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Can you say Foreclosure City?

By Toni Weidman

Real Estate Agent with Sailwinds Realty

November 20, 2010 08:09 AM

Florida - and the whole country

An area of several newer subdivisions sold for the mid- $300,000's and up for single-family homes about 5 -7 years ago. Condos and townhomes sold from 180,000. Homes were selling like hotcakes.

Recent sales in the area run from $88,000 for a condominium to $350,000 for a single family. There are 145 short-sales/pre-foreclosures/foreclosures in the area and 33 homes/condos that are not (short-sales, etc.)

Stack of Cards - www.tweidman.com

Most have been on the market for over a year and range from $90,000-125,000.

I'm not putting in the name of the subdivisions; I think they have enough problems as it is.

Isn't there anything anyone can do or suggest as a way to help the housing market and the people losing their homes. This is a very sad commentary on the ways things are in this country.

This is just one small area that I was looking up for a friend but there must be hundreds of these all over the country: subdivisions that were built on the cusp of the down-turn. Families who were thrilled to be buying their dream homes have lost everything and no-one does anything about it. It's becoming the norm; just pack up and leave the dream.

People (customers, friends) ask me how much longer will it continue? No-one seems to know. I sure don't.

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Robert Vegas Bob Swetz

Las Vegas, NV

Hello Toni and for a minute there I thought you might be writing about Las Vegas ...

Vegas Bob ;)

Nov 20, 2010 08:12 AM

Toni Weidman

Sailwinds Realty - Trinity, FL

20+ Years Selling Homes in New Port Richey, FL

Hi Bob, I think I was writing about everywhere. Sad, isn't it.

Nov 20, 2010 08:14 AM

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

Hi, Toni. That could be just about anywhere in Florida. It was bad enough with the over-building, then came the "Condo Conversions". Our State is absolutely saturated with Real Estate For Sale.

Until prices drop further - at least 25% to 50% - most of this Inventory will stay on the shelf. The Condos face the biggest challenge, with so many COAs facing major financial shortages and scores of empty units.

Compounding that, Florida has "Negative Population Growth" for the first time in History.

The Bright Spot, if I may be political for a moment - The Florida Legislature is Overwhelmingly Conservative, and Governor-Elect Scott is a businessman, not a Career Politician. This should be good for Florida - businesses will return, businesses will set up here. An improved Florida Economy will be good for home sales.

Nov 20, 2010 08:29 AM

Hi Fred, in our area I don't know if there will be any price left if we drop another 25%-50%.

Nov 20, 2010 08:32 AM

Jessica Leimback

Agave Homes & Investments - Mesa, AZ

Broker,SFR,CNE,CSSPE

I am with you. We have some zip zodes here in the Phoenix area that are down to the $30's per sq ft. Yeah it makes for great deals and easy sells if you are a buyer's agent.

Nov 20, 2010 08:36 AM

What's really sad about that is that they are not all short-sales but the appraisers put the same prices on them.

Nov 20, 2010 10:20 AM

Nick T Pappas

Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL

Madison & Huntsville Alabama Real Estate Resource

Toni, of course the appraisers never used to consider distressed properties, but I find them doing so much more of it. It really is sad, but unless business gets going and jobs are created, I don't see much of a change in the near future. Fortunately, my market is fairing a little better, but we still have our proplems.

Nov 20, 2010 01:44 PM

Susan Haughton

Long and Foster REALTORS (703) 470-4545 - Alexandria, VA

Susan & Mindy Team...Honesty. Integrity. Results.

It is absolutely heartbreaking and when I see some of the prices, I am absolutely astounded.

Nov 20, 2010 02:22 PM

Nick - I agree with you. We need jobs before anything else can happen.

Nov 20, 2010 11:25 PM

Susan - it is heartbreaking to watch. Prices are back to what they were when I got into real estate 20 years ago. That means 20's to 30's in some neighborhoods.

Nov 20, 2010 11:27 PM

Can you say Foreclosure City?

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