Sarasota Bay Real Estate Reports the Search is Getting Tougher for Short Sales in Sarasota

Florida should come out as one of the favorite hunting grounds for residential buyers looking for lower-priced properties in the short sales or foreclosures list this 2013, as this task looms to become even more difficult elsewhere, Sarasota Bay Real Estate reports. The full service realty firm noted that according to statistics compiled by Sarasota Bay Real Estate, the Sunshine State, along with California, New York, New Jersey, and Illinois account for 45 percent of distressed properties—those that are seriously delinquent, in foreclosure or in REO—that have yet to find their way in the market as of October 2012.

Sarasota, FL (PRWEB) January 13, 2013

Florida should come out as one of the favorite hunting grounds for residential buyers looking for lower-priced properties in the short sales or foreclosures list this 2013, as this task looms to become even more difficult elsewhere, Sarasota Bay Real Estate said. The full service realty firm noted that according to statistics compiled by Sarasota Bay Real Estate, the Sunshine State, along with California, New York, New Jersey, and Illinois account for 45 percent of distressed properties—those that are seriously delinquent, in foreclosure or in REO—that have yet to find their way in the market as of October 2012.

At the same time, figures showed that shadow inventory or pending supply of these properties across the U.S. dropped by 12.3 percent in October 2012 to 2.3 million units from the 2.6 million estimated in October 2011. This decline will make it more difficult to find bargains in the home market, and the current upswing in residential prices won’t be adversely affected by shadow inventory. The states which registered the highest decline in serious mortgage loan delinquencies which drive growth of pending supply of short sales and foreclosures are Arizona, California, Michigan, Colorado, and Wyoming.

Although Florida was among the states which accounted for the bulk of U.S. shadow inventory as of October, mortgage loan defaults in the North Port–Bradenton–Sarasota area dropped, as per the Sarasota Bay Real Estate figures. This rate declined by 1.98 percentage points from last year’s level to approximately 10 percent, the lowest since December 2009. Mortgage delinquencies of 90 days or more likewise dropped 1.95 percentage points to 14.38 percent.

Lower Home Inventories Add to the Challenge

This decline in the pending supply of short sales and foreclosures in the area is coupled with the continuing drop in its home inventories which were estimated at a four months’ supply as of this November. With this situation, closing a deal on available foreclosed homes, which sold for an average 20 percent discount for the month, would require partnering with a seasoned realtor or agent, Sarasota Bay Real Estate said.

Laurel Oak, where the realty firm sold a property this December, is one of the Sarasota communities where there are some choices of homes in the short sales list. Located a short distance east of Interstate 75 just off Bee Ridge Road, the Laurel Oak Country Club real estate community is comprised of more than 400 homes within three of its subdivisions. The residences here are composed mostly of single family dwellings and maintenance-free patio-style homes. Its homes in the short sales list with floor plans of up to 4,600-plus square feet can have base prices between the $500s and the $600s. Outside of short sales, the properties here are priced from the mid $700s up to the million-dollar level.

In another neighborhood, Huntington Pointe where SBRE closed a deal this September, the thinning of properties on short sales is evident with only one current listing: a four-bedroom home with 2,803 square feet at a quoted price near the $400s.

About Sarasota Bay Real Estate

Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.

Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.

Contact information for Sarasota Bay Real Estate can be found at http://sarasotabayrealestate.com