Status of the Short Sale Activity in Miami, Florida
THE STATUS OF THE SHORT SALE ACTIVITY IN MIAMI FLORIDA IS ONE THAT KEEPS heating up just like our lovely summer weather. From what I am seeing and hearing out here in the trenches the number of short sales coming into the market for sale are slowing down somewhat. The activity and number of short sales are being replaced by normal "organic" sales but a lot of those properties will eventually end up becoming short sales as well.
I took a sampling in one of our choice neighborhoods called Palmetto Bay and found the following. Out of 56 properties for sale in the price range of $300,000 to $500,000 only 15 were short sales and 2 were foreclosures. So this snapshot tells us that at least in the Palmetto Bay area the market appears to be getting less top heavy with the short sales.
Below is a sample of a short sale now in the market and waiting for a patient family to fall in love with it and wait for how long ? This one is competitively priced at $449,000 and the market time for a property at this price range is at around 60-180 days.
So far the feedback that I am getting from several of the title companies that are doing a lot of short sales is that the banks and short sale asset managers are taking less time to process the files and less time to do the whole deal, in some cases averaging about 3 months to a closing.
As far as I can see the market preassures are still very much alive here for a continuing stream of short sales in the Miami area for a while due to the high number of sales that took place during the 2002-2006 real estate boom cycle.
The things that may help some folks out like the new programs the government is implementing like the HAMP and HAFA programs. As far as I am concerned I will continue to hone my skills and become a better short sale specialist and hopefully continue making lots of lemonade out of these lemons !!!
Recently FANIE MAE came up with a web site to hopefully help the public out there know more of what they can or cannot do. The web site is very user friendly and can be found at www.knowyouroptions.com.
One concern some people have before they decide to do a short sale is determining if they are actually "under water" with their property. If you need to find out the value of your real estate in the Miami Florida area I recommend you try my "market snapshot" feature on my web site and find out first what your home is worth.
If for whatever reason you are still thinking about your options and needing some expert assistance with the status of the short sale activity in the Miami Florida area by all means contact me direclly on my cell at 305-815-8532 or visit my web site at www.miamichoiceproperties.com.