SARASOTA SHORT SALES & FORECLOSURES YET TO EXPLODEPosted by Steve Del Viscio on Monday, January 23rd, 2012 at 1:03pm.
Just checking in to update everyone on the increase (or decrease) of shorts sales and bank-owned properties in Sarasota. I have been keeping a detailed record as of the 10th of each month, starting last November. This was in response to all I hear & read about in the media that we will soon be seeing a "flood" of bank-owned properties onto the market.
I have been hearing this for 3 years now and have yet to see it happen. But if people keep saying it, it has to be true - right? So I decided to set up a geographic search area (basically the Sarasota area, from University Parkway to Nokomis) and check the numbers each month on the 10th.
So far I have statistics for November, December & January. The results show the number of bank-owned properties has gone from 96 to 85 to 93 in the three months. Short sales have gone from 353 to 327 to 306.
In the three months then we have seen a slight decrease in bank-owned properties and a large (13%) DECREASE in short sales in the Sarasota area. But we all know that loads of properties are coming! We hear it all the time.
Certainly I know many more bank-owned properties were available 2-3 years ago. And the deals were better then as well. Banks have only gotton tougher in their negotiations. They know the numbers - it's a seller's market when it comes to foreclosures. Not what you hear or read in the media but that's the reality.
I'll update you next month.
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