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We are not seeing as many foreclosures come on the market now. Here's the break down of the 38 new listings. 2 short sales in North Port and 2 new foreclosures in North Port, 1 short sale on Siesta Key, 1 short sale in Sarasota that's a condo, 3 short sales in Port Charlotte, 1 foreclosure in Port Charlotte and 1 foreclosure in Rotonda.
So, out of the 38 new listings there are 7 short sales and 4 foreclosures in the last 2 1/2 days in all of Charlotte and Sarasota counties.
Out of the 54 pending listings there are 4 foreclosures in Port Charlotte and 2 foreclosures in Sarasota. The looking at the short sales there are 2 in Punta Gorda, 3 in Port Charlotte, 9 in Sarasota, 4 in North Port and 3 in Venice.
Totaling up the pendings you have--6 foreclosures and 21 short sales. So, exactly half of the pending listings are either short sales or foreclosures.
Now looking at the 23 that have sold. Here's the breakdown--4 foreclosures in Port Charlotte, 1 short sale in Port Charlotte, 2 short sales in North Port and 1 foreclosure in North Port.
As you can see the success rate on short sales is very low and many of them end up in foreclosure. Here's the total on the solds-5 foreclosures 3 short sales closed.
38 new listings, 7 short sales and 4 foreclosures
54 pending listings, 21 short sales, 6 foreclosures
23 sold listings, 3 short sales, 5 foreclosures
I think the reason they eventually move to foreclosure is because the bank is in first position to recover in the event of a foreclosure, so if there are mutliple investors, or lenders the first bank has the first right of recovery. They try during the shortsale period to get them all to accept the highest offer (trying to get make the investors as whole as they can, and get them to buy off on the highest offer), if they cant come to terms with the investor then the bank pushes the court to make a decision to allow for foreclosure, then the only one that needs to sign off is the bank, and if there are excess funds the excess is divided by the court among the other investors or mortgage companies. That is why shortsales are so tough. There usually isn't enough money to get the investors to accept less than what they owe, and they can't come to terms.
The asset manager is trying during a shortsale to get the most money for all the investors, and get them to agree. This takes a long time, and it is the cause for getting the proposers to bid up the price. They want to see how much money they can get and not necessarily sell the property unless everyone can be satisified. If one party or a major party who is far down the line does not sign off, it can really slow the process.
All right, so I started this thread a little over a month ago. When I started it on April 22 there were 999 total properties in North Port and 812 of those were single family homes. Now fast forward a little more than a month and you have 862 total properties in North Port and exactly 700 of those properties are single family homes.
Here's something that I found interesting. Out of the 700 single family homes 283 of them are tagged as short sales. I'm guessing there's at least another 50 properties that the Realtor's didn't tag as a short sale so they not showing up that way. So, I would say realistically there's about 333 short sale properties in North Port. That makes nearly half of the property in North Port short sales. 42 of the 700 properties are bank owned.
Knowing that roughly 90% of the short sales end up in foreclosure where does that put us? You would think that there would be a long list of foreclosures in North Port but that's not the case. So my question is where are these properties going?
It seems as though it's talking a long time for banks to foreclose on property. Here's an example. There's a home on the same street that I live on. I listed it 2/8/2008 as a short sale. I brought the bank several very good offers and the bank rejected everyone. The bank was just simply not willing to be realistic about the property. The property was withdrawn from the market on 12/19/2008 and the owner was going to just "give back/let them foreclose" on the home. Now, it's May 28, 2009 and this property is still listed in the owners name and they have not paid the mortgage in about a year and a half. So, what's taking the bank so long to foreclose? Are the banks trying to work out things with the homeowners? I have talked to many banks in the last several weeks that have said that they are seeing many homes go to a short sale and then the banks and working out certain terms with them to keep them in their house. Many of these people who lost their homes also lost their jobs due to lack of construction or other circumstances. So the in this case, even if they wanted to they couldn't afford this home. How are the banks going to work out something like this?
Another thing that I noticed is that a month or so ago you could pick pick up many properties in North Port for under $80K and some in the $50K range that were newer with minimal repairs and nearly new. Now I'm looking up to $120K and there's hardly anything out there. A few unfinished homes and maybe a couple foreclosures and several short sales.
as far as banks being unrealistic--maybe they were hoping that the recovery would come back quickly and they would not have to take such drastic losses--
I also think that many banks are doing whatever it takes to keep bad loans off their balance sheets--
if there is some way that just ignoring a mortgage that has been in default for 6-12 months can be a positive I think they are doing that...
I am not sure what % of your market actually has mortgages held by local banks still
we were innundated with all the info about credit default swaps that made it seem that it was impossible to tell who actually WAS the mortgage holder--maybe that is part of the problem with foreclosing homes....
