I was asked this week what percentage of active listings in Scripps Ranch are of the “distressed” variety, and by distressed, we are generally talking about short sales and bank owned properties. After a weak attempt at looking all ponderous and smart-like, and mumbling incoherently while I fiddled with my cell phone, I came clean. I haven’t done this particular tally lately. My guess at the time was “about 25%” of detached homes, including Stonebridge.
It turns out I wasn’t far off.
Now, there isn’t a speedy-quick way to pull this data. Sure, I can search by certain input fields, like “Subject to lender approval,” but that would be a data disaster on par with my checking account register. The problem is that searching by input field assumes the actual inputs (inputs by humans of the Real Estate Agent genus) were successfully and correctly entered into the corresponding blanks. As anyone knows who has read a few katrillion MLS listings, good luck with that. So I am left with the manual, hunt and peck method of analysis.
Point being, the following data is not ironclad, take-it-to-the-bank-and-the-mainstream-media-for-republication stuff. It will err on the side of understating distressed sales, plus I didn’t bother to include the flipper homes, of which I am aware of many. And many of the homes currently listed should be short if they were priced right.
With that little caveat emptor, here is what the mix of active Scripps Ranch listings looks like today. Note there are a total of 85 listings as I write this; 21 of those are in Stonebridge Estates. And, as a refresher, Stonebridge is that area at the east end of our community which is really its own animal. They share our Zip code, but that’s about it. They are in a different school district, and their timing was almost as bad as is their Mello Roos.
There you have it. Now, when someone asks you what the breakdown of listings was in Scripps Ranch on January 10, 2011 at 8:43 AM, you will look like the smartest kid in the class.