comparing percentage share of the market 2nd quarter of 2012 to 1st quarter of 2012

  • When comparing the second quarter of 2012 to the first quarter, distressed sales as a percentage of new listings decreased by 10.1% (18.8% v. 28.9%).
  • In a comparison of the second quarter of 2012 to the first quarter, distressed sales as a percentage of closed sales decreased by 8.8% (30.1% v. 38.9%).
  • Short Sales comprised 9.9% of new listings and 11.7% of sales in the second quarter of 2012, down 5.1% and 1.3% from the first quarter 2012, respectively.
  • Bank Owned/REO properties comprised 8.9% of new listings and 18.4% of sales in the second quarter of 2012, down 5% and 7.5% from the first quarter of 2012, respectively.

Portland Metro when comparing percentage share of the market 2nd quarter of 2012 to 1st quarter of 2012

  • When comparing the second quarter of 2012 to the first quarter, distressed sales as a percentage of new listings decreased by 11.2% (19.8% v. 31%).
  • In a comparison of the second quarter of 2012 to the first quarter, distressed sales as a percentage of closed sales decreased by 9.7% (29.5% v. 39.2%).
  • Short Sales comprised 10.5% of new listings and 11.4% of sales in the second quarter of 2012, down 5.6% and 2.1% from the first quarter 2012, respectively.
  • Bank Owned/REO properties comprised 9.3% of new listings and 18.1% of sales in first quarter 2012, down 5.6% and 7.6% from the first quarter of 2012, respectively.

Clark County when comparing percentage share of the market 2nd quarter of 2012 to 1st quarter of 2012

  • When comparing the second quarter of 2012 to the first quarter, distressed sales as a percentage of new listings decreased by 10% (25.1 % v. 35.1%).
  • In a comparison of the second quarter of 2012 to the first quarter, distressed sales as a percentage of closed sales increased by 13.1% (35% v. 48.1%).
  • Short Sales comprised 17.3% of new listings and 20.4% of sales in the second quarter of 2012, down 6.5% for new listings and holding steady for sales when compared to first quarter 2012, respectively.
  • Bank Owned/REO properties comprised 7.8% of new listings and 14.6% of sales in 2012, down 3.5% and 13.1% from the first quarter of 2012, respectively.

9 Ways to Make a Kitchen Look Swank for Less

Written By  BARBARA BALLINGER, Reprinted from Realtor® Magazine June 2012

According to Remodeling magazine’s latest Cost vs. Value survey, the average price of an upscale kitchen redo hovers about $113,000. Even the cost of a mid-range overhaul is a whopping $58,000.

However, sellers are rarely willing to invest the kind of time and money it takes to do that kind of remodeling job, especially one they’ll barely use before they move. But there are affordable alternatives to make this much-used gathering spot more appealing, both aesthetically and functionally. Here arenine easy-to-implement, easy-to-copy ideas for you to share with sellers and buyers. Tell them to try one, two, or perhaps all of them!

▪ Reuse existing elements in the kitchen when possible. “We try to take a hard look before we start any renovation to see what can be salvaged,” says architect Talia Braude, AIA, LEED AP, whose firm Braude Pankiewicz Architects is based in Brooklyn, N.Y. For example, when Braude found floor joists that were too damaged to be structurally sound, she reused them as kitchen shelves, for which they worked perfectly.

▪ Go with affordable cabinets, possibly a line with simple maple, cherry, or oak rather than exotic imported wood or lacquered fronts. Also, opt for pressed rather than solid wood interiors and shelves to pare costs. Because cabinets often represent 50 percent to 60 percent of a remodeled kitchen’s cost, saving here brings down the price, says Lou Manfredini, Ace Hardware’s “Home Expert” based in Chicago. But if possible, spend a bit more on quality hardware that will eliminate wear and tear when opening and closing doors and drawers. One good place to start looking for affordable cabinets is at IKEA, says Braude, which her client Orli Belman did when remodeling a kitchen in her Los Angeles home. Belman saved even more by purchasing cabinets during IKEA’s kitchen sale. Other alternatives include replacing the doors (and reselling the old ones), or repaint cabinets with a product like Ace Hardware’s Cabinet, Door & Trim Paint, an alkyd-based semi-gloss finish that yields a smooth, factory-like finish.

▪ Appliances are another huge cost factor in redoing a kitchen, and stainless-steel name brands are among the biggest offenders. Besides opting for less expensive black-and-white fronts and going with cheaper brands, Web sites like Craigslist and Overstock are good resources for new or little-used items others are trying to get rid of. Belman went those routes and found a double oven and refrigerator drawers on Craigslist, each for $400, when a construction project stalled. She estimates each would have cost about $3,000 retail. She also found an inexpensive but good faucet at Costco and discontinued Martha Stewart light fixtures on another Web site.