I think I read that some homeowners went to court and demanded to see the actual loan documents and banks/mortgage companies could not provide those documents--without that proof--the foreclosure was stalled...
All right, so I started this thread a little over a month ago. When I started it on April 22 there were 999 total properties in North Port and 812 of those were single family homes. Now fast forward a little more than a month and you have 862 total properties in North Port and exactly 700 of those properties are single family homes.
Here's something that I found interesting. Out of the 700 single family homes 283 of them are tagged as short sales. I'm guessing there's at least another 50 properties that the Realtor's didn't tag as a short sale so they not showing up that way. So, I would say realistically there's about 333 short sale properties in North Port. That makes nearly half of the property in North Port short sales. 42 of the 700 properties are bank owned.
Knowing that roughly 90% of the short sales end up in foreclosure where does that put us? You would think that there would be a long list of foreclosures in North Port but that's not the case. So my question is where are these properties going?
It seems as though it's talking a long time for banks to foreclose on property. Here's an example. There's a home on the same street that I live on. I listed it 2/8/2008 as a short sale. I brought the bank several very good offers and the bank rejected everyone. The bank was just simply not willing to be realistic about the property. The property was withdrawn from the market on 12/19/2008 and the owner was going to just "give back/let them foreclose" on the home. Now, it's May 28, 2009 and this property is still listed in the owners name and they have not paid the mortgage in about a year and a half. So, what's taking the bank so long to foreclose? Are the banks trying to work out things with the homeowners? I have talked to many banks in the last several weeks that have said that they are seeing many homes go to a short sale and then the banks and working out certain terms with them to keep them in their house. Many of these people who lost their homes also lost their jobs due to lack of construction or other circumstances. So the in this case, even if they wanted to they couldn't afford this home. How are the banks going to work out something like this?
Another thing that I noticed is that a month or so ago you could pick pick up many properties in North Port for under $80K and some in the $50K range that were newer with minimal repairs and nearly new. Now I'm looking up to $120K and there's hardly anything out there. A few unfinished homes and maybe a couple foreclosures and several short sales.
Just a few thoughts...
Excellent post SoFLGal,
It does not make any sense from a fiscal stand point does it, except that the slow down of the properties to the market, which seems to have increased demand and causing prices to rise, have increased the value of the assets that the banks have on their books (even thought it is artificially created and manipulated), it does make their non-performing assets more valuable, until they have to recognize them and write them as losses. Something smelly is afoot, and eventually it will all be come evident. It seems like everything is floating right along.
You know what they say "**** floats"! But, it doesn't for long, eventually it all settles to the bottom.
Now it’s been nearly two months since I started this thread. Here are some updated North Port stats.
April 22 there were 999 properties for sale and 812 of them were single family homes
In May there were 862 properties for sale and 700 of them were single family homes
In June there are 824 properties for sale and 663 of them are single family homes
Out of the 663 single family homes 257 of them are short sales. There are 38 bank owned homes in North Port currently.
Yesterday there were 76 new homes listed, 95 homes went pending and 59 sold in all of Sarasota and Charlotte counties.
OK, so let’s check out the absorption rate now for North Port and some surrounding cities. These stats only include single family homes not condos, townhomes, etc
North Port
# of listings in North Port= 663 active listings
# of listings sold from May 20-June 20: 149
# of listings sold from Apr 20-May 20: 157
# of listings sold from Mar 20-Apr 20: 177
# of listings sold from Feb 20-Mar 20: 185
# of listings sold from Jan 20-Feb 20: 163
# of listings sold from Dec 20-Jan 20: 121
952 homes sold in the last six months in NP. Average number of homes sold per month over the last 6 months in NP: 159 homes
#sold (159 homes) X 12 (months) = 1908
divide 1908 by 52 weeks= 37 units per week
If 37 units sell each week divide that number into the number of active listings 37 divided by 663 = 18 weeks is the absorption rate or 4 ½ months of inventory in North Port. The average list price in North Port for the last six months was $110,451 and the average sales price was $104,719. Average days on the market were 91. And the average size home that sold was 1637 sq ft under air.
Port Charlotte
# of listings in Port Charlotte= 1113 active listings
# of listings sold from May 20-June 20: 150
# of listings sold from Apr 20-May 20: 209
# of listings sold from Mar 20-Apr 20: 169
# of listings sold from Feb 20-Mar 20: 151
# of listings sold from Jan 20-Feb 20: 134
# of listings sold from Dec 20-Jan 20: 91
904 homes sold in the last six months in PC. Average number of homes sold per month over the last 6 months in PC: 151 homes
#sold (151 homes) X 12 (months) = 1812
divide 1812 by 52 weeks= 35 units per week
If 35 units sell each week divide that number into the number of active listings 35 divided by 1812 = 52 weeks is the absorption rate or a years worth of inventory in Port Charlotte. The average list price in Port Charlotte for the last six months was $120,755 and the average sales price was $110,874. Average days on the market were 173. And the average size home that sold was 1568 sq ft under air.
