AuctionsBank OwnedCourthouse StepsFlorida KeysForeclosureSheriff Sale July 10, 2013

Foreclosure and Sheriff’s sale: Why the lender gets the house.

Every so often, you’ll hear about buyers that want to buy property “at the courthouse steps” in an auction as part of a foreclosure.  Almost all of the time, the lender gets the property. Why?

More often than not, the minimum bidder the lender will accept is more than what the property is worth.  Just the outstanding mortgage alone is more than what the property is worth. On top of that, take into consideration other costs such as delinquent property taxes, legal fees, etc and the property loses it’s “bargain” potential.

For example, there is a property I know of going to auction later this month. The current owner owes twice what the property is worth. No buyer will bid on that property because they can buy a different property for half what the bank will accept. They will also be able to buy a property that they have been able to inspect, tour, visit, etc. prior to making an offer.

Lack of access to the property prior to the auction is something that needs to be taken into consideration. 
Chances are there is little or no access to the property before hand, so
a property that may look OK from the street may be a disaster inside, which may lead to significant expenses to repair. Also, if the property has tenants in place, it will be you’re responsibility – and expense – to evict them.

Most buyers will not pay more than what is owed since it is often more than market value. Buyers at the courthouse steps are typically looking for a bargain. Nearly all properties sold at these auctions are not bargains, so consequently the lender gets the property.

AuctionsBank OwnedCourthouse StepsFlorida KeysForeclosure July 10, 2013

Foreclosure and Sheriff’s sale: Why the lender gets the house.

Every so often, you’ll hear about buyers that want to buy property “at the courthouse steps” in an auction as part of a foreclosure.  Almost all of the time, the lender gets the property. Why?

More often than not, the minimum bidder the lender will accept is more than what the property is worth.  Just the outstanding mortgage alone is more than what the property is worth. On top of that, take into consideration other costs such as delinquent property taxes, legal fees, etc and the property loses it’s “bargain” potential.

For example, there is a property I know of going to auction later this month. The current owner owes twice what the property is worth. No buyer will bid on that property because they can buy a different property for half what the bank will accept. They will also be able to buy a property that they have been able to inspect, tour, visit, etc. prior to making an offer.

Lack of access to the property prior to the auction is something that needs to be taken into consideration. 
Chances are there is little or no access to the property before hand, so
a property that may look OK from the street may be a disaster inside, which may lead to significant expenses to repair. Also, if the property has tenants in place, it will be you’re responsibility – and expense – to evict them.

Most buyers will not pay more than what is owed since it is often more than market value. Buyers at the courthouse steps are typically looking for a bargain. Nearly all properties sold at these auctions are not bargains, so consequently the lender gets the property.

2nd QuarterFlorida KeysMarket Datareal estate marketRecent Sales July 2, 2013

2nd Quarter Stats – 2013 compared to 2012

Click on the image to enlarge

As Realtors, there is one question we get asked on an almost daily basis – How is the real estate market doing?

The answer . . . Pretty good!

Here is a comparison of the second quarter of 2013 to the same time period last year.  You can see that the average sales price in every category is climbing upward. Additionally, there have been more closings in nearly each category.  The combination of increased sales and higher average sales prices is a good indication that the market is not only stable, but steadily increasing.

Naturally, the Realtor community is hoping that this trend will continue. Yes, there will always be that handful of sales that come in lower than expected. These sales are usually distressed sales such as bank owned properties or short sales. But overall, the numbers show that the market is improving.

Interest rates are still low, and there are indications that they may rise again soon. Lower interest rates are most likely one of the main reasons we’ve seen such positive results in the market this year.  It may sound like a cliche, but if you are considering a purchase in the near future, you will want to do it soon while rates are still low and there is still a good inventory to choose from. 

If you’d like to learn more about the real estate market in the Keys, don’t hesitate to call or email me using the contact button at the top of this page.

