The Gables at Wingfield Glen -St. Augustine (short sales, 2014)

[pcd484]

Thinking of buying a townhouse in this community. I've noticed some short sales going on. Is there a major problem in this community? Thanks

[madcapmagishion]

Originally Posted by pcd484

Thinking of buying a townhouse in this community. I've noticed some short sales going on. Is there a major problem in this community? Thanks

I don't believe its the community, but more likely the economy. Investors were gobbling up town home and condo developments when the housing market was booming back in 2005. And when it tanked they walked away, from what they overpaid for in their greed to make a quick buck. As for them it wasn't an emotional purchase, as it is with a resident owner. But just an investment gone bad. So it's easy to just say adios to it all with no remorse. And basically no bad results as most bought as corporations, which have since folded. I would be concerned if the majority of the town homes in The Gables at Wingfield Glen were investor and not resident owned, because if they are there may well be many more short sales in the near future, affecting prices negatively

[EricBoyd]

Madcap has it right. Short sales are the norm, these days, and that community was built during the recent boom. Most communities built during those years are way upside down, so the only way for owners to sell their mortgage properties is to get their lender to approve a short sale. Hopefully your RE agent explains what you're getting into, with that type of transaction. Some buyers of short sales think it's a "short" transaction, but they can take anywhere from 60-120 days, possibly longer if the listing agent doesn't know what they're doing.

Good luck!