PGA West Bank Sales Update For Bank Owned Homes

I was looking through the available bank owned homes within PGA West today and frankly I was surprised. PGA West is a large resort lifestyle community with about 1,400 homes and condos and there was only four bank owned properties on the market today! 

One of these properties is a fractional ownership property at The Residence Club (we won’t go there!) so really there are only three bank-owned properties that are priced from $299,900 for a condo to $439,900 for a home.  Two other REO properties at PGA West are pending sales (in escrow) up to $949,900. This led me to do some further digging.

15 Bank Owned Homes At PGA West Last 6 Months

In the last six months there have only been 15 bank-owned sales in all of PGA West according to our Desert Area MLS records. The average REO (Real Estate Owned is the industry term for bank owned property) at PGA West sold for $467,259. The high sale was $845,000 and the low $150,000.

Bank owned properties at PGA West seem to be priced right as five of the 15 properties sold within 30-days at 100% of the listing price. The other homes sold from between 91.25% and 96.14% of list prices depending on the price range and time on market.

During this same six-month period 92 homes and condo total were sold at PGA West, which translates into only 15% of the total being REO’s. This is well down from 33% about a year ago. If you’re wondering about short sales, only 12 properties sold as short sales sold during this same time period.