Elk River Bank Owned Homes

Search for bank owned listings in Elk River MN

Search for bank owned listings in Elk River MN


Search For Bank Owned Homes In Elk River!

In 2013 the inventory on Elk River Bank owned homes went way down!  The real estate market improved and that equaled more sales and higher sale prices.  Elk River still has a number of foreclosures for sale and they will be a factor in the 2014 Real Estate market, but expect the market to continue to improve in Elk River.

Elk River Bank Owned Townhomes For Sale

Over the past few years when short sales and bank owned sales dominated the Elk River Real Estate market we saw a lot of townhomes foreclose and sell in Elk River.  In 2013 and heading into 2014 the Elk River Townhome market has really improved.  Priced dipped closed to about $75k at the bottom for a 2BR/2BA townhome.  At the top of the market they were selling for close to $170k, now the market has recovered to the point that the same house now is selling for $130k.  Meaning a good portion of the equity is been regained.  There are only a handful of bank owned townhomes for sale in Elk River right now.

Elk River Bank Owned Property Real Estate Market Update

In Elk River at the time of this post there are around 20 bank owned homes for sale in Elk River. Prices range from under $100k on a few fixer upper homes in Elk River to close to $300,000 on foreclosed newer two story homes in Elk River.

In 2013 there were about 90 closed sales on Elk River Bank Owned home listings. Almost 20 of those sale in 2013 were under $100k.  Expect that number to be cut in half in 2014 as the market continues to come up.  There were around 14 sales above $200k in 2013 and also expect that number to stay strong in 2014.

Elk River bank owned homes will sell fast in 2014 with the limited supply and the fact that there prices are normally still 10-20% below a traditional sale.

To schedule a showing on an Elk River foreclosure home contact Chuck Carstensen, REMAX Results at 612-290-3809 or chuck.carstensen@results.net.