According to data released by California based RealtyTrac Inc., total foreclosure filings in the three-county region surrounding Sarasota jumped to 3,349 during July, a 40 percent increase from a month earlier and a 10.6 percent increase from July 2009. While much of the reason for the rise stems from resets on adjustable-rate loans, market watchers are also seeing an increase in commercial foreclosures. Records also show a steady flow of luxury properties going into foreclosure. At least eight homes in the million-dollar-and-over range fell into foreclosure in July. The largest was a $2.08 million loan on a 5,569-square-foot house on Osprey Point Drive.
While the increase in foreclosures may seem high, don't expect much further downward pressure on pricing. Sarasota property sales are at their highest levels since 2005 and inventory has been cut in half. Now is the time to buy, before these opportunities are gone.
Steve Eckhardt, Broker, Luxury Real Estate Professional
Contact me at (813) 765-1182
Check Out Steve Eckhardt's Other Social Networking Profiles