Is the Kingman Real Estate market at the bottom?
I would say we are getting very close! My thoughts are with the large real estate investment groups out there that are willing to pay 60 to 70 cents on the dollar from a properties appraised value, sometimes sight unseen, the banks now have been given a bottom line #. The General average landing price of Kingman's REO sales is $89 per sq. ft.. On Average, this works out to be 20% under appraised value or 80 cents on the dollar from apprised value.
These $89 per sq. ft. properties represent the nicer REO/Bank Owned properties available. These homes are habitable / move-in-ready. The not so nice properties are selling for as little as $45 per sq. ft. or 49 cents on the dollar / Appraised value.
Dose anyone have any thoughts on this topic?