2nd QuarterFlorida KeysMarket Datareal estate marketRecent Sales July 2, 2013

2nd Quarter Stats – 2013 compared to 2012

Click on the image to enlarge

As Realtors, there is one question we get asked on an almost daily basis – How is the real estate market doing?

The answer . . . Pretty good!

Here is a comparison of the second quarter of 2013 to the same time period last year.  You can see that the average sales price in every category is climbing upward. Additionally, there have been more closings in nearly each category.  The combination of increased sales and higher average sales prices is a good indication that the market is not only stable, but steadily increasing.

Naturally, the Realtor community is hoping that this trend will continue. Yes, there will always be that handful of sales that come in lower than expected. These sales are usually distressed sales such as bank owned properties or short sales. But overall, the numbers show that the market is improving.

Interest rates are still low, and there are indications that they may rise again soon. Lower interest rates are most likely one of the main reasons we’ve seen such positive results in the market this year.  It may sound like a cliche, but if you are considering a purchase in the near future, you will want to do it soon while rates are still low and there is still a good inventory to choose from. 

If you’d like to learn more about the real estate market in the Keys, don’t hesitate to call or email me using the contact button at the top of this page.

Florida KeysJust SoldKey LargoPort LargoRecent SalesSolar Power July 1, 2013

Just Sold! Great Key Largo home with impressive solar power system

72 Bahama Avenue
Spacious open floor plan

It’s always bittersweet when a listing you love sells.  This home was one of those sales. Located in a great Key Largo neighborhood, this home’s big feature was the solar panel system that covered the roof of the home.  One of the largest residential solar systems in the Keys, it allowed the owners to leave the AC on to maintain a consistent temperature all day, every day.  It generated almost all of the home’s electrical needs during the day. In addition, it had roll down hurricane shutters on every window, a large open floor plan, screened patio, covered parking and a legal, above flood ground level enclosure. It was a great listing and I loved showing it. Listed at $369,000, it sold for $365,500 and was on the market just 7 days when it went under contract.

Learn more about this great home at www.72BahamaAvenue.

Florida KeysJust SoldKey LargoPort LargoRecent SalesSolar Power July 1, 2013

Just Sold! Great Key Largo home with impressive solar power system

72 Bahama Avenue
Spacious open floor plan

It’s always bittersweet when a listing you love sells.  This home was one of those sales. Located in a great Key Largo neighborhood, this home’s big feature was the solar panel system that covered the roof of the home.  One of the largest residential solar systems in the Keys, it allowed the owners to leave the AC on to maintain a consistent temperature all day, every day.  It generated almost all of the home’s electrical needs during the day. In addition, it had roll down hurricane shutters on every window, a large open floor plan, screened patio, covered parking and a legal, above flood ground level enclosure. It was a great listing and I loved showing it. Listed at $369,000, it sold for $365,500 and was on the market just 7 days when it went under contract.

Learn more about this great home at www.72BahamaAvenue.

Uncategorized June 10, 2013

New Listing – Waterfront lot with active permits and panotamic bay views!

Artist’s rendering of front of home
Located
on a private dead-end street, this location will offer panoramic bay
views from your new home.  With it’s location  in Tavernier, everything
is within easy reach – including  grocery stores, schools, local marinas
churches, parks and Mariner’s Hospital.

Artist’s rendering of waterfront side of home
The property overlooks a wildlife area, so there are no other homes directly
across the canal, adding privacy.  Construction has begun, with the
pilings, concrete foundation and concrete dock w/davit pads already in
place on the lot. Price includes lot, active permits and full set of
plans for a 3 BD/3.5 BA Keys style home with over 3,500 sq. ft. of
living space. Home will feature ground level foyer, main living areas on
1st level and private master suite on 2nd level Each level has open
patios overlooking the water.

Boating access is easy, with immediate Bay access and very close to Tavernier Creek for quick Ocean access. 


Start building today and make your dream if owning a home in the Florida Keys a reality!

