Monday, August 20, 2007
A Birdseye View of Foreclosures
The recent "boom" in the foreclosures has resulted in new tools for tracking the rapidly changing marketplace.
The latest score in North Essex is Bloomfield 42, Montclair 19, Glen Ridge 3.
Realtors and investors have always had access to updates on latest neighborhood to host a home in early to final stages of foreclosure. The newest wrinkle, introduced by Yahoo, adds aerial views of the neighborhood to the equation. It's really a bit of a tease since it requires at least a trial subscription to RealtyTrac to zero-in on the home and full info sheet. But a little detective work can narrow it down. Or not. One wonders how the neighbors feel. The 1.5M Montclair mansion on Llewellyn, is listed as up for auction on 8/28.
The new tool provides online users with this information by matching the addresses of the properties in RealtyTrac's foreclosure database to Microsoft Virtual Earth images. It offers users “photos of each property, zoomed in and cropped to show the property in clear detail−and from multiple angles.....buyers and investors who use our service now have a significant advantage over other buyers and investors in the market for foreclosures. These photos will give our users a good sense of a property's layout, condition and neighborhood−key factors in determining value and investment potential−all from the comfort and convenience of their computer.”
Although savvy investors can do well, there are many cautions.