Last week buyers were taking advantage of the listings priced under 200K, as all of the 9 pending sales were listed between $64,000 - $188,900. Seven of the nine were either bank owned or short sales.

More bank owned properties are entering our market and boy, are the banks ever pricing them to sell! Bank owned properties are selling, on average, for 99% of list price (many are selling over list) here in 32804. Compare that to short sales, which are averaging 87% of list price. Most of the bank owned properties are under contract a week or two after going on the market. For example, a beautiful canal front home over in Palomar closed last week for $489,000 after being listed at $449,000. The bank received several offers and were under contract in 13 days. To give you the background, the home was purchased in 2006 for $539,000 and was then COMPLETELY gutted and beautifully renovated. The bank just wanted to dump it quick, so they put it out there at a steal. In turn, they had buyers fighting for it, driving up the price.

There are some great bank owned deals out there right now, but you need to be prepared to fight for them and ready to act quick.

30 year rates remained at 5.04%, on average and rates on a 15 year dropped to 4.46%

CLOSED SALES: 9/21/2009 - 9/27/2009
3215 HELEN AVE: 3/2 - 1,859 sq/ft - $183,000 *BO
905 ALTON AVE: 3/2 - 1,491 sq/ft - $90,000 *BO
1600 ANCHOR CT: 3/3 - 3,123 sq/ft - $489,000 *BO
620 W HAZEL ST: 2/1/1 - 940 sq/ft - $184,250 *SS
33 E PAR ST: 2/1 - 1,395 sq/ft - $135,000 *SS

*BO = Bank Owned
*SS = Short Sale

OTHER MARKET ACTIVITY: 9/21/2009 - 9/27/2009
New Listings: 11
Pending Sales: 8
Price Reductions: 25

Active Listings: 245



Total Pending Sales: 67

VACANT LAND:
ACTIVE: 28
PENDING: 2
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.