▪ Changing a countertop or several can add an instant fresh look, but instead of replacing them with high-end granite, marble, or manmade quartzes, Manfredini suggests covering tired laminate tops with RustOleum’s highly durable Countertop Transformation product, a three-part system that transforms them into look-alike granites in five different colors. Belman also found affordable butcher-block tops at IKEA.

 A new backsplash can make a huge difference, and there are many self-adhesive tiles that are easy to install for DIY consumers, including those with the hot metal look in vintage or modern patterns and a host of sizes, shapes, and colors, Manfredini says. Savvy home owners also should consider contacting manufacturers, many of which offer overstocked goods for far less. For instance, Heath Ceramics has been known to sell them for 75 percent off retail at its factory showroom in Sausalito, Calif.

▪ New lighting is one of the easiest switches to make and offers a big payback since it can make a kitchen look larger and highlight its best features, from a great island to kitchen table to new backsplash. Advise homeowners to locate new lighting under cabinets where main tasks are performed, within cabinets, especially glass-fronted ones, to show off cabinets and attractive contents, and over a dining table or island where one great fixture will shine, literally. When possible, opt for compact fluorescent or light-emitting diode bulbs to conserve energy, even though the initial price is higher. And if the bulb’s compatible with dimmers, it’s a great way to vary moods.

▪ Though replacing an entire floor can be costly, time-consuming, and expensive, there are handsome options that will last and won’t break the bank. Durable and affordable options include Marmoleum, a sustainable linoleum, which no longer resembles what your parents or grandparents had but comes in hot colors and textures; old-growth bamboo that’s denser than new variations; and cork, another natural material that’s easily repairable if dings (or worse) occur. If a room is partly remodeled, often the floor can be saved with patching and restaining rather than replacing all of it, Braude says.

▪ Buyers should consider redoing the layout if it doesn’t work, then save elsewhere rather than the reverse, Braude advises. If they install all new cabinets and appliances, but keep the same old, poorly functioning kitchen plan, they probably won’t be pleased. It’s better for them to gain a new layout and budget elsewhere — maybe keep cabinets — and later replace them, she says.

▪ Even when budgeting, home owners shouldn’t forget to add in one or two splurges for a focal point and some kind of “wow” element to raise the level of the renovation, even if it’s a budget one, Braude says. Examples include handcrafted tiles with beautiful finishes, colors, and patterns, and a great island countertop, perhaps fashioned from a gorgeous CaesarStone as Belman and her husband chose to add.

Reprinted from REALTOR® Magazine Online, June, 2012, with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright March June. All rights reserved.

Residential Distressed Properties for April – June 2012

Supra Lockbox Activity: Updated Through the Week of July 2 – July 8

This Week’s Lockbox Activity Decreases for Oregon and Washington

For the week ending on 7/8/12, these charts show the number of times RMLS™ subscribers opened Supra lockboxes in Washington and Oregon. Compared to the previous week, activity decreased  in both Oregon and Washington.

To see larger versions of these charts visit our photostream on flickr.

Attached vs. Detached Properties

We sometimes get reports of homes being entered into RMLSweb as detached homes, when they are in fact, attached (or vice versa). We realize this can be confusing at times, so let’s briefly review the attached vs. detached question.

Both attached and detached are property types that are available for listings in the Residential Property Category of Listing Load.

Here’s how RMLS™ defines each one:

Attached (ATTACHD): An element of the residence’s construction (such as a wall, ceiling, or floor) is shared with another property. Condominiums excluded.

Detached (DETACHD): A stand-alone residence, excluding manufactured homes, for which the sale includes the land on which the residence is located.

Also, here the definitions for Condos and manufactured homes:

Condominiums (CONDO) have their own property category and are defined as: An attached or stand-alone residence for which the owner has title to the space inside the unit and shares common spaces with other unit owners in accordance with specified legal guidelines.

Manufactured homes (RES-MFG) are defined as: A manufactured home for which the sale includes the land on which the residence is located.

Another type of manufactured home sale is (In-Park) which does not include the land.

If you aren’t sure which residential property type to use just take a moment and refer to these definitions or call our Help Desk. We’re here to help you succeed.

Photo Credit

Residential Distressed Properties for April – June 2012

Supra Lockbox Activity: Updated Through the Week of June 25 – July 1

This Week’s Lockbox Activity is Steady for Oregon and Slightly Lower in Washington

For the week ending on 7/1/12, these charts show the number of times RMLS™ subscribers opened Supra lockboxes in Washington and Oregon. Compared to the previous week, activity increased  in both Oregon and Washington.

To see larger versions of these charts visit our photostream on flickr.