Dakota County Short Sale Analysis – December 2009
January 4, 2010
Yesterday, I posted an analysis showing the relationship of successful single family home sales in Dakota County as compared to their tax assessed value for the month of December 2009 (Single Family Home Sales Analysis). The data used in that report showed that the average traditional home (one that is not a bank owned or short sale) sold for 86.6% of tax assessed value.
Short Sale Analysis
For those new to what a short sale is I did a more detailed breakdown in a previous post here (Short Sale Rules Benefit Dakota County Homeowners). Because the bank is negotiating to take less than owed before the property goes through foreclosure you would expect that these homes would sell for less than a traditionally sold home. Here is the report -
For the month, there were 19 homes that successfully closed using a short sale (or at least were identified that way in MLS). On average, the average short sale home sold for 73.4% of the Dakota County tax assessed value. So, buyers who were patient enough to make it through the short sale process were rewarded with a better deal. Of course, we don’t know the condition of these homes and many times a short sale home will not be the move-in ready property that a traditional seller is marketing.
Statistical Note
One property that stands out on this list is the one at 10853 Alameda. It looks like they did a terrible job of negotiating based on these numbers. That property started on the market at $899,000 so maybe they thought they were getting a good deal but the statistics here would seem to indicate that the home should have sold for $100,000 less than it did. In fact, the property actually skews my results. If you took out that one property the average of the other 18 homes sold for 70.7% of tax assessed value in Dakota County.
Certified Distressed Property Expert
I am uniquely qualified to help buyers who need to sell a property through a short sale as I have acquired the CDPE designation (I’m A CDPE). In addition, I bought a short sale property in 2009 as my primary residence so I have a lot of experience on that side of the short sale transaction as well.
If you know of someone facing a hardship contact me via e-mail or cell phone (651-338-0355) for a confidential consultation about the options. – Contact Bill
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[...] sold homes (Dakota County Traditional Home Sales Analysis) and homes sold as part of a short sale (Dakota County Short Sale Analysis). I am comparing the final adjusted sales price (sold price less seller concessions) against the [...]
[...] Single Family homes sold via Short Sale – Selling at 73.4% of Tax Value [...]