An example of what's happening with bank owned properties (REO's) and short sales in Santa Clara County (Silicon Valley) these days. I held open a house in Gilroy (bank owned) today and within 1 hour I had over 25 groups come through. I learned that the subject property has 25 offers on the table that the bank is looking over and considering. Values did go down, but it seems that things are rebounding. This is great news for the rest of the country!
"This open house I met a client at was crazy. Turns out its a short sale that is priced $160 below the 90 day median home price for the neighborhood for the size of home. At one point I counted more than 30 people in the 1100 SqFt home and about 50 outside with a traffic jam of people trying to park. Plus there was one traffic accident." (Louis Stone-Collonge- Keller Williams Realty, 6/27/09)
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