Broker Bryant writes a lot of posts about what his market is like in Poinciana Florida which is a bedroom community to Lake Buena Vista, Florida. Some of his posts talk about how hard it is to get loans there and others about the sheer numbers of short sales and bank owned properties eroding the market there and really hurting the home owners who need to sell and can not compete against these short sales and foreclosed properties. 

I love reading Forbes magazine and read it monthly. This past month there was a report in Forbes that San Diego was the city with the most foreclosed properties in the nation but lo and behold, the city that took the #3 spot on the list of most foreclosed properties in the entire nation was in Florida and it was NOT Poinciana. It was Port St Lucie Florida!

Port St Lucie Florida has the most Foreclosed on properties and the most short sales offered for sale behind 2 other cities in the United States!

Nestor and I went to Port St Lucie to put up some For Sale signs on 2 new short sale listings that we got from our Active Rain Blog. Do you remember the photo that Broker Bryant uses on his blog with all the For Sale signs in one place? Well, Port St Lucie tops his photo! I have never in all my 26 years in Real Estate seen anything like this and either has Nestor. We have been in many markets in different states but this sight beat anything we have seen.

You did not drive for more than 20 feet without seeing a For Sale sign! They were everywhere! Most of the prices in Port St Lucie are falling back to 2000 prices.

Not only that but check this out! We went to a Foreclosure Defense seminar that our attorney was putting on that night. We met an agent at that meeting that lives there and will not do short sales. He will refer his short sale business to us. But the amazing thing is this:

Port St Lucie laid off almost all of their building inspectors because new construction obviously has practically come to a screeching halt! But they are hiring court clerks! Saint Lucie County had to add on a second shift and then a third shift of clerks to process the Lis Pendens, the Foreclosures, the Final judgments and complaints. That means they are working 24 hour shifts just to handle the paperwork that comes with all these foreclosures.

Homes that sold for $300,000 just a few years ago during the over inflating of the prices are now being sold for $75,000!

You can buy a brand new home in Port St Lucie for $80,000! This is incredible for buyers and investors. Now you can actually buy a house and rent it out and have a positive cash flow again! School teachers only bring home $2,300 a month and were priced out of all the markets in South Florida can now afford to buy a home!

Not only that, but snowbirds who just want a winter get away can find a second home at such affordable prices, heck, even less than a time share and be minutes to the beaches and great PGA golf courses. 

I don't see this as a negative at all! I see this as a market correcting itself. You see, Port St Lucie is like a retirement area and does not have any infrastructure for industry or jobs. There is no night life or downtown areas where you can go to a ball game or a concert. You have to drive everywhere when you live in Port St Lucie.

What happened during the boom is that the investors and speculators started running up to Port St Lucie to buy up all the lots and start reselling. When you walked into a new home model to inquire about pricing, you would be talking to the salesperson and as you were talking the prices would go up! I mean in 15 minutes the price of the house would go up $5000. This was a bubble waiting to burst! It was insane! Nestor told Centex homes NOT to build there. Nestor told all the major builders to stay out of there.Nestor warned  that it was going to crash! And Crash it did! It was like the wild gold rush and once everyone got there, there was no more gold. 

There was an auction last weekend and the banks were auctioning off 20 homes per hour and not one house sold for more than $80,000.  

Since we enjoy helping sellers to get out of their financial woes and help them avoid foreclosure, we see this as a great opportunity to list and sell many of these short sales in Port St Lucie. The lenders own so many homes in Port St Lucie Florida that they do not want to own even one more. This is one area where we can get a short sale done quickly. 

So if you know anyone who needs to sell their property in Port St Lucie Florida as a short sale have them call us, we can help.  

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, Boynton Beach, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie in Saint Lucie County. We are accepting referrals.

Copyright © 2008 By Katerina Gasset, All Rights Reserved.*Broker Bryant! I Think I Just Found The Place To Top Your Poinciana In Short Sales and Foreclosures?*

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P.S. If you are listing your home as a short sale in Saint Lucie County or Palm Beach County Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Saint Lucie county and Palm Beach County Short Sales.