For more information, visit www.360SouthCoconutPalm.com


Uncategorized June 10, 2013

New Listing – Waterfront lot with active permits and panotamic bay views!

Artist’s rendering of front of home
Located
on a private dead-end street, this location will offer panoramic bay
views from your new home.  With it’s location  in Tavernier, everything
is within easy reach – including  grocery stores, schools, local marinas
churches, parks and Mariner’s Hospital.

Artist’s rendering of waterfront side of home
The property overlooks a wildlife area, so there are no other homes directly
across the canal, adding privacy.  Construction has begun, with the
pilings, concrete foundation and concrete dock w/davit pads already in
place on the lot. Price includes lot, active permits and full set of
plans for a 3 BD/3.5 BA Keys style home with over 3,500 sq. ft. of
living space. Home will feature ground level foyer, main living areas on
1st level and private master suite on 2nd level Each level has open
patios overlooking the water.

Boating access is easy, with immediate Bay access and very close to Tavernier Creek for quick Ocean access. 


Start building today and make your dream if owning a home in the Florida Keys a reality!

For more information, visit www.360SouthCoconutPalm.com


Affordable Keys HomeBank OwnedFlorida KeysKey LargoNew Listingpending salesSold ListingsTavernaero June 3, 2013

May 2013 Real Estate Activity, Upper Florida Keys

May was an active month in the Upper Keys. 91 new listings were added to the market, 78 properties went under contract and 79 closings took place.

New Listing – 470 Sunset Drive

Among the new listings, there is a true fixer-upper listed for just $174,900.  This 2 bedroom, 1 bath home has just over 1,000 sq. ft. of living space and is a nice neighborhood. It is also a Fannie Mae HomePath property, making a purchase possible with as little as 3% down.

Pending Sale – 95401 Overseas Hwy.

Pending listings include a 2 bedroom, 1 bath home that was just listed for just $134,900. This home sold very quickly within a matter of days.  This all concrete home is located on the Overseas Highway at MM 95.4 and is in good condition with tile flooring throughout.

Closed Sale – 209 N. Airport Road

Sold listings included a large concrete home on a private airstrip with a boat slip in the marina. This was a bank owned home and was not yet completed. I imagine that we may see this property back on the market for a higher price once the new owner completes the interior. It was listed for $486,000 and sold for $64,000 over asking price.

To view the listings, follow the links below:

New Listings
Pending Sales
Closed Sales

Listing information is gathered from the Florida Keys Multiple
Listing Service (MLS).  Listing links will automatically expire after 7/3/2013

Affordable Keys HomeBank OwnedFlorida KeysKey LargoNew Listingpending salesSold ListingsTavernaero June 3, 2013

May 2013 Real Estate Activity, Upper Florida Keys

May was an active month in the Upper Keys. 91 new listings were added to the market, 78 properties went under contract and 79 closings took place.

New Listing – 470 Sunset Drive

Among the new listings, there is a true fixer-upper listed for just $174,900.  This 2 bedroom, 1 bath home has just over 1,000 sq. ft. of living space and is a nice neighborhood. It is also a Fannie Mae HomePath property, making a purchase possible with as little as 3% down.

Pending Sale – 95401 Overseas Hwy.

Pending listings include a 2 bedroom, 1 bath home that was just listed for just $134,900. This home sold very quickly within a matter of days.  This all concrete home is located on the Overseas Highway at MM 95.4 and is in good condition with tile flooring throughout.

Closed Sale – 209 N. Airport Road

Sold listings included a large concrete home on a private airstrip with a boat slip in the marina. This was a bank owned home and was not yet completed. I imagine that we may see this property back on the market for a higher price once the new owner completes the interior. It was listed for $486,000 and sold for $64,000 over asking price.

To view the listings, follow the links below:

New Listings
Pending Sales
Closed Sales

Listing information is gathered from the Florida Keys Multiple
Listing Service (MLS).  Listing links will automatically expire after 7/3/2013