More than 30 percent of the homes for sale in Palm Beach County will not cover the mortgage owed when the property sells or the property is already owned by the bank.
There are about 29,000 homes for sale in Palm Beach County through the realtors' multiple listing service with more than 7,000 of those being short sales plus an estimated 2,000 - 3,000 properties already bank owned. A whopping 44 percent of these Palm Beach County homes for sale have been on the market for six months or more.
A short sale occurs when the property is being sold for less than the owner owes on the mortgage. If a buyer is found for the property, the bank holding the mortgage frequently requires the seller to sign a note for the difference between what the bank will get from the proceeds of the sale and some or all of what is owed on the mortgage. If the seller refuses to sign the note, the sale is cancelled and the property will likely go into foreclosure. But the seller could get another year or two in the property before the bank forecloses so many just wait for their final notice.
Few communities are spared among the country club communities, gated communities or condos and townhomes of Palm Beach Gardens, West Palm Beach, North Palm Beach, Jupiter and Juno Beach. Throughout the county, these properties are glutting the market and bringing prices down to levels not seen since 2003.
Here are examples of market reality in some of Palm Beach Gardens leading communities:
Steeplechase: 19 homes on the market with six in preforclosure or bank owned. Prices start at $549,900
Ironhorse Country Club: 32 homes on the market with eight properties in preforclosure or bank owned. Prices start at $299,000
Ibis Country Club: 182 homes on the market with 15 short sales listed. Prices start at $160,000.
San Michele: 14 homes on the market with no short sales listed. Prices start at $1,149,000.
PGA National: 260 homes on the market with 17 short sales listed. Prices start at $79,900.
Mirasol: 132 homes on the market with four short sales listed. Prices start at $484,000.
Landmark at the Gardens: 13 homes on the market with six short sales listed. Prices start at $299,000.
Frenchmans Reserve: 68 homes on the market with six short sales listed. Prices start at $375,000.
Mirabella: 32 homes on the market with three short sales listed. Prices start at $284,000.
The Weiss-Clawson Team will research any community throughout Palm Beach County to provide the most up to date market information for our clients. Please contact us directly for information about these or any communities in Palm Beach County. We look forward to hearing from you and to working with you.
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