Although there are no adult communities within McCormick Ranch, our initial website is focused on Active Adult Communities and we work with many 55+ buyers.
We are seeing lots of numbers being published for the ratios of Bank Owned and Short Sale properties in the valley. We are not seeing those same numbers in the Adult Communities. Since it is a cold rainy day, I have been playing with numbers and really surprised myself with what I found!
Taking only single family detached homes in the entire MLS for the valley, a total of 41,832 this morning, 10,796 of them were Bank Owned and an additional 9,003 were Short Sales. Those numbers round off to 25% of the single family homes on the general market are bank owned and another 21% are short sales.
BUT when you look at the Active Adult Community 55+ single family homes, there are a total of 2819 on the market. Of that 2819 only 52 are bank owned and 63 are short sales which works out to 2% of the homes are bank owned and another 2% are short sales.
HMMMM kinda makes you wonder. Our 55+ citizens have indeed saved for their retirement homes, their financing is minimal and their risk taking days are in the past.
There were very few zero down, or investor homes sold in these communities in the 2005 and 2006 sales surge. I believe it is the investors who did get in to these adult communities, that are making up the Bank Owned and Short Sale properties.