After seeing six months of flat prices in Bodega Bay, we saw a slight decrease in January to $695,000 ($742,500 in Bodega Harbour). We're currently revisiting February 2004 price levels and have seen the gains of the last six years removed. Of course, this, and more, has occurred throughout the state and country with some signs that prices will be bouncing around for months to come. While economic numbers appear to be headed in the right direction, employment numbers indicate that more foreclosures could be on the way.
In addition, locally there will be a series of at least eight foreclosures occurring from one investor who has lost all of his properties in Bodega Harbour and Bodega Bay. What impact this has will be determined as they hit the market and while they will certainly be opportunities for buyers, it could be another negative factor for current sellers to consider.
If you have any questions, please don't hesitate to call or email...
5 comments:
The silver lining is this is an incredible opportunity for buyers to purchase gorgeous homes at a deeply discounted prices overlooking one of the most beautiful coastlines in the world. Thanks for keeping us updated Steve!
Could you comment on how all these foreclosures and defaults in the Bodega Harbour community affect the BHHA and their ability to collect sufficient dues?
Regarding the foreclosures, there are 725 units in the association and it appears to be in good financial standing so I wouldn't expect any fallout from these relatively few defaults. Feel free to contact the association for comment directly from them.
How are vacation rentals and vacation rental companies doing in Bodega Bay?
As one might expect, vacation rentals are down, too - approximately 50% was what I've heard. One of the companies in town has shut their doors (Vacation Rentals USA), but another is stepping up in its place (Bodega Bay Escapes www.bodegabayescapes.com). I'd recommend contacting Escapes if you're looking a for a place to rent or if you're thinking of putting your home on the rental market. They have plenty of experience and are building up their inventory quickly.
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