Punta Gorda
# of listings in Punta Gorda= 758 active listings
# of listings sold from May 20-June 20: 66
# of listings sold from Apr 20-May 20: 59
# of listings sold from Mar 20-Apr 20: 57
# of listings sold from Feb 20-Mar 20: 65
# of listings sold from Jan 20-Feb 20: 53
# of listings sold from Dec 20-Jan 20: 39
339 homes sold in the last six months in PG. Average number of homes sold per month over the last 6 months in PG: 57 homes
#sold (57 homes) X 12 (months) = 684
divide 684 by 52 weeks= 13 units per week
If 13 units sell each week divide that number into the number of active listings 13 divided by 684 = 53 weeks of inventory or a little more than a years worth of inventory in Punta Gorda. The average list price in Punta Gorda for the last six months was $227,385 and the average sales price was $207,543. Average days on the market were 216. And the average size home that sold was 1899 sq ft under air.
Venice
# of listings in Venice= 700 active listings
# of listings sold from May 20-June 20: 94
# of listings sold from Apr 20-May 20: 91
# of listings sold from Mar 20-Apr 20: 84
# of listings sold from Feb 20-Mar 20: 71
# of listings sold from Jan 20-Feb 20: 69
# of listings sold from Dec 20-Jan 20: 52
461 homes sold in the last six months in Venice. Average number of homes sold per month over the last 6 months in Venice: 77 homes
#sold (77 homes) X 12 (months) = 924
divide 924 by 52 weeks= 18 units per week
If 18 units sell each week divide that number into the number of active listings 18 divided by 924 = 51 weeks of inventory or a little less than a years worth of inventory in Venice. The average list price in Venice for the last six months was $214,695 and the average sales price was $192,797. Average days on the market were 176. And the average size home that sold was 1715 sq ft under air.
Sarasota
# of listings in Sarasota= 2286 active listings
# of listings sold from May 20-June 20: 263
# of listings sold from Apr 20-May 20: 263
# of listings sold from Mar 20-Apr 20: 247
# of listings sold from Feb 20-Mar 20: 214
# of listings sold from Jan 20-Feb 20: 197
# of listings sold from Dec 20-Jan 20: 179
1363 homes sold in the last six months in Sarasota. Average number of homes sold per month over the last 6 months in Sarasota: 227 homes
#sold (227 homes) X 12 (months) = 2724
divide 2724 by 52 weeks= 52 units per week
If 52 units sell each week divide that number into the number of active listings 52 divided by 2724 = 52 weeks of inventory or a years worth of inventory in Sarasota. The average list price in Sarasota for the last six months was $292,148 and the average sales price was $261,802. Average days on the market were 175. And the average size home that sold was 1900 sq ft under air.
Osprey
# of listings in Osprey= 181 active listings
# of listings sold from May 20-June 20: 10
# of listings sold from Apr 20-May 20: 11
# of listings sold from Mar 20-Apr 20: 9
# of listings sold from Feb 20-Mar 20: 9
# of listings sold from Jan 20-Feb 20: 13
# of listings sold from Dec 20-Jan 20: 5
57 homes sold in the last six months in Osprey. Average number of homes sold per month over the last 6 months in Osprey: 10 homes
#sold (10 homes) X 12 (months) = 120
divide 120 by 52 weeks= 2.3 units per week
If 2.3 units sell each week divide that number into the number of active listings 2.3 divided by 120 = 52 weeks of inventory or a years worth of inventory in Osprey. The average list price in Osprey for the last six months was $539,398 and the average sales price was $464,108. Average days on the market were 185. And the average size home that sold was 2547 sq ft under air.
Englewood
# of listings in Englewood= 499 active listings
# of listings sold from May 20-June 20: 56
# of listings sold from Apr 20-May 20: 47
# of listings sold from Mar 20-Apr 20: 45
# of listings sold from Feb 20-Mar 20: 52
# of listings sold from Jan 20-Feb 20: 37
# of listings sold from Dec 20-Jan 20: 35
272 homes sold in the last six months in Englewood. Average number of homes sold per month over the last 6 months in Englewood: 45 homes
#sold (45 homes) X 12 (months) = 540
divide 540 by 52 weeks= 10 units per week
If 10 units sell each week divide that number into the number of active listings 10 divided by 540 = 54 weeks of inventory or a little more than a years worth of inventory in Englewood.
The average list price in Englewood for the last six months was $230,241 and the average sales price was $199,920. Average days on the market were 228. And the average size home that sold was 1620 sq ft under air.
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