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Foreclosure and Property Values

by Corey Salois

It seems that lately the buzz words in the real estate industry are"foreclosure" and "short sale". Everyone thinks that the best deals out there are the foreclosure homes. But are they really? What does foreclosure do to the value of a home and how does it affect it's marketability?

A recent MIT-Harvard study showed that Foreclosure drops a houses value by 27%. They found that when a house is sold after the death of an owner, the price drops 5% to 7% on average. When an owner declares bankruptcy, the value sinks 3%, according to the report.

So how does this affect you if you are buying or selling? If you are buying it could mean a great deal for you. Beware though of deferred maintenance on many of these homes and also the condition of them. Often when the previous owners leave they take quite a bit of the personal and real property with them, including appliances, light fixtures, wood stoves, etc. If you are trying to sell your home in a subdivision with a foreclosure in it the non-distressed homes often take a price hit as well. The study found that the value of a home drops by 1% on average if it is within 250 feet of a foreclosed home.

You can read the entire research paper if you want here: http://econ-www.mit.edu/files/3914

Whitefish Mountain Resort "Top Ski Resorts"

by Corey Salois

About.com skiing just released it's "Top Ski Resorts" and Whitefish Mountain Resort made the cut! Take a look: http://skiing.about.com/od/topskiresorts/tp/topskiresorts.01.htm

 

America's Coolest Small Towns

by Corey Salois

Those of us that reside in the Flathead Valley know how lucky we are. Sometimes we forget but ultimately we know that we truly live in a special place. I notice when I travel for conferences how much people envy where I live. When I tell people I live in Northwest Montana they always seem to have a story about one time that they came fishing or skiing or some other outdoor activity and how much they can't wait to come back.

I stumbled across this article while looking for information about the area to post on my website. I thought I would share it so that you can get an "outsiders" take! Enjoy!

WHITEFISH, MONTANA (pop. 7,723)
ski bums and urban refugees congregate

After a frenzied stint on Broadway's 42nd Street, actor Luke Walrath was ready for a quieter pace. His actress wife grew up in Whitefish, so the two decided to make it their new home. "It's at once folksy and stylish," he says of the town, a 35-minute drive southwest of Glacier National Park. The couple cofounded the Alpine Theatre Project, which stages seven shows a year (alpinetheatreproject.org). At the foot of the Rockies, Whitefish has long drawn adventure seekers. Ski bums and urban refugees congregate over red malty Highlanders at The Great Northern Brewing Company (2 Central Ave., greatnorthernbrewing.com, pints from $3.75). To live out a rustic Montana fantasy, book a cedar-walled room at Good Medicine Lodge, which feels like a set from Legends of the Fall (537 Wisconsin Ave., goodmedicinelodge.com, from $95). Kathryn O'Shea-Evans

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Contact Information

Photo of Corey Olofson, Broker Real Estate
Corey Olofson, Broker
RE/MAX of Whitefish
509 E. 6th St.
Whitefish MT 59937
Office: 406.863.3400
Cell: 406.253.0531
Fax: 406.863.3400