Happy New Year – Not Sandpoint Foreclosure Families

I don’t mean to be a Grinch, or dampen the New Year … but,

Our Sandpoint foreclosures are generating increasing amounts of attention.

The overwhelming recession across the country has created chaos in the Real Estate market.

Many investors in Sandpoint were intoxicated with the yields they achieved from “flipping” properties in 2006 and 2007.   They were buying low enough that with a few simple and mostly cosmetic improvements they could put the property back on the market and take an impressive profit.

Many of these investors went to their banks and leveraged their equity in properties they had not yet resold.

Pre-foreclosure, foreclosures, and short sale conversations are increasing as bargains are emerging in the retirement and recreation area of northern Idaho.

We have discussed the impact our sagging economy is having on buyers and sellers with local bankers, title company owners, and lenders.

They share the view of most Americans that it will get worse before it gets better.

We are constantly analyzing the market because history teaches us that out of chaos comes opportunity.   Investors may be tempted by the idea of pre-foreclosure or foreclosure properties but may not be attuned to the actual costs involved.

Lots of people expected to be at the annual Taste of Sandpoint next week and look forward to joining many of you at the Cedar Street Bridge to sample the wide variety of food and drink offered by area restaurants.

Tags: investors, investors in Sandpoint