On August 1, 2012 - there were 997 single family homes including mobile homes and 380 St. Augustine condos (condos & townhouses) for sale in the St. Johns MLS. This does not include properties not listed or sold through the multiple listing service.
What is remarkable though is the number of listings currently under contract. There are 397 single family homes and 128 condos for a total of 525 residential properties under contract to close.
According to the St.Augustine Record on Sunday July 22, 2012 there have been 1097 residential properties filed for foreclosure in the first half of 2012.
Currently there are only 20 active St. Augustine condos and 52 of the pending sales that are REO (Real Estate Owned property, also known as
Many new owners of St. Augustine condos will renovate the property and put it in our high demand rental market and others will occupy the property. The rest will probably end up being listed for sale.
As of August 1, 2012, unit sales of single family home sales were up from 2011 but sales of St. Augustine condos significantly decreased for the same period (334 in 2012 vs. 372 in 2011).
In the past year bank owned properties have been priced a lot closer to fair market than in prior years and often they close for more than the listed price.
Also affecting how these properties are sold and marketed is the investor that actually owns the mortgage.
The owner is often Fannie Mae, Freddie Mac, or VA rather than the bank servicing the account. For example, Bank of America is the largest servicer of residential mortgages but only 4-5% of the properties they service are their own assets.
If these distressed properties are trickled onto the market, they would have a minimal influence on prices. However, a huge influx of these properties hitting the market in a very short period of time could seriously lower the closing prices of St. Augustine condos that are resales.
Bill Crosby - REALTOR®
Century 21St. AugustineProperties
2820 US1 South