by jhwygirl
It’s been a while since I last checked on local Missoula foreclosures, and given The Missoulian’s glass-half-full take on the local real estate market, published last Saturday, I went looking into that deep dark secret place that so many don’t want to address.
Including The Missoulian. What? Not one mention of the foreclosures that now make regular appearances in the Legal Notice section?
So I found a new site, Foreclosure.com…..and boy, was I shocked at how that list for Missoula County has grown. Of course, this new website lists pre-foreclosures also.
Local sellers, and realtors alike, don’t seem willing to drop their prices. As has been mentioned here before – local prices haven’t dropped by even 1% – yet inventory levels are rising. While realtors are trying to talk up the “lease to own” option, I’m thinking that ’tis still a seller’s season.
Buyers – wait thee until October when selling season has passed, and merchants and buyers alike are wanting to make that move before the snow flies.
And if your real patient, save a little more cash, put a bigger cash payment down, and hold out until early spring.
Ya got plenty of time…..why lock yourself into a price and a lease when prices clearly are still going to fall.
Don’t be fooled by those condos either – you need to calculate not only that mortgage payment, but that HOA fee when considering if it is ‘affordable’ and a good deal. Those HOA fees, too, will go up. Forget the free big screen tv, too – (this choice bit directly from NewWest’s Robert Struckman: Remember – all sellers avoid price drops, which push down future property appraisals.) Pry those realtors and developers fingers from the greedy hold they have on our market.
In other words? Patience grasshopper, patience.
Let me add – for the record – I do not believe that prices are going to drop to where there is a sufficient supply of truly affordable homes on the market to meet the number of people in the 80-120% of median household income range. It’d be nice, but so would winning the lottery. So Mayor Engen and the rest of the affordable housing advocates? Keep on pluggin’ away – which, BTW, some of us would like to have a status report.
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July 30, 2008 at 10:08 am
And, sadly, legal ads in the Independent note a Foreclosure Sale of Missoula’s iconic burger/malt shop, affordable restaurant, Del’s. It’s slated for Thursday morning, July 31, on the Courthouse steps. (is that really how they do it!?) For former Bar-M-G has now been Del’s for years and is a favorite of downtown workers, Children’s Theater employees and theatergoers. He’s always hired the best young staff that one can imagine. Let’s hope he can pull a rabbit out of his hat before tomorrow at 10 a.m.
It will be quite a loss for the public and his staff and Missoula tradition, if indeed it closes.
July 30, 2008 at 5:08 pm
Glass-half-full, or Out-to-Lunch?
I wonder when the newspaper-of-record for Missoula (ahem) might also cover the bankruptcy of banks?
I mean, what if the First National Bank (of Wherever), or (First) Heritage Bank goes under? Will our deposits be safe?
As consumers, don’t we deserve some information about where to put our life savings, so the gov’ment doesn’t have to bail us out?
July 30, 2008 at 9:52 pm
Regarding Dell’s – Who knew?!?
I hope some great entrepreneur picks that up and does a nice coffee/sandwich/pastry/ice cream place. In fact, it’d be a nice Broadway Bagels location…it’s on the “right” side of the commute lane into town, already has a grandfathered in drive-thru. Bus stop right out front. Lots of households within walking distance.
The Papa Murphy’s, next door, seems to do great business – I don’t go often, but every time I am there, there’s a line of people during the early evening hours.
Binky? Yep – you are right. Be nice if someone with the time would wade through all that FDIC information and figure out how the local banks are doing – what their debt/loan ratio is….
Now, I don’t know your income, but you should be spreading out those $100,000 deposits ($200,000 joint) – because you’re only insured to that max.
Gold and a safety deposit box, on the other hand……
Me? I don’t have that problem. :-)
Lord knows why I’m smilin’.
July 30, 2008 at 10:44 pm
regarding Del’s: Ruthlmm is referring to the original location of Del’s on East Broadway jhwygirl, accross from the Children’s theatre.
you are thinking of the del’s 2 located on 3rd street. that location closed long ago. it was originally called Snow’s.
(leave it to a problembear to know where all the best local fast food places leave their dumpsters unlocked at night.)
an unfortunate demise of a 20 year plus local business. I guess this will mean that Missoula is left with “Big sky drive in” on west broadway as the last local business burger joint to duke it out with Burger King, McD’s, arby’s, wendy’s…..for our fast food frenzy fetishes.
July 31, 2008 at 10:26 am
this just in: (always wanted to say that)
ruthlmm just called from the courthouse steps. the foreclosure sheriff’s sale of Del’s has been cancelled.