I was looking at available PGA West home and condo inventory today and frankly I was surprised. PGA West is a large resort lifestyle community with about 1,400 homes and condos and there was only four bank owned properties available today!
One of these properties is a fractional ownership property at The Residence Club (sorry we won’t go there!) so really just three bank-owned properties priced from $299,900 to $439,900. Two others are pending sales (in escrow) up to $949,900. This led me to do some further digging.
At PGA West in the last six months there have only been 15 bank-owned sales total. The average REO (Real Estate Owned is the industry term for bank owned property) at PGA West sold for $467,259. The high sale was $845,000 and the low $150,000.
Are Banks Pricing PGA West Properites Correctly?
Bank owned properties at PGA West seem to be priced right as five of the 15 properties sold within 30-days at 100% of the listing price. The other homes sold from between 91.25% and 96.14% of list prices depending on the price range and time on market.
During this same six-month period 92 homes and condo total were sold at PGA West, which translates into only 15% of the total being REO’s. This is well down from 33% about a year ago. If you’re wondering about short sales, only 12 properties sold as short sales sold during this same time period.