On the first of June, I searched for short sales and REO listings on our MLS for the Cape Haze Peninsula. What I found was quite interesting to me. I just ran the numbers again and here they are:
As of June 8, there are over 1,640 listings for the Cape Haze Peninsula on the MLS. Of those, ONLY 179 listed are Short Sales.
That's only about 10% of all listed properties. Not the "tsunami" you expected?
Ok, so 179 listed Short Sales AND 165 Pending Contracts on Short Sales! Since January 1, 2010, there have been 110 SOLD Short Sales.
Focus on the fact that there are 165 Pendings (that is, 165 contracts in the works and headed toward closing). Let's be modest and assume only 80% of those close. Take the 110 that have already Closed this year and add the 80% of those Pending (132) and you're looking at 242 so far in 2010. Compare that to 2009 figures, when 162 Short Sales closed during the ENTIRE YEAR.
"And what about REO's," you ask?
Right now there are only 73 Listed REO properties in the entire Cape Haze Peninsula. There are 41 Pending REO properties. Since January 1, 2010, there have been 134 SOLD REO listings. That's 134 in 6 months. In 2009, there were 230 total Sold REO properties.
The absorption rate for these REO listings is extremely fast right now. There is a dwindling supply of them, and investors know it. If your plans involved finding a cheap investment property, you better get movin' because this bandwagon is picking up speed.
Remember, working with Short Sales and REO properties is to be approached with caution and certainly something you wouldn't attempt without a licensed real estate professional trained to manage and work through this sometimes long and difficult process. Choosing the right REALTOR to represent you is the key to a successful transaction.
Call me and we'll talk about your real estate goals. 941-268-7876
Send an e-mail to firstname.lastname@example.org
Kelly Reark, Licensed REALTOR in the State of Florida
Gasparilla Properties, Inc., Boca Grande