A recent San Francisco Chronicle article recognized an increase in default notices in the Bay Areasâ€™ high end markets. Noticeably missing from the list: any of San Franciscoâ€™s most expensive zip codes. A quick look at foreclosure stats on this chart shows only a few foreclosures per high-end neighborhood for Q2 2009, and some of those rates were lower than their stats the same period of 2008.
The good news for buyers is that there is an overabundance of high-end properties on the market — a total of 20 on the north side of the City ranging from $4.1 million to $65 million. Although 45% of these properties have had at least one price reduction since they first appeared on the market, sellers still appear unrealistic about what buyers are willing to pay in the current climate.
With a combined average of 225 days on the market, some sellers may be growing weary of the selling process, which, combined with the continuation of low interest rates, makes this an opportune time to aggressively negotiate a great deal on a high-end home.
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