There were 75 foreclosure sales in Kelowna for the years 2004 through 2008. No news there really unless you were personally involved but what has to be an alarming statistic is that there have been 77 already this year and we’re still in the 2nd quarter.
The foreclosure sales numbers for 2008, 2009 and 2010 were 11, 82 and 135 respectively so there’s clearly an upward trend despite rock bottom interest rates, a reasonably OK economy, new university and large scale infrastructure projects. Currently with 105 foreclosures on the market right now, a buyer has many options including 22 properties priced under $200,000 and 7 over $1 million.
Buying a Kelowna Foreclosure condo does take some care and a buyer should work with an experienced Realtor who can guide you to a successful Kelowna Foreclosure Condo.
If the condo is vacant then it is more likely that what you see is what you will get on possession day. If the condo is tenanted then you can not be guaranteed about the condition of the condo when you do take possession and it is most likely the appliances will not be there on the day you receive the keys.
Some of the condos in today’s foreclosures have never been lived in and you will be purchasing a new condo that was foreclosed on the developer by the bank. You can ask the Realtor if the condo has been previously occupied
There are 22 foreclosure listings Â priced under $200,000 and are mostly condominiums. If you are considering purchasing a foreclosure condo call Andrew Smith for a FREE list of Kelowna Foreclosures