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April 15, 2008
Bankruptcy advise for Contractors
Well, I hate to say it but it is time to start the process of learning about bankruptcy and what to do when this terror shows up at your doorstep......look at these stats from the affluent county outside of Kansas City:
Johnson County Appraisers
Foreclosures are impacting values in Johnson County
2007 5-10% of sales were foreclosures
Jan-Feb of 2008 25% of sales were foreclosures
Changes in Property Valuation – instead of using 19 months of sales, the appraisers’ office is now using 10-11 months of sales in 2007 for valuation and only 3 comps instead of 5 – notices were just recently mailed out
Total residential value in Johnson County
New Construction – Building permits down 25% from 2006-2007 From 3200 permits to 1700 permits current, Douglas County (Lawrence) has issued 2 permits Jan-Feb 2008 – we have 6.9 years worth of vacant lots in Johnson County
Sales prices by area for 2007
- Area 310 up 7.9%
- Area 315 down .9%
- Area 320 up 8.5%
- Area 325 down .5%
- Area 330 up 6.9%
- Area 335 down .5%
- Area 340 up 1.3%
- Area 345 up 3.9%
Old Leawood had the most appreciation – up 4.12% and Lenexa West of I-35 (Falcon Neighborhoods) most deprecation – down 3.08%
Average Sales Price - Resales $244,041 and New Sales $380,083
Posted by Dave Seitter on April 15, 2008 | Permalink
