Monday, February 7, 2011

Canterwood Market Update

Last week, one Canterwood pending sale and no closed sales were reported through the MLS. The single pending sale involved a bank owned vacant lot at 12020 45th that was listed for $65,000. It had last been sold in 2007 for $287,500. The 2010 assessed value is $178,000.

Also reported were two new listings, of which one was a relist, three listings with price adjustments and three expired listings. Of the new listings, 4506 126th, a relist, is now bank owned and has been listed at $599,900. The 2010 assessed value is $691,000 and the lot was last purchase in 2001 for $150,000. Prior to be taken over by the bank, the property had been initially listed last February for $950,000. Gradually the price was reduced and eventually ended at $790,000. That listing expired last November.

The other new listing is at 13004 Muir and it came on the market at $675,000. It was last purchased in 2001 for $375,000 and has a 2010 assessed value of $548,500.

Of those properties with price reductions, 12311 Osprey is now listed at $650,000, reflecting a $49,950 price reduction. The home was built in 2007 by RC Barrett Development and initially came on the market in May of 2007 at $1,299,995. It has been on the market most of the time since. The 2010 assessed value is $753,400.

The listing at 4809 133rd was initially listed in June of 2009 at $890,000. Last week the price was reduced to $799,000, a single reduction of $91,000. This home was last purchased in 2001 for $515,000. The 2010 assessed value is $643,700.

12404 Osprey was last purchased in 2007 for $975,000. The 2010 assessed value is $844,600. Initially it was listed in January of 2009 at $1.7M but after numerous previous reductions, it was further reduced $250,000 last week and is now listed at $1.15M.

The reason I make reference to the 2010 assessed values of these properties is many buyers are using it as an informal gauge. In comparing recent closed sales to the 2010 assessed value, there are a high percentage of homes which are selling below the 2010 value. Unfortunately, 2011 assessed values will again be lower yet.

For market information specific to you, please call:

Ken Thiemann, Managing Broker
Director, Tacoma/Pierce County Association of Realtors
Real Property Specialist & Consultant
Providing Information and Results You can Trust!
Windermere Professional Partners
(253) 370-5626 FAX: (253) 565-1371

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