Short Sale and Foreclosure Update

Posted on July 21, 2010

I like sharing statistics about the Naples real estate market…I’m known around the office as the one with all the data and percentages…it is important to me when showing homes to have facts to back up my reasons for why I selected certain homes to show over others. I am a bit of a ‘numbers freak’. Lately, I have been asked quite a bit to share some facts about the short sales and foreclosures in Naples.  It is no secret that when the term “short sale” was first coined, I made the decision not to work in this market…After nearly 30 years in the business, I wasn’t thrilled with the idea of a less than 10% return on my time. Recent studies indicate that in the state of Florida, approximately 30% of the short sales that are under contract will go through to a successful closing. In Naples it’s presently only about 16%.  Recently our company implemented a department within our title company, *Sunbelt Title Services,  that is handling the communication between the sellers and the lenders (*see blog post June 24th, 2010). This is helping to expedite the process. It has been a huge learning curve for everyone, especially the banks, who are overrun with inquiries and negotiations. But, as time goes on, I realize that all price ranges are being effected by this anomaly, which is becoming much more the norm. ~And so, what I originally said I wouldn’t do…well let’s just say I’m going to the seminars and watching the webinars, and trying to learn what I can to be as knowledgeable as possible in order to give the best service to the buyers and sellers with whom I work. 
Here is some information that I found very interesting:

Currently there are 2,267 Active Residential listings (homes and condos) in NA 01-08. [This is the geographic areas west of U.S. 41, closest to the beach and on the water.] Of those 2,267 listings only 144 are “short sales”. AND Of the 144 listings only 12 are priced above $1 million dollars! Of the 2,267 residential listings, only 19 are foreclosures! AND, none of the foreclosures are priced over $1 million dollars!  
Contrary to what many of the buyers are hearing on the news, and reading in the papers, much of the real estate in and near the beach communities of Naples are not being effected by the short sales much as one may think. For a complete list of homes for sale in the waterfront and beach communities of Naples, please call The Harris Peppe Team today. 239.370.0574
Thank you and make it a great day!