This all started from my July 18, 2009 post “Napa Valley Real Estate, a Tale of Two Times Two Markets“ tracking the number of distressed sales (in foreclosure, a short sale or a bank owned property, REO) for homes priced $800,000 to $2,000,000, in the upper part of the Napa Valley. By upper I mean the Cities of St. Helena, Calistoga, Angwin, Deer Park, Oakville, Rutherford and the Town of Yountville. Today, there are 3 distressed sales of 87 active listings in this price range, compared to 4 of 82 on May 1st. Keep tuning in for this as a new monthly stat I will regularly tract from now own. Next look will be August 1st for I will be at a family reunion on July 1st.
Again, it seems the shadow inventory of distressed properties in this price range in the Napa Valley is just not happening??? It must be happening elsewhere for the press continues with the opposite story. This weeks story of foreclosure woe in upper end properties is from Carolyn Said in the San Francisco Chronicle, “Foreclosures shifting to affluent ZIP codes“.
All I can say, maybe the Napa Valley is truly a bit of heaven and we will see less of this happening here. At least my statistics continue to confirm this. Stay tuned.