Focus On Mesa Oaks & Country Club

Crazy week - I almost didn't get one of these done this week between travel, working for clients, and working on the new rental property. Let's go back and take a freshened up look at our "executive" communities in Mesa Oaks & the Country Club. I covered these a few months ago, so go check out that post for some background and community descriptions.

We have 13 units on the market in these areas this evening, a slightly lower level of inventory that we had when I reported on them in May. As was the case then, there aren't a lot of distressed properties here - only one short sale and two REO's. In addition, there is one contingent unit here, a short sale that is awaiting lien holder approval.

We only have 3 pending units here at the moment, one short sale, one REO, and one new construction unit. We've seen 7 sold units up there over the past three months, which is very robust activity for the area. Of the sold units, 2 were REO's and 2 were short sales. That's a bit more distressed property than we've been seeing up there, and that might account for some of that increase in sales activity.

At this point, it looks like prices are pretty stable in this area, and we may possibly be seeing some appreciation - but as I've said before, this is working with a very small set of data points. I expect that this area will do pretty well when we start seeing things bounce back.

Next week should be a little calmer (as I tempt fate), so hopefully I can get a focus piece done a little earlier in the week. I might go back and hit REO's again - I have some charts and data that I put together for a presentation to our real estate community last week that might shed some light on what's coming down the pipeline.