Orlando foreclosures are everywhere - we're #7

By
Real Estate Agent with Sand Dollar Realty Group, Inc. BK627826

According to statistics released by RealtyTrac and the Orlando Sentinel, Florida is the #2 state in the USA and Orlando is the #7 metro area in the USA for foreclosures being filed.  Whether you like them or not, short sales and foreclosures are here to stay for quite a while.   The trend doesn't seem to be slowing down one bit.

  

What does this mean for anyone in the real estate industry? It means you better be focusing on foreclosures if you want to survive. Cheap foreclosure properties are still selling.  We have had 4 closings since January 1, and all 4 were bank owned properties.  2 sold to investors for all cash and 2 sold to owner occupants.  People are still buying.  Mortgage money is still out there.  And CASH IS KING.  Both of the investor deals were single-family houses in decent Central Florida neighborhoods that sold for under $50,000.  We also have several short sales that are in the final stages of approval and should be closing soon. 

Some of the bank owned REO condos I posted over the weekend already have offers in on them.  Foreclosures are selling!  

I am writing this just to let everyone know that the market is still selectively good.  You just need to re-focus your efforts right now.  The foreclosure, short sale, and bank owned properties keep coming in, so if you are interesting in picking up some great deals please give our office a call.

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(Copyright © 2009. Sand Dollar Realty Group, Inc. All rights reserved.)   Subscribe to my blog via RSS feed.

Rob Arnold - Your full service and investor friendly Realtor ® in Orlando and Central Florida.

ABR, CPL, CRB, CSP, GRI, Managing real estate broker, Notary Public

407-389-7318 / 1-877-389-7318 www.SDRhouses.com   We Buy Houses Florida

We sell foreclosures, short sales, and bank owned REO properties throughout Central Florida. We sell and list Central Florida real estate and Orlando real estate. Free list of foreclosure and short sale houses available.

I also provide flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Central & South Florida, the Space Coast, and the Treasure Coast including Orlando, Winter Park, Maitland, Ocoee, Winter Garden, Apopka, Altamonte Springs, Casselberry, Longwood, Winter Springs, Oviedo, Lake Mary, Sanford, Deltona, Debary, Deland, Mount Dora, Eustis, Clermont, Kissimmee, Winter Haven, Lakeland, Tampa, Sarasota, Bradenton, Miami-Dade, Fort Lauderdale, West Palm Beach, Port Saint Lucie, Melbourne, Daytona Beach, Ocala, Gainesville, Volusia, Brevard, and more.   

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Tags:
central florida foreclosures
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Rainer
68,711
Lisa Spalding
Casa Latino Four Corners, REALTOR, CDPE - Longwood, FL
REALTOR, CDPE

Rob-  And, it seems this year, the Foreclosures are getting multiple offers, so don't low-ball, b/c you WON'T get the house.  :)

Jan 16, 2009 01:31 AM #1
Rainmaker
1,115,910
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Experts here -- and I'm not sure I trust many experts anymore -- predict that 2009 will be worse before it gets better.

Jan 16, 2009 05:36 PM #2
Rainmaker
68,593
Richard D. Ferris
AmcAppraisalsinc.com - Clermont, FL
Florida State Certified (FHA) Appraiser

Rob, I am also finding that although the prices have declined....volumes are up!  Of course, it is buyers seeking the best deals and often as you said - bank owned homes!

This certainly skews the pricing for communities - which I am now breaking down for clients to show "retail" sales and "REO" sales.   One community I appraised in recently - at least is showing some slowing of the declines:

 

Southchase

Wow - DOM is trending UP, huh?  Well - recently, as you stated - homes are selling quickly when competitively priced against the REO listings in the area.

Here's to hoping 2009 will CLEAR more inventory than it adds!!

Jan 20, 2009 05:52 AM #3
Rainmaker
1,019,771
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Richard - That graph really shows it well.  Hopefully that downward price pressure will flatten off soon.  

Jan 20, 2009 06:22 AM #4
Rainer
24,849
Charles Fischer
Housing Market Realty - Merritt Island, FL
Professional Real Estate Services

Rob:

I agree with your market assessment.  We are offering on many REO properties here in Brevard County and the competition has been strong.  The deals are great, we are buying in the $35-45 per sf range and the cash flow is excellent.  I believe that when you can buy this far below cost and with such great cash flow, it creates a strong buy opportunity.

Jan 21, 2009 01:20 PM #5
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Rainmaker
1,019,771

Rob Arnold

Metro Orlando Full Service - Investor Friendly & F
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