Excert from today’s Sarasota Herald Tribune:
Across Florida, there were 35,264 Florida properties in foreclosure during April, a 17 percent increase on a month-to-month basis and 146 percent year-over-year. Nationwide, the 243,353 properties were a 4 percent increase from the previous month and a nearly 65 percent increase from a year ago.
“Although only about 2 percent of households nationwide are in foreclosure, these properties contribute to already bloated inventories of homes for sale, and put downward pressure on home values,” said James J. Saccacio, RealtyTrac’s chief executive.
Nevada continued to hold the nation’s highest state foreclosure rate. One in every 146 Nevada households received a foreclosure filing in April, 3.6 times the national average.
California posted the second highest state rate at 1 in every 204 households, and Arizona third at 1 in every 224.
While some see the dark side of foreclosures, others see opportunity.
An agent with Michael Saunders & Co., had bank-owned listings that included a two-bedroom one-bath home on Baldwin Avenue in Sarasota listed for $114,000 and a luxury Siesta Key penthouse in The Pointe that was going for $437,000.
In both cases, the bank asked that the homes be priced at a point that allowed them to sell within 30 days.
Apparently, the agent struck the right prices. She received four full-price offers for the Siesta Key penthouse within one week, and the pending sale is set to close next month.
The starter home on Baldwin also found an interested buyer, who has made an offer and is waiting to hear back from the bank.
“There are some incredible buys out there for first-time home buyers,” she said. “These homes we’re seeing are the type of houses that would be perfect for them.”
John Schaub, a real estate author and Sarasota resident, is feeling buying opportunities in the market, saying that if he were a younger man, he would open his wallet.
“I’ve seen houses selling for $135,000 that are worth $180,000,” Schaub said. “There was three-two in Southgate on Jefferson Circle like that. It sold for $135,000 and there is no way that same house could be built in Southgate today for less than $200,